Happy Bitcoin Pizza Day!

Hello there!

Welcome to another roundup of everything crypto from your favorite crypto portfolio tracker, Coinigy.

Would you believe that we almost forgot what today was?

World Bitcoin Pizza Day 🎉

On this day 13 years ago, a crypto enthusiast famously parted with a whopping 10,000 bitcoins for two pizzas—well, we definitely don’t want to be in his shoes right now 😅. This would now be worth over $260 million.

Anyway, nothing out of the ordinary happened last week.

Everyone is still pumped about the new memecoin craze, NFT trading has slowed down, and Bitcoin, perhaps with a tinge of nostalgia for the amount spent on pizza, is still all up in its feelings.

However, we saw some action in the regulatory section of the market. The EU has finally approved the MiCA regulation—the first comprehensive crypto regulation in the world. Plus, Biden refused to accept a debt deal protecting crypto traders.

Here are the highlights from last week.

• EU finance ministers approve MiCA crypto regulation
• President Biden Opposing Crypto
• Binance Australia suspends AUD fiat services, citing issues with third party
• Ledger cryptocurrency exchange under the spotlight for its seed phrase retrieval service

EU finance ministers approve MiCA crypto regulation

During a meeting held on Tuesday, the EU Council, comprising finance ministers from all member states, officially adopted the legislation known as Markets in Crypto Assets (MiCA). Here’s all you need to know about MiCA.

President Biden Opposing Crypto

United States President Joe Biden has expressed his opposition to a debt ceiling agreement with Republican leaders that would supposedly benefit cryptocurrency traders. Biden termed the Republicans’ proposed parameters “unacceptable” during a press conference on 21 May at the Group of Seven (G7) Summit in Hiroshima, Japan.

He said, “I’m not going to agree to a deal that protects wealthy tax cheats and crypto traders while putting food assistance at risk for nearly a hundred — excuse me — nearly 1 million Americans.” Here’s the full report.

Binance Australia suspends AUD fiat services, citing issues with third party

Cryptocurrency exchange Binance Australia has informed users it has suspended Australian dollar services after its local payment services provider Zepto was instructed to stop support for the exchange.

On May 18, Binance Australia tweeted that Australian dollar PayID deposits were suspended and bank transfer withdrawals would also be impacted “due to a decision made by our third-party payment service provider." Read the full story.

Ledger Crypto Wallet Under Fire Over Seed Phrase Recovery Service

Connecting your crypto seed phrase to your passport. What could go wrong? Hardware wallet provider Ledger has caused a stir online after releasing its latest Ledger Recover service in their latest firmware update.

In a nutshell, it’s an ID-based key recovery service that backs up users’ seed phrases. To use the service, users must provide a passport or national identity card to confirm their identity. The frustration by the community stems from a Reddit post by Ledger co-founder and ex-CEO saying that this allows the government to subpoena them to get access to user funds. Here’s the full story.

Other highlights worth mentioning

• US strips Ethereum dev, Virgil Griffith, of export privileges for 10 years - Cryptopolitan
• Bancor DAO hit with class-action suit over impermanent loss protection promises - Cointelegraph
• FTX pursues $244M clawback from ‘wildly inflated’ Embed acquisition deal - Binance
• Microsoft, Goldman Sachs, and others partner to launch blockchain - Bloomberg