Coinbase said it will introduce the Coinbase One Card, an American Express-issued credit card that returns up to 4% of each purchase in bitcoin. Roll out is slated for the fall.

Sharplink Gaming shares tumbled in after-hours trading Thursday, shedding as much as 73% after the sports betting platform filed a document registering nearly 59 million shares for potential resale.

The U.S. Senate is set to vote on the GENIUS Act, a proposed law that could become the foundation for how stablecoins are regulated in the country. 

Top stories in the Crypto Roundup today:

• Coinbase to Launch Amex Credit Card Offering 4% Bitcoin Rewards 
• Sharplink Gaming Stock Plunges 67% Amid Confusion Over $1B Ethereum Buying Plan
• U.S. Senate to Hold Final Vote on GENIUS Stablecoin Bill on June 17

Coinbase to Launch Amex Credit Card Offering 4% Bitcoin Rewards

Coinbase said it will introduce the Coinbase One Card, an American Express-issued credit card that returns up to 4% of each purchase in bitcoin. Roll out is slated for the fall.

Cardholders will also earn bonus interest on USDC deposits, enjoy higher staking yields and receive free transaction credits on Base, Coinbase’s Ethereum layer 2. 

The company did not list an annual fee, positioning the product against cash-back cards that charge for membership. American Express already dabbled in crypto rewards through a 2022 partnership with wallet provider Abra.

The announcement landed during Coinbase’s State of Crypto Summit in New York. There, executives also signaled they are working with the Commodity Futures Trading Commission to make perpetual futures contracts available to U.S. users, a product now limited to clients overseas.

Sharplink Gaming Stock Plunges 67% Amid Confusion Over $1B Ethereum Buying Plan

Sharplink Gaming shares tumbled in after-hours trading Thursday, shedding as much as 73% after the sports betting platform filed a document registering nearly 59 million shares for potential resale.

The collapse comes just weeks after the company said it would pivot to an Ethereum-based treasury strategy, planning to buy up to $1 billion in ETH.

Despite the selloff, Sharplink’s chairman Joseph Lubin pushed back on investor panic, calling the reaction a misreading of the Form S-3 filing. 

“This is standard post-PIPE procedure in traditional finance,” Lubin wrote, clarifying that the registration doesn't mean any actual shares were sold.

Lubin, who also leads Ethereum development firm Consensys, emphasized that neither he nor Consensys had sold shares. 

Consensys previously led a $425 million funding round for Sharplink to fund its ETH acquisition plan. The company officially disclosed the $1 billion equity sale in late May, stating most proceeds would go toward buying ether.

The panic may have been avoidable. Consensys general counsel Matt Corva said the news was “already revealed two weeks ago,” and the filing simply formalizes that shares were sold to investors in the earlier round.

U.S. Senate to Hold Final Vote on GENIUS Stablecoin Bill on June 17

The U.S. Senate is set to vote on the GENIUS Act, a proposed law that could become the foundation for how stablecoins are regulated in the country. 

The final vote is scheduled for Tuesday, June 17, according to a notice posted Thursday on the Senate Democrats’ website.

The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act proposes new legal standards for stablecoin issuers. 

It would require all stablecoins to be fully backed by U.S. dollars or similarly liquid assets, impose annual audit obligations on issuers with more than $50 billion in circulation, and set guidelines for compliance by foreign issuers operating in U.S. markets.

If the bill passes, it will move to the House of Representatives, where lawmakers are advancing a separate proposal, the STABLE Act. 

That bill, approved by the House Financial Services Committee in May, has its own set of rules and priorities, including different approaches to state and federal oversight and how foreign firms like Tether are treated.

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