US Treasury Secretary Bessant: The economy as a whole is not facing the risk of recession.

On May 9, Coinbase announced it acquired 1,103 bitcoins in Q1 2026, pushing its total treasury holdings to 16,492 BTC.

May 9th, Tether has filed a lawsuit in S?o Paulo, Brazil, to recover a $300 million loan from Titan Holding—an affiliate of the Master Group. The loan was issued by Tether’s venture arm, Tether Investments, in March 2025, with an original repayment deadline of March 28, 2026. No repayment has been made to date, however. Daniel Vorcaro, owner of the Master Group, was recently arrested. His Banco Master was liquidated by Brazil’s Central Bank last November over a $2.2 billion reserve shortfall, impacting more than 1 million customers. In the lawsuit, Tether is seeking to freeze all financial assets of Titan and its affiliated firms.

On May 9, crypto journalist Eleanor Terrett reported that the U.S. Senate Banking Committee has formally scheduled a committee hearing on the *Cryptocurrency Market Structure Bill* (commonly known as the CLARITY Act) for May 14 at 10:30 a.m. Eastern Time. This marks a key step in the legislative process. Currently, the Senate Banking Committee has circulated a draft text to some industry stakeholders; the draft is still being finalized and is expected to incorporate feedback from Democratic offices. Committee members will vote on the bill text and all proposed amendments. If this section is approved, it will be merged with material from the Senate Agriculture Committee to form a complete bill, which will then be submitted for a full Senate vote. The crypto industry broadly views this as a significant development and is looking forward to the bill clarifying the regulatory framework to bring certainty to the U.S. digital asset market.

Per its May 9 13F quarterly holdings filing, Switzerland’s largest lender UBS Group AG recently increased its stake in MicroStrategy Inc. (MSTR) by 551,121 shares, worth approximately $98 million. The group currently holds a total of 6.31 million MSTR shares, with an aggregate holding value of roughly $1.12 billion.

**US-Iran Conflict: Latest Developments (May 9)** The latest focus of the U.S.-Iran conflict centers on Iran’s expected response to a U.S.-proposed agreement—due within the next 12 hours. Former President Trump has also threatened to reinstate the “Freedom Plan” operation (aimed at deterring ships in the Strait of Hormuz) plus additional measures. ### Ceasefire Talks & Strait of Hormuz - **Iranian Media**: Iran says it’s still reviewing the U.S. proposal to end hostilities. - **U.S. Secretary of State**: We expect Iran’s response today (May 8); hoping for serious U.S.-Iran negotiations. - **U.S.**: Over 70 oil tankers are currently blocked from entering/leaving Iranian ports. - **Update**: No large commercial vessels have transited the Strait of Hormuz in the past 24 hours. - **Iranian Media**: Iran is developing a “legal framework” plan for the Strait of Hormuz, set to become permanent law. ### U.S. Side - Trump says he may resume the “Freedom Plan” operation. -

On May 9, reports emerged that Payward—Kraken’s parent company—has applied for a national trust charter from the U.S. Office of the Comptroller of the Currency (OCC). The firm plans to launch the Payward National Trust Company (PNTC), which will offer digital asset custody services to institutional clients under federal regulation. This initiative aims to provide greater certainty for institutions seeking bank-grade custody protection, while complementing Kraken Financial’s existing SPDI bank charter in Wyoming and its Federal Reserve master account. Together, these will form a synergistic state-and-federal “multi-license” strategy.