Jack Dorsey Backs Plan to Rename Bitcoin "Satoshi" Units

Jack Dorsey has thrown his support behind BIP 177, a proposal to rename Bitcoin’s smallest unit from “satoshi” to simply “Bitcoin.” The idea would flip the denomination, making 1 satoshi equal to 1 Bitcoin, while using “BTC” to describe full coins.

The proposal, created by developer John Carvalho, attempts to eliminate decimal confusion and make Bitcoin feel more usable in daily life. “Sats is definitely the wrong term and is stopping everyday people from acquiring and spending Bitcoin,” Dorsey posted on X.

Not everyone agrees with the rebrand, with critics saying it would confuse users and undermine the 21 million supply narrative. “It destroys the entire understanding of 21,000,000 max supply,” said podcaster Bram Kanstein, warning of damage to 15+ years of education.

Others express concern it risks chaos across exchanges, wallets, and apps, and introduces friction for users already familiar with sats. The tweak is also seen as outreach to “unit bias,” with skeptics calling it misleading, unnecessary, and influenced by marketing rather than need.

Binance Moves to Dismiss $1.76 Billion FTX Lawsuit

Binance asked a Delaware bankruptcy judge to dismiss FTX’s $1.76 billion clawback suit, calling the claims unfounded and outside the court’s jurisdiction. The exchange said the lawsuit wrongly blames it for FTX’s failure, ignoring the fraud committed by founder Sam Bankman-Fried. Binance also disputed any link between Zhao’s tweets and the platform’s collapse in late 2022.

FTX’s estate argues it was already insolvent when it repurchased Binance’s equity using customer funds in 2021, a deal now under dispute. Binance countered that FTX remained solvent for over a year afterward and that no evidence supports the alleged damage from Zhao’s social media posts. Legal experts say if the court agrees, the case will be dropped entirely; if not, discovery or settlement could follow.

Argentina Shuts LIBRA Probe After Court Order

Argentina’s government abruptly dissolved a task force investigating the LIBRA memecoin scandal just days after a judge ordered the president’s bank records unsealed. President Javier Milei and his sister had promoted the Solana token before its collapse, prompting allegations of improper influence and insider gain. The meme coin briefly reached a $2 billion market cap before crashing more than 90% in value.

In response to the backlash, Milei claimed no advanced knowledge and said he supported the project only as a tech innovation tool. Critics argue the timing of the task force’s shutdown undermines public accountability and ongoing court efforts. Prosecutors are still pursuing financial records and investigating potential payouts tied to the token launch.

Senate Advances Stablecoin Bill in Key Vote

The U.S. Senate voted 66-32 on May 20 to advance the GENIUS Act, a bill requiring full dollar reserves and audits for major stablecoin issuers. The measure gained bipartisan support, with sixteen Democrats joining Republicans after weeks of negotiation and lobbying. Lawmakers say the bill modernizes U.S. payments and reinforces dollar dominance in the digital economy.

Crypto industry leaders praised the outcome, while Elizabeth Warren warned the bill fails to address Trump’s stablecoin ties. Over 60,000 emails were sent to senators urging support before the vote, coordinated by advocacy groups like Stand With Crypto. The bill still faces amendments and a final vote before heading to the House for further debate.

Data of the Day

Ethereum lending protocol Aave has reached $30 billion in total value locked, up 50% from its yearly low, dictated by stronger market sentiment. Users have deployed more capital into decentralized lending as ETH prices stabilized and yield opportunities returned. Aave is now generating over $1 million per day in fees, reflecting renewed demand for on-chain borrowing.

Outstanding loans total $10 billion, giving Aave a 33% debt-to-TVL ratio that analysts say signals healthy usage. The rise comes as other DeFi platforms also report growth, suggesting early signs of a broader resurgence. Aave’s consistent performance continues to make it a benchmark for Ethereum's financial onchain activity.

More Breaking News

• Coinbase confirmed it's cooperating with the DOJ after hackers stole user data and demanded $20 million in Bitcoin ransom.
• Jito validator tips hit $3.6 million daily as Solana activity surges and the new Believe launchpad pulls users from PumpFun.
• Genesis is suing parent company DCG for over $3.1 billion, alleging fraud, self-dealing, and misappropriation of crypto assets.
• Kraken has launched regulated crypto derivatives in Europe, offering futures contracts compliant with MiFID II rules.
• SEC Chair Paul Atkins was questioned by Congress about Trump’s memecoin and paused fraud charges against Justin Sun.
• Robinhood filed a proposal with the SEC to create a unified framework for tokenized real-world assets and a new RWA exchange.
• Bancor has sued Uniswap for allegedly infringing on its 2017 patent related to decentralized exchange smart contracts.
• Germany missed out on $2.3 billion in gains after selling 49,858 BTC last year at $57,000, far below today’s price of over $104,000.

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