Crypto & Blockchain Daily Brief Thursday, May 29, 2025

A recent report speculates that GameStop could potentially start accepting Bitcoin as a form of payment by 2023. This move would align with the company's efforts to modernize its business model and stay relevant in the changing retail landscape. GameStop has been exploring various ways to adapt to the digital age, including expanding its product offerings and integrating e-commerce into its operations. The report suggests that GameStop's potential acceptance of Bitcoin could be a strategic move to attract younger, tech-savvy customers who are more likely to use cryptocurrencies for transactions. By offering Bitcoin payments, GameStop could differentiate itself from competitors and appeal to a new demographic of consumers. Additionally, accepting Bitcoin could also help GameStop reduce transaction fees and streamline its payment processes. While the report is speculative, it highlights the growing interest in cryptocurrencies among businesses and consumers. More companies are starting to accept Bitcoin and other cryptocurrencies as a means of payment, signaling a shift towards mainstream adoption. If GameStop does decide to accept Bitcoin in the future, it could be a significant milestone for the company and further demonstrate the increasing acceptance of cryptocurrencies in the retail sector. Overall, the potential integration of Bitcoin payments at GameStop could be a strategic move to drive growth, attract new customers, and adapt to the changing preferences of consumers in an increasingly digital world.

The U.S. Department of Labor has reversed a warning issued under the Biden administration that cautioned retirement plan administrators against investing in cryptocurrencies. The warning was originally issued in April 2021, advising plan fiduciaries to be cautious when considering adding cryptocurrencies to retirement plans due to their volatility and regulatory uncertainty. However, the Department of Labor has now rescinded this guidance, stating that it was issued without the appropriate review and public input. The reversal of this warning is seen as a positive development for the cryptocurrency industry, as it opens the door for retirement plans to potentially include digital assets as part of their investment options. This decision aligns with the growing interest in cryptocurrencies among institutional investors and the broader financial sector. While the Department of Labor has removed the previous warning, it does not provide explicit approval for retirement plans to invest in cryptocurrencies. Plan fiduciaries are still required to act in the best interest of plan participants and carefully consider the risks associated with any investment, including cryptocurrencies. Additionally, they must ensure compliance with existing regulations and seek professional advice when making investment decisions. Overall, the rescinding of the Biden-era crypto warning by the U.S. Department of Labor signals a shift towards greater acceptance of cryptocurrencies within the traditional financial system. It reflects the increasing mainstream adoption of digital assets and acknowledges the potential benefits they may offer as part of a diversified investment portfolio.

During the Bitcoin 2025 conference, US Senator Cynthia Lummis discussed various topics related to Bitcoin and cryptocurrency regulation. She highlighted the importance of educating her colleagues in Congress about Bitcoin and its potential benefits. Lummis expressed her support for Bitcoin as a store of value and emphasized the need for clear regulations to provide legal certainty for businesses operating in the crypto space. Regarding stablecoins, Lummis mentioned her intention to introduce legislation that would require issuers of stablecoins to hold reserves in the form of Bitcoin or other assets. This move aims to ensure stability and transparency in the stablecoin market, addressing concerns about potential risks associated with these digital assets. In terms of market structure, Lummis emphasized the need for fair and transparent markets, suggesting that regulatory oversight should focus on preventing fraud and manipulation rather than stifling innovation. She also highlighted the importance of protecting investors while allowing for continued growth and development in the crypto industry. Lummis acknowledged the challenges of navigating the complex regulatory environment surrounding cryptocurrencies and committed to working towards a balanced approach that encourages innovation while safeguarding consumers. Overall, her remarks at the conference reflected a positive outlook on the future of Bitcoin and the crypto industry, emphasizing the importance of collaboration between regulators, industry stakeholders, and lawmakers to promote responsible growth and adoption.

During the Bitcoin 2025 conference, US Senator Cynthia Lummis highlighted her support for Bitcoin as a reserve asset and discussed proposed legislation related to stablecoins and market structure. Lummis expressed her belief that Bitcoin has the potential to serve as a reserve asset alongside gold in the future. In terms of legislation, Lummis emphasized the need for clear regulations regarding stablecoins, which are digital assets pegged to fiat currencies. She suggested that such regulations should focus on ensuring that stablecoins are backed 1-to-1 by reserves, similar to how traditional banks operate. Additionally, she mentioned her support for a bill that aims to address market structure issues in the cryptocurrency industry, such as improving transparency and reducing conflicts of interest. Lummis also touched on the importance of protecting individual freedoms and privacy in the digital age. She highlighted the potential of blockchain technology to empower individuals by giving them more control over their data and financial transactions. Lummis emphasized the need for policymakers to strike a balance between regulating the industry to prevent fraud and abuse, while also allowing for innovation and growth. Overall, Senator Lummis' remarks at the conference underscored her support for Bitcoin and blockchain technology, as well as her commitment to creating a regulatory framework that fosters innovation and protects individual freedoms.

El Salvador has continued to defy the International Monetary Fund (IMF) by making another large purchase of Bitcoin. The country's president, Nayib Bukele, announced the purchase of 150 more Bitcoins, worth around $8 million. This comes after the IMF warned El Salvador about the risks of using Bitcoin as legal tender, citing concerns about money laundering and economic stability. President Bukele has been a strong advocate for Bitcoin, seeing it as a way to boost the country's economy and provide financial freedom to its citizens. He has previously made a $25 million Bitcoin purchase and plans to create a Bitcoin city in the country. Despite the IMF's reservations, El Salvador seems determined to continue its embrace of Bitcoin. The country's Bitcoin Law, which was passed in September, has faced criticism and protests from various sectors, including the opposition party and some citizens who fear the risks associated with using a volatile cryptocurrency as legal tender. However, President Bukele remains steadfast in his support for Bitcoin and sees it as a way to attract foreign investment and boost the country's economy. El Salvador's defiance of the IMF and its continued embrace of Bitcoin highlight the growing trend of countries exploring cryptocurrencies as a means of financial innovation and economic development. The country's actions are being closely watched by other nations and could have far-reaching implications for the future of cryptocurrency adoption on a global scale.