California Representative Maxine Waters, ranking member of the US House Financial Services Committee, has announced plans to introduce legislation “to block [Donald] Trump’s memecoin and stop his crypto corruption.”

In a May 22 notice, Rep. Waters said the Stop Trading, Retention, and Unfair Market Payoffs (TRUMP) in Crypto Act of 2025 bill would be aimed at blocking the US President, Vice President, members of Congress, and their families from engaging in “crypto crime.” The US lawmaker referred to Trump and his wife, Melania, issuing personal memecoins in January, his family launching a stablecoin, USD1, through the crypto platform World Liberty Financial, and the president attempting to establish a national Bitcoin (BTC) reserve as his sons back a BTC mining venture.

“Donald Trump is preparing to dine with the top donors of his memecoin who’ve made him, and his family, richer,” said Waters, adding:

“Trump’s crypto con is not just a scam to target investors. It’s also a dangerous backdoor for selling influence over American policies to the highest foreign bidder.”HR 3573, Stop TRUMP in Crypto Act of 2025, introduced by Rep. Maxine Waters. Source: House Financial Services Committee Democrats

Waters’ bill was one of many actions announced to oppose the president’s dinner to reward memecoin holders. Senators Chris Murphy and Elizabeth Warren are expected to attend a press event with representatives for the consumer advocacy group Public Citizen, and two Democratic organizations will protest at the Trump National Golf Club outside Washington, DC, where the memecoin dinner will be held.

This is a developing story, and further information will be added as it becomes available.

DeLorean launched an onchain reservation system and non-fungible token (NFT) marketplace for its upcoming electric vehicle launch, introducing a new blockchain-based approach for reserving and reselling cars.

According to DeLorean, its Build Slot NFT collection grants holders priority access to purchase DeLorean’s upcoming electric car, Alpha 5 EV. The model is the carmaker’s first vehicle in over 40 years, inspired by the iconic flux capacitor from the movie Back to the Future.

The company created an exclusive marketplace for its NFT holders, in which users can buy or trade the NFTs using the USDC (USDC) stablecoin on the Sui network and will be able to earn rewards.

DeLorean says that each vehicle’s history and performance data will be recorded onchain through the FLUX protocol, including key data such as battery health, maintenance records, accident history, and verified odometer readings. 

This detailed data makes it easier for auto enthusiasts to bid on or resell vehicles in the secondary market, the company said.

DeLorean NFT platform. Source: DeLorean

“Since DeLorean’s emergence in the 1980s, the brand has stood as a symbol of vision, rebellion, and futuristic innovation,” according to Cameron Wynne, the chief brand officer at DeLorean. “By using blockchain technology, we’re setting a new standard for the automotive industry,” Wynne said.

The NFT-based reservation system and the tokenization of an electric vehicle signal DeLorean’s interest in digital assets. The company is also the first carmaker to introduce a utility token, the DeLorean ($DMC) token.

DMC tokenomics. Source: Deloreanlabs 

Luxury brands exploring blockchain, NFTs

NFTs are becoming digital passports for luxury goods, linking to full lifecycle benefits such as reservation, maintenance, resale, and membership services.

By tokenizing luxury products using NFTs, brands can enhance their technological appeal while reinforcing a sense of scarcity and community value.

Global fashion brand Louis Vuitton ventured into NFTs in 2023, offering NFT holders exclusive access to certain products like a $6,400 digital mini trunk, a $9,000 bag and a varsity jacket worth around $8,400.

LVMH Group launched the blockchain-based AURA platform, where luxury items are represented as unique NFTs containing information such as the origin of raw materials, production date and maintenance history.

Magazine: Pranksy: Inside the anonymous life of an NFT legend — NFT Collector

Key takeaways:

Bitcoin’s rally to new price highs happened as funding rates and trading sentiment remained unusually subdued.

Rising stablecoin supply and global M2 growth indicate untapped liquidity and the potential for further price increases.

Long-term holders are not aggressively selling, reflecting their expectation for continued Bitcoin price appreciation.

Bitcoin (BTC) hit a new all-time high on May 21, with prices rising to $111,860 on Binance on May 22, but the markets lack the state of frenzy associated with new highs. Economist and crypto commentator Alex Krüger noted that “this is the least euphoric new all-time highs” for Bitcoin, after highlighting subdued funding rates for Bitcoin across crypto exchanges.

Bitcoin price and aggregated funding rate. Source: Coinalyze

The chart illustrates that the current BTC funding rate is significantly below previous market highs observed during March and November 2024. The funding rate was six times higher in Q1 and three times higher in Q4 last year.

These low rates indicate minimal speculative activity in the futures market, with the rally driven by spot buyers rather than leveraged traders, reducing the risk of over-leveraged corrections. 

Such a scenario also indicates that Bitcoin might not have reached a state of euphoria yet. 

The availability of untapped liquidity in the crypto ecosystem underscores the potential for further growth. Stablecoin market capitalization, often a leading indicator of incoming capital, has risen to 14% in 2025. Tether’s (USDT) market cap jumped to $152 billion from $139 billion in January, while Circle’s USDC supply has increased by 35% to $58 billion. 

Total stablecoin supply. Source: Token Terminal

Stablecoins often act as a bridge for new capital entering the crypto market, and their growth suggests a substantial pool of liquidity that has yet to be fully deployed into Bitcoin and other crypto assets. 

Additionally, global liquidity trends provide further tailwinds. The global M2 money supply, which measures the total money in circulation across major economies, grew by 5% in Q1 2025, driven by monetary policy adjustments in the US, EU, and Japan.

Cointelegraph reported a strong correlation, exceeding 80%, between Bitcoin’s price and global liquidity, typically with a 60-day lag, pointing to further buying pressure in the coming months.

Bitcoin price and Global M2 supply. Source: X.com

Related: These 4 memecoins can outperform Bitcoin this cycle

“Muted” profit-taking reflects confidence in Bitcoin

Glassnode data adds another layer of insight into Bitcoin’s current market dynamics. Despite the new highs, profit-taking among Bitcoin holders remains restrained. The data analytics platform noted,

“When $BTC hit all-time high yesterday, total profit-taking volume was around $1.00B – less than half the amount realized when #BTC first crossed $100K last December, which hit $2.10B. Despite a higher price, profit realization was far more muted.”

This muted activity suggests that long-term holders are not rushing to cash out, which typically reflects confidence in further price appreciation.

Bitcoin spent volume by age data. Source: X.com

The lack of widespread participation indicates that Bitcoin’s rally is not a crowded trade, leaving room for new capital to enter the market. The restrained profit-taking, combined with low speculative activity in the futures market, paints a picture of a market far from overheated or “euphoria”.

Related: Bitcoin tops Amazon market cap on ‘Pizza Day’ as price sets new highs

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.