Today in crypto, VanEck is launching its first tokenized fund backed by US Treasurys, named VBILL, which will be available on multiple blockchains. The fund requires a minimum investment of $100,000 on Avalanche, BNB Chain, and Solana, with Ethereum requiring $1 million. Meanwhile, Arizona Governor Katie Hobbs vetoed two state bills aimed at establishing a Bitcoin reserve and enabling crypto payments, indicating concerns about market volatility. Lastly, Coinbase is set to become the first crypto company included in the S&P 500 index on May 19, replacing Discover Financial Services. This move is expected to boost demand for Coinbase shares, which saw an 8.8% increase in after-hours trading following the announcement. The developments reflect the growing intersection of traditional finance and the cryptocurrency market, despite regulatory challenges.

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