Today's news tips:
US Senators Plan to Amend GENIUS Act to Limit Presidential Stablecoin Conflicts of Interest
U.S. House of Representatives sets June 10 date for review of crypto market structure bill
Kraken to offer over 50 tokenized stocks and ETFs, including Apple, Tesla, and Nvidia
Strategy to Offer Up to $2.1 Billion of 10% Series A Perpetual Preferred Stock
Regulatory News
Trump's Cryptocurrency Dinner Speech Wasn't New
According to @tier10k, US President Trump attended a cryptocurrency dinner in Virginia and delivered a speech, calling the United States the "global crypto capital" and criticizing Biden for being "not good for the crypto industry." But the overall content of his speech was not substantively new.
US Senators Plan to Amend GENIUS Act to Limit Presidential Stablecoin Conflicts of Interest
According to Cointelegraph, U.S. Senate Minority Leaders Schumer, Warren and Merkley plan to propose amendments to the GENIUS Act to prohibit the president from profiting from stablecoins. The move is intended to address the risk that the Trump family may gain economic benefits from the USD1 stablecoin issued by the World Liberty Financial platform in which it is involved. Previously, 18 Democratic lawmakers voted in favor of advancing the bill. Democrats criticized the move as "official recognition of the president selling influence to the highest bidder."
SEC postpones multiple crypto ETF decisions and approves crypto-collateralized TRX application
James Seyffart, an ETF analyst at Bloomberg, wrote that the US SEC has delayed its decision on a number of crypto ETFs, including Bitwise and CoinShares' XRP ETF, CoinShares' LTC ETF, and Fidelity's spot Bitcoin fund restructuring application. At the same time, the SEC has officially accepted Canary Funds' application for a pledged TRX ETF, which is a rare positive development.
U.S. House of Representatives sets June 10 date for review of crypto market structure bill
Crypto journalist Eleanor Terrett revealed that French Hill, chairman of the U.S. House Financial Services Committee, set the date for the House's review of the crypto market structure bill on June 10.
According to Decrypt, the U.S. Department of Justice announced that in Operation RapTor, 10 countries around the world jointly arrested 270 people, seized $200 million in cash and cryptocurrency assets, and seized more than 2 tons of drugs, including 144 kilograms of drugs containing fentanyl. This is the largest law enforcement operation of the U.S. J-CODE project to date, focusing on combating drug networks that trade through the dark web and cryptocurrency. The operation also seized the operators of the drug markets Nemesis and Incognito Market, and crypto assets have once again become the focus of transnational criminal money laundering tools.
UK Court of Appeal dismisses BSV investor’s $13.3 billion lawsuit against Binance
NFT/AI
Anthropic launches new generation Claude 4 models: Claude Opus 4 and Claude Sonnet 4
Anthropic officially released two new models, Claude Opus 4 and Claude Sonnet 4, at the developer conference. Opus 4 performed best on the SWE-bench validation set (72.5%, 79.4% in high computing mode), becoming the world's leading automatic programming model. Sonnet 4 also reached 72.7%, surpassing OpenAI o3 and Codex-1. Rakuten's test showed that Opus 4 can program continuously for 7 hours, stably handling complex tasks, breaking industry records. The new model supports the use of parallel tools and improved memory mechanisms. Claude Code is now fully open.
Project News
Kraken to offer over 50 tokenized stocks and ETFs, including Apple, Tesla, and Nvidia
According to the Wall Street Journal, Kraken will offer more than 50 tokenized stocks and ETFs, including Apple, Tesla, and Nvidia stocks, and will first be launched in Europe, Latin America, Africa, and Asia.
Later in the day, Kraken announced the launch of the xStock platform on Solana to provide a tokenized version of U.S. stocks .
Wall Street Journal: Several large U.S. banks discuss jointly issuing stablecoins
According to the Wall Street Journal, large commercial banks such as JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are discussing the joint issuance of stablecoins to cope with the growing competition in the crypto industry. The negotiating parties include Early Warning Services, the operator of the Zelle payment system, and Clearing House, a real-time payment network.
Cetus posted an update on the X platform saying: "As of earlier today, it has been confirmed that an attacker has stolen approximately $223 million from Cetus Protocol. We have taken immediate action to lock our contracts to prevent further theft of funds. At present, $162 million of the stolen funds have been successfully frozen. We are working with the Sui Foundation and other ecosystem members to jointly develop the next solution with the goal of recovering the remaining stolen funds. Most of the affected funds have been frozen, and we are actively seeking ways to recover the remaining funds. This is our current priority, and we will provide timely updates through this channel once we have further news. A full incident report will be published later."
Later news, Sui: A large number of validators have identified the addresses where Cetus funds were stolen and will ignore transactions on these addresses ; Cetus proposed a stolen money recovery agreement to the hacker, offering a reward of 2324 ETH in exchange for a peaceful solution ; Sui launched the whitelist function yesterday to prepare for the recovery of hacker funds .
Aergo community passes AIP-22 proposal, HPP L2 will migrate to Arbitrum technology stack
The public chain Aergo officially announced that the AIP-22 proposal has been passed with more than 1.5 million votes, and the HPP Layer 2 infrastructure will be officially migrated from OP Stack to Arbitrum Stack. This adjustment aims to improve the scalability and ecological synergy of AI native applications, and enhance long-term resilience and cost efficiency. This migration does not affect the enterprise-level infrastructure positioning of the Aergo mainnet, which still focuses on AI smart contracts and data security services.
Telegram made a record profit of $540 million last year and cooperated with xAI to integrate Grok
According to the Financial Times, despite the fact that founder Pavel Durov is under formal French investigation for allegedly failing to deal with criminal content on the platform, Telegram still achieved a profit of $540 million in 2024 and revenue of $1.4 billion, an annual growth of more than 3 times. The company is seeking to issue $1.5 billion in bonds to buy back old debt and pave the way for a possible IPO in the future. About half of the revenue comes from "ecological cooperation", including mini-applications and Toncoin payments based on the TON blockchain; advertising and subscription revenues are $250 million and $292 million respectively. Telegram said it aims to achieve $2 billion in revenue and $720 million in profit in 2025. At the same time, Durov accused the French investigation of a "geopolitical" operation. Telegram also cooperated with Elon Musk's AI company xAI to integrate its Grok chatbot into the platform.
Hyperliquid Labs recently submitted two opinion letters to the U.S. Commodity Futures Trading Commission (CFTC), responding to perpetual contracts and all-weather trading mechanisms respectively. Hyperliquid believes that its on-chain architecture demonstrates the potential of DeFi in market efficiency, transparency and user protection, emphasizing that prepaid margin, automatic liquidation and real-time auditing can be achieved without intermediaries, and has natural compliance and risk resistance. It also advocates a principle-oriented regulatory approach to help the United States stay ahead in global financial innovation.
SOON releases new token economic model, Simpfor.fun V2 trading platform launched
According to official news from SOON, its one-click copy trading platform Simpfor.fun V2 is officially launched, supporting low-threshold, live-streaming on-chain transactions on Hyperliquid. The platform will integrate with LiveTrade to build a Web3 version of "financial e-commerce" to provide a one-click trading portal for anchors and users. At the same time, SOON announced the latest token economic model, with a total supply of 1 billion and an annual inflation rate of 3%. Among them, the community allocation accounts for 51%, the ecosystem 25%, the team and co-builders 10%, airdrops and liquidity 8%, and the foundation 6%. $SOON will serve as the core asset for governance, gas, staking incentives and ecological value capture, running through its mainnet, stack, cross-chain protocol and LiveTrade ecology.
Earlier news, SOON stated that NFT and airdrop applications are scheduled to begin on May 23 .
Farcaster announces support for Solana ecosystem, opens cross-chain functionality
According to Farcaster’s announcement, the platform now supports the Solana chain. Users can use wallets and applets to integrate with Solana, support instant cross-chain exchange of any Solana token, and increase the chance of participating in the Solana project airdrop by recharging $10 SOL.
BNB Chain announces Maxwell hard fork: BSC block time will be shortened to 0.75 seconds
According to the official announcement of BNB Chain, BNB Smart Chain (BSC) will shorten the block time from 1.5 seconds to 0.75 seconds through the Maxwell hard fork, and will be deployed to the mainnet on June 30. This upgrade includes three core improvements: BEP-524 establishes a new block interval standard; BEP-563 optimizes the communication protocol between verification nodes; BEP-564 adds a new block batch synchronization mechanism. Technical adjustments include increasing the verification cycle from Epoch length from 500 to 1000, and the rotation time of a single verification node remains at 12 seconds (16 new blocks). The testnet will be upgraded first on May 26, and five standards such as node synchronization stability and no increase in reorganization rate must be met before the mainnet can be deployed.
Listed car dealer Jiuzi New Energy plans to buy 1,000 Bitcoins in the next year
According to PR Newswire, the board of directors of Chinese auto dealer Jiuzi New Energy (NASDAQ: JZXN) approved a Bitcoin reserve plan to purchase 1,000 Bitcoins in the next year through a combination of additional stock issuance and cash. The company said the move is aimed at optimizing its asset structure and using Bitcoin's market liquidity and value-added potential to hedge risks. According to the announcement, the acquisition funds will come from the timely issuance of additional stock funds, combined with its own funds and potential external financing.
According to GlobeNewswire, Singapore orthopedic medical group Basel Medical (NASDAQ: BMGL) announced that it has reached a purchase agreement with the Bitcoin Holders Alliance to purchase up to 10,000 BTC (currently worth approximately US$1 billion) through the issuance of additional common shares. This move is aimed at diversifying the company's capital reserves while maintaining its core business expansion of medical services in the Asia-Pacific region.
Standard Chartered: Bitcoin is expected to rise further after hitting a record high
According to *Walter Bloomberg, Geoff Kendrick, head of digital asset research at Standard Chartered Bank, said that Bitcoin may continue to climb after hitting a record high. Higher U.S. Treasury term premiums are driving Bitcoin up, and Bitcoin price movements tend to converge with them. Funds flowing into U.S. spot Bitcoin exchange-traded funds (ETFs) are increasing, and institutional and government interest in Bitcoin is also growing. A new U.S. stablecoin regulatory bill also provides support for the market. Standard Chartered Bank expects Bitcoin to reach $120,000 by the end of the second quarter, $200,000 by the end of 2025, and $500,000 by 2028.
PANews reported on May 23 that Binance founder Zhao Changpeng published an article on the X platform to refute the negative report of the Wall Street Journal, accusing the media of violating journalistic ethics and using the "Cunningham Law" (obtaining the truth by publishing false information) to maliciously frame. Zhao Changpeng pointed out that WSJ had preset a large number of false accusations in the prior inquiry, including claiming that he "acted as an international affairs coordinator for the World Liberty Financial team" and fabricated details such as "introducing Pakistani official Saqib to the WLF team". Although the WLF spokesperson explicitly denied that CZ played a coordinating role, WSJ still published misleading reports. CZ clarified: He and Saqib first met in Pakistan and never helped WLF with any international trips. CZ believes that such reports reflect that some forces in the United States are trying to obstruct the development of cryptocurrencies, targeting crypto industry leaders and government teams that support innovation. He emphasized: "When the report starts from a negative premise, the so-called "error correction" is meaningless because the whole story is fictional."
Hackers use fake Ledger Live app to steal recovery phrases and steal crypto
Aergo community passes AIP-22 proposal, HPP L2 will migrate to Arbitrum technology stack
Binance Alpha Launches SOON Token (SOON)
Binance Alpha now has SOON Token (SOON). Eligible users with at least 190 Binance Alpha Points can claim an airdrop of 180 SOON tokens on the Alpha event page starting at 16:00 (UTC+8) on May 23, 2025. Please note that claiming the airdrop will consume 15 Binance Alpha Points. Users need to complete the claim within 24 hours after the claim is opened (that is, before 16:00 on May 24, 2025, Eastern Time 8), otherwise it will be deemed to have given up the airdrop.
Binance Futures launches B USDT perpetual contract with maximum leverage up to 50x
Robinhood launches MOODENG and MEW
Upbit will list KERNEL in BTC and USDT markets
Upbit will list SOON in BTC and USDT markets
5X The whale that shorted HYPE has closed its position, with a loss of more than $23.5 million
Binance launches SOONUSDT perpetual contract, supporting up to 50x leverage
Modular housing manufacturer BOXABL announces adoption of Bitcoin as treasury reserve asset
Financing News
According to Forbes, OpenFX, a cross-border payment infrastructure company, has completed a $23 million financing led by Accel. The company is committed to solving the "last mile" problem of cross-border payments through stablecoins, aiming to replace the traditional SWIFT network. Its technology can reduce the spread of foreign exchange transactions from 69 basis points to less than 10 basis points, and 90% of transactions can be settled within 60 minutes. OpenFX founder Prabhakar Reddy once founded the crypto broker FalconX (valued at $8 billion). The new company will serve clients such as remittance companies and digital banks. It currently supports seven currencies including the US dollar and the euro, and plans to expand to the Southeast Asian market within the year.
According to CoinDesk, the Bitcoin project Roxom Global has completed $17.9 million in financing to build a Bitcoin-denominated securities trading platform and an all-weather media network RoxomTV. This round of financing was led by Draper Associates, Borderless Capital and other institutions, of which $7.9 million will be used for exchange development and $10 million for media business. The project currently holds 84.72 BTC (worth about $8.53 million) and plans to increase its holdings by 30 in the near future, bringing the total value of Bitcoin reserves to more than $12.7 million (based on the current $111,000/BTC). RoxomTV has been launched on platforms such as X and Rumble, and will set up a new operations center in Hong Kong in the third quarter. Its Bitcoin-denominated exchange will provide futures, spot and synthetic financial products, mainly for Latin American, European and some Asian markets, and will not serve American users for the time being. The project follows the MicroStrategy model and converts all its capital reserves into Bitcoin.
Strategy to Offer Up to $2.1 Billion of 10% Series A Perpetual Preferred Stock
According to official news. Strategy (formerly MicroStrategy) announced that it will issue 10% Series A perpetual preferred shares (code: STRF) with a total size of no more than US$2.1 billion through TD Securities, Barclays Capital and Benchmark as underwriters. The preferred shares were traded on the Nasdaq Global Select Market at a price of US$100.65 per share on May 21. The announcement shows that if a "fundamental change" occurs, preferred shareholders can require the company to repurchase shares at par plus accumulated dividends. The financing will be used for company operations and Bitcoin investment, but the document also reminds that there are significant risks in investment.
Important data
Coinbase hacker continued to sell 8,775 ETH in exchange for 23.23 million DAI in the past 2 hours
According to on-chain analyst Ember, in the past two hours, the hacker who stole funds from Coinbase users continued to sell 8,775 ETH in exchange for 23.23 million DAI. Since 8 am this morning, the hacker who stole funds from Coinbase users has transferred a total of 26,347 ETH through THORChain, and then sold it for 68.18 million DAI, with an average selling price of $2,588.
Later news came out that the Coinbase attacker-related addresses converted 8,775 ETH into 23 million DAI .
Bitcoin hits record high, but on-chain profit-taking drops to $1 billion
According to Glassnode data, Bitcoin broke through its all-time high yesterday, but the on-chain profit-taking volume was only about $1 billion, less than half of the $2.1 billion when it first broke through $100,000 in December last year. Data shows that the proportion of new coins in circulation for less than one month has risen to 76.9%, while the activity of old coins over half a year has dropped to 13.4%, indicating that the market is dominated by short-term transactions, and long-term holders tend to continue to wait and see, reflecting that the overall bullish expectations are still strong.
3x Whales Long HYPE Made More Than $13.41 Million in Unrealized Profits
An ancient whale sold 1,000 ETH again 2 hours ago, worth $2.65 million
Four whales are long BTC with high leverage, with a total position of nearly $1.2 billion
