Headlines
▌Trump -themed Meme Coins Fall, TRUMP Drops Nearly 25%
After former US President Donald Trump was convicted of 34 felonies in the "hush money" case, the price of Trump-themed meme coins fell sharply. MAGA (code TRUMP), the largest Trump-themed meme coin by market value, plummeted from $15 before the verdict to $11.27, a drop of nearly 25%. Other related coins such as MAGA Hat (code MAGA), Super Trump (code STRUMP) and MAGA VP (code MVP) also fell by 16% to 22% respectively.
Meanwhile, shares of Trump Media & Technology Group (DJT) fell 9% in after-hours trading on the Nasdaq. The price of Jeo Boden (code BODEN), a meme coin associated with current President Joe Biden, who is competing with Trump, rose 12% in an hour. The market is volatile, so please do a good job of risk control.
After the verdict, Trump denied all charges and called the trial "rigged." This is the first time in U.S. history that a president has been convicted of a felony.
▌Trump found guilty of 34 felony charges in "hush money" case
A New York court jury in charge of the "hush money" case of former US President Trump made a ruling on May 30 local time, pronouncing that all 34 felony charges of falsifying business records in the case were true. New York State prosecutors alleged that during Trump's 2016 campaign for the US presidency, he commissioned Cohen to pay $130,000 in "hush money" to porn star Daniels (real name Stephanie Clifford) to prevent the latter from claiming that she had an affair with Trump in 2006 and affecting her election; Trump subsequently falsified business records and returned Cohen's advance payment in installments in the name of "lawyer fees" to cover up his violations of New York State and federal election regulations. According to previous reports, the jury must make a unanimous decision in this case.
▌Trump denies all charges, says trial was rigged
Trump denied all charges and called the trial "rigged." This is the first time in U.S. history that a president has been convicted of a felony.
It was previously reported that Trump was found guilty of 34 felony charges in the "hush money" case.
Quotes
As of press time, according to Coingecko data:
BTC's latest transaction price is $68,349.10, with a daily change of +1.2 % ;
ETH's latest transaction price is $3748.09, with a daily change of -0.4 % ;
BNB's latest transaction price is 594.83 USD, with a daily change of -0.0% ;
SOL's latest trading price is $167.00, with a daily change of -0.7 % ;
DOGE's latest trading price is $0.1595, with a daily change of -2.5 % ;
XPR recently traded at $0.5189, with a daily change of -0.8 % .
policy
▌US lawmakers urge Biden not to veto bill to repeal SAB 121
Senator Cynthia Lummis and Representative Patrick McHenry urged President Biden not to veto a bill to repeal SEC Bulletin SAB 121.
On Thursday, Senator Cynthia Lummis and Representative Patrick McHenry joined other lawmakers in sending a letter to President Biden, calling on him not to veto a legislative measure that would overturn SEC Staff Accounting Bulletin SAB 121. The bulletin, which requires companies that custody cryptocurrencies to record customers' crypto holdings as liabilities on their balance sheets, has sparked widespread controversy in the crypto industry.
The lawmakers noted in their letter that the measure had been passed by both the House and Senate with broad bipartisan support. The House passed the bill by a vote of 228 to 182, including support from 21 Democrats, and the Senate passed it by a vote of 60 to 38, with several Democrats voting in favor, including Senate Majority Leader Chuck Schumer.
“Given the overwhelming bipartisan vote, we urge you to sign H.J. Res. 109 into law or work with the SEC to rescind this staff guidance,” the letter said.
▌Former Deutsche Bank executive sentenced to 41 months in prison for cryptocurrency fraud
Rashawn Russell, a former Deutsche Bank executive, was sentenced to 41 months in prison on May 31 at the U.S. District Court for the Eastern District of New York in Brooklyn on charges including cryptocurrency fraud and intent to commit bank card fraud. He pleaded guilty to the charges last September. According to the U.S. Department of Justice, Russell operated the fraudulent R3 Crypto Fund between November 2020 and August 2022, promising cryptocurrency investments and paying high returns, but actually using investor funds for personal consumption or to repay other investors. In addition, from September 2021 to June 2023, Russell used at least 43 identities to obtain 97 bank cards with the intent to conduct fraudulent transactions. In addition to imprisonment, he was also ordered to pay $1.5 million in restitution to the victims. Russell's case is just one of many cryptocurrency fraud cases in recent months.
▌ CFTC Commissioner: FIT21 Act may take a long time to implement
CFTC Commissioner Summer Mersinger said at the Consensus 2024 conference that the implementation of the Financial Innovation and Technology Act of the 21st Century (FIT21) may require months or even years of coordination involving multiple U.S. regulators.
The bill, which has been passed by the House of Representatives and is facing a challenge in the Senate, aims to clarify the regulatory responsibilities of the SEC and CFTC for digital assets. SEC Commissioner Hester Pierce pointed out that Congress' interest in cryptocurrency legislation stems from dissatisfaction with the SEC's regulatory approach. The Biden administration has expressed concerns about the regulatory gap that the bill may lead to.
▌Opinion : Current US regulators cannot effectively regulate cryptocurrencies
Lawyer and strategic advisor Alexandra Damsker pointed out in "Understanding DeFi" that due to the changing nature of tokens, current regulators such as the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) cannot effectively regulate cryptocurrencies. Damsker explained that the existing regulatory system assumes that regulated projects are static, while tokens are dynamic and can have multiple functions simultaneously among different holders or even in the hands of the same holder. This dynamic nature makes it difficult for any existing regulatory system to be fully applicable. Damsker further pointed out that trying to fit tokens into traditional regulatory frameworks can only provide limited protection and may limit innovation. Therefore, she called for the design of new regulatory approaches for tokens and their dynamic characteristics to better adapt to the rapidly evolving technological environment.
▌The US SEC requires spot Ethereum ETF issuers to submit the first round of S-1 draft forms by Friday
Sources said that the U.S. SEC requires spot Ethereum ETF issuers to submit the first round of S-1 draft forms by Friday, after which the SEC will provide the first round of comments and eventually make further modifications. It is expected that the S-1 form will be ready after at least two rounds of draft submissions. BlackRock and VanEck have submitted revised S-1 forms, and the remaining issuers are still to be submitted.
Blockchain Applications
▌Franklin Templeton President: Blockchain technology will be transformative
Jenny Johnson, President and CEO of Franklin Templeton, said in a discussion at Consensus 2024 that blockchain technology will be transformative, noting that the company is actively researching and applying the technology. She highlighted the efficiency of blockchain and the potential of tokenization to reduce operating costs. In addition, Franklin Templeton is one of the first issuers of a Bitcoin exchange-traded fund approved in the United States, and is also awaiting approval to launch an Ethereum ETF.
Aptos integrates Chainlink’s CCIP and data sources to facilitate decentralized application development
Aptos (APT) said on Thursday that it is integrating real-world data provider Chainlink (LINK)'s Cross-Chain Interoperability Protocol (CCIP) and data feeds as part of joining Chainlink's SCALE program. The expansion was announced during a panel discussion at the Consensus 2024 conference in Austin and is intended to help developers on Aptos build decentralized applications (dApps) on the network.
▌ BIS launches Project Agorá to explore tokenized cross-border payments
The Innovation Center of the Bank for International Settlements (BIS) launched Project Agorá, uniting seven central banks to transform cross-border payments through tokenization technology. The project uses wholesale central bank digital currency (wCBDC) and tokenized deposits to execute payments on a unified ledger and simplify compliance processes. Tokenization enables atomic settlement, that is, payments are reflected in the balances of all banks at the same time, and simplifies Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. BIS is also experimenting with shared protocols in Project Mandala to provide "proof of compliance" and recommends the use of artificial intelligence (AI) to establish an AML monitoring model. BIS emphasizes that the next generation of agency banking should be inclusive, accessible, and able to capture network effects.
Cryptocurrency
Grayscale Submits Revised S-3 Registration Statement for Spot Ethereum ETF
Grayscale filed an amended S-3 registration statement on Thursday, a day after BlackRock filed an amended S-1 for a spot Ethereum ETF, with more amended registration statements expected to follow. In its latest filing, Grayscale discussed its regulatory treatment of Ether.
▌US presidential candidate Kennedy supports cryptocurrency and bought 21 bitcoins
At the Consensus 2024 conference in Austin, Texas, U.S. presidential candidate Robert F. Kennedy Jr. weighed in on Trump’s conviction and cryptocurrencies.
Kennedy said he would focus on economic and health issues and would not get involved in Trump or Biden's legal disputes. Kennedy praised Trump's new support for cryptocurrency, believing it would help freedom and transparency. He hopes President Biden will take a similar stance.
Kennedy pointed out that the key issues of cryptocurrency regulation in the United States are free transactions and transparent currency. He promised to protect consumers from fraud while ensuring that the United States remains at the forefront of blockchain technology. He revealed that he bought 21 bitcoins during the campaign and bought three coins for each of his children.
Kennedy also expressed his vision of using cryptocurrencies as a transaction currency and advocating that they should not be subject to capital gains tax. His campaign goal is to allow people to freely use cryptocurrencies for daily transactions.
▌BlackRock and Fidelity Spot Bitcoin ETFs currently hold a total of 451,300 BTC
BlackRock and Fidelity currently hold a combined 451,338 BTC, worth $30.9 billion, for their spot Bitcoin ETFs. These ETFs now hold 236,938 more BTC than MicroStrategy.
▌US Congresswoman Elizabeth Warren asks drug control agencies about their progress in combating the relationship between cryptocurrency and fentanyl
U.S. Senator Elizabeth Warren has asked the Biden administration for an update on progress in limiting the use of cryptocurrencies in fentanyl trafficking. She and Senator Bill Cassidy wrote to the White House Office of National Drug Control Policy and the Drug Enforcement Administration (DEA) asking for an update on "actions to combat drug traffickers' use of cryptocurrencies to develop their businesses and launder money." The letter states that over the past decade, cryptocurrencies have played an increasingly important role in the global fentanyl trade, facilitating the manufacture and trafficking of fentanyl and laundering the proceeds of crime for drug cartels. The U.S. Treasury Department and federal law enforcement agencies have been tracking down networks and individuals involved in the trafficking of fentanyl precursor chemicals. Warren suggested last year that laws were needed to shut down the use of digital assets in this area of the global drug trade.
SBF returns to the New York prison he left a week ago
Sam Bankman-Fried, co-founder of digital currency exchange FTX, has returned to the New York prison he left a week ago.
Important economic developments
▌The probability of the Federal Reserve keeping interest rates unchanged in June is 98.9%
According to CME's "Fed Watch", the probability of the Fed keeping interest rates unchanged in June is 98.9%, and the probability of raising interest rates by 25 basis points is 1.1%. The probability of the Fed keeping interest rates unchanged by August is 86.8%, the probability of a cumulative 25 basis point rate cut is 12.3%, and the probability of a cumulative 25 basis point rate hike is 1.0%.
▌Fed 's Bostic: Inflation will fall very slowly
Fed's Bostic said the outlook is that inflation will fall very slowly; the Fed needs to maintain a restrictive stance; does not think there will be a rate cut in July, but is open to it if the data supports it; is watching service sector inflation for signs of improvement; does not think a rate hike is needed to hit the 2% target; the economy continues to grow, but at a slower pace; expects to achieve the inflation target without a significant increase in unemployment; if a rate cut in September is appropriate, we will do so, and it is not a political decision.
▌The three major U.S. stock indexes closed down collectively
The three major U.S. stock indexes closed lower, with the Dow Jones Industrial Average down 0.86%, the Nasdaq down 1.08%, and the S&P 500 down 0.6%. Most of the popular technology stocks fell, with Nvidia and Microsoft falling more than 3%, and Google falling more than 2%.
▌Fed Williams: I don't know when to cut interest rates, it will depend on data performance
Fed's Williams said he did not know when to cut interest rates, which would depend on data performance; he did not feel any urgency in adjusting monetary policy; he did not need inflation to reach 2% before cutting interest rates; he expected inflation to reach 2% in early 2026; raising interest rates was not his baseline expectation.
In addition, Fed's Williams also said that there is sufficient evidence that monetary policy is restrictive; PCE inflation is expected to fall back to 2.5% in 2024 and close to 2% in 2025; US inflation is expected to resume slowing down in the second half of 2024; GDP is expected to grow by 2%-2.5% in 2024, and the unemployment rate is around 4%; recent data does not mean an interruption in the downward trend of inflation.
Golden Encyclopedia
ERC-404 is an experimental token standard that combines elements of the ERC-20 and ERC-721 token standards to produce tokens with properties of both fungible and non-fungible tokens. Named after the famous webpage error code "Error 404", the ERC-404 token standard enables NFTs to be subdivided within the limits of the Ethereum network. This is achieved by linking NFTs to fungible tokens to implement fractional division.
Disclaimer: As a blockchain information platform, Jinse Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.
