Headlines
▌US SEC Delays Approval of Grayscale's Spot Cardano (ADA) ETF
The U.S. Securities and Exchange Commission (SEC) has delayed the approval of Grayscale's spot Cardano (ADA) ETF.
▌US SEC Delays Approval of Canary's Spot XRP ETF
The U.S. Securities and Exchange Commission (SEC) has delayed the approval of Canary's spot XRP ETF.
▌US SEC Delays Approval of Canary's Spot Solana ETF
The U.S. Securities and Exchange Commission (SEC) has delayed the approval of Canary's spot Solana ETF.
▌US SEC Delays Approval of Canary's Spot Litecoin ETF
The U.S. Securities and Exchange Commission (SEC) has delayed the approval of Canary's spot Litecoin ETF.
▌Trump Tells CEOs Tariffs May Go Higher Than 25%
U.S. President Trump told chief executives of major companies on Tuesday that new tariffs may go higher than 25%. "Tariffs are having a tremendous positive impact," Trump said at a business roundtable, brushing off the stock market reaction. He said tariffs could go higher than 25%, and the higher they are, the more likely they are to build plants in the U.S. He also defended Musk, who is leading the White House's efforts to reduce the federal government. Trump said: "We have some small problems, not big problems, but we're saving a tremendous amount of money."
Market
As of the time of writing, according to Coingecko data:
BTC's latest trading price is $82,758.00, with a daily change of +5.8%;
ETH's latest trading price is $1,916.61, with a daily change of +2.8%;
BNB's latest trading price is $550.38, with a daily change of +4.0%;
SOL's latest trading price is $125.26, with a daily change of +6.4%;
DOGE's latest trading price is $0.1647, with a daily change of +6.8%;
XPR's latest trading price is $2.18, with a daily change of +7.8%.
Policy
▌U.S. House Passes Bill to Repeal IRS DeFi Broker Rule
The U.S. House of Representatives voted on Tuesday to pass a bill to repeal the IRS DeFi broker rule, exempting decentralized crypto exchanges (DeFi) from the obligation to report sales proceeds and transaction dates, with a vote of 292 in favor and 132 against.
Blockchain Applications
▌Solana's SIMD-228 Upgrade Proposal Passes
The voting on Solana's SIMD-228 upgrade proposal has reached the required quorum, with 71.85% of the votes in favor. The proposal will reduce the SOL inflation rate by 80%, and the voting will continue until the end of epoch-755, at which point it has now passed.
Cryptocurrencies
▌BNY Mellon Executive Calls for Clear Stablecoin Regulatory Framework
At a recent U.S. congressional hearing, Caroline Butler, BNY Mellon's Global Head of Digital Assets, emphasized that traditional financial institutions have been providing critical services to stablecoin issuers like Circle (USDC), but the industry urgently needs the U.S. government to provide a clear regulatory framework. Butler stated: "Ensuring custodian banks protect client assets in accordance with federal regulations is crucial for building market trust, which is the foundation of the ecosystem." She also noted that traditional financial institutions want to participate in emerging areas like stablecoins and blockchain technology to meet evolving market and client demands.
At the hearing, Guynn, a well-known Wall Street bank compliance lawyer, also stated that if stablecoin issuers hold sufficient liquid asset reserves and capital buffers, and have no significant liabilities as required by the STABLE Act, their stablecoin payments should be as safe as bank deposits and central bank money.
▌Cynthia Lummis: Bitcoin Bill Can Help US Solve National Debt
U.S. Senator Cynthia Lummis stated today that "the Bitcoin bill is a solution to our national debt problem and the future prosperity of America."
▌Bitcoin Magazine CEO: Implementation of Executive Order on Strategic Bitcoin Reserves Much Stricter Than Market Expected
Bitcoin Magazine CEO David Bailey posted on X that the implementation of the Executive Order on Strategic Bitcoin Reserves is much stricter than the market expected - with the timeline specified down to days and weeks, not months or years, and administrators are moving quickly.
▌Michael Saylor Posts "₿ig Things Are Coming", Hinting at Potential Bitcoin-Related Announcement
Michael Saylor, the founder of Strategy, posted on X "₿ig things are coming.", with the first letter of "₿ig" being the Bitcoin symbol, hinting at a potential Bitcoin-related announcement.
▌Standard Chartered Analyst: Bitcoin's Recent Decline Linked to Risk Asset Weakness, Bullish on BTC Reaching $200,000 Long-Term
Geoff Kendrick, Standard Chartered's Head of Digital Asset Research, stated that Bitcoin's recent price volatility is consistent with the performance of "Big Tech" risk assets, rather than issues with crypto itself. He noted that Bitcoin's decline is mainly due to overall market sentiment, and its rebound may depend on two catalysts: a recovery in risk assets or positive news about Bitcoin (such as sovereign purchases). If the Federal Reserve pivots to rate cuts faster than expected (e.g., a 75% chance of a cut in May), it could drive a Bitcoin rally; but if the downtrend continues, Bitcoin could test the $69,000 support level after breaking below $76,500. Despite near-term pressures, Kendrick remains bullish on Bitcoin's long-term prospects, forecasting it to reach $200,000 by the end of 2025. He emphasized that the current market volatility increases the likelihood of the Fed cutting rates, further reinforcing his long-term bullish view. However, Trump's tariff policies and the Fed's rate decisions will continue to impact market sentiment and introduce uncertainty to Bitcoin's trajectory.
Important Economic Dynamics
▌BlackRock CEO: US Nationalist Policies Will Drive Up Inflation, Market Underestimates Inflation
BlackRock CEO Larry Fink stated at the CERAWeek conference that U.S. nationalist policies (such as expelling workers) will drive up inflation, and the market has underestimated inflation, with costs expected to rise further in the next 6-9 months, such as the potential impact of mass expulsions on agricultural labor. He also warned Trump's team that AI data center construction will face an electrician shortage.
▌Wall Street Journal: Trump Team Inclined to Recommend Bowman for Fed Vice Chair of Supervision
According to sources cited by the Wall Street Journal, President Trump's advisory team is inclined to recommend Federal Reserve Governor Bowman to serve as the Vice Chair of Supervision, overseeing bank regulation. After taking office in January, Trump accepted Barr's resignation from the Fed Vice Chair of Supervision role, while retaining his Governor position. Some Republican lawmakers have been pushing for Bowman, a Republican, to fill the vacant Supervision Vice Chair role, and Trump's advisers support this idea. Trump said in a Sunday interview that he would announce a related nomination in the near future.
Jinse Encyclopedia
A cold wallet is a method of storing cryptocurrencies that keeps the wallet offline and disconnected from the internet. This setup makes it much more difficult for hackers to remotely access the funds. Examples include hardware wallets (such as Ledger, Trezor), paper wallets, and air-gapped computers (devices that have never been connected to the internet).
Disclaimer: Jinse Finance, as a blockchain information platform, publishes articles solely for informational purposes and does not provide any actual investment advice. Please everyone establish the correct investment concept and be sure to improve risk awareness.
