Headlines
▌Biden will attend the inauguration ceremony of the President of El Salvador
U.S. President Joe Biden will attend the inauguration of President Nayib Bukele of El Salvador, widely considered a Bitcoin country, this Saturday.
▌Huang Renxun's net worth exceeds 100 billion US dollars, ranking 15th on the world's richest list
As Nvidia's (NVDA.O) stock price continued to hit new highs this week, the company's founder and CEO Jensen Huang's net worth exceeded $100 billion for the first time, reaching $100.7 billion, ranking 15th on the world's richest list.
Quotes
As of press time, according to Coingecko data:
The latest transaction price of BTC is $67,565.52, with a daily change of -1.1 % ;
ETH's latest transaction price is $3763.48, with a daily change of -2.0 % ;
BNB's latest trading price is $594.98, with a daily change of -1.0% ;
SOL's latest trading price is $168.12, with a daily change of -0.3 % ;
DOGE's latest trading price is $0.1638, with a daily change of -0.7 % ;
XPR recently traded at $0.5231, with a daily change of -1.0 % .
policy
▌U.S . Treasury Department: No intention to ban cryptocurrency mixers, aims to enhance transparency
At the Consensus conference, Brian Nelson, the U.S. Treasury Department's Under Secretary for Terrorism and Financial Intelligence, said that the Treasury Department has no intention of banning cryptocurrency mixing services. Nelson explained that the Financial Crimes Enforcement Network (FinCEN) 2023 proposal aims to list mixers as a "major money laundering problem" and require virtual asset service providers (VASPs) to report crypto transactions involving mixing to promote transparency rather than ban mixers. While industry insiders are concerned that this proposal will lead to a blanket ban on cryptocurrency mixing services, Nelson clarified that this is only to prevent money laundering and the financing of terrorism. The Treasury Department hopes to work with the industry to develop tools that enhance privacy without supporting illegal activities.
▌US Congressman Tom Emmer: Cryptocurrency is nonpartisan, and opposition is fading
At the Consensus 2024 conference, Rep. Tom Emmer said that cryptocurrency is not a partisan issue, but rather a question of whether to support the administrative state or individuals. He noted that while both parties are moving in the direction of supporting cryptocurrency, they are moving at different speeds.
Emmer mentioned that Senate Majority Leader Chuck Schumer and 70 other Democrats support overturning the SEC’s SAB 121 crypto rule, suggesting that opposition to cryptocurrencies from Senator Elizabeth Warren, SEC Chairman Gary Gensler and the White House may be waning.
Regarding the Financial Innovation and Technology Act for the 21st Century (FIT21), which was passed by the House of Representatives on May 22, he said that if the Senate amends the bill and sends it back to the House of Representatives, it is more likely to pass in the lame duck session.
Emmer also mentioned that the SEC's recent approval of a spot Ethereum ETF showed a reversal of the agency's position, and believed that Gensler might be about to step down. For digital assets, Emmer believes that the next ideal step is to launch a globally tradable stablecoin, which will take the digital asset field to a whole new level.
▌U.S . Congressman Tom Emmer: The end-of-year session is the best opportunity to pass cryptocurrency legislation
Tom Emmer, the majority whip of the U.S. House of Representatives, said that the end-of-year "lame duck session" is the best time to pass major cryptocurrency legislation. Although cryptocurrencies have made some progress in Congress, Emmer pointed out that legislation faces significant obstacles in the Senate, which wants to have more say on major cryptocurrency bills.
Emmer said at the CoinDesk Consensus 2024 conference that the Financial Innovation and Technology Act for the 21st Century (FIT21), which has been passed by the House of Representatives, may have to wait until the lame duck session if it is to succeed. FIT21 has the support of 71 Democrats in the House of Representatives but is opposed by President Joe Biden and former House Speaker Nancy Pelosi.
In addition, the effort to overturn the SEC's accounting policy SAB 121 has also received support from a large number of Democrats in both houses of Congress, but Biden has threatened to veto the resolution. Emmer said that Senator Elizabeth Warren has a great influence on the White House, and SEC Chairman Gary Gensler may also be about to step down. He reminded everyone to act cautiously when facing difficulties.
Blockchain Applications
Bitcoin 's OP_CAT proposal could change the Bitcoin blockchain
The Bitcoin blockchain may undergo major changes in 2026 with the launch of the Runes protocol and the OP_CAT proposal. On April 19, the Runes protocol was launched at the time of Bitcoin's fourth halving, aiming to generate Bitcoin native tokens more efficiently. Within two days of its launch, more than 7,000 Runes tokens were minted, and now there are more than 91,000, with transaction fees reaching $4.5 million.
The Runes protocol not only promotes token generation, but also promotes liquidity staking, investment activities, second-layer expansion, and DeFi innovation. However, Runes is only part of BTCFi. The OP_CAT proposal, which is expected to be passed in 2025, will re-enable the Bitcoin smart contract function, allowing the creation of conditions and rules, opening up the possibility of the development of the second layer, smart contracts, etc.
▌ Galxe is building the L1 smart contract platform Gravity and plans to migrate all its products to the new blockchain
Web3 infrastructure and digital certificate network Galxe (GAL) said on Wednesday that it is building its own L1 smart contract platform Gravity and migrating all its products to the new blockchain. The first version of the network is built on the Arbitrum Nitro technology stack and will be launched in June to test cross-chain settlement in an open and transparent manner. The Gravity mainnet has native staking and re-staking functions and is scheduled to go online in the second quarter of 2025.
The Galaxe team said that the reason for creating Gravity is that the platform’s user base has grown significantly over the past three years, currently with 20 million users and 100 million transactions per month, so a more efficient and scalable solution is needed to manage cross-chain interactions between the 34 blockchains supported by Galxe.
Cryptocurrency
▌BlackRock submits revised S-1 filing for spot Ethereum ETF, ETHA will be listed and traded on the Nasdaq exchange
BlackRock submitted a revised S-1 filing for its spot Ethereum ETF, disclosing information related to the seed fund. BlackRock said that the stock code is "ETHA" and will be listed and traded on the Nasdaq exchange.
Bloomberg ETF analyst Eric Balchunas said BlackRock's revised S-1 is a "good sign" and that launching an Ethereum ETF at the end of June is a reasonable possibility, but some analysts still believe that the Ethereum ETF will be launched on July 4.
▌NYSE President: Cryptocurrency trading will be considered if regulation is clear
At the Consensus 2024 conference, Lynn Martin, president of the New York Stock Exchange (NYSE), said that if the regulatory environment for cryptocurrency trading is clearer, the NYSE will consider providing cryptocurrency trading services. She pointed out that the US-listed spot Bitcoin ETF has accumulated $58 billion in assets, showing the strong market demand for regulated crypto products.
Martin and Bullish Crypto Exchage CEO Tom Farley discussed cryptocurrency regulation, U.S. political changes, and the opportunities and limitations of blockchain technology. Farley mentioned that the U.S. attitude toward cryptocurrencies is changing rapidly, including the removal of the anti-cryptocurrency chairman of the Federal Deposit Insurance Corporation (FDIC), the passage of the 21st Century Financial Innovation and Technology Act (FIT21) in the House of Representatives, and Republican presidential candidate Donald Trump's support for cryptocurrencies.
In addition, the Chicago Mercantile Exchange (CME) plans to launch spot cryptocurrency trading. Farley said that although blockchain technology is expected to improve the efficiency of financial processes, regulators' skepticism of public blockchains may drive traditional financial companies to develop private blockchains.
▌Former Consensys employee launches new stablecoin USD3 amid regulatory uncertainty
Founded by former Consensys employee Jack Jia, Stable.com has launched a new 1:1 backed stablecoin USD3, which is planned to be launched on Ethereum, Polygon, Avalanche and Linea. USD3 aims to provide developers and enterprises with an interoperable transaction method and simplify the integration of decentralized applications (DApps).
In an interview, co-CEO Jia said that Stable.com is a regulated financial institution in the United States with an extensive compliance program developed by industry veterans. USD3 will always be backed by US dollars or cash equivalent at 1:1, and will undergo regular internal and external audits to ensure transparency and compliance.
Despite the gradual improvement in the global regulatory environment, the regulation of stablecoins and cryptocurrencies remains unclear. Jia and co-CEO Jamal Rees said that a strong and clear regulatory framework is critical to the long-term success of stablecoins.
CME Group has no plans to launch Solana futures
According to market sources, CME has no plans to launch cryptocurrency Solana futures.
▌US Congressman Cynthia Lummis: Bitcoin and cryptocurrency will become an important part of the future economy
U.S. Senator Cynthia Lummis said Bitcoin and cryptocurrencies will become an important part of the future economy.
▌Yesterday, Grayscale GBTC had a net outflow of US$31 million
According to HODL15Capital monitoring, yesterday (May 29), Grayscale GBTC had a net outflow of US$31 million, and ARKB had a net inflow of US$4 million.
In addition, yesterday IBIT's trading volume was US$559 million and GBTC's trading volume was US$256 million.
▌ Cathie Wood: The unexpected approval of the Ethereum spot ETF is because cryptocurrency has become an election issue
In an interview with podcast host Peter McCormack, ARK Invest CEO Cathie Wood said that cryptocurrency has now become an election issue in the United States, which is why key documents for the proposed spot Ethereum exchange-traded fund (ETF) were unexpectedly approved, and in addition, the House of Representatives unexpectedly approved and passed FIT21.
“If it had been approved in the regular way, we would have received inquiries from the SEC,” Wood said. “No one had ever received an inquiry from the SEC before. Another thing that happened was that former President Trump became more moderate about Bitcoin and cryptocurrency. That week, he said he would accept campaign donations in the form of cryptocurrency, which attracted the attention of the government.”
Fidelity Spot Ethereum ETF has been listed on DTCC
According to DTCC data, the Fidelity Ethereum ETF (FIDELITY ETHEREUM FDBENEFICIAL INT) (code FETH) has been listed on the DTCC (Depository Trust & Clearing Corporation) website, and the Create/Redeem column shows D.
Jinse Finance Note: It is reported that the “standard process” listed on the DTCC website for preparing for the launch of a new ETF does not mean that the ETF has obtained any regulatory approval or other approval process results.
▌ Coinbase recruits on-chain security director to support innovation on the Base chain
Base chain contributor Jesse Pollak said on the X platform that Coinbase is recruiting an on-chain security director who will work closely with the Base core team while supporting on-chain innovation across the company.
Important economic developments
▌Fed 's Bostic: The fourth quarter may be the time for the Fed to cut interest rates
Fed's Bostic said that the breadth of price increases is still quite significant, and the narrowing range of inflation will increase the Fed's confidence in cutting interest rates, and the fourth quarter may be the time for the Fed to cut interest rates.
▌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%.
▌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 1.06%, the Nasdaq down 0.58% and the S&P 500 down 0.74%. Most of the popular technology stocks fell, with precious metals and semiconductors leading the declines.
▌Fed Beige Book: Economic activity continued to expand, with small growth in most regions
The Federal Reserve's Beige Book showed that national economic activity continued to expand from early April to mid-May, with most regions seeing small growth; however, the situation varied across industries and regions; the overall outlook became more pessimistic in reports of rising uncertainty and greater downside risks; prices rose moderately during the reporting period; and retail sales data indicated a decline in discretionary spending.
Golden Encyclopedia
The Ethereum burn address is a unique element in the Ethereum blockchain that is specifically designed to permanently remove Ethereum from circulation. The Ethereum burn address is represented by the address 0x00000000000000000000000000000000000000000000. The basic concept behind the burn address is the intentional destruction of tokens.
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.
