Headlines
The US SEC has issued a Wells notice to Robinhood's US crypto business
According to Tree News, Robinhood Markets Inc. stated that the US Securities and Exchange Commission has issued a Wells Notice regarding its US market crypto business, which Robinhood expressed disappointment about.
Robinhood: The US SEC Wells notice is related to the listing of "RHC" tokens
According to Robinhood, the Wells Notice issued by the US Securities and Exchange Commission is related to the listing of "RHC" cryptocurrency. It is reported that Robinhood (HOOD.O) pre-market trading price has fallen by 7%. (Jinshi)
The US SEC has postponed the decision on the Invesco Galaxy Ethereum spot ETF application
The US SEC has postponed the decision on the Invesco Galaxy Ethereum spot ETF application. The SEC has set the next deadline for approving or rejecting the proposed Ethereum spot ETF as July 5.
The SEC stated: "The Commission believes it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein."
In recent weeks, the SEC has postponed decisions on other Ethereum spot ETF applications, including Grayscale, Franklin Templeton, VanEck, and BlackRock. (The Block)
Industry News
9 Bitcoin ETFs collectively increased their holdings by 3710 bitcoins on May 6
According to Lookonchain's monitoring, data from US spot Bitcoin ETFs on May 6 showed:
- Fidelity increased its holdings by 1662 bitcoins, worth approximately $1.057 billion, currently holding 151,241 bitcoins, worth approximately $9.62 billion;
- Grayscale GBTC reduced its holdings by 938 bitcoins, worth approximately $59.66 million, currently holding 291,239 bitcoins, worth approximately $18.53 billion;
- 9 Bitcoin ETFs collectively increased their holdings by 3710 bitcoins, worth approximately $236 million.
Digital asset bank Custodia hopes to operate as an uninsured bank and issue a stablecoin backed by cash and other assets. However, the Federal Reserve has determined that the bank is not entitled to the primary account of the Federal Reserve System and has rejected its application to join the Federal Reserve system, indicating the Federal Reserve's desire to separate the payment track from crypto assets. It is reported that Federal Reserve accounts allow holders to transfer reserve funds directly to another financial institution without the need for another intermediary. Now, Custodia is fighting back. The company plans to submit a notice to appear in court on Monday, stating that it has hired two prominent individuals to represent its appeal, Ian Gershengorn and Michelle Kallen of the Jenner & Block law firm. Gershengorn previously served as Acting Deputy Attorney General during the Obama administration, and Kallen is a representative of the special committee investigating the January 6th Capitol riot.
Custodia CEO Caitlin Long stated in a statement: "This team has a deep understanding of federalism issues, extensive experience in federal regulation of the digital asset industry, and an excellent track record in government dispute cases."
Custodia has so far received more support from Republicans. Wyoming Republican Senator Cynthia Lummis in particular criticized the Federal Reserve's general account policy, which has affected two companies in the state, Custodia and Kraken. (Morning Money)
US crypto lobbying organizations have raised over $102 million to support crypto-friendly candidates
According to a report by Public Citizen, external lobbying teams related to the cryptocurrency industry have raised over $102 million to support crypto-friendly candidates in the upcoming US congressional elections. As the industry faces increasing scrutiny from regulatory agencies such as the US Securities and Exchange Commission and legislators, cryptocurrency companies hope to shape policies that are favorable to them. (Reuters)
South Korea submits donation law amendment to restrict cryptocurrency-related usage
According to local South Korean media Kyunghyang Shinmun, the public administration department stated that it has submitted some amendments to South Korea's "Donation Law," which restricts the use of cryptocurrency for donations. Starting in July, parties wishing to donate to charities or causes can use various new methods such as department store gift certificates, stocks, and Naver loyalty points, but cryptocurrencies such as Bitcoin cannot be used.
The agency pointed out that the legislation on the collection and use of donated items was initially enacted in 2006, when there were fewer types of payment methods and smartphones were not yet widespread. The new amendment mentions that donation methods have expanded from bank transfers and online methods to include automatic response systems, postal services, and logistics services. In addition, the legislation will allow local governments to issue stablecoins anchored to the Korean won and gift certificates based on blockchain for donations. (Cointelegraph)
Project News
ZeroLend announces the opening of ZERO airdrop applications and the launch of staking services
ZeroLend has announced the opening of ZERO airdrop applications and the launch of staking services on Linea.
The contract address is: 0x78354f8dccb269a615a7e0a24f9b0718fdc3c7a7.
It is reported that the accumulated Zero Gravity points and earlyZERO (1 earlyZERO = 1 ZERO) will be automatically converted to ZERO and displayed on the rewards page.
ZeroLend will allocate 18% of the token supply to the community, with 5% of the supply allocated to Zero Gravity participants and 13% allocated to earlyZERO holders.
ZeroLend stated that a snapshot will be taken close to the TGE. ZERO stakers will receive voting rights, staking rewards, and potential future airdrops based on their voting rights. Stakers who stake for more than 1 year can receive a staking bonus of 5%-20%.
Puffer Finance announces the launch of its mainnet on Wednesday
Puffer Finance announced on X platform that its mainnet will be launched on Wednesday, and the 5x Puffer points activity will end.
LayerZero CEO: "Witch Self-Reporting" Targets Large-Scale Witches, Not Individual Users
LayerZero CEO Bryan Pellegrino replied to users on the X platform, stating that "Witch Self-Reporting" is not targeting regular users, but rather large-scale witch users. The focus of the reporting is on large-scale witches rather than individual users.
Earlier, LayerZero posted on the X platform that distributing tokens to persistent users (not witch users) is in the best interest of the protocol. For witch users, there are now two options:
- Self-report witch addresses before May 17.
- Reporting after the address has been internally reported by LayerZero or flagged by bounty hunters will no longer be valid, and no tokens will be received.
Ripple CTO: Details of Ripple Stablecoin to be Announced in June
Ripple's Chief Technology Officer David Schwartz revealed the company's upcoming integration at the recent XRP Las Vegas conference. He discussed details of the XRP Ledger, including AMM, lending protocols, Ripple stablecoins, and artificial intelligence.
Schwartz stated that details of the Ripple stablecoin will be announced at the XRPL Apex event in Amsterdam next month. (Cryptonews)
Earlier, Ripple announced plans to issue a USD-backed stablecoin. The company stated that the token is planned to be issued "later this year" and will be "100% backed by US dollar deposits, short-term US government securities, and other cash equivalents." The stablecoin will initially be deployed on Ripple's institution-focused XRP Ledger and the Ethereum blockchain, and will be based on the Ethereum ERC-20 token standard.
Personalities & Voices
Bloomberg Analyst: 95% of Bitcoin ETF Investors Did Not Sell During Market Decline
According to Bloomberg ETF senior analyst Eric Balchunas, data shows that with Grayscale experiencing inflows, all Bitcoin ETFs are in a state of inflow for the first time. Additionally, Eric Balchunas emphasized that during a fairly severe and sustained downturn in the crypto market, over 95% of ETF investors continued to hold assets without selling.
Bernstein: Bitcoin Bull Market Far From Over, Still Expects It to Reach $150,000 by End of 2025
Despite a slight pullback in Bitcoin's price in recent weeks, analysts at Bernstein believe that the BTC bull market is "far from over." They reiterated their previous forecast, expecting Bitcoin to reach $150,000 by the end of 2025.
Gautam Chhugani and Mahika Sapra wrote in a report: "We feel good about this forecast, as Bitcoin's indicators suggest this is a healthy cycle, still in its early stages." The analysts pointed out that the recent correction in Bitcoin to around $57,000 effectively "cleared excessive leverage from cryptocurrency exchange futures contracts."
They also noted that the US Bitcoin spot ETF reversed its trend after experiencing 8 consecutive days of outflows, returning to a state of net inflows. Even Grayscale GBTC recorded a net inflow of $63 million last Friday after 78 consecutive days of outflows. The analysts explained, "This is important given that GBTC has been a source of significant ongoing selling pressure, and the new 9 ETFs have had to absorb this selling pressure." (The Block)
Investment & Financing
OKX Ventures Strategically Invests in Four Products of Web3 Incubator EVG
According to official sources, OKX Ventures has strategically invested in four consumer-oriented products from Web3 incubator EVG, including the multi-chain SocialFi infrastructure Open Social Protocol, the decentralized collaboration network Zeek, the strategy card game "Arcadia Legends," and the real-time strategy game "The Last Odyssey." OKX Ventures believes that these consumer-oriented projects have the ability to integrate real use cases and gamification mechanisms into social and gaming experiences.
OKX Ventures partner Jeff Ren stated, "EVG is a leading early builder in Asia, driving meaningful innovation in some of the fastest-growing verticals such as SocialFi and GameFi. We are excited to support their efforts through our strategic investment and network and look forward to advocating our shared vision in driving mass adoption in the Web3 space."
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