Senate Advances GENIUS Act, Regulatory Framework Takes Shape
The U.S. GENIUS Act has passed the Senate's advancement procedure with a vote of 66 in favor and 32 against.
Although the bill has bipartisan support, it still faces political resistance. Some Democratic lawmakers are concerned that former President Trump and his family may profit from stablecoin businesses and have proposed an anti-corruption amendment to prohibit public officials from profiting from it. Senate Majority Leader Chuck Schumer supports the amendment, which is expected to be voted on when the Senate reconvenes next week.
Hong Kong Legislative Council Passes Stablecoin Bill, Regulatory Framework Set to Launch
The Hong Kong Legislative Council has officially passed the third reading of the Stablecoin Bill, marking a key step in the regulation of stablecoins in Hong Kong. The bill is now awaiting the Chief Executive's signature and publication in the government gazette before it officially takes effect, expected to be implemented by the end of this year.
Additionally, the Hong Kong Monetary Authority has launched a regulatory sandbox program for stablecoin issuers, with three institutions currently participating, aimed at testing and refining the regulatory framework.
Sui-based DEX Cetus Faces $223 Million Hacker Attack
Cetus, a decentralized exchange (DEX) built on the Sui blockchain, has suffered a massive hacker attack, resulting in approximately $223 million in digital assets being stolen. The attack is suspected to have originated from a smart contract vulnerability, which the attacker exploited to transfer funds to the Ethereum network and launder the money through a cross-chain bridge.
Currently, validators on the Sui network have taken emergency measures to freeze most of the funds on the attacker's address, amounting to about $162 million. The Cetus team is collaborating with the Sui Foundation and other entities within the ecosystem to attempt to recover the remaining funds and return them to the community.
Strategy Launches $21 Billion STRF Program to Boost Bitcoin Investment
MicroStrategy has announced the launch of a financing program of up to $21 billion called "STRF," aimed at further expanding its Bitcoin holdings. The program will issue perpetual preferred shares STRF with an 8% annual interest rate, conducted via an "at-the-market" (ATM) offering, with the raised funds to be used for purchasing Bitcoin and general corporate purposes. This is part of Strategy's "21/21 Plan," which aims to raise a total of $42 billion through equity and fixed-income instruments over three years.
Pakistan Establishes Digital Asset Authority, Moving Towards a New Era of Crypto Regulation
The Pakistani Ministry of Finance recently announced the establishment of the Pakistan Digital Asset Authority (PDAA), the country's first federal agency dedicated to regulating Bitcoin and digital assets. The PDAA will be responsible for overseeing the licensing and operation of exchanges, custodians, digital wallets, tokenization platforms, stablecoins, and decentralized finance (DeFi) applications. Additionally, the PDAA will promote the tokenization of state assets, manage government debt, and utilize Pakistan's surplus electricity resources through Bitcoin mining.
Argentine President Milei Dissolves '$LIBRA' Investigation Department, Faces Trust Crisis
Argentine President Javier Milei has ordered the dissolution of the special investigation department responsible for probing the '$LIBRA' cryptocurrency scandal. This department was jointly established by the National Anti-Corruption Office (OA) and the Federal Prosecutor's Office to determine whether Milei engaged in fraud, abuse of power, or had conflicts of interest while promoting '$LIBRA.'
Milei's decision to dissolve the investigation department has sparked widespread controversy. Opponents accuse him of attempting to cover up the truth, obstructing judicial investigations, and calling for international attention to the matter. Polls show that after the incident broke, about 58% of Argentines reported no longer trusting President Milei.
Blackstone Invests in Bitcoin ETF for the First Time, Traditional Financial Giants Accelerate Digital Asset Layout
Global leading alternative asset management firm Blackstone has entered the cryptocurrency space for the first time by purchasing $1 million worth of a Bitcoin spot ETF.
Blackstone's purchase is of the iShares Bitcoin Trust (IBIT) under BlackRock. Since its launch in early 2024, IBIT has rapidly grown to become one of the largest Bitcoin ETFs globally, managing over 500,000 Bitcoins, with a market value of approximately $48 billion, accounting for 2.38% of the total Bitcoin supply.
Trump Coin Dinner Held, Sun Yuchen Attends as Key Guest
Former U.S. President Trump held a "Trump Coin ($TRUMP) Whale Exclusive Dinner" at the National Golf Club in Virginia on Friday. The dinner was exclusively for users holding large amounts of "Trump Coin" from the top 25 wallet addresses.
Notably, Tron founder Sun Yuchen was invited as the "largest holder" and attended the dinner as a key guest. On-chain data shows that Sun Yuchen holds approximately 1.43 million $TRUMP tokens, ranking first among all addresses.
SEC Seeks Public Opinion on Litecoin Spot ETF, Focus on Market Manipulation Risks
The U.S. Securities and Exchange Commission (SEC) will begin soliciting public opinion on the Litecoin ETF proposal from Canary Funds, primarily focusing on whether the ETF proposal meets regulatory requirements to prevent fraud and market manipulation. The deadline for public opinion submissions is May 26, with rebuttal comments due by June 9.
FTX to Begin Distributing Over $5 Billion to Creditors on May 30
The bankrupt cryptocurrency exchange FTX has announced that it will begin distributing over $5 billion in compensation to creditors on May 30.
This payout is part of FTX's bankruptcy reorganization plan, covering multiple categories, including general creditors, user balances, and institutional investors, with funds to be distributed in U.S. cash. FTX stated that over 98% of creditors will receive full compensation or more, along with interest loss compensation, resulting in an overall recovery rate exceeding 100%.
This marks a significant development nearly two years after the FTX collapse and is the largest bankruptcy compensation action in the history of the cryptocurrency industry.
Related: Senators Plan to Amend GENIUS Act to Address Trump Family Stablecoin Issues
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