Important News Review
Elon Musk and Donald Trump Engage in "War of Words," Tesla Stock Plummets 14%
On June 5, Tesla's stock suffered a significant drop, falling 14.26% to close at $284.7, resulting in a market value loss of approximately $153 billion, marking the largest single-day decline since last year's "Tesla protest wave."
The stock plunge was triggered by a public clash between U.S. President Trump and Tesla CEO Musk over electric vehicle subsidy policies. Musk criticized Trump's latest budget proposal, which ended subsidies for electric vehicles, arguing that the policy would impact the development of the electric vehicle industry. In response, Trump countered that Musk's dissatisfaction was primarily due to his "loss of government benefits."
Singapore's Financial Regulatory Authority Requires Local Cryptocurrency Companies to Halt Overseas Operations by June 30, Violators Face Heavy Penalties
The Monetary Authority of Singapore (MAS) issued a notice requiring all local cryptocurrency companies without a Digital Token Services License (DTSP) to cease providing digital token services to overseas clients by June 30. Violators could face fines of up to SGD 250,000 or imprisonment for up to three years.
MAS made it clear that there would be no grace period or exemptions, and unlicensed companies must stop overseas operations or apply for a license as soon as possible. Currently, 33 digital payment token service providers have obtained licenses, including Coinbase and Anchorage. Licensed companies can continue global operations, while unlicensed companies face the risk of business interruption or even market exit.
Circle Lists on the New York Stock Exchange, Stock Price Soars Over 160% on First Day
On June 5, leading stablecoin issuer Circle officially listed on the New York Stock Exchange (NYSE) under the ticker symbol "CRCL," marking further integration of crypto finance with traditional capital markets. The listing made Circle the second major crypto company to go public on the U.S. stock market after Coinbase. On its first day of trading, Circle's stock price surged, closing with an increase of over 160%, pushing the company's market value past $18 billion.
Trump Media Company Submits Bitcoin (BTC) ETF Application, Plans to List on NYSE
The Trump Media & Technology Group (TMTG), the parent company operating Truth Social, has officially submitted a registration document for a Bitcoin spot ETF to the U.S. Securities and Exchange Commission, named "Truth Social Bitcoin ETF" or "Truth.Fi Bitcoin Plus ETF." The ETF is initiated by Yorkville America Digital, with Crypto.com serving as the custodian, and is intended to be traded on NYSE Arca.
TMTG emphasized that this move is a significant step in its entry into crypto financial services, having previously planned to establish a Bitcoin reserve of up to $2.5 billion and applied for various ETF trademarks, including those related to manufacturing and energy themes.
Moscow Exchange Launches Bitcoin Derivative Trading Tracking BlackRock's IBIT
The Moscow Exchange (MOEX) recently launched a new type of Bitcoin futures contract that closely tracks the performance of BlackRock's iShares Bitcoin Trust ETF (IBIT). This derivative is priced in U.S. dollars and settled in rubles, designed for qualified investors, with the first contracts expected to expire in September 2025. The product launch comes after the Russian central bank recently legalized crypto derivatives, marking a significant shift in the country's regulatory stance towards the digital asset market.
"TRUMP Wallet" Faces Counterfeit Promotion, Trump's Eldest Son Clarifies
A cryptocurrency wallet named "TRUMP Wallet ($TRUMP Wallet)" has emerged in the market, attracting widespread attention. However, Donald Trump's eldest son quickly clarified that the wallet is in no way associated with Trump Media Group, the Trump Organization, or any family members, and is completely unauthorized.
It is reported that this "TRUMP Wallet" is promoted by Fight Fight Fight LLC in collaboration with Magic Eden, using "official" branding to attract users to join a whitelist. His son publicly pointed out significant misleading information and specifically warned the public to be cautious of counterfeit projects and not to be deceived by false advertising. He also revealed that the real "official" crypto wallet will be launched by the family's World Liberty Financial (WLFI) and is not compatible with the currently available TRUMP Wallet.
Lee Jae-myung Elected as South Korean President, Promises to Advance Crypto-Friendly Policies
This week, the 21st presidential election in South Korea concluded, with Lee Jae-myung of the Democratic Party elected as president, receiving 49.42% of the votes. After his election, Lee emphasized his commitment to making South Korea a "crypto-friendly country," supporting digital asset innovation and blockchain technology development. He stated that the government would establish a clear regulatory framework for crypto assets, encouraging the application of blockchain technology in finance, healthcare, and public services to promote economic growth and technological innovation.
Ripple's RLUSD Stablecoin Approved by Dubai Financial Regulator, Supporting Cross-Border Payments and Real Estate Tokenization
Ripple's USD-pegged stablecoin RLUSD has received formal approval from the Dubai Financial Services Authority (DFSA), becoming a recognized crypto asset token in the Dubai International Financial Centre (DIFC). This approval allows RLUSD to be used for payments, financial management, and digital asset custody services among businesses within the DIFC. The stablecoin has been tested on Ethereum and XRP Ledger, with plans for use in cross-border payments, decentralized finance (DeFi), and real estate asset tokenization.
Next Week's Highlights
Circle Freezes $58 Million USDT Related to Libra Scandal, Preliminary Injunction Hearing Scheduled for June 9 in New York Court
Previously, stablecoin issuer Circle announced the freezing of $58 million USDT related to the Libra scandal to prevent malicious transfer or misuse of funds, highlighting its commitment to market compliance and risk control.
U.S. crypto law firm Burwick Law has submitted a temporary restraining order application to the Southern District of New York Federal Court, which has been approved. This restraining order aims to freeze the involved funds and prevent further movement. The preliminary injunction hearing is scheduled for June 9, where both parties will engage in legal debate over the fund freeze measures, which is seen as a critical juncture in the case's subsequent developments.
SEC Crypto Task Force to Hold "DeFi and the American Spirit" Roundtable on June 9, Featuring Officials and Industry Leaders Discussing the Future
The U.S. Securities and Exchange Commission (SEC) Crypto Task Force is set to hold a roundtable on June 9 themed "DeFi and the American Spirit." The meeting will bring together senior SEC leaders and several well-known experts in the crypto field to discuss the regulatory challenges and innovative developments in decentralized finance (DeFi).
Official attendees include SEC Chairman Paul S. Atkins, Chief Assistant for Crypto Affairs Richard B. Gabbert, and three SEC commissioners: Caroline A. Crenshaw, Mark T. Uyeda, and Hester M. Peirce.
Related: Trump and Musk Dispute Leads to Bitcoin (BTC) Drop, $308 Million Long Positions Liquidated
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