Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering the week's key news, mining information, project dynamics, technological progress and other industry dynamics. This article is one of the news weekly, taking you to a glance at the major events in the blockchain industry this week.
Headline
▌BTC returns to above $95,000 after two months
The market shows that BTC has broken through $95,000 and is now at $95,136.66, the first time since February 24, with a 24-hour increase of 2.43%. The market is volatile, so please do a good job of risk control.
▌CME Group to launch XRP futures
The derivatives market CME Group announced today that it plans to launch Ripple (XRP) futures on May 19, which is currently pending review by regulators. Market participants will have the option to trade micro contracts (2,500 XRP) or large contracts (50,000 XRP).
▌Bloomberg: U.S. Strategic Bitcoin Reserves May Release Details in the Next Week
In early March this year, Trump signed an executive order proposing the establishment of a national-level strategic reserve of Bitcoin and other tokens, and required the Secretary of the Treasury to submit an assessment report on the legal and investment feasibility of the plan within 60 days. It is less than two weeks away from the 60-day deadline set by Trump's executive order, which means that more details of the U.S. Bitcoin reserves will be disclosed soon. The market's expectations for this matter may be one of the important catalysts for the recent rebound in crypto assets. In addition, any remarks questioning the independence of the Federal Reserve have also had a positive spillover effect on Bitcoin.
Policy
▌U.S. SEC attempts to withdraw cryptocurrency ICO securities lawsuit against Dragonchain
In a joint agreement with Dragonchain, the U.S. Securities and Exchange Commission said it hopes to withdraw the lawsuit, citing the work done by its cryptocurrency working group.
In a joint agreement with Dragonchain filed in federal court in Seattle on April 24, the SEC said it “believes it is appropriate to dismiss this case,” citing the work of the agency’s cryptocurrency working group in helping “develop a regulatory framework for crypto assets.” “The SEC and defendants covenant to dismiss this action without prejudice […] to either party and without costs or fees to either party,” the filing reads.
The SEC sued Dragonchain, its backers the Dragonchain Foundation, Dragon, and Dragonchain founder Joseph Roets in August 2024, claiming they raised $16.5 million through a crypto token that was an unregistered securities offering.
▌The U.S. SEC Crypto Working Group met with Ondo Finance to discuss compliant issuance of tokenized securities
Golden Finance reported that the U.S. Securities and Exchange Commission issued a memorandum stating that representatives of Ondo Finance and Davis Polk & Wardwell LLP held talks with the U.S. Securities and Exchange Commission (SEC) Crypto Working Group to discuss the compliance path for issuing and selling tokenized U.S. securities.
The meeting topics included key issues such as the structural model of tokenized securities, registration and broker requirements, market structure regulations, financial crime compliance, and state corporate laws. Ondo Finance proposed seeking a regulatory sandbox or other form of regulatory exemption to advance the issuance of its tokenized asset products. The talks are intended to provide a clear regulatory framework for tokenized securities in the U.S. market.
▌Russia will launch a cryptocurrency exchange for qualified investors
The Central Bank of Russia and the Ministry of Finance will set up a cryptocurrency exchange for "highly qualified investors" that will operate "as part of the operations permitted by the experimental legal mechanism." Finance Minister Anton Siluanov said: "This will legalize crypto assets and bring crypto operations out of the shadows." The mechanism reportedly applies to individuals with "investments in securities and deposits exceeding 100 million rubles, or income exceeding 50 million rubles in the previous year." The central bank said the move is aimed at "improving transparency in the cryptocurrency market, setting service standards, and expanding investment opportunities for high-risk investors."
▌Bloomberg analyst: There are currently 72 cryptocurrency-related ETFs awaiting SEC approval
According to a chart shared by Bloomberg ETF analyst Eric Balchunas, there are currently 72 crypto asset ETFs involving various themes such as XRP, Solana, Litecoin, Dogecoin and even "2x Melania" filed with the US SEC, waiting for approval or listing options. These include multiple spot and derivative ETF applications submitted by mainstream institutions such as Grayscale, Bitwise, and ProShares. 2025 is expected to be an intensive year for ETF approval. The green dates marked in the figure represent approved dates, while red ones indicate delayed or rejected dates.
▌US lawmakers propose cryptocurrency tax bill targeting the use of Puerto Rico as a tax haven
US Rep. Nydia Velazquez of New York has proposed the Puerto Rico Digital Asset Fair Taxation Act, which aims to prevent investors from using the U.S. territory of Puerto Rico as a cryptocurrency tax haven. The bill could change current Puerto Rican law to require certain investors to pay local and federal taxes on capital gains, including digital asset gains. The bill would reportedly add provisions to Puerto Rico's Internal Revenue Code to make cryptocurrency income subject to federal tax laws.
Blockchain Applications
▌Paul Atkins, Chairman of the U.S. SEC: Will focus on the regulatory treatment of digital assets and distributed ledger technology
Paul Atkins, the new chairman of the U.S. SEC, said at the third cryptocurrency roundtable: "This is my fourth day working in the committee. I am eager to solve long-standing problems in the blockchain field, such as the regulatory treatment of digital assets and distributed ledger technology, and work with my colleagues and staff, and also seek external opinions. This is a very important job because entrepreneurs across the United States are using blockchain technology to modernize the financial system. I look forward to this market innovation bringing huge benefits in efficiency, cost reduction, transparency and risk reduction."
▌American TV series "Peaky Blinders" plans to launch a blockchain game ecosystem
The popular TV series "Peaky Blinders" will be adapted into a blockchain-based video game and Web3 ecosystem. The project was developed by Web3 startup Anonymous Labs in collaboration with Banijay Rights, the global publisher of Peaky Blinders. The show has a cumulative audience of 80 million on platforms such as Netflix, and this time it will create a blockchain game with AAA game specifications. The game will incorporate digital collectibles and community interaction mechanisms, attracting traditional fans into the cryptocurrency field through interactive narratives and gameplay. Project leader Wojciech Gruszka said this is the largest intellectual property project to date to enter the blockchain. ▌ Ethereum Pectra upgrade will introduce the function of increasing the effective balance of validators timbeiko.eth, a core developer of Ethereum, posted on the X platform that for stakers, Pectra will introduce the function of increasing the effective balance of validators. This means that small operators can directly stake for value-added, while large operators can integrate validators to reduce the bandwidth usage of the p2p network. The feature also eliminates the PoW follow-up distance before the merger, shortens the delay in processing validator deposits, and introduces withdrawals that can be triggered by the execution layer, thereby achieving a more trustless equity structure.
Previously reported, the Ethereum mainnet will execute the Pectra upgrade on May 7.
Cryptocurrency
▌Deloitte predicts that the global real estate tokenization market can reach $4 trillion by 2035
According to a report by the Deloitte Financial Services Center, real estate tokenization is expected to become the main way to finance, own and trade real estate, and the market size may reach $4 trillion by 2035, with an average annual growth rate of 27%. Tokenization provides advantages such as operational efficiency, faster settlement and wider investor access. The report points out that the appeal of real estate tokenization lies in its ability to simplify complex financial agreements, such as launching real estate funds through blockchain, and automatically handling ownership transfers and capital flows. Despite this, the report also pointed out that the industry still faces challenges such as regulation, asset custody, cybersecurity and default situations.
▌Citi: Stablecoin market value may reach $3.7 trillion by 2030, this year may be the blockchain's "ChatGPT moment"
In its latest report, Citibank predicts that the total supply of stablecoins will "grow to $1.6 trillion in the baseline scenario and $3.7 trillion in the optimistic scenario" by 2030. The report said that blockchain may usher in a "ChatGPT moment" this year, partly due to the accelerated adoption of stablecoins. Citi pointed out that "if regulatory changes drive adoption in the financial and public sectors, it may trigger a historic shift in the cryptocurrency market", and said that if "adoption and integration challenges continue", the market value of stablecoins may only reach $500 billion.
▌USDT market value reaches $147 billion, continuing to hit a record high
Paolo Ardoino, CEO of stablecoin issuer Tether, posted data on the X platform saying that the market value of USDT reached $147 billion, continuing to hit a record high. It is worth mentioning that just about 18 hours ago, the market value of USDT reached $146 billion.
▌US Senator Lummis: The Fed's move to withdraw its guidance on cryptocurrency regulation is just empty talk
Crypto-friendly US Senator and Chair of the US Senate Banking and Digital Assets Subcommittee Cynthia Lummis posted on the X platform saying that the Fed's move to withdraw its guidance on cryptocurrency regulation yesterday was just empty talk because the Fed continues to illegally defy the master account law. Unlike the OCC and FDIC, the Fed still has reputational risks in bank supervision, especially since the 9th (13th) policy statement in the master account law has not been withdrawn, which states that Bitcoin and digital assets are unsafe and unsound. More importantly, the Fed staff behind Operation Chokepoint 2.0 are the same people currently dealing with crypto issues.
▌Memecoin TRUMP team denies rumors that dinner requires $300,000 in coins
In response to rumors on social media that holding $300,000 worth of TRUMP tokens is required to attend the dinner with President Trump, the Memecoin TRUMP team clarified on the X platform that the statement is inaccurate, and stated that the 220th largest coin holding address shown by the Solana block browser includes non-participants such as locked tokens, exchanges and market makers, so it should not be used as a reference. The actual qualification should be based on the official ranking, which is based on a weighted score of the number of coins held and the time held. The current 220th ranked wallet holds 1,125 TRUMP tokens, worth about $15,000, with a score of 136 points. The final participants must pass the background check and KYC compliance process.
▌Michael Saylor: BlackRock IBIT will become the world's largest ETF within ten years
Michael Saylor, founder of Strategy, said that the Bitcoin exchange-traded fund iShares Bitcoin Trust (IBIT) launched by BlackRock will become the world's largest exchange-traded fund (ETF) within the next ten years. IBIT's current market value has reached US$54 billion, with a daily trading volume of more than US$1.5 billion. In the past five trading days, the US spot Bitcoin ETF has a net inflow of about US$2.8 billion, of which IBIT accounts for US$1.3 billion, which may be one of the reasons for the rise in Bitcoin prices from about US$85,000 to US$94,000. In addition, the annualized return on CME's Bitcoin ETF arbitrage trading has approached 10%, indicating an increase in market risk appetite.
▌Securitize launches crypto index fund and receives $400 million in support
Securitize has launched a new crypto index fund and received a $400 million investment from Mantle. The fund, called Mantle Index Four (MI4), provides investment in major crypto assets and obtains additional returns through DeFi staking strategies. The MI4 fund aims to invest in top crypto assets, including BTC, ETH, SOL and US dollar stablecoins, with the goal of becoming the "S&P 500 in the cryptocurrency field."
Important Economic Dynamics
▌Trump: Unlikely to suspend tariffs for another 90 days, hopes to reach an agreement
According to the Wall Street Journal, US President Trump said he is unlikely to approve another 90-day tariff suspension. Trump told reporters traveling with him on Air Force One, "Hopefully, we can reach trade deals with a range of countries. We'll be reasonable."
▌Goldman Sachs Chief Economist: The dollar will fall further
Goldman Sachs Chief Economist Hatzius: The dollar will fall further, hit by uncertainty about U.S. tariffs and concerns about a recession.
▌Wall Street Journal: Trump chooses not to fire Powell
According to the Wall Street Journal, U.S. President Trump said this week that he never had plans to fire Federal Reserve Chairman Powell and accused the media of spreading false statements. But inside the White House, some senior officials took Trump's recently publicly raised idea of firing Powell seriously. As Trump's criticism of the Federal Reserve chairman intensified last week, White House lawyers privately reviewed legal options for trying to remove Powell, according to people familiar with the matter. Those discussions came to a halt earlier this week when Trump told his senior aides that he would not try to remove Powell. These people said Trump made the decision after intervention from Treasury Secretary Jeff Bessant and Commerce Secretary Lutnick, who warned Trump that the move could trigger far-reaching market disruptions and a messy legal battle. One of them said Lutnick also told the president that the move to fire the Fed chairman would likely not lead to any real changes in interest rates because other members of the Fed committee would likely adopt monetary policies similar to Powell's.
▌Trump: Tariffs on China will not be as high as 145%, will be significantly reduced but will not be zero
According to market news, U.S. President Trump said that tariffs on Chinese goods will not be as high as 145%, and tariffs will be significantly reduced, but will not be zero. When Trump was asked whether he would take a tough stance on China, he said no.
▌Musk: Will continue to push for lower tariffs, but the final decision depends on Trump
Tesla CEO Elon Musk said in Tesla's (TSLA.O) earnings call that he will continue to advocate for lower tariffs, but the decision on tariffs is entirely up to U.S. President Trump. Musk said, "I will provide my advice to the president, and the president will listen to my advice, but ultimately it is up to him to make the decision. I have stated publicly many times that I believe that lower tariffs are generally good for prosperity, but the decision ultimately comes down to the president-elect who represents the people. Therefore, I will continue to advocate for lower tariffs rather than higher tariffs, but that's all I can do."
▌Goldman Sachs expects US economic data to weaken this summer
Goldman Sachs economists predict that US GDP in the fourth quarter will only grow by 0.5% from the fourth quarter of 2024 as tariffs and policy uncertainty weigh on the economy. Currently, business and consumer surveys show a slowdown, but official economic data have not yet shown this sign. They infer that economic indicators may begin to show a recession more clearly in mid-to-late summer. "The evolution of the data in recent weeks is consistent with the previous 'event-driven' slowdown in growth. However, it is too early to draw strong conclusions from the limited data currently available."
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