Headlines
▌PayPal obtains New York State crypto trust license
The New York State Department of Financial Services (NYDFS) recently Granted PayPal Digital a limited purpose trust license, which is typically held by digital asset custodians and stablecoin issuers. Last August, PayPal launched PYUSD, its first stablecoin issued by a major technology company, which was technically issued by Paxos Trust Company, which also holds an NYDFS trust license and has been a partner of PayPal since it launched cryptocurrency services. .
The trust license obtained this time may be aimed at taking over the custody of PayPal customers’ crypto assets and internalizing the issuance of stable coins. Currently, the market value of PYUSD is close to US$400 million, a significant increase from US$190 million in early April. The top five wallets account for 71% of stablecoin balances, with major holders including Paxos, Crypto.com, Curve (DeFi), Defiance Capital, and Frax (DeFi). Among them, Crypto.com and Bullish exchange hold US$103 million and US$23 million respectively.
Last November, the U.S. Securities and Exchange Commission (SEC) issued a subpoena requesting documents related to the issuance of the PYUSD stablecoin. PayPal did not respond to requests for comment on the specific uses of the trust license before publication.
▌Ex-FTX executive Ryan Salame sentenced to 7.5 years in prison
FTX Bahamas The subsidiary’s former CEO Ryan Salame was sentenced to seven and a half years in prison, the first person sentenced by a close ally of the SBF following the FTX debacle. Ryan Salame appeared in a Manhattan courtroom on Tuesday after reaching a plea deal with federal prosecutors last September.
The sentence exceeded the prosecutor's request. The government said Salame, who pleaded guilty to violating campaign finance laws and operating an unlicensed money transfer business, should be sentenced to five to seven years in prison, while the defense had argued for a sentence of 18 months or less. The decision may indicate how tough Judge Lewis A. Kaplan is on FTX executives.
Quotes
As of press time, according to data from Coingecko:
The recent transaction price of BTC was US$68,329.04, with intraday increases and decreases-1.5%;
ETH’s recent transaction price was US$3840.49, rising during the day Decline-1.4%;
BNB recent The transaction price was US$601.02, and the intraday increase or decrease-0.5%;
SOL The recent transaction price was US$168.69, with an intraday increase or decrease of -0.8%;
DOGE’s recent transaction price was US$0.165, with an intraday increase or decrease of -2.4% < /strong>;
The recent transaction price of /strong>%.
Policy
▌Samourai Wallet developer’s first trial, the US Department of Justice is ready to present a large amount of evidence< /p>
The Southern District Court of New York held the first hearing of the U.S. Department of Justice (DoJ) against Samourai Wallet developers Keonne Rodriguez and William Lonergan Hill on May 28, local time. Rodriguez and Hill were charged with money laundering and operating an unlicensed money transfer business. Although Hill remains in Portugal and has not yet responded to the extradition request, Rodriguez and his lawyer Michael Krouse attended the hearing.
Prosecutors said they were ready to present a large amount of evidence and were waiting for Rodriguez to hand over the 2TB hard drive he held. Rodriguez's attorneys plan to cite a letter from Senators Cynthia Lummis and Ron Wyden to the attorney general asking that the indictment against their client be dismissed. The letter states that non-custodial encryption software should not be considered a money transfer service.
The judge announced that Rodriguez will continue to be detained at home, and the next hearing is scheduled for September 4, 2024. Fundraising for the Samourai developer's legal defense fund is underway.
▌The President of El Salvador meets with Cathie Wood to discuss Bitcoin
The President of El Salvador meets with Cathie Wood to discuss Bitcoin, new capital markets, and innovation opportunities.
▌The judge dismissed the Debt Box case and ordered the SEC to pay $1.8 million in attorney fees and litigation costs< /strong>
A U.S. federal judge has ordered the U.S. Securities and Exchange Commission (SEC) to pay approximately $1.8 million in attorney fees and receivership costs related to the regulator’s lawsuit against Digital Licensing, which operates as Debt Box. companies conducting business). On May 28, a document was filed in the U.S. District Court of Utah, and Judge Robert Shelby signed an order requiring the SEC to pay approximately US$1 million in attorney fees and litigation costs and US$750,000 in receiver fees and litigation costs. On the day the order was issued, the court also announced that it had dismissed the case and would not accept it.
Blockchain Applications
▌SmartLayer announced Integrated with multi-chain self-hosted wallet TokenPocket
SmartLayer is integrated with multi-chain self-hosted wallet TokenPocket. Users can view and interact with ERC-5169 NFTs through the smart token viewer on the TokenPocket wallet.
Encryption Currency
▌XRP Ledger first quarter status: payment volume increased by 350% quarter-on-quarter, reaching 2 million transactions per day
Messari released XRP Ledger status in the first quarter of 2024, highlights include payment volume increasing by 350% quarter-on-quarter, reaching 2 million transactions per day. This activity started in late Q4 and cooled off by the end of Q1. AMM went online at the end of the quarter, and DEX trading volume on CLOB increased by 41% quarter-on-quarter.
Highlights also include the announcement that USD-pegged stablecoins will be launched on XRPL and Ethereum, using XRPL native functionality and the ERC-20 token standard respectively. New features such as clawback capabilities help asset issuers stay compliant. Axelar bridge integration and new stablecoins can serve as liquidity catalysts for tokenized assets of new AMMs and RWA projects like the upcoming Zioniqx. rippled 2.0 was released in January. It proposed cross-chain bridging (XLS-38), DIDs (XLS-40), and two other amendments for community voting.
▌Luxor Technology and Bitnomial launch Bitcoin mining derivatives in the United States
Luxor Technology and Bitnomial launched the first fully regulated Bitcoin mining derivative product - Bitcoin computing power futures - in the United States on May 28. The product allows miners to hedge their income and provides investors with a new way into the Bitcoin mining market. Each contract represents 1 PH, has a term of one month, and is settled using Luxor’s Bitcoin Hash Price Index.
Matt Williams, director of derivatives at Luxor, said that these contracts will bring more transparent, secure and liquid computing power transactions. Bitnomial founder and CEO Luke Hoersten added that hashrate futures meet the mining community’s need for new hedging tools and enhance Bitnomial’s Bitcoin derivatives portfolio.
▌Two funds under BlackRock purchased IBIT stocks in the first quarter of this year< /p>
Two funds managed by BlackRock purchased the company’s Bitcoin Spot Bitcoin ETF (IBIT) in the first quarter of this year, according to documents filed with the U.S. Securities and Exchange Commission (SEC). Among them, BlackRock's Strategic Income Opportunities Fund (BSIIX) snapped up $3.56 million worth of iShares Bitcoin Trust (IBIT), while its Strategic Global Bond Fund (MAWIX) bought $485,000 worth of iShares Bitcoin Trust (IBIT). .
IBIT stock represents only a small portion of the BSIIX and MAWIX portfolios, which are valued at US$37.4 billion and US$776.4 million respectively.
▌Bitcoin will usher in 6.5 billion on May 31 U.S. dollar option expiration
Bitcoin will see a $6.5 billion option expiration on May 31. Bulls are trying to push the price above $70,000, but face challenges. Although investors are betting that Bitcoin will rise to $80,000 and $90,000, it has recently failed to break through the $70,000 resistance. As of now, 91% of call options are set at $72,000 or higher, and comprehensive data shows that if Bitcoin trades above $70,000 on May 31, bulls will profit by $270 million. However, if the price remains near $67,800, the market will be relatively balanced. Deribit held 71% of the Bitcoin options market in May, followed by CME and OKX.
▌Chainlink joint creation: Cryptocurrencies have become “more legal” since spot Bitcoin ETF approval
Chainlink Labs co-founder Sergey Nazarov was interviewed by CNBC Crypto World to discuss DTCC, Chainlink and ten financial institutions, which aims to put net asset value (NAV) data on the blockchain. He also discusses the tokenization of real-world assets and financial and political advancements in the crypto space. Nazarov also said that cryptocurrencies have become “more legalized” since the spot Bitcoin ETF was approved.
▌Meme coin’s daily active addresses have surged, and PEPE’s daily activity has increased by 230%
In the past month, the number of blockchain addresses using Pepecoin (PEPE) for transactions has surged. It has more than doubled in the past 30 days. According to data from IntoTheBlock, daily active addresses holding PEPE increased by 230%. This growth rate exceeds that of other meme coins such as Floki, whose daily active addresses still grew by 179% during this period. At the same time, the number of daily active addresses for Dogecoin increased by 10%.
▌Volatility Shares: Leveraged Ethereum ETF will be listed for trading on June 4
Volatility Shares announced the first leveraged Ethereum ETF - Volatility Shares 2x Ether Strategy ETF (ETHU) It will begin trading in the United States on June 4. This marks the first leveraged Ethereum ETF in the U.S. market, about a year after regulators first approved a leveraged Bitcoin ETF.
Stuart Barton, chief investment officer of Volatility Shares, said this success could pave the way for the final approval of a spot Ethereum ETF. Last week, the SEC approved key regulatory filings related to the spot Ethereum fund, but has not yet approved its official launch.
Barton pointed out that although the details of the spot ETF are still being discussed with the SEC, the launch of the leveraged Ethereum ETF shows that the SEC is increasing its interest in further launching cryptocurrency-related ETFs.
Important economic news
▌The three major U.S. stock indexes closed with mixed gains and losses, and the market value gap between Nvidia and Apple narrowed to 1,000 billion U.S. dollars
The three major U.S. stock indexes closed with mixed gains. The Dow fell 0.55%, the Nasdaq rose 0.59%, and the S&P 500 rose 0.02%. Most popular technology stocks rose, and Nvidia rose. More than 7%, with a total market value of 2.8 trillion, only 100 billion US dollars behind Apple. AMD rose more than 3%, Tesla fell more than 1%, and Google, Amazon, and Meta rose less than 1%.
▌The probability that the Federal Reserve will keep interest rates unchanged in June is 99.2%
According to CME "Fed Watch" shows that the probability of the Fed keeping interest rates unchanged in June is 99.2%, and the probability of raising interest rates by 25 basis points is 0.8%. The probability that the Fed will keep interest rates unchanged until August is 90.0%, the probability of a cumulative 25 basis point interest rate cut is 9.2%, and the probability of a cumulative 25 basis point interest rate hike is 0.7%.
Golden Encyclopedia
▌Ethereum burn address
The Ethereum burn address is a unique element in the Ethereum blockchain, specifically designed to Permanently removes Ethereum from circulation. The Ethereum burn address is represented by the address 0x000000000000000000000000000000000000000. The basic concept behind burning addresses is to intentionally burn coins.
Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and not as actual investment advice. Please establish a correct investment philosophy and be sure to increase your risk awareness.
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