● Trump announces U.S. import steel tariffs will increase to 50%
According to Deep Tide TechFlow, on May 31, U.S. President Trump announced at a rally in Pennsylvania that the import steel tariff would be increased from 25% to 50%.
Trump stated on social media that the decision will take effect from June 4. The White House also announced on social media that tariffs will be increased starting next week to protect the U.S. steel industry from foreign and unfair competition.
● U.S. Trade Representative: The scope of 'Section 301' can be expanded as needed
According to BlockBeats, on May 30, U.S. Trade Representative Greer stated that the scope of Section 301 tariff measures could be expanded as needed. Section 301 is part of the 1988 Trade and Competitiveness Act, aimed at protecting U.S. rights in international trade.
This provision allows the U.S. to conduct trade investigations against countries deemed unfair and negotiate with those countries. Ultimately, the president decides whether to impose retaliatory measures such as increasing tariffs, restricting imports, or halting agreements.
● U.S. Vice President Vance: Bitcoin is secure and not easily subject to fraud
According to Deep Tide TechFlow, on May 30, U.S. Vice President JD Vance publicly supported Bitcoin, calling it secure and not easily susceptible to fraud, and a reliable means of digital value storage. Vance emphasized that while cryptocurrencies carry risks, the public should be allowed to make their own decisions and opposed excessive government intervention. He advocated for a regulatory framework that allows the market to naturally weed out inferior projects and validate quality projects.
According to Cointelegraph, the U.S. Securities and Exchange Commission (SEC) has released new guidance stating that 'protocol staking activities' do not need to be registered as securities transactions under the Securities Act. This move by the SEC is seen as a significant advancement for the U.S. cryptocurrency industry.
Alison Mangiero, head of staking policy at the Crypto Council for Innovation, stated that this clarity is crucial. The SEC’s new guidance marks a significant shift from a previously enforcement-focused approach to more reasonable regulation. Nevertheless, industry participants are still awaiting the approval of the first Ethereum (ETH) staking ETF.
● FTX launches second phase of repayment program, expected to distribute over $5 billion
According to Golden Finance, FTX announced on the X platform that it has launched the second phase of its user repayment program, expecting to distribute over $5 billion to creditors, who will receive funds within 1 to 3 working days starting today.
● U.S. April Core PCE Price Index year-on-year rate is 2.5%, a new low since March 2021
According to Odaily Planet Daily, the U.S. April Core PCE Price Index year-on-year rate is 2.5%, a new low since March 2021, with expectations of 2.5%, and the previous value revised from 2.60% to 2.7%. The month-on-month rate for April was 0.1%, with expectations of 0.10%, and the previous value revised from 0.00% to 0.1%.
● Trump Media Group completes $2.44 billion financing
According to Odaily Planet Daily, Trump Media Group announced the completion of a private placement with about 50 institutional investors. This issuance includes the sale of 55,857,181 shares of common stock at $25.72 per share, raising about $1.44 billion. Additionally, there is a principal amount of $1 billion in convertible senior secured notes due in 2028, with a conversion price of $34.72 per share. The total fundraising amounts to about $2.44 billion. Trump Media plans to use about $2.32 billion of the net proceeds to establish a Bitcoin reserve and for other business purposes. Following this issuance, Trump Media will become one of the publicly traded companies in the U.S. with the largest Bitcoin holdings.
● India may release cryptocurrency asset regulatory discussion paper in June
According to PANews, India may release a discussion paper on cryptocurrency asset regulation in June, drawing on guidance from the IMF and FSB. Trump supports digital currency, marking a policy shift, and India is also taking action.
Indian authorities stated that any regulatory decision will broadly seek the opinions of stakeholders and analyze the global framework. The Reserve Bank of India has warned about the risks of cryptocurrencies, advocating for the introduction of a central bank digital currency as an alternative.
