Daily Market Update (May 21, 2025, 11:30 AM)
ChainDD Market Update on May 21 Shows Composite Index and CoinMarketCap Quotes:
BTC Price: $107,030.84, Up Approximately 1.20% in 24 Hours.
ETH Price: $2,548.75, Down Approximately 0.17% in 24 Hours.
BNB Price: $657.60, Up Approximately 1.09% in 24 Hours.
DOGE Price: $0.2296, Up Approximately 1.85%;
SOL Price: $170.14, Up Approximately 0.81%.
Crypto Market Updates
SEC Sues Unicoin and Its Executives for Securities Fraud, Involving Over $100 Million
The U.S. Securities and Exchange Commission (SEC) Announced on May 20, 2025, That It Has Filed a Lawsuit Against Unicoin, Inc. Based in New York City and Its Three Executives, Accusing Them of False and Misleading Statements in the Issuance of Tokens Claiming to Obtain Crypto Assets and the Issuance of Unicoin Common Stock.
The Executives Involved Include CEO and Chairman Alex Konanykhin, Former President and Former Chairman Silvina Moschini, and Current Director Alex Dominguez. The SEC Accuses Unicoin and Its Executives of Deceiving Over 5,000 Investors Through Extensive Promotion (Including Advertisements in Airports, New York Taxis, and on Television), Claiming That Their Tokens Would Be Backed by Billions of Dollars in Real Estate and Pre-IPO Company Equity, When the Actual Asset Value Was Far Below This.
Additionally, the SEC Claims Unicoin Falsely Reported Selling Over $3 Billion in Tokens, While the Actual Funding Amount Was No More Than $110 Million, and Misleadingly Advertised That Its Tokens and Certificates Were Registered with the SEC. The SEC Has Filed a Lawsuit in the Southern District of New York, Seeking a Permanent Injunction, Return of Ill-Gotten Gains, Civil Penalties, and Employment Bans for the Involved Executives. Unicoin's General Counsel Richard Devlin Was Also Charged for Making Similar False Statements and Agreed to Pay a $37,500 Civil Penalty.
Trump's Direct Pressure Proves Ineffective, Some House Republicans Still Have Reservations About the Tax Legislation
President Trump Pressured Republican Colleagues in Congress on Tuesday to Unite Behind a Comprehensive Tax Cut Bill, But Clearly He Failed to Convince the Few Stubborn Republicans Who Still Might Block This Package, Which Covers Most of Trump's Domestic Agenda. At a Closed-Door Meeting on Capitol Hill, Trump Warned House Republicans Not to Further Alter This Massive Bill. He Strongly Advised Against Making It More Difficult for People to Access Medicaid Benefits. According to an Anonymous Attendee, Trump Told Republicans, 'Don't Mess with Medicaid.' Trump Also Urged Republicans Not to Seek Further Reductions in State and Local Taxes. However, This Issue Is Particularly Important for Moderate Republicans in High-Tax States Like California and New York.
Texas Legislature Passes Bitcoin Reserve Bill Awaiting Governor's Signature
The Texas Legislature Passed the (Texas Strategic Bitcoin Reserve and Investment Act) (SB 21) on May 20, 2025, Authorizing the State Government to Invest in Bitcoin.
The Bill Has Been Submitted to Governor Greg Abbott; If Signed, It Will Make Texas the Third State to Establish an Official Bitcoin Reserve After New Hampshire and Arizona. The Bill States That Only Digital Assets with a Market Value Exceeding $500 Billion for 12 Consecutive Months May Be Included in the Reserve, Currently Only Bitcoin Meets This Criterion.
New York City Mayor Announces Formation of Cryptocurrency Advisory Committee
New York City Mayor Eric Adams Announced on Tuesday (May 20) That New York City Will Establish a Digital Asset Advisory Committee Aimed at Bringing Fintech Job Opportunities to New York. Adams Stated at a Summit Held at the Mayor's Residence, Gracie Mansion, That the Committee Will Be Composed of Industry Experts, and the Chairperson Will Be Announced in the Coming Weeks.
Adams emphasized that this move is to 'better serve today's New Yorkers with the technology of the future.' Besides business interests, New York City will also explore putting birth and death records on-chain to help residents' relatives more easily access these documents.
Reportedly, participants at this summit included family offices and unicorn startups. Republic Co-CEO Andrew Durgee stated that despite regulatory issues, his company remains in New York, while some others have left the U.S.
Blackstone Makes Its First Bet on Bitcoin, Purchasing $1.08 Million in IBIT Fund
Blackstone Finally Takes a Stake in Bitcoin, but the Investment Giant Still Seems to Not Take the World's Largest Cryptocurrency Seriously. As of the end of March, Blackstone Only Holds $1.08 Million in BlackRock's Spot Bitcoin ETF (IBIT), marking Blackstone's First Disclosure of Investment in Crypto Assets.
The ETF Has a Total Size of Over $60 Billion and is the Most Popular ETF Tracking Bitcoin Prices. Despite Managing Over $1 Trillion in Assets, Blackstone's Investment in Bitcoin is Still 'Just a Little Bit.' Back in 2019, Blackstone Co-Founder and CEO Stephen Schwarzman Stated He Wasn't Fond of Bitcoin, Saying, 'I Don't Have Much Interest in It Because I Find It Hard to Understand.'
FTX Plans to Disburse Repayments on May 30, Amounting to Over $50,000, with Creditors Receiving 72.5% Upfront
FTX Creditor Representative Sunil Posted on X Platform, Stating That FTX's Repayment Disbursement Date is May 30, with Step 9 Updated to 'Allow Claims':
· Users with Claims Over $50,000 Will Receive 72.5% Compensation;
· The Remaining Compensation (Up to 100%) and Interest Will Be Distributed in Subsequent Allocations.
Bitwise Plans to Launch Three Income ETFs Based on Crypto Options
According to Bloomberg Analyst James Seyffart's post on X platform, Bitwise Plans to Launch Income ETFs Based on Crypto Options, with Applications Submitted, Involving Ethereum and Bitcoin Options ETFs, and Another ETF Targeting Its Thematic Cryptocurrency Stocks ETF (Bitwise Crypto Industry Innovators ETF, BITQ). The Three ETFs Are Named: Bitwise Bitcoin Option Income Strategy ETF, Bitwise Ethereum Option Income Strategy ETF, and Bitwise BITQ Option Income Strategy ETF.
SEC Chairman Paul Atkins: Will Strengthen Cost-Benefit Analysis to Develop a Reasonable Regulatory Framework for the Crypto Asset Market
The U.S. Securities and Exchange Commission (SEC) Released Testimony from Its Chairman Paul S. Atkins on May 20, 2025, Before the House Financial Services and Government Operations Appropriations Subcommittee, Stating That He Will Prioritize Enhancing the SEC's Regulatory Transparency and Accountability, Especially in the Area of Digital Assets, Emphasizing That the SEC Should Conduct Rigorous Cost-Benefit Analyses When Formulating Rules to Avoid Overregulation That Could Adversely Impact Market Innovation.
Paul Atkins Also Pointed Out That the SEC Will Enhance Cooperation with Congress to Develop a Reasonable Regulatory Framework for the Crypto Asset Market, Ensuring That Its Regulatory Activities Align with Legislative Intent and Adopting a Prudent Approach to Digital Asset Regulation to Avoid Hindering Technological Progress. He Stated That the SEC Will Continue to Fulfill Its Mission to Protect Investors and Maintain Market Integrity While Promoting Healthy Development of Financial Markets.
U.S. SEC Acting Inspector General Plans to Crack Down on Cryptocurrency Fraud
U.S. Securities and Exchange Commission (SEC) New Acting Inspector General Katherine Reilly Lists Cryptocurrency Fraud as a Top Regulatory Priority. Her Office's October 2024 Report Shows That Cryptocurrency Fraud Accounts for 18% of the SEC's Total Investor Complaints, Leading to $3.96 Billion in Losses for Retail Investors in 2023.
Reilly Emphasized That the SEC Faces Dual Challenges of Insufficient Resources and a Shortage of Specialized Talent—Current Regulations Prohibiting Employees from Holding Digital Assets Hinder Recruitment of Technical Talent.
Robinhood Submits Proposal to the SEC to Create a Federal Framework for Tokenized RWA
Robinhood Submits a 42-Page Proposal to the U.S. Securities and Exchange Commission Aiming to Create a Federal Framework for Tokenized Real-World Assets to Modernize the U.S. Securities Market.
The plan may include tokenizing traditional assets such as bonds and stocks to achieve higher liquidity and transparency. This move is seen as a significant step toward bringing Wall Street assets on-chain, potentially having profound impacts on traditional finance and the crypto market.
