Today's news highlights:
1. Trump: Suggests imposing a 50% tariff on the EU starting June 1.
2. More than 30 U.S. House members called for an investigation into Trump's Meme coin banquet.
3. Kazakhstan will legalize cryptocurrency exchange services to fiat currency through the issuance of licenses.
4. The Governor of Texas expressed support for the Bitcoin strategic reserve bill.
5. The official X account of HyperFND was hacked.
6. Cetus offers a $5 million reward for hacker clues.
7. James Wynn closed his PEPE positions, realizing a total profit of $25.18 million.
8. Bitcoin spot ETF saw a total net inflow of $212 million yesterday, marking 8 consecutive days of net inflows.
Regulatory news
Trump: Suggests imposing a 50% tariff on the EU starting June 1.
U.S. President Trump stated on social media that the main purpose of the EU's establishment is to take advantage of the U.S. in trade, but the EU finds it hard to deal with. Their strong trade barriers, VAT, absurd corporate penalties, non-monetary trade barriers, currency manipulation, and unfair and unreasonable lawsuits against American companies have resulted in the U.S. trade deficit exceeding $2.5 billion each year, a number that is completely unacceptable. Our discussions with them have made no progress. Therefore, I suggest imposing a 50% tariff on the EU starting June 1, 2025. No tariffs will be applied to products made or produced in the United States.
Public company Semler Scientific spent $50 million in the last two weeks to acquire 455 Bitcoins.
Medical technology company Semler Scientific (NASDAQ: SMLR) disclosed in its latest 8-K filing that from May 13 to May 22, it allocated $50 million to purchase an additional 455 Bitcoins at an average price of $109,801 per coin. As of May 22, the company holds a total of 4,264 Bitcoins at a total cost of $390 million, with an average holding cost of $91,471 per coin.
Documents show that the company has raised a total of $114.8 million through its ATM issuance plan, with some funds used for Bitcoin investments. The company's website has launched a Bitcoin holdings data dashboard, disclosing key indicators including 'Bitcoin Yield' (YTD 25.8%). The funds used to purchase Bitcoin come from a prior stock issuance agreement signed with Barclays and five other investment banks.
Kazakhstan will legalize cryptocurrency exchange services to fiat currency through the issuance of licenses.
Yerlan Ashykbekov, head of the payment systems department at Kazakhstan's central bank, announced that the country will legalize cryptocurrency exchange services to fiat currency through the issuance of licenses. The new regulations require trading platforms to establish risk management systems, user interaction rules, and asset protection mechanisms, and the central bank will approve a list of tradable cryptocurrencies.
According to the legislative amendment, licensed exchange operators will be able to operate under central bank supervision. Currently, only exchanges within the Astana International Financial Center (AIFC) can operate legally, and the new regulations will integrate two regulatory systems. The Deputy Minister of Digital Development, Kanysh Tuleushin, revealed that current policies require miners to sell 75% of their output through AIFC platforms. The new regulations will also create a 'secured digital asset' market, divided into three categories: fiat currency stablecoins, digitized certificates for financial instruments, and tokenized assets of traditional financial instruments such as bonds and stocks. The central bank will also launch a digital asset regulatory sandbox.
Ant International partnered with HSBC to launch the first bank-led tokenized deposit service in Hong Kong.
According to Crowdfundinsider, Ant International has become the first corporate client in Hong Kong to adopt HSBC's new tokenized deposit service, marking a significant step in Hong Kong's effort to integrate blockchain with traditional finance. This service enables real-time round-the-clock payments in HKD and USD between corporate accounts through tokenized deposits on a blockchain ledger, significantly enhancing cross-border fund management efficiency. This initiative was launched after a successful pilot on Ant International's Whale platform and is the first blockchain-based settlement service led by a commercial bank in Hong Kong. Ant International's partnership with HSBC dates back to 2020, and the two companies also tested cross-bank transfers denominated in HKD under the Hong Kong Monetary Authority's 'Ensemble Sandbox' program last year.
The New York Times reveals Trump banquet guests: including founders of Wintermute, Delphi Digital, and others.
According to photos taken at the Trump banquet by the New York Times and information disclosed by some attendees, those invited to the banquet included not only Sun Yuchen but also Washington lawyer Elliot Berke, Wintermute founder and CEO Evgeny Gaevoy, Delphi Digital co-founders Anil Lulla and Yan Liberman, Shanghai cryptocurrency investor Cheng Lu, CTS International founder Stephen Dworkin, Hyperithm CEO Sangrok Oh and executive Charles Ayres, co-founder of cryptocurrency company Origin Matthew Liu, conservative media figure Caitlin Sinclair, former NBA star Lamar Odom, Acheron Trading founder Wesley Pryor, co-founder and CEO of NFT platform Magic Eden Jack Tan Lu, founder of cryptocurrency exchange Synthetix Kain Warwick, and CEO of Kronos Research Vincent Liu.
More than 30 U.S. House members called for an investigation into Trump's Meme coin banquet.
35 U.S. House members jointly wrote to the Justice Department, requesting an investigation into President Trump's private banquet for TRUMP Meme coin holders on May 22, alleging potential violations of the 'foreign emoluments clause' of the Constitution and federal anti-bribery laws. The lawmakers noted that most attendees appeared to be foreign citizens, and this undisclosed contact could serve as a channel for foreign governments to influence U.S. policy. Democrats are also pushing two legislative measures: 1) to restrict government officials and their relatives from engaging with cryptocurrency; 2) to add amendments targeting Trump family-affiliated stablecoin platforms to the (GENIUS Act). Legal experts pointed out that if the Justice Department determines that the banquet constitutes foreign influence, it could lead to constitutional litigation.
Forbes: Trump used the Presidential seal at the Meme coin banquet, possibly violating federal law.
According to Forbes, U.S. President Trump used the presidential seal podium at the private banquet for Meme coin TRUMP holders, which may violate Section 713 of Title 18 of the U.S. Code. This law prohibits using the presidential seal in a manner that implies government endorsement, with violators facing up to 6 months in prison or fines. Legal experts pointed out that the presidential seal is only for official occasions, and previous presidents such as Obama and Biden have never used the symbol in private commercial activities. The White House has not responded to media inquiries about the legality of using the seal.
The National Cyberspace Administration is rectifying online financial information chaos, cracking down on illegal accounts that hype virtual currency trading.
According to CCTV, the National Cyberspace Administration, in conjunction with financial regulatory authorities, has legally dealt with a number of accounts and websites spreading false information about the capital market, illegal stock recommendations, and speculation on virtual currency transactions. Some typical cases include accounts like 'Love Stock APP' and 'Captain Jack's Macro Strategy' that published false capital market information and regulatory rumors; accounts like 'Kang Ge Talks Finance' that illegally recommended stocks; and multiple social media accounts like 'Fire Brother Talks Crypto' and 'Finance - Xu Yanwen' that induced users to participate in virtual currency trading through group chat screenshots and profit displays. Platforms such as PKEX, WEEX, and HTX provided download or indirect trading services for overseas exchanges; accounts like 'Little North Yow' spread financial black and gray industry information. Relevant accounts and websites have been legally shut down.
Viewpoints
Arthur Hayes: The bull market target may be 'HYPE surpassing SOL'.
BitMEX co-founder Arthur Hayes stated on X platform that his target in this bull market may be 'HYPE's market cap surpassing SOL', and asked the community: 'What do you think fam?'
Zhao Changpeng: There are rumors that a certain VC is lobbying heavily against Binance's support for U.S. crypto development.
A certain X user asked Zhao Changpeng: 'Has the Wall Street Journal asked you for money to stop defaming you?' Zhao Changpeng replied, 'They haven't asked me for money to stop defamation, but I've heard they take money to smear us. There are rumors that a large venture capital firm that invested in a certain American crypto exchange is lobbying heavily against 'Binance helping the U.S. become a crypto capital'. They spent millions on 'lobbying activities'. This is a sign of fear of competition.'
Bitwise predicts that by the end of 2026, countries and institutions will hold 4.269 million Bitcoins.
According to Bitcoin Magazine, Bitwise, which manages $12 billion in assets, predicts that by the end of 2026, countries and institutions will hold 4.269 million Bitcoins, with a total value of $426.9 billion.
The Governor of Texas expressed support for the Bitcoin strategic reserve bill.
Texas Governor Greg Abbott expressed support for a bill to establish a Bitcoin strategic reserve in the state through his official X account. The bill SB 21 was passed by the state house on May 21 and is currently awaiting the governor's signature.
Abbott has publicly supported cryptocurrency legislation since 2021, proposing to make Texas the 'crypto capital' in 2024. Texas is one of the few state governments proposing to establish a crypto reserve after the 2024 elections. Previously, New Hampshire Governor Kelly Ayotte signed a similar bill on May 6, and Arizona also passed new regulations regarding the disposal of unclaimed cryptocurrency.
SEC Commissioner: Staking activities are not within the jurisdiction of securities law.
According to the official blog of staking service provider Figment, SEC crypto working group leader Commissioner Hester Peirce stated in a speech on May 19 that direct participation in Proof of Stake (PoS) and Delegated Proof of Stake (DPoS) systems does not fall under the jurisdiction of securities law. This is the first time a senior SEC official has made such a statement regarding staking activities.
Peirce pointed out that the SEC will issue further guidance clarifying which activities are not subject to securities law, including technical services that assist in participating in consensus mechanisms. She acknowledged that the SEC's past enforcement approach has failed to effectively prevent fraud and instead has confused compliant operators. This statement is seen as a positive signal for U.S. institutions to participate in staking activities. Figment stated that this will promote broader adoption of staking services by U.S. institutions.
Project updates
The new project Chainge by the founder of Multichain has trapped user funds for months, and the promised solutions have not been fulfilled.
The cross-chain DeFi project Chainge has been reported to have trapped user funds for months, with the promised solutions not being fulfilled. The project is led by Multichain founder DJ Qian and combines cross-chain bridge and decentralized exchange functions. User complaints show that from the end of 2024 to early 2025, many users reported transaction lag and inability to process, particularly with the wKAS (wrapped version of Kaspa) cross-chain issue being the most severe. The team blamed 'malicious actors abusing the service causing liquidity shortages', but wKAS has significantly decoupled, and the partnership with 'kas.fyi' has been terminated.
The project team stated on March 24 that '100% will be resolved', but as of May 22, it has yet to be fulfilled. The front-end page still allows cross-chain functionality, posing a risk of continued fund absorption. Protos has contacted the Chainge team for comment but has not received a response.
The Ethereum blockchain game Ember Sword announced its closure due to lack of operational funding.
The Ethereum blockchain game (Ember Sword) previously attracted $203 million in revenue through NFT land sales four years ago, but has now announced its closure. Developer Bright Star Studio stated that due to failing to secure the funding needed for ongoing operations, the game servers have permanently shut down, and related Discord channels have also been restricted.
Project history shows that this MMORPG game attracted 35,000 players to purchase virtual land NFTs worth $203 million during its peak in 2021. The advisory team includes industry veterans like former Blizzard Chief Creative Officer Rob Pardo. After the closed beta test began in July 2024, the response was poor, and it failed to turn around even after migrating to the Ethereum Layer 2 network Mantle. The game token EMBER has plummeted to a market cap of $80,000, down over 96% from its peak.
YGG establishes a gaming publishing department YGG Play and launches its first blockchain game (LOL Land).
The blockchain gaming guild Yield Guild Games (YGG) announced the establishment of a gaming publishing department YGG Play and launched its first 'casual speculative' blockchain game (LOL Land). The game is developed based on the Pudgy Penguins' Abstract chain and has received over 100,000 pre-registrations.
Product details reveal that this browser-based board game includes four themed maps such as YGG City, integrating Pudgy Penguins IP characters. It offers two modes: a free mode with no token rewards, and a paid mode that requires purchasing game entries to earn YGG tokens (prize pool of $10 million). YGG founder Gabby Dizon stated that the product is specifically designed for crypto-native users familiar with NFT and Meme coin trading. In terms of strategic transformation, YGG is shifting from an investor to direct development, abandoning the mainstream market to focus on 'crypto casual players.'
Token B has fallen nearly 38% in the last 24 hours, possibly affected by rumors of WLFI selling the token.
Data shows that BUILDon's Token B is currently priced at $0.1873, with a 24-hour decline of 37.9%.
Additionally, media reports indicate that WLFI-related addresses are selling Token B, while chain analyst @ai_9684xtpa confirmed that the address that bought Token B did not sell.
Binance Alpha and Binance Futures will list Sophon (SOPH).
According to Binance's official announcement, Sophon (SOPH) will begin trading on Binance Alpha at 9:00 PM Beijing time on May 28. Additionally, Binance Futures will launch SOPH/USDT perpetual contracts at 9:30 PM Beijing time on May 28, supporting up to 50x leverage. Binance will provide exclusive token airdrops to eligible users. Eligible users must claim the airdrop using Binance Alpha points on the Binance Alpha event page, with the claim period from 9:00 PM Beijing time on May 28 to 9:00 PM on May 29.
Binance Alpha launches Orbiter Token (OBT).
Sophon will have its TGE on May 28, and the SOPH token economics have now been announced.
Sophon announced that SOPH will have its TGE on May 28, and the token economics were released, allocating 57% to the community (including 20% node rewards, 26% ecological reserves, 9% airdrops, and 2% L2 liquidity mining); 25% allocated to core contributors (released over 4 years); 18% allocated to seed round investors (released over 3 years).
The airdrop plan allocates 6% to L1 Farmer users, with an additional 3% airdrop to early supporters (Sophon users, active ZKsync users, holders of related NFTs, community contributors, etc.). Users can check eligibility at claim.sophon.xyz. OKX users can pre-register and receive an extra 5% SOPH reward on TGE day.
Cetus offers a $5 million reward for hacker clues.
According to official news, Cetus stated that it has not yet received a response from the hacker and urged them to seriously consider the previously proposed negotiation conditions. Meanwhile, with the support of Inca Digital and the Sui Foundation, Cetus announced a $5 million reward for information that successfully identifies and assists in the arrest of the hacker, including name, location, and solid evidence. Information can be sent via email to [email protected] with the subject 'Cetus lead'. Cetus added that if the hacker chooses to cooperate and accept the proposal, no legal responsibilities or reward actions will be pursued, and the reward amount will be paid at the discretion of the Sui Foundation.
Huma Finance and Jupiter DAO's cooperative vote has passed, and the presale has now launched.
Huma Finance announced that the alliance vote with Jupiter DAO has concluded, with 86% voting in favor of the collaboration. Currently, the HUMA token presale is open to Huma OGs and JUP stakers. The presale subscription will close at 8:00 PM Beijing time on May 25, and participants are required to deposit USDC. Tokens obtained from the presale will be unlocked 3 months after the subscription ends.
The prediction market Kalshi now supports Solana deposits.
According to official news, prediction market Kalshi has announced support for Solana deposits, allowing users to fund their accounts from their wallets.
There were previous market rumors that KALSHI would allow cryptocurrency deposits.
WalletConnect tokens expand to Solana and will airdrop 5 million WCT.
The cross-chain protocol WalletConnect announced that its governance token WCT has officially launched on the Solana network and will airdrop 5 million WCT to active Solana users. This integration marks the start of WalletConnect's 'multi-chain process', with more chain integrations in development. WalletConnect Foundation founder Pedro Gomes stated that the protocol is shifting from 'Ethereum centralization' to 'chain-agnostic protocol', with deep cooperation with the Solana ecosystem that has lasted for months.
In 2024, WalletConnect will launch a decentralized plan, introducing the WCT token and establishing a foundation. This airdrop follows last year's distribution of 50 million WCT tokens to users. Several leading Solana applications, including the lending platform Save and the perpetual contract exchange Drift, have adopted its infrastructure.
Sui: Supports Cetus protocol upgrade but waives voting rights; Cetus must fully compensate users.
Sui tweeted that earlier today, Cetus called for a community vote to upgrade the protocol to return frozen funds without rolling back on-chain history or revoking transactions. This is a special request in response to specific needs (Cetus’s client funds are in jeopardy). After consideration, the Sui team decided to support its on-chain voting proposal but with two conditions: Sui will remain neutral on the voting results and waive its official voting rights, and Sui's responsibility is to design and execute a decision-making process that reflects the collective will of the Sui community (specific plans and codes will be announced soon); Cetus must publicly commit to mobilizing all financial resources to restore funds until all client funds are fully returned.
The official X account of HyperFND was hacked.
Hyperliquid tweeted a reminder that the HyperFND Twitter account has been hacked, and the Hyperliquid blockchain remains unaffected, advising users not to interact with any links or tweets from that account.
Financing news
Alchemy completes the acquisition of NFT issuance platform HeyMint, expanding its 'smart wallet' services.
Web3 infrastructure company Alchemy announced the completion of its acquisition of NFT issuance platform HeyMint, with the deal finalized on April 30, and specific terms undisclosed. The core team of HeyMint will join Alchemy to jointly develop smart wallet products. It is reported that HeyMint provides NFT collection creation tools that require no programming knowledge, supporting Ethereum and its Layer 2 networks.
Important data
Bitcoin spot ETF saw a total net inflow of $212 million yesterday, marking 8 consecutive days of net inflows.
Ethereum spot ETF saw a total net inflow of $58.6295 million yesterday, marking 6 consecutive days of net inflows.
James Wynn's Bitcoin long position size has increased to nearly $1.2 billion, with floating losses exceeding $21 million.
According to Onchain Lens monitoring, whale James Wynn's BTC long position uses 40x leverage and is currently nearing $1.2 billion. Wynn currently has a floating loss of over $21 million, although he has realized a profit of $35.19 million. Wynn is also gradually closing his PEPE long positions.
James Wynn closed his PEPE positions, realizing a total profit of $25.18 million.
According to @ai_9684xtpa's monitoring, James Wynn has closed all his $PEPE positions, realizing a profit of $25.18 million. James Wynn turned an initial investment of $7,000 into $25 million in 2023, and made another profit of $25.18 million by going long on PEPE in 2025, with total profits exceeding $50 million for the single token.
