Market overview:

Today's cryptocurrency market shows a strong bullish atmosphere, with 64% of market sentiment leaning towards bullishness. The fear and greed index has reached 64, indicating that the market is in the 'greed' phase. Institutional funds continue to flow in, with Fidelity's Bitcoin ETF experiencing a net inflow of up to $136.8 million on June 4.

Bitcoin has recently performed strongly, remaining the leader in the cryptocurrency ecosystem. Although there have been large fluctuations during the day, it has overall stabilized above key support levels, further confirming the market's optimistic sentiment.

Today's headlines:

1. SEC releases new cryptocurrency staking guidelines

The U.S. SEC's Division of Corporation Finance has released new guidelines clarifying that certain staking activities on PoS networks (including 'regulated cryptocurrency assets' and related custodial services) do not need to be registered as securities. This shift stands in stark contrast to previous actions taken against Binance, Coinbase, and others, which is viewed as a significant positive development by the industry, potentially paving the way for Ethereum staking ETFs.

“This is an important step forward for the cryptocurrency industry, as regulators begin to understand and are willing to cooperate with the industry.”

Impact analysis: The new guidelines are expected to promote the popularization of staking services, attract traditional financial institutions to enter the market, and influence the SEC's approval of Ethereum staking ETFs. The reduction of regulatory uncertainty is conducive to balancing innovation and investor protection.

2. Major U.S. banks explore joint stablecoin issuance

On May 28, 2025, major banks including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are considering jointly issuing a stablecoin, benefiting from regulatory clarifications from the FDIC and OCC. Banks are gradually entering the cryptocurrency field through pilot programs and collaborations.

Impact analysis: Bank-led stablecoins are expected to bridge traditional finance and the cryptocurrency world, enhancing market recognition and stability, and attracting more institutional and retail participation.

3. CFTC chair nomination hearing upcoming

Former CFTC commissioner and current a16z crypto policy head Brian Quintenz has been nominated by President Trump to be the CFTC chair, with the hearing scheduled for June 10. His extensive background in cryptocurrency is viewed positively by the industry.

Impact analysis: Once confirmed, Quintenz is expected to promote more favorable cryptocurrency policies, boosting market confidence and liquidity.

4. SEC to hold DeFi roundtable on June 9

The SEC's crypto special task force will hold a roundtable titled “DeFi and the American Spirit” on June 9, inviting industry representatives such as Erik Voorhees and Rebecca Rettig, with Commissioner Hester Peirce presiding. The event will be open to the public.

Impact analysis: This roundtable is expected to influence the SEC's future regulatory policies on DeFi, promoting innovation and compliance, and affecting the development of decentralized finance applications.

In-depth interpretation: The SEC's latest cryptocurrency staking guidelines

Background: Cryptocurrency staking refers to users locking up cryptocurrency assets to support PoS networks and earn rewards, which has long been in a regulatory gray area. On May 29, 2025, the SEC's Division of Corporation Finance released new guidelines clarifying that certain staking activities do not constitute securities, marking a milestone for the industry.

Analysis: The new guidelines state that “protocol staking activities” on PoS networks and related custodial services do not need to be registered as securities. This contrasts with previous actions taken against Binance, Coinbase, and others (which have been dismissed). The new rules provide traditional financial institutions with the confidence to enter staking services and are expected to facilitate the approval of Ethereum staking ETFs.

Key points summary:

- Regulatory clarity: The SEC clarifies that staking is not equivalent to securities, reducing uncertainty for project parties.
- Innovation acceleration: Clear rules help the emergence of more staking services and new products, driving industry growth.
- Institutional entry: Banks and asset management institutions are expected to explore staking business, further promoting the mainstreaming of cryptocurrencies.
- ETF channel: Ethereum staking ETFs are expected to be approved, bringing new investment opportunities to the Ethereum ecosystem.
- Global demonstration effect: Regulatory innovations in the U.S. are expected to lead globally, promoting regulatory consistency across countries.

The cryptocurrency market is currently at a turning point. Regulatory clarity and institutional entry are accelerating the maturity of the industry. From the SEC's new staking regulations to the CLARITY Act, these developments indicate that the cryptocurrency industry is about to enter a new phase.

Wishing you successful trading and always remember to DYOR!