Market News:

1. The newly appointed chairman of the U.S. Securities and Exchange Commission emphasized at a digital asset seminar that the focus will be on advancing the norms for blockchain technology applications and the construction of a regulatory framework for cryptocurrencies. This policy direction constitutes a medium- to long-term benefit for the crypto sector, but in the short term, it may prompt some non-compliant projects (including unregistered token offerings and decentralized financial applications) to exit the market, promoting industry consolidation. Projects that meet regulatory requirements (e.g., XRP, which has completed securities registration) will gain a comparative advantage and may trigger price fluctuations in niche areas.

2. According to sources within the Federal Reserve, there has been an over-interpretation of Commissioner Harker's statement regarding the possibility of interest rate cuts in June.

3. Brazil, the largest economy in South America, officially launched the world's first exchange-traded fund (ETF) tracking the price of XRP on April 25.

4. Latest data shows that U.S. consumers' one-year inflation expectations rose to 6.5% in April, setting a historical peak since January 1980.