Today's news tips:
1. Biden vetoes resolution seeking to overturn SAB 121, says consumer protections are "necessary"
2. Zhao Changpeng has started serving his sentence in a federal prison in California
3. The Hong Kong Securities and Futures Commission updated the list of virtual asset trading platforms, and 11 platforms were deemed to be licensed
4. Uniswap Foundation postpones UNI token staking and delegation reward voting, UNI falls 8.2%
5.ARK Invest withdraws from 21Shares' proposed Ethereum spot ETF, saying "will not advance Ethereum ETF at this time"
6. Bitcoin spot ETF had a net inflow of US$48.738 million yesterday, with a total net asset value of US$57.94 billion
7. Arthur Hayes withdraws another 100,000 PENDLE from Binance, worth about $610,000
Regulatory News
Biden vetoes resolution seeking to overturn SAB 121, says consumer protections are 'necessary'
US President Biden vetoed a resolution aimed at overturning the SEC's cryptocurrency custody accounting standards announcement (SAB 121). In a letter to the U.S. House of Representatives published on the White House website, Biden stated: "My government will not support measures that endanger the interests of consumers and investors. In order to take advantage of the potential opportunities of crypto asset innovation, appropriate guardrails to protect consumers and investors are necessary." It is reported that overturning the veto requires a two-thirds majority vote in both the Senate and the House of Representatives. According to previous news, the U.S. Senate and the House of Representatives have passed resolutions aimed at overturning SAB 121. SAB 121 was first issued in 2022 and has caused controversy over the past year. It requires cryptocurrency custodians to record cryptocurrencies held by customers as liabilities on their balance sheets. The crypto industry is concerned that this move may prevent banks from protecting digital assets.
Franklin Templeton, VanEck, and Invesco Galaxy File Amended S-1 for Ethereum Spot ETF
Franklin Templeton, VanEck and Invesco Galaxy have submitted revised S-1 forms for Ethereum spot ETFs to the U.S. Securities and Exchange Commission (SEC) on Friday. According to its filing, Franklin Templeton plans to charge a fee of 0.19%. VanEck said in its latest revised S-1 filing that the company has received $100,000 in seed funding. Invesco Galaxy added in its latest revised S-1 filing that Bank of New York Mellon will serve as a cash custodian and Coinbase Custody Trust will serve as an Ethereum custodian.
Zhao Changpeng has begun serving his sentence in a California federal prison
According to CNBC, Zhao Changpeng has begun serving his sentence in a low-security federal prison in Lompoc, California. Zhao Changpeng's defense team Latham & Watkins confirmed that he has been detained. Zhao Changpeng pleaded guilty in November last year. He was accused of failing to implement effective anti-money laundering procedures and violating the Bank Secrecy Act. The United States ordered Binance to pay a $4.3 billion fine. Zhao Changpeng agreed to pay a $50 million fine. In April this year, he was sentenced to four months in prison.
US SEC issues warning to investors, highlights five common cryptocurrency scams
The U.S. Securities and Exchange Commission's Office of Investor Education and Advocacy has issued a warning highlighting five common cryptocurrency scams that investors should be wary of to avoid losses. The SEC warned that fraudsters are taking advantage of the popularity of cryptocurrencies and using sophisticated techniques that make it difficult to recover funds.
First, scammers build trust through social media or unexpected text messages, pretending to be an acquaintance. They quickly move the conversation away from the initial platform, build a relationship, and present a lucrative cryptocurrency investment opportunity. They create legitimate-looking but fake websites that show fake profits and allow small withdrawals to build trust before demanding large sums that are then unavailable.
Second, scammers take advantage of the hype around emerging technologies such as artificial intelligence (AI). They use AI-related buzzwords and promises of high returns to attract investment. AI technology is also used to create realistic websites, marketing materials, and deepfake content that mimics celebrities or trusted individuals to gain trust.
Third, scammers impersonate trusted sources, including government agencies such as the U.S. Securities and Exchange Commission (SEC). They use AI technology and hacked social media accounts to send messages that appear to be from friends or family, promoting fraudulent investment opportunities. Even if the promotion appears to come from a well-known person, it may be a scam.
Fourth, the SEC warns that fraudsters may use crypto assets to conduct price-pumping scams, including so-called "meme coins" that refer to pop culture or internet memes. "For example, scammers may create a memecoin and then hype it up on social media — sometimes they call it a 'pre-sale' — to entice others to buy it and 'pump up' or increase its price. The promoters or others they work with then 'dump' or sell it before the hype ends, profiting from the inflated price," the securities regulator noted. "Typically, after the promoters sell and profit, the price quickly drops, and others who bought the tokens lose most of their money."
Finally, scammers ask for additional fees for withdrawals, which is known as advance fee fraud. They may claim that the account is frozen or under investigation, or demand repayment of an alleged erroneous deposit. Scammers also target previous victims, promising to help recover lost assets, asking for additional fees or access to private keys, leading to further losses. Finally, the SEC advises investors to avoid making decisions influenced by unsolicited contacts or social media recommendations, emphasizes the need to independently verify any claims, and be cautious about investments that require payment in crypto assets.
Hong Kong Securities and Futures Commission updates the list of virtual asset trading platforms, and 11 platforms are deemed to be licensed
The Hong Kong Securities and Futures Commission has updated the list of virtual asset trading platforms. According to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, 11 platforms including HKbitEX, PantherTrade, Accumulus, DFX Labs, Bixin.com, xWhale, YAX, Bullish, Crypto.com, WhaleFin, and Matrixport HK are considered to have been licensed; only 6 platforms including BGE, HKVAX, VDX, bitV, HKX, and bitcoinworld are left on the application list and have not been considered to have been licensed.
The Hong Kong Securities and Futures Commission reminds that all virtual asset trading platform applicants listed in the list have not been licensed and may not comply with the requirements of the Securities and Futures Commission. The Hong Kong Securities and Futures Commission has recently reminded the public that the non-violation period of virtual asset trading platforms operating in Hong Kong under the Anti-Money Laundering Ordinance will end on June 1. From June 1 this year, all virtual asset trading platforms operating in Hong Kong must be licensed by the Securities and Futures Commission in accordance with the Ordinance, or be virtual asset trading platform applicants who are "deemed to be licensed." It is a criminal offense to operate a virtual asset trading platform in Hong Kong in violation of the Ordinance. The Securities and Futures Commission said that it will take all appropriate actions against any illegal acts. The Hong Kong Securities and Futures Commission also stated that before the actual implementation and effectiveness of the policies, procedures, systems and control measures of the platform applicants deemed to be licensed are satisfied by the Securities and Futures Commission and formally licensed, the Securities and Futures Commission does not expect the platform to actively promote its services or establish business relationships with new retail customers.
El Salvador holds presidential inauguration ceremony, Nayib Bukele begins second term
Nayib Bukele attends the presidential inauguration ceremony at the Plaza Gerardo Barrios in El Salvador to start his second term. Five years ago today, Nayib Bukele was sworn in as the President of El Salvador, becoming the first Bitcoin President. On September 7, 2021, Bitcoin officially became the legal tender in El Salvador.
Project News
Coinbase: Metal L2 airdrop is not supported and Metal DAO (MTL) trading will be suspended on June 14
Coinbase Assets tweeted that Metal L2 announced the migration of MTL from the Ethereum mainnet to Metal L2 via airdrop. Coinbase will not support token airdrops and will suspend trading of Metal DAO (MTL) at around 2 a.m. Beijing time on June 15. Coinbase has moved MTL orders to a limit price mode. Limit orders can be placed and canceled, and matching may occur. MTL funds will continue to be open to users, and users can withdraw funds at any time. Users must transfer MTL assets to a self-custodial wallet that supports MTL V2 before 11 a.m. Beijing time on June 24 to ensure access to airdropped assets.
Uniswap Foundation postpones UNI token staking and delegation reward voting, UNI falls 8.2%
The Uniswap Foundation postponed the UNI token staking and delegation rewards vote originally scheduled for Friday because a stakeholder raised new issues related to the work that required additional due diligence to fully review. The team made the decision to postpone the vote due to the immutability and sensitivity of the proposed upgrade. The news caused the price of UNI to fall, currently at $9.9, a 24-hour drop of 8.2%. It is reported that the proposal, which was proposed in February this year to compensate Uniswap stakers and delegators, was originally scheduled to be voted on on May 31.
ARK Invest withdraws from 21Shares’ proposed Ethereum spot ETF, saying it will “not move forward with Ethereum ETF at this time”
ARK Invest will no longer be a partner in 21Shares' proposed Ethereum spot ETF, according to an amended registration statement filed on Friday. In the newly revised S-1 form, the Ethereum ETF previously named Ark 21Shares was renamed the 21Shares Core Ethereum ETF. A spokesperson for 21Shares said 21Shares and ARK will still work together on the ARK 21Shares Bitcoin ETF launched in January this year, as well as other existing futures products. In a statement, an ARK spokesperson said ARK believes in the transformative potential and long-term value of the Ethereum blockchain, but will not proceed with the Ethereum ETF at this time. The team will continue to evaluate effective ways to provide investors with opportunities to access this innovative technology and give full play to its advantages.
Important data
Global Bitcoin ETF holdings exceed 1 million BTC, setting a new record high
According to HODL15Capital, as of May 31, global Bitcoin ETFs held a total of 1,005,767 Bitcoins, a record high, with a value of over $68 billion. Among them, the U.S. Bitcoin spot ETF held 858,301 Bitcoins, with a value of over $58.1 billion.
Bitcoin spot ETF had a net inflow of $48.738 million yesterday, with a total net asset value of $57.94 billion
SoSoValue data shows that yesterday (May 31, US Eastern Time), the total net inflow of Bitcoin spot ETFs was US$48.738 million, of which:
Grayscale GBTC had a single-day net outflow of US$124 million, and the current historical net outflow of GBTC is US$17.902 billion.
The Bitcoin spot ETF with the largest single-day net inflow is BlackRock IBIT, with a single-day net inflow of US$169 million. Currently, IBIT's total historical net inflow has reached US$16.651 billion.
The second is Fidelity FBTC, with a single-day net inflow of US$5.9047 million. Currently, FBTC's total net inflow has reached US$8.89 billion.
As of now, the total net asset value of the Bitcoin spot ETF is US$57.94 billion, the ETF net asset ratio (market value as a percentage of the total market value of Bitcoin) is 4.34%, and the historical cumulative net inflow has reached US$13.858 billion.
A trader made $1.72 million in profit in 4 days by trading PEW
According to Lookonchain monitoring, a trader made $1.72 million in 4 days by trading PEW with only 3.2 ETH (12,300 USD), a profit of 140 times. The trader discovered PEW 3 minutes after the opening and spent 3.2 ETH (12,300 USD) to buy 27.05 billion PEW. Then he sold 8.05 billion PEW and received 83.5 ETH (315,000 USD). Currently, 19 billion PEW (1.42 million USD) are held, of which 18 billion PEW are evenly distributed among 15 addresses.
Arthur Hayes withdraws another 100,000 PENDLE from Binance, worth about $610,000
According to on-chain analyst Ember, BitMEX founder Arthur Hayes has withdrawn another 100,000 PENDLE ($610,000) from Binance. Arthur Hayes has purchased PENDLE through Binance and Wintermute since June last year, and currently holds 1,655,697 PENDLE ($10.21M). His average PENDLE cost is about $2.27, and his current floating profit is as high as $6.45M (+171%).
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