1. OP worth over 550 million USD will be unlocked at 8:00 on May 31st.
🚗Comment: OP will upgrade Bedrock on the 6th of this month. This upgrade is particularly important for OP. The upgrade can minimize the difference with Layer1 by making EVM equivalent as much as possible. It can reduce transaction costs and increase transaction speed. However, OP is facing huge unlocking. It is difficult to predict the market trend in the next week. Try not to do OP contracts now.
2. On June 1, Hong Kong’s new crypto regulatory framework, “Guidelines for Virtual Asset Trading Platform Operators”, came into effect.
🏎️Comment: The CHNC team lost contact, which is like pouring cold water on the concept of Hong Kong. But from another perspective, some consortiums began to apply for exchange licenses this week, preparing to set up their own exchanges in Hong Kong. Perhaps this month we can see new large consortiums enter the market and take away the impact of the CHNC incident.
3. Binance will delist 12 privacy coins including XMR and ZEC in France, Italy, Spain and Poland.
🚘Comment: Privacy tokens are in an awkward situation. They are in urgent need, but not very compliant. They are suppressed almost every year. This time, they were first removed from the shelves in France and other countries. I don’t know whether the EU will follow up. The EU has the most complete supervision now. If it follows up, it will be a bigger negative for privacy tokens.
4. The U.S. CFTC may change risk management rules to take cryptocurrencies into account.
🚙Comment: The U.S. House of Representatives has begun proposing a bill to divide the regulatory powers of the CFTC and the SEC more clearly. In fact, this is good news. The regulatory boundaries of cryptocurrencies in the United States have always been too vague. Using securities standards to describe cryptocurrencies has caused many problems. This new draft aims to clarify the issue of vague regulatory powers and may be able to establish a regulatory framework that is more in line with the existing crypto market. Keep paying attention.
5. Multichain: The CEO is still unable to be contacted to obtain the necessary server access rights, and the corresponding cross-chain services for the affected chains will be suspended on the UI.
🚄Comment: This week, Biker, Multichain and CNHC all had some problems. The root cause is that the project is not decentralized enough, the team is lucky, and the work location is in China. The CEO holds too much power, and problems cause the entire team to be unable to operate. In a circle that aims at decentralization, this is quite unreasonable.
6. The U.S. House of Representatives passed the debt ceiling bill.
🚗Comment: The passage of the debt ceiling bill eliminates major economic uncertainties, but it has no direct connection with the real economy. For the crypto community, which relies heavily on fiat currency liquidity, the passage of the debt ceiling bill may further drain liquidity from the crypto community, facing even more difficult situations. In addition, issuing more US government bonds will increase public spending, which is good for the economy and further delays interest rate cuts.
