U.S. Congress may vote on cryptocurrency bill in late May
According to CryptoSlate, Patrick McHenry, chairman of the House Financial Services Committee, said that the U.S. Congress may vote on the 21st Century Financial Innovation and Technology Act (FIT21) by the end of May. FIT21 will give the CFTC jurisdiction over cryptocurrencies and the SEC jurisdiction over cryptocurrencies offered in investment contracts. FIT21 also sets rules for companies that must register with the SEC and CFTC, including requirements for customer disclosure, asset protection, and operations. The legislation aims to provide a clear regulatory framework for digital assets and address long-standing market regulation and consumer protection issues. It is reported that FIT21 is the most comprehensive cryptocurrency legislation passed by a congressional committee to date and an important milestone in digital asset regulatory legislation.
US Department of Justice: Tornado Cash indictment has nothing to do with "free speech"
According to Protos, the U.S. Department of Justice explained why Tornado Cash founder Roman Storm's motion to dismiss the criminal lawsuit was invalid. The U.S. Department of Justice reiterated that its indictment has nothing to do with whether Tornado Cash's computer code is free speech or protected by the First Amendment. The defendants were not prosecuted for publishing computer code, but for using it to promote profitable illegal businesses.
Likewise, the DOJ explains, banks use computer code to process financial transactions. If that code does the job of a money transmitter as defined by law, then that code is not just free speech, but computer code that humans must ensure is implemented in a way that does not violate money transmission laws. Tornado Cash is part code, part speech, and part commerce, and overall, it is a human creation. Storm didnât just publish code; he ran a business and made operational decisions over the years.
The Justice Department said that Tornado Cash's protocol is not equivalent to Tornado Cash's business. Just because Tornado Cash has some open source code, it does not mean that all of Roman Storm's actions as the owner of Tornado Cash's business involving that code are constitutionally protected. The Justice Department is focused on Storm's purposeful conduct. Specifically, prosecutors are focused on the allegation that he knowingly operated an alleged money laundering business that generated more than $1 billion in ill-gotten gains for him to launder more than $1 billion in alleged criminal funds.
US CFTC proposes ban on event contracts for betting on outcomes of political events
According to CoinDesk, the U.S. Commodity Futures Trading Commission (CFTC) proposed on Friday to formally ban event contracts for betting on the results of political events, and three of the five commissioners supported the proposal. The public will have 60 days to comment on potential rules. Currently, prediction platforms such as PredictIt, Polymarket, Zeitgeist and Kalshi provide users with services to purchase contracts about the results of actual events, including elections and policy making.
Bloomberg: The U.S. Department of Justice has appointed consulting firm FRA as Binanceâs external regulator
According to Bloomberg, citing people familiar with the matter, the U.S. Department of Justice (DOJ) has appointed consulting firm Forensic Risk Alliance (FRA) as Binance's external regulator. Wall Street law firm Sullivan & Cromwell was once considered the best choice for this role. As part of the plea agreement reached with the U.S. Department of Justice, Binance must accept three years of supervision.
US SEC responds to Coinbase's appeal: No court has followed the Ripple case ruling so far
Fox reporter Eleanor Terrett said on X Platform that in response to Coinbase's request for an interlocutory appeal, the U.S. Securities and Exchange Commission (SEC) cast a shadow on Judge Torres' ruling in the Ripple case, stating: "It is worth noting that no court has followed Ripple's ruling to date." In addition, Coinbase Chief Legal Officer Paul Grewal said: "While no court has followed Ripple's ruling, somehow no case has deviated from this court's ruling?"
According to CoinDesk, the U.S. SEC stated that the appellate court should not hear Coinbase's request to review whether or how traditional securities rules apply to cryptocurrencies. Coinbase unsuccessfully argued that this was necessary; Coinbase is trying to create a "new legal test" for how cryptocurrencies fit in. The district court judge has responded to existing securities precedents; while Coinbase's appeal states that it focuses on specific legal issues regarding "contractual obligations," its actual argument about the application of Howey rules to cryptocurrencies is a different issue.
OpenAI will launch a global live broadcast at midnight on May 14, but will not release GPT-5 and AI search engine
According to Wall Street Journal, OpenAI announced on Friday that it will broadcast some demonstrations about ChatGPT on Monday, May 13 at 10:00 Pacific Time (1:00 am Beijing Time on May 14). Sam Altman quoted the above news on the X platform and said that GPT-5 and AI search engine will not be released next Monday. Judging from the announcement, OpenAI will focus on the update of the chatbot ChatGPT and its artificial intelligence model next Monday. It has been more than a year since OpenAI released its last flagship model GPT-4, and the release of the new model is highly anticipated.
Market News: Apple is close to reaching an agreement with OpenAI to apply ChatGPT to iPhone
According to Jinshi, well-known technology reporter Mark Gurman broke the news that Apple (AAPL.O) is close to reaching an agreement with OpenAI to use the ChatGPT feature in the next-generation iPhone operating system iOS 18, which is part of Apple's broader efforts to introduce artificial intelligence features to its devices. Apple has also negotiated with Google to license the use of the Gemini chatbot. These discussions have not yet reached an agreement, but are still ongoing. After reaching an agreement with OpenAI, Apple will launch a chatbot as part of a series of new artificial intelligence features it plans to announce next month.
Coolpad Group intends to acquire up to $28 million of listed securities in the U.S. related to the crypto asset industry
According to Zhitong Finance, Hong Kong-listed Coolpad Group (02369) issued an announcement that in early May 2024, the company adopted an investment plan, according to which the group can acquire up to US$28 million (equivalent to approximately HK$219 million) of listed securities listed in the United States and related to the crypto asset industry through open market transactions.
Between April 16, 2024 and May 8, 2024 (Eastern Standard Time), Digital Tech (a direct wholly-owned subsidiary of the Company) acquired an aggregate of 1.5 million CLSK Shares at a total consideration of approximately US$23.84 million (equivalent to approximately HK$186.0 million) (excluding stamp duty and related expenses), equivalent to approximately US$15.89 (equivalent to approximately HK$124.26) per CLSK Share; and between April 19, 2024 and May 8, 2024 (Eastern Standard Time), Digital Tech acquired an aggregate of 113,000 IBIT Shares at a total consideration of approximately US$4.03 million (equivalent to approximately HK$31.51 million) (excluding stamp duty and related expenses), equivalent to approximately US$35.64 (equivalent to approximately HK$278.70) per IBIT Share.
The announcement stated that the group is actively seeking opportunities to enter the digital currency field. After considering the main business, future prospects and development potential of CLSK and IBIT, the directors believe that the acquisitions are opportunities for the group to acquire attractive investments, which can increase investment returns and allow the group to expand in the digital currency industry.
EigenLayer has opened the EIGEN token claim for Phase 1 Season 1. The claim window will close on September 7
According to official news, the liquidity re-staking protocol EigenLayer has opened EIGEN claims for Phase 1 Season 1 at around 1 a.m. today, and the claim window will close on September 7. 15% of the initial token supply has been reserved for the community throughout the season. At the beginning of Season 1, 6.05% of the initial supply can be claimed today, and Phase 2 of Season 1 will increase it to 6.75% in mid-June. Season 1 contains a total of approximately 113 million EIGEN.
In addition, according to CoinDesk, the Eigen Foundation officials stated in the Telegram community that they will open the EIGEN token transfer function at a later date, and their goal is September 30. Currently, speculators on DEXs such as Aevo and Hyperliquid currently value EIGEN at about $9. The total supply of EIGEN at launch is 1,673,646,668.28466 tokens, which will make the fully diluted value of the token $15 billion.
Cosmos Hub plans to implement Gaia v16 software upgrade on May 15
Cosmos Hub said on the X platform that the "Gaia v16 software upgrade" proposal has been approved by the community, and Cosmos Hub will perform the v16 upgrade at block 20440500 (May 15). The v16 version includes many new features enabled by the implementation of CosmosSDK 0.47, including: IBC rate limit module: prevents a large inflow or outflow of IBC tokens in a short period of time, adding an extra layer of protection for IBC transfers; 2. ICA controller submodule: enables Hub users to use their ub accounts to perform operations on other chains; 3. IBC fee middleware: creates IBC channels through in-protocol relay incentives; 4. ICS will be upgraded to v4.1.0-lsm, which introduces ICS epochs to reduce the relay cost of ICS.
Wells Fargo holds Grayscale GBTC position
According to Bitcoin Magazine, Wells Fargo, the third largest bank in the United States, disclosed that it holds 2,245 shares of Grayscale GBTC in a document submitted to the U.S. Securities and Exchange Commission (SEC) on May 10. In addition, Wells Fargo also holds a small amount of shares in ProShares BITO and Bitcoin ATM supplier Bitcoin Depot.
1155 WBTC phisher has transferred all 22960 ETH back to the victim's address
According to on-chain analyst Yu Jinâs monitoring, regarding the previous 1,155 WBTC phishing incident, the phishing gang had completed the transfer of all 22,960 ETH (66.88 million USD) from dozens of collections back to the victimâs address 5 hours ago. In this way, the victimâs phished assets have all been returned. This should be the transfer of all assets first, and then the bounty was paid to the phishing gang. Of course, it is also possible that the victim paid the bounty to the phishing gang through other channels.
ARK Invest and 21Sharesâ Latest Ethereum Spot ETF Applications Remove Collateralization Wording
According to The Block, the latest Ethereum spot ETF application submitted by ARK Invest and 21Shares does not include pledge. It is reported that pledge was mentioned in the previous application document, stating that "the issuer may sometimes pledge a portion of the trust assets through one or more trusted pledge providers." However, this wording has been deleted in the updated document on Friday. Eric Balchunas, senior ETF analyst at Bloomberg, said that this move may be a desperate move or an attempt to give the SEC one less reason to reject it.
James Simons, the 'King of Quantitative Analysis', dies at 86
The Simons Foundation announced on May 10 local time that James Harris Simons, co-founder and honorary chairman of the foundation, died in New York on May 10, 2024 at the age of 86. Simons is an award-winning mathematician and a legend in the field of quantitative investment. In his 40s, he turned from academia to the investment world and founded Renaissance Technologies, pioneering quantitative trading and becoming one of the most profitable investment companies in history. He is therefore known as the "King of Quantitative". Over the past 30 years, his returns have consistently outperformed the market, and the most famous Medallion Fund has a return rate of more than 4 times that of the S&P 500. From 1988 to 2023, even after deducting high fees, the fund's average annual return has reached an astonishing nearly 40%. Unlike Buffett's "value investment", Simons relies on mathematical models and computers to manage his huge funds, using mathematical models to capture market opportunities and computers to make trading decisions. He calls himself "Mr. Model" and believes that models can effectively reduce risks compared to personal investment.
Layer3 Foundation: Plans to launch L3 tokens this summer, 51% will be allocated to the community
The Layer3 Foundation, a distribution and identity protocol, announced that its token $L3 will be launched in early summer this year with a total supply of 300 million, of which 51% will be allocated to the community. The detailed token economics plan will be announced in June 2024. The Genesis airdrop accounts for 5% of the total supply and has been snapshotted for early users and first season participants (CUBE minters) at 2:00 pm UTC on May 10, 2024.
Merlin Chain: All assets of Merlin's Seal can now be unstaked
Merlin Chain officially announced that all assets of Merlin's Seal can now be unpledged, including BTC, Bitmap, BRC-20, BRC-420, ORDI-NFT, USDT, USDC and ETH. In addition, the Merlin Chain update also enabled asset transfers from Merlin (L2) to L1, but Runes do not support cross-chain withdrawals for the time being. At the same time, the Gas fee has been reduced from 0.00008 BTC (5.03 USD) to 0.00005 BTC (3.15 USD).
Data: Grayscale GBTC funds had a net outflow of US$103 million on May 10
According to Farside Investors' monitoring, Grayscale GBTC had a net outflow of US$103 million on May 10, while Bitwise BITB, Ark ARKB, and Franklin EZBC had no inflow/outflow of funds.
JPMorgan holds around $760,000 worth of Bitcoin spot ETF positions
According to Cointelegraph, the US financial giant JPMorgan Chase announced its holdings in Bitcoin spot ETFs from Grayscale, ProShares, Bitwise, BlackRock and Fidelity. According to documents filed with the U.S. Securities and Exchange Commission (SEC) on May 10, JPMorgan Chase holds approximately $760,000 worth of ProShares BITO, BlackRock IBIT, Fidelity FBTC, Grayscale GBTC and Bitwise BITB. In addition, the bank also holds 25,021 shares of Bitcoin ATM supplier Bitcoin Depot, worth approximately $47,000.
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