1. Popular currencies on CEX
CEX top 10 trading volume and 24-hour rise and fall:
BTC: +0.47%
ETH: +0.13%
SOL: -0.34%
PEPE: -1.93%
XRP: -1.76%
DOGE: -0.25%
SUI: -0.91%
TRUMP: +11.01%
TRX: +1.09%
BNB: -0.01%
24 H increase list (data source: OKX):
PSTAKE: + 24.50%
SNT: +8.34%
KAITO: +8.15%
RADAR: +6.19%
SONIC: +4.04%
OL: +2.64%
ZBCN: +2.58%
FLUID: +2.53%
CVX: +2.38%
APE: +2.30%
2. Top 5 popular memes on the chain (data source: GMGN ):
PIPE
BTRUMP
PBJT
fin
Fartcoin
3. 24-hour hot search currencies
pSTAKE (PSTAKE): A Bitcoin liquidity staking protocol supported by Binance Labs, it aims to provide non-custodial staking income to BTC holders through cooperation with Babylon, while empowering the DeFi ecosystem and improving Bitcoins capital efficiency. It ranks first in the 24-hour gain list.
SXT (Space and Time): An Ethereum-based ERC-20 utility token that supports its decentralized data platform and uses zero-knowledge proof technology (Proof of SQL) to achieve trusted access to on-chain and off-chain data. It ranks second on the 24-hour gain list.
Headlines
GENIUS Stablecoin Bill Senate Procedural Vote, Motion Vote Expected to Start on Wednesday
According to Eleanor Terrett, after the procedural motion of the GENIUS Act is passed, the debate and amendment process will be held in the Senate tomorrow night or Wednesday. In this vote, a total of 16 Democratic members changed their positions and voted in favor. Although the Republicans originally hoped to complete the final vote before Memorial Day, it is still uncertain whether it can be carried out as scheduled. This vote is regarded as an important first step in the passage of the GENIUS Act, which aims to provide a regulatory framework for the cryptocurrency industry.
SEC sues Unicoin and its executives for securities fraud, involving more than $100 million
The U.S. Securities and Exchange Commission (SEC) announced on May 20, 2025 that it had filed a lawsuit against New York City-based Unicoin, Inc. and three of its executives, alleging that they made false and misleading statements in the issuance of certificates claiming to obtain the crypto asset Unicoin tokens and the issuance of Unicoin common stock.
The SEC alleges that Unicoin and its executives falsely represented to more than 5,000 investors through extensive advertising (including advertisements at airports, in New York taxis, and on television) that its tokens would be backed by billions of dollars in real estate and pre-IPO company equity, when the actual asset value was far less than that.
In addition, the SEC alleges that Unicoin falsely stated that it had sold more than $3 billion in certificates, when it actually raised less than $110 million, and falsely advertised that its certificates and tokens were registered with the SEC. The SEC has filed a lawsuit in the U.S. District Court for the Southern District of New York, seeking a permanent injunction, disgorgement of ill-gotten gains, civil penalties, and a ban on the executives involved in the case. Unicoins general counsel, Richard Devlin, was also charged with negligently making similar false statements and has agreed to pay a $37,500 civil penalty.
Industry News
New York City Mayor Announces Cryptocurrency Advisory Committee
New York City Mayor Eric Adams announced on Tuesday (May 20) that the city will establish a digital asset advisory committee aimed at bringing fintech jobs to New York. Adams said at a summit held at the mayors official residence, Gracie Mansion, that the committee will be composed of industry experts and the chairman will be announced in the coming weeks. Adams emphasized that the move is to use future technology to better serve todays New Yorkers. In addition to commercial interests, New York City will also explore putting birth and death records on the chain to help New Yorkers next of kin more easily access these documents. Participants in the summit included family offices and unicorn startups. Andrew Durgee, co-CEO of Republic, said that despite regulatory issues and other issues, his company remained in New York while some other companies left the United States.
Argentine President Milley closes investigation unit into Libra scandal
According to market news: Argentine President Milley closed the investigation department of the Libra scandal. Earlier news, Argentine President Milley was involved in the Libra scandal. 57.6% of Argentines lost trust in President Milley, and only 36% still expressed support. This crisis of trust originated from the Libra meme coin incident in February. The market value of the token soared to 4.6 billion US dollars after Milley posted on social media, but plummeted 94% within a few hours. Although Milley argued that he only spread information rather than promoted it, the opposition party still launched an impeachment motion.
Eric Balchunas, senior ETF analyst at Bloomberg, wrote on the X platform that BlackRock is currently second only to Satoshi Nakamoto in terms of Bitcoin holdings, and has 57% of the worlds second largest Bitcoin holder, and is expected to become the worlds largest Bitcoin holder by the end of next summer. If Bitcoin reaches $150,000 in the next few months, financial advisory companies may see crazy buying, which may shorten BlackRocks timeline to the top.
Bancor files patent infringement lawsuit against Uniswap
Decentralized exchange Bancor has filed a patent infringement lawsuit against Uniswap, accusing it of unauthorized use of the Constant Product Automated Market Maker (CPAMM) technology that Bancor patented in 2017.
Bancor said the technology was designed in 2016 and patented in January 2017. Uniswaps protocol, launched in November 2018, was accused of using the invention. Bancor project leader Mark Richardson said Bancor had to take action because Uniswap continued to use its invention without authorization and compete with Bancor.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York, seeking damages. As of press time, Uniswap has not yet responded publicly. According to DefiLlama data, Uniswap far exceeds Bancor in terms of 24-hour trading volume.
Project News
Blackstone makes first bet on Bitcoin, buys only $1.08 million in IBIT fund
Blackstone has finally made a move on Bitcoin, but the investment giant still doesnt seem to be taking the worlds largest cryptocurrency seriously. As of the end of March, Blackstone held only $1.08 million worth of BlackRock Spot Bitcoin ETF (IBIT), the first time Blackstone has disclosed investing in crypto assets. With a total size of more than $60 billion, the ETF is the most popular ETF that tracks Bitcoin prices. Despite managing more than $1 trillion in assets, Blackstones investment in Bitcoin is still just a little bit. As early as 2019, Blackstone co-founder and CEO Stephen Schwarzman said he didnt like Bitcoin, I dont have much interest in it because its hard for me to understand.
Solana co-founder Raj warns of recent social media accounts being hacked
Solana co-founder Raj Gokal posted on the X platform today that attackers have been trying to control his email, social media, Google and Apple accounts over the past week. He reminded users that if they find abnormal content in their accounts (such as issuing coins, raising funds, etc.), it is very likely caused by hackers, and called on users to remain vigilant.
Investment and Financing
Catena Labs Completes $18 Million Seed Round, Led by a16z Crypto
Catena Labs, an AI-native financial startup founded by Circle co-founder Sean Neville, announced the completion of a $18 million seed round of financing, led by a16z crypto, with participation from Breyer Capital, Circle Ventures, Coinbase Ventures and Tom Brady. Catena Labs is committed to building an AI-native bank with AI agents at its core, and has developed open source protocols that support AI payment and identity systems. The company has not yet announced its valuation and has no plans to launch cryptocurrency or stablecoins in the short term.
Fintech startup Slash completes $41 million Series B financing, led by Goodwater Capital
Fintech startup Slash has completed a $41 million Series B funding round led by Goodwater Capital. Slash allows businesses to exchange between fiat currencies and cryptocurrency assets and manage their various cryptocurrency assets. The company currently has 35 employees and plans to use the new financing to expand its business and enter new areas.
True Markets Completes $11 Million Series A Financing, PayPal Ventures and Others Participate
Solana ecosystem cryptocurrency trading application True Markets announced the completion of US$11 million in Series A financing, with participation from PayPal Ventures, Variant, RRE Ventures and Reciprocal Ventures. The company currently has 10 full-time employees and focuses on centralized matching engines for institutional users. It recently launched real-time trading capabilities for customers.
Character Voice
Glassnode: Ethereum Pectra upgrade has yet to drive increased network participation
Glassnode posted on the X platform that the Ethereum Pectra upgrade has not yet driven an increase in network participation. Since the upgrade, the average number of new and restored addresses has decreased compared to the beginning of the year (-1.8% and -8.4% respectively), but the churn rate has also decreased significantly (-8.5%).
Feds Musallem: Inflation eased but still above 2% target
Feds Musallem said inflation has eased but is above the 2% target. If inflation expectations become unstable, the Feds policy should prioritize price stability.
Arkham: Ethereum co-founder Jeffery Wilcke transfers $262 million worth of ETH to Kraken
According to Arkham’s post on the X platform, Ethereum co-founder Jeffery Wilcke transferred ETH worth $262 million to Kraken, totaling about 105,737 ETH.
The U.S. Securities and Exchange Commission (SEC) released the testimony of its Chairman Paul S. Atkins before the House Financial Services and General Services Appropriations Subcommittee on May 20, 2025. He stated that he would prioritize promoting the SECs regulatory transparency and accountability mechanisms, especially in the field of digital assets, and emphasized that the SEC should conduct rigorous cost-benefit analysis when formulating rules to avoid excessive regulation that would adversely affect market innovation.
Paul Atkins also pointed out that the SEC will strengthen cooperation with Congress to develop a reasonable regulatory framework for the crypto asset market, ensure that its regulatory activities are in line with legislative intent, and take a prudent approach to digital asset regulation to avoid hindering technological progress. He said that the SEC will continue to fulfill its mission of protecting investors and maintaining market integrity while promoting the healthy development of financial markets.
