24H Hot Tokens & Headlines｜US Senate Banking Committee Passes CLARITY Act; Gemini’s Q1 Revenue Up 42% (May 14)
- Key Takeaways: This report outlines recent key dynamics in the cryptocurrency market, including hot token trends on CEXs and on-chain, the first crypto regulatory bill passed by a US Senate committee, and progress on multiple projects in financing and IPOs. It also reveals the risk event of highly concentrated LAB token supply.
- Key Elements:
- The US Senate Banking Committee passed the CLARITY Act with a 15-9 vote, marking the first major regulatory legislation for the crypto industry. It has support from Coinbase, Circle, and others, but faces opposition from the banking sector.
- Among hot CEX tokens, AIGENSYN led the gains (+57.94%), followed by ZEC (+6.02%) and XRP (+4.74%). Popular on-chain Meme tokens include CATCH and Bee.
- Gemini’s Q1 revenue grew 42% year-over-year, with credit card revenue surging 300% year-over-year. Its stock price surged as much as 30% in after-hours trading. Bullish’s Q1 revenue missed expectations, with its pre-market stock falling nearly 8%.
- Consensys has postponed its US IPO plans to at least this autumn, citing market declines and macroeconomic uncertainty. Kraken and Ledger have also paused their IPOs.
- On-chain detective ZachXBT exposed issues with the LAB token, alleging that insiders control over 95% of its supply, manipulated its valuation to $60 billion via market makers, and called on exchanges to freeze related profits.
- Stablecoin digital bank Fasset completed a $51 million Series B funding round, with an annualized transaction volume exceeding $32 billion. Onramp and Turnkey each secured $12.5 million in funding.
- JPMorgan analysts noted that without improvements in on-chain activity, DeFi, and real-world applications, ETH and altcoins may continue to underperform Bitcoin.
1. Popular Coins on CEX
CEX Top 10 by Trading Volume and 24-Hour Change:
- BNB: +0.80%
- BTC: +2.33%
- ETH: +1.45%
- XRP: +4.74%
- DOGE: +1.63%
- SOL: +1.24%
- ZEC: +6.02%
- PEPE: +0.74%
- TRX: +1.06%
- AIGENSYN: +57.94%
24-Hour Top Gainers (Data Source: OKX):
- DEGEN: +46.66%
- SD: +14.64%
- HYPE: +13.90%
- CFX: +12.40%
- GOAT: +12.08%
- IMX: +9.89%
- PNUT: +9.23%
- AIXBT: +8.13%
- FLR: +8.04%
- MERL: +7.62%
24-Hour Crypto Stock Top Gainers (Data Source: msx.com):
- POET.M +65.84%
- VIVO.M +59.11%
- VELO.M +33.71%
- QNTM.M +33.65%
- WOLF.M +30.31%
- TSEM.M +27.61%
- GEMI.M +26.48%
- GREE.M +26.40%
- VOYG.M +24.62%
- RDW.M +24.39%
2. Top 5 On-Chain Meme Coins (Data Source: GMGN):
- CATCH
- Bee
- TRADE
- Fomo
- RIPCAGE
Headlines
U.S. Senate Banking Committee Passes CLARITY Act with 15:9 Vote
The U.S. Senate Banking Committee passed the CLARITY Act by a vote of 15 to 9, marking the first major piece of regulatory legislation specifically for the crypto industry. It was supported by all Republicans and Democratic Senator Ruben Gallego. The bill still requires a full Senate vote and House consideration before being signed by President Trump. Coinbase, Circle, Ripple, and a16z expressed support for the bill, while banking groups and labor organizations opposed it. (CNBC)
Kremlin: Preparations for Putin's Visit to China Complete; Specific Date to Be Announced Soon
Kremlin spokesman Dmitry Peskov stated that preparations for Russian President Vladimir Putin's upcoming visit to China are fully complete, and the specific date will be announced in the near future. (Global Times)
Industry News
U.S. CFTC Issues No-Action Letter on Event Contract Data Reporting
The CFTC's Division of Market Oversight and Division of Clearing and Risk issued a no-action letter, temporarily refraining from recommending enforcement action against market participants who fail to comply with swap-related recordkeeping requirements or fail to report data on fully collateralized event contracts to the repository. The CFTC plans to simplify the approval process to ensure uniform treatment of market participants.
U.S. President Considering 250 Pardons; Crypto Defendants Seek Clemency
The White House is considering issuing 250 presidential pardons to commemorate the 250th anniversary of the nation's founding. Multiple crypto defendants, including Sam Bankman-Fried and Roger Ver, are seeking executive clemency. The White House has explicitly stated there are currently no plans to pardon SBF. Ross Ulbricht, BitMEX founders, and CZ have previously received pardons. (financefeeds)
Market News: OpenAI Partners with Law Firm, Prepares to Sue Apple
Tensions are rising in the partnership between Apple and OpenAI. OpenAI is collaborating with a law firm and preparing to take legal action against Apple.
Project News
Gemini Q1 Revenue Up 42%; Stock Surges 30% in After-Hours Trading
Gemini's Q1 revenue reached $50.3 million, a 42% year-over-year increase, driven primarily by OTC trading and credit card business. Credit card revenue grew approximately 300% year-over-year, now accounting for nearly half of total revenue. The prediction market business, launched in December last year, has attracted over 20,000 users, with April trading volume up 78% month-over-month, leading to a 30% surge in after-hours stock price. CEO Tyler Winklevoss stated the company is transforming from a crypto exchange into a broader "market company."
Bullish Q1 Revenue Misses Expectations; Stock Falls Nearly 8% Pre-Market
Crypto exchange Bullish reported Q1 adjusted revenue of $92.8 million, below market expectations, and a net loss of $604.9 million, which widened year-over-year. Affected by weaker digital asset prices and declining trading activity, transaction-related revenue fell year-over-year, causing the stock to drop nearly 8% in pre-market trading. (CoinDesk)
Consensys Postpones IPO Plans to Earliest This Fall Due to Market Conditions
MetaMask developer Consensys has delayed its U.S. IPO plans to at least this fall, due to market declines in February, macroeconomic uncertainty, and BTC ETF outflows. Kraken and Ledger have also paused their IPOs. BitGo, the only publicly listed crypto company, has seen its stock price drop 36% from its offering price.
Investments and Fundraising
Bitcoin Multi-Sig Custody Platform Onramp Raises $12.5M Series A Led by Early Riders
Onramp completed a $12.5 million Series A funding round at a pre-money valuation of $135 million, led by Early Riders. The platform offers multi-institutional custody for large Bitcoin holders, ensuring assets require approval from multiple institutions for transfer through partners like BitGo, Coincover, and Tetra Trust. (axios)
Turnkey Raises $12.5M Strategic Round with Participation from Circle Ventures and Sequoia Capital
Turnkey, a crypto wallet and key management infrastructure company, raised $12.5 million in strategic funding, co-led by Archetype and Circle Ventures, with participation from Sequoia, Bain Capital Crypto, Lightspeed, and others, bringing total funding to over $65 million. The proceeds will be used to develop Turnkey Verifiable Cloud, a verifiable computing product. Existing clients include Polymarket, World App, and Anchorage Digital. (CoinDesk)
Stablecoin Neobank Fasset Raises $51M Series B Led by SBI Group and Others
Stablecoin digital bank Fasset completed a $51 million Series B funding round, co-led by SBI Group, Investcorp, and Arz Portföy. The platform operates across over 50 payment corridors in Asia, Africa, and the Middle East, with an annualized transaction volume exceeding $32 billion, serving over 1,000 SMEs across 125 countries. The funding will be used to enter new markets and develop lending and trade finance products. (CoinDesk)
Fintech Company Stitch Raises $25M Series A Led by a16z
Stitch completed a $25 million Series A funding round led by a16z. The company provides API-first modular operating systems for financial institutions. Its platform processed over $5 billion in transaction volume over the past six months, and in 2025, the company saw a 10x increase in customer count and a 20x increase in revenue.
Notable Voices
JPMorgan: ETH and Altcoins May Continue to Underperform Bitcoin if On-Chain Activity is Insufficient
JPMorgan analysts stated that the trend of ETH and altcoins consistently underperforming Bitcoin since 2023 is unlikely to reverse in the short term if improvements in on-chain activity, DeFi, and real-world applications remain lacking. Spot BTC ETFs have recovered approximately two-thirds of their outflows, while ETH ETFs have only recovered about one-third. Institutional futures positions are also being rebuilt more aggressively for Bitcoin. (The Block)
Bessent: One to Two Months of "Hot" Inflation Data Likely Ahead
U.S. Treasury Secretary Scott Bessent stated that inflation data may appear hot over the next one to two months, but expects inflation to decline thereafter. (Jin Shi)
ZachXBT: LAB Insiders Control Over 95% of Token Supply
On-chain sleuth ZachXBT exposed manipulation issues with the LAB token: insiders, through an unknown market maker, coordinated to inflate its valuation to $6 billion. The team, via shell companies, signed high-interest loan agreements and repaid with tokens, offering KOLs discounts of up to 80%. Between May 11 and 12, approximately $482 million worth of LAB was transferred from Bitget to 10 specific addresses. ZachXBT called on exchanges like Binance, Bitget, and Gate to freeze related profits or delist the token.
