24H Hot Coins & Headlines | SEC Delays Tokenized Stock Trading; Iran Peace Agreement May Take Days to Reach (May 25)
- Key Takeaways: This week's report shows short-term divergence in the crypto market (SUI leads declines, SD leads gains), alongside密集 regulatory developments (SEC delays tokenized stocks, China Securities Regulatory Commission proposes a hefty fine of 1.85 billion RMB on Futu). The US Congress is promoting a Bitcoin Strategic Reserve bill, but market fund flows saw significant outflows due to worsening macro risk sentiment, with Bitcoin ETPs experiencing net outflows of $1.2 billion in a single week.
- Key Elements:
- Market Data: Among popular CEX tokens, SUI saw the largest decline (-3.57%), while SD led the gains (+10.76%). Bitcoin ETPs recorded net outflows of $1.2 billion this week, marking the third-worst weekly performance this year.
- Regulatory Dynamics: The US SEC has postponed plans for tokenized stock trading; the China Securities Regulatory Commission is proposing a fine of 1.85 billion RMB against Futu for conducting securities and fund business without a license.
- Policy & Legislation: US Republicans are pushing the "ARMA Act," advocating for the establishment of a national Bitcoin reserve and the long-term holding of approximately 5% of the global Bitcoin supply, elevating it to a matter of national financial and geopolitical competition.
- Industry Trends: The proposed "Clarity Act" in the US could create a new "Yield-as-a-Service" track, driving the industry from a "hold-to-earn" model to an AI-driven "use-to-earn" model.
- Security Incidents: Stablecoin issuer StablR was hacked, with approximately 12.85 million tokens minted illicitly, resulting in a profit of about $2.8 million for the attacker; Polymarket experienced an internal security incident due to the leak of an old private key.
- Capital Flow: Global AI sector funding exceeded 110 billion RMB in the first quarter, surging 185.4% year-over-year, with domestic large model funding volumes skyrocketing; the Cosmos ecosystem chain Evmos has been shut down.
- Analyst Opinion: Analysts at CryptoQuant point out that Bitcoin has entered a risk-averse phase, with ETF demand momentum far below last year's peak and on-chain metrics not confirming a rebound.
1. Popular CEX Tokens
CEX Top 10 by Trading Volume and 24h Change:
- BTC: + 0.39%
- ETH: - 0.68%
- SOL: - 0.50%
- XRP: - 0.79%
- BNB: + 0.34%
- ZEC: + 3.28%
- NEAR: - 0.84%
- TRX: + 0.88%
- DOGE: - 0.56%
- SUI: - 3.57%
24h Top Gainers (Data Source: OKX):
- SD: + 10.76%
- MORPHO: + 7.99%
- HUMA: + 6.68%
- CATI: + 6.49%
- OMI: + 5.75%
- YB: + 5.57%
- ASTER: + 3.43%
- ONDO: + 3.32%
- HYPE: + 3.30%
- ZEC: + 3.28%
24h Top Gainers by Crypto-Correlated Equities (Data Source: msx.com):
- YSS.M: + 2.65%
- VSAT.M: + 2.17%
- VELO.M: + 2.08%
- USO.M: + 1.94%
- AMRK.M: + 1.88%
- SATS.M: + 1.78%
- QNTM.M: + 1.73%
- ORBS.M: + 1.62%
- GREE.M: + 1.60%
- CONI.M: + 1.54%
2. Trending On-Chain Meme Tokens (Data Source: GMGN):
- Solana: RICH, Stake
- BNB: World Cup, Opossum with Hands Behind Back
Headlines
SEC Delays Plan to Open Tokenized Stock Trading
Citing regulatory concerns and external opposition, the U.S. SEC has delayed plans to allow trading of tokenized stocks. Reports indicate the SEC is currently reassessing related risks and market impacts.
White House: Iran Peace Agreement May Take Days to Reach
According to the AXIOS website, a senior U.S. official stated in a briefing that the White House does not expect to conclude a war agreement with Iran by Sunday, believing it may take several days for approval from the Iranian leadership, including the Supreme Leader. U.S. officials are optimistic the agreement will be signed within days but acknowledge it is not finalized and could still collapse. The agreement would prevent an escalation of war and ease pressure on global oil supply, though it remains unclear if a lasting peace deal meeting Trump's nuclear demands can be reached.
CZ: Dubai Surfing Disappearance Rumor is Fake News, Dubai Not a Surfing Destination
CZ posted on X, warning against fake news, stating he does not surf, kite surfing is a different sport, and Dubai is not a surfing destination; Surf Abu Dhabi is the world's largest artificial surfing venue, which he has yet to try, and there are no rip currents there. Previous market rumors claimed Binance founder CZ encountered a rip current while surfing at a Dubai beach and went missing, with search and rescue ongoing.
Kevin Warsh Sworn in as Federal Reserve Chair
Kevin Warsh was sworn in as the Chair of the Federal Reserve. According to foreign media reports, this marks the first Fed Chair sworn in at the White House since Alan Greenspan in 1987, and Warsh's first public appearance alongside President Donald Trump since Trump selected him as the nominee in January.
Futu Holdings Limited: CSRC Plans to Fine Futu a Total of 1.85 Billion RMB
Futu Holdings (FUTU) Limited announced it received a notice of investigation and a preliminary notice of administrative fines from the China Securities Regulatory Commission (CSRC) and its Shenzhen branch. The CSRC stated that certain Futu entities in Mainland China and Hong Kong conducted securities, public fund sales, and futures businesses in Mainland China without the required licenses or approvals, violating the Securities Law, the Securities Investment Fund Law, and the Futures and Derivatives Law of the People's Republic of China. The CSRC intends to order the relevant entities to rectify or cease such activities, confiscate illegal income, and impose fines totaling approximately 1.85 billion RMB (about $271 million). Additionally, the CSRC plans to impose a personal fine of 1.25 million RMB (approx. $183,575) on the company's founder and CEO, Li Hua.
Industry News
Republican lawmakers in the U.S. are accelerating the push for a new version of the "ARMA Act," hoping to complete the bill's enactment while the party still controls both chambers of Congress. The bill proposes establishing a national Bitcoin reserve for the U.S., planning to hold approximately 5% of the global circulating supply of Bitcoin long-term. Reports indicate that Republicans are attempting to elevate Bitcoin's strategic reserve to the level of national financial and geopolitical competition, arguing the U.S. should seize a dominant position in the global digital asset system.
The proposed U.S. crypto market structure bill, the "Clarity Act," could foster a new "Yield-as-a-Service" market in the crypto industry, shifting the sector from a passive "hold-to-earn" model towards AI-driven compliant yield infrastructure.
The core of the current debate is Section 404 of the bill, which proposes prohibiting Digital Asset Service Providers (DASPs) from directly offering yields solely based on a user holding a particular digital asset. Vollono believes this means the industry will transition from "Hold-to-Earn" to "Use-to-Earn," with the future market relying more on active, compliant yield strategies.
Project Updates
Ethereum L1 Transaction Volume Hits All-Time High, Gas Fees at Low Point
The fundamentals of the Ethereum network continue to strengthen. Token Terminal data shows that Ethereum L1 transaction volume has reached an all-time high, while on-chain fees have dropped to historic lows. The Glamsterdam upgrade is reported to have reduced transaction fees by approximately 78%, and the network has successfully absorbed the impact of fee reductions without losing users.
Bankr Developer: Plans to Launch Bankr Fund to Invest in Ecosystem Projects
The developer of AI agent toolkit Bankr, deployer, posted on X, stating plans to launch a Bankr fund to invest in quality projects within the Bankr ecosystem. He expressed hope to complete the first investment in the coming weeks, vowing to "put real capital into Bankr ecosystem projects."
Cosmos Ecosystem Evmos Network Shuts Down; Block Explorer and Website Inaccessible
The Cosmos ecosystem chain Evmos has passed the Evmos Shutdown governance proposal. The proposal content indicates that Evmos nodes will cease operation at block height 37,318,000. Currently, the Evmos block explorer and official website are inaccessible.
StablR Stablecoins Depeg After Attack; Attacker Gains Approximately $2.8 Million
Stablecoin issuer StablR suffered a sustained attack, causing its euro stablecoin EURR and dollar stablecoin USDR to depeg. Blockchain security firm Blockaid stated that the attacker likely gained control by obtaining the private key of one of the owners of the minting multi-signature account. Exploiting a 1-of-3 signature mechanism, the attacker replaced other administrators and minted an additional 8.35 million USDR and 4.5 million EURR.
Subsequently, the attacker swapped tokens worth approximately $10.4 million for about 1,115 ETH on a DEX, realizing a profit of roughly $2.8 million. Following the incident, EURR briefly dropped to around $0.88, and USDR fell to around $0.7.
Toncoin officially announced that its cross-chain bridge and Token Bridge (bridge-v3.ton.org) will permanently close on September 1, 2026. During the transition period leading up to the closure, all pro-rated cross-chain fees have been waived. The official reminder urges users who have used the bridge to check their wallets promptly and withdraw any unprocessed or unretrieved assets before the deadline. After September 1, 2026, the bridge will cease all transfer functions.
Polymarket Executive: Private Key Rotation Completed; Plan to Migrate All Private Keys to KMS
Josh, VP of Engineering and DeFi at prediction market Polymarket, posted on X, stating that the recent security incident stemmed from the leak of a 6-year-old private key used for internal top-up configurations, explaining why some funds were sent to that address.
Uniswap Governance Proposal Aims to Extend Protocol Fees to BNB Chain and Polygon
A Uniswap governance proposal seeks to extend the protocol fee collection and burning infrastructure to BNB Chain and Polygon, and to activate the fee mechanism on Celo, which was previously unimplemented due to a configuration error.
The proposal includes setting the V2 protocol fee receiver address on BNB Chain, Polygon, and Celo to TokenJar, and setting the V3 Factory owner on the respective chains to V3OpenFeeAdapter. On Celo, the feeToSetter role and V4 PoolManager ownership will be transferred to the CrossChainAccount. The proposal states that fees from each chain will be collected in the corresponding TokenJar, after which UNI will be bridged back to Ethereum mainnet and sent to the burn address.
Fundraising
AI Sector Financing Exceeds 110 Billion RMB in Q1; Domestic Large-Model Funding Surges
The venture capital market for artificial intelligence has recently heated up. In May, domestic large-model companies like Moonshot AI and StepFun secured over 30 billion RMB in financing. Embodied intelligence also attracted market attention, with companies like Vita Dynamics and Luming Robotics securing hundreds of millions in financing within a week.
According to statistics from venture capital institutions, the AI sector saw nearly 600 financing rounds in Q1, totaling over 110 billion RMB, a year-over-year surge of 185.4%. AI startups that secured funding are largely investing it in three major directions.
JPYC Co., Ltd. announced the completion of its Series B funding round. The total cumulative amount raised in the Series B round is expected to reach approximately 5 billion yen. Four new investors participated: Life Design Fund, IHD STRATEGY FUND, Mirai Sōzō Tōshi Jigyō Yūgen Sekinin Kumiai, and Meiji Yasuda Mirai Kyōsō Tōshi Jigyō Yūgen Sekinin Kumiai.
Cross-Chain Platform Squid Completes $6 Million Strategic Funding Round Led by North Island Ventures
Cross-chain infrastructure platform Squid has completed a $6 million strategic funding round. The round was led by North Island Ventures, with participation from Ripple, Dialectic, Borderless, and others.
People & Voices
Coinbase CEO: Financial System Still Needs Upgrades in Real-World Asset Tokenization, Global Trading
Coinbase CEO Brian Armstrong posted on X, stating that the financial system still needs upgrades in areas like real-world asset tokenization, 24/7 global trading, next-generation payments, AI-driven risk, credit, compliance, and advisory, innovation-friendly regulation, expanded access, and capital formation. This includes bringing assets like real estate, stocks, bonds, and funds onto the blockchain for instant settlement, fractional ownership, and mass distribution; enabling near-instant, low-cost global transfers via stablecoins; reducing intermediaries through open protocols; and expanding financial access for smartphone users via self-custodial wallets. The work remains incomplete until these capabilities are accessible to everyone, requiring significant technological innovation and policy efforts.
CryptoQuant analyst Axel Adler posted, stating that Bitcoin has lost its structural upward momentum amid a sharp deterioration in the macro environment. This is a significant signal indicating the market is currently more in a "Risk-off" phase. Until its on-chain "Impulse" indicator returns above the zero line, every rebound in BTC still lacks confirmation.
Alex Thorn, Head of Research at Galaxy, posted on X, stating that spot Bitcoin exchange-traded products experienced continued outflows this week, with net outflows reaching $1.2 billion, making it the third worst week for outflows so far in 2026.
