24H Hot Coins & Top News | SEC Delays Tokenized Stock Trading; Iran Peace Agreement May Take Several Days to Reach (May 25)
- Core Viewpoint: This week's report shows short-term divergence in the cryptocurrency market (SUI leads losses, SD leads gains), alongside密集 regulatory developments (SEC delays tokenized stocks; China Securities Regulatory Commission proposes a hefty 18.5 billion yuan fine on Futu). The U.S. Congress is pushing for a Bitcoin Strategic Reserve Act, but market capital flows have seen significant outflows due to deteriorating macro risk sentiment, with Bitcoin ETPs recording net outflows of $1.2 billion in a single week.
- Key Elements:
- Market Data: Among CEX hot tokens, SUI saw the largest decline (-3.57%), while SD led gains (+10.76%). Bitcoin ETPs had net outflows of $1.2 billion this week, marking the third worst weekly performance this year.
- Regulatory Dynamics: The U.S. SEC delayed plans for tokenized stock trading; the China Securities Regulatory Commission (CSRC) proposed a fine of 18.5 billion yuan against Futu for conducting securities and fund businesses without a license.
- Policy & Legislation: The U.S. Republican party is promoting the ARMA Act, which advocates establishing a national Bitcoin reserve and holding approximately 5% of the global Bitcoin supply long-term, elevating it to the level of national financial and geopolitical competition.
- Industry Trends: The proposed U.S. Clarity Act could give rise to a new "Yield-as-a-Service" track, driving the industry's shift from the "hold-to-earn" model towards an AI-driven "use-to-earn" model.
- Security Incidents: Stablecoin issuer StablR was attacked, resulting in the minting of approximately 12.85 million extra tokens and a profit of around $2.8 million; Polymarket experienced an internal security incident due to the leak of an old private key.
- Capital Flow: In the first quarter, global AI sector financing exceeded 110 billion yuan, a year-on-year surge of 185.4%, with financing for domestic large models skyrocketing; the Cosmos ecosystem chain Evmos has been shut down.
- Analyst Views: CryptoQuant analysts indicate that Bitcoin has entered a risk-averse phase, with ETF demand momentum far below last year's peak, and on-chain indicators have not confirmed a rebound.
1. Popular CEX Tokens
CEX Trading Volume Top 10 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 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 Tokenized Stock Gainers (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. Popular On-Chain Memes (Data source: GMGN):
- Solana: RICH, Stake
- BNB: World Cup, Backhand Possum
Headlines
SEC Delays Allowing Tokenized Stock Trading
Due to regulatory concerns and external opposition, the U.S. SEC has delayed plans to allow tokenized stock trading. Reports indicate the SEC is currently reassessing the associated risks and market impact.
White House: Iran Peace Agreement May Take Days to Reach
According to AXIOS, 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 the agreement may take several days to secure approval from the Iranian leadership, including the Supreme Leader. U.S. officials are optimistic that the agreement could be signed within days, but acknowledged it is not yet finalized and could still collapse. The agreement would help de-escalate the conflict and alleviate pressure on global oil supply, though it remains unclear whether a lasting peace accord can be reached that meets Trump's nuclear demands.
CZ: Rumors of Surfing Incident in Dubai Are Fake News, Dubai Not a Surf Destination
CZ posted on X, warning about fake news. He clarified that he does not surf, kite surfing is a different sport, and Dubai is not a surf destination. He stated that Surf Abu Dhabi is the world's largest artificial surf facility, which he has not yet tried, and there are no rip currents there. This follows market rumors that Binance founder CZ encountered a rip current while surfing at a Dubai beach and went missing, with searches still ongoing.
Kevin Warsh Sworn in as Federal Reserve Chair
Kevin Warsh has been sworn in as the Chair of the Federal Reserve. According to foreign media reports, this marks the first time since Alan Greenspan in 1987 that a Fed Chair has been sworn in at the White House, and it is Warsh's first public appearance alongside U.S. President Donald Trump since Trump selected him as the nominee in January.
Futu Holdings: China Securities Regulatory Commission Proposes Fine of 1.85 Billion RMB
Futu Holdings (FUTU) announced that it has received a notice of investigation and a pre-notification of administrative fines from the China Securities Regulatory Commission (CSRC) and its Shenzhen branch. The CSRC indicated that certain Futu entities in Mainland China and Hong Kong were conducting 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 companies to rectify or cease such activities, confiscate illegal gains, and impose fines totaling approximately 1.85 billion RMB (about $271 million). Additionally, the CSRC proposes a personal fine of 1.25 million RMB (about $183,575) on the company's founder and CEO, Mr. Li Hua.
Industry News
U.S. Republican lawmakers are accelerating efforts to pass a new version of the ARMA Act, hoping to finalize the bill while the party still controls both chambers of Congress. The bill proposes establishing a national Bitcoin reserve for the U.S., with a long-term plan to hold approximately 5% of the global circulating supply of Bitcoin. Reports indicate that Republicans are internally attempting to elevate the strategic Bitcoin reserve to the level of national financial and geopolitical competition, arguing that 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 create a new market for "Yield-as-a-Service" in the crypto industry and drive a shift from the passive "hold-to-earn" model towards AI-driven, compliant yield infrastructure.
The core of the current controversy lies in Section 404 of the bill, which proposes prohibiting Digital Asset Service Providers (DASPs) from directly offering yields solely for users holding a particular digital asset. Vollono believes this means the industry will shift from "Hold-to-Earn" to "Use-to-Earn," with the future market increasingly relying on active, compliant yield strategies.
Project News
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 hit a new all-time high, while on-chain fees have fallen to historic lows. According to disclosures, the Glamsterdam upgrade has reduced transaction fees by approximately 78%, while the network has successfully absorbed the impact of the cost reduction without losing users.
Bankr Developer: Plans to Launch Bankr Fund to Invest in Ecosystem Projects
Deployer, the developer of the AI agent toolkit Bankr, stated on X that it plans to launch the Bankr Fund to invest in high-quality projects within the Bankr ecosystem. He expressed hope to complete the first investment within the coming weeks and stated his intention to "put real money into projects within the Bankr ecosystem."
Cosmos Ecosystem Chain Evmos Shuts Down, Block Explorer and Website Inaccessible
The Evmos chain within the Cosmos ecosystem passed the Evmos Shutdown governance proposal. The proposal indicates that Evmos nodes will stop operating at block height 37,318,000. Currently, the Evmos block explorer and official website are inaccessible.
StablR Stablecoins Depeg After Attack, Attacker Profits Approximately $2.8 Million
Stablecoin issuer StablR suffered a sustained attack, causing its Euro stablecoin EURR and US Dollar stablecoin USDR to depeg. Blockchain security firm Blockaid stated that the attacker likely gained control by obtaining the private key of one owner from the multi-signature minting account. Under the 1-of-3 signature mechanism, they 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 fell to around $0.88, and USDR dropped to around $0.70.
TON Bridge v3 to Permanently Close on September 1st, Users Must Reclaim Assets in Advance
Toncoin officially announced that its cross-chain bridge and Token Bridge (bridge-v3.ton.org) will be permanently closed on September 1, 2026. During the transition period before the closure, all proportional cross-chain fees have been waived. The official reminder urged users who have used the bridge to check their wallets promptly and withdraw any unprocessed or unreclaimed assets before the deadline. After September 1, 2026, the bridge will cease all transfer functions.
Polymarket Executive: Private Key Rotation Completed, Plans to Migrate All Private Keys to KMS
Josh, Vice President of Engineering and DeFi at prediction market Polymarket, stated on X that the 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 Expand Protocol Fees to BNB Chain and Polygon
A Uniswap governance proposal aims to expand the protocol fee collection and destruction infrastructure to BNB Chain and Polygon, as well as complete the fee activation process on Celo, which failed due to a configuration error.
The proposal includes setting the V2 protocol fee recipient address on BNB Chain, Polygon, and Celo to TokenJar, and setting the V3 Factory owner on these chains to V3OpenFeeAdapter. On Celo, it also involves transferring the feeToSetter role and V4 PoolManager ownership to CrossChainAccount. The proposal states that fees from each chain will be collected in the corresponding TokenJar, after which UNI will be bridged back to the Ethereum mainnet and sent to a burn address.
Funding
Q1 AI Sector Funding Exceeds 110 Billion RMB, Domestic Large Model Funding Surges
The AI venture capital market has recently heated up. In May, domestic large model companies like Moonshot AI (月之暗面) and Stepfun (阶跃星辰) secured over 30 billion RMB in funding. Embodied intelligence also attracted market attention, with Vital Dynamics (维他动力) and Luming Robotics (鹿明机器人) securing hundreds of millions in funding within a week.
According to statistics from a venture capital institution, the AI sector saw nearly 600 funding rounds in the first quarter, totaling over 110 billion RMB, a year-on-year surge of 185.4%. Many AI startups securing funding are directing capital towards three major areas.
JPYC Inc. announced the completion of its Series B funding round. The total cumulative Series B funding is expected to reach approximately 5 billion yen. Four new investors participated: Life Design Fund, IHD STRATEGY FUND, Mirai Sozo Toshi Jigyo Yugen Sekinin Kumiai, and Meiji Yasuda Mirai Kyoso Toshi Jigyo Yugen Sekinin Kumiai.
Cross-Chain Platform Squid Raises $6 Million Strategic Funding, Led by North Island Ventures
Cross-chain infrastructure platform Squid has completed a $6 million strategic fundraising round, led by North Island Ventures, with participation from Ripple, Dialectic, Borderless, and others.
Voices
Coinbase CEO: Financial System Still Needs Upgrades in RWA Tokenization, Global Trading, and More
Coinbase CEO Brian Armstrong stated on X that the financial system still needs upgrades in areas like Real World Asset (RWA) tokenization, 24/7 global trading, next-generation payments, AI-driven risk, credit, compliance, and advisory services, innovation-friendly regulation, expanded access, and capital formation. This includes putting assets like real estate, stocks, bonds, and funds on-chain for instant settlement, fractional ownership, and mass distribution; enabling near-instant, low-cost global transfers via stablecoins; and reducing intermediaries through open protocols while expanding financial access for smartphone users via self-custody wallets. Work remains unfinished until these capabilities are available to everyone, requiring significant technological innovation and policy effort.
CryptoQuant analyst Axel Adler stated that Bitcoin lost its structural upward momentum amid a sharp deterioration in the macro environment. He called this a significant signal, indicating the market is currently more akin to a "Risk-off" phase. Until the on-chain "Impulse" indicator returns above the zero line, every BTC rebound lacks confirmation.
Alex Thorn, Head of Research at Galaxy, stated on X that spot Bitcoin Exchange-Traded Products (ETPs) experienced continued capital outflows this week, with net outflows reaching $1.2 billion, making it the third worst week for outflows since the beginning of 2026.
