Important news:

• US Lawmakers to Hold Final Vote on Stablecoin GENIUS Act on May 19
• Pyth Network (PYTH) will unlock approximately 2.13 billion tokens at 10:00 pm Beijing time on May 19, accounting for 58.62% of the current circulation, with a value of approximately US$338 million.
• Texas Strategic Bitcoin Reserve Bill to be reviewed for second time on May 20
• Hong Kong's Stablecoin Bill is scheduled to resume second reading debate at the Legislative Council meeting on May 21
• CME Group announces plans to launch XRP futures, pending regulatory review
• Trump plans to attend TRUMP dinner on May 22
• YZi Labs launches 10-week offline global incubation program EASY Residency, application deadline is May 22

May 19

Policy supervision:

US Lawmakers to Hold Final Vote on Stablecoin GENIUS Act on May 19

John Thune, the majority leader of the U.S. Senate, has formally submitted a motion to end the debate on the GENIUS Act, which is scheduled to be voted on on May 19. This stablecoin regulatory bill requires that issuers with assets exceeding $10 billion be regulated by the Federal Reserve, and small institutions be regulated at the state level; all stablecoins must be fully backed by assets such as U.S. dollars or treasury bonds. The latest bipartisan amendment proposes to add three clauses: 1) stricter rules for technology companies to get involved in financial assets; 2) strengthen consumer protection mechanisms; 3) strengthen supervision of government officials (including Musk and others). The House of Representatives has previously passed a similar "STABLE Act", requiring issuers of stablecoins such as USDT to operate in a completely transparent manner.

If the bill is passed, it will become the first federal legislative framework for stablecoins in the United States. Senate sources revealed that the amendments include explicitly prohibiting the abuse of FDIC insurance and strengthening bankruptcy protection clauses in order to gain cross-party support. The results of this vote will directly affect the direction of US regulation in the field of digital assets.

Macroeconomics:

At 8:45 p.m. Beijing time, Federal Reserve Vice Chairman Jefferson and New York Fed President Williams delivered speeches.

Project News:

Sahara AI announces the launch of SIWA public testnet on May 19

Sahara AI, a decentralized AI blockchain platform, announced that it will launch the SIWA public testnet on May 19, marking an important milestone in its transition from closed testing to public testing. It is reported that the SIWA testnet is the last testing phase before the mainnet token generation event (TGE), and participants have the opportunity to earn bonus points through tasks such as data annotation and model verification.

Sahara AI is committed to enabling on-chain management, licensing, and ownership of AI assets through blockchain technology, ensuring transparency and fair compensation for data and models.

Previously, Sahara AI has completed a $43 million Series A financing led by Pantera Capital, Binance Labs and Polychain Capital, with participation from Samsung NEXT, Sequoia Capital, etc. The funds will be used to expand the team, optimize platform performance and accelerate the construction of the developer ecosystem.

Token unlocking:

Pyth Network (PYTH) will unlock approximately 2.13 billion tokens at 10:00 pm Beijing time on May 19, accounting for 58.62% of the current circulation, with a value of approximately US$338 million.

Polyhedra Network (ZKJ) will unlock approximately 15.53 million tokens at 8:00 am Beijing time on May 19, accounting for 5.3% of the current circulation and worth approximately US$32.3 million.

Pixels (PIXEL) will unlock approximately 91.18 million tokens at 6:00 pm Beijing time on May 19, accounting for 11.83% of the current circulation and worth approximately $4.7 million.

May 20

Policy supervision:

Texas Strategic Bitcoin Reserve Bill to be reviewed for second time on May 20

The Texas State Legislature is advancing a bill called the Texas Strategic Bitcoin Reserve (officially known as SB21). The bill has been submitted to the state House of Representatives and is expected to be read for the second time on May 20. If it is finally passed, Texas will become the third state government in the United States to approve the establishment of a Bitcoin reserve after New Hampshire and Arizona. The bill authorizes the state comptroller to establish a special fund outside the Treasury Department to purchase digital assets with a market value of more than $500 billion, currently only including Bitcoin. Funding sources may include legislative appropriations, airdrops, forks, investment income, and public or private donations. The reserve assets will be stored in cold wallets and supervised by an advisory committee.

Project News:

FIFA Collect will be migrated to the FIFA exclusive EVM chain after May 20th. Users need to import their assets back in time.

According to the official FAQ page of FIFA Collect, the FIFA Collect platform will be migrated to the EVM-compatible FIFA Blockchain no earlier than May 20, 2025, and the new chain will improve performance and scalability. Assets on the platform will be automatically migrated, and the user experience will remain basically unchanged, but collections exported outside the chain must be re-imported before May 20, otherwise they will not be able to be traded on the new platform. In addition, there will be a brief service outage of about 10 hours during the migration. After the migration, the platform will support EVM wallets such as MetaMask and will no longer be compatible with Algorand wallets such as Pera and Defly. The balance on the platform (USDC) can continue to be withdrawn after the migration but cannot be spent.

DeFi Development approves 7-for-1 stock split to advance SOL strategy, expected to start trading at new price on May 20

The board of directors of DeFi Development Corp. (NASDAQ: DFDV), which has transformed into a Solana-focused company, approved a 7-for-1 stock split, increasing the outstanding shares from approximately 2 million to 14 million shares, which will be distributed pro rata on May 19 and are expected to start trading at the new price on May 20. The move is intended to increase liquidity and expand the investor base. The company has recently purchased 82,404 SOLs, bringing its total holdings to 400,000 .

Events and Meetings:

New York will host the first New York Crypto Summit on May 20, and the city’s mayor said he wants to make it the world’s “global cryptocurrency capital”

New York Mayor Eric Adams announced that he would host the first New York Crypto Summit on May 20, vowing to make New York the "global cryptocurrency capital." Adams said at a press conference that blockchain technology can provide inclusive financial services to communities outside the traditional financial system, and New York is becoming the most important crypto innovation center outside of Silicon Valley. The summit aims to build a platform for political and business dialogue, bringing together industry leaders to discuss the application of digital assets in economic development and public services. Adams emphasized that New York focuses on the long-term value of blockchain technology rather than short-term speculation, and advocates the formulation of a regulatory framework that protects investors without stifling innovation. Adams stressed that the city will be committed to cryptocurrencies for the long term and is not interested in short-lived trends such as Meme coins. Adams said that while the crypto industry believes that widespread adoption is inevitable, he stressed the need for balanced regulation that is strong enough to protect investors but not so strict that it hinders innovation and growth. He said: "Our state should embrace a cryptocurrency and blockchain-friendly environment like New York City. The right regulation can ensure safety, but excessive regulation can harm the industry - we don't want that to happen."

Developer Activities:

Story and Encode Club will hold an online Buildathon on May 20, focusing on innovation in the IP × AI × RWA track

Story announced that its online Buildathon “Surreal World Assets” is now open for registration. The event is supported by top crypto VCs such as Pantera Capital, OKX Ventures and Polychain. The current total prize pool is $57,000 and is open to both technical developers and non-technical participants.

Buildathon will be launched on May 20, focusing on IP x AI x RWA innovation, setting up seven awards including IP identification, AI Agent, creator tools, etc. The deadline for submission of works is June 19. The winning projects will have the opportunity to directly present to investors and strive for incubation support and access to ecological resources.

May 21

Policy supervision:

Hong Kong's Stablecoin Bill is scheduled to resume second reading debate at the Legislative Council meeting on May 21

On April 30, Hong Kong Financial Services and the Treasury Secretary Paul Chan said in a speech at the Legislative Council meeting on the resumption of the second reading debate on the Appropriation Bill 2025 that according to the latest Global Financial Centres Index report, Hong Kong's ranking in financial technology has further jumped five places to fourth in the world. We will take a multi-pronged approach to promote the vigorous development of financial technology and enhance the competitiveness of Hong Kong's financial services industry to better support the real economy. In terms of virtual assets, we are about to release the second virtual asset policy declaration to elaborate on the next policy vision and direction. At the same time, we will consult on the licensing system for virtual asset over-the-counter trading and custody services as soon as possible this year. The second reading debate on the Stablecoin Bill is scheduled to resume at the Legislative Council meeting on May 21. After the relevant bill is passed, the HKMA (Hong Kong Monetary Authority) will approve the license application as soon as possible. The above measures will continue to improve our framework that emphasizes both supervision and market development, and further promote the vigorous development of Hong Kong's virtual asset ecosystem.

Macroeconomics:

At 1:00 a.m. Beijing time, 2025 FOMC voting member and St. Louis Fed President Moussallem delivered a speech on the economic outlook and monetary policy.

Token unlocking:

Eigenlayer (EIGEN) will unlock approximately 1.29 million tokens at 3:00 a.m. Beijing time on May 21, accounting for 0.43% of the current circulation, with a value of approximately US$1.65 million.

May 22

Policy supervision:

CFTC seeks public comments on perpetual contracts and 24/7 trading models, deadline is May 22

The U.S. Commodity Futures Trading Commission (CFTC) is seeking public opinions on two market trends: one is to expand the trading hours of the derivatives market to 24/7 (24/6 or 24/5), and the other is to evaluate the use and risks of perpetual derivatives in the derivatives market. The CFTC emphasizes that this move is aimed at proactively responding to changes in market structure and protecting market vitality and the rights of participants. The public can submit their opinions online before May 22, Beijing time.

Project News:

Trump releases TRUMP dinner poster, plans to attend on May 22

Trump released a meme coin TRUMP dinner poster on his social platform Truth Social. Previously, TRUMP officials said that Trump himself will attend the dinner on May 22.

In addition, $TRUMP officially tweeted that the next phase of $TRUMP will be announced on the day of the dinner on May 22 .

Cleanspark applies to build a Bitcoin mine in Tennessee, and the Planning Commission will review the proposal on May 22

The Bitcoin mining data center proposal put forward by CleanSpark, a cryptocurrency mining company in Nevada, in Mountain City, Tennessee, has received preliminary support from the local planning committee, but it will not be fully approved until detailed site planning is completed and a final agreement is reached with the Tennessee Valley Authority (TVA). Scott Garrison, the company's chief operating officer, said that if approved, the 50.48-acre mine is expected to be put into production within two months, using low-noise ASIC mining equipment to avoid air cooling. He emphasized that the equipment noise will be comparable to nearby highway traffic in response to community noise concerns. CleanSpark operates 31 similar mines in the United States. The project will initially provide 12 "high-paying" jobs that do not require academic qualifications, and may further expand recruitment due to the establishment of maintenance facilities.

The company cited the Georgia project as an example, saying it would help workers improve their living conditions. Mountain City Power General Manager Rodney Metcalf also expressed support for the project, believing that its huge energy demand would help offset the "substantial" increase in electricity costs. Mayor Jerry Jordan called the proposal "promising," but was dissatisfied with its planning delays. CleanSpark is waiting for TVA's energy plan decision in mid-May, and the Planning Commission will review the proposal on May 22.

Hyperlane will stop accepting HYPER requests on May 22

The Hyperlane Foundation previously announced on the X platform that HYPER was available for redemption on April 22, and users must claim it before 21:00 on May 22, Beijing time.

Aethir announces Checker Nodes buyback program, which will be officially launched on May 22

Aethir, a decentralized cloud computing protocol, announced that it will launch a Checker Node NFT buyback program on May 22, 2025, allowing node holders to sell their Checker Node NFTs back to the Aethir Foundation at an anchor price. This initiative aims to provide Checker Node holders with greater flexibility while enhancing the stability and sustainability of the Aethir network ecosystem as a whole. All Checker Node holders can participate to ensure that every user can use the exit option fairly. After the NFT is sold back, the relevant entrustment relationship will be automatically terminated. It is reported that the initial buyback pool of the Checker Node buyback plan is 200 million ATHs. If user demand is higher than expected, additional funds will be added depending on the situation. The repurchase-related contracts have passed strict audits and have built-in fault protection mechanisms to reduce risks caused by code vulnerabilities or operational errors.

Developer Activities:

YZi Labs launches 10-week offline global incubation program EASY Residency, application deadline is May 22

YZi Labs announced the launch of EASY Residency, a 10-week offline global incubation program, focusing on Web3, AI and healthcare, aiming to remove distractions and provide a focused entrepreneurial environment for the top 1% of founders who have the courage to solve difficult problems. The program will be launched in Silicon Valley, California on June 2, 2025 and end on August 10, when a Demo Day will be held. The 10-20 selected teams will present their product results to well-known venture capital firms in the industry and obtain potential investment opportunities. The mentor lineup includes industry leaders such as Binance co-founder CZ and Ethereum co-founder Vitalik Buterin, who will provide long-term guidance and support to entrepreneurs. Applications are currently open and will close at 23:59 (GMT-7) on May 21.

Token unlocking:

SPACE ID (ID) will unlock approximately 12.65 million tokens at 8:00 a.m. Beijing time on May 22, accounting for 2.94% of the current circulation and worth approximately US$2.7 million.

May 23

Macroeconomics:

At 2 a.m. Beijing time, New York Fed President Williams delivered a keynote speech at the Monetary Policy Implementation Seminar.

Project dynamics:

THORChain will upgrade to v3.6.0 on May 23

THORChain plans to upgrade the mainnet to version 3.6.0 at block height 21,210,000 (estimated at 1:00 am on May 23, Beijing time). This upgrade is a small maintenance update, mainly involving the update of the Rujira contract checksum, and does not include key fixes or consensus changes. Block times may fluctuate, and the specific time may be adjusted by several hours. Earlier news, Binance will support THORChain (RUNE) network upgrades and hard forks .

Token unlocking:

Coin98 (C98) will unlock approximately 16.53 million tokens at 7:00 pm Beijing time on May 23, accounting for 1.74% of the current circulation and worth approximately $1.05 million.

Karrat (KARRAT) will unlock approximately 15.11 million tokens at 8:00 am Beijing time on May 23, accounting for 4.62% of the current circulation and worth approximately $1 million.

May 24

Project News:

Initia will stop airdropping tokens on May 24

The airdrop claim of the full-chain Rollup L1 network Initia will end at 18:00 on May 24, 2025 Beijing time . Currently, 93% has been claimed, and there are approximately 3.4 million $INIT tokens remaining.

May 25

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