Appeals Court Pauses Ruling Against Trump-Era Tariffs, Fueling Trade Policy Uncertainty

U.S. Appeals Court Pauses Ruling Against Trump-Era Tariffs, Fueling Trade Policy Uncertainty

A federal appeals court in Washington, D.C. has temporarily halted the enforcement of a lower court’s ruling that invalidated tariffs imposed under former President Donald Trump. The decision came without explanation, granting the Trump administration's emergency request to pause the ruling pending appeal.

The original ruling from the U.S. Court of International Trade had struck down tariffs implemented under the International Emergency Economic Powers Act (IEEPA), questioning its legitimacy as a basis for trade duties. The decision had targeted retaliatory tariffs and import duties imposed on certain countries during Trump’s presidency.

With the appellate court’s pause, the tariffs will remain in place until a final decision is made on appeal. However, this temporary stay deepens the legal and economic uncertainty surrounding U.S. trade policy.

Separately, a federal court in D.C. sided with two educational toy companies, blocking IEEPA-based tariffs in their specific case. The court noted that IEEPA had never been used in 50 years to justify tariff implementation, suggesting legal overreach.

These conflicting rulings highlight mounting policy ambiguity in U.S. international trade enforcement — with potentially significant implications depending on the outcome of the appeal.

Fed Uncertainty Sends U.S. Crypto Mining Stocks Tumbling

Fed Uncertainty Sends U.S. Crypto Mining Stocks Tumbling

Major U.S. crypto mining stocks plunged on May 28 following the release of the latest FOMC (Federal Open Market Committee) meeting minutes, which highlighted growing uncertainty in the economic outlook.

According to the minutes, the Federal Reserve warned that inflation may persist longer than expected while growth and employment could slow down, potentially leading to difficult monetary policy tradeoffs. The Fed had previously left interest rates unchanged at 4.25%–4.50% during its early May meeting, citing rising risks in unemployment and inflation as the key reasons for its decision.

Amid this cautionary tone, prominent digital asset mining stocks dropped significantly:

• Riot Platforms: -8.32% to $8.38

• CleanSpark: -7.61% to $9.11

• Mara Holdings: -9.61% to $14.86

Other crypto-related companies were also hit. Coinbase fell 4.55% to close at $254.29, while Strategy declined 2.14%, marking five consecutive days of losses. Strategy is currently entangled in a legal dispute involving Bitcoin investments.

Interestingly, despite the stock market pullback, the broader digital asset market remained relatively resilient:

• Bitcoin (BTC) dipped 1.29% to $107,569 on Binance

• Ethereum (ETH) rose 3.05% to $2,728

Investor sentiment remains strong, with the Crypto Fear & Greed Index climbing to 74, entering the “Greed” zone, indicating bullish momentum.

The next Fed interest rate decision is scheduled for June 18, with 97.8% of market participants expecting a rate pause.

FTX Begins Second Round of Creditor Repayments via BitGo

FTX Begins Second Round of Creditor Repayments via BitGo

FTX’s bankruptcy estate has begun issuing repayments to customers through BitGo as part of its second round of settlement distributions, according to Sunil Kavuri, a leading creditor and advocate.

Kavuri announced on his social media that creditors with claims under $50,000 are now seeing 120% repayments, including a 20% interest bonus. The repayments are currently being reflected in the accounts of creditors who chose BitGo as their distribution agent. However, recipients won’t be able to transfer or withdraw the funds until May 30, in accordance with notices sent by BitGo and Kraken stating that distributions will be confirmed by that date.

So far, FTX has paid out around $620 million in two waves, covering a significant portion of outstanding claims. However, many creditors are still awaiting their reimbursements, and some have raised concerns about prolonged KYC delays and lack of clarity regarding disputed claims.

In particular, users who opted for the Bahamas refund process—an alternative route for FTX redemptions—have reported being stuck at the verification stage, despite having complied with the required procedures. The FTX support portal has acknowledged these issues, stating that users who chose the Bahamas pathway cannot proceed to “Stage 9,” which is the actual distribution phase.

Meanwhile, solutions are still being explored for creditors located in restricted regions such as Africa, Asia, the Middle East, and Eastern Europe. Additional payment schedules are expected to be announced in the coming weeks.

On the legal front, Caroline Ellison, former CEO of Alameda Research, is expected to be released in May 2026 due to good behavior credits. In contrast, Ryan Salame, former FTX co-CEO, and Sam Bankman-Fried, FTX's co-founder, face longer prison terms, though Bankman-Fried may be eligible for up to four years of sentence reduction.

As repayments continue, all eyes remain on whether FTX will be able to fully return funds to its creditors.

Crypto Industry Urges SEC to Provide Clear Staking Guidelines

Crypto Industry Urges SEC to Provide Clear Staking Guidelines

The cryptocurrency industry is calling on the U.S. Securities and Exchange Commission (SEC) to formally issue clear guidelines on staking services, citing ongoing regulatory uncertainty for Web3 providers, according to Cointelegraph.

Speaking at the Solana Accelerate conference in New York, Allison Muir, Head of Staking Policy at the Crypto Council for Innovation, stated that clarifying the SEC’s position on staking has become the industry’s top priority.

“While there has been constructive engagement with the SEC over the past four months, there is still no formal guidance on staking,” Muir noted.

Under the previous U.S. administration, the SEC pursued legal actions against staking service providers, treating them as unregistered securities offerings. However, the stance has softened somewhat under President Donald Trump’s administration. Despite issuing several new regulatory notices recently, the SEC has yet to address staking specifically.

In addition to working with the SEC, the crypto industry is also engaging with the Internal Revenue Service (IRS). The IRS has declared that staking rewards constitute “service income,” a classification that the industry strongly disputes.

“We disagree with the IRS's interpretation and continue to engage in discussions on the matter,” Muir said.

The industry emphasizes that clear, consistent guidelines from both the SEC and IRS are critical to the growth of staking and Web3 infrastructure in the United States.

Ethereum Must Maintain Sensitivity and Stability to Compete with Cash

Ethereum Must Maintain "Sensitivity and Stability" to Compete with Cash

Ethereum co-founder Vitalik Buterin has emphasized the importance of Ethereum maintaining both sensitivity and stability if it is to serve as a viable alternative to cash.

Referencing a recently published report, Buterin noted that Nordic countries such as Sweden and Norway, once seen as pioneers of cashless societies, are now reverting to cash due to the vulnerabilities of centralized digital payment systems.

Sweden, for instance, had long led the global trend toward a cashless society. However, its government has recently begun encouraging citizens to use cash more frequently, citing the need for resilience against cyberattacks and technical disruptions. Similarly, Norway has introduced penalties for retail stores that refuse to accept cash, signaling a renewed commitment to physical currency access.

Amid this shift, Buterin argued that Ethereum must enhance its responsiveness and reliability to remain competitive. He warned that without these attributes, decentralized networks like Ethereum may struggle to fill the role of cash in societies increasingly wary of centralized digital infrastructure.

Still, Buterin acknowledged that whether cryptocurrencies can truly replace cash remains uncertain. He stressed the need for further observation, testing, and adaptation, noting that Ethereum will need to evolve continuously in response to changing global payment dynamics.

Is Ethereum Really Digital Oil Why the Metaphor Still Matters and Where It Falls Short

Is Ethereum Really "Digital Oil"? Why the Metaphor Still Matters—and Where It Falls Short

For over a century, oil has been considered a strategic resource powering core industries like transportation and manufacturing. So when Ethereum (ETH) supporters hear the phrase “Ethereum is digital oil,” the comparison can sometimes feel underwhelming—especially when Bitcoin maximalists proudly declare Bitcoin to be “digital gold.”

Ethereum, often described as an “internet computer,” boasts a massive decentralized network and a wide range of utility. While calling it “digital oil” helps newcomers grasp its function, the metaphor is far from complete.

Decrypt reported that former banker Vivek Raman, co-founder of Ethereum-based company Etheralize, has begun “seriously onboarding Wall Street” into the Ethereum ecosystem.

In an interview with Decrypt, Raman said

“Our efforts are focused on evangelizing, educating, and marketing Ethereum.”

“I always refer to Ethereum as digital oil. As the digital asset ecosystem evolves, people won’t just want to own this asset—they’ll realize they need to.”

Much like Bitcoin earns its “digital gold” title thanks to its fixed supply of 21 million coins, Ethereum earns its oil comparison because it is consumed when sending transactions or executing smart contracts. This fuel-like function makes the analogy accessible, especially for those new to crypto.

However, Raman and his team’s work encouraging financial institutions to build products on Ethereum has revealed shortcomings in the "digital oil" metaphor.

Zach Pandl, Head of Research at Grayscale, noted

“It’s hard to land on a perfect metaphor. Even if Ethereum isn't yet used widely as a medium of exchange, it’ll be key to watch whether investors begin recognizing ETH’s scarcity.”

Raman and co-founder Danny Ryan—a former Ethereum Foundation researcher—highlight a crucial difference: oil has elastic supply, meaning production rises with demand. But Ethereum’s annual issuance is capped at 1.5%, and ETH is burned as part of transaction fees, meaning the actual supply can decline over time.

“Ethereum doesn’t have a fixed total supply cap, but it does have a predictable and stable issuance cap. Its supply model is intentionally designed for long-term sustainability,” explained Raman.

Another major distinction is yield. Holding barrels of oil provides no return, but staking ETH can generate around 3% annual yield by helping secure the network and validate transactions.

In the coming years, financial institutions are expected to become increasingly familiar with tokenization, and potential regulatory shifts under President Donald Trump’s administration could accelerate the trend.

While some firms are opting for Ethereum competitors like Solana as tokenization infrastructure, major traditional players such as BlackRock and Franklin Templeton continue to tokenize funds on Ethereum.

As more assets go on-chain, the “digital oil” metaphor may gain renewed relevance. Raman explains that like physical oil connecting industries globally, ETH could act as a neutral, non-sovereign asset that connects tokenized assets across jurisdictions.

“In an ecosystem where real-world assets are tokenized by various counterparties, ETH can be the one global neutral asset linking them all. If you want to maintain neutrality across diverse tokenized ecosystems, holding ETH as a strategic asset becomes increasingly important.”

Trump Threatens 50% Tariffs on EU Starting June 1 Amid Stalled Trade Talks

Trump Threatens 50% Tariffs on EU Starting June 1 Amid Stalled Trade Talks

U.S. President Donald Trump threatened on May 23 (local time) to impose a 50% tariff on the European Union (EU) starting June 1, escalating tensions amid stalled trade negotiations.

Expressing frustration over more than a month of deadlocked talks, Trump issued a stark warning that could significantly impact transatlantic trade relations.

In a post on his social media platform, Truth Social, Trump said,

“There has been no progress in negotiations with them. I propose imposing a 50% tariff on the EU starting June 1.”

He added,

“The EU was created to take advantage of the United States in trade. It is extremely difficult to deal with due to its strong trade barriers, value-added taxes, absurd corporate penalties, non-monetary trade restrictions, currency manipulation, and unjust lawsuits against American companies.”

Trump further claimed that the U.S. is suffering an annual trade deficit of $250 billion with the EU as a result of these factors.
He reaffirmed that “there will be no tariffs on goods made in the USA.”

Trump’s statement was posted about four hours before a scheduled call between EU Commissioner for Trade and Economic Security Maroš Šefčovič and U.S. Trade Representative Jamieson Greer, set for 5:30 p.m. Brussels time.

According to the EU, the call had been arranged prior to Trump’s social media post. It follows a recent exchange of formal position papers between the U.S. and EU—marking the first time the U.S. has outlined specific demands since negotiations began. However, the two sides reportedly remain far apart on key issues.

Trump’s timing is being interpreted as a deliberate pre-call warning aimed at pressuring the EU ahead of the high-level trade discussion.

In its latest proposal, the EU offered to:

• Increase purchases of U.S. energy products,

• Strengthen cooperation on 5G and 6G telecommunications,

• Expand collaboration in semiconductors, steel, and automobiles.

Earlier, the EU had also proposed mutual tariff elimination for industrial goods, including automobiles, and expanding imports of less sensitive U.S. agricultural products.

However, Washington has shown little interest in the EU's proposals.

The Financial Times (FT) reported that Greer is expected to reject the EU's proposals and demand unilateral concessions from the EU instead of mutual tariff reductions.

The EU has emphasized that any deal must be mutually beneficial, and strongly opposed a basic tariff framework like the one used in the U.S.-UK deal, which maintains a flat 10% tariff as a default.

Following Trump’s warning, the EU has so far refrained from immediate public comment.

A spokesperson for the European Commission stated that they would withhold any comment until after the scheduled call between Commissioner Šefčovič and USTR Greer takes place later in the day.

Donald Trump Hosts Private Dinner for Top TRUMP Memecoin Investors Amid Rising Crypto-Political Tensions

Donald Trump Hosts Private Dinner for Top $TRUMP Memecoin Investors Amid Rising Crypto-Political Tensions

On May 22, former U.S. President Donald Trump held a private dinner for 220 top investors in his memecoin $TRUMP at the Trump National Golf Club on the outskirts of Washington, D.C.

The event, held behind closed doors, reportedly lasted until 8:30 p.m. local time and was marked by both luxury and controversy. This exclusive gathering served as a reward event for major $TRUMP backers. According to blockchain analytics firm Nansen, the top 220 holders have collectively invested around $394 million, averaging approximately $1.78 million per person.

The top 25 holders were granted access to a separate reception and private tour. Although exact details remain undisclosed, speculation suggests the location may be tied to Trump’s business ventures.

High-Profile Attendees Revealed—Including Justin Sun

While most attendee names were kept anonymous, a few individuals voluntarily confirmed their presence. Crypto billionaire Justin Sun revealed on X (formerly Twitter) that he was among the largest $TRUMP holders and attended the dinner. Sun had previously invested $75 million into Trump’s crypto venture, World Liberty Financial.

Another attendee, Nick Pinto, a marketing director at his family’s law firm, disclosed that he spent $500,000 acquiring $TRUMP.

Volatile Price Action and Mixed Political Reaction

Since its launch, $TRUMP has exhibited extreme volatility. Initially priced at $6.29 in January, it spiked to $74.34 within a day, later plunging to $7.57. Following the public leak of the dinner date on April 23, the coin rebounded, reaching $14.38 on May 22. Its current market cap stands at around $2.8 billion.

The event drew sharp criticism from Democrats. Senator Richard Blumenthal accused Trump of effectively putting a “For Sale” sign on the White House, calling the event “an auction for presidential access.” He also stated that legal action was being considered regarding potential gifts or payments from foreign entities during the dinner.

Concerns also arose within the Republican party. Senator Cynthia Lummis remarked that while memecoins are legal, “there is a need for clear regulatory frameworks,” calling the current crypto environment “a Wild West.”

Trump’s Crypto Pivot: From Critic to Champion

Just a year ago, Trump was vocally critical of cryptocurrencies. However, since launching his reelection campaign, he has embraced the digital asset sector, advancing related policy and business efforts.

In March, he signed an executive order to establish a national Bitcoin reserve, and his family holds a 60% stake in World Liberty Financial, which has become a hub for Trump-aligned crypto initiatives.

Forbes commented that Trump’s recent crypto ventures are “intensifying at the intersection of politics, assets, and business.” The magazine described the dinner as more than a mere investor event—calling it “a politically symbolic moment” that signals the growing fusion between digital assets and political influence in the Trump camp.

Global Bond Market Plunges Drive Bitcoin to New All Time High

Global Bond Market Plunges Drive Bitcoin to New All-Time High

As government bond prices in major economies—including the United States, Japan, and Europe—plummet, Bitcoin is surging to record highs. The mounting fiscal deficits and ballooning sovereign debts in these countries are undermining the status of government bonds as traditional safe-haven assets.

The yield on the U.S. 30-year Treasury rose sharply by 12.3 basis points to 5.092%, marking the highest level since October 2023. The 10-year yield also surged by 11.2 basis points to 4.599%, prompting speculation that the benchmark 10-year yield could soon break above the critical 5% threshold. As bond yields rise, prices fall—spurring fears across mortgage rates, currency markets, and equities.

Adding to the concerns, demand for U.S. 20-year Treasuries fell short in the latest auction. The bonds carried a 5% coupon, highlighting how investors are now demanding far higher yields to hold long-dated debt instruments.

A major catalyst behind this spike in bond yields is former President Donald Trump’s proposed tax cuts, which the U.S. Congress estimates could increase fiscal deficits by over $2.5 trillion over the next decade. Meanwhile, total U.S. federal debt has reached $36 trillion, with the debt-to-GDP ratio surpassing 120%. Rating agency Moody’s recently downgraded the U.S. credit rating, citing persistent fiscal deterioration as the primary driver.

Similar Turmoil in Japan and Europe

Japan is facing comparable fiscal headwinds. Yields on Japan’s 30-year and 40-year bonds have climbed to 3.185% and 3.635% respectively—levels not seen in decades. Concerns have grown after discussions about potential consumption tax cuts emerged ahead of upcoming parliamentary elections. Japanese Prime Minister Shigeru Ishiba candidly warned that “Japan’s fiscal health is worse than Greece’s.”

Japan’s debt-to-GDP ratio now stands at a staggering 250%, the highest among advanced economies. The IMF has issued serious warnings about Japan’s fiscal sustainability.

In the UK, the 30-year gilt yield climbed to 5.516%, nearing its highest level since 1998. Germany’s 30-year bund yield also rose to 3.133%, continuing its recent upward trajectory.

Bitcoin Becomes a Safe-Haven of Choice

Against this backdrop of global bond market stress, Bitcoin (BTC) has skyrocketed to a new all-time high of $111,361 at the time of writing. Its market capitalization now exceeds $2.212 trillion, with $89.5 billion in daily trading volume.

Analysts attribute this surge to a shift in safe-haven demand from traditional bonds to digital assets. Bitcoin, often dubbed “digital gold,” is now being viewed as a reliable alternative in times of monetary and fiscal instability.

Institutions like BlackRock and JPMorgan have echoed this sentiment, noting that cryptocurrencies are increasingly being regarded as viable alternative investments. As fiat currencies continue to be printed without limit, Bitcoin’s transparent monetary policy and finite supply are emerging as critical advantages.

The flight from bonds into Bitcoin represents a potential turning point in global finance—where decentralized digital assets begin to displace even sovereign debt as the go-to asset in times of crisis.

El Salvador's Bitcoin Holdings Surge 124% — A National Crypto Strategy Pays Off

El Salvador's Bitcoin Holdings Surge 124% — A National Crypto Strategy Pays Off

El Salvador’s President Nayib Bukele has officially revealed the country’s current Bitcoin holdings, reigniting interest in the nation’s controversial yet bold crypto policy. According to a government report cited by The Defiant on May 21, El Salvador has invested approximately $287 million in Bitcoin, and its holdings are now worth about $644 million, reflecting a 124% increase in value.

Resilience Amid Volatility

Since adopting Bitcoin as legal tender in 2021 — the first country in the world to do so — El Salvador has maintained a consistent strategy of acquiring Bitcoin regardless of market conditions. Notably, even during the harsh downturn of 2022, when the value of its holdings dropped to as low as $25 million, the government continued to purchase one BTC per day.

This accumulation strategy drew harsh criticism from global institutions, particularly the International Monetary Fund (IMF), which cited concerns over financial risk and fiscal discipline. Nevertheless, the administration held firm, framing Bitcoin as a long-term strategic asset and a symbol of economic sovereignty.

From Experiment to Proof of Concept

The latest valuation effectively doubles the country’s investment, converting what many saw as a speculative gamble into a substantial sovereign asset gain. While the volatility of Bitcoin remains a risk, El Salvador’s steady dollar-cost averaging (DCA) strategy appears to be paying off.

By purchasing BTC consistently, regardless of market swings, the country has significantly lowered its average acquisition cost — a disciplined investment move more common in institutional portfolios than in national treasuries.

SEC's Regulatory Shift Embracing Innovation and Clearer Digital Asset Guidelines

SEC's Regulatory Shift Embracing Innovation and Clearer Digital Asset Guidelines

The U.S. Securities and Exchange Commission (SEC) is making a substantial shift in its regulatory stance towards innovative financial markets, including digital assets. At the SEC Speaks conference, Chairman Gary Gensler affirmed that the SEC will not shy away from innovation and will work towards establishing a clear, supportive regulatory environment for the digital asset space.

Chairman Gensler emphasized that “markets and technologies are inherently evolving. The SEC must not stifle this evolution but actively support and back it.” He further acknowledged the SEC’s past approach, stating that it had initially taken an “ostrich approach” to digital assets—ignoring them—and later adopted a “shoot first and ask questions later” policy when regulating the sector. This approach, according to Gensler, had eroded market confidence.

To address these concerns, Gensler directed various SEC departments to prepare drafts for new rules surrounding digital assets. One key proposal includes allowing SEC-registered institutions to store and trade both traditional securities and digital assets in a unified platform. This would lower investor costs and enable faster transactions in non-security digital assets under a federal regulatory framework.

Additionally, the SEC is planning to integrate its FinHub (Financial Innovation Hub) with other divisions to foster the adoption of emerging technologies like blockchain, AI, and machine learning throughout the agency. Chairman Gensler emphasized, "Innovation should be embedded in the SEC’s organizational culture."

The SEC is also revisiting its Consolidated Audit Trail (CAT), a massive data collection and monitoring system. Gensler criticized CAT for its high operational costs, which exceed $250 million annually, and called for a re-evaluation of its reporting requirements and scope.

Finally, Chairman Gensler reiterated that the SEC’s role is not to hinder innovation but to facilitate the market’s evolution. He stated, “The SEC is no longer an agency that suppresses innovation, but one that actively encourages it.”

BlackRock’s Ethereum Accumulation Amid Short Term Price Drop

BlackRock’s Ethereum Accumulation Amid Short-Term Price Drop

Ethereum (ETH) experienced a notable decline, falling by over 2% within a single day, dropping to $2,412.95. This price drop was accompanied by a significant reduction in short-term investor sentiment, leading to large-scale liquidations in derivative markets.

In the last 24 hours, a total of $54.93 million worth of Ethereum positions were liquidated, with long positions accounting for $181.38 million—three times the amount of shorts liquidated. The recent downturn in Ethereum’s price led to the unwinding of leveraged long bets, with $21.45 million in long positions being liquidated in just four hours, highlighting the short-term uncertainty felt by traders.

Despite the negative short-term sentiment, BlackRock, the world’s largest asset management firm, has made significant purchases of Ethereum. On-chain data shows that BlackRock's wallet received 5,427 ETH (approximately $14 million) over two days (May 18-19), with one notable transaction consisting of 3,330 ETH (around $8.65 million), reflecting the firm’s active accumulation of Ethereum.

While the short-term volatility has impacted price movements, these purchases suggest that institutional demand for Ethereum remains robust, indicating that major players are positioning themselves with a long-term strategy, unaffected by short-term market fluctuations. BlackRock's CEO, Larry Fink, expressed his confidence in Ethereum in March, noting that blockchain tokenization will fundamentally change investment practices, freeing up capital previously locked in illiquid assets and driving economic growth.

Ethereum’s Pectra Upgrade Triggers Surge in Network Activity and Token Burn

Ethereum’s Pectra Upgrade Triggers Surge in Network Activity and Token Burn

Following the May rollout of Ethereum’s Pectra upgrade, the network has witnessed a sharp spike in transaction volume and ETH burn rate. Daily ETH burn, which had averaged around 1,000 ETH, skyrocketed to over 110,000 ETH in a single day post-upgrade — sparking renewed interest in Ethereum’s supply dynamics and deflationary potential.

Pectra focused on enhancing user experience and transaction efficiency without fundamentally altering the underlying network architecture. The upgrade led to a significant increase in transaction frequency, which in turn contributed to a surge in gas fee-based ETH burns. A key driver of this behavior is the implementation of EIP-7702, which has made account abstraction and smart contract interactions more seamless for users.

The Ethereum Foundation has continued to monitor the network closely to ensure post-upgrade stability. The next planned upgrade, Fusaka, is expected to introduce even more substantial improvements to the Ethereum protocol.

As a result, analysts suggest that Ethereum’s structural refinements could support long-term fundamental growth, while also providing a bullish narrative for ETH’s price action — especially in a market environment where supply constraints are increasingly important.

White House Rebukes Moody’s Downgrade: Labels Analyst as Politically Biased

White House Rebukes Moody’s Downgrade: Labels Analyst as Politically Biased

The White House has issued a strong rebuttal to the recent credit rating downgrade of the United States by Moody’s, claiming the move was influenced by political bias. On May 16 (local time), White House Communications Director Stephen Cheung targeted Mark Zandi, Chief Economist at Moody’s Analytics, stating, “He has opposed President Donald Trump since 2016, and no one takes his analysis seriously.”

However, it's important to note that Moody’s Analytics is a separate entity from Moody’s Ratings, the official credit rating agency. Cheung’s remarks may reflect a misunderstanding or deliberate conflation of the two.

While some experts acknowledged the seriousness of America’s growing fiscal deficit, they questioned the timing of Moody’s downgrade. Joseph LaVorgna, former Chief Economist at the National Economic Council (NEC), told Bloomberg, “The timing of Moody’s announcement is highly questionable, and their revenue forecasts seem overly pessimistic.” He warned that fiscally conservative factions could exploit the downgrade for political leverage.

LaVorgna also highlighted how the failure of Trump’s large-scale tax cut proposals in Congress could be indirectly linked to the political undercurrents influencing Moody’s announcement.

Stephen Moore, an economist at the Heritage Foundation, denounced the downgrade as “absurd,” stating, “If U.S. government-backed bonds aren’t rated Aaa, then what assets possibly could be?”

This is not the first time credit rating agencies have come under fire. When Fitch downgraded the U.S. from AAA to AA+ in 2023, Wall Street leaders voiced similar skepticism. JPMorgan CEO Jamie Dimon said at the time, “It’s irrational to think that countries rated higher than the U.S. depend on America’s stability.” He used Canada as an example, insisting the U.S. remains “the most prosperous and safest country in the world.”

Echoing that view, Warren Buffett, Chairman of Berkshire Hathaway, commented on Fitch’s downgrade “There are things people shouldn’t worry about. This is one of them.”

New Procedural Twist in Ripple vs. SEC Lawsuit as Judge Torres Rejects Indicative Ruling Request

New Procedural Twist in Ripple vs. SEC Lawsuit as Judge Torres Rejects Indicative Ruling Request

The legal battle between Ripple Labs (XRP) and the U.S. Securities and Exchange Commission (SEC) has entered a new procedural phase. Judge Analisa Torres has denied the parties' joint request for an "indicative ruling" on procedural grounds. In her order, she stated that if jurisdiction is restored to her court, the motion would still be dismissed due to its procedural inappropriateness.

On May 8, Ripple and the SEC jointly filed for an indicative ruling under Rule 62.1, requesting

1. The lifting of an injunction included in the final judgment, and

2. The release of funds from escrow related to Ripple’s civil penalty totaling $125,035,150—of which $50 million was to be paid to the SEC, with the remainder returning to Ripple.

While the rejection surprised many in the XRP community, the underlying settlement agreement remains intact. The issue, according to Judge Torres, lies purely in procedural missteps. Ripple’s Chief Legal Officer, Stuart Alderoty, reassured stakeholders by stating that "today’s order concerns a procedural issue tied to Ripple’s withdrawal of its appeal and does not impact Ripple’s legal victory." He emphasized that both parties have already reached a settlement and intend to finalize the matter through the appropriate legal channels.

Prominent XRP advocate and legal commentator Bill Morgan explained the situation further on Twitter. He confirmed that both Ripple and the SEC had agreed to settle and had already submitted motions to halt their appeal and cross-appeal processes. The indicative ruling was filed under Rule 62.1 but failed to address Rule 60, which governs the revision of judgments, thereby leading to its rejection.

Should the indicative ruling be granted in future filings, both parties would then submit a motion to the U.S. Court of Appeals for the Second Circuit to temporarily return jurisdiction to Judge Torres. Once jurisdiction is restored, the court can proceed with the motions to lift the injunction and distribute funds accordingly. The parties would then ask the appeals court to formally dismiss their respective appeals, effectively concluding the litigation. Morgan expects both sides to correct the procedural error and refile their joint motion shortly.

Brazil’s Largest Private Bank, Itaú Unibanco, Considers Launching Its Own Stablecoin Amid Regulatory Shift

Brazil’s Largest Private Bank, Itaú Unibanco, Considers Launching Its Own Stablecoin Amid Regulatory Shift

Itaú Unibanco, Brazil’s largest private financial institution, has confirmed that it is actively exploring the issuance of its own stablecoin. The move reflects both the domestic progress in regulatory discussions and the global trend of major financial institutions entering the stablecoin market, particularly in the United States.

A key influence on Itaú’s decision appears to be recent developments in U.S. legislation. The U.S. Congress has signaled stronger support for private-sector stablecoins over a central bank digital currency (CBDC), setting a favorable precedent for financial innovation led by commercial entities. Guto Antunes, head of Itaú’s digital asset division, stated that the performance of U.S. financial institutions in the stablecoin space has had a significant impact on Itaú’s strategic direction.

With the global expansion of blockchain-based payment infrastructure, Itaú Unibanco sees strong potential in atomic settlement capabilities offered by blockchain technology—transactions that are instant, final, and irreversible. This could significantly enhance operational efficiency and reduce counterparty risk.

However, the Brazilian regulatory environment may pose challenges. Brazil’s central bank is preparing to implement stricter oversight of stablecoin transactions. Central Bank President Roberto Campos Neto acknowledged that while stablecoins are gaining traction as a legitimate means of payment, regulatory frameworks must be reinforced to mitigate risks and ensure consumer protection.

SEC Postpones Decision on BlackRock’s Spot Bitcoin ETF

SEC Postpones Decision on BlackRock’s Spot Bitcoin ETF

The U.S. Securities and Exchange Commission (SEC) has announced a delay in its decision on BlackRock’s proposed spot Bitcoin ETF with a redemption mechanism that allows for in-kind settlement. The agency has opened a window for public comment, signaling a cautious and methodical approach to the evolving crypto investment landscape.

In a notice dated May 13, the SEC emphasized the need to evaluate the potential market impact of BlackRock’s proposed redemption structure. Unlike traditional cash-settled ETFs, this model allows liquidity providers to redeem ETF shares directly for the underlying asset—in this case, Bitcoin—rather than fiat currency. This structure, while potentially improving arbitrage efficiency and reducing tracking errors, raises unique regulatory challenges, particularly in terms of custody, price discovery, and systemic risk.

Industry analysts note that if approved, the in-kind redemption mechanism could enhance liquidity and improve the ETF's alignment with spot market dynamics. However, it also complicates the regulatory oversight of fund inflows and outflows, especially under current U.S. crypto custody frameworks.

In a broader move, the SEC also delayed rulings on other digital asset-related ETFs, including the Grayscale Litecoin Trust, Grayscale Solana Trust, and 21Shares' Dogecoin ETF. This wave of postponements may indicate that the SEC, under newly appointed Chair Paul Atkins, is reassessing its approach to crypto-backed financial instruments. At a recent crypto roundtable, Atkins remarked that the Commission intends to pursue a “more practical regulatory path,” which may hint at future flexibility or revised guidelines for crypto ETFs.

This delay, while frustrating for market participants hoping for quick institutional access to spot crypto exposure, reflects a prudent regulatory stance. The in-kind redemption model introduces benefits for ETF efficiency, but it also adds complexity that can't be overlooked—particularly in a still-maturing digital asset market. In my view, the SEC’s invitation for public commentary is a positive sign. It suggests that the Commission is not outright rejecting innovation but is seeking a framework that balances investor protection with market modernization. If executed carefully, this could pave the way for a more robust and institutionally accepted crypto ETF landscape.

VIP Attendees of Trump Memecoin Dinner Hold an Average of $4.8 Million in TRUMP Tokens

VIP Attendees of Trump Memecoin Dinner Hold an Average of $4.8 Million in TRUMP Tokens

According to Decrypt, VIP participants invited to a memecoin-related dinner with U.S. President Donald Trump hold an average of approximately $4.8 million worth of TRUMP tokens. The event selected the top 25 holders as VIPs based on their TRUMP holdings, with an additional 195 attendees invited on a limited basis.

The rankings were determined using a time-weighted average of TRUMP token holdings, and an official leaderboard was published. The account with the largest TRUMP holdings is believed to belong to Justin Sun, who reportedly holds around 1.4 million TRUMP tokens worth over $19 million.

VIP participants are entitled to attend an exclusive dinner with President Trump, along with a private reception and a tour of the Trump National Golf Club in Washington, D.C. If Trump does not attend or the dinner is canceled, attendees will receive a limited edition NFT as compensation.

To further incentivize holders, the TRUMP team announced a new rewards program. Users who maintain a certain amount of TRUMP tokens will receive Solana-based NFTs, and a new leaderboard and badge system will be launched soon.

Meanwhile, U.S. watchdog group Accountable.US criticized the leaderboard, calling it "the most blatant example of self-dealing in presidential history." Following news of the dinner, the TRUMP token initially surged in price but has since declined by about 8% to $12.78. Background checks and the possibility of the President’s absence are also conditions for attending the event.

Futures Surge as US-China Trade Deal Sparks Risk-On Sentiment

Futures Surge as US-China Trade Deal Sparks Risk-On Sentiment

US stock futures jumped over 1% following news that the US and China have reached a trade agreement, easing tensions between the world’s two largest economies.

• Dow Jones (US30) futures climbed 517 points (+1.25%) to 41,766.4.

• S&P 500 (US500) futures rose 78.3 points (+1.38%) to 5,738.2.

• Nasdaq 100 (US Tech 100) futures surged 307.8 points (+1.53%) to 20,369.2.

The rally was fueled by expectations that the deal will roll back tariffs and ease tech export restrictions, boosting investor confidence. Analysts say if the agreement is formally signed and implemented, it could deliver a significant positive shock to global markets.

However, they caution that details and long-term enforcement remain key to assessing its durability.

Tokenized U.S. Treasuries Surge 6% in a Week, Nearing $7 Billion

Tokenized U.S. Treasuries Surge 6% in a Week, Nearing $7 Billion

The market for tokenized U.S. Treasuries has expanded rapidly, growing 6% in just one week to reach a cumulative value of $6.89 billion as of early May 2025.

On May 2, tokenized Treasuries crossed the $6.5 billion mark for the first time, and have since attracted an additional $390 million in inflows. Compared to $4.03 billion at the start of the year, the market has now grown by 71% in just five months.

BlackRock’s flagship USD Institutional Digital Liquidity Fund (BUIDL) saw $36 million in new inflows, rising from $2.871 billion to $2.907 billion. Franklin Templeton's OnChain U.S. Government Money Fund (BENJI) added $10.61 million, reaching $727.45 million in AUM. Meanwhile, Ondo Finance's USDY fund outpaced peers with a robust $48.53 million increase.

The continued capital inflows highlight growing institutional trust and adoption of blockchain-based financial infrastructure. Tokenized government bonds are no longer experimental—they’re becoming a mainstream investment vehicle.

If yields stay attractive and settlement efficiencies persist, on-chain funds could evolve into a primary channel for Treasury market exposure in the digital era.

SUI Eyes New All-Time High Amid 93% Monthly Rally and Ecosystem Growth

SUI Eyes New All-Time High Amid 93% Monthly Rally and Ecosystem Growth

SUI, the native token of the Sui Network, is positioning for a potential all-time high (ATH) breakout after rallying over 18% recently. With this surge, SUI has climbed to become the 11th largest digital asset by market cap.

According to CoinMarketCap, SUI has gained 93.5% over the past month, reversing previous headwinds from profit-taking after overbought conditions. The latest rally is fueled by strong network fundamentals.

Stablecoin supply on the Sui network hit an all-time high of $9.08 billion, marking a 181.53% increase since early 2025. Analysts see this as a sign of deeper capital inflows and growing user activity.

Prominent market analyst Michael Van de Poppe, who attended the recent Sui Basecamp event in Dubai, called it “one of the best ecosystem events,” highlighting SUI's bullish breakout and rising Total Value Locked (TVL) as key upside drivers.

Another analyst, Kostas Krypto, pointed to Sui’s innovation engine, noting the network has produced over 80 research papers in three years. He believes this R&D focus gives Sui a competitive edge as it scales.

With price momentum, on-chain growth, and technical breakthroughs aligning, investor expectations for SUI's next leg higher are building rapidly.