U.S. Senate Confirms Kevin Warsh as Federal Reserve Chair

The U.S. Senate voted on May 12 to confirm Kevin Warsh as the new Federal Reserve Chair, succeeding current Chair Jerome Powell. Warsh was initially nominated by President Trump on January 30. (CaiLian News)

Latest Draft of CLARITY Act Still Prohibits Earning Rewards Solely from Holding Stablecoins

The U.S. Senate Banking Committee released a 309-page latest draft of the CLARITY Act on May 12. Section 404 maintains the prohibition on "rewards solely from holding" stablecoins, while simultaneously permitting incentives for stablecoins tied to real transaction activity, payment flows, platform behavior, or liquidity provision.

JPMorgan to Launch Second Tokenized Money Market Fund on Ethereum

JPMorgan will launch its second Ethereum-based tokenized money market fund, JLTXX, primarily investing in U.S. Treasury bonds and overnight repurchase agreements, aiming to meet the qualified reserve asset requirements for stablecoin issuers under the GENIUS Act, managed by its subsidiary Kinexys Digital Assets. This marks JPMorgan’s second tokenized money market fund on Ethereum following MONY.

Industry News

BTC Breaks Below 80,000 USDT, 24H Drop of 2.01%

Data from OKX shows BTC falling below 80,000 USDT, currently trading at 79,980 USDT, with a 24-hour decline of 2.01%.

Trump Aims to Restart Large-Scale Military Operations Against Iran, Exceeding Recent Intensity

President Trump has grown increasingly dissatisfied with Iran's conduct in ceasefire negotiations and is preparing to restart large-scale military operations against Iran, with greater intensity than recent weeks. (Zhitong Finance)

CFTC Engaging Multiple Professional Sports Leagues on Predictive Market Regulation Collaboration

CFTC Chairman Michael Selig stated that regulators are in active discussions with all major U.S. professional sports leagues to strengthen the regulatory framework for sports prediction markets and mitigate risks of insider trading and manipulation. Previously, the CFTC signed a memorandum of understanding on information sharing with MLB, marking its first formal data collaboration mechanism with a professional sports league. (CoinDesk)

U.S. Department of Justice Reaches $30 Million Settlement with PayPal

The U.S. Department of Justice has reached a $30 million settlement agreement with PayPal. (Jinshi News)

ZachXBT: 18-Year-Old U.S. Hacker Dritan Allegedly Involved in $19M Crypto Theft and Money Laundering Scheme

Chain analyst ZachXBT exposed U.S.-based threat actor Dritan Kapllani Jr., alleging his involvement in approximately $19 million in social engineering-based crypto theft, with wallet addresses linked to a BTC theft incident involving 185 BTC on March 14, 2026. The U.S. Department of Justice has unsealed an indictment against co-conspirator Trenton Johnson, where the reference "CC-1" is believed to identify Dritan, though he has not yet been formally charged.

Project Updates

Ethereum Foundation-Led Working Group Launches Open Standard 'Clear Signing' to Address Blind Signing and Enhance On-Chain Transaction Security

The Ethereum Foundation-led working group has released the open standard 'Clear Signing,' built upon the ERC-7730 specification, aimed at solving the long-standing issue of 'blind signing.' It enables users to understand the actual content of transactions in a unified, readable, and structured format prior to signing, enhancing interpretability through standardized off-chain descriptions without altering on-chain transaction structure.

Telegram Founder: TON Unveils New Toolchain Acton

Telegram founder Pavel Durov announced that TON’s development efficiency has increased tenfold. The new toolchain acton makes smart contract creation, testing, and deployment significantly easier and is AI-ready, replacing TON’s previously fragmented toolstack and establishing a unified development workflow.

Funding & Investment

Elliptic Raises $120M at $670M Valuation, Led by One Peak Partners

Blockchain analytics firm Elliptic completed a $120 million funding round at a valuation of approximately $670 million, led by One Peak Partners, with participation from Deutsche Bank, Nasdaq’s venture arm, British Business Bank, and follow-on investments from existing shareholders including JPMorgan Chase. Founded in 2013, Elliptic screens over 1 billion transactions weekly for more than 700 clients, providing financial institutions with crypto AML and sanctions compliance tools.

AI Startup White Circle Secures $11M Seed Round, with Executives from OpenAI and Anthropic Among Investors

AI startup White Circle raised $11 million in seed funding, with participation from executives including Romain Huet from OpenAI and Durk Kingma from Anthropic. The company offers a unified API to monitor large model inputs and outputs in real time, detecting hallucinations, prompt injection attacks, harmful content, and model drift, while supporting customizable security policies. (Techfundingnews)

Voices from the Industry

U.S. Defense Secretary Hegseth: Iran Ceasefire Agreement Remains Valid

U.S. Defense Secretary Hegseth stated that despite recent tensions and skirmishes, the Iran ceasefire agreement remains valid, and any engagement with Iran will proceed "on American terms." (Jinshi News)

Glassnode: Long-Term Holders Have Not Experienced Historic BTC Pressure; Current Correction Far Below Deep Bear Market Levels

Glassnode data shows that Bitcoin long-term holders’ unrealized loss ratio reached only around 15% in early April, significantly lower than the over 75% levels seen during historical deep bear markets, indicating that the current correction has limited impact on long-term holders, reflecting more of a mid-cycle volatility rather than a full-scale capitulation phase.