

Headline: U.S. Senate Votes to Confirm 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 for the position by President Trump on January 30. (Caixin.com) Latest Draft of the CLARITY Act Still Prohibits Earning Yield Solely from Holding Stablecoins On May 12, the U.S. Senate Committee on Banking released a 309-page updated draft of the CLARITY Act, with Section 404 maintaining the prohibition against earning yield exclusively from holding stablecoins.


Circle's Q1 Non-Interest Income Reaches All-Time High, Stock Rises Over 18%; Trump to Visit China, Musk Possibly Accompanying; Ethereum Glamsterdam Upgrade Advances, Frax Finance to Launch Pre-Deposit Facility.




U.S.-Iran clashes escalate, U.S. forces respond in self-defense; Trump declares strike operation a success. Cathie Wood clarifies Binance did not trigger the "1011 flash crash." Kalshi completes $1B funding round, achieving a valuation of $22B.


U.S. media reports that the U.S. and Iran are nearing a memorandum agreement to end hostilities, with Iran set to resume operations in the Strait of Hormuz.


Upcoming key events next week include the deprecation of ZKsync Lite, earnings reports from multiple companies, the release of U.S. non-farm payroll data, and the potential launch of the first prediction market ETFs.


The estimated cost of the U.S. war against Iran may exceed $25 billion, the Federal Reserve holds steady on policy despite deepening divisions, and Anthropic is poised to raise funds with a valuation potentially surpassing $900 billion.


The Cryptocurrency Market Structure Act faces obstacles, BlackRock's IBIT options holdings surpass Deribit for the first time, and Aave's rescue initiative has raised over 100,000 ETH;


The World Cup is approaching, causing a general rise in World Cup tokens; Aave TVL falls below $30 billion; Sun Yuchao has cumulatively deposited $1.3 billion in assets into Spark;


AAVE recovers 70 million USD worth of ETH; Tencent and Alibaba discuss investing in DeepSeek; prediction market giants increasingly enter perpetual contracts;

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