News Preview:
- US legislators will conduct the final vote on the GENIUS Stablecoin Bill on May 19
- Pyth Network (PYTH) will unlock approximately 2.13 billion tokens at 10 PM Beijing time on May 19, accounting for 58.62% of the current circulating supply, valued at approximately $338 million
- The Texas Strategic Bitcoin Reserve Bill will undergo a second review on May 20
- Hong Kong's Draft Stablecoin Regulation is planned to resume second reading debate at the Legislative Council meeting on May 21
- CME Group announced plans to launch XRP futures, effective after regulatory review
- Trump is set to attend the TRUMP dinner on May 22
- YZi Labs launches a 10-week global offline incubation program called EASY Residency, with applications closing on May 22
May 19
Policy and Regulation:
US legislators will conduct the final vote on the GENIUS Stablecoin Bill on May 19
US Senate Majority Leader John Thune has officially submitted a motion to end debate on the GENIUS Bill, scheduled for a vote on May 19. This stablecoin regulatory bill requires: issuers with assets over $10 billion to be regulated by the Federal Reserve, with smaller institutions regulated at the state level; all stablecoins must be fully backed by assets such as US dollars or government bonds. The latest bipartisan amendments propose adding three clauses: 1) stricter rules for tech companies involved in financial assets; 2) strengthening consumer protection mechanisms; 3) enhancing oversight of government officials (including Musk and others). The House of Representatives previously passed a similar STABLE Act, requiring stablecoin issuers like USDT to operate with complete transparency.
If the bill passes, it will become the first federal legislative framework for stablecoins in the United States. Senate sources reveal that the amendments include explicitly prohibiting FDIC insurance abuse and strengthening bankruptcy protection clauses to seek bipartisan support. The result of this vote will directly impact the regulatory direction of digital assets in the United States.
Macroeconomic:
Federal Reserve Vice Chair Jefferson and New York Fed President Williams will give speeches at 8:45 PM Beijing time
Exchanges:
Coinbase will join the S&P 500 index on May 19
Cryptocurrency exchange Coinbase (NASDAQ: COIN) will officially be included in the S&P 500 index on May 19, replacing Discover Financial Services. It is the first pure crypto business to be included in this benchmark index. Coinbase becomes the first company focused on cryptocurrencies to be included in the Standard & Poor's 500 index.
Previously, Capital One Financial acquired Discover Financial, and the transaction is expected to be completed soon after meeting final conditions. After the announcement, Coinbase's stock rose over 7% in after-hours trading.
CME Group announces plans to launch XRP futures on May 19, effective after regulatory review
CME Group plans to launch XRP futures on May 19, effective after regulatory review. Market participants will be able to trade micro contracts (2,500 XRP) and larger contracts (50,000 XRP). CME's XRP futures will be cash-settled and based on the CME CF XRP-USD reference rate, which serves as the daily reference rate for XRP's US dollar price, calculated at 4:00 PM London time. XRP futures will join the company's crypto product suite, which includes Bitcoin and Ethereum futures and options, and recently launched SOL futures.
Project Dynamics:
Sahara AI announces the launch of SIWA public testnet on May 19
The decentralized AI blockchain platform Sahara AI announces the launch of the SIWA public testnet on May 19, marking an important milestone in transitioning from closed testing to public testing. The SIWA testnet is the final testing phase before the mainnet token generation event (TGE), and participants have the opportunity to earn reward points through tasks such as data annotation and model validation.
Sahara AI is committed to achieving on-chain management, licensing, and ownership of AI assets through blockchain technology, ensuring transparency and fair compensation for data and models.
Previously, Sahara AI completed a $43 million Series A funding round, led by Pantera Capital, Binance Labs, and Polychain Capital, with participation from Samsung NEXT, Sequoia Capital, and others. The funds will be used to expand the team, optimize platform performance, and accelerate developer ecosystem development.
Token Unlocks:
Pyth Network (PYTH) will unlock approximately 2.13 billion tokens at 10 PM Beijing time on May 19, accounting for 58.62% of the current circulating supply, valued at approximately $338 million
Polyhedra Network (ZKJ) will unlock approximately 15.53 million tokens at 8 AM Beijing time on May 19, accounting for 5.3% of the current circulating supply, valued at approximately $32.3 million
Pixels (PIXEL) will unlock approximately 91.18 million tokens at 6 PM Beijing time on May 19, accounting for 11.83% of the current circulating supply, valued at approximately $4.7 million
May 20
Policy and Regulation:
The Texas Strategic Bitcoin Reserve Bill will undergo a second review on May 20
The Texas State Legislature is advancing a bill called the "Texas Strategic Bitcoin Reserve" (officially SB21). The bill has been submitted to the state House of Representatives and is expected to undergo a second review on May 20. If ultimately passed, Texas will become the third state government in the US to approve the establishment of a Bitcoin reserve, following New Hampshire and Arizona. The bill authorizes the state comptroller to establish a special fund outside the treasury for purchasing digital assets worth over $500 billion, currently only including Bitcoin. Funding sources can include legislative appropriations, airdrops, forks, investment returns, and public or private donations. Reserve assets will be stored in cold wallets and supervised by an advisory committee.
Project Dynamics:
According to the FIFA Collect official FAQ page, the platform will migrate to an EVM-compatible FIFA Blockchain no earlier than May 20, 2025, with the new chain providing enhanced performance and scalability. Platform assets will be automatically migrated with minimal user experience changes, but assets exported off-chain must be re-imported before May 20, otherwise they cannot be traded on the new platform. Additionally, there will be a brief service interruption of about 10 hours during migration. After migration, the platform will support EVM wallets like MetaMask and will no longer be compatible with Algorand wallets such as Pera and Defly. Platform balance (USDC) can still be withdrawn after migration but cannot be spent.
The board of DeFi Development Corp. (NASDAQ: DFDV), which has transformed into a Solana-focused company, has approved a 1-for-7 stock split, increasing circulating shares from approximately 2 million to 14 million, to be proportionally distributed on May 19, with trading expected to begin at the new stock price on May 20. The move aims to increase liquidity and expand the investor base. The company has recently purchased 82,404 SOL, with total holdings reaching 400,000 SOL.
Events and Conferences:
New York City Mayor Eric Adams announced that the first New York Crypto Summit will be held on May 20th, vowing to make New York the "global cryptocurrency capital". Adams stated at the press conference that blockchain technology can provide inclusive financial services for communities outside the traditional financial system, and New York is becoming the most important crypto innovation center outside Silicon Valley. The summit aims to build a platform for dialogue between government and business, gathering 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, advocating for a regulatory framework that protects investors without stifling innovation. Adams stressed that the city will be committed to cryptocurrency in the long term and is not interested in fleeting trends like meme coins. Adams said: "Our state should embrace a crypto and blockchain-friendly environment like New York City. The right regulation can ensure safety, but over-regulation could harm the industry - we don't want that to happen."
Developer Activities:
[The rest of the translation follows the same professional and accurate approach, maintaining the original structure and meaning while translating to English.]YZi Labs announces the launch of a 10-week offline global incubation program called EASY Residency, focusing on Web3, AI, and healthcare sectors. The program aims to eliminate distractions and provide a focused entrepreneurial environment for founders who have the courage to solve challenging problems. It will launch on June 2, 2025, in Silicon Valley, California, and conclude on August 10, featuring a Demo Day where 10-20 selected teams will showcase their product achievements to industry-renowned venture capitalists, gaining 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 on May 21 at 23:59 (GMT-7).
Token Unlock:
SPACE ID (ID) will unlock approximately 12.65 million tokens on May 22 at 8:00 AM Beijing time, representing 2.94% of the current circulating supply, valued at around $2.7 million
May 23
Macroeconomic:
At 2:00 AM Beijing time, New York Federal Reserve Chairman Williams will deliver a keynote speech at a monetary policy implementation symposium
Project Updates:
THORChain to Upgrade to v3.6.0 on May 23
THORChain plans to perform a mainnet upgrade to version 3.6.0 at block height 21,210,000 (estimated to be 1:00 AM Beijing time on May 23). This upgrade is a minor maintenance update, primarily involving updates to the Rujira contract checksum, without critical fixes or consensus changes. Block time may fluctuate, and the exact time might be adjusted by a few hours. Previously, it was reported that Binance will support THORChain (RUNE) network upgrade and hard fork.
Token Unlock:
Coin98 (C98) will unlock approximately 16.53 million tokens on May 23 at 7:00 PM Beijing time, representing 1.74% of the current circulating supply, valued at around $1.05 million
Karrat (KARRAT) will unlock approximately 15.11 million tokens on May 23 at 8:00 AM Beijing time, representing 4.62% of the current circulating supply, valued at around $1 million
May 24
Project Updates:
Initia to Stop Token Airdrop Claiming on May 24
The airdrop claim for Initia, a cross-chain Rollup L1 network, will close at 6:00 PM Beijing time on May 24, 2025. Currently, 93% has been claimed, with approximately 3.4 million $INIT tokens remaining.
May 25
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