Trump Campaign Accepts Cryptocurrency Donations, Including Dogecoin and Shiba Inu

According to The Block, U.S. Republican presidential candidate Donald Trump has announced that he will accept political donations in the form of cryptocurrencies. According to Trump's website, his 2024 campaign will accept cryptocurrencies such as Bitcoin, Ethereum, Solana, Dogecoin, and Shiba Inu.

Insider: U.S. SEC Leaning Towards Approving Ethereum Spot ETF

Barron's, citing insiders, reported that U.S. Securities and Exchange Commission (SEC) staff informed exchanges on Monday that the agency is "inclined" to approve an Ethereum spot ETF. The SEC has provided feedback on these applications, and if addressed promptly, approval could come as early as this week. Previously, Bloomberg ETF analysts indicated that the U.S. government's stance on an Ethereum spot ETF might change significantly due to shifting political winds.

Several U.S. House Democrats Petition Colleagues to Join Support for Crypto Bill FIT21

According to CoinDesk, the U.S. House of Representatives is set to vote on Wednesday, with bipartisan support expected to pass comprehensive cryptocurrency legislation—a significant milestone for the industry. Some Democrats are urging their colleagues to vote in favor. A memo shared by congressional aides shows that at least eight House Democrats publicly support the Financial Innovation and Technology for the 21st Century Act (FIT21) and may recruit more supporters. The bill is scheduled for a full discussion and vote later on Wednesday. "As Democrats, we see this as an important opportunity to regulate the digital asset market," the eight lawmakers wrote in an internal memo on Tuesday, requesting their colleagues' support. "This should not be a partisan issue," said Representatives Wiley Nickel (D-NC), Yadira Caraveo (D-CO), Jim Himes (D-CT), Jasmine Crockett (D-TX), Ritchie Torres (D-NY), Darren Soto (D-FL), Josh Gottheimer (D-NJ), and Don Davis (D-NC). Despite bipartisan support in the House, this effort further highlights the lack of similar progress in the Senate, where cryptocurrency market structure legislation may fail. Senior staff from the House Financial Services Committee and Agriculture Committee, responsible for the bill, said on Tuesday that they are increasingly discussing with their Senate counterparts but are also willing to consider the bill as a legislative tool that could be attached as the current Congress session nears its end.

Standard Chartered Executive: Bitcoin Expected to Hit All-Time High Over the Weekend

According to The Block, Geoff Kendrick, head of FX research and digital assets research at Standard Chartered, expects Bitcoin to hit an all-time high over the weekend, reaching the March 14 level of $73,798. Kendrick added that this week's optimism surrounding the potential approval of a spot Ethereum ETF makes him more confident in his Bitcoin price target, predicting Bitcoin will reach $150,000 by the end of 2024 and $200,000 by the end of 2025. Kendrick also noted that recent developments have been more constructive, with increased inflows into spot Bitcoin ETFs, bringing the total to a record high of $12.9 billion.

Gala Community Initiates Governance Proposal for "Temporary GALA Token Contract Upgrade and Token Burn"

According to the official governance website, the Gala community has initiated a governance proposal for a "Temporary GALA Token Contract Upgrade and Token Burn." The proposal states that due to recent security incidents resulting in the unauthorized minting and sale of approximately 600 million GALA tokens and the permanent locking of approximately 4.4 billion tokens, this proposal aims to formally burn these approximately 4.4 billion GALA tokens and about 600 million GALA tokens from the GALA treasury to ensure the ecosystem's stability and sustainability. Due to the upgradable nature of the GALA contract, the proposed changes will not require exchanges to re-list or re-exchange and can be executed without affecting all GALA token users. This move will involve upgrading the GALA contract, including the explicit and irreversible destruction of the same number of unauthorized tokens or tokens deemed illegally obtained by law enforcement, and enhancing the contract's security features to prevent future unauthorized access or breaches.

Previously, it was reported that the Web3 gaming platform Gala Games was hacked yesterday, and the attacker has since returned approximately $22.5 million worth of ETH.

Coinbase Partners with Meta, Ripple, and Others to Form Tech Anti-Fraud Coalition to Combat Online Fraud and Financial Scams

According to the official blog, cryptocurrency exchange Coinbase announced the formation of a tech anti-fraud coalition with industry leaders such as Match Group (parent company of Tinder and Hinge), Meta, Kraken, Ripple, Gemini, and the Global Anti-Scam Organization (GASO) to combat online fraud and financial scams. This collaboration aims to protect and educate users, emphasizing that fraud is a technology-wide issue, not limited to social media, cryptocurrency, or finance. Coinbase stated, "By sharing knowledge and best practices, we strive to create a safer digital environment."

ConsenSys CEO: Ethereum Spot ETF Could Lead to Ethereum Supply Shortage

According to DL News, Joe Lubin, co-founder of Ethereum and founder and CEO of crypto infrastructure company ConsenSys, stated that if an Ethereum spot ETF is approved, the resulting "demand flood" for Ethereum could lead to a supply shortage. Lubin explained that institutions already exposed to Bitcoin through newly launched Bitcoin ETFs are "most likely to want to diversify their investments into the second approved ETF," and the natural, pent-up demand to buy Ether through an ETF will be substantial. However, compared to the approval of the Bitcoin spot ETF earlier this year, there will be less supply available to meet this demand. In the case of Bitcoin, authorized participants (i.e., companies that buy Bitcoin daily on behalf of the ETF) can simply purchase idle Bitcoin on exchanges or through over-the-counter counterparties. But on-chain data shows that over 27% of the total Ethereum supply is staked on the Ethereum network. These Ethereum tokens are locked in contracts, earning yields for their owners. Lubin said, "A lot of Ethereum is used in core protocols, decentralized finance systems, or DAOs." In other words, Ethereum's market value is not only lower than Bitcoin's—making Ether's price more sensitive to capital inflows—but also a significant portion of its supply is unavailable for ETF use. Additionally, new activity on Ethereum will lead to the destruction of a large amount of existing Ether supply over time, further limiting supply.

Six Ethereum Spot ETF Applicants Have Submitted Amended 19b-4 Filings

According to Watcher.Guru, six Ethereum spot ETF applicants have submitted amended 19b-4 filings, including VanEck, Fidelity, Franklin, Ark Invest, Grayscale, and Invesco Galaxy.

Earlier today, it was reported that Grayscale's latest Ethereum spot ETF application has removed staking language, and Fidelity has excluded the possibility of earning staking rewards in its S-1 registration statement. Later, it was reported that CoinShares and Valkyrie will not apply for an Ethereum spot ETF; financial lawyer Scott Johnsson stated that the Ethereum spot ETF might take time in the S-1 application approval process, as the Bitcoin spot S-1 filing took four months to approve.

Jupiter Launches Giant Unified Market Plan and Forms GUM Alliance to Incorporate All Assets into a Single Market

Solana ecosystem trading aggregator Jupiter announced on the X platform that it is launching the "Giant Unified Market (GUM)" plan, aiming to bring all assets, including meme coins, real-world assets, stocks, and forex assets, onto the Solana chain and index them on Jupiter, allowing users to trade all assets in a single market. To achieve this vision on Solana, Jupiter is launching the GUM Alliance, composed of top asset, liquidity, and distribution teams, and will complete three main tasks with these partners in the coming months: 1. Bringing more assets to Solana; 2. Creating liquid markets for these assets; 3. Integrating these markets into Jupiter and promoting their adoption.

zkSync Plans TGE This Week and Airdrop in Mid-June

According to The Block, citing sources, zkSync plans to conduct a token generation event (TGE) this week and an airdrop in mid-June (around June 13). Sources said that zkSync's token issuance (including the airdrop) will occur within 30 days after the TGE, with a total supply of 21 billion tokens. zkSync hopes to use ZK as its token, but due to Polyhedra Network already using that code, some issues have arisen. Sources said zkSync can still use ZK and emphasized that Binance has not yet listed Polyhedra's token.

DWF Labs Announces Purchase of 25 Million GALA Tokens on the Open Market

DWF Labs tweeted that they have taken proactive measures to alleviate market selling pressure and purchased 25 million GALA tokens on the open market. According to Spot On Chain monitoring, DWF Labs recently received 28.3 million GALA (worth $1.1 million) from Binance. They currently hold a total of 88.3 million GALA, making it the fifth-largest holding in their portfolio.

Solana Wallet Phantom Acquires a16z-Backed Wallet-as-a-Service Platform Bitski

According to The Block, Solana wallet Phantom has acquired the wallet-as-a-service platform Bitski, backed by notable investors such as Andreessen Horowitz (a16z) and Galaxy Digital. As part of the Bitski acquisition, Phantom

Plans to introduce embedded wallets into Solana to provide an easy onboarding experience similar to web2. Users will soon be able to register and log in to Phantom using only their email addresses. Phantom co-founder and CEO Brandon Millman stated that the Bitski team, including its co-founders, will join Phantom, expanding its current team of over 80 members. Bitski has raised at least $25.5 million in funding, with investors including a16z, Galaxy Digital, Coinbase Ventures, Winklevoss Capital, Kindred Ventures, American billionaire rapper Shawn "Jay-Z" Carter, and former American professional tennis player Serena Williams. To date, Phantom has raised a total of $118 million, with investors including a16z, Paradigm, Solana Ventures, Variant, and Alliance.

Catizen and Notcoin jointly burn 5 million $NOT tokens to strengthen the ecosystem

Catizen achieved over 50 million $NOT in revenue within three days of supporting $NOT payments. In response, Catizen and Notcoin jointly announced the burning of 10% of this $NOT revenue. This burn significantly reduces the circulating supply of $NOT, a bold and strategic move aimed at enhancing the token's value and market dynamics. Since Catizen integrated $NOT for top-ups, both communities have benefited from enhanced utility and exclusive offers. This token burn is a strong testament to the close collaboration and shared vision of both parties.

Cross-chain protocol deBridge announces the launch of governance token DBR, with a total supply of 10 billion

According to The Block, cross-chain interoperability protocol deBridge announced the launch of its governance token DBR. DBR is based on the Solana chain, with a total supply of 10 billion tokens. The token distribution plan includes allocating 20% to community launch and its community, with an initial circulating supply of 1.8 billion DBR. Of the remaining supply, 26% is allocated for ecosystem support, 20% for core contributors, and 17% for strategic partners. deBridge aims to decentralize governance power to the community through a DAO. DBR token holders can stake their tokens to participate in DAO governance voting, deciding on protocol parameters, including election activities.

Binance Labs announces investment in derivatives trading platform Aevo

Binance Labs announced an investment in Aevo, a high-performance Layer 2 (L2) platform built on the OP Stack, supporting perpetual contracts, pre-launch futures, and options trading, all using a single margin account on the same platform. Aevo is a decentralized derivatives trading platform focused on options and perpetual contracts. Its technical architecture features an off-chain order book with on-chain settlement on Ethereum and uses Celestia as a high-throughput data availability layer to enhance scalability. Supported by Paradigm, Dragonfly, and Coinbase Ventures, Aevo is a rebranded version of the previous DeFi options protocol Ribbon Finance and was voted on in Ribbon Finance's RGP-33 governance proposal. So far this year, Aevo's derivatives trading volume has exceeded $80 billion, generating over $30 million in fees, with an average of 50,000 monthly active users (MAU) on the platform. As part of its future roadmap, Aevo will launch vault strategies, yield products, and Aevo staking. It will allow developers to deploy their dApps on Aevo L2 without permission.

Web3 social media platform Farcaster completes $150 million financing, led by Paradigm

According to The Block, Web3 social media platform Farcaster completed $150 million in financing, led by Paradigm, with participation from a16z crypto, Haun Ventures, USV, Variant, Standard Crypto, and others. The new funds will be used to increase daily active users and hire more engineers. Farcaster is a decentralized social media platform based on Optimism, allowing users to better control their data and enabling developers to enhance the platform through mini-apps. Previously, in March, sources revealed that Farcaster developer Merkle Manufactory was about to complete a round of financing led by Paradigm, with a valuation of approximately $1 billion. Farcaster had completed a $30 million financing round in July 2022, led by a16z.

Data: BlackRock IBIT net inflow of $291 million on May 21

According to HODL15Capital monitoring, BlackRock IBIT had a net inflow of $291 million on May 21, Bitwise BITB had a net outflow of $4.2 million, and Grayscale GBTC had no inflows or outflows.

ETH price breaks $3,800, hitting a new high in nearly two months

According to OKX market data, the price of ETH broke $3,800, hitting a new high in over two months. ETH is currently reported at $3,810 per coin, up 22.26% within the day.

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