News Weekly | BTC has returned above $95,000, CME will launch XRP futures

The Golden Weekly is a weekly summary column of the blockchain industry launched by Golden Finance, covering key news of the week, mining information, project updates, technological advancements, and other industry dynamics. This article is part of the news weekly, bringing you an overview of the major events in the blockchain industry this week.

Headline

▌****BTC returns above $95,000 after two months

Market data shows that BTC has broken through 95,000 USD, currently reported at 95,136.66 USD, the first time since February 24. The 24-hour increase has reached 2.43%, and market fluctuations are significant, please ensure proper risk management.

▌****CME Group will launch XRP futures

The derivatives market CME Group ( announced today that it plans to launch Ripple )XRP( futures on May 19, pending regulatory approval. Market participants will have the option to trade micro contracts (2,500 XRP) or large contracts (50,000 XRP).

▌****Bloomberg: Details of the U.S. Strategic Bitcoin Reserve may be announced in the coming weeks

In early March this year, Trump signed an executive order proposing the establishment of a national-level Bitcoin reserve and strategic reserves for other tokens, and requested the Secretary of the Treasury to submit an assessment report on the legal and investment feasibility of the plan within 60 days. Currently, there are less than two weeks left until the 60-day deadline set by Trump's executive order, which means that more details about the U.S. Bitcoin reserve are about to be disclosed. The market's anticipation of this matter may be one of the important catalysts for the recent rebound in crypto assets. In addition, any remarks questioning the independence of the Federal Reserve have also had a positive spillover effect on Bitcoin.

Policy

▌****The US SEC attempts to withdraw the securities lawsuit against Dragonchain's cryptocurrency ICO

The U.S. Securities and Exchange Commission stated in a joint agreement with Dragonchain that it hopes to withdraw the lawsuit due to the work done by its cryptocurrency working group.

In a joint agreement with Dragonchain submitted to the U.S. District Court in Seattle on April 24, the U.S. Securities and Exchange Commission stated that it "considers it appropriate to dismiss this case," citing the work of the agency's cryptocurrency working group in helping to "develop a regulatory framework for cryptocurrency assets." The document stated: "The U.S. Securities and Exchange Commission and the defendants agreed to dismiss this lawsuit without prejudice to the interests of either party and with no costs or fees charged to either party."

The U.S. Securities and Exchange Commission filed a lawsuit in August 2024 against Dragonchain, its supporter Dragonchain Foundation, Dragon, and Dragonchain founder Joseph Roets, claiming they raised $16.5 million through a cryptocurrency token that is an unregistered security offering.

▌****The US SEC's cryptocurrency working group meets with Ondo Finance to discuss compliance for issuing tokenized securities solutions

Golden Finance reported that the U.S. Securities and Exchange Commission issued a memorandum stating that representatives from Ondo Finance and Davis Polk & Wardwell LLP held discussions with the SEC's crypto working group to discuss the compliance path for the issuance and sale of tokenized U.S. securities.

The agenda of the meeting includes key issues such as the structural model of tokenized securities, registration and broker requirements, market structure regulations, financial crime compliance, and state corporate law. Ondo Finance proposed seeking a regulatory sandbox or other forms of regulatory exemptions to advance the issuance of its tokenized asset products. The discussion aims to provide a clear regulatory framework for tokenized securities in the U.S. market.

▌****Russia will launch a cryptocurrency exchange for qualified investors

The Bank of Russia and the Ministry of Finance will establish a cryptocurrency exchange for "high-qualified investors," which will operate "as part of a legal mechanism allowed under trial conditions." Finance Minister Anton Siluanov stated, "This will legalize crypto assets and bring crypto operations out of the shadows." Reportedly, this mechanism applies to individuals whose "investment in securities and deposits exceeds 100 million rubles, or last year's income exceeds 50 million rubles." The central bank stated that this move aims to "increase the transparency of the cryptocurrency market, establish service standards, and expand investment opportunities for high-risk investors."

▌****Bloomberg Analyst: There are currently 72 cryptocurrency-related ETFs awaiting SEC approval

According to a chart shared by Bloomberg ETF analyst Eric Balchunas, there are currently 72 crypto asset ETFs related to XRP, Solana, Litecoin, Dogecoin, and even "2x Melania" filed with the US SEC, currently awaiting approval or selection for listing. This includes multiple spot and derivative ETF applications submitted by mainstream institutions like Grayscale, Bitwise, and ProShares, with 2025 expected to be a year of intensive ETF approvals. The green dates marked in the chart represent those that have been approved, while red indicates those that have been delayed or denied.

▌****U.S. lawmakers propose cryptocurrency tax bill targeting the use of Puerto Rico as a tax haven

U.S. Representative Nydia Velazquez from New York has introduced the "Puerto Rico Digital Asset Fair Tax Act," aimed at preventing investors from using the U.S. territory of Puerto Rico as a cryptocurrency tax haven. The bill could change Puerto Rico's current laws to require certain investors to pay local and federal taxes on capital gains, including profits from digital assets. Reports suggest that the bill will add provisions to the Puerto Rico "Internal Revenue Code" that would subject cryptocurrency income to federal tax law.

Blockchain Applications

▌****SEC Chairman Paul Atkins: Will focus on regulatory handling of digital assets and distributed ledger technology

The new SEC Chairman Paul Atkins stated at the third cryptocurrency roundtable meeting: "This is my fourth day working at the commission, and I am eager to address the long-standing issues in the blockchain space, such as the regulatory treatment of digital assets and distributed ledger technology, and to collaborate with my colleagues and staff, as well as seek external input. This is a very important task because entrepreneurs across the United States are using blockchain technology to modernize the financial system. I look forward to the significant benefits this market innovation will bring in terms of efficiency, cost reduction, transparency, and risk mitigation."

▌****The American drama "Peaky Blinders" plans to launch a Blockchain game ecosystem

The popular TV series "Peaky Blinders" will be adapted into a blockchain-based video game and Web3 ecosystem. The project is being developed in collaboration between the Web3 startup Anonymous Labs and the global distributor of "Peaky Blinders", Banijay Rights.

The show has accumulated 80 million viewers on Netflix and other platforms, and this time it will create a blockchain game with triple-A game specifications. The game will incorporate digital collectibles and community interaction mechanics to attract traditional fans into the cryptocurrency space through interactive storytelling and gameplay. Project leader Wojciech Gruszka said this is the largest IP foray into blockchain project to date.

▌****The Ethereum Pectra upgrade will introduce the feature to increase the effective balance of validators

Ethereum core developer timbeiko.eth posted on the X platform stating that for stakers, Pectra will introduce a feature that increases the effective balance of validators. This means that small operators can directly stake for appreciation, while large operators can consolidate validators to reduce bandwidth usage on the p2p network. This feature also eliminates the PoW follow distance prior to merging, shortens the delay in processing validator deposits, and introduces withdrawals that can be triggered by the execution layer, thereby achieving a more trustless equity structure.

According to previous reports, the Ethereum mainnet will execute the Pectra upgrade on May 7.

Cryptocurrency

▌****Deloitte predicts that the global real estate tokenization market could reach $4 trillion by 2035

According to a report by Deloitte's Financial Services Center, real estate tokenization is expected to become the main method for financing, owning, and trading real estate, with a market size potentially reaching $4 trillion by 2035 and an annual growth rate of 27%. Tokenization offers advantages such as operational efficiency, faster settlements, and broader investor access. The report highlights that the appeal of real estate tokenization lies in its ability to simplify complex financial agreements, such as launching real estate funds via Blockchain and automatically handling ownership transfers and capital flows. Nevertheless, the report also notes that the industry still faces challenges related to regulation, asset custody, cybersecurity, and default scenarios.

▌****Citi: The market value of stablecoins could reach $3.7 trillion by 2030, and this year may be the "ChatGPT moment" for Blockchain

Citibank's latest report predicts that the total supply of stablecoins will "grow to $1.6 trillion in the baseline scenario and reach $3.7 trillion in the optimistic scenario by 2030." The report states that blockchain may experience its "ChatGPT moment" this year, partly due to the acceleration of stablecoin adoption. Citibank points out that "if regulatory changes drive adoption by the financial and public sectors, it could trigger a historic transformation in the cryptocurrency market," while also noting that if "adoption and integration challenges persist," the market value of stablecoins may only reach $500 billion.

▌****USDT market capitalization reaches 147 billion USD, setting a new historical high

The CEO of stablecoin issuer Tether, Paolo Ardoino, posted on the X platform that the market capitalization of USDT has reached $147 billion, setting a new historical high. It is worth mentioning that just about 18 hours ago, the market capitalization of USDT had touched $146 billion.

▌****Senator Lummis: The Federal Reserve's withdrawal of cryptocurrency regulatory guidance is just talk

Cynthia Lummis, a crypto-friendly senator from the United States and chair of the Senate Banking Subcommittee on Digital Assets, stated in a post on the X platform that the Federal Reserve's move to withdraw cryptocurrency regulatory guidance yesterday is just empty talk, as the Fed continues to illegally disregard the master account law. Unlike the OCC and FDIC, the Fed still faces reputational risk in bank regulation, especially since the policy statement of master account law Section 9 )13( has not been withdrawn, which states that Bitcoin and digital assets are unsafe and unsound. More importantly, the Federal Reserve staff behind the Operation Chokepoint 2.0 crackdown on crypto are the same group currently dealing with crypto issues.

▌****Meme Coin TRUMP team denies rumors that a holding of $300,000 is required for the dinner

In response to rumors on social media that holding $300,000 worth of TRUMP tokens is required to attend a dinner with President Trump, the Meme coin TRUMP team clarified on the X platform that this statement is inaccurate. They stated that the 220th largest wallet address displayed on the Solana blockchain explorer includes locked tokens, exchanges, and market makers, which are non-participants, and therefore should not be used as a reference. Actual eligibility should be based on the official leaderboard, which is weighted by the amount of tokens held and the duration of holding. The wallet currently ranked 220 holds 1,125 TRUMP tokens, worth approximately $15,000, with a score of 136 points. Final participants must undergo a background check and KYC compliance process.

▌****Michael Saylor: BlackRock's IBIT will become the world's largest ETF within ten years

Michael Saylor, the founder of Strategy, stated that BlackRock's Bitcoin exchange-traded fund, iShares Bitcoin Trust (IBIT), is expected to become the largest exchange-traded fund (ETF) in the world within the next decade. IBIT currently has a market value of $54 billion, with a daily trading volume exceeding $1.5 billion. Over the past five trading days, the net inflow into U.S. spot Bitcoin ETFs was approximately $2.8 billion, with IBIT accounting for $1.3 billion, which is one of the reasons Bitcoin's price rose from about $85,000 to $94,000. In addition, the annualized yield on arbitrage trading of Bitcoin ETFs on the CME has approached 10%, indicating a rising market risk appetite.

▌****Securitize launches cryptocurrency index fund and secures $400 million in support

Securitize has launched a new crypto index fund with a $400 million investment from Mantle, called Mantle Index Four (MI4), which offers exposure to major crypto assets and additional returns through DeFi staking strategies. The MI4 fund aims to invest in top crypto assets, including BTC, ETH, SOL, and USD stablecoins, with the goal of becoming the "S&P 500 index in the crypto space."

Important Economic Dynamics

▌****Trump: It is unlikely to suspend tariffs for another 90 days, hopes to reach an agreement

According to the Wall Street Journal, U.S. President Trump stated that he is unlikely to approve another 90-day tariff suspension. Trump told reporters traveling with him on Air Force One, "I hope to reach trade agreements with a number of countries. We will be reasonable."

▌Goldman Sachs Chief Economist: The US dollar will continue to decline further

Goldman Sachs chief economist Jan Hatzius: Due to the impact of uncertainty over U.S. tariffs and concerns about an economic recession, the dollar will likely decline further.

▌Wall Street Journal: Trump chooses not to fire Powell

According to the Wall Street Journal, President Trump stated this week that he never had plans to fire Federal Reserve Chairman Powell and accused the media of spreading false statements. However, within the White House, some senior officials took Trump's recent public suggestion of firing Powell seriously. Sources familiar with the matter revealed that as Trump's criticism of the Federal Reserve Chairman intensified last week, White House lawyers privately reviewed legal options to attempt to remove Powell. Earlier this week, when Trump told his senior aides that he would not try to remove Powell, these discussions abruptly stopped. Those familiar with the situation said that under the intervention of Treasury Secretary Mnuchin and Commerce Secretary Ross, Trump made this decision, as they warned him that such a move could trigger far-reaching market chaos and a tumultuous legal battle. One person said that Ross also told the President that firing the Federal Reserve Chairman would likely not lead to any actual changes in interest rates, as other members of the Federal Reserve Board would likely adopt similar monetary policies to Powell.

******▌**********Trump: Tariffs on China will not reach 145%, will decrease significantly but will not be zero

According to market news, U.S. President Trump stated that the tariffs on Chinese goods will not reach 145%, and the tariffs will significantly decrease, but will not be zero. When Trump was asked whether he would take a hard stance against China, he said he would not.

▌Musk: Will continue to push for lower tariffs, but the final decision depends on Trump

Tesla CEO Elon Musk stated during the Tesla )TSLA.O( earnings call that he will continue to advocate for lowering tariffs, but the decision on tariffs is entirely up to President Trump. Musk said, "I will provide my advice to the President, and he will listen to my opinions, but ultimately, he makes the decision himself. I have publicly stated many times that I believe lowering tariffs is generally beneficial for prosperity, but this decision ultimately rests with the elected President who represents the people. Therefore, I will continue to advocate for lowering tariffs rather than increasing them, but that's all I can do."

▌Goldman Sachs expects U.S. economic data to weaken this summer

Goldman Sachs economists predict that due to tariffs and policy uncertainty putting pressure on the economy, the U.S. GDP in the fourth quarter will grow by only 0.5% compared to the fourth quarter of 2024. Currently, surveys of businesses and consumers indicate an economic slowdown, but official economic data has not yet shown this sign. They infer that economic indicators may begin to more clearly reflect a recession in the late summer. "The evolution of data in recent weeks is consistent with the previous 'event-driven' growth slowdown. However, it is still too early to draw strong conclusions from the currently limited data."