Author | Wu Blockchain
Top 10 News of the Week
1. Bitcoin Breaks $110,000, Rising 7.17% in 7 Days link
Bitcoin broke through $110,000, creating a new all-time high. At the time of writing, it was priced at $111,313, with a 7-day increase of 7.17%.
2. US Senate Passes Procedural Motion, GENIUS Stablecoin Bill Enters Formal Review Stage link
According to crypto journalist Eleanor Terrett, the US Senate voted to pass the "cloture motion" for the GENIUS Bill, with at least 15 Democratic lawmakers changing their stance to vote in favor, including Cortez Masto, Adam Schiff, Mark Warner, and others. Despite Minority Leader Schumer voting against, the motion passed successfully. The bill will now enter a comprehensive review process. The motion to end debate on the GENIUS Stablecoin Bill passed 66-32, marking the start of the bill's review process, though the bill itself has not yet been passed.
In a CNBC interview, US crypto czar David Sacks stated that if the GENIUS Act stablecoin bill passes, it could bring trillions of dollars in demand for US Treasury bonds. He predicts that after providing a legal framework, the stablecoin market will quickly expand from the current $200 billion (unregulated) to trillions in scale, with Tether already holding nearly $120 billion in US bonds, surpassing Germany as the 19th largest holder.
3. Johnny Wu: Hong Kong Legislative Council Passes Stablecoin Ordinance, Opening Compliance Issuance Applications by Year-End link
Hong Kong Legislative Council member Johnny Wu tweeted that the Hong Kong Legislative Council has passed the Stablecoin Ordinance, with institutions expected to apply to the Hong Kong Monetary Authority for compliance as stablecoin issuers by the end of the year, with stablecoins backed by legal tender. Wu noted that the law's passage is a starting point for building Web3 infrastructure, and suggested further promoting stablecoin applications in retail and cross-border trade, and considering releasing stablecoin interest to enhance market attractiveness. He suggested exploring offshore RMB and other assets as underlying assets, and potentially directly distributing interest earned through investments to stablecoin holders to increase their returns.
4. SEC Chair Responds to Justin Sun Case and Trump MEME Coin Controversy link
During a May 20 hearing, the US House Appropriations Committee questioned SEC Chair Paul Atkins about crypto regulation. Congressman Glenn Ivey focused on the SEC's suspension of fraud charges against Justin Sun and his connection to Trump-related meme coins. Sun had stated he would attend a dinner hosted by Trump for meme coin holders. Ivey called this "disturbing" and called for an SEC investigation. Atkins responded that the case is ongoing and reiterated that meme coins are not considered securities, and future crypto regulation will be advanced through rule-making.
5. Robinhood Submits Proposal to SEC, Suggesting Federal Regulatory Framework for Real-World Asset Tokenization link
Robinhood submitted a 42-page proposal to the SEC, suggesting a federal-level regulatory framework to support the issuance and trading of real-world asset (RWA) tokens. The proposal advocates treating tokens as legal assets equivalent to their underlying assets and plans to implement off-chain matching and on-chain settlement through a "Real-World Assets Exchange (RRE)" platform. The SEC has not yet responded to this proposal.
6. Texas House Passes Strategic Bitcoin Reserve Bill (SB 21) in Second Reading link
The Texas House has passed the Strategic Bitcoin Reserve Bill (SB 21) in its second reading. The bill allows the state to establish a "Texas Strategic Bitcoin Reserve," a special fund for government investment in cryptocurrency, to be managed by the state auditor. The bill is now awaiting the governor's approval to become law.
7. Strategy Acquires 7,390 Bitcoins Between May 12-18 link
Strategy (formerly MicroStrategy) acquired 7,390 bitcoins between May 12-18, at an average price of $103,498, with a total expenditure of approximately $764.9 million. As of May 18, Strategy's total bitcoin holdings increased to 576,230, with a cumulative purchase amount of approximately $40.18 billion and an average cost basis of $69,726.
Additionally, a supplementary prospectus filed by Strategy on May 22, 2025, shows the company plans to issue up to $2.1 billion of 10.00% Series A Perpetual Strife Preferred Stock (STRF) through an "at-the-market" (ATM) offering. The document reveals this is a further issuance of existing 850,000 preferred shares, aimed at raising funds through equity and debt financing to continue its bitcoin strategy.
8. Circle IPO Uncertain, Potential Acquisition by Coinbase or Ripple link
Circle filed an IPO application in April 2025 with a target valuation of $5 billion, but according to bank and private equity sources, Circle is in talks with Coinbase and Ripple about potential acquisitions. Ripple had made a $4-5 billion acquisition offer, proposing payment in XRP and cash, which was rejected. Previously, Coinbase CEO Brian Armstrong, when asked about acquiring Circle, stated there were no announcements to make, but future transactions would depend on both parties' decisions.
9. Vitalik Proposes Ethereum Local Node-Friendly Scaling Solution link
Vitalik Buterin suggested that Ethereum L1 scaling should consider personal node operability. Short-term measures include advancing EIP-4444 to have nodes only keep about 36 days of historical data, building a distributed historical storage system, and adjusting the gas mechanism to increase storage costs and reduce execution costs. Medium-term goals include achieving stateless verification to further reduce storage requirements. Long-term plans involve introducing "partial stateless nodes" where nodes only maintain user-configured state data, ensuring users can still locally access important states and maintain privacy and censorship resistance under L1 gas limit increases.
10. Sui DEX CETUS Hacked, Most Token Prices Plummet Over 75% link
On Thursday morning, the Sui DEX CETUS was hacked. The hacker drained token liquidity from various pools and converted them to SUI, causing most token prices to crash. The hacker then performed cross-chain operations and converted to ETH. So far, the funds stolen by the CETUS hacker are distributed across 4 addresses on Sui and Ethereum, with stolen assets valued at approximately $224 million. CETUS Protocol issued an emergency announcement responding to the attack and has suspended smart contracts for security reasons. The team is investigating and will release further statements soon.
On the same day, Sui officially stated that $160 million in funds have been frozen and can be recovered, and will be returned to Cetus LP; Cetus and Sui developers are working to recover the remaining $60 million; the Sui network itself was not affected by this vulnerability attack; the Cetus protocol has fixed the vulnerability, resumed trading, and is back online.
Sui officially stated that Cetus has collaborated with other DeFi protocols, the Sui Foundation, and Sui validators, with many validators having identified the addresses of stolen funds and temporarily ignoring transactions from these addresses until further further notice the Cetus team is exploring ways to recover funds and return them to the community; Sui Foundation and the entire ecosystem are committed to supporting Cetus.
@0x_Todd and @tmel0211 analyzed that SUI added the hacker addresses still on the Sui chain to the blacklist through the function, nodes will not execute transactions related to addresses on the blacklist. Sui officially protects users by freezing hacker assets, but this actually challenges the decentralization claimed by public chains, with Sui choosing a specific balance point between user protection and decentralization. The key issue of centralization versus decentralization lies in the lack of transparent governance mechanisms and clear boundary standards.
Key Financing Events
- World announced the completion of a $135 million financing round for expansion in the US and globally link
- Solana ecosystem crypto trading application True Markets announced the completion of an $11 million Series A financing round link
- Crypto startup Catena Labs completed an $18 million seed round financing link
- Fintech startup Slash completed a $41 million Series B financing round link
- Bitcoin liquid Staking protocol Rover announced $4. .1 million seed round link
- Web3 game developer Games completed a $5 million financing round link
- OpenFX announced $23the completion of $ million financing A round, led by Accel link
- Bitcoin project Roxom Global announcedom a of. million <link
For more industry financing financing details, please visit crypto-fundraising.info.
