Important Events in the Crypto Assets Industry from May 19 to May 25

May 19

policy regulation

The U.S. Congress will conduct a final vote on the stablecoin regulatory bill. The bill requires large stablecoin issuers to be regulated by the Federal Reserve, while smaller institutions will be regulated at the state level; all stablecoins must be fully backed by assets such as U.S. dollars or government bonds. The latest amendment aims to add three provisions: to establish stricter rules for technology companies involved in financial assets, to strengthen consumer protection mechanisms, and to enhance oversight of government officials.

If the bill is passed, it will become the first federal legislative framework in the United States for stablecoins. The amendments also include a clear prohibition on the misuse of FDIC insurance and strengthened bankruptcy protection provisions to garner bipartisan support. The result of this vote will directly affect the regulatory direction of the United States in the field of digital assets.

macroeconomics

At 8:45 PM Beijing time, Federal Reserve Vice Chair Jefferson and New York Fed President Williams will deliver speeches.

Exchange Dynamics

A certain cryptocurrency exchange will officially be included in the S&P 500 Index, replacing Discover Financial Services. This is the first pure crypto business company to be selected for this benchmark index.

A certain exchange plans to launch XRP futures, which will take effect after regulatory review approval. Market participants will be able to choose to trade mini contracts (2, 500 XRP) and larger scale contracts (50,000 XRP). These futures will be cash-settled and based on the CF XRP-USD reference rate.

Project Updates

The decentralized AI blockchain platform Sahara AI will launch the SIWA public testnet, marking an important milestone in its transition from closed testing to open testing. Participants can earn reward points through tasks such as data labeling and model validation.

Sahara AI is committed to achieving on-chain management, licensing, and ownership of AI assets through blockchain technology, ensuring transparency of data and models and fair compensation.

Token Unlock

Pyth Network(PYTH) will unlock approximately 2.13 billion coins, accounting for 58.62% of the current circulation, valued at about 338 million USD.

Polyhedra Network(ZKJ) will unlock approximately 15.53 million coins, accounting for 5.3% of the current circulation, valued at approximately 32.3 million USD.

Pixels(PIXEL) will unlock approximately 91.18 million tokens, accounting for 11.83% of the current circulation, valued at approximately 4.7 million dollars.

May 20

Policy Regulation

The Texas Legislature will conduct a second review of the "Strategic Bitcoin Reserve" bill. If passed, Texas will become the third state in the United States to approve the establishment of a Bitcoin reserve. The bill authorizes the state comptroller to set up a special fund to purchase digital assets with a market value exceeding $500 billion, currently only including Bitcoin.

Project Updates

The FIFA Collect platform will migrate to the EVM-compatible FIFA Blockchain no earlier than May 20, 2025. Users must re-import their off-chain collectibles before May 20, otherwise, they will not be able to trade on the new platform.

The board of DeFi Development Corp. approved a 1-for-7 stock split, increasing the number of shares from approximately 2 million to 14 million. This move aims to enhance liquidity and expand the investor base. The company recently acquired 82,404 SOL, bringing its total holdings to 400,000 coins.

industry activities

New York City will host the first New York Crypto Summit. The mayor stated the goal of making New York the "global Crypto Assets capital" and emphasized that blockchain technology can provide inclusive financial services to communities outside the traditional financial system. The summit aims to establish a platform for dialogue between government and businesses to discuss the application of digital assets in economic development and public services.

Story and Encode Club will host an online Buildathon "Surreal World Assets", focusing on innovation in the IP×AI×RWA track. The event is supported by several leading Crypto Assets VCs, with a current total prize pool of $57,000.

May 21

policy regulation

The Hong Kong Legislative Council meeting will resume the second reading debate on the "Stablecoin Bill". After the bill is passed, the Monetary Authority will approve the license application as soon as possible.

Macroeconomics

At 1 AM Beijing time, 2025 FOMC voting member and St. Louis Fed President Musalem will deliver a speech on the economic outlook and monetary policy.

Token Unlock

Eigenlayer(EIGEN) will unlock approximately 1.29 million coins, accounting for 0.43% of the current circulation, valued at approximately 1.65 million USD.

May 22

Policy Regulation

The U.S. Commodity Futures Trading Commission ( CFTC ) has extended the public comment deadline regarding the trading hours of the derivatives market to 24/7 and the use of perpetual contracts.

Project Updates

A former political figure is scheduled to attend a dinner event related to a Crypto Assets project.

The Bitcoin mining data center proposal by Cleanspark in Mountain City, Tennessee, will be reviewed by the local planning committee. If approved, the 50.48-acre mining site is expected to be operational within two months.

The Hyperlane Foundation will stop the claiming of HYPER.

The decentralized cloud computing protocol Aethir will launch a Checker Node NFT buyback program, allowing node holders to sell their NFTs back to the foundation at a pegged price.

Developer Activity

The application deadline for the 10-week offline global incubation program EASY Residency launched by YZi Labs is approaching. This program focuses on the fields of Web3, AI, and healthcare, providing founders with a dedicated entrepreneurial environment.

token unlock

SPACE ID(ID) will unlock approximately 12.65 million coins, accounting for 2.94% of the current circulation, valued at around 2.7 million US dollars.

May 23

macroeconomics

At 2 AM Beijing time, New York Fed President Williams will deliver a keynote speech at the monetary policy implementation seminar.

Project Updates

THORChain plans to upgrade its mainnet to version 3.6.0. This upgrade is a minor maintenance update, mainly involving the update of the Rujira contract verification hash.

token unlock

Coin98(C98) will unlock approximately 16.53 million tokens, accounting for 1.74% of the current circulation, valued at around 1.05 million USD.

Karrat(KARRAT) will unlock approximately 15.11 million tokens, accounting for 4.62% of the current circulation, worth about 1 million USD.

May 24

Project Updates

The airdrop claim for the full-chain Rollup L1 network Initia will close soon. Currently, 93% has been claimed, with approximately 3.4 million $INIT tokens remaining.

May 25

No important events at the moment.