U.S. Senate Advances GENIUS Stablecoin Bill to Voting Stage
The U.S. Senate has approved a procedural motion for the “GENIUS Act,” which would establish a federal regulatory framework for stablecoins, with 66 votes in favor. This significant step paves the way for the bill to be considered for a full vote on the Senate floor. The bill had previously been revised due to consumer protection and national security concerns. Senator Bill Hagerty emphasized that the bill presents a historic opportunity to regulate digital assets. White House Crypto Director David Sacks described the development as “a big win for crypto.”
Trump’s Tax Bill Advances in Congress, Could Boost Crypto Adoption
President Trump’s proposed tax cut bill has been approved by the US House of Representatives Budget Committee. The bill also includes a 5% tax on remittances sent abroad. Analysts say this regulation could increase the use of cryptocurrencies due to their privacy and control advantages.
Japanese Bond Yields Hit Record High
Japan’s 20-year and 30-year government bond yields rose to 2.528% and 3.103%, respectively, reaching their highest levels in over 20 years. This development signals a significant increase in Japan’s long-term borrowing costs.
CME Group Launches XRP Futures
The world’s leading derivatives exchange, CME Group, has launched XRP futures. The contracts are available in two sizes: micro (2,500 XRP) and large (50,000 XRP). The CME CF XRP-USD reference rate will be used for the XRP price, and futures will be settled in cash.
Justin Sun to Attend Trump’s Crypto Dinner
Justin Sun, the founder of Tron, announced that he has been invited to the “Trump Crypto Dinner” on May 22 and revealed that he is the largest holder of $TRUMP tokens. The event will feature discussions on the future of cryptocurrencies with representatives from the crypto community. In addition to Sun, Kain Warwick, the founder of Synthetix, and other prominent figures will also attend.
Sonic SVM Updates Its Token Burning Model
Solana-based Sonic SVM has transformed its old token burning system into a strategic “buy and lock” model. Under the new system, 50% of transaction fees will be used to purchase SONIC tokens from the market, which will remain locked for 24 months. Additionally, a portion of the collected fees will be staked and directed to liquidity pools.
Google Releases Mobile Apps for NotebookLM
Google has released NotebookLM, an AI-powered note-taking tool, for Android and iOS. The app supports PDF, web page, video, and text import, provides voice summaries, and offers offline functionality. It completely replaces the previous PWA version.
Circle Aims for $5 Billion IPO, Rejects Acquisition Offers
USDC issuer Circle is reportedly preparing for an IPO valued at $5 billion. The company is said to be in sales talks with firms like Coinbase and Ripple but has not officially expressed an intention to sell. Ripple’s offer in the $4-5 billion range was reportedly deemed too low.
Bitcoin Spot ETFs Rise with $667 Million in Net Inflows
According to SoSoValue data, Bitcoin spot ETFs saw a net inflow of $667 million on May 19. This marks the fourth consecutive day of positive inflows. BlackRock IBIT maintained its lead with $306 million, while Fidelity FBTC contributed $188 million.
All Ethereum Spot ETFs Recorded Net Inflows
Ethereum spot ETFs saw a total net inflow of 13.66 million dollars. BlackRock ETHA made the largest contribution with 4.277 million dollars. No outflows were recorded for any product throughout the day. The total asset value of ETH ETFs reached 8.717 billion dollars.
