Weekly is a weekly blockchain industry summary column launched, covering weekly key news, mining information, project trends, technological progress and other industry trends. This article is one of the news weekly news magazines, which will take you to take a look at the major events in the blockchain industry this week.

Headlines

▌BTC returns to $95,000 after two months

According to the market, BTC broke through US$95,000 and is now at US$95,136.66, the first time since February 24, with a 24-hour increase of 2.43%. The market fluctuates greatly, please do a good job in risk control.

▌CME Group to launch XRP futures

Derivatives Market CME Group announced today that it plans to launch Ripple (XRP) futures on May 19, which is yet to be reviewed by regulators. Market participants will have the option to trade microcontracts (2,500XRP) or largecontracts (50,000XRP).

▌Bloomberg: U.S. strategic bitcoin reserves may release details in the coming weeks

Trump signed an executive order in early March this year to propose the establishment of national-level Bitcoin reserves and other tokens strategic reserves, and required the Treasury Secretary to submit an assessment report on the legal and investment feasibility of the plan within 60 days. It is less than two weeks away from the 60-day deadline set by Trump's executive order, which means that more details of the US Bitcoin reserves will be disclosed soon. The market's expectations for this 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

▌US SEC attempts to withdraw cryptocurrency ICO securities lawsuit against Dragonchain

The Securities and Exchange Commission said in a joint agreement with Dragonchain that it hopes to withdraw the lawsuit, citing work done by its cryptocurrency task force. 

In a joint agreement with Dragonchain filed in Seattle federal court on April 24, the SEC said it "deems it appropriate to dismiss the case" citing the work done by the agency's cryptocurrency task force in helping "develop a cryptocurrency asset regulatory framework." "The SEC and the defendants agreed to dismiss this lawsuit without prejudice to the interests of either party and to charge no costs or fees from either party," the filing said. 

The Securities and Exchange Commission sued Dragonchain, its supporter Dragonchain Foundation, Dragonchain and Dragonchain founder Joseph Roets, claiming they raised $16.5 million through a crypto token that is an unregistered securities offering.

▌US SEC Crypto Working Group meets with Ondo Finance to discuss the compliant issuance of tokenized securities

The SEC issued a memorandum that indicated that Ondo Finance and representatives of Davis Polk & Wardwell LLP met with the Securities and Exchange Commission (SEC) Crypto Task Force on Discussions and Sales of Tokenized U.S. Securities. 

The conference topics include key issues such as the structural model of tokenized securities, registration and broker requirements, market structure regulations, financial crime compliance, and state corporate laws. Ondo Finance proposes to seek regulatory sandboxes or other forms of regulatory exemptions to advance the issuance of its tokenized asset products. The talks aim to provide a clear regulatory framework for tokenized securities in the U.S. market.

▌Russia to launch cryptocurrency exchange for qualified investors

The Russian Central Bank and the Ministry of Finance will set up a cryptocurrency exchange for "highly qualified investors" that will operate "as part of the operations allowed by experimental legal mechanisms." "This will legalize crypto assets and bring crypto operations out of the shadow," said Finance Minister Anton Siluanov. The mechanism is reportedly applicable to individuals with “invested more than 100 million rubles in securities and deposits, or incomes of more than 50 million rubles the previous year.” The central bank said the move aims to "improve transparency in the cryptocurrency market, develop service standards, and expand investment opportunities for high-risk investors."

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

According to the chart shared by Bloomberg ETF analyst Eric Balchunas, there are currently 72 crypto asset ETFs involving various topics such as XRP, Solana, Litecoin, Dogecoin and even "2x Melania" registered with the US SEC and are waiting for approval or listing option. These include multiple spot and derivative ETF applications submitted by mainstream institutions such as Grayscale, Bitwise, and ProShares. It is expected that 2025 will become a intensive year for ETF approval. The green date marked in the picture means that it has been approved, while the red indicates that it has been delayed or rejected.

▌U.S. lawmakers propose cryptocurrency tax bill that uses Puerto Rico as a tax haven

Rep. Nydia Velazquez, New York, proposed the Puerto Rico Digital Assets Fair Tax Act, aimed at preventing investors from using Puerto Rico as a crypto tax haven. The bill could change existing Puerto Rico's laws, requiring specific investors to pay local and federal taxes on capital gains, including digital asset gains. The bill will reportedly add provisions to the Puerto Rico's Internal Revenue Code to make cryptocurrency revenue subject to federal tax laws.

Blockchain application

▌Paul Atkins, Chairman of the US SEC: Will focus on regulatory processing of digital assets and distributed ledger technology

Paul Atkins, the new SEC chairman of the U.S., said at the third cryptocurrency roundtable: "This is my fourth day on the committee, and I am eager to solve long-standing problems in the blockchain space, such as regulatory processing of digital assets and distributed ledger technology, and working with my colleagues and staff, to solicit external opinions. This is an important task as entrepreneurs across the U.S. are using blockchain technology to modernize the financial system. I look forward to this market innovation bringing huge benefits in terms of efficiency, cost reduction, transparency and risk reduction."

▌American drama "Bloody Gangster" 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 was developed by Web3 startup Anonymous Labs in partnership with Banijay Rights, a global publisher of The Bath of Blood. 

The show has a cumulative audience of 80 million on platforms such as Netflix, and this time it will create a blockchain game with 3A-level game specifications. The game will incorporate digital collectibles and community interaction mechanisms, attracting traditional fans into the cryptocurrency space through interactive narratives and gameplay. Project leader Wojciech Gruszka said this is by far the largest intellectual property entry into blockchain project.

▌Ethereum Pectra upgrade will introduce the ability to increase validator balance

Ethereum core developer timbeiko.eth posted a statement on the X platform that for stakers, Pectra will introduce the function of increasing the valid balance of verifiers. This means that small operators can directly stake value-added, while large operators can integrate validators to reduce bandwidth usage of the p2p network. This function also eliminates the PoW following distance before the merger, shortens the delay in processing validator deposits, and introduces withdrawals that can be triggered by the execution layer, thus achieving a more trustless equity structure. 

Previously reported that the Ethereum main network will perform a Pectra upgrade on May 7.

Cryptocurrency

▌Deloitte predicts global real estate tokenization market to reach $4 trillion by 2035

According to a report by the Deloitte Financial Services Center, real estate tokenization is expected to be the main way to finance, own and trade real estate, with the market size likely to reach US$4 trillion by 2035, with an average annual growth rate of 27%. Tokenization provides advantages such as operational efficiency, faster settlement and wider investor access. The report notes that the appeal of real estate tokenization is its ability to simplify complex financial protocols, such as launching real estate funds through blockchain and automatically dealing with ownership transfers and capital flows. Nevertheless, the report also pointed out that the industry still faces challenges such as regulation, asset custody, cybersecurity and default situations.

▌Citi: Stablecoin market value may reach $3.7 trillion by 2030, and this year may be the "ChatGPT moment" for blockchain

In its latest report, Citibank predicts that the total supply of stablecoins will "grow to $1.6 trillion in the benchmark scenario and $3.7 trillion in the optimistic scenario" by 2030. The report said blockchain could usher in a "ChatGPT moment" this year, partly due to the accelerated adoption of stablecoins. Citi pointed out that "if regulatory changes promote adoption of the financial and public sectors, it may trigger a historic shift in the cryptocurrency market", and said that if the "adoption and integration challenges continue", the market value of the stablecoin may only reach $500 billion.

▌USDT market value reaches US$147 billion, setting a record high

Paolo Ardoino, CEO of stablecoin issuer Tether, posted data on the X platform that USDT's market value reached US$147 billion, continuing to hit a record high. It is worth mentioning that just about 18 hours ago, USDT's market value reached US$146 billion.

▌U.S. Senator Lummis: Fed's move to withdraw cryptocurrency regulation guidance is just empty talk

Cynthia Lummis, a U.S. crypto-friendly Senator and chairman of the U.S. Senate Bank Digital Assets Subcommittee, stated on X platform that the Fed's withdrawal of cryptocurrency regulatory guidance yesterday was just empty talk because the Fed continues to illegally defie the main account law. Unlike the OCC and FDIC, the Fed still has reputational risks in bank supervision, especially the 9 (13) policy statement in the main account law has not been withdrawn, which stated that Bitcoin and digital assets are unsafe and unsound. More importantly, the Fed staff behind Operation Chokepoint 2.0 of the crypto-killing operation is the same group of people currently dealing with the encryption problem.

▌Meme Coin TRUMP team denies rumors that the dinner needs to hold $300,000

In response to the rumors on social media that holding $300,000 worth of TRUMP tokens can only participate in the Presidential dinner with Trump, the Meme Coin TRUMP team clarified on the X platform that the statement was inaccurate and said that the 220th largest coin holding address displayed by the Solana block browser includes non-participants such as locked tokens, exchanges and market makers, so it should not be used as a reference. The actual qualifications should be based on the official ranking list, which is based on the weighted score of the number of coins held and the holding time. The currently ranked 220th wallet holds 1,125 TRUMP tokens worth approximately US$15,000 and scores 136 points. The final participants need to pass the background review and KYC compliance process.

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

Michael Saylor, founder of Strategy, said BlackRock's Bitcoin exchange-traded fund iShares Bitcoin Trust (IBIT) will become the world's largest trading fund (ETF) in the next decade. IBIT's current market value has reached US$54 billion, with daily trading volume exceeding US$1.5 billion. In the past five trading days, the net inflow of spot bitcoin ETFs in the U.S. was about $2.8 billion, of which IBIT accounted for $1.3 billion, which may be one of the reasons that drove the price of bitcoin from about $85,000 to $94,000. In addition, the annualized yield of Bitcoin ETF arbitrage transactions by CME has reached nearly 10%, indicating an increase in market risk appetite.

▌Securities launches crypto index fund and receives $400 million support

Securities launched a new crypto index fund, which received a $400 million investment from Mantle, called Mantle Index Four (MI4), provides investment in major crypto assets and receive additional returns through a DeFi staking strategy. The MI4 fund aims to invest in top crypto assets, including BTC, ETH, SOL and US dollar stablecoins, with the goal of becoming the “S&P 500 index in the cryptocurrency space.”

Important economic trends

▌Trump: It is unlikely to suspend tariffs again for 90 days, hoping to reach an agreement

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

▌Goldman Sachs chief economist: US dollar will fall further

Goldman Sachs chief economist Hazus: The dollar will fall further due to the uncertainty of U.S. tariffs and concerns about recession.

▌Wall Street Journal: Trump chooses not to fire Powell

According to the Wall Street Journal, U.S. President Trump said this week that he had never had plans to fire Fed Chairman Powell and accused the media of spreading false remarks. But inside the White House, some senior officials took Trump's recent publicly proposed idea of ​​firing Powell. White House lawyers privately reviewed legal options for attempting to remove Powell, according to people familiar with the matter. The discussions came to an abrupt end earlier this week when Trump told his senior aide that he would not try to remove Powell. The people said Trump made the decision with the intervention of Treasury Secretary Becente and Commerce Secretary Lutnik, who warned Trump that the move could trigger far-reaching market chaos and a chaotic legal battle. One said Lutnik also told the president that the action to fire the Fed chairman would likely not lead to any actual changes in interest rates, as other members of the Fed committee would likely adopt a similar monetary policy to Powell.

▌Trump: Tariffs against China will not be as high as 145%, which will drop sharply but will not be zero

According to market news, US President Trump said that tariffs on Chinese goods will not be as high as 145%, and tariffs will drop significantly, but will not be zero. When Trump was asked whether he would take a tough stance against China, he said he would not.

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

Tesla CEO Elon Musk said on a Tesla earnings call that he would continue to advocate lower tariffs, but the tariff decision was entirely decided by US President Trump. "I will give the president my advice, and the president will listen to me, but ultimately it's up to him to decide. I have made public publicly that I think lowering tariffs is usually beneficial to prosperity, but this decision is ultimately done by the elected president who represents the people. So I will continue to advocate lower tariffs, not increase tariffs, but that's all I can do."

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

Goldman Sachs economists predict that U.S. GDP will only increase by 0.5% in the fourth quarter compared with the fourth quarter of 2024 due to pressure on the economy due to tariffs and policy uncertainties. Currently, business and consumer surveys show a slowdown in the economy, but official economic data have not shown that sign. They reasoned that economic indicators may show a recession more clearly starting in mid-to-late summer. “The evolution of data in recent weeks is consistent with the previous slowdown in ‘event-driven’ growth. However, it is too early to draw strong conclusions from the limited data available.”