Important News Review
US SEC Seeks to Dismiss Lawsuit Against Binance
The U.S. Securities and Exchange Commission (SEC) has filed a motion to dismiss its civil lawsuit against the cryptocurrency exchange Binance and its founder Changpeng Zhao. The lawsuit was initially filed in 2023, accusing Binance of providing unregistered securities trading services, mixing customer funds, and misleading investors. Although Binance denies these allegations, it previously paid a $4.3 billion fine for violating anti-money laundering regulations, and Zhao was sentenced to four months in prison.
Under the leadership of new SEC Chair Paul Atkins, the SEC has recently dismissed lawsuits against several well-known crypto companies, including Coinbase, Uniswap, and OpenSea.
Telegram Issues $1.7 Billion Convertible Bonds for Debt Restructuring and Future Expansion
Telegram recently announced the issuance of convertible bonds totaling $1.7 billion, primarily to repay debt issued in 2021 that is set to mature in March 2026. The bonds carry an annual yield of 9%, attracting notable investors such as BlackRock, Abu Dhabi's sovereign fund Mubadala, and hedge fund Citadel. The bonds include an option to convert into equity, allowing investors to convert into company shares at a discounted price if Telegram goes public in the future.
Musk Announces Departure from Trump Administration, Ending 130-Day Term at Department of Government Efficiency
Tesla and SpaceX CEO Elon Musk has officially announced his resignation as head of the Trump administration's Department of Government Efficiency (DOGE), concluding a 130-day term as a "special government employee."
Musk's departure is closely related to his criticism of a recent $1 trillion spending bill passed by the Republican Party. He believes the bill increases the fiscal deficit and undermines DOGE's efforts to cut spending. Although DOGE claims to have saved $175 billion, it failed to achieve its initial commitment of a $2 trillion reduction target.
Circle Files for IPO on New York Stock Exchange
Circle Internet Group, the issuer of the stablecoin USDC, has officially submitted an initial public offering (IPO) application to the SEC, planning to list on the New York Stock Exchange (NYSE) under the ticker symbol "CRCL." The IPO is expected to issue 24 million shares of Class A common stock, with 9.6 million shares issued by Circle and 14.4 million shares sold by existing shareholders, at an offering price range of $24 to $26 per share, aiming to raise up to $624 million.
Trump Media Group Plans to Raise $3 Billion for Cryptocurrency Investment
Trump Media & Technology Group (TMTG), controlled by the Trump family, has announced plans to raise $3 billion for large-scale investments in cryptocurrency, particularly Bitcoin. This financing will include $2 billion in equity financing and $1 billion in convertible bonds, aimed at establishing the company's "Bitcoin reserve" and supporting the expansion of its Truth Social platform.
Strategy Increases Bitcoin Holdings by 4,020 Coins at $106,237 Each, Total Holdings Exceed 580,000 Coins
MicroStrategy has purchased 4,020 Bitcoin between May 19 and 23 for approximately $427.1 million, at an average price of $106,237 per coin. This acquisition brings the company's total holdings to 580,250 Bitcoin, with a cumulative investment of approximately $40.61 billion and an average holding cost of $69,979 per coin.
To raise funds for this purchase, MicroStrategy raised $348.7 million by issuing 847,000 shares of MSTR common stock and issued 679,000 shares of STRK perpetual preferred stock and 104,000 shares of STRF perpetual preferred stock, raising $67.9 million and $10.4 million, respectively.
Pakistan Announces Establishment of National Bitcoin Strategic Reserve
The Pakistani government announced at the "Bitcoin 2025" conference in Las Vegas, USA, that it will establish a government-led Bitcoin (BTC) strategic reserve. Bilal Bin Saqib, the Prime Minister's special assistant on blockchain and cryptocurrency and CEO of the Pakistan Cryptocurrency Committee, stated that the government will hold Bitcoin through a national wallet and has committed to "never selling these assets" to demonstrate a long-term commitment to digital currency.
Previously, the country had explicitly stated that it does not recognize the legality of cryptocurrency. Saqib noted that this policy shift was inspired by the U.S. government's establishment of a Bitcoin strategic reserve.
Next Week's Highlights
Hedera to Retire MyHbarWallet gRPC-Web Proxy on June 2, Developers Need to Migrate Connection Solutions Promptly
Hedera will officially retire its gRPC-Web proxy service on June 2, which currently supports interactions between MyHbarWallet and the mainnet, testnet, and previewnet. At that time, all browser-based decentralized applications (dApps) relying on this proxy will be unable to continue normal communication.
This change coincides with an architectural update of the Hedera JavaScript SDK. The new SDK will no longer be compatible with the soon-to-be-retired gRPC-Web proxy model, aiming to improve performance, enhance security, and support more modern connection methods. The Hedera team recommends that developers update their application code as soon as possible to ensure service continuity and avoid potential disruption risks.
US SEC to Host Emerging Trends in Asset Management Conference on June 5, Focusing on Digital Assets and Tokenization
The SEC will host a conference on emerging trends in asset management on June 5, with digital assets and tokenization being key topics of discussion. The conference aims to explore the integration and development opportunities between the traditional asset management industry and the digital asset space.
SEC Commissioner Hester Peirce will attend the conference and participate in related discussions. Additionally, executives from well-known asset management firms such as BlackRock, Franklin Templeton, and Fidelity Investments will form an expert panel to share insights on digital asset investment, regulatory compliance, and market prospects.
Related: U.S. Securities and Exchange Commission (SEC) Dismisses Long-Term Lawsuit Against Binance
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