Genesis sues parent company DCG U.S. SEC delays Solana ETF
Reprinted from jinse
05/20/2025·19DHeadlines
Genesis sues parent company DCG to recover more than $1 billion in transfers
Crypto lending platform Genesis Global Capital sued its parent company Digital Currency Group in the bankruptcy court on Monday in New York’s Southern District, seeking to recover more than $1 billion in transfers it made a year before bankruptcy. Genesis said in the complaint that multiple parties, including DCG, founder Barry Silbert and their affiliates, "transfer funds from each other when the company is insolvent." Genesis seeks to identify these transfers as priority payments and recover their value under the bankruptcy law. Among them, the crypto payment part is worth more than US$582 million, while the total priority transfer amount exceeds US$1.2 billion.
▌U.S . SEC postpones decision on Solana ETF application
The SEC has extended the deadline for decisions on multiple exchange-traded fund proposals that track Solana, according to regulatory filings filed on Monday. The SEC said it takes more time to digest legal and policy issues related to applications from 21Shares, Bitwise, VanEck and Canary Capital. However, these delays do not reflect the possibility that regulators may approve or reject these funds.
"The filing of the lawsuit does not indicate that the commission has reached any conclusions on any issues involved," the Securities and Exchange Commission said on Monday. "The Committee seeks and encourages the relevant persons to make comments on the proposed changes to the rules".
Quotes
As of press time, according to Coingecko data:
BTC's recent transaction price is US$105,818, with an increase of -0.6% intraday;
ETH's latest transaction price is US$2,532.83, with an intraday increase and decrease of +0.2% ;
BNB's recent transaction price is US$650.36, with an intraday increase and decline of -0.2% ;
SOL's latest transaction price is US$167.29, with an intraday increase and decrease of -3.0 % ;
DOGE's recent transaction price is US$0.2322, with an intraday increase and decrease of -0.7 % ;
XPR's recent transaction price is US$2.38, with an intraday increase and decrease of -1.8 % .
policy
▌U.S . SEC appoints Katherine Reilly as Acting Inspector General
According to official news, the U.S. Securities and Exchange Commission (SEC) announced today the appointment of Katherine Reilly as acting inspector general. Ms. Reilly currently serves as Deputy Inspector General of the SEC. She will succeed Ms. Deborah Jeffrey, who serves as SEC Inspector General since 2023, who is about to retire.
▌U.S . SEC specialist says most crypto assets are not securities and supports issuing clear guidance
"Most crypto assets on the market are not securities at present," SEC Commissioner Hester Peirce said on SEC Speaks. "While many crypto assets are currently outside the traditional financial market, the development of crypto assets is accelerating as traditional intermediaries are gradually getting involved." She criticized the past SEC's practices in crypto regulation, which "in recent years, the commission's approach to crypto assets has evaded solid regulatory practices" and "provided no useful guidance." “The committee has now begun to work on providing clear guidance,” she stressed. For example, “the staff recently clarified that certain Meme and stablecoins are not securities” “because they do not grant economic rights to commercial entities or other commitment parties.” She supports further release of guidance to clarify which activities do not fall within the scope of the securities law.
▌U.S. Department of Justice investigates Coinbase user data theft
According to people familiar with the matter, the U.S. Department of Justice has launched an investigation into the recent data breach of cryptocurrency exchange Coinbase Global Inc. Sources said investigators from the Justice Department's Criminal Division and other departments are investigating the situation in the incident. Coinbase previously said the hack involved criminals bribing Indian employees and contractors to obtain customer data.
Blockchain application
▌ Solana Labs spin-off company Anza proposes Alpenglow plan
Anza, a development studio spin-off by SolanaLabs, announced plans they call "the biggest change in the history of the Solana core agreement." According to the announcement, this high-throughput Layer1 blockchain will usher in a completely new design underlying architecture called Alpenglow.
"We believe the launch of Alpenglow will be a turning point for Solana. Alpenglow is not only a new consensus protocol, but also the biggest change in the Solana core protocol since its inception."
This upgrade will replace Solana's existing TowerBFT proof of stake consensus mechanism and historical proof of stake timestamp system with new components called Votor and Rotor.
Cryptocurrency
▌People insiders: Circle has informal contact with Coinbase and Ripple about the sale
Circle Internet Financial is the issuer of the USDC stablecoin. According to four investment banking and private equity executives, the company had filed documents in early April to advance its long-awaited initial public offering (IPO). However, these people familiar with the matter said that Circle has recently negotiated informal sales with Coinbase, the largest crypto exchange in the United States and Ripple, crypto payment company. Sources said Circle hopes to sell at least $5 billion, consistent with its target valuation for its IPO.
▌Trader James Wynn 40 times long BTC position has made a floating profit of US$12.46 million
According to Ember Monitoring, James Wynn's 40-fold long BTC position has already made a floating profit of US$12.46 million. For his $563 million position, BTC's rise and fall by 1% is a floating profit and loss of US$5.63 million. But 40 minutes ago, he took profit of 189 BTC (about $20 million) at $105,745.
▌ Aave TVL rose to about US$30 billion, up 50% from its lowest point this year
Aave's total lock-up (TVL) has soared to about $30 billion, up 50% from its year-on-year low of $20 billion, cementing its position as Ethereum's main lending protocol and TVL's second largest decentralized application. Aave's current daily fee income exceeds $1 million, indicating that the agreement is active and not limited to passive capital deposits. Unpaid loans also grew with TVL, currently at about $10 billion, with a debt-to-TVL ratio of about 33%. The continued growth of lending activity underscores the continued attractiveness of DeFi in terms of product-market fit.
▌A certain giant whale/institution once again proposed 1,350 BTC from Binance, which is approximately US$141.91 million
According to Onchain Lens monitoring, a giant whale/institution proposed 1,350 bitcoins from Binance, worth approximately US$141.91 million. The wallet currently holds a total of 20,723 bitcoins, worth approximately US$2.19 billion.
Important economic trends
▌Russian and US dollar heads have been having more than 2 hours of call, Putin said he is willing to jointly draft a peace memorandum with Ukraine
The call between US President Trump and Russian President Putin ended, lasting more than two hours. Putin issued a statement after the call ended, saying that the call had been held for more than two hours and the content was very fulfilling and open. Putin said the call was very beneficial and constructive. Russia favors a peaceful solution to the Ukrainian crisis, but should identify a more effective path to peace. Putin said the recovery of the Istanbul negotiations showed that the overall progress was on the right path. Putin said that if an agreement with Trump is reached, Russia will make suggestions and is willing to jointly draft a memorandum on possible peace treaties in the future with Ukraine. This memorandum should contain several provisions, such as the principle of peace, the time for the signing of the peace treaty, and a ceasefire at a specific period after several agreements are reached. Putin said the current problem is that both Russia and Ukraine should reflect their efforts to peace to the greatest extent and find compromises that satisfy all parties. Putin said Russia's position is clear that the source of the crisis should be eliminated.
Sources: U.S. Treasury Department expects no trade deal to be announced at this week 's G7 Treasury Secretary's Meeting
According to sources, the U.S. Treasury Department does not expect any trade agreement to be announced at the G7 Treasury Secretary meeting in Canada this week.
▌JPMorgan Diamond: The market has extraordinary complacency, severely underestimating the risks of inflation and stagflation
JPMorgan CEO Jamie Dimon warned people not to be complacent when facing a range of risks, citing a range of risks such as inflation, credit spreads and geopolitics. Dimon said the likelihood of intensified inflation and stagflation was greater than one might think, reminding that U.S. asset prices remain high and said credit spreads did not take into account the impact of a potential economic downturn.
Even after Moody's Ratings robbed the last highest credit rating last Friday, the S&P 500 wiped out its initial decline on Monday as traders seemed to have turned their attention beyond the rating downgrade. “People feel good because they haven’t seen the impact of tariffs yet,” Dimon said. “The market has fallen 10%, and now it’s up 10%; I think it’s an extraordinary complacency.”
▌The probability of the Federal Reserve keeping interest rates unchanged in June is 91.4%
According to CME's "Federal Observation": the probability of the Fed keeping interest rates unchanged in June is 91.4%, and the probability of cutting interest rates by 25 basis points is 8.6%. The probability of the Federal Reserve keeping interest rates unchanged in July is 66.9%, the probability of a cumulative interest rate cut of 25 basis points is 30.8%, and the probability of a cumulative interest rate cut of 50 basis points is 2.3%.
Golden Encyclopedia
▌What is RISC-V?
RISC-V is a modern open source instruction set architecture (ISA) based on the principle of streamlined instruction set computer (RISC). Simply put, it is like a blueprint that defines a set of instructions that a processor can execute. The RISC-V is designed to be highly modular, efficient and flexible. Originally developed by the University of California in 2010, the open source framework gives developers the flexibility to customize their features and use cases and also saves costs compared to proprietary ISAs such as ARM or x86. RISC-V is widely used, from supercomputers to smartphones, and now blockchains such as Ethereum. On April 20, 2025, Ethereum co-founder Vitalik Buterin announced a "radical" new expansion solution that will replace Ethereum virtual machines (EVMs) with the RISC-V instruction set architecture, aiming to improve the speed and efficiency of the network execution layer. The idea is that RISC-V is the best solution to the limitations of blockchain scalability.
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