Planet Daily | The US SEC has issued a Wells notice to Robinhood’s US crypto business; the US SEC postponed its decision

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Planet Daily | The US SEC has issued a Wells notice to Robinhood’s US crypto business; the US SEC postponed its decision


The US SEC has issued a Wells notice to Robinhood’s US crypto business

According to Tree News, Robinhood Markets Inc. said that the U.S. Securities and Exchange Commission issued a Wells Notice regarding its crypto business in the U.S. market, and Robinhood expressed disappointment about this.

Robinhood: U.S. SEC Wells Notice Related to RHC Token Listing

According to Robinhood, the Wells notice issued by the U.S. Securities and Exchange Commission is related to the listing of the cryptocurrency RHC. It is reported that the pre-market trading price of Robinhood (HOOD.O) has fallen by 7%. (Jinshi)

US SEC Delays Decision on Invesco Galaxy Ethereum Spot ETF Application

The U.S. SEC has postponed its decision on the Invesco Galaxy Ethereum spot ETF application. The SEC set the next deadline for approving or rejecting the proposed spot Ethereum ETF to July 5.
“The Commission believes it is necessary to designate a longer period for issuing an order approving or disapproving this proposed rule change to allow sufficient time to consider the proposed rule change and the issues raised therein,” the SEC said.
In the past few weeks, the SEC has delayed decisions on other Ethereum spot ETF applications, including Grayscale, Franklin Templeton, VanEck, and BlackRock. (The Block)

Industry News

On May 6, 9 Bitcoin ETFs increased their holdings by a total of 3,710 Bitcoins

According to the data of US spot Bitcoin ETF monitored by Lookonchain on May 6, the following is shown:
1. Fidelity increased its holdings by 1,662 bitcoins, worth approximately $105.7 million, and currently holds 151,241 bitcoins, worth approximately $9.62 billion;
2. Grayscale GBTC reduced its holdings by 938 bitcoins, worth approximately US$59.66 million, and currently holds 291,239 bitcoins, worth approximately US$18.53 billion;
3. Nine Bitcoin ETFs increased their holdings by a total of 3,710 bitcoins, worth approximately US$236 million.

Custodia plans to issue stablecoin, plans to sue the Fed on Monday to gain access to payment rails

Custodia, a digital asset bank, hopes to operate as an uninsured bank and issue a stablecoin backed by cash and other assets. But the Federal Reserve determined that the bank was not entitled to a master account in the Federal Reserve System and rejected its application to join the Federal Reserve System, indicating that the Fed wants to isolate payment tracks from crypto assets. It is reported that the Federal Reserve account allows holders to transfer reserves directly to another financial institution without another intermediary. Now, Custodia is fighting back. The company plans to file a notice of appearance on Monday, saying that it has hired two well-known people to represent it in its appeal, Ian Gershengorn and Michelle Kallen of the Jenner Block law firm. Gershengorn served as acting deputy attorney general during President Obamas term, and Kallen is a representative of the special committee investigating the January 6 riots at the U.S. Capitol.
“This team has a deep understanding of federalism issues, extensive experience with federal regulation of the digital asset industry, and an excellent appellate record in controversial government cases,” Custodia CEO Caitlin Long said in a statement.
Custodia has so far received more support from Republicans. Wyoming Republican Senator Cynthia Lummis has been particularly critical of the Fed’s master account policy, which affects two companies in her state, Custodia and Kraken. (Morning Money)

US crypto lobbying group has raised over $102 million to support digital asset-friendly candidates

According to a report from Public Citizen, outside lobbying groups associated with the cryptocurrency industry have raised more than $102 million to lobby for digital asset-friendly candidates in the upcoming U.S. congressional elections. As the industry faces increasing scrutiny from regulators such as the U.S. Securities and Exchange Commission and lawmakers, cryptocurrency companies hope to influence policies in their favor. (Reuters)

South Korea Submits Amendment to Donation Law to Restrict Cryptocurrency Use

According to local Korean media Kyunghyang Shinmun, the public administration said that it has submitted some amendments to South Koreas Donation Act, which restricts the use of crypto assets for donations. Starting in July, parties who want to donate to charities or causes can use a variety of new methods such as department store gift certificates, stocks, and Navers loyalty points, but crypto assets such as Bitcoin will not be available.
The agency noted that the bill on the collection and use of donated items was originally enacted in 2006, when there were fewer payment methods and smartphones were not popular. The new amendments mentioned that donation methods have also expanded from bank transfers and online methods to include automatic response systems, postal services, and logistics services. In addition, the legislation will allow donations of stablecoins issued by local governments and anchored to the Korean won and gift certificates issued based on blockchain. (Cointelegraph)

Project News

ZeroLend announces the opening of ZERO airdrop claims and launches staking services

ZeroLend announced that it has opened ZERO airdrop claims on Linea and launched staking services.
The contract address is: 0x78354f8dccb269a615a7e0a24f9b0718fdc3c7a7.

It is reported that the Zero Gravity points and earlyZERO (1 earlyZERO = 1 ZERO) accumulated by users will be automatically converted into ZERO and displayed on the rewards page.

ZeroLend will distribute 18% of the token supply to the community, with 5% of the supply going to Zero Gravity participants and 13% going to earlyZERO holders.
ZeroLend said that it will take a snapshot closer to the TGE. ZERO stakers will receive voting rights, staking rewards, and potential future airdrops from other protocols based on their voting rights. If the user stakes for more than 1 year, they can receive a 5%-20% staking bonus.

Puffer Finance announces mainnet launch on Wednesday

Puffer Finance posted on the X platform that Puffer’s mainnet will be launched on Wednesday and the 5x Puffer points event will end.

LayerZero CEO: Self-reporting by witches is aimed at large witches, not individual users

LayerZero CEO Bryan Pellegrino said in a reply to a user on the X platform that Syrk Self-Reporting is not for ordinary users, but for large-scale Sybil users. The focus of the report is on large-scale Sybils rather than individual users.
Earlier, LayerZero published a post on the X platform stating that distributing tokens to persistent users (rather than Sybil users) is in the best interest of the protocol. For Sybil users, there are now two options:
1. Self-report the witchs address before May 17;
2. Once an address is marked by LayerZeros internal witch report or bounty hunter, further reporting will no longer be valid and no tokens will be received.

Ripple CTO: Details of Ripple stablecoin will be announced in June

Ripple CTO David Schwartz revealed the company’s upcoming integration at the recent XRP Las Vegas Conference. He presented information about the XRP Ledger, including AMM, lending protocols, Ripple stablecoins, and artificial intelligence.
Schwartz noted that details of Ripple’s stablecoin will be announced at the XRPL Apex event in Amsterdam next month. (Cryptonews)
Earlier news, Ripple will issue a stablecoin backed by the US dollar. The company said that the token is planned to be issued later this year and will be 100% backed by US dollar deposits, short-term US government bonds and other cash equivalents. The stablecoin will first be deployed on Ripples institution-centric XRP Ledger and Ethereum blockchain, and will be based on Ethereums ERC-20 token standard.


Bloomberg Analyst: 95% of Bitcoin ETF Investors Did Not Sell During Market Downturn

According to data disclosed by Eric Balchunas, senior ETF analyst at Bloomberg, on the X platform, with the inflow of funds into Grayscale, Bitcoin ETFs have all seen inflows for the first time. In addition, Eric Balchunas also emphasized that during the severe and sustained crypto market downturn, more than 95% of ETF investors still held their assets and did not sell them.

Bernstein: Bitcoins rally is far from over, still believes it will reach $150,000 by the end of 2025

Although Bitcoin’s price has retreated slightly in recent weeks, analysts at Bernstein believe that BTC’s rally is “far from over.” They reiterated their previous prediction that Bitcoin will reach $150,000 by the end of this cycle by 2025.

“We feel better about this forecast, with Bitcoin’s indicators suggesting this is a healthy cycle that is still in its early stages,” Gautam Chhugani and Mahika Sapra wrote in a report. The analysts noted that Bitcoin’s recent correction to regional lows around $57,000 effectively “cleaned up excess leverage in futures contracts on cryptocurrency exchanges.”
They also pointed out that the U.S. Bitcoin spot ETF reversed its trend and returned to net inflows after eight consecutive days of outflows. Even Grayscale GBTC recorded a net inflow of $63 million last Friday after 78 consecutive days of outflows. The analysts explained: This is important considering that GBTC has been the source of a large amount of continuous selling, and the new 9 ETFs have to absorb this selling pressure. (The Block)

Investment and Financing

OKX Ventures strategically invests in four products of Web3 incubation studio EVG

According to official news, OKX Ventures has strategically invested in four consumer-oriented products of Web3 incubation studio EVG, including multi-chain SocialFi infrastructure Open Social Protocol, decentralized collaboration network Zeek, strategy card game Arcadia Legends and real-time strategy game The Last Odyssey. OKX Ventures believes that these consumer-oriented projects have the ability to integrate real use cases and gamification mechanisms into social and gaming experiences.
Jeff Ren, Partner at OKX Ventures, said: “EVG is a leading early-stage builder in Asia, driving meaningful innovation in some of the fastest-growing verticals such as SocialFi and GameFi. We are excited to support its efforts through our strategic investment and network, and look forward to advocating for our shared vision in driving mass adoption in the Web3 space.”

This article is sourced from the internet: Planet Daily | The US SEC has issued a Wells notice to Robinhood’s US crypto business; the US SEC postponed its decision on the Invesco Galaxy Ethereum spot ETF application (May 7)

Related: Chainlink (LINK) Faces Selling Pressure as 13% Supply Turns Profitable

In Brief Chainlink’s price noted a 20% increase over the weekend and is now facing a crucial barrier. Over 13% of all circulating LINK became profitable over the weekend, inducing the threat of profit-taking. The short-term MVRV ratio is in the danger zone, suggesting that selling is the next likely move from investors. Chainlink’s (LINK) price felt the bullishness of the Bitcoin halving event more than BTC itself, which was visible in its 20% rally. The altcoin, however, is now facing a crucial barrier, which has been a challenge in the past. Chainlink Investors Might Move to Sell As Chainlink’s price rose, LINK investors regained their profits, which might be a key factor driving them to sell. The recent correction brought the total LINK supply in profit down from 84%…

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