SoSo Daily May 16 | Powell: The Federal Reserve Reviews Monetary Policy Framework and Adjusts Average Inflation Targeting Strategy

After reviewing the overall crypto market situation, let's shift our focus to the top 5 token gainers of the day:
As of 12:00 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is NEXPACE. As of 00:00 today, its market cap is 443.36M USD, with a coin price of 2.6228 USD, witnessing a 24-hour increase of 2520%.
The second is Marinade. As of 00:00 today, its coin price is 0.16814 USD, with a 24-hour increase of 69.5%.
The third is Chain Guardians. As of 00:00 today, its coin price is 0.0036910 USD, showing a 24-hour increase of 54.4%.
In fourth place is Maple. As of 00:00 today, its coin price is 16.172 USD, with a 24-hour rise of 47.9%.
In fifth place is Port3 Network. As of 00:00 today, its coin price is 0.041630 USD, increasing by 45.6% over the last 24 hours.


Moving on, let's take a look at the sector performance in crypto market.
According to sosovalue, out of 16 sectors, 1 is up and 15 are down. Notably, NFT, Meme, and Layer2 sectors are worth mentioning.
NFT sector has fallen 6.46% relative to the UTC 0 time, led by declines in ERN (-23.6%), LOOKS (-21.6%), and MINT (-14%).
Meme sector has decreased 6.85% relative to UTC 0, with LAUNCHCOIN (-32.7%), SHOGGOTH (-26.6%), and SEKOIA (-26.5%) leading the drop.
Layer2 sector has fallen 6.89%, with FUEL (-15.8%), MINT (-14%), and ATA (-13.4%) leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:According to The Wall Street Journal, Federal Reserve Chair Jerome Powell stated at the Thomas Laubach research conference that due to significant changes in inflation and interest rates since 2020, the Federal Reserve is reviewing its interest rate setting framework, with the results expected to be announced in August or September. Powell emphasized that the average inflation targeting strategy adopted in 2020 failed to address the post-pandemic surge in inflation. The Federal Reserve now plans to adjust the framework to respond to potentially more frequent supply shocks in the future while maintaining a 2% inflation target.
Next news:According to Decrypt, blockchain forensic company AMLBot reported that Tether's USDT freezing mechanism has a money laundering vulnerability due to delays between freeze requests and execution caused by multisignature contracts.

Since 2017, malicious actors have withdrawn over 78 million USD from Ethereum and Tron, with Tron losing 49.60 million USD and Ethereum losing 28.50 million USD.

The report states that 4.88% of blacklisted wallets completed 2-3 transactions utilizing the delay. PeckShield confirmed the existence of the vulnerability and suggested that Tether package freezing requests and signatures into a single transaction to eliminate the time window. Tether has yet to respond to requests for comment.
Next news:Coinbase announced a $20 million bounty to track down hackers attempting to extort the exchange. Criminals obtained less than 1% of user account data through cash bribes to overseas support agents and subsequently demanded Coinbase pay $20 million in Bitcoin to conceal the data breach. Coinbase stated that no passwords, private keys, or funds were leaked, and Coinbase Prime accounts were unaffected. The company refused to pay the ransom, instead issuing the bounty and contacting law enforcement, while promising compensation to affected users. Recently, Coinbase users have frequently been targeted by social engineering scams impersonating customer service, resulting in millions in losses. In 2022, Coinbase also launched a bounty program following a ransomware incident.
Next news:A certain whale withdrew PEPE worth 7.94 million USD from Binance within half an hour.
Next news:The U.S. Senate may vote on the revised Stablecoin Act before Memorial Day. The bill, named the GENIUS Act, in its latest version, may exclude provisions related to the Trump family's involvement in cryptocurrency. Republican Senator Cynthia Lummis stated that a vote before May 26 is a reasonable goal. Democratic Senator Kirsten Gillibrand and Coinbase CEO Brian Armstrong have also participated in related discussions. Previously, progress on the bill was stalled due to controversies involving profits from cryptocurrency tied to the Trump family. Gillibrand emphasized that the primary purpose of the bill is to regulate the stablecoin sector, covering consumer protection, bankruptcy protection, and ethical standards, rather than addressing ethical issues related to Trump. The Trump family's connections to cryptocurrency have heightened bipartisan tensions in crypto legislation.
Next news:

Cryptocurrency data platform CoinMarketCap (CMC) announced the launch of its Pre-TGE project launch platform, CMC Launch, with the debut project being the decentralized perpetual exchange Aster. CMC Launch employs a more stringent review mechanism and targets over 70 million monthly active users. Aster has previously received investment from YZI Labs and currently supports BNB Chain and Arbitrum.

Next news:The U.S. Securities and Exchange Commission (SEC) is investigating whether Coinbase exaggerated its user numbers during its 2021 initial public offering (IPO). According to The New York Times, the SEC is reviewing the company's past disclosure documents, including its direct listing registration statement, which at the time claimed the exchange had over 100 million "verified users." This figure was quietly removed from public reports about two years later. The investigation began under the Biden administration and continued through the Trump administration. Coinbase's Chief Legal Officer Paul Grewal stated that the investigation is a "legacy inquiry from the previous administration," involving a metric they stopped reporting two and a half years ago. The SEC had previously dropped a lawsuit alleging that the exchange operated as an unlicensed broker and clearing agency. In 2023, Coinbase began disclosing "monthly active trading users" instead of "verified users" data. In 2022, Coinbase CEO Brian Armstrong claimed the platform had up to 103 million verified users. On the day the investigation news broke, Armstrong also revealed that the exchange was hacked and customers' KYC information was stolen. The Block has reached out to Coinbase and is awaiting a response.
Next news:Addentax Group Corp., a China-based garment manufacturer, announced it is considering a potential purchase of approximately $800 million in Bitcoin and Trump's memecoin. The company has been in talks with influential cryptocurrency holders who collectively hold about 8,000 BTC. Addentax plans to fund the acquisition by issuing common stock but has not reached any definitive agreement yet. The company's shares dropped about 7% following the announcement. Addentax views this move as part of its long-term blockchain strategy to support crypto asset investment and to build networks with strategic crypto investors. The CEO highlighted the potential of established digital assets as stable long-term holdings due to their liquidity and growing institutional interest. This initiative aligns Addentax with other companies adopting bitcoin treasury strategies, such as Cantor Fitzgerald and SoftBank.
Next news:Two commercial memoranda obtained by CoinDesk reveal that Movement Labs secretly allocated up to 10% of the MOVE token supply to advisors through undisclosed agreements. Leaked documents show that advisors Sam Thapaliya and Vinit Parekh received token allocations of 5% and 2.5%, respectively, valued at over 50 million USD. Thapaliya is internally referred to as the "shadow co-founder" and is now threatening legal action to claim the tokens. Movement Labs states the agreement is non-binding, but this incident exacerbates the impact of its market manipulation scandal, with co-founders Rushi Manche and Cooper Scanlon publicly splitting. (CoinDesk)
Next news:Wintermute, a crypto market maker, is expanding to the U.S. by establishing its first headquarters in New York City, opening on June 1. This move aligns with a friendlier regulatory environment in the U.S. towards digital assets and blockchain innovation. Wintermute has hired policy veteran Ron Hammond, formerly of the Blockchain Association and a financial services policy lead, to lead policy and advocacy efforts. The company aims to grow its presence and engage with policymakers amid a more supportive U.S. regulatory climate. Other crypto firms like OKX and Nexo are also expanding in the U.S. under the new administration, which has appointed more crypto-friendly regulators.

Okay that's all for today. Thank you for tuning in, and we hope you found it helpful. Visit sosovalue.com, our one-stop financial research platform for crypto investors, to stay abreast of the latest market trends and key information. Until next time, goodbye.