SoSo Daily May 16 | The U.S. SEC Releases FAQs on Crypto Asset Activities and Distributed Ledger Technology

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 Cream. As of 12:00 today, its market cap is 3.94M, with a coin price of 1.7010 USD, witnessing a 24-hour increase of 48.7%.
The second is Galxe. As of 12:00 today, its coin price is 1.3650 USD, with a 24-hour increase of 48%.
The third is Department Of Government Efficiency. As of 12:00 today, its coin price is 0.038511 USD, showing a 24-hour increase of 44.1%.
In fourth place is Function X. As of 12:00 today, its coin price is 0.20100 USD, with a 24-hour rise of 38.6%.
In fifth place is SuiPad. As of 12:00 today, its coin price is 0.039830 USD, increasing by 35.3% over the last 24 hours.




Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:Wuspeak has learned from the official website that the U.S. Securities and Exchange Commission (SEC) has released a FAQ document related to crypto asset activities and distributed ledger technology. The FAQs cover broker-dealer custody rules, physical subscriptions for crypto spot ETFs, net capital treatment of Bitcoin and Ethereum, as well as transfer agent rules for tokenized securities. Commissioner Hester Peirce described the guidance as a "gradual step" and reminded that non-security crypto assets are not protected under the Securities Investor Protection Act (SIPA).
Next news:

According to SoSoValue data, Bitcoin spot ETF saw a total net inflow of 114.96M USD yesterday (Eastern Time, May 15th).

The Bitcoin Spot ETF with the highest net inflow yesterday was BlackRock's ETF IBIT, with a daily net inflow of 409.72M USD, and the total historical net inflow of IBIT currently stands at 45.42B USD.

The Bitcoin Spot ETF with the highest net outflow yesterday was Ark Invest and 21Shares's ETF ARKB, with a daily net outflow of 132.05M USD, and the total historical net inflow of ARKB currently stands at 2.57B USD.

As of the time of publication, the total net asset value of Bitcoin Spot ETFs is 121.47B USD, with an ETF net asset ratio (market capitalization relative to the total Bitcoin market cap) of 5.91%. The historical cumulative net inflow has reached 41.51B USD.

Source: https://sosovalue.com/zh/assets/etf/us-btc-spot

Next news:Wu Shuo has learned that the U.S. Department of Justice announced RICO conspiracy charges against 12 defendants, involving more than 263 million USD. The case includes cryptocurrency theft, money laundering, and burglary. The suspects obtained cryptocurrency database information through hacking and filtered targets, impersonated bank or exchange staff to conduct phone scams, and converted the proceeds into cash or luxury goods through money laundering networks. The main suspect, Malone Lam, is accused of defrauding over 4,100 bitcoins and continued committing crimes through accomplices after being arrested.
Next news:

WuShuo learned that, according to SoSoValue data, Ethereum spot ETFs experienced a total net outflow of 39.79 million USD yesterday (May 15, Eastern Time). The Ethereum spot ETF with the largest single-day net inflow yesterday was BlackRock's ETF ETHA, with a net inflow of 8.43 million USD. Currently, ETHA's historical total net inflow has reached 4.26 billion USD.

Next news:Background: The U.S. Senate is about to hold a critical vote on the GENIUS Act, which aims to establish a clear regulatory framework for stablecoin issuers.

Main Event: The GENIUS Act requires stablecoins to be backed by safe assets such as U.S. dollars or Treasury bonds, and mandates that the Federal Reserve Board oversee issuers with assets exceeding 10 billion USD, while state regulatory agencies supervise smaller entities. This legislation has garnered widespread attention and discussion within the crypto community. Supporters view it as an important measure to promote financial innovation and maintain the U.S. dollar's dominance in the digital market, whereas opponents criticize it for potentially fostering corruption within the crypto sector.

Potential Impact: Although a similar STABLE Act has been passed by the House of Representatives, key amendments to the GENIUS Act remain unresolved, leaving its final outcome uncertain. The passage of this act could profoundly influence the regulatory landscape of the U.S. stablecoin market.
Next news:A federal judge in the Southern District of New York has rejected the joint motion for summary judgment filed by the U.S. Securities and Exchange Commission (SEC) and Ripple Labs, further delaying the resolution of their years-long dispute. Previously, the SEC and Ripple reached a settlement agreement, seeking to lift the injunction against Ripple set for August 2024 and reduce the fine from $125 million to $50 million. The judge noted that the parties failed to meet the stringent conditions required to lift the injunction, and such relief should be requested only under "extraordinary circumstances." The cross-appeals between the SEC and Ripple are still under review at the Second Circuit Court of Appeals. Ripple's Chief Legal Officer stated that this ruling does not affect the company's prior victories. The case, which began in 2020, centers around whether the XRP token qualifies as a security and is one of the most significant litigations in the cryptocurrency space. Recently, under new leadership, the SEC has adopted a more crypto-friendly stance and has withdrawn enforcement actions against several major crypto firms. XRP's price dropped 6% in the past 24 hours, reaching $2.38.
Next news:Wu Shuo learned that, according to Bitcoin Magazine reporter Vivek, the California State Pension Fund announced the purchase of Strategy stocks worth 276 million USD.
Next news:Abu Dhabi sovereign wealth fund Mubadala holds over 400 million USD worth of BlackRock Bitcoin ETFs.
Next news:Wu Shuo learned from the official announcement that Binance Contract Platform will launch the CVCUSDT perpetual contract at 16:30 on May 16, 2025 (UTC+8), with a maximum leverage of up to 75 times.
Next news:Wu Shuo has learned that SuiNS Token (NS) has been launched on Binance Alpha.

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.