News linked to this event type.
New York Attorney General Letitia James announced that crypto platform Uphold has been ordered to pay over $5 million in restitution to affected users for promoting CredEarn, a fraudulent crypto savings product. The investigation revealed that between January 2019 and October 2020, Uphold marketed CredEarn, offered by Cred LLC, as a "safe and secure" high-yield savings product, promising users it was "fully insured." However, Uphold failed to disclose that the returns actually came from issuing high-risk, small-dollar loans to low-income gamers in China, and that no such insurance coverage existed.The New York Attorney General’s office further noted that Uphold did not obtain the necessary broker or commodity broker-dealer registrations while promoting the product. After Cred filed for bankruptcy in 2020, many users suffered losses. Under the settlement, Uphold will directly pay $5 million in restitution to harmed users. Additionally, any future funds Uphold recovers from Cred’s bankruptcy proceedings, totaling $545,000, will also be returned in full to the affected investors. (ny.gov)
According to Financialit, stablecoin financial services platform UnblockPay has announced the completion of a $4.5 million seed funding round, led by Prelude, with participation from Plug and Play, Wintermute, Reverie, Signature Ventures, Triaxis Capital, Crescera Capital, and a group of angel investors. The new capital will support the development of regulated financial products, enabling businesses to integrate stablecoins into their day-to-day financial operations and facilitating seamless conversions between fiat currencies and major stablecoins such as USDC and USDT for enterprise users.
BlackRock has submitted a comment letter to the Office of the Comptroller of the Currency (OCC), opposing the reserve asset restrictions proposed in its draft rules implementing the GENIUS Act. In the comment letter, the firm specifically targets the rules for "permitted payment stablecoin issuers," calling for no quantitative cap on tokenized reserve assets.BlackRock stated that the proposed restrictions are unrelated to regulatory objectives, and the risk of reserve assets should be determined by their credit quality, duration, and liquidity rather than whether they are held or transferred on a distributed ledger. This comment letter was submitted in response to multiple rule proposals from the OCC covering reserve composition, capital requirements, custody, and other related matters. (The Block)
Chris Perkins, CEO of 250 Digital Asset Management, stated that even if the Clarity Act, aimed at clarifying the crypto regulatory framework, fails to pass Congress, the long-term development of the U.S. crypto industry will remain unaffected. He pointed out that the SEC and CFTC are already continuously building a regulatory framework to provide stability and certainty for the industry.Perkins stated that regulatory agencies are currently gradually clarifying the classification system for crypto assets through policies and practices. Compared to the restrictions previously imposed by defining tokens as securities, the relevant compliance paths are now becoming clearer. He also noted that if the Clarity Act eventually passes, it will further consolidate the regulatory framework, making future policies more difficult to reverse. Recently, market expectations for the advancement of the bill have increased, with multiple lawmakers and industry insiders expressing optimism that it could make progress in the short term. (Cointelegraph)
: Yunfeng Financial has announced the completion of a strategic investment in cross-border payment service provider WooshPay, with the specific amount undisclosed. WooshPay is a financial infrastructure platform regulated by the UK Financial Conduct Authority and the Hong Kong Customs and Excise Department. Yunfeng Financial stated that this investment aims to expand the digital payment market and integrate its digital asset infrastructure platform AlphaToken, advancing "AI+Web3" asset tokenization and compliant settlement-related businesses. According to further disclosure, Yunfeng Financial has received approval from the Hong Kong Securities and Futures Commission to provide virtual asset trading services, supporting users in trading digital assets such as Bitcoin and Ethereum on its platform.
U.S. lawmakers have reached an agreement on stablecoin yield provisions, a point of contention that had stalled the Clarity Act in the Senate for months. Senators Tom Tillis and Angela Alsobrooks have finalized the text of the related compromise. Section 404 of the agreement stipulates that crypto companies cannot offer interest or returns that are economically or functionally equivalent to bank deposits, but allows for incentives related to the use of genuine platforms.Coinbase CEO Brian Armstrong stated that the Senate Banking Committee should be urged to deliberate on the bill as soon as possible. This development could provide momentum for what has been a long-stalled review process. (The Block)
Wasabi Protocol announced a security incident update on X, stating that users can now safely interact with the protocol’s contracts to withdraw remaining funds. The team said it is working behind the scenes to the best of its ability to address the issue; however, as the investigation remains ongoing, no further details can be disclosed at this time. The team will share the latest updates with the community as soon as conditions permit.
Odaily Odaily News, Michael van de Poppe, founder of MN Trading Capital, stated that Bitcoin's return to the $100,000 mark may not require a new market narrative to drive it; narratives will naturally form after the price increases. He pointed out that the current market focus has shifted to areas such as AI, putting relative pressure on Bitcoin's short-term performance. However, from a mathematical and statistical perspective, the current price range still holds accumulation value.Data shows that Bitcoin has not been above the $100,000 mark for nearly five months. The price has recovered from a low of around $60,000 in February this year to approximately $78,000, with a gain of about 14.49% over the past 30 days. The market is broadly focused on potential catalysts such as the Federal Reserve's interest rate policy, regulatory progress, and capital inflows into Bitcoin spot ETFs. However, some argue that even if the U.S. CLARITY Act is implemented, its direct impact on Bitcoin's price will be limited. (Cointelegraph)
: UK Reform Party leader Nigel Farage has been accused of conflict of interest by the opposition. He received a £5 million personal donation from crypto investor Christopher Harborne in 2024. Subsequently, in May 2025, the Reform Party proposed a draft regulatory framework for the crypto industry, aiming to reduce the stamp duty on crypto transactions from 24% to 10%, and proposed establishing a national Bitcoin reserve and lowering capital gains tax on crypto assets. Farage has acknowledged receiving the donation. The Reform Party stated that policy formulation is unrelated to donors. Additionally, Harborne donated another £12 million to the party last year, and crypto businessman Ben Delo donated £4 million this year. Farage now faces allegations of breaching House of Commons rules. In severe cases, he could face suspension as an MP, triggering a by-election. (Financial Times)
The Odaily Seer Prophecy Channel monitors that the probability of Polymarket's "CLARITY Act takes effect in 2026" has risen to 67%, up 21% in 24 hours.The event contract rules state: If the Digital Asset Market Clarity Act of 2025 (H.R.3633) is passed by both chambers of the U.S. Congress and signed into law before 11:59 PM Eastern Time on December 31, 2026, the outcome is "Yes"; otherwise, it is "No." The primary source of information is the Congress.gov website (https://www.congress.gov/bill/119th-congress/house-bill/3633) and other official U.S. government information, although other reliable reports may also be referenced.Coinbase has indicated that key disagreements regarding stablecoin holding yield provisions have been resolved with traditional banking institutions, clearing the way for the U.S. Senate to advance the crypto market structure bill. Previously, banks had lobbied to restrict or prohibit exchanges from offering yields to stablecoin holders, primarily due to concerns over capital outflows from the deposit banking system. Coinbase Chief Policy Officer Faryar Shirzad stated that the final plan, while adding some restrictions, still preserves room for users to earn rewards through crypto platforms and networks based on actual usage scenarios. This development is expected to push the CLARITY Act toward a voting process in the Senate Banking Committee.The Odaily Seer Prophecy Channel continues to monitor the prediction market, seeing changes before pricing.
: Following the halt of the acquisition plan for AI agent company Manus, the China Securities Regulatory Commission (CSRC) has tightened its review of red-chip structure enterprises seeking Hong Kong IPOs. Several AI companies planning to go public have begun evaluating the dismantling of their overseas structures and a return to domestic entities. Moonshot AI is currently in communication with lawyers regarding structural reorganization, but has not yet made a final decision. Stepfun has already initiated the process of dismantling its overseas holding structure, believing that transitioning to a domestic entity will help shorten the approval cycle. DeepRoute.ai is also conducting a similar evaluation. Industry insiders point out that dismantling a red-chip structure typically takes 6 to 12 months, involving processes such as equity buybacks, establishing joint venture entities, and tax handling. Currently, regulators have not issued a comprehensive ban, but have been inquiring about the overseas holding situations of relevant companies. (The Information)
Alex Thorn, Head of Research at Galaxy Research, stated that the U.S. crypto market structure bill—the CLARITY Act—has entered a critical legislative phase. With the Senate’s key compromise proposal on stablecoin yield officially released, positive signals have emerged for the bill’s advancement. The Senate Banking Committee could begin formal consideration as early as the week of May 11. The new proposal explicitly expands the scope of stablecoin yield restrictions—from issuers to third-party platforms, including crypto exchanges such as Coinbase—and stipulates that yields must not be paid solely because users hold stablecoins (i.e., idle balances), nor may rewards be distributed in forms that are economically or functionally equivalent to bank deposit interest.
Coinbase stated a key disagreement over stablecoin yield provisions has been resolved with traditional banks, clearing a path for the U.S. Senate to advance a crypto market structure bill. Previously, banks had lobbied to restrict or prohibit exchanges from offering yields to stablecoin holders, primarily over concerns about funds flowing out of the bank deposit system. Coinbase Chief Policy Officer Faryar Shirzad said the final compromise, while adding some restrictions, still preserves users' ability to earn rewards through crypto platforms and networks based on actual use cases. This progress is expected to move the "Clarity Act" toward a vote in the Senate Banking Committee, further clarifying the regulatory responsibilities of the SEC and CFTC over crypto assets. (Bloomberg)
A compromise text of the Clarity Act, agreed upon by members of the U.S. Senate Banking Committee, was released on Friday. The text allows crypto companies to continue offering stablecoin reward programs but prohibits them from providing stablecoin yields that function as or are economically equivalent to bank deposits.
Andreessen Horowitz (a16z) stated in a comment letter to the CFTC that state-level regulatory measures for prediction markets are creating "barriers to fair access" and could undermine market liquidity.a16z pointed out that requiring platforms to restrict user access on a state-by-state basis would affect market uniformity, conflicting with the principle of fair access at the federal level. Additionally, frequent bans and enforcement actions could also compress overall trading depth.The institution emphasized that prediction markets play a significant role in information discovery and probability pricing, supporting unified federal regulation. The CFTC, meanwhile, maintains that the relevant contracts fall under its exclusive regulatory scope.
According to The Block, MoonPay has launched the stablecoin debit card “MoonAgents Card,” enabling AI agents and users to spend directly from on-chain wallets. The card is integrated with the Mastercard network and issued by Monavate, a regulated global payment platform.
the Central Bank of Brazil (BCB) has issued Resolution No. 561, prohibiting the use of virtual assets for settlement in regulated eFX international payment and transfer services. The resolution stipulates that payments and receipts between eFX service providers and their foreign counterparties must be conducted exclusively through foreign exchange transactions or non-resident Brazilian Real accounts, and the use of virtual assets is strictly forbidden.This regulation also applies to eFX providers in a transition period that have not yet been included in the approved category. These companies must apply for authorization from the Central Bank by May 31, 2027, if they wish to continue providing services. This move does not constitute a comprehensive ban on crypto asset transfers within Brazil but aims to confine cross-border payment flows within the regulated foreign exchange track.The Central Bank of Brazil stated that the decision is due to a surge in the use of stablecoins for cross-border payments, which has raised concerns regarding money laundering, tax issues, and monetary sovereignty. (Cointelegraph)
Alberta Investment Management Corporation (AIMCo) disclosed in a regulatory filing on April 30 that it holds $219 million worth of shares in Strategy, a decentralized finance (DeFi) asset management protocol. Strategy provides institutional-grade yield optimization and automated risk management services. The investment aligns with trends including real-world asset (RWA) tokenization, automated liquidity allocation, and institutional participation in on-chain finance.
In an article titled “Getting Prediction Market Regulation Right,” Miles Jennings, Policy Lead and General Counsel of a16z Crypto, and others argue that the Commodity Futures Trading Commission (CFTC)’s current efforts to reform the regulatory framework for prediction markets come at a critical juncture—prediction markets are evolving from niche products into essential infrastructure. When combined with AI- and blockchain-driven novel risk-management models, prediction markets can enable AI agents to automatically hedge risk, adjust on-chain event contract positions in real time, and play a central role in risk management, information aggregation, and truth assessment. a16z Crypto warns that an overly conservative regulatory framework would constrain the growth potential of prediction markets. Accordingly, it has submitted a comment letter offering recommendations on key issues—including the application of statutory core principles and CFTC regulations to prediction markets, public interest considerations related to event contracts—and proposing five regulatory recommendations for prediction markets: (1) granting the CFTC unified regulatory authority over event contracts; (2) optimizing dispute resolution mechanisms for such contracts; (3) strengthening monitoring of insider trading and market manipulation; (4) re-evaluating the “special rules”; and (5) exploring clearer compliance pathways for on-chain prediction markets.
According to Bloomberg, the Japan Exchange Group (JPX) plans to advance preparations for listing exchange-traded funds (ETFs) related to crypto assets once revisions to the relevant crypto asset legislation are completed—potentially launching as early as next year. JPX CEO Hiromi Yamamichi stated that several asset management firms have expressed interest in launching crypto asset ETFs, and “we can proceed at any time” if legal and tax treatments are clarified. However, if the legislative process is delayed, the ETF launch could be pushed back to 2028.