News linked to both this project and an event.
Odaily News: Netflix has announced that "The Altruists," a series inspired by the rise and fall of FTX founder SBF and former Alameda Research CEO Caroline Ellison, will premiere on November 19, with the first stills released.The series consists of 8 episodes, with Anthony Boyle portraying SBF and Julia Garner playing Caroline Ellison. The plot follows two young idealists who attempt to rapidly reshape the global financial system, only to be accused of stealing $8 billion and ultimately fall from the pinnacle of financial power.The series is created by Graham Moore, inspired by articles from New York Magazine journalists Kevin T. Dugan and Jen Wieczner. Barack Obama and Michelle Obama serve as executive producers of the series. (Variety.com)
According to Odaily, Randi Abernethy, Head of Clearing and Group Risk at Bullish, stated that the U.S. Senate's failure to pass the Digital Asset Market Clarity Act (CLARITY Act) does not mean the digital asset market will stop developing; rather, it highlights the necessity of establishing a federal regulatory framework.Abernethy noted that during the Senate's consideration of the CLARITY Act, traditional U.S. financial institutions have continued to accelerate their entry into the on-chain market. JPMorgan Chase has explored tokenized ETF holdings through a production pilot with the Depository Trust & Clearing Corporation (DTCC), and more than 50 institutions (including BlackRock and Goldman Sachs) are also participating in the development of tokenized stock and Treasury bond infrastructure. The current regulatory discussion is no longer just a "crypto industry issue," but one that concerns the future infrastructure of the entire financial system.Abernethy cited the 2008 financial crisis as an example, noting that financial risk spreads along shared infrastructure, and even institutions not directly involved in related assets can be affected. Today, the stablecoin market size has exceeded $100 billion, with a large portion of stablecoin reserves invested in U.S. Treasuries. If a major stablecoin were to face a crisis, it could impact liquidity in traditional financial markets. She stated that supporters of the CLARITY Act believe the bill could establish a unified regulatory framework for the digital asset market, including core investor protection mechanisms such as customer asset segregation, conflict of interest management, capital requirements, and information disclosure. (CoinDesk)
Odaily News - Karia Samaroo, founder and former CEO of Canadian crypto company WonderFi, recently stated that the company's acquisition by US trading platform Robinhood Markets for CAD 250 million was not due to a lack of growth potential, but rather because Canada's market environment has restricted local tech companies from continuing to scale.Samaroo said that WonderFi was founded in 2021. After several years of development, the company consolidated Canada's fragmented crypto market, built a nationwide brand, and survived the QuadrigaCX collapse, the FTX crash, and Canada's strict crypto regulatory environment. By 2023, WonderFi had become a leading crypto platform in the Canadian market.However, he believes that succeeding in Canada was not the company's ultimate goal. WonderFi had originally hoped to grow into a global enterprise, and Robinhood saw WonderFi as a strategic gateway into the Canadian market, which led to the CAD 250 million acquisition. Samaroo pointed out that Canada has long faced structural issues that limit companies' ability to scale, including insufficient venture capital, weak public markets, regulatory fragmentation, and declining attractiveness of entrepreneurial returns.For the crypto industry, the challenges are even more pronounced. Samaroo noted that after the QuadrigaCX incident, Canadian regulators established one of the world's strictest crypto regulatory frameworks. While the original intent was to protect investors, it also increased operational costs for businesses. International trading platforms including Binance, OKX, Bybit, and Gemini all entered the Canadian market previously and then exited. He believes that Canada's crypto regulations are not only strict but also compounded by fragmented securities regulatory systems, leading to higher financing costs, increased operational complexity, and diminished interest from overseas investors.Samaroo said that WonderFi is not an isolated case—many Canadian tech companies have followed a similar trajectory: growing domestically until hitting market ceilings, then ultimately seeking overseas capital or strategic buyers. Shopify founder Tobi Lütke has also previously criticized Canada for repeatedly "nurturing important companies only to send them abroad." Restricting corporate sales can easily become a political statement, but the real key to solving the problem lies in building a business environment that supports companies in financing, expansion, and competing globally.Robinhood previously announced the acquisition of WonderFi for approximately CAD 250 million. This deal also reflects the accelerating consolidation in the North American crypto industry, as US platforms expand into other markets through M&A. (Fortune)
Odaily News: The U.S. Court of Appeals for the Second Circuit has issued a formal order upholding the conviction and sentencing of former FTX CEO Sam "SBF" Bankman-Fried. The lower court previously found him guilty on seven felony counts and sentenced him to 25 years in federal prison. The three-judge panel rejected Bankman-Fried's appeal arguments that FTX had sufficient liquidity and that investors would be fully repaid without incurring losses, and upheld the $11 billion forfeiture order issued by the New York court in the criminal case. Circuit Judge Barrington D. Parker stated in the opinion that even if Bankman-Fried believed he would ultimately repay customers, it does not affect the applicability of wire fraud laws to the temporary misappropriation of funds or property. With the order now in effect, his legal avenues for seeking early release have narrowed, including options such as applying for a presidential pardon or appealing to the Supreme Court.
美国第二巡回上诉法院正式发布指令，维持对前 FTX 首席执行官 Sam Bankman-Fried 的七项重罪定罪及 25 年刑期判决，并驳回其关于投资者可获全额赔偿的上诉主张。
1confirmation founder Nick Tomaino posted comments on the AI investment fund Situational Awareness crisis incident, stating that recent discussions surrounding the fund reflect a long-standing problem in the investment circle: many so-called "elites" and "smart money" lack basic risk judgment capabilities. Tomaino stated that he does not know all the details of this incident and does not wish to comment on the specific liquidation process, but he believes a deeper problem is that many investors are driven by wealth and attention, gradually ignoring facts, risks, and judgment of others. Citing the FTX collapse as an example, he noted that many people could detect abnormalities after brief contact with the founder, but a large amount of "smart money" chose to continue investing and endorse it due to chasing returns and market narratives. Tomaino pointed out that a similar phenomenon occurred with the founders of Situational Awareness and the investment circle supporting the fund: the same type of investors chased grand narratives, provided funding, and drove promotion, but ultimately the fund fell into distress due to high-risk bets and market reversals. Industry participants should learn lessons from this and avoid repeating the cycle of "chasing hotspots—ignoring risks—collectively stepping on mines."
U.S. Senate Republicans on Wednesday released a 616-page draft of the new Clarity Act, a significant legislative development in Congress's efforts to comprehensively regulate the digital asset industry. The crypto industry widely welcomed the draft, noting it retains protections for software developers and is expected to provide long-missing regulatory clarity for the U.S. digital asset market.Crypto Council for Innovation CEO Ji Hun Kim stated that bipartisan support is "critical" for the bill's passage. Solana Policy Institute CEO Miller Whitehouse-Levine called on Congress to seize the opportunity, while Coinbase CEO Brian Armstrong remarked that the lack of a federal regulatory framework had previously allowed bad actors like FTX to harm consumers and forced a substantial amount of crypto business to move overseas.However, several Senate Democrats quickly voiced opposition, arguing that the ethics provisions in the new text addressing conflicts of interest related to Trump's crypto assets are too weak. Senator Angela Alsobrooks stated that the current proposal put forward by Republicans is still "not enough," and that provisions concerning elected officials' ethics, consumer protection, illicit finance, conflicts of interest, and market integrity all require strengthening.
: Ripple’s Global Head of Public Policy and Government Affairs, Lauren Belive, stated that opposing the CLARITY Act is not opposition to the crypto industry, but rather opposition to consumers, and would continue exposing crypto holders to bad actors who exploit regulatory arbitrage. Belive noted that while a digital asset market already exists in the United States, federal rules protecting consumers have not kept pace. She pointed out that the regulatory gaps that led to the collapse of FTX and the loss of customer funds still persist. Belive indicated that the CLARITY Act would grant the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) clear joint jurisdiction over the digital asset market, requiring tokens to undergo regulatory oversight before entering the market. Stuart Alderoty, Chief Legal Officer of Ripple and Chairman of the National Cryptocurrency Association, stated that opposing the CLARITY Act would allow the current unregulated status quo to continue and be exploited by bad actors.
Ansem posted on X, stating that his past judgments regarding celebrity participation in crypto projects were overly idealistic. He had assumed they would not "rug" millions of supporters, but this assumption has been proven wrong by reality, and he stated he will not make the same judgment error in the future.However, Ansem emphasized that he is not a celebrity himself and has no intention of exiting a project improperly. He believes that Meme and narrative-based tokens may still play a "net positive" role in the crypto market, including attracting new users into the industry, providing speculative liquidity for the market, and reactivating market sentiment during bear market bottoms.Using Dogecoin and Bonk as examples, he stated that such assets have brought large-scale user adoption and wealth effects in different cycles. Dogecoin's market cap once reached $11 billion, while Bonk helped revive sentiment within the Solana ecosystem during the低迷 period following the FTX collapse.Ansem also mentioned that he entered the crypto industry in 2017, quit his job as a software engineer in 2021, and is currently co-founding the trading application BullpenFi while hosting the podcast project MarketBubble. He noted that he has participated in discussions on multiple Meme coins in the past, but often encountered anonymous accounts using liquidity structures to front-run and then "dump" on the opposite side, making him a tool for attention. He emphasized that his current project is the first time he is participating with "control over the majority of the token supply" and stated that he will attempt to find a balance between market attention and industry building.
Bybit’s latest options weekly report states that all four directional predictions for this week were fulfilled: BTC hit a low of $59,130—surpassing the prior target range of $65,000–$67,000. Opening last week at $73,760 and plunging to $59,130, BTC recorded its largest single-week decline since the FTX collapse (roughly −20%). It has since rebounded to $63,000. Three bearish catalysts recently converged: stronger-than-expected NFP data reigniting rate-hike expectations; SpaceX’s IPO siphoning liquidity; and Strategy selling BTC for the first time in four years. Spot Bitcoin ETFs saw a record net outflow of $1.7 billion for the week. ETH’s daily RSI plunged to a historic low of 12.78, while BTC’s daily RSI dropped to 15.45—raising the probability of a technical rebound, though trend reversal remains unconfirmed. DVOL surged from its historical low of 35 to 55 before retreating to 48; put options have already been profitably closed. Currently, chasing long positions is discouraged. BTC faces significant resistance between $63,000 and $65,000. Entry should await either the June 10 CPI release or DVOL falling back to 40—or until BTC convincingly closes above $65,000.
Zach Pandl, Head of Research at Grayscale, released a research report stating that, based on multiple on-chain valuation metrics, Bitcoin’s current price is below its long-term average, indicating it is undervalued—though not to the same extent as previous cycle lows, such as those following the FTX collapse.
according to crypto journalist Eleanor Terrett, sources say a small bipartisan group of U.S. Senate lawmakers held negotiations last night over the CLARITY Act, attempting to secure concessions from Democrats on at least two outstanding issues, but ultimately failed to reach an agreement.Senator Cynthia Lummis stated that the two sides have reached consensus on "99% of the content" of the bill and expressed hope that Democrats would continue to resolve the remaining issues after the bill clears the committee. Otherwise, if another incident similar to FTX occurs in the future, "they have only themselves to blame."According to reports, Democratic Senators Adam Schiff and Ruben Gallego have been pushing for a compromise on ethics and conflict-of-interest provisions related to the president's family before the committee review, making it a condition for their support of the bill.Additionally, some Democratic lawmakers have raised concerns about provisions in the Blockchain Regulatory Certainty Act (BRCA), which aims to prohibit non-custodial software developers from being prosecuted under money transmission laws.Sources say that while both sides had made substantial progress on ethics and conflict-of-interest issues, disagreement over amendments to the BRCA ultimately led to the collapse of negotiations. The market now widely expects the upcoming committee markup to be distinctly partisan.
According to the SEC’s official website, U.S. Securities and Exchange Commission (SEC) Chair Paul S. Atkins delivered a speech on May 8 at the Special Competitive Study Project’s AI+ Expo, outlining the SEC’s regulatory approach toward AI and on-chain financial markets. Atkins stated that the SEC will advance several regulatory initiatives targeting on-chain markets, including: establishing rules defining “exchanges” for on-chain trading systems; clarifying the applicability of definitions for “brokers” and “dealers” to on-chain activities; delineating the scope of the “clearing agency” definition as it applies to on-chain clearing and settlement activities; and issuing regulatory guidance for activities related to “crypto vaults.” Regarding AI regulation, Atkins emphasized that the SEC will not mandate specific AI models for firms but will uphold its core mission of protecting investors, maintaining fair and efficient markets, and facilitating capital formation—while requiring firms to take responsibility for the outputs of their deployed AI tools. Atkins also urged Congress to promptly send the CLARITY Act to the President for signature, thereby providing long-term regulatory certainty for digital asset markets through legislation. He warned that driving innovation offshore would repeat the FTX debacle and harm U.S. investors.
Odaily News ether.fi CEO Mike Silagadze posted on X platform to explain the reason behind the company's commitment of 5,000 ETH to the Kelp hack recovery fund. He stated that the team believes this incident posed a real risk of "destroying the entire DeFi ecosystem." If Kelp were to go bankrupt, $1.5 billion worth of rsETH could be frozen long-term, potentially bringing the $30 billion Aave lending market to a standstill and triggering a cascading collapse across both DeFi and CeFi, which he described as making "FTX look insignificant by comparison." Mike Silagadze added that while most institutions chose to step back and defer to legal counsel, proactively taking responsibility and quickly raising funds to plug the gap was the right choice to help avert the worst-case scenario.
the Bank for International Settlements (BIS) has released a report stating that crypto exchanges are increasingly offering banking-like services, such as lending and yield-bearing products (Earn), but lack the regulatory oversight and deposit protection found in traditional financial systems, posing systemic risks.The report states that these high-yield products are essentially more akin to "unsecured loans." User assets are often used by platforms for high-risk operations such as lending, trading, or market making, while users only hold a claim against the platform. If the platform encounters problems, users are directly exposed to solvency risks.The BIS also noted that major crypto platforms have evolved from simple exchanges into "multi-functional intermediaries," integrating the functions of banks, brokerages, and exchanges, but with insufficient transparency and risk isolation mechanisms. The collapses of Celsius Network and FTX are typical examples of this structural risk. Additionally, the report mentions the crypto market flash crash in October 2025, which triggered approximately $19 billion in forced liquidations, highlighting the risk of cascading effects under high leverage and opaque structures. (CoinDesk)