[Link to FM] Binance App integrates Venus Protocol applet, Solana releases mainnet v1.9.22

【Data Intelligence】

The Ethereum network gas fee has been reduced to 15gwei

According to Etherscan data, the current Ethereum network Gas fee has dropped to 15gwei.

Bitcoin's market value accounted for more than 45%, reaching a seven-month high

According to the data, Bitcoin's market value accounted for 45.27% on Thursday, and the last time it reached 45% was in October 2021. A few weeks later, Bitcoin rose to an all-time high above $69,000.

【 Regulatory News 】

U.S. FinCEN Officials Warn Encryption Industry to Actively Sanction Suspicious Wallets

A top U.S. financial crimes enforcement official on Thursday directed the cryptocurrency industry to proactively blacklist "problematic" wallets ahead of an order from Treasury Department officials. Alessio Evangelista, Deputy Director of Enforcement at the Financial Crimes Enforcement Network (FinCEN), said that cryptocurrency service providers "often" choose not to deal with blatantly suspicious wallets "until OFAC (U.S. Treasury's Office of Foreign Assets Control) names or initiates criminal prosecution." . Evangelista warned that virtual asset service providers are “putting their own reputations at risk” by ignoring “clear red flags that they could, and arguably should have noticed long ago.”

CFTC Charges Two U.S. Residents in $44 Million Crypto Ponzi Scheme

The U.S. Commodity Futures Trading Commission (CFTC) announced that it has filed a civil enforcement action in the U.S. District Court for the Northern District of Illinois against Sam Ikkurty (Sreenivas I Rao), a resident of Portland, Oregon; Ravishankar Avadhanam, a resident of Illinois; Several corporate entities are suspected of running a $44 million crypto Ponzi scheme. The complaint alleges that since at least January 2021, the defendants have used websites, YouTube videos, and other means to solicit more than $44 million from at least 170 participants, purporting to purchase, hold, and trade digital assets, commodities, derivatives, swaps, and more. futures and commodity futures contracts, but the defendants made no real investments, instead distributing the funds to other participants in a manner similar to a Ponzi scheme. The CFTC is seeking damages, recovery, civil monetary penalties, and a permanent trading injunction for violations of the Commodity Exchange Act (CEA).

【Industry Trends】

Coinbase will cut costs by pausing hiring, cutting cloud spending and more

On May 20th, Coinbase said in an internal email to employees that it would cut costs by suspending recruitment for two weeks, reducing expenditures on Amazon Cloud and Datadog, and reducing internal wallet Gas fees. In addition, Coinbase will also provide employees with more equity incentives to compensate for the rapid decline in stock prices.

Avalanche: LFG did not disclose plans to use AVAX tokens

The smart contract blockchain Avalanche released an official tweet saying that Terra form Labs (TFL) purchased 1.09 million AVAX with a lock-up period of one year. This amount accounted for about 0.5% of the AVAX transaction volume in the past week. Luna Foundation Guard (LFG) purchased 1.97 million AVAX for the Terra reserve pool. This allocation represents approximately 0.9% of AVAX’s trading volume over the past week, and LFG has not disclosed plans to use AVAX in light of the proposed Terra chain fork. If there is any sale plan for LFG reserves, Avalanche Foundation is ready to work with LFG to develop a reasonable transaction strategy.

Binance US Appoints Former DOJ Trial Attorney Krishna Juvvadi as Vice President and Head of Legal

Binance US has appointed former U.S. Department of Justice trial attorney Krishna Juvvadi as Vice President and Head of Legal, responsible for the day-to-day operations of the company’s legal department and reporting to Binance US General Counsel Norman Reed, who previously served at the U.S. Securities and Exchange Commission, New York Federal Reserve Banking, as well as work in cryptocurrency and fintech. According to a Binance US spokesperson, the Legal Director is a newly created position at Binance US, which means that Krishna Juvvadi is not replacing anyone.

Solana Releases Mainnet v1.9.22

On May 19, according to GitHub, Solana has released the v1.9.22 version of the mainnet, which is a stable version used on the Mainnet Beta. The main updates include: fixing the BankingStage packet problem, allowing only incoming voting mode to be ignored packets, reduce the default batch size to 64 and add 2 banking threads.

SWIFT confirms it is working with Capgemini on CBDC-related cross-border payment tests

News on May 19, according to a report released by SWIFT on May 19 about its trials with the Bank for International Settlements (BIS), nine out of 10 central banks around the world are exploring central bank digital currency (CBDC). The economies involved in these CBDCs account for more than 90% of global GDP. The report pointed out that more and more central banks' investigations into CBDCs have reached an advanced stage, and nine countries are already using their own digital currencies, such as Nigeria and the Bahamas. Thomas Zschach, Chief Innovation Officer at SWIFT, said: “Facilitating interoperability and interconnectivity between the different CBDCs being developed around the world will be crucial if we are to realize their full potential. Today, with so many central banks based on different At the same time, Nick Kerigan, director of innovation at SWIFT, said that if no remedial measures are taken, this fragmentation may lead to the formation of "digital islands" around the world , different systems and different CBDCs need to be able to cooperate effectively, otherwise it will hinder the ability of businesses and consumers to use CBDC for hassle-free cross-border payments. By using a DLT-based CBDC network and a proven real-time gross settlement (RTGS) system, SWIFT demonstrated in 2021 that it can efficiently arrange cross-border transactions between two entities. Currently, SWIFT is working with Capgemini to study how to interconnect the growing number of domestic-based CBDC networks around the world to make cross-border payment usage smoother.

【Elite Viewpoint】

Bitcoin Foundation Chairman Pierce: Can't Have Too Much Confidence in Untested Assets

On May 20th, Pierce, chairman of the US non-profit organization Bitcoin Foundation, stated that one cannot have too much confidence in untested assets.

Goldman Sachs: Shrinking cryptocurrencies have little impact on U.S. economy

According to the news on May 20, economists headed by Jan Hatzius of Goldman Sachs Group pointed out that the total net assets of American households last year were 150 trillion US dollars. The decline from $2.3 trillion to about $1.3 trillion is still "very small." They expect the drag on overall spending and the U.S. economy from the recent plunge in cryptocurrencies to be relatively modest.

【What to watch today】

Binance App integrates Venus Protocol applet to open decentralized lending function

According to the official announcement, on May 19, Binance announced the integration of the DeFi project - the Venus Protocol applet, which marks the first time that the Binance App (iOS and Android versions) has integrated decentralized lending functions. Venus Protocol is a decentralized money market protocol on BNB Chain. It is reported that Venus Protocol is the second DeFi project launched by Binance App, and the first project to settle in is the PancakeSwap applet.

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