This Week's News Preview | Trump Attends TRUMP Dinner; Coinbase Added to S&P 500 Index

May 19, 2025 12:43:54

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Organizer: Jerry, ChainCatcher

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May 19 (Monday)

U.S. lawmakers to hold final vote on stablecoin GENIUS bill on May 19

According to Cointelegraph, U.S. Senate Majority Leader John Thune has submitted a motion to end debate on the GENIUS bill, scheduled for a vote on May 19. The bill requires that issuers of stablecoins with assets over $10 billion be regulated by the Federal Reserve, while smaller entities will be regulated by state authorities; all stablecoins must be fully backed by assets such as U.S. dollars or government bonds.

The latest amendment proposes to add three provisions: limiting tech giants' involvement in finance, stronger consumer protections, and enhanced oversight of government officials. If passed, the bill will become the first regulatory framework for stablecoins in the U.S., directly impacting the direction of digital asset regulation.

Coinbase to join S&P 500 index on May 19

According to The Block, the largest U.S. cryptocurrency exchange Coinbase (ticker: COIN) will officially be included in the S&P 500 index on May 19, marking a milestone for pure cryptocurrency companies entering this benchmark index. Following the announcement, Coinbase's stock price surged 8% in after-hours trading, reaching $226, with a market capitalization of $53 billion.

This inclusion signifies mainstream financial market recognition for the cryptocurrency industry, with Coinbase replacing Discover Financial Services in the S&P 500. Notably, despite a 13% quarter-over-quarter revenue decline to $2 billion in Q1 2025, the company still achieved a net profit of $527 million, demonstrating profitability amid cryptocurrency market volatility.

CME to launch XRP futures on May 19

According to Walter Bloomberg, CME will launch XRP futures, expanding its cryptocurrency derivatives product lineup.

The XRP futures are planned to be launched on May 19, pending regulatory approval, including micro contracts (2,500 XRP) and large contracts (50,000 XRP).

Sahara AI announces public testnet SIWA launch on May 19

Decentralized AI blockchain platform Sahara AI announced on platform X that the public testnet SIWA will be launched on May 19.

May 20 (Tuesday)

Texas strategic Bitcoin reserve bill to be re-examined on May 20

Dennis Porter, co-founder of Satoshi Action Fund, stated that the Texas strategic Bitcoin reserve bill SB 21 will undergo a second reading on May 20, a crucial procedure before the final vote. If not passed by the House before the recess on June 2, the bill will expire and need to be reintroduced in the next session. The bill has already been approved by the House committee.

DeFi Development approves 1-for-7 stock split to boost SOL strategy, expected to start trading at new stock price on May 20

According to The Block, the board of DeFi Development Corp. (NASDAQ: DFDV) approved a 7-for-1 stock split plan on Wednesday.

This split will increase the company's outstanding shares from approximately 2 million to 14 million, expected to take effect on May 20. The company recently acquired 82,404.5 SOL, bringing its total holdings to 400,000, and plans to acquire a Solana validator business to align with its SOL accumulation and infrastructure ownership strategy. The company was previously renamed from Janover and aims to become a representative enterprise of the "Solana strategy."

New York to host first New York Crypto Summit on May 20

According to The Block, New York City Mayor Eric Adams reiterated the goal of making New York a global crypto capital at a press conference on Monday. Adams stated that the focus will be on the long-term value of these technologies for the city and its citizens, rather than chasing memes or trends.

New York City will host the first Crypto Summit at Gracie Mansion on May 20. Adams emphasized that cryptocurrency and blockchain technology can help underserved populations in traditional financial services. City CTO Matt Fraser pointed out that the application of blockchain technology will extend beyond the financial system, aiming to democratize access to important information such as birth and death records.

May 22 (Thursday)

Trump releases TRUMP dinner poster, plans to attend on May 22

Trump released the TRUMP Meme Coin dinner poster on his social platform Truth Social.

Previously, TRUMP's official statement indicated that Trump himself would attend the dinner on May 22.

YZi Labs launches 10-week offline global incubation program EASY Residency, applications due by May 22

According to YZi Labs' announcement, the company appointed Cathy Dou as the head of incubation operations, responsible for the 10-week offline incubation project EASY Residency starting on June 2.

The first stop of the project is in Silicon Valley, California, targeting top startup teams in Web3, AI, and healthcare, providing funding, accommodation, meals, and mentorship resources, with plans to expand to Singapore, Dubai, and other locations. Applications will close at 14:59 Beijing time on May 22.

May 23 (Friday)

THORChain to upgrade to v3.6.0 on May 23

THORChain plans to upgrade its mainnet to version 3.6.0 at block height 21,210,000 (expected at 1 AM Beijing time on May 23). This upgrade is a minor maintenance update, mainly involving updates to the Rujira contract verification, without critical fixes or consensus changes. Block times may fluctuate, and the specific timing may be adjusted by several hours.

Previously, it was announced that Binance would support the THORChain (RUNE) network upgrade and hard fork.

May 24 (Saturday)

Initia to stop airdrop token claims on May 24

Initia announced on platform X that the claims for the Initia airdrop will end in 8 days, with 93% of the airdrop already claimed, leaving approximately 3.4 million INIT tokens to be claimed.

(Source)