Key Takeaways
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Macro Environment: Latest statements from Federal Reserve officials emphasize that the effectiveness of current policies still needs observation, reinforcing a wait-and-see stance. In U.S. politics, Trump’s tax cut proposal hits a roadblock, leading to legislative gridlock. Geopolitical risks are rising sharply, with reports suggesting Israel may take military action against Iran's nuclear facilities, sparking a surge in safe-haven demand—gold breaks above the $3,300 mark. U.S. stocks end their recent rally, with all three major indices pulling back; the S&P 500 snaps a six-day winning streak.
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Crypto Market: The crypto sector hits another milestone as the GENIUS Stablecoin Act advances to formal review following a procedural vote. Bitcoin continues to fluctuate in the $104,000–$107,000 range, showing reduced correlation with U.S. equities. ETH/BTC bounced with BTC but still ended the day down 1.29%. Bitcoin dominance rises for the seventh consecutive day, while altcoins remain sluggish.
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Looking Ahead Today：Hong Kong’s Stablecoin Bill scheduled for second reading debate in the Legislative Council on May 21.
Main Asset Changes
| Index | Value | % Change |
| S&P 500 | 5,940.45 | -0.39% |
| NASDAQ | 19,142.71 | -0.38% |
| BTC | 106,848.10 | +1.20% |
| ETH | 2,523.74 | -0.15% |
Crypto Market Fear & Greed Index: 70 (previous 24h: 71), level: Greed
Macro Economy
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Federal Reserve officials, Cleveland Fed President Loretta Mester and San Francisco Fed President Mary Daly: Given the uncertainty surrounding the Trump administration’s policy impacts, the Fed’s best course of action is to wait before making further decisions.
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Trump’s personal lobbying fails to sway GOP House members; key Republicans remain unconvinced on tax legislation.
Industry Highlights
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U.S. Senate passes a procedural motion advancing the GENIUS Stablecoin Act to formal review.
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Robinhood submits a proposal to the SEC to establish a federal framework for RWA tokenization.
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Kraken secures a Cyprus license, enabling expansion of derivatives trading into the EU.
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SEC Chair: Promoting transparency and accountability in crypto regulation.
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Hong Kong MPFA: MPF investment products will be allowed to include crypto/virtual assets once risks are deemed controllable.
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Texas passes the Bitcoin Reserve Investment Bill, pending governor’s approval to take effect.
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BlackRock–Circle Agreement: BlackRock prohibited from issuing stablecoins independently over the next four years; Circle to entrust at least 90% of its USD reserve assets (excluding bank deposits) to BlackRock for management.
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Justin Sun to attend Trump dinner on May 22 as the largest holder of $TRUMP.
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Thumzup, a publicly listed U.S. company, announces it will accept USDC and other stablecoins for ad campaign payments.
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Asset management firm Strive plans to acquire Bitcoin assets from Mt.Gox proceedings.
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Blackstone makes its first Bitcoin bet, purchasing $1.08 million worth of IBIT fund shares.
Project Highlights
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Trending Tokens: FARTCOIN, TRUMP, SXT
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TRUMP: Trump dinner scheduled for May 22, with Trump expected to attend. Speculation on positive announcements at the event pushes TRUMP token up by 10%.
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SXT: Microsoft partners with crypto startup Space and Time Labs (SXT) to integrate new blockchain data sources into its Fabric analytics platform.
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XAUT/PAXG: Geopolitical tensions—reports of possible Israeli action on Iranian nuclear facilities—drive demand for safe-haven assets; gold surges past $3,300.
Weekly Outlook
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May 22: Trump dinner promo poster released, Trump expected to attend; U.S. to release May Markit Composite PMI (Preliminary).
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May 23: New York Fed President Williams to deliver keynote speech at Monetary Policy Implementation Seminar.
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