TL;DR

SEC drops Binance case; CLARITY Act advances; Bitcoin falls below $104K on U.S.-China tensions.

Highlights

• SEC drops its 2023 lawsuit against Binance and affiliates, ending a major enforcement action 1.
• SEC staff clarifies self/custodial staking on PoS networks is not a securities transaction; liquid staking and restaking still under review 2.
• U.S. House introduces bipartisan CLARITY Act, proposes shifting most crypto oversight to CFTC; committee markup set for June 10 3.
• BlackRock’s IBIT spot Bitcoin ETF led $6.22B in May inflows; Ethereum ETFs post strongest month since Dec 2024 6.
• REX Shares, Osprey, and Canary Capital file for staked ETH , SOL , and CRO ETFs, leveraging new SEC staking guidance 78.
• Trump Media raises $2.3B to establish a corporate Bitcoin treasury, boosting cash holdings above $3B 5.
• Bitcoin falls below $104,000 on U.S.-China trade tensions; $600M in long liquidations; ETH also drops 15.
• BNB Chain ’s Maxwell hard fork scheduled for June 30 to halve block times; DEX volume hits $13.31B ATH 9.
• OpenSea launches OS2 across 19 blockchains, introduces Voyages rewards; SEA token release date not set 17.
• Chainlink oracle malfunction triggers $500K in DeFi liquidations, underscoring protocol and collateral risk 19.
• Paris Saint-Germain (PSG) confirms Bitcoin treasury holdings, plans crypto startup investments 16.
• U.S. sanctions Funnull Technology for facilitating $200M in crypto scams linked to 332,000 domains 20.

Commentary

The U.S. regulatory environment shifted notably this week. The SEC’s dismissal of its Binance case 1 and new staff guidance confirming that most protocol staking on public PoS networks is not a securities transaction 2 provide increased legal clarity for major exchanges and staking protocols. The House’s CLARITY Act, which would move primary oversight of digital assets to the CFTC and introduce a four-year safe harbor for token offerings, is scheduled for markup on June 10 and is being closely watched by market participants for its potential to reshape U.S. crypto regulation 3.

ETF inflows remain a key driver for market sentiment. BlackRock’s IBIT spot Bitcoin ETF dominated May with $6.22B in net inflows 6, while Ethereum ETFs posted their best month since December 2024 6. The SEC’s staking guidance has catalyzed a wave of ETF filings for staked ETH , Solana , and CRO 78, signaling rapid product innovation and growing institutional demand for yield-generating crypto exposure.

Macro risks remain in focus. Renewed U.S.-China trade tensions triggered a sharp selloff, sending Bitcoin below $104,000 and resulting in $600M in long liquidations 15. Ethereum also declined, with options expiry adding to volatility 15. Despite this, both BTC and ETH posted strong gains for May, and the ETF-driven bid remains intact 15.

On-chain infrastructure is evolving: BNB Chain ’s Maxwell hard fork (June 30) will halve block times and follows record DEX volumes, reinforcing its position in DeFi 9. OpenSea’s OS2 upgrade expands trading across 19 blockchains and introduces new user incentives 17. Meanwhile, the Chainlink oracle incident highlights ongoing risks in DeFi protocol design 19.

Traders should monitor the CLARITY Act’s progress 3, the rollout of new staking ETFs 78, and the impact of macro events on price action 15. Security remains a concern, with U.S. sanctions against Funnull Technology illustrating persistent fraud risks 20. Institutional adoption continues, as seen with Trump Media’s Bitcoin treasury 5 and PSG’s crypto initiatives 16.