According to Odaily, the US House of Representatives has recently passed the bipartisan cryptocurrency bill, Financial Innovation and Technology Act of the 21st Century (FIT21). However, it is important to note that the bill has not yet become law. Policy observers have stated that the likelihood of the bill being passed in the US Senate is quite low. The White House, US SEC Chairman Gary Gensler, and several congressmen have also issued stern statements about the bill. Despite years of regulatory and corporate struggles, the crypto community views this as a victory, especially the builders behind decentralized platforms, which are often overlooked by existing legal frameworks. Under FIT21, fully decentralized digital assets will be eligible to become commodities. One of the criteria is that the issuer or so-called affiliated person cannot hold more than 20% of the tokens and project voting rights. Centralized tokens that do not meet this condition will be deemed securities. Therefore, they will fall under the jurisdiction of the SEC, while decentralized tokens will be regulated by the CFTC. Rashan Colbert, Policy Director of decentralized trading platform dYdX Trading, stated that the regulation is 'almost' clear for the crypto industry. He said, 'Industry participants may find it difficult to meet different decentralization thresholds, and this kind of back-and-forth movement between two regulatory agencies may be very troublesome in practice.' Colbert also mentioned that it is unusual for the CFTC to regulate the commodity spot market. Nevertheless, this is a big step, especially for DeFi projects. He added, 'This bill makes us more confident because we know we have clear rights to continue doing what we are currently doing, which is exactly what the industry really wants now.'

According to Odaily, US banks have expressed concerns over potential inflation risks due to robust spending in the service sector, a tight labor market, and fiscal uncertainty. Despite the PCE inflation index gradually nearing its target, the resilience of US economic growth and a positive output gap make any monetary easing seem premature. This supports the view that the easing cycle may begin in December. The impact and uncertainty surrounding the US elections could be another reason why the US may not want to lower interest rates prematurely. The US banking sector's perspective on the economic situation provides a crucial insight into the potential future of the country's financial landscape. The concerns raised about inflation risks and the reluctance to lower interest rates prematurely highlight the challenges faced by the US economy. The potential start of an easing cycle in December could signal a shift in monetary policy, which will have significant implications for the US and global economies.

According to BlockBeats, Grayscale has submitted a revised version of Form 19B-4 for its Mini Ethereum Trust Fund on May 24. The submission of the revised form indicates the company's ongoing commitment to ensuring compliance and transparency in its operations. The Mini Ethereum Trust Fund is one of the many investment products offered by Grayscale, aimed at providing investors with exposure to Ethereum in a secure and regulated manner. The details of the revisions made in the Form 19B-4 have not been disclosed yet. However, it is expected to provide more clarity on the fund's operations and management. The submission of a revised form is a common practice in the financial industry, often done to update information or make necessary changes based on regulatory requirements or changes in the fund's operations. It is important to note that the submission of a revised form does not necessarily indicate any significant changes in the fund's operations or strategy. It is merely a regulatory requirement that ensures the fund's operations are transparent and in line with the regulatory standards. The Mini Ethereum Trust Fund, like all of Grayscale's products, is designed to provide investors with a secure and regulated way to gain exposure to the cryptocurrency market. The submission of the revised Form 19B-4 is a part of Grayscale's commitment to maintaining this standard of transparency and compliance.

According to Odaily, the US House of Representatives has passed a bill that prevents the Federal Reserve from creating a Central Bank Digital Currency (CBDC). This move comes amidst the growing global interest in digital currencies and their potential impact on traditional financial systems. The bill, if signed into law, would effectively bar the US central bank from entering the digital currency space, a sector that has seen significant growth and innovation in recent years. This decision could have far-reaching implications for the future of digital currencies in the United States and could potentially influence the stance of other countries on this issue. It is important to note that this bill still needs to be approved by the Senate and signed by the President to become law. The outcome of these next steps could significantly shape the future of digital currencies in the United States.

Bloomberg analyst Eric Balchunas has speculated that the Securities and Exchange Commission (SEC) will likely make an announcement around 4pm today concerning cryptocurrency regulations. Reflecting on past trends, including a spot bitcoin announcement at 3:45pm and others slightly after 4pm, Balchunas suggests that an update from the SEC could come around the same time. However, he admits that anything is possible in the dynamic and unpredictable world of cryptocurrency. This news has the potential to cause significant reactions within the crypto market, depending on the nature of the SEC's decision.

According to Blockworks, the US House of Representatives is set to vote on a significant cryptocurrency market structure bill, the Financial Innovation and Technology for the 21st Century Act (FIT21 Act), this week. The bill, which has already passed through the House Agriculture and Financial Services Committees, is expected to be voted on May 22. The bipartisan legislation has 11 co-sponsors, including Democrats Henry Cuellar of Texas, Wiley Nickel of North Carolina, and Ritchie Torres of New York. The proposed law establishes joint rulemaking powers between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The bill notably gives the CFTC control over digital commodities markets, including exchanges and broker-dealers. It also clarifies how digital assets are classified, stating that the existence of an investment contract alone does not make a token a security. This distinction could impact several ongoing legal disputes between token issuers, crypto exchanges, and the SEC. The co-sponsors of the bill believe that about 70% of all crypto tokens should be classified as commodities rather than securities. However, the bill has faced opposition from some House Democrats who argue that it limits the SEC's power too much. Rep. Jonathan Jackson, D-Ill., proposed an amendment last summer to remove a section of the bill that allows firms who have filed a 'notice of intent to register' to be exempt from certain SEC enforcement actions. Agriculture Committee Chair Glenn Thompson, R-Penn., argued that the 'notice of intent' allows firms to operate in a limited capacity while the potentially lengthy registration approval process is underway. The bill also allows the CFTC to issue enforcement actions against firms who have completed the 'notice of intent' process. Despite the opposition, the bill is likely to pass in the House due to the Republican majority and expected support from some Democrats. Its fate in the Senate, however, is less certain. This vote comes shortly after the US Senate passed Joint Resolution 109, which seeks to invalidate the SEC’s Staff Accounting Bulletin (SAB) 121. The resolution is now awaiting the President's approval, although the Biden Administration has indicated that the President will veto the legislation.

According to BlockBeats, Federal Reserve's Daly stated on May 21 that there is currently no evidence to suggest a need for an increase in interest rates. Daly's comments come amidst ongoing discussions about the state of the economy and potential changes in monetary policy. However, based on the current economic indicators, there seems to be no immediate need for a hike in interest rates. This information is crucial for investors and financial institutions as it can significantly impact their decision-making processes. The Federal Reserve's stance on interest rates often influences the global financial market, and Daly's statement is expected to have a considerable effect on the market's future movements. Despite the ongoing economic uncertainties, the Federal Reserve's current position indicates a stable economic outlook.

Binance's Financial Crimes Compliance (FCC) department recently collaborated with Taiwan's Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office. The joint effort led to the successful resolution of a substantial criminal case involving money laundering through virtual assets, worth nearly NT$200 million. Binance was instrumental in the investigation, providing crucial insight and assistance to Taiwanese authorities. The case revolved around illegal operators who facilitated scam groups in money laundering through virtual assets, using fake customer conversation records, remittance proofs, and falsified identity verification data to appear legitimate. Upon request, Binance cooperated promptly, establishing a cross-border online meeting with the investigating officers and prosecutors, where Binance's seasoned FCC teams furnished valuable recommendations based on cryptocurrency flow analyses. This collaboration helped detect potential suspects more effectively. Prosecutor Lo Wei-yuan of the Taipei District Prosecutors Office indicted nine suspects charged with aggravated fraud, violation of the Money Laundering Control Act, and organized crime prevention regulations. The successful operation underscores the importance of public-private collaboration in combating financial crimes. Binance's cooperation with global law enforcement agencies fortifies its commitment to counter financial crime and safeguard the digital-asset ecosystem. Binance has also assisted with international law enforcement collaborations in the Netherlands and India. In its capacity as an industry leader, Binance remains diligent in user protection and cooperation with global law enforcement to champion the safety of the worldwide digital-asset ecosystem.

According to  Jinshi report: The Consumer Price Index (CPI) in April recorded a marginal month-on-month increment in the prices of water, gas, and train tickets. Prices for these commodities rose by 0.1%, 0.1%, and 0.2% respectively, while electricity prices witnessed no change. This price shuffle resulted in a minimal impact on the overall CPI, less than 0.01 percentage point. Alternatively, a year-on-year analysis revealed an increase in the prices of water by 0.9%, gas by 2.4%, and train tickets by 0.5%, while electricity prices remained stable. Amplifying collectively, these price changes caused the CPI to experience a negligible rise of approximately 0.02 percentage points.

In a recent development shedding light on the possible direction of U.S. monetary policy, several Federal Reserve officials have advocated maintaining high interest rates for an extended duration. The statement signifies that Federal officials are not inclined to hasten any rate cuts. According to King Ten, Cleveland Fed President Mester, New York Fed President Williams, and Richmond Fed President Barkin all expressed on Thursday that the process of inflation reaching the 2% target may take more time than anticipated. This viewpoint indicates a stance in favor of keeping interest rates higher for a while as officials wait for stronger evidence of inflation deceleration.