Trump's "hush money" case found guilty of 34 charges, Trump meme drops

Headlines

▌Trump-themed meme coins fall, TRUMP drops nearly 25%

After former U.S. President Donald Trump was convicted of 34 felonies in the "hush money" case, the prices of Trump-themed meme coins fell sharply. MAGA (code TRUMP), the Trump-themed meme coin with the largest market value, plummeted from $15 before the verdict to $11.27, a drop of nearly 25%. Other related coins such as MAGA Hat (code MAGA), Super Trump (code STRUMP) and MAGA VP (code MVP) also fell by 16% to 22%, respectively. Meanwhile, shares of Trump Media & Technology Group (DJT) fell 9% in after-hours trading on Nasdaq. The price of Jeo Boden (code BODEN), a meme coin related to current President Joe Biden, who is competing with Trump, rose 12% in an hour. The market fluctuates greatly, please do a good job of risk control.  

After the verdict, Trump denied all the charges, saying the trial was "rigged". This is the first time in American history that a president has been convicted of a felony.

▌Trump is found guilty of 34 felony charges in the "hush money" case

Members of a New York court jury responsible for the "hush money" case of former US President Trump made a ruling on May 30 local time, declaring that all 34 felony charges of falsifying business records in this case were found guilty. New York State prosecutors accused Trump of commissioning Cohen to pay $130,000 in "hush money" to porn star Daniels (real name Stephanie Clifford) during his 2016 campaign for the US presidency, so that the latter would not claim that the 2006 sex scandal with Trump would affect the election; Trump subsequently falsified business records and returned Cohen's advance payment in installments in the name of "lawyer fees" to cover up his violations of New York State and federal election regulations. According to previous reports, the jury must make a unanimous decision in this case.

▌Trump denied all charges and said the trial was rigged

Trump denied all charges and said the trial was "rigged". This is the first time in American history that a president has been convicted of a felony.  

It was previously reported that Trump was convicted of 34 felony charges in the "hush money" case.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $68,349.10, with a daily increase or decrease of +1.2%;

ETH's latest transaction price is $3,748.09, with a daily increase or decrease of -0.4%;

BNB's latest transaction price is $594.83, with a daily increase or decrease of -0.0%;

SOL's latest transaction price is $167.00, with a daily increase or decrease of -0.7%；

DOGE's latest transaction price is $0.1595, with a daily change of -2.5%；

XPR's latest transaction price is $0.5189, with a daily change of -0.8%。

Policy

▌U.S. lawmakers urged Biden not to veto the bill to repeal SAB 121

Senator Cynthia Lummis and Congressman Patrick McHenry urged President Biden not to veto the bill to repeal SEC announcement SAB 121.  

On Thursday, Senator Cynthia Lummis and Representative Patrick McHenry joined other lawmakers in a letter to President Biden, calling on him not to veto a legislative measure that would overturn SEC Staff Accounting Bulletin SAB 121. The bulletin, which requires companies that custody cryptocurrencies to record customers' cryptocurrency holdings as liabilities on their balance sheets, has caused widespread controversy in the crypto industry.  

In their letter, the lawmakers noted that the House and Senate had passed the measure with broad bipartisan support. The House passed the bill by 228 votes to 182, including support from 21 Democrats. The Senate passed it by 60 votes to 38, with several Democrats, including Senate Majority Leader Chuck Schumer, voting in favor.  

The letter stated: "Given the overwhelming bipartisan vote, we urge you to sign H.J. Res. 109 into law or work with the SEC to revoke the staff guidance."

▌Former Deutsche Bank executive sentenced to 41 months in prison for cryptocurrency fraud

Rashawn Russell, a former Deutsche Bank executive, was sentenced to 41 months in prison at the Eastern District Court of New York in Brooklyn on May 31 for crimes including cryptocurrency fraud and bank card fraud intent. He pleaded guilty to the charges last September. According to the U.S. Department of Justice, Russell operated the fraudulent R3 Crypto Fund between November 2020 and August 2022, promising cryptocurrency investments and paying high returns, but actually used investor funds for personal consumption or to repay other investors. In addition, from September 2021 to June 2023, Russell used at least 43 identities to obtain 97 bank cards with the intention of conducting fraudulent transactions. In addition to his prison sentence, he was also ordered to pay $1.5 million in damages to his victims. Russell's case is just one of many cryptocurrency fraud cases in recent months. CFTC Commissioner: FIT21 Act Implementation May Take a Long Time CFTC Commissioner Summer Mersinger said at the 2024 Consensus conference that the implementation of the Financial Innovation and Technology Act of the 21st Century (FIT21) may take months or even years of coordination involving multiple U.S. regulators. The bill, which has passed the House of Representatives and is facing a challenge in the Senate, aims to clarify the regulatory responsibilities of the SEC and CFTC for digital assets. SEC Commissioner Hester Pierce pointed out that Congress' interest in cryptocurrency legislation stems from dissatisfaction with the SEC's regulatory approach. The Biden administration has expressed concerns about the regulatory gap that the bill may cause.

▌Viewpoint: Current US regulators cannot effectively regulate cryptocurrencies

Lawyer and strategic advisor Alexandra Damsker pointed out in "Understanding DeFi" that current regulators such as the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) cannot effectively regulate cryptocurrencies due to the changing nature of tokens. Damsker explained that the existing regulatory system assumes that regulated projects are static, while tokens are dynamic and can have multiple functions simultaneously between different holders or even in the hands of the same holder. This dynamic nature makes it difficult for any existing regulatory system to be fully applicable. Damsker further pointed out that attempts to fit tokens into traditional regulatory frameworks can only provide limited protection and may limit innovation. Therefore, she called for the design of new regulatory approaches for tokens and their dynamic characteristics to better adapt to the rapidly evolving technological environment.

▌The U.S. SEC requires issuers of spot Ethereum ETFs to submit the first round of draft S-1 forms by Friday

Sources said that the U.S. SEC requires issuers of spot Ethereum ETFs to submit the first round of draft S-1 forms by Friday, after which the SEC will provide the first round of comments and eventually make further modifications. It is expected that the S-1 form will be ready after at least two rounds of draft submissions. BlackRock and VanEck have submitted revised S-1 forms, and the remaining issuers are still to be submitted.

Blockchain Applications

▌President of Franklin Templeton: Blockchain technology will be transformative

Jenny Johnson, President and CEO of Franklin Templeton, said in a discussion at Consensus 2024 that blockchain technology will be transformative, noting that the company is actively researching and applying the technology. She highlighted the efficiency of blockchain and the potential of tokenization to reduce operating costs. In addition, Franklin Templeton is one of the first issuers of a bitcoin exchange-traded fund approved in the U.S. and is also awaiting approval to launch an ether ETF.

▌Aptos Integrates Chainlink's CCIP and Data Feeds to Facilitate Decentralized Application Development

Aptos (APT) said on Thursday that it is integrating the Cross-Chain Interoperability Protocol (CCIP) and data feeds of real-world data provider Chainlink (LINK) as part of joining Chainlink's SCALE program. The expansion was announced during a panel discussion at the Consensus 2024 conference in Austin and is designed to help developers on Aptos build decentralized applications (dApps) on the network.

▌BIS launches Project Agorá to explore tokenized cross-border payments

The Bank for International Settlements (BIS) Innovation Center launched Project Agorá, joining seven central banks to transform cross-border payments through tokenization technology. The project uses wholesale central bank digital currency (wCBDC) and tokenized deposits to execute payments on a unified ledger and simplify compliance processes. Tokenization enables atomic settlement, that is, payments are reflected in the balances of all banks at the same time, and simplifies know your customer (KYC) and anti-money laundering (AML) procedures. BIS is also experimenting with shared protocols in Project Mandala to provide "proof of compliance" and recommends the use of artificial intelligence (AI) to establish an AML monitoring model. BIS emphasizes that the next generation of agency banking should be inclusive, accessible, and able to capture network effects.

Cryptocurrency

▌Grayscale Files Amended S-3 Registration Statement for Spot Ethereum ETF

A day after BlackRock filed an amended S-1 statement for a spot Ethereum ETF, Grayscale filed an amended S-3 registration statement on Thursday, with more amended registration statements expected to follow. Grayscale discussed its regulatory treatment of Ether in its latest filing.

▌Presidential Candidate Kennedy Supports Cryptocurrency and Bought 21 Bitcoins

At the Consensus 2024 conference in Austin, Texas, U.S. presidential candidate Robert F. Kennedy Jr. weighed in on Trump's conviction and cryptocurrency.  

Kennedy said he would focus on the economy and health issues and would not get involved in Trump or Biden's legal disputes. Kennedy appreciated Trump's new pro-cryptocurrency stance, believing it would contribute to freedom and transparency. He hopes President Biden will take a similar stance.  

Kennedy pointed out that the key issue of cryptocurrency regulation in the United States is trading freedom and transparent currency. He promised to protect consumers from fraud while ensuring that the United States remains at the forefront of blockchain technology. He revealed that he bought 21 bitcoins during the campaign and bought three coins for each child.  

Kennedy also expressed his vision of using cryptocurrency as a trading currency and advocated not to impose capital gains tax on it. His campaign goal is to enable people to use cryptocurrency freely for daily transactions.

▌BlackRock and Fidelity Spot Bitcoin ETFs currently hold a total of 451,300 BTC

BlackRock and Fidelity currently hold a total of 451,338 BTC, worth $30.9 billion, for their spot Bitcoin ETFs. These ETFs now hold 236,938 more BTC than MicroStrategy.

▌US Congresswoman Elizabeth Warren asks drug control agencies for progress in combating the relationship between cryptocurrencies and fentanyl

US Senator Elizabeth Warren asked the Biden administration for an update on restricting the use of cryptocurrencies in fentanyl trafficking. She and Senator Bill Cassidy wrote to the White House Office of National Drug Control Policy and the Drug Enforcement Administration (DEA) to update "actions to combat drug traffickers using cryptocurrencies to develop businesses and launder money." The letter states that over the past decade, cryptocurrencies have played an increasingly important role in the global fentanyl trade, facilitating the manufacture and trafficking of fentanyl and laundering the proceeds of crime for drug gangs. The U.S. Treasury Department and federal law enforcement agencies have been tracking down networks and individuals involved in the trafficking of fentanyl precursor chemicals. Warren suggested last year that laws were needed to shut down the use of digital assets in this area of ​​the global drug trade.

▌SBF returns to the New York prison in the United States that he left a week ago

Sam Bankman-Fried, co-founder of the digital currency exchange FTX, returns to the New York prison in the United States that he left a week ago.

Important Economic Dynamics

▌The probability of the Federal Reserve keeping interest rates unchanged in June is 98.9%

According to CME's "Fed Watch", the probability of the Federal Reserve keeping interest rates unchanged in June is 98.9%, and the probability of raising interest rates by 25 basis points is 1.1%. The probability of the Federal Reserve keeping interest rates unchanged by August is 86.8%, the probability of a cumulative interest rate cut of 25 basis points is 12.3%, and the probability of a cumulative interest rate hike of 25 basis points is 1.0%.

▌Fed Bostic: Inflation will fall very slowly

Fed Bostic said that the outlook is that inflation will fall very slowly; the Fed needs to maintain a restrictive stance; it does not think that interest rates will be cut in July, but if there is data to prove it, it will be open-minded; it is watching service industry inflation for signs of improvement; it does not think that interest rates need to be raised to achieve the 2% target; the economy continues to grow, but the growth rate is slowing; it is expected that the inflation target will be achieved without a significant increase in unemployment; if it is appropriate to cut interest rates in September, we will do so, and this is not a political decision.

▌The three major U.S. stock indexes closed down collectively

The three major U.S. stock indexes closed down collectively, with the Dow Jones Industrial Average down 0.86%, the Nasdaq down 1.08%, and the S&P 500 down 0.6%. Most of the popular technology stocks fell, with Nvidia and Microsoft down more than 3%, and Google down more than 2%.

▌Fed Williams: I don't know when to cut interest rates, it will depend on data performance

Fed Williams said that he didn't know when to cut interest rates, it would depend on data performance; he didn't feel there was urgency in adjusting monetary policy; he didn't need inflation to reach 2% to cut interest rates; he expected inflation to reach 2% in early 2026; raising interest rates was not his baseline expectation.  

In addition, Fed Williams also said that there was ample evidence that monetary policy was restrictive; the PCE inflation rate was expected to fall back to 2.5% in 2024 and close to 2% in 2025; U.S. inflation was expected to resume slowing in the second half of 2024; GDP was expected to grow by 2%-2.5% in 2024, and the unemployment rate was around 4%; recent data did not mean an interruption in the downward trend in inflation.

Golden Encyclopedia

▌What is ERC-404?

ERC-404 is an experimental token standard that combines elements of the ERC-20 and ERC-721 token standards to generate tokens with attributes of both fungible and non-fungible tokens. The ERC-404 token standard is named after the famous webpage error code "Error 404" and enables NFTs to be subdivided within the limits of the Ethereum network. This is achieved by linking NFTs to fungible tokens to implement fractional division.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment concept and be sure to increase risk awareness.