Eric Trump, son of U.S. President Donald Trump, said that World Liberty Financial's dollar denominated stablecoin (USD1) has been officially selected as the official stablecoin to close MGX’s $2 billion investment in Binance.

Speaking at the Token2049 event in Dubai, Trump also announced that USD1 will be integrating with the Tron ecosystem, which is backed by billionaire Justin Sun.

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Earlier this year, Abu Dhabi-based investment firm MGX put $2 billion to buy a stake in Binance, marking one of the first institutional investment in the world's largest exchange.

The Trump-family backed World Liberty Financial, announced its plans for launching a dollar-backed stablecoin with BitGo in March.

“USD1 will become one of the most transparent and regulated stablecoin in the world. It is backed by short term treasury and cash equivalent, not only do we want to create a product in our stable point USD, one that can be sent across borders in a very seamless way, but transparency and frankly, consumer safety is paramount, right?” Trump added.

World Liberty’s USD1 Will Integrate With Tron, Used in MGX’s $2B Investment In Binance, Eric Trump Says

The Sui (SUI) community appears poised to greenlight a recovery plan to return $162 million worth of crypto stolen from the decentralized exchange Cetus Protocol last week.

Last week, a hacker hit Cetus with a sophisticated smart contract exploit targeting the decentralized exchange’s (DEX) concentrated liquidity market maker (CLMM) pools, purloining approximately $223 million worth of assets from the platform.

The DEX quickly froze $162 million worth of the stolen assets. Now, the Sui community is currently voting on a proposal that enables a special transaction to return those frozen assets from two attacker addresses back to Cetus.

If passed, the vote would approve a one-time authentication of two special transactions hard-coded with the two attacker addresses, stolen asset objects, and their destination.

The votes are weighted by validator stake, but the Sui Foundation’s stake is excluded to maintain neutrality. The vote passes if more than 50% of the total stake participates and there are more “yes” votes than “no” votes.

The voting period ends next week, but early passing could happen as early as Thursday if the remaining unvoted stake cannot change the outcome. That appears poised to happen, with 71% of the validators having already voted “yes” at time of writing, compared to 0.3% for “no,” 1.5% abstaining and 27.2% who had yet to vote.

Cetus also announced this week that it is in a position to fully cover the remaining losses via cash, token treasuries and a loan from the Sui Foundation, pending the vote’s passage.

“Because full recovery is dependent upon the results of the community vote, we humbly ask for the Sui community’s full support to recover the funds via the upcoming vote. We recognize that this is an extraordinary ask forced by our actions, however we think it is the right decision especially for those affected.”

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Sui Community Launches Vote on Recovering $162,000,000 in Stolen Crypto From Hacker

The U.S. Securities and Exchange Commission moved to drop its long-running lawsuit against crypto exchange Binance on Thursday, without providing an explanation in a court filing.

The SEC and Binance filed a joint motion, noting that the case had already been paused while the SEC's new crypto task force worked to "develop a regulatory framework for crypto assets."

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"In the exercise of its discretion and as a policy matter, the Commission believes the dismissal of this Litigation is appropriate," the joint filing said. "... the Commission's decision to seek dismissal of this Litigation does not necessarily reflect the Commission's position in any other litigation or proceeding."

The SEC has not published a framework yet, though lawmakers in the U.S. House of Representatives introduced their formal bill to define how the SEC and its sister agency, the Commodity Futures Trading Commission, would each oversee digital assets earlier on Thursday.

The parties want the case dismissed with prejudice, meaning the SEC would not be able to bring this lawsuit against Binance again in the future. The filing also includes provisions to block Binance or its affiliated entities and executives from filing a suit or complaint against the SEC tied to the lawsuit, which was brought in June 2023 against Binance, Binance.US and Binance founder Changpeng CZ Zhao.

Judge Amy Berman Jackson, who's overseeing the case, previously ruled that the SEC had brought plausible charges against the exchange and allowed most the lawsuit to proceed last year.

In a statement, an external spokesperson for Binance.US said they were "pleased that the SEC fully dismissed its charges against Binance.US, confirming what we have always known — that the company did not violate U.S. securities laws."

"Today’s news is a major milestone for our company, as putting this matter to rest allows us to focus entirely on growing our business and work on restoring our relationships that were impacted by the SEC," the statement said. "We are excited about the future of Binance.US and crypto in the U.S. and look forward to continuing to offer access to crypto in the U.S., while maintaining our commitment to compliance and our customers."

Thursday's filing just marks the latest withdrawal for the SEC, which already moved to drop over a dozen other investigations and lawsuits. Prior to 2025, the SEC was investigating non-fungible token marketplaces and suing crypto exchanges. Binance was just one exchange the SEC alleged was illegally operating as an unregistered broker, clearinghouse and exchange. Others included Coinbase and Kraken.

The SEC's about-turn came after Donald Trump retook office as the U.S. President, appointing Commissioner Mark Uyeda as acting chair and nominating Paul Atkins to be the agency's full chair. Atkins was confirmed and sworn into office last month.

Last week, Binance announced it would list USD1, a stablecoin issued by World Liberty Financial, a crypto company tied to Trump, some of Trump's children and some of his affiliates.

Earlier Thursday, SEC Commissioner Hester Peirce said during an appearance at Bitcoin 2025 in Las Vegas that some crypto investors should not expect a bailout or government protection if they invest in speculative digital assets.

UPDATE (May 29, 2025, 22:08 UTC): Adds additional detail.

UPDATE (May 29, 22:45): Adds Binance.US statement.

UPDATE (May 29, 23:05): Adds USD1 note.

SEC Files to Dismiss Regulator's Long-Running Lawsuit Against Binance, CZ, Binance.US

An Iranian man is pleading guilty to being the mastermind behind the Robbinhood ransomware scam.

According to a recent press release by the U.S. Department of Justice (DOJ), 37-year-old Sina Gholinejad of Iran has pleaded guilty to participating in a hack of multiple cities across the US, causing widespread disruption and tens of millions of dollars in losses.

Authorities say that in January 2019, Gholinejad and his co-conspirators gained and maintained illegal access to the victims’ computers, stealing sensitive data and uploading the Robbinhood malware, which in turn would take over a victim’s PC, encrypt its files, and attempt to extort crypto assets out of them in exchange for the release of the data.

Gholinejad and his team would then attempt to launder the stolen funds through crypto mixing services and chain-hopping and hide their identities using advanced methods.

As stated by Matthew R. Galeotti, Head of the Justice Department’s Criminal Division, in the press release,

“The ransomware attack against the City of Baltimore forced the city to take hundreds of computers offline and prevented the city from performing basic functions for months.

Gholinejad’s conviction reflects the Criminal Division’s commitment to bringing cybercriminals who target our cities, healthcare system, and businesses to justice no matter where they are located. There will be no impunity for these destructive attacks.”

Other cities affected included Greenville, North Carolina, as well as Yonkers, New York, and Gresham, Oregon.

Gholinejad is scheduled to be sentenced in August and could face a maximum penalty of up to 30 years behind bars.

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Iranian International Behind Robbinhood Ransomware Scheme Pleads Guilty – U.S. Department of Justice

Bitcoin

quietly slid to its weakest price in nine days on Thursday afternoon as crypto markets cooled off after a multi-week rally from the April lows.

The top cryptocurrency hit a session low of $105,750 before rebounding to just above $106,000. It was down 1.5% in the last 24 hours, but still only 5% away from record high levels.

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The CoinDesk 20 — an index of the top 20 cryptocurrencies by market capitalization except for exchange coins, memecoins and stablecoins — has slumped 0.9% in the last 24 hours, with solana

and avalancheunderperforming BTC with losses of 1.8% and 2%, respectively. Meanwhile, Ethereum's etherand XRPdefied the downtrend with 1%-2% gains.

Crypto stocks have had a relatively muted session. Coinbase (COIN) is down 2.7% but Strategy (MSTR) has risen 0.8%. Bitcoin mining firms Bitfarms (BITF), Bit Digital (BTBT), CleanSpark (CLSK) and Greenidge Generation Holding (GREE) booked roughly 4% losses.

A check on traditional markets showed U.S. equities giving back most of the gains on yesterday's court ruling that blocked the Trump administration's global tariffs.

However, a U.S. appeals court today reinstated the tariffs while the government appealed the earlier ruling, perhaps adding to investor uncertainty.

LMAX Group market strategist Joel Kruger expects a volatile ride with tariffs again back in focus with the ongoing appeal and the self-imposed July 9 deadline for trade deals approaching, but still sees further upside for digital assets.

“Bitcoin remains robust in the latter half of the week, consolidating just below its recent peak while steadfastly holding above $100,000 for 20 consecutive days, underscoring persistent bullish momentum," he said.

Ether shows strength, analysts note

Kruger also noted that Ethereum's ether shows signs of snapping its multi-year downtrend against BTC, as the corporate crypto treasury bonanza has reached the second-largest digital asset with SharpLink Gaming's (SBET) $425 million fundraising plan.

Arthur Aziz, founder and investor of B2 Ventures, said that ETH is coiling for a breakout but warned of downside risks.

Sharing his technical analysis in a note, he said the $2,750 level has posed significant barrier capping gains over the past weeks, while the $2,550-2,450 area emerged as a key support level. He noted that ETH is forming a bullish ascending triangle pattern, which historically preceded rallies to higher prices.

"The stage for a future $3,000 level breakout is being set right now," he said. However, "abusing" leverage in futures markets could trigger a "sharp breakdown" below the $2,550-2,450 support zone in cascading selling.

BTC, ETH News: Bitcoin Price Slides Below $106K as Analyst Predict Ethereum Breakout

A widely followed crypto analyst says that one Ethereum (ETH)-based altcoin looks ready to skyrocket in the coming months while updating his outlook on Bitcoin (BTC) and Sui (SUI).

In a new strategy session, crypto trader Michaël van de Poppe tells his 789,600 followers on the social media platform X that it appears as if the layer-2 scaling solution Arbitrum (ARB) is primed to rise over the next 1-2 months.

“The bullish divergence on ARB remains to be valid as it starts to make higher lows and higher highs. One to watch, and as we have this higher timeframe bullish divergence, it’s a good indicator that this one will do well in the coming 1-2 months.”

ARB is trading for $0.411 at time of writing, a 1.8% increase on the day.

Moving on to the crypto king, the analyst says that he ultimately believes BTC will slowly grind upwards to a new all-time high (ATH). However, he notes that if it were to lose support at $107,000, it could see a sharp correction.

“Level by level, Bitcoin continues to grind upwards. I think that we’ll continue to grind towards new ATHs, however, if this green block (support) is lost, you’ll see fast wicks occur.

Quite standard, corrections are going to be volatile and with deep wicks as people tend to jump back into the asset in a fast manner. When can we expect one? If the level at $107,000 is lost.”

BTC is trading for $107,249 at time of writing, a marginal decrease on the day.

Concluding his analysis with layer-1 blockchain and smart contract platform Sui Network, the trader says it’s recovering nicely after the FUD (fear, uncertainty, and doubt) surrounding it after it got hacked to the tune of hundreds of millions of dollars earlier this month.

“SUI is strongly coming back after some FUD surrounding the Cetus exploit. The TVL (total value locked) has already bounced up with $300 million and is back to $1.8 billion TVL. I think that SUI remains to be a strong horse in the race of adoption and the stabilization on price proves this.

Additionally, it’s outperforming Solana and I think that this will continue to be the case in the next 12-24 months. Just a normal consolidation.”

SUI is trading for $3.58 at time of writing, a marginal increase on the day.

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Trader Michaël van de Poppe Says Ethereum-Based Altcoin Primed To Do Well in Coming Months, Updates Outlook on Bitcoin and Sui

Wall Street investment bank Cantor Fitzgerald Asset Management said it plans to launch a new fund that blends bitcoin

gains with a fallback anchored to gold.

The Cantor Fitzgerald Gold Protected Bitcoin Fund, which the firm said will be its first BTC-focused investment vehicle, is structured to provide investors uncapped exposure to bitcoin's price rise while offering one-to-one downside protection based on the price of gold, according to the firm's Thursday press release.

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The fund is expected to open for investors in the next few weeks, and will run for five years, the firm said.

"There are still people on the Earth that are still scared of bitcoin, and we want to bring them into this ecosystem," Brandon Lutnick, chairman of Cantor Fitzgerald, said on stage at the Bitcoin 2025 conference in Las Vegas. "I think it’s going to be one of the great products of the Earth."

The move shows the investment giant is venturing deeper into bitcoin-related products as digital assets are becoming increasingly part of traditional markets. Earlier this week, Cantor said it opened its bitcoin lending business with first financing provided to crypto lender Maple and digital asset prime brokerage FalconX.

Read more: Wall Street Giant Cantor Debuts Bitcoin Lending Business With First Tranches to FalconX, Maple

BTC News: Wall Street Giant Cantor Fitzgerald to Launch Gold Protected Bitcoin Fund

The world’s largest crypto exchange by trading volume has helped Europol take down an international pedophile platform with nearly 2 million users.

According to a Binance announcement, the exchange participated in Operation Stream, a Europol-led global crackdown on online child sexual exploitation.

The exchange assisted in taking down Kidflix, an exploitation platform with 1.8 million international users, by identifying wallets via blockchain analysis.

“Unlike traditional forums, Kidflix monetized abuse. Users paid for streaming access with cryptocurrency, which was converted into internal tokens. But this wasn’t just pay-to-view. Offenders could also earn tokens by uploading CSAM (child sexual abuse material), tagging it, and validating descriptions, essentially gamifying exploitation.

Binance’s forensic tools and data-sharing efforts were instrumental in tracing these payments, which are permanently recorded on public blockchains. In total, over 120 Kidflix users were successfully identified thanks to Binance’s support.”

Kidflix’s use of blockchain technology led, in part, to its downfall. According to a Fortune report, Europol provided Binance with a list of crypto wallets linked to Kidflix. Binance, in turn, cross-referenced these wallets with its own database, leading to the identification of 120 Kidflix-linked Binance wallets.

Said Europol Executive Director Catherine De Bolle in a press release,

“The digital dimension has driven a rapid evolution in online child sexual exploitation, offering offenders a borderless platform to contact and groom victims, as well as to create, store, and exchange child sexual abuse material. Some attempt to frame this as merely a technical or cyber issue – but it is not. There are real victims behind these crimes, and those victims are children. As a society, we must act to protect our children.”

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Binance Assists Regulators in Shutting Down Child Exploitation Platform

Citigroup’s US equity strategist Scott Chronert says the ballooning US budget deficit could have a positive impact on the economy.

In a new CNBC interview, Chronert says that the One Big Beautiful Bill Act recently passed in the U.S. House of Representatives will have zero effect on reducing the budget deficit.

According to the equity strategist, financing the budget deficit will have a stimulative effect on the economy.

“We think that the proposal as it came out of the House adds another $600 billion or so to next year’s deficit. Now that’s the bad news.

The good news is we actually now have tariffs beginning to kick in. And our math is that tariffs could offset about $200 billion of that. So what ends up happening, all told, is that you go from this TCJA (Tax Cuts and Jobs Act of 2017) extension, some puts and takes in terms of some tax, other tax cuts, some modest spending reductions, the tariff income and you’re back to about a $2 trillion deficit, which is where we are this year.

What that does from our perspective is two things – it means that financing this deficit is going to require ongoing higher treasury issuance, which means higher interest rates, potentially valuation overhang. On the other side, though, it’s still a positive fiscal impulse, which is net good for the economy, economic conditions. And most importantly, S&P 500 earnings.”

Chronert, however, warns that expansionary fiscal conditions could negatively impact stock prices.

“At the end of the day, higher rates presumably from a discounting of future cash flows perspective draws down or keeps a lid on where equity market valuations can go.”

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Citigroup’s Equity Strategist Says $2,000,000,000,000 Deficit Is Good for Economy and S&P 500 Earnings – Here’s Why

A widely followed crypto analyst is warning that Bitcoin may see high volatility if BTC fails to hold a key level as support.

In a new thread, crypto trader Ali Martinez tells his 138,700 followers on the social media platform X that Bitcoin may have a deep correction if it breaks below $106,800, the lower bound of a trading range on the hourly chart.

“Bitcoin remains range-bound, but all eyes are on the $106,800 support level. A breakdown here could trigger increased volatility!”

The analyst also says that a massive amount of Bitcoin has been taken out of crypto exchanges in the past month, a sign that investors have entered an accumulation mode.

“Over 30,000 Bitcoin have been moved off exchanges in the past month!”

Next, Martinez says that volatility may soon occur as the market is starting to show signs of being over-leveraged based on the estimated leverage ratio, which tracks the ratio of open interest divided by the reserve of an exchange.

“The estimated leverage ratio across exchanges is climbing fast, signaling that traders are taking on increasingly higher risk.”

The long-term holder cohort has been netting massive profits as Bitcoin soared to new all-time highs, according to the analyst.

“Bitcoin whales have realized $242.40 million in profits!”

However, the analyst says that Bitcoin may have more room to run based on the average amount of possible profits BTC holders are sitting on.

“Bitcoin traders are currently sitting on 27% average profits. Historically, things start to look toppy once profits exceed 40%.”

Bitcoin is trading for $107,093 at time of writing, flat on the day.

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Bitcoin Breakdown Below This Support Level Could Set Off Increased Volatility, Warns Crypto Analyst

Reform UK, the U.K. political party led by Nigel Farage, is set to become the first European political party to accept cryptocurrency donations, according to a blog post.

The donations will be facilitated by Radom, a U.K.-based crypto payments company that has VASP (Virtual Asset Service Provider) licenses for its crypto infrastructure.

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The blog post by Radom claims that the average crypto donation is $6,000 -- over 30 times that of a typical fiat contribution.

The move comes after U.S. President Donald Trump received $18 million worth of crypto donations leading up to the 2024 presidential election.

Nigel Farage also announced that he would follow Trump's lead in making the U.K. a "crypto hub" if he becomes the next prime minister.

Farage was famously cut off from banking services in 2023, creating a debate around freedom of banking and the restrictions imposed on those with different political views.

“We’re excited to be working with Reform UK on this initiative. We appreciate Nigel Farage’s efforts in drawing attention to the issue of debanking in the UK, and we’re pleased to see a major political party embrace crypto," said Radom CEO Chris Wilson.

"We hope this encourages broader adoption in the UK and helps drive progress toward clearer regulatory frameworks -- something that we see as vital for sustainable industry growth.”

Reform UK to Accept Cryptocurrency Donations, First Political Party in Europe

France’s energy regulator is penalizing the German unit of global financial services firm JPMorgan Chase for failing to provide sufficient information to a power market survey related to soaring electricity prices.

In a statement, the French Energy Regulatory Commission (CRE) says it sought to question 44 market participants to understand the causes of the unprecedented increase in electricity prices, which spiked in 2022.

The CRE says that 43 participants responded to requests for information, but J.P. Morgan SE (JPMSE) refused to share some information, particularly those related to the identity of the company’s counterparties and customers that engaged in transactions related to the subject of the survey.

JPMSE reasoned that the French regulator does not have the power to make binding requests to market players based in other European Union member states.

In response, the CRE says it conducted an investigation and found the firm violated a law that entitles the regulator to collect information from companies operating in the French electricity market.

The CRE’s Disputes and Sanctions Settlement Committee (CoRDiS) is now sanctioning JMPSE with a €500,000 ($567,500) fine.

“This is the first decision of the CoRDiS concerning a breach of the obligation to communicate information necessary for the fulfillment of the CRE’s missions.”

At time of publishing, JPMorgan Chase has not issued a public comment addressing the fine.

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JPMorgan Chase Fined $566,082 for Allegedly Failing To Respond to Regulator During Energy Crisis

Bitcoin

treasury firm Twenty One has raised an additional $100 million through convertible senior secured notes, pushing its total capital raised to $685 million as it advances toward a planned merger with Nasdaq-listed Cantor Equity Partners (CEP), a Thursday filing with the U.S. Securities and Exchange Commission shows.

The fresh financing comes from existing investors and sponsors who exercised their option to buy more of the notes, originally granted during the April fundraising round, the regulatory filing said.

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The new notes carry a 1% coupon and are due in 2030. The $100 million boost adds to the $385 million initially committed, bringing the total note financing to $485 million. That’s on top of $200 million in private investment in public equity (PIPE) disclosed last month.

CEP is lower by 1.5% in morning U.S. trade as bitcoin slips below $107,000.

Twenty One is the latest example of firms with a crypto treasury strategy, following Michael Saylor's Startegy (MSTR). The firm is being launched by Brandon Lutnick—the son of U.S. Commerce Secretary and former Cantor Fitzgerald chairman Howard Lutnick—via a a special-purpose acquisition company (SPAC) structure using Cantor Equity Partners. Owners include iFinex—the parent company of Bitfinex—and Tether, the issuer of the $150 billion USDT. The company will be led by Strike CEO Jack Mallers.

The company recently disclosed a $458 million BTC acquisition earlier this month.

World Liberty’s USD1 Will Integrate With Tron, Used in MGX’s $2B Investment In Binance, Eric Trump Says

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