Hey folks! Welcome to our latest edition of the Blockchain Bulletin, where we uncover and report the latest insights that hit the headlines daily. In today’s fast-paced crypto world, major shifts are unfolding—from IPO dreams and ETF breakthroughs to sweeping U.S. legislation. This bulletin delivers every angle, market reactions, government moves, and bold institutional plays, backed by verified data and high-impact insights.
The U.S. Consumer Price Index rose to 2.4% in May, slightly higher than April’s 2.3%, but still moderate. Monthly inflation hit 0.1%, below expectations. Core CPI held at 2.8%, signalling stable but not accelerating price pressures. Markets reacted positively—bond yields dropped and futures rose. Analysts expect the Federal Reserve to hold rates steady through mid-2025 as rate-cut pressure eases.
Regulatory Updates
In a discreet maneuver, crypto exchange Bullish, backed by billionaire Peter Thiel, has filed confidential paperwork with the U.S. Securities and Exchange Commission (SEC), indicating plans for a potential public offering. The confidential filing structure allows Bullish to assess its IPO readiness without public disclosure of financials. The timing of the move aligns with a more favourable U.S. political climate toward digital assets, prompting other crypto firms to also consider public listings. While no official IPO date has been revealed, Jefferies is expected to lead the underwriting.
In a stark departure from the pro-crypto wave, the Connecticut General Assembly passed Public Act No. 25-66, banning all state and local agencies from engaging with crypto. The law prevents any form of crypto payment or reserve holding and goes against moves by states like Arizona and New Hampshire, which are actively building Bitcoin reserves. This law underscores rising caution among certain U.S. jurisdictions.
In a landmark development, Nasdaq has officially submitted a 19b-4 application to the SEC to list the 21Shares SUI ETF. This marks the beginning of the regulatory review process for what could become the first U.S.-listed fund offering direct exposure to Sui’s native token. With over $300 million already invested in SUI through global ETPs, the ETF would boost retail and institutional access to SUI’s growing blockchain ecosystem.
The SEC has rejected DeFi Development Corp.’s attempt to raise $1 billion for Solana investments due to incomplete documentation. The firm withdrew its Form S-3 but plans to refile. Despite already spending millions on SOL, the setback limits its ability to expand. This mirrors broader tensions between fast-moving DeFi initiatives and regulatory compliance hurdles in the U.S. market.
Related: Bitcoin Inflation Falls to 0.27% as Price Eyes $115K
Institutional Moves
U.S. Treasury Secretary Scott Bessent has predicted that over the next few years, dollar-backed stablecoins could reach a market cap of $2 trillion. During his Senate testimony, he stated that legislation needs to be passed to require stablecoins to be fully backed by Treasury bills or other high-quality assets, ensuring that the dollar remains a global reserve currency. Bessent termed this an essential component of America’s next financial evolution.
Market Overview
According to data from CoinMarketCap, Bitcoin is trading at $107,723.43, having experienced a 1.71% decline over the last 24 hours, with a trading volume of $52.96 billion and a market capitalization of $2.14 trillion. Ethereum lost 1.37% of its value to stand at $2,760.12, while volume went sharply down by 14.32% to $29.62 billion. Both assets have their intraday charts stamped in shades of red, representing continuous selling pressure. Comparing volume to market cap, interest in both coins decreases with time. If such momentum sustains, either the crypto market would see price consolidation in the short term, or it would be subject to much deeper price corrections before resuming any rallies.
