The Blockchain Bulletin, June 6: Fed Confirms Michelle Bowman as Vice Chair for Supervision
Hey folks! Welcome to the latest edition of The Blockchain Bulletin, where we provide you with significant developments that took place in the crypto world over the last 24 hours. Taking a dramatic step, the U.S. Senate appointed Michelle Bowman as the Vice Chair for Supervision, succeeding Michael Barr. Nominated in March by President Donald Trump, Bowman was confirmed following a narrow 48-46 vote. Meanwhile, a meeting between El Salvador President Nayib Bukele and senior crypto advisor Bo Hines sparked discussions over digital assets, with a focus on Bitcoin and strengthening crypto ties.
On the regulatory side, the U.S. Securities and Exchange Commission (SEC) had postponed its decision on the Canary Spot SUI ETF proposal. The regulatory agency stated that it needed more time to review the filing due to safety and price risks. While Canary awaits approval, Nasdaq and 21Shares have also filed for an SUI ETF, highlighting the growing interest from major institutions. Meanwhile, Trump’s Truth Social platform has filed an S-1 form with the SEC for a Bitcoin ETF, shortly after NYSE Arca submitted its 19b-4 proposal to list the Truth Social Bitcoin ETF.
Notably, the Nasdaq-listed Treasure Global ($TGL) has launched a $100M crypto treasury strategy. Backed by $50M in equity and $50M in institutional support, funds will go to BTC, ETH, and stablecoins.
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Meanwhile, Sui has partnered with Dubai’s VARA to boost the region’s crypto ecosystem by supporting new startups, nurturing local talent, and driving growth in the virtual assets space. The alliance will provide licensing guidance, workshops, and co-develop educational programs. On the institutional side, Coinbase has added cbDOGE and cbXRP tokens to its Base network. Each token is backed 1:1 by DOGE and XRP, with Coinbase securely holding the original coins in custody.
Unveiling a new Treasury Policy for 2025, the Ethereum Foundation proposes to maintain a balance between ETH sales, DeFi involvement, and fiat reserves, ensuring sustainability and transparency. Furthermore, YZi Labs announced a significant investment in OneKey to enhance crypto asset protection, improve threat detection, and expand global access to self-custody.
In another major development, the California Assembly has passed the AB-1052 crypto bill, which classifies inactive crypto assets as ‘unclaimed property’. If users don’t access their accounts for 3 years, the State may temporarily hold the assets, but not liquidate them. Additionally, Circle is now a public company listed on the NYSE under the ticker symbol $CRCL. With $USDC, $EURC, and its payment network, Circle aims to build seamless financial tools and power the money layer of the internet.
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On the market front, over the last 24 hours, 225,535 traders were liquidated, resulting in total liquidations of $982.50 million. The largest single liquidation order occurred on Bitmex, involving XBTUSD, valued at $10 million, while the Fear and Greed Index stood at 57. Also, Bitcoin spot ETFs recorded a total outflow of $278 million with no inflows, while Ethereum spot ETFs continued their winning streak, adding $11.26 million for the 14th straight day. Meanwhile, Bitcoin, which achieved $111K last month, has slumped to $102K, while Ripple’s monthly release of 1 billion XRP tokens from escrow triggered a 25% drop in price.
Overall, the past day’s events highlight the accelerating intersection of traditional finance and crypto, with regulatory shifts, institutional interest, and market volatility shaping the narrative. From leadership changes at the Fed to developments in ETFs and global partnerships, the cryptocurrency ecosystem is evolving rapidly. As key players like Ethereum Foundation and Circle solidify long-term strategies, it’s clear that digital assets are gaining deeper integration into both policy frameworks and mainstream finance.
