The Blockchain Bulletin May 30th: Elon Musk Exits His Government Role Citing Spending Concerns
Hey folks! Welcome to the latest edition of the Blockchain bulletin where we uncover and report the latest happenings in the crypto universe in the past 24 hours.
There’s a lot getting cooked up in the US market. Tech billionaire Elon Musk announced his exit from the DOGE(Department of Government Efficiency) administration, where he worked as a special government employee with a prime responsibility to reduce government spending. Musk expressed gratitude to President Donald Trump for the opportunity, stating on X, “As my scheduled time as a Special Government Employee comes to an end, I would like to thank President @realDonaldTrump for the opportunity to reduce wasteful spending.”
His exit follows public criticism of Trump’s spending plans, which Musk characterized as exacerbating the budget imbalance. Musk also indicated his intention to scale back political involvement, noting he spent “too much time” on politics this year. Notably, Musk’s support for Trump and the Republican Party in 2024 included at least $277 million in contributions.
Back in Washington, the Trump administration has formally notified Congress of a significant restructuring plan for the State Department. The overhaul aims to cut thousands of jobs, consolidate or eliminate hundreds of offices, and realign the human rights bureau to reflect the “America First” agenda. Secretary of State Marco Rubio, who first revealed the plan in April, stated the new structure would create a “more agile department” better positioned to advance American interests globally and protect U.S. citizens abroad.
Meanwhile, the Securities and Exchange Commission is preparing for its upcoming crypto roundtable, which is to be held on June 9 at the SEC headquarters in Washington, D.C. The event will focus only on decentralized finance (DeFi), emphasizing how DeFi aligns with foundational American values such as autonomy and open markets.
Related: OpenAI Countersues Elon Musk Over Harassment Allegations
In regulatory enforcement news, $58 million worth of USDC stablecoins, some of which are connected to the controversial Libra meme coin project, have been frozen after a court order. These funds reside on the Solana blockchain across two wallets, holding $44.59 million and $13.06 million, respectively. Circle, the issuer of USDC, implemented the freeze based on its blacklisting policy, which allows restricting token movements for legal or regulatory reasons. The affected wallets are somehow connected to individuals linked to Libra, a project once endorsed by Argentine President Javier Milei. Crypto analytics firm Arkham first reported the freeze, with Solana block explorer Solscan confirming the status.
Across the Atlantic, the UK’s Financial Conduct Authority (FCA) has invited further public feedback on its proposed stablecoin regulatory framework. The FCA announced plans to extend its innovation services to stablecoins soon and aims to dig out their best potential benefits for the financial sector and the wider economy.
At last, the major crypto exchange, Bybit, has obtained the Markets in Crypto-Assets Regulation (MiCA) license from Austria’s Financial Market Authority (FMA). This regulatory clearance now enables Bybit EU to operate throughout all 29 member states of the European Economic Area (EEA). Bybit’s regulatory acceptance allows the platform to serve around 500 million Europeans under the unified MiCA framework of the EU, which strives to fortify security, transparency, and uniformity in crypto asset services. The exchange cemented its commitment towards compliance and expansion further by opening its Vienna-based European headquarters on May 29.
