Daily News: Federal Reserve Holds Rates Steady for the Third Time, Ethereum Mainnet Activates Pectra Upgrade

On May 7, The Federal Reserve Holds Rates Steady for the Third Time, U.S. Treasury to Hold Multiple Crypto Industry Roundtables Next Week; as Arizona Signs HB 2749 Bill to Establish First State-Level Cryptocurrency Reserve. Meanwhile, Ethereum Mainnet Activates Pectra Upgrade, and Binance to Launch Alpha Points Consumption Mechanism.

Other updates involve Coinbase CEO's Company Completes $130 Million Series B Funding and Projects' Updates.

The Federal Reserve Holds Rates Steady for the Third Time, Target Range Remains at 4.25%-4.50%

According to Jin10.com, at 2:00 a.m. Beijing time on Thursday, the Federal Reserve announced its decision to keep interest rates unchanged for the third consecutive time, maintaining the target range for the federal funds rate at 4.25%-4.50%. This move, in line with market expectations, reflects a cautious stance amid growing economic uncertainty caused by tariff policies. While the Fed noted that the overall economy remains in "solid expansion," the Federal Open Market Committee (FOMC) issued a rare warning in its post-meeting statement about the simultaneous risks of high inflation and rising unemployment, further clouding the economic outlook.

China’s Ministry of Foreign Affairs Responds to High-Level Trade Talks with the U.S.: Talks Held at U.S. Request

According to Jin10.com, citing CCTV, the Ministry of Foreign Affairs announced today that Vice Premier He Lifeng will visit Switzerland from May 9 to 12 and hold talks with U.S. officials during the visit. Spokesperson Lin Jian stated that the U.S. has recently expressed a strong desire to negotiate with China. This round of talks is being held at the U.S.'s request. China’s position against the U.S.'s misuse of tariffs remains unchanged. The spokesperson reiterated that China is open to dialogue but emphasized that any discussions must be based on equality, mutual respect, and reciprocity. Any form of pressure or coercion against China will not succeed. China will firmly safeguard its legitimate interests and uphold international fairness and justice.

U.S. Treasury to Hold Multiple Crypto Industry Roundtables Next Week

Former TechCrunch journalist Jacquelyn Melinek disclosed that the U.S. Treasury Department will host a series of private roundtable discussions with members of the cryptocurrency industry next week. Topics will include issues related to DeFi, banking, cybersecurity, and other ecosystem challenges.

Arizona Signs HB 2749 Bill to Establish First State-Level Cryptocurrency Reserve

According to Bitcoin Laws, Arizona Governor Katie Hobbs has signed HB 2749 into law, officially creating the state’s first cryptocurrency reserve. The reserve will manage unclaimed crypto assets, airdrops, and staking rewards but will not engage in investment activities.

Ethereum Mainnet Activates Pectra Upgrade, Enhancing User Experience, Validator Operations, and Layer 2 Scalability

According to The Block, Ethereum developers activated the Pectra upgrade today at 6:05 a.m. ET during epoch 364032. This marks the most significant network update since the 2022 Merge. The Pectra upgrade includes 11 Ethereum Improvement Proposals (EIPs) aimed at improving staking efficiency, user experience, validator operations, and Layer 2 scalability. The upgrade underwent rigorous testing on the Holesky, Sepolia, and Hoodi testnets, with Hoodi’s successful deployment paving the way for the mainnet upgrade. Key improvements include:

• EIP-7702: Implements account abstraction, enabling user wallets to execute smart contract logic.

• EIP-7251: Increases the maximum effective validator staking limit from 32 ETH to 2,048 ETH.

• EIP-7691: Doubles the throughput of Layer 2 data storage (blobs), reducing transaction costs. Additional proposals, such as EIP-7002 and EIP-6110, further optimize validator operations and network efficiency. This upgrade lays the groundwork for the upcoming Fusaka upgrade, which will introduce Verkle Trees and PeerDAS technology to achieve greater scalability.

Binance to Launch Alpha Points Consumption Mechanism on May 13

According to an official announcement, Binance will roll out its Alpha Points consumption mechanism starting May 13, 2025. Under this system, users will be charged a certain number of Alpha Points when participating in token generation events (TGE) or claiming airdrops.

DeFi Protocol Resolv Reveals Tokenomics: First-Season Airdrop Allocated at 10%

Resolv, a DeFi protocol, has officially released its tokenomics. The total supply of RESOLV tokens is set at 1 billion, with the first-season airdrop accounting for 10%. Other allocations include 40.9% for the ecosystem and community, 26.7% for the team and contributors, and 22.4% for investors. Airdrop registration for RESOLV tokens will open in the first half of May. The token’s utility includes governance access, dual rewards, multiplier boosts for points, and long-term staking benefits.

Movement Labs Rebrands as Move Industries and Announces New Leadership Team

Move Industries announced today that its new leadership team, composed of early Movement Labs employees, has officially taken office. @torabyou has been appointed as CEO and Ecosystem Architect, while @livingwithwill will serve as President and Chief Marketing Officer. The new team will focus on improving governance transparency, strengthening auditing mechanisms, and prioritizing technology and community development. Upcoming projects include MoveDrop and Parthenon, along with major technological upgrades.

Futu Securities Supports BTC and ETH Deposits, USDT Limited to Professional Investors

According to Futu’s official website, ordinary users can now deposit BTC and ETH into their Futu accounts via personal wallets, with minimum deposit amounts set at 0.0002 BTC and 0.001 ETH, respectively. Deposits are generally processed within one hour. USDT deposits, however, are only available to professional investors. While the platform does not charge fees, deposits must use designated networks, and deposits from exchange wallets are prohibited to avoid failure.

NewLimit, Biotech Startup Founded by Coinbase CEO, Completes $130 Million Series B Funding Led by Kleiner Perkins

According to Decrypt, NewLimit, a biotech company co-founded by Coinbase CEO Brian Armstrong, has completed a $130 million Series B funding round led by Kleiner Perkins. The company leverages AI and genomics technology to study cellular reprogramming aimed at slowing or reversing human aging. This round brings NewLimit’s total funding to over $170 million. The company’s "discovery engine" is capable of testing thousands of reprogramming combinations.