Daily News: U.S. House to Update Digital Asset Bill, Binance Alpha Supports Yield Farming, GameStop Buys 4,710 Bitcoins, and More

 U.S. House to Introduce Updated Digital Asset Market Structure Bill on Thursday

The U.S. House leadership plans to introduce an updated version of the Digital Asset Market Structure Bill during a pro forma session on Thursday, May 28. Seen as a foundational blueprint for regulating the $3.4 trillion crypto industry, the bill follows a discussion draft released earlier by Republican lawmakers, including House Financial Services Committee Chair French Hill. A hearing on the revised bill is scheduled for June 4, with a potential markup on June 10.

SEC to Host Emerging Trends in Asset Management Conference on June 5

The U.S. SEC will hold an "Emerging Trends in Asset Management" conference on June 5, featuring digital assets and tokenization discussions. SEC Commissioner Hester Peirce will attend, alongside representatives from BlackRock, Franklin Templeton, and Fidelity.

BlackRock to Acquire 10% of Circle’s IPO Shares

Bloomberg reported that BlackRock is in talks to purchase 10% of Circle Internet Financial’s upcoming IPO, signaling growing institutional interest in stablecoin issuers.

Binance Launches Earn Hub for Binance Alpha Tokens Yield Farming

Binance Wallet has unveiled its Alpha Earn Hub. Users can now earn annual percentage returns (APR) by providing liquidity for Binance Alpha tokens on PancakeSwap V3.

Sui Community Passes $162 Million Recovery Proposal, Covering All Victims Affected in Cetus Hack

Sui community has approved the proposal on "whether to return the stolen assets from the Cetus protocol via special transactions," with approximately 53% voting in favor.

According to the proposal, the next Sui protocol upgrade will introduce two one-time special transaction authorization mechanisms to transfer approximately $162 million in frozen funds from the attacker’s address to a multisig wallet jointly managed by Cetus, the Sui Foundation, and OtterSec.

Additionally, for the $60 million that had been drained by the hacker, the Sui Foundation will provide a secured loan to Cetus. As a result, Cetus will be able to fully compensate all affected users for their losses and continue to maintain its operation.

Previously, Cetus stated that if the community vote passed to unlock the funds, it would fully reimburse the off-chain stolen assets.

Cork Protocol Exploited in $12M Smart Contract Attack: Cyvers

Cyvers has identified a $12 million smart contract exploit on Cork Protocol, an on-chain risk management project. On May 28, 11:23:19 UTC, an address beginning with 0x4771 (possibly a service provider) funded another address that deployed a malicious contract. In just 16 minutes and 45 seconds, the attacker drained 3,761.87 wstETH and quickly swapped them for ETH.

As of now, the funds have not been transferred to other addresses.

TON Foundation Hires Ex-Visa Crypto Lead as Payments VP

TON Foundation has appointed former Visa crypto executive Nikola Plecas as Vice President of Payments, The Block reports. Plecas will be responsible for developing TON’s global payments strategy, managing application partnerships based on TON and Telegram, and overseeing the foundation’s compliance strategy. He previously held several crypto-related roles at Visa, including Head of Crypto for Europe and Senior Director of New Product Commercialization at Visa Crypto.

Plecas will work closely with TON Foundation CEO Max Crown, who joined in April this year. TON is a Layer 1 blockchain built for the Telegram messaging platform, and its native token, Toncoin, currently has a market capitalization of approximately $7.5 billion.

eToro Relists 12 Cryptos for U.S. Users After SEC Settlement

Decrypt reports that after reaching a settlement with the SEC and paying a $1.5 million fine, the trading platform eToro announced on Wednesday that it will resume offering 12 cryptos to U.S. users, including Cardano, Dogecoin, XRP, and Shiba Inu. Previously, the platform was required to trade only three crypto assets in the U.S.: Bitcoin, Ethereum, and Bitcoin Cash.

Andrew McCormick, head of eToro U.S., told the reporter: “Of course, we did lots of diligence and research, and we thought with these 12, the time is now, especially in the wake of our IPO a few weeks ago, and so [there’s a] lot of excitement, lots of opportunity, and we think it's going to be [a] real win for customers.”

GameStop Buys 4,710 Bitcoin

GameStop (NYSE: GME) discloses a 4,710 BTC purchase, joining corporate treasuries holding crypto.

VivoPower Secures $121 Million from Saudi Royalty for XRP Reserve Strategy

CoinDesk reports that Nasdaq-listed energy company VivoPower International (VVPR) announced a $121 million private placement agreement to advance its digital asset reserve strategy focused on XRP.

The funding round is led by Prince Abdulaziz bin Turki Abdulaziz Al Saud, Chairman of Saudi Arabia’s Eleventh Holding Company, who is investing $100 million. The company plans to issue 20 million common shares at $6.05 per share. Former SBI Ripple Asia executive Adam Traidman will serve as chairman of the company’s advisory board.

VivoPower stated that it will become the first publicly listed company with a digital asset reserve strategy centered on XRP and plans to divest its traditional business.

Stablecoin Payments Firm Conduit Raises $36M Series A Led by Dragonfly

According to Fortune, stablecoin payments company Conduit announced the completion of a $36 million Series A funding round, led by Dragonfly Capital with participation from Sound Ventures, Altos Ventures, DCG, and Commerce Ventures. Founded in 2021, the company’s total funding now reaches $53 million.

Conduit provides cross-border payment solutions using stablecoin technology and currently supports 14 fiat currencies. It operates in nine countries, including the United States, Mexico, Brazil, Nigeria, and Kenya.

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