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The three major U.S. stock indices closed higher today. - S&P 500: +0.56% - Nasdaq: +0.91% - Dow Jones: +0.05%

Cryptocurrency prime brokerage FalconX has confidentially filed a draft S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for a potential initial public offering (IPO), CoinDesk reported. Citing a source familiar with the matter, the report noted that FalconX has retained several financial institutions, including Wall Street investment firm Cantor, as advisors. The potential IPO remains a private matter, and the actual listing is expected in the second half of this year or possibly next year, contingent on market conditions.

Ripple (XRP) CEO Brad Garlinghouse said that anti-crypto forces in the U.S. have been defeated. He was responding to a post from U.S. President Donald Trump on Truth Social yesterday morning, in which Trump pledged not to let the crypto industry die, even as he said an "anti-crypto army" was driving it overseas. Garlinghouse added that these forces have been defeated by the courts, voters, and Trump, asserting their arguments lacked policy, legal, and political substance. He stated that blocking financial innovation only helps protect those seeking to maintain an "old and broken system."

Whale Alert reported that 250 million USDC has been minted at the USDC Treasury.

Tether's new U.S.-focused, regulation-compliant stablecoin, USAT, is showing significant growth but still lags far behind competitors like Circle's USDC, CoinDesk reported. The media outlet noted that USAT's market capitalization grew to $140 million as of April, a roughly 540% increase in a single month. Its reserves, audited by Deloitte, also rose from $22.2 million in March to $141.2 million in April. Despite this growth, USAT's market cap remains considerably smaller than that of its rivals, which include USDC, PYUSD, and RLUSD.

U.S. Treasury Secretary Scott Bessent stated at a briefing on May 28 that while negotiations between U.S. and Iranian teams are ongoing, President Donald Trump has established clear red lines and will not accept a bad deal. Bessent explained that President Trump has consistently preferred a peaceful agreement and described all current U.S. actions as defensive in nature. However, he added that if a peaceful resolution is deemed impossible, the president will make a corresponding decision. He conveyed that President Trump is demanding Iran transfer its highly enriched uranium, abandon the development of nuclear weapons, and guarantee free navigation in the Strait of Hormuz. Bessent also noted that he spoke with the Omani ambassador to the U.S., who assured him that Oman has no intention of imposing tolls on the Strait of Hormuz. Furthermore, Bessent warned that any country attempting to restrict freedom of navigation could face U.S. sanctions.

Crypto asset manager Bitwise, the issuer of the Hyperliquid (HYPE) spot ETF, believes the protocol has the potential to lead the future of finance. In an interview with CoinDesk, Ryan Rasmussen, Head of Research at Bitwise, explained that Hyperliquid is expanding its trading ecosystem to include features like perpetual futures, prediction markets, and spot trading. He highlighted stock tokens, stablecoin support, and 24-hour trading as key strengths, suggesting Hyperliquid could become the system on which most traditional finance operates. Rasmussen also noted significant investor interest following the recent launch of the HYPE spot ETF. He added that Bitwise is considering staking HYPE itself to maximize returns for ETF investors and is allocating 10% of its management fees to purchase HYPE tokens for its balance sheet.

Saeed Aghaloo, a member of the media team for the Iranian negotiating delegation, stated on May 28 that Iran has not agreed to any memorandum of understanding (MOU) to date, nor has it confirmed approval of any such agreement to Pakistani mediators. He also clarified that Iran has made no commitments regarding its nuclear program during negotiations with the U.S.

Recent movements among Bitcoin whale addresses are showing a similar pattern to the early stages of the 2022 bear market, CryptoQuant noted in an analysis reported by Decrypt. According to the on-chain data firm, the BTC holdings of whales with 1,000 to 10,000 BTC have been on a downward trend for the past year. Additionally, the accumulation speed of so-called "dolphin" addresses, which hold 100 to 1,000 BTC, is also slowing. CryptoQuant explained that whale trading volume is also decreasing, a pattern similar to what was observed at the beginning of the 2022 bear market. Conversely, the supply held by long-term holders (LTHs) has reached an all-time high of 15.8 million BTC, which the firm suggests could also indicate a slowdown in the influx of new market participants. During the 2022 bear market, BTC rose to $47,450 in March before falling to $15,742 by November of that year.

U.S. Treasury Secretary Scott Bessent announced that he spoke with the Omani ambassador on the morning of May 28. He said the ambassador assured him that Oman has no plans to impose tolls on the strait.

The U.S. CLARITY Act, a key piece of cryptocurrency regulation, is poised to become a global standard if it passes an upcoming Senate floor vote, according to Kristin Smith, head of the Solana Policy Institute. Speaking to Decrypt, Smith noted that last year's GENIUS Act, which regulated stablecoins, had a ripple effect, prompting countries like South Korea, the United Kingdom, and Canada to adopt similar frameworks. She predicted the CLARITY Act would have a comparable global impact. The bill addresses stablecoins, DeFi, and anti-money laundering provisions. Its central feature is an amendment to existing securities laws that would place most cryptocurrencies under the jurisdiction of the Commodity Futures Trading Commission (CFTC) rather than the Securities and Exchange Commission (SEC). While the crypto industry is optimistic about the bill's passage, it faces opposition from some lawmakers, including Senator Elizabeth Warren. Opponents argue the legislation could weaken global regulations, making cryptocurrencies a channel for terrorist financing and sanctions evasion. The CLARITY Act is expected to face a Senate floor vote in June. If it passes, it must be reconciled with the House version before being signed into law by the president. However, some investment banks have expressed skepticism that the bill will pass this year.

Prediction market platform Kalshi has sued the Minnesota state government after it signed a bill banning the use of such markets within its jurisdiction, The Block reported. Kalshi argues that the state government, including Governor Tim Walz, violated a provision granting federal law supremacy in dispute resolution. The governor signed the bill in early May, and it is set to take effect on Aug. 1. Previously, the Commodity Futures Trading Commission (CFTC) and U.S. prosecutors had also filed a lawsuit against the state government and the governor to invalidate the law.

Whale Alert reported that 223,200,000 USDT has been transferred from an unknown wallet to Bitfinex. The transaction is valued at about $223 million.

Hypernova, a proprietary trading platform built on Hyperliquid (HYPE), has raised $3 million in a pre-seed funding round led by Lemniscap, The Block reported. Proprietary trading allows traders to use capital provided by a platform, rather than their own, and share the resulting profits. Hypernova aims to improve upon the opaque profit-sharing structures of traditional prop trading by using a smart contract-based system. The platform plans to generate revenue through trader evaluations and by allowing users to copy the positions of successful traders. The newly raised capital will be used to attract traders. Hypernova is scheduled to officially launch its platform within the next two months.

A 45% flash crash in 30 minutes on SpaceX pre-market perpetual futures (SPACEX-USDH) triggered $1.5 million in liquidations on Ventuals, a platform for trading pre-IPO stock tokens built on Hyperliquid (HYPE), CoinDesk reported. The contract plunged from $2,277 to a low of $1,254 before recovering to $2,169. The rapid decline forced the liquidation of 405 users holding 1,393 positions. A lack of market liquidity was cited as the primary cause. A large sell order reportedly swept the order book, causing a sharp price drop that heavily impacted retail investors using high leverage with insufficient collateral. The SPACEX-USDH pair had a 24-hour trading volume of $4.87 million and open interest of $2.9 million. SpaceX is reportedly targeting an initial public offering (IPO) in June, and multiple crypto platforms have been launching related derivative products.

Elena Carletti, Vice Chair of the Board at major European banking group UniCredit, has warned that Europe could struggle to control a financial crisis linking cryptocurrency and the banking sector due to its limited deposit protection system. According to CoinDesk, Carletti explained that the full deposit protection demonstrated by U.S. regulators during the 2023 failures of Silicon Valley Bank (SVB) and Signature Bank would be difficult to implement in Europe. She noted that Europe's depositor protection is generally limited to €100,000 per person, which could prevent a comprehensive U.S.-style bailout if an account held by a stablecoin issuer with large reserves were to be compromised.

Iranian Vice Foreign Minister Gharibabadi stated on May 28 that Iran will respond decisively to any violation of the ceasefire agreement and will not sign any memorandum of understanding (MOU) that does not align with its national interests. This follows reports from earlier the same day in which U.S. officials said that American and Iranian negotiating delegations had reached an agreement on an MOU, which is now awaiting final approval from President Donald Trump.

Coinbase announced it has added O to its listing roadmap.

An entity is in negotiations to make a $115 million seed investment in crypto asset manager Grayscale's Hyperliquid (HYPE) staking ETF, The Block reported. The potential investor, Hyper Holdings Global LP, is described as a little-known entity. The development comes as Grayscale prepares to launch the fund, having recently amended its filing with the U.S. Securities and Exchange Commission (SEC) to change the ETF's name to the 'Grayscale Hyperliquid Staking ETF' and confirm its ticker as HYPG.

The White House has announced that U.S. and Iranian negotiating teams have reached a tentative agreement and are awaiting approval from President Donald Trump. This follows an earlier report from U.S. political news outlet Axios, which stated that the two countries were close to signing a 60-day memorandum of understanding (MOU) to extend a ceasefire and begin talks on Iran's nuclear program, pending the president's final approval. Separately, Israel's i24NEWS reported that Iran's Supreme Leader has not yet approved the MOU.

Major U.S. banks are adopting the crypto industry's political playbook by organizing lobbying groups with around $100 million to increase their influence in the upcoming midterm elections, Bloomberg reported. The move comes as banks believe the crypto sector's donation strategy during the 2024 election cycle was instrumental in shaping the current favorable regulatory landscape for digital assets. The banking sector established three donation groups late last year, securing the funds for the upcoming elections. Bloomberg added that the rivalry over political contributions between the two sectors is expected to intensify amid ongoing conflicts, such as those surrounding the Clarity Act.

Bitcoin has broken below a key options support level, but the market is not showing signs of panic, according to Greeks.live analyst Adam. In a post on X, Adam noted that while BTC has fallen out of the dense Gamma Exposure (GEX) zone, implied volatility (IV) remains below 40%. Gamma Exposure refers to the volume of assets that options market makers must buy or sell in response to price fluctuations, with the GEX zone often acting as a support level. Adam explained that the IV for major expiry options is holding under 40%, and IV for longer-term expiries is also declining. "The structure of options positions is expected to be reorganized ahead of the May options expiry on May 29," he said. "However, there is currently little demand from large position holders for hedging against further downside."

The Spot CVD is an order book analysis chart for the BTC/USDT spot pair. The top section shows the Volume Heatmap, while the bottom represents the Cumulative Volume Delta (CVD). - The Volume Heatmap at the top tracks the volume of trades at specific price levels. The background color brightens when the price lingers in a certain range or moves significantly, with these brighter areas potentially acting as support or resistance. - The Cumulative Volume Delta (CVD) indicator at the bottom represents buy and sell orders categorized by trade size. As buy orders increase, the corresponding colored line rises. The yellow line tracks orders between $100 and $1,000, while the brown line tracks large orders between $1 million and $10 million.

Whale Alert reported that 4,180 BTC has been transferred from Coinbase Institutional to an unknown new wallet. The transaction is valued at about $305 million.

Coinbase (COIN) announced that it managed 40.48 million SOL in the first quarter of this year, representing 9.52% of the total amount staked on the Solana network. The company explained that its Solana validator nodes are operated across six countries and regions and support multiple clients, including Firedancer, to ensure system stability and prevent centralization risks.