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According to Bloomberg, informed sources say that underwriters for SpaceX's approximately $75 billion initial public offering (IPO) have been told not to accept subscription orders from investors in mainland China and Hong Kong, due to U.S. restrictions on the export of critical technologies. The lead underwriter for the transaction has further notified other banks in the underwriting syndicate that clients from mainland China and Hong Kong, including private banking clients, are not allowed to participate in placing orders.The report states that this move is primarily due to regulatory and compliance risk considerations, and the related arrangements have not been publicly disclosed.

The General Office of the State Council has released guiding opinions on strengthening regulation, preventing risks, and promoting the high-quality development of private equity investment funds. The opinions mention adhering to goal-oriented and problem-oriented approaches, addressing issues such as the need to improve the access mechanism for the private equity fund industry, inadequate regulation, incomplete systems, insufficient coordination and cooperation among ministries, central and local governments, the failure to implement the responsibilities of some government investment funds and state-owned enterprise investment fund contributors, and the use of some private equity funds as tools for illegal activities, new forms of corruption, and hidden corruption. A system and long-term mechanism for strengthening regulation and preventing risks will be established to promote the development of the industry in a standardized manner and enhance it during development.Uphold functional positioning, coordinate the overall layout, optimize increments, revitalize existing resources, support the excellent and limit the inferior, improve quality and efficiency, and strictly prohibit private equity funds from engaging in illegal activities such as lending and disguised debt. Adhere to classified regulation, implementing "one policy for one category" regulation based on different dimensions such as contributor entities and product types. Insist on regulating both legal and illegal entities, with strict regulation for legal institutions, resolute prohibition of illegal institutions, and severe crackdowns on illegal activities.Promote the revision of the Securities Investment Fund Law. Push for the issuance of judicial documents related to criminal cases involving private equity funds. Formulate regulations for the supervision of private equity fund managers, information disclosure, fundraising, and mandatory custody rules. Introduce standardized arrangements for private equity fund betting agreements. Fully establish a regulatory system for private equity funds that is primarily based on administrative regulation and supplemented by self-regulation.

According to the Securities Times, Xiaohongshu has launched a special governance action for certified professional accounts in the financial sector starting from June 3. Based on relevant laws and regulations as well as platform rules, financial certifications are only issued to institutions holding compliant licenses. The nicknames of certified professional accounts on the platform must strictly match the actual business scope of the certified entity and must not obtain certification marks through false or misleading information. In the past week, Xiaohongshu has dealt with over 1,500 non-compliant financial professional accounts and will continue to comprehensively strengthen the public verification and validation mechanism, conducting regular inspections and handling of existing accounts.Staff introduced that since May, the Xiaohongshu platform has dealt with a total of 31,000 accounts involved in financial sector violations and marketing accounts without financial-related qualifications, including 539 notes and 146 comments related to illegal inducement of cross-border investment issues; 141 related notes regarding the low-priced resale of foreign investment bank research reports, and freezing of 132 related products. In addition, the platform has also handled over 130 pieces of suspected illegal information related to gold financial marketing promotion and domestic promotion of overseas platforms.

Ethereum founder Vitalik Buterin posted that the internal team of the Ethereum Foundation has been working on a new project called Kohaku for nearly a year. The goal is to achieve both security (including decentralization) and read-write privacy at the Ethereum access layer, making security and privacy a "normal configuration" on Ethereum rather than an advanced option. Earlier today, it was reported that Kohaku, under the Ethereum Foundation, released an SDK for wallet-level privacy integration.

According to The Defiant, the Kohaku Initiative under the Ethereum Foundation has released a software development kit (SDK) that supports direct integration of privacy protocols such as Railgun, Tornado Cash, and Privacy Pools into wallet interfaces without intermediaries.This SDK allows all privacy protocol transactions to be routed through the 4337 mempool, enabling users to control their privacy independently without relying on centralized relayers.The team has implemented private transactions with 4337 mempool relaying functionality, and integration with Tornado Cash and Privacy Pools is under development. Kohaku aims to make end-to-end privacy the default option for Ethereum users by abstracting the complexity of interacting with privacy protocols.Developers have created a CLI-based wallet demo, and wallets like Ambire are integrating it, while a browser extension wallet is also in development. Kohaku is also developing post-quantum accounts, multi-signature, and hardware wallet support.

According to BBX data, yesterday the layout of traditional payment institutions in the cryptocurrency infrastructure showed divergence, with institutions having clear differences in their views on ETH and the altcoin sector. The core dynamics are as follows:Mastercard Incorporated (NYSE: $MA) signed an acquisition agreement for the UK stablecoin infrastructure company BVNK on March 17 for a maximum of $1.8 billion (including $300 million in performance-based payments), which directly led Mastercard to abandon its previously pursued strategic investment plan in Zerohash (a privately held company). According to CoinDesk on May 19, Mastercard exited negotiations with Zerohash after the completion of the BVNK acquisition, and Zerohash is currently seeking to initiate a new financing round with a valuation of over $1.5 billion (higher than the $1 billion valuation established during the D-2 round of financing of $104 million in September 2025); the strategic logic behind Mastercard's acquisition of BVNK is that BVNK has a stablecoin payment infrastructure covering over 130 countries and a difficult-to-replicate combination of multi-country payment licenses; Mastercard's Chief Product Officer Jorn Lambert stated that the goal is to integrate stablecoins into the core network of Mastercard Move cross-border payments, rather than treating them as a peripheral experiment.JPMorgan Chase & Co. (NYSE: $JPM) analysts cited by CoinDesk on May 19 released the latest research report indicating that in the current market environment, Ethereum and the broader altcoin sector will continue to lag behind Bitcoin, primarily due to three structural weaknesses: weak network activity, stagnation in DeFi ecosystem growth (Solana's TVL has dropped from a peak of $13.1 billion in 2025 to about $5.5 billion), and limited real-world adoption scenarios; analysts believe that for the altcoin sector to catch up with Bitcoin's performance, a "significant network activity explosion" is a prerequisite, and this condition currently lacks visible short-term catalysts.

Cointelegraph posted on the X platform that the governor of South Carolina has signed Bill S.163. The bill protects the self-custody rights of Bitcoin, prohibits discriminatory taxes on Bitcoin, and safeguards the rights of proof-of-work mining in the state.

Mastercard has abandoned its investment plan for the cryptocurrency infrastructure company Zerohash, which had previously agreed in March to acquire the UK stablecoin infrastructure company BVNK for $1.8 billion. Mastercard had considered a strategic investment in Chicago-based Zerohash in January of this year. At that time, Zerohash was seeking to raise $250 million at a valuation of $1.5 billion, while the company is currently advancing a new funding round at a higher valuation. Founded in 2017, Zerohash primarily provides APIs and developer tools for cryptocurrencies, stablecoins, and tokenized products.Meanwhile, recent transactions involving Kraken's parent company Payward and Bullish indicate that consolidation in the digital asset infrastructure sector is ongoing. In terms of stablecoin payment arrangements, Mastercard has acquired BVNK for $1.8 billion and may pay an additional $300 million in performance-based compensation. BVNK currently serves payment and payroll platforms like Worldpay and Deel for cross-border payments, fund settlement, and financial management.Mastercard plans to integrate BVNK's technology into its Mastercard Move network to support 24/7 stablecoin settlement for payment institutions and merchant acquirers, and to explore adding stablecoin checkout functionality in payment gateways. Analysts believe that this transaction will further intensify the competition between Mastercard and Visa in the networked strategy of payment networks and accelerate the evolution of traditional cross-border clearing systems towards stablecoin settlement models.

According to Bits.media, the Central Bank of Russia aims to prohibit Russian citizens from trading on cryptocurrency exchanges that comply with international sanctions. Ekaterina Lozgacheva, head of the Central Bank's Strategic Development Department, stated that the Central Bank plans to ban Russians from trading on foreign cryptocurrency exchanges that adhere to international sanctions. Russians can only trade cryptocurrencies on foreign platforms through Russian brokers, provided that these foreign platforms do not comply with international sanctions.The country's central bank will establish its own standards for foreign platforms that Russian brokers and investors can use. Lozgacheva noted that even trading cryptocurrencies abroad through Russian intermediaries is subject to foreign regulation, posing additional risks. The annual purchase limit for non-professional investors is set at 300,000 rubles, and they can only access the most liquid cryptocurrency assets through domestic brokers. A test must be completed before trading, and qualified investors are not subject to the limit but must also undergo testing. Relevant restrictions will be included in the second reading version of the draft "Digital Currency and Digital Rights Law," with key provisions expected to take effect on July 1.

According to CoinDesk, after Mastercard abandoned its investment plans, crypto infrastructure company Zerohash is raising a new round of funding at a valuation of over $1.5 billion. Mastercard had previously considered making a strategic investment in the company but later acquired BVNK for $1.8 billion, abandoning the original plan. Zerohash is raising new funds at a valuation higher than the $1.5 billion discussed at the beginning of the year.Founded in 2017, the company provides APIs and embedded development tools for financial institutions and fintech companies, serving over 5 million users across 190 countries. Clients include Morgan Stanley, Interactive Brokers, Stripe, BlackRock's BUIDL fund, Franklin Templeton, and DraftKings. Zerohash completed a $104 million D-2 round of financing at a $1 billion valuation in September 2025, led by Interactive Brokers.

According to Jin Shi reports, ECB Governing Council member Kocher stated that if the situation of the Iran war does not improve, an interest rate hike is expected in June.

According to The Block, the U.S. Department of Justice sentenced Ohio resident Rathnakishore Giri to nine years in prison for operating a long-running investment fraud scheme that defrauded investors of at least $10 million. Giri pleaded guilty in 2024 to a charge of telecommunications fraud. In a revised plea agreement submitted before the sentencing hearing, Giri admitted to continuing to solicit funds from investors even after pleading guilty.The Department of Justice stated that Giri falsely promised high returns and guaranteed the principal was risk-free, while in reality, he used funds from new investors to pay old investors, which is a typical Ponzi scheme. The Commodity Futures Trading Commission previously accused Giri of operating Bitcoin derivatives schemes through multiple entities since 2019 and initiated enforcement action in August 2022, with the Department of Justice filing five counts of telecommunications fraud against him in November 2022.

Cryptocurrency infrastructure service provider Zerohash Europe has obtained an Electronic Money Institution (EMI) license issued by the Dutch central bank, becoming the first company to hold both the EU MiCA cryptocurrency license and full EMI qualifications.Zerohash previously obtained the MiCA license from the Dutch Authority for the Financial Markets in October 2025, allowing it to provide cryptocurrency asset services across the EU. With the acquisition of the EMI license, the company will be able to handle both cryptocurrency asset services and traditional electronic money circulation, particularly suitable for stablecoin-related payment and settlement scenarios.The European Banking Authority has previously clarified that some stablecoin fund flows may be considered electronic money business, thus requiring relevant institutions to obtain an additional EMI license. Zerohash stated that the dual-license structure will enable it to provide compliant infrastructure for banks, brokerages, fintech companies, payment service providers, and enterprise platforms in the European market.

The cryptocurrency trading platform SuperEx announced that it will launch multiple stock-based U perpetual contract trading pairs in batches today.Specifically: The COHRUSDT contract will go live today at 11:00 Beijing time (03:00 UTC); the WMTUSDT, JPMUSDT, and BRKBUSDT contracts will officially launch today at 22:00 Beijing time (14:00 UTC).It is reported that the newly launched contract trading pairs support full margin, isolated margin, and split margin modes, and users can experience trading through SuperEx's web and app platforms.

According to Catcher Predict monitoring, in the predicted market event "LoL: Oh My God vs EDward Gaming (BO3) - LPL Group Stage Nirvana" on Polymarket, the "Odd" option in the sub-market "Odd/Even Total Kills" has experienced a dramatic fluctuation in win rate, soaring from 50% an hour ago to the current 90% (a fluctuation of 40%). Please note the impact of related breaking news.

According to Times Brasil, the decision-making committee of the administrative sanctions procedure under the Central Bank of Brazil imposed a fine of approximately $3.15 million on Banco Topázio and prohibited it from conducting over-the-counter foreign exchange business for virtual asset trading for the next two years.Regulators stated that Banco Topázio had deficiencies in customer qualification review, customer registration, and anti-money laundering and counter-terrorism financing controls while handling approximately $1.7 billion in related business from October 2020 to September 2021, and failed to report unusual transactions to Coaf. Officials from the Central Bank of Brazil indicated that similar restrictions may also apply to other institutions involved in cryptocurrency business in the future.

Crypto journalist Eleanor Terrett revealed that U.S. Senator Jack Reed submitted an amendment before the stablecoin bill review this Thursday, aiming to explicitly prohibit cryptocurrencies from being used as legal tender, including banning the payment of taxes with crypto assets.Senator Elizabeth Warren also submitted over 40 amendments, one of which aims to prevent the Federal Reserve from issuing master accounts to cryptocurrency companies. Another amendment jointly submitted by Senators Reed and Smith seeks to include restrictions on banks regarding stablecoin yields in the bill.

On May 12, the U.S. Senate Banking Committee released the latest 309-page draft of the CLARITY Act, but Section 404 of the draft stipulates that it prohibits rewards "solely for holding" stablecoins.Specifically, no regulated entity may directly or indirectly pay any form of interest or yield (whether cash, tokens, or other consideration) to a restricted payee solely because the restricted payee holds its stablecoins, or pay stablecoin balance rewards in a manner economically or functionally equivalent to paying interest or yield on bank deposits.However, the latest draft also stipulates that rewards and incentives for stablecoins based on real activities or transactions are allowed, such as rewards linked to actual transactions, payments, platform activities, liquidity provision, etc.

According to Cointelegraph, the Central Bank of Brazil (Banco Central do Brasil, BCB) issued Resolution No. 561, prohibiting the use of virtual assets for settlement within the regulated international payment and transfer services (eFX) framework, further tightening the regulation of crypto assets in the cross-border payment sector.Under the new regulations, payments and receipts between eFX service providers and their overseas counterparts must be completed solely through foreign exchange transactions or transfers of funds from non-resident Brazilian real accounts, and the use of crypto assets or stablecoins for settlement is not allowed. This restriction also applies to eFX service providers that have not yet been formally included in the approved category but are in a transitional period; these institutions must apply for authorization from the Central Bank of Brazil by May 31, 2027, if they wish to continue operating.This regulation does not constitute a comprehensive ban on crypto asset transfers in Brazil, but rather explicitly excludes crypto assets and stablecoins from the regulated eFX cross-border payment channels, reinforcing that cross-border capital flows must be regulated through the official foreign exchange system.