1. Monetary Authority of Singapore "DTSP Licensing Guidelines" (full text)

On May 30, 2025, the Monetary Authority of Singapore issued the "Guidelines on Licensing for Digital Token Service Providers", officially licensing and supervising DTSP. Click to read

2.Grayscale: The Great Beauty Act and Cryptocurrency Treasury Companies Are Generating Demand for Bitcoin

As the United States and China reached a temporary easing of the tariff conflict, the stock market rebounded in May. But the rise occurred after three consecutive months of decline, and the S&P 500 is still about 4% below its peak. Compared to the relatively healthy stock market, the bond market (especially the high-quality sector) has negative returns, which seems to be due to the high government deficits and the corresponding issuance of long-term treasury bonds. According to the market capitalization-weighted FTSE Grayscale Crypto Sector Index, the risk-adjusted returns of Bitcoin and the entire crypto asset class are comparable to global stocks (Figure 1). Bitcoin rose 11% that month to a record high of $112,000; ETH, the native token of the Ethereum blockchain, rose 44%, partially recovering its previous weak performance against Bitcoin. Click to read

3.a16z: It’s time for the crypto industry to get rid of its foundation model

It’s time for the crypto industry to get rid of its foundation model. Foundations—nonprofit organizations that support the development of blockchain networks—used to be a smart, legal path to progress. But today, ask any founder who has created a blockchain network, and they’ll tell you: nothing slows you down more than a foundation. Today, foundations bring more friction than decentralization.  Click to read

4. Can the US judiciary stop Trump's tariffs?

Recently, US federal judges have been particularly troubled - because many people's jobs and vital interests have been affected, every decree of Trump will inevitably be subject to judicial review (Judicial Review, here using the Hong Kong translation of the common law, the same below) requests from different entities; and each judicial review request is accompanied by a lengthy appeal process and wrangling to varying degrees, which has brought huge uncertainty to policy implementation. Click to read

5. Ethereum Foundation Reorganizes Protocol Research and Development New Team "Protocol" Quick Overview

Ethereum is on the verge of a major breakthrough. The rapid development of zkEVM allows us to rebuild Layer1 to support scalability, verifiability, security, and censorship resistance at the same time. L2 is constantly strengthening to meet user usage needs and is eager to double down on using Ethereum as its root of trust. In short, the world is ready for the arrival of the world computer. Click to read