Genesis sues parent company DCG, US SEC delays Solana ETF

Headline

▌Genesis sues parent company DCG to recover over $1 billion in transfers

Crypto lending platform Genesis Global Capital sued its parent company Digital Currency Group in the Southern District Bankruptcy Court of New York on Monday, seeking to recover over $1 billion in transfers it made a year before bankruptcy. In its complaint, Genesis said that multiple parties, including DCG, founder Barry Silbert and its affiliates, "transferred funds to each other while the company was insolvent." Genesis seeks to recognize these transfers as priority payments and recover their value under bankruptcy law. Among them, the crypto payment portion is worth more than $582 million, and the total amount of priority transfers exceeds $1.2 billion.

▌U.S. SEC postpones decision on Solana ETF application

The U.S. Securities and Exchange Commission has extended the deadline for making decisions on multiple exchange-traded fund proposals tracking Solana, according to separate regulatory filings filed on Monday. The SEC said it needs more time to digest the legal and policy issues related to the applications from 21Shares, Bitwise, VanEck and Canary Capital. However, the delays do not reflect the likelihood that the regulator will approve or reject the funds. "The filing of the action does not indicate that the Commission has reached any conclusions about any of the issues involved," the SEC said Monday. "The Commission seeks and encourages interested parties to submit comments on the proposed rule changes."

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $105,818, with a daily increase or decrease of -0.6%;

ETH's latest transaction price is $2,532.83, with a daily increase or decrease of +0.2%;

BNB's latest transaction price is $650.36, with a daily increase or decrease of -0.2%;

SOL's latest transaction price is $167.29, with a daily increase or decrease of -3.0%；

DOGE's latest transaction price is $0.2322, with a daily increase or decrease of -0.7%；

XPR's latest transaction price is $2.38, with a daily increase or decrease of -1.8%。

Policy

▌U.S. SEC appoints Katherine Reilly as Acting Inspector General

According to official news, the U.S. Securities and Exchange Commission (SEC) announced today the appointment of Katherine Reilly as Acting Inspector General. Ms. Reilly currently serves as the Deputy Inspector General of the SEC. She will succeed Ms. Deborah Jeffrey, who has served as the Inspector General of the SEC since 2023 and is about to retire.

▌U.S. SEC Commissioner says most crypto assets are not securities and supports issuing clear guidance

Hester Peirce, Commissioner of the U.S. Securities and Exchange Commission (SEC), said at SEC Speaks: "Most crypto assets on the market today are not securities." She added: "Although many crypto assets are currently outside the traditional financial market, the development of crypto assets is accelerating as traditional intermediaries are gradually getting involved." She criticized the SEC's past practices in crypto regulation, saying that "the Commission's approach to crypto assets in recent years has evaded sound regulatory practices" and "has not provided useful guidance." She emphasized: "The Commission has now begun to work on providing clear guidance." For example, "staff recently clarified that it believes that certain Meme coins and stablecoins are not securities" "because they do not confer economic rights to commercial entities or other committed parties." She supports further issuing guidance to clarify which activities are not within the scope of securities law.

▌U.S. Department of Justice Investigates Coinbase User Data Theft

The U.S. Department of Justice has launched an investigation into the recent data breach of cryptocurrency exchange Coinbase Global Inc., according to people familiar with the matter. Investigators from the Justice Department's Criminal Division in Washington and other departments are investigating the circumstances of the incident, sources said. Coinbase previously said the hack involved criminals bribing employees and contractors in India to obtain customer data.

Blockchain Applications

▌Solana Labs Spinoff Anza Proposes Alpenglow Plan

Anza, a development studio spun off from SolanaLabs, announced what they call the "biggest change in the history of the Solana core protocol." According to the announcement, the high-throughput Layer1 blockchain will usher in a newly designed underlying architecture called Alpenglow.  

“We believe the launch of Alpenglow will be a turning point for Solana. Alpenglow is not only a new consensus protocol, but also the biggest change to the Solana core protocol ever,” Anza’s Quentin Kniep, Kobi Sliwinski and Roger Wattenhofer wrote in a white paper released on Monday. 

The upgrade will replace Solana’s existing TowerBFT proof-of-stake consensus mechanism and proof-of-history timestamping system with new components called Votor and Rotor.

Cryptocurrency

▌Circle has informally approached Coinbase and Ripple about a sale: People familiar with the matter

Circle Internet Financial is the issuer of the stablecoin USDC. According to four investment bank and private equity executives, the company filed documents in early April to advance its long-awaited initial public offering (IPO). However, these insiders said that Circle has recently held informal sales negotiations with Coinbase, the largest crypto exchange in the United States, and Ripple, a crypto payment company. Sources said that Circle hopes to sell at a valuation of at least $5 billion, which is consistent with its target valuation for the IPO.

▌Trader James Wynn's 40x long BTC position has made a floating profit of $12.46 million

According to Ember's monitoring, James Wynn's 40x long BTC position has made a floating profit of $12.46 million. For his $563 million position, a 1% increase or decrease in BTC is a floating profit of $5.63 million. However, 40 minutes ago, he stopped profit on 189 BTC (about $20 million) at a price of $105,745.

▌Aave TVL Rises to ~$30B, Up 50% from Year-to-Date Low

Aave’s total value locked (TVL) has surged to ~$30B, up 50% from its year-to-date low of $20B, solidifying its position as Ethereum’s leading lending protocol and the second-largest decentralized application by TVL. Aave is currently generating over $1M in daily fee revenue, indicating active protocol usage beyond passive capital deposits. Outstanding loans have also grown with TVL, currently ~$10B, with a debt-to-TVL ratio of ~33%. The continued growth in lending activity highlights the continued appeal of DeFi in terms of product-market fit.

▌A whale/institution has again withdrawn 1,350 BTC from Binance, worth about $141.91 million

According to Onchain Lens, a whale/institution has again withdrawn 1,350 bitcoins from Binance, worth about $141.91 million. This wallet currently holds a total of 20,723 bitcoins, worth about $2.19 billion.

Important Economic Dynamics

▌Russian and US heads of state spoke for more than 2 hours, Putin said he was willing to draft a peace memorandum with Ukraine

The call between US President Trump and Russian President Putin ended, which lasted more than 2 hours. Putin issued a statement after the call, saying that the call lasted more than two hours and the content was very substantial and open. Putin said the call was very beneficial and constructive. Russia supports a peaceful resolution of the Ukrainian crisis, but a more effective path to peace should be identified. Putin said that the resumption of the Istanbul talks showed that overall they were on the right track. Putin said that in agreement with Trump, Russia would make proposals and was willing to work with Ukraine to draft a memorandum on a possible future peace treaty. This memorandum should contain several clauses, such as the principles for reaching peace, the time for signing a peace treaty, and a ceasefire for a specific period after reaching certain agreements. Putin said that the current problem is that both Russia and Ukraine should maximize their efforts for peace and find a compromise that satisfies all parties. Putin said that Russia's position is clear, that is, the root causes of the crisis should be eliminated.

▌Source: US Treasury Department does not expect to announce any trade agreement at this week's G7 finance ministers' meeting

According to sources, the US Treasury Department does not expect to announce any trade agreement at the G7 finance ministers' meeting in Canada this week.

▌JPMorgan Chase's Dimon: There is an extraordinary complacency in the market, and inflation and stagflation risks are seriously underestimated

JPMorgan Chase CEO Jamie Dimon warned against complacency in the face of a series of risks, including inflation, credit spreads and geopolitics. Dimon said the possibility of rising inflation and stagflation is greater than people think, and he reminded that asset prices in the United States are still high and said credit spreads do not take into account the impact of a potential economic downturn.

Even after Moody's Ratings stripped the United States of its last top credit rating last Friday, the S&P 500 erased its initial losses on Monday as traders seemed to look beyond the ratings downgrade. "People feel good because they haven't seen the impact of tariffs yet," Dimon said. "The market fell 10% and now it's up 10%; I think that's an extraordinary level of complacency."

▌The probability of the Fed keeping interest rates unchanged in June is 91.4%

According to CME's "Fed Watch": The probability of the Fed keeping interest rates unchanged in June is 91.4%, and the probability of a 25 basis point rate cut is 8.6%. The probability of the Fed keeping interest rates unchanged in July is 66.9%, the probability of a cumulative 25 basis point rate cut is 30.8%, and the probability of a cumulative 50 basis point rate cut is 2.3%.

Golden Encyclopedia

▌What is RISC-V?

RISC-V is a modern open source instruction set architecture (ISA) based on the principles of reduced instruction set computers (RISC). Simply put, it is like a blueprint that defines a set of instructions that a processor can execute. The design goals of RISC-V are highly modular, efficient, and flexible. Originally developed by the University of California in 2010, the open-source framework gives developers the flexibility to customize its functionality and use cases, and it also saves costs compared to proprietary ISAs such as ARM or x86. RISC-V has a wide range of uses, from supercomputers to smartphones, and now blockchains such as Ethereum. On April 20, 2025, Ethereum co-founder Vitalik Buterin announced a "radical" new expansion plan that will replace the Ethereum Virtual Machine (EVM) with the RISC-V instruction set architecture, aiming to improve the speed and efficiency of the network's execution layer. The idea is that RISC-V is the best solution to the scalability limitations of blockchains.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish the correct investment concept and be sure to increase risk awareness.