SEC Postpones Solana ETF Decision, Seeks Public Comment
The U.S. Securities and Exchange Commission (SEC) announced that it has postponed its decision on two proposed Solana ETF applications by 21Shares and Bitwise. The commission announced that it has “initiated an investigation” into both applications and requested public comment. The SEC stated that this does not constitute a final decision, only that further evaluation is needed.
The SEC, which also requested public comment on Canary Solana Trust and VanEck Solana Trust on the same day, is currently reviewing dozens of crypto ETF applications, ranging from Solana to XRP and Dogecoin. Many firms, including Grayscale, Canary and ProShares, are competing for the spot Solana ETF. The SEC, which has taken a more lenient stance with the Trump administration, has approved spot Bitcoin and Ethereum ETFs in recent months. New President Paul Atkins gave a message of change in the regulatory approach and criticized previous policies.
US Senate Opens GENIUS Stablecoin Act for Discussion
The US Senate passed the stablecoin regulation bill called GENIUS Act in a procedural vote by 66 to 32, advancing it for discussion in the Senate plenary session. The bill, which Democratic senators had previously blocked due to President Donald Trump’s crypto-related initiatives, has now advanced with some senators’ change of heart. The bill aims to regulate stablecoins in the US, bringing transparency, auditing and licensing requirements. It also foresees restricting algorithmic stablecoins and allowing only licensed institutions to issue stablecoins.
Democratic Senator Elizabeth Warren strongly opposed the bill, arguing that it would not be able to prevent Trump’s “crypto corruption”. Stating that the Trump family has earned hundreds of millions of dollars from stablecoin and crypto ventures, Warren claimed that this law would pave the way for them to earn even more. Despite this, many senators supported the progress of the law, emphasizing that the US should not lose its leadership in blockchain technology. The GENIUS Act is aimed to become law before Memorial Day (May 26) to make the US stablecoin market more regulated and secure.
SEC Aims to Combine Crypto and Securities Transactions in a Single Structure
US Securities and Exchange Commission (SEC) Chairman Paul Atkins announced that they are working on new regulations to allow crypto assets to be traded in a more regulated and investor-friendly environment. Atkins emphasized that SEC-registered firms should be allowed to store and trade both securities and non-securities assets – such as Bitcoin and Ethereum – under one roof. This model will reduce costs for investors, simplify processes, and allow digital assets to be integrated more quickly under federal supervision, he said.
The SEC has launched formal regulatory efforts under Atkins’ leadership to create clear rules for crypto markets. At the same time, the SEC’s innovation unit FinHub is planned to be closed and its duties will be expanded to the entire agency. Atkins stated that previous “vague and punitive” approaches are now behind us, and that a more transparent and constructive attitude will be followed towards the crypto sector in the new period. These moves show that the SEC is entering a more open and inclusive institutional transformation process regarding crypto assets.
Strategy’s Bitcoin Strategy Sued
A California-based investor has filed a lawsuit against Strategy (formerly MicroStrategy) and its executives, accusing them of making misleading and exaggerated statements to investors about its Bitcoin treasury strategy. Drawing attention to the fact that the company announced a loss of $4.22 billion due to the loss of its Bitcoin assets in the first quarter of the year, the complaint alleged that the size of this loss was not disclosed in advance.
The complaint argues that the potential losses that emerged when Strategy evaluated its digital assets with the “fair value” method, which is a new accounting model, were not shared with investors. It is alleged that the company trivialized the risks with BTC performance indicators and positive comments from management. Strategy stated that it will “vigorously defend” itself against the lawsuit. The company currently has approximately 576,000 BTC in assets.
Strategy Makes $765 Million in New Bitcoin Purchases
Strategy (formerly MicroStrategy), which stands out with its Bitcoin-focused corporate strategy, purchased an additional 7,390 BTC for $764.9 million between May 12-18. The company’s total assets reached 576,230 BTC, while the average purchase price was announced as $ 69,726. This position indicates a profit of approximately $ 18.8 billion according to today’s market value. The purchases were financed with the proceeds from the sale of MSTR and STRK shares. It was stated that Strategy is progressing within the scope of its total capital increase plan of $ 84 billion.
Although the company’s aggressive BTC purchases support the price upwards in the crypto market, analysts think that this pace may slow down over time. On the other hand, other institutional players such as Metaplanet continue to adopt the Bitcoin treasury model. Finally, Japanese investment firm Metaplanet bought another 1,004 BTC for $ 104.3 million, bringing its total assets to 7,800 BTC. As institutional bitcoin adoption accelerates, the sustainability of this trend is being watched closely by markets.
Metaplanet Buys Another 1,004 BTC
Japanese investment firm Metaplanet has purchased another 1,004 bitcoins, bringing its total holdings to 7,800 BTC. The latest purchase was made at an average price of $103,873, bringing the company’s total BTC holdings to over $806 million. The firm made the purchases at an average cost of $91,300 per BTC.
Metaplanet aims to reach 10,000 BTC by the end of 2025. The purchases, which began in April 2024, are modeled after Strategy’s treasury strategy. The company finances its bitcoin purchases through bond issuance and recently sold $15 million in new bonds.
XRP Futures Launch on CME, Reviving ETF Hopes
Chicago-based CME Group launched XRP futures on May 19, with volume exceeding $15.6 million on its first day. Trading across 120 standard contracts and 206 microcontracts has highlighted institutional interest in XRP. These contracts are cash-settled and are based on the CME CF XRP-to-Dollar Reference Rate. Giovanni Vicioso, CME’s head of crypto products, cited growing interest in the XRP Ledger and institutional demand as key drivers behind the product.
The launch of XRP futures on CME has also boosted expectations for a spot ETF for XRP. Nate Geraci, president of ETF Store, noted that regulated futures markets have historically accelerated ETF approval processes. There are currently eight XRP ETF applications before the U.S. Securities and Exchange Commission (SEC). With this development, the likelihood of spot ETF approval for XRP could increase even more.
Ripple Takes a Role in the UAE’s Digital Payments Revolution
Ripple is preparing to integrate XRP into the region’s payments infrastructure by forming strategic partnerships with UAE-based Zand Bank and fintech firm Mamo. The partnerships come after Ripple received a license from the Dubai Financial Services Authority.
The new integrations will increase the speed, cost efficiency, and transparency of cross-border payments thanks to Ripple’s blockchain-based infrastructure. Ripple’s global payments network currently serves more than 90 markets and handles over $70 billion in annual transaction volume. Ripple officials emphasize that the UAE’s regulatory-friendly structure paves the way for crypto innovation and has made the region a leader in digital payment systems.
JPMorgan Grants Purchase Permission to Customers
JPMorgan CEO Jamie Dimon announced that the bank’s customers will soon be able to buy Bitcoin. However, JPMorgan will not provide custody services for these assets. Dimon reiterated his long-standing criticism of crypto, saying he is still “not a fan” of Bitcoin due to its use in illegal activities.
Dimon also argued that blockchain technology is overhyped, but the bank continues to operate in this area. JPMorgan’s Kinexys platform recently completed the first public blockchain transaction of tokenized US Treasury bonds. This step shows that JPMorgan is not completely closed to crypto technologies, despite its public skepticism.
Brazilian Fintech Méliuz Purchases $28 Million in Bitcoin
Méliuz, Brazil’s first publicly traded Bitcoin treasury firm, announced that it has made a new purchase of 274.5 BTC. The company completed this $28.4 million transaction at an average of $103,604. Méliuz, whose total BTC assets reached 320.2 BTC, took this step in line with its Bitcoin strategy, which has been widely approved by its shareholders. The company aims to add value to its shareholders by placing digital assets at the center of its long-term savings strategy.
Méliuz, which made its first BTC purchase in March, has since increased its share price by 116% from $0.68 to $1.47. The company’s step stands out as a reflection of the rapidly spreading institutional crypto adoption trend in Brazil. On the same day, New York-based DayDayCook also announced that it purchased 100 BTC and aims to reach 5,000 BTC in 36 months. Assets such as Ethereum and Solana are now finding more space in corporate treasuries.
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BITCOIN (BTC)
BTC is trading at $ 106,200 as of the morning hours with a 0.60% increase in value. The Bitcoin price is approaching the $ 106,450 resistance, which is watched as an important psychological threshold as it is the peak level of the recent rise. If the price breaks this resistance, a new ATH (all-time high) can be tested. Otherwise, a correction can be seen towards the 98,000–100,000 band, which previously worked as support. This area, also as a red demand area, has the potential to push the price back up. The general structure is still positive, but a break of the horizontal resistance will clarify the direction of the short-term trend.
ETHEREUM(ETH)
ETH is priced at $ 2,571 with a 1.72% gain as of the morning hours. Ethereum is trying to hold on above the Fibonacci 0.5 level of $ 2,532. Since this level also coincides with the horizontal support, it will be decisive in terms of direction in the short term. If this region is maintained, the price is likely to test the 2,623 resistance and then target above 2,700. However, in a downward break, there is a potential for a pullback to the 2.441 support.
RIPPLE(XRP)
XRP is trading at $ 2.3880 levels with a 0.32% gain as of the morning hours. The Ripple price is trying to recover with the support it received from the 2.3630 support. The price, which is currently balanced at 2.3880, is having difficulty surpassing the 2.4834 resistance. This level stands out as the area where the short-term downtrend and horizontal resistance intersect. In case of a breakout, the 2.6445 level may be the new target. However, if a daily close occurs below 2.3630 in the current structure, the price can be expected to ease towards the 2.2330 support.
AVALANCHE(AVAX)
AVAX is trading at $22.56 levels with a 1.35% gain as of the morning hours. Avalanche price is reacting upwards with purchases from the 22.00 region. However, the horizontal resistance zone at 23.03 has not been overcome yet. This level is of critical importance as it previously worked as both a supply zone and a short-term formation resistance. In case of an upward break, levels of 24.00 and above can be targeted. Otherwise, the probability of heading back to the green support zone below 21.00 will increase.
SOLANA(SOL)
SOL is trading at $169 levels with a 1.86% gain as of the morning hours. The Solana price has started to rise again with the reaction it received from the 166.26 support. This level represents a strong area that has worked as both support and resistance in previous price movements. If the upward movement continues, the first target will be the 176.27 resistance. This area also draws attention as a level where the recent peaks are concentrated and the selling pressure increases. In the short term, persistence above 166.26 can be interpreted in favor of the bull. Otherwise, the risk of the price pulling back to the 144.87 support may arise.
