*🏦 *Coinbase Challenges SEC’s Rulemaking Process, Argues for Clear Regulations on Digital AssetsCoinbase, Inc. has escalated its dispute with the Securities and Exchange Commission (SEC) by filing a reply brief in the Third Circuit Court of Appeals, arguing the necessity of clear rulemaking for the digital asset industry. The case underscores the ongoing tensions between regulators and the digital asset sector over compliance and operational standards.

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*🪙 *ARK Invest no longer a partner with 21 Shares for proposed spot Ethereum fundARK Invest will no longer be a partner with 21Shares for a proposed spot Ethereum fund, according to an amended registration statement filed late Friday. In a newly amended Form S-1, previously named Ark 21Shares Ethereum ETF was changed to 21Shares Core Ethereum ETF. A spokesperson for 21Shares confirmed the change in an emailed statement to The Block.

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*💰 *Bitcoin market split as buying and selling volumes remain the sameBitcoin's spot trading volumes over the past week reveal intriguing shifts in market activity and sentiment. The price saw notable volatility, peaking on May 25 at $69,270 but then dipping into a stabilization phase. A sharp decline in trading volume coincided with this peak, suggesting market hesitation. Then something intriguing happened—trading volumes began to climb again, with May 28 seeing a significant upswing despite a slight price decline to $68,280.

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*⬜️ *OKX withdraws VASP license application in Hong Kong
OKX announced it has withdrawn its VASP license application in Hong Kong on Friday. In a statement, the crypto exchange cited “careful consideration” of its business strategy as the motivation for the decision without elaborating further on the reasons why. OKX was unable to expand on the statement when asked by The Block.

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💰 Coinbase brings back XRP support for New York residentsCryptocurrency exchange Coinbase is re-introducing support for in New York. Coinbase Chief Legal Officer Paul Grewal said Thursday in a post on social media site X that New York-based customers will once again be able to buy and sell XRP on its website and mobile applications. The re-listing comes after Coinbase withdrew support for the token roughly four years ago due to a legal battle over the token's status as a security.

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🏦 Coinbase CEO Brian Armstrong says FIT21 can 'finally' create clear crypto regulationCoinbase CEO Brian Armstrong commented on the House of Representatives vote on FIT21, or the Financial Innovation and Technology for the 21st Century Act, on the social media platform X. Armstrong called it a "historic vote," adding that it will "finally start to create some clear rules to regulate crypto" if passed into law.

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🇺🇸 U.S. Senate Votes to Kill SEC's Crypto Accounting Policy, Testing Biden's Veto ThreatThe U.S. Senate joined the House of Representatives on Thursday in seeking to erase the controversial Securities and Exchange Commission (SEC) crypto policy known as Staff Accounting Bulletin No. 121, though President Joe Biden has vowed to veto the resolution. The Senate voted 60-38 on the effort to overturn the policy, commonly referred to as SAB 121.

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💰 Vanguard’s new CEO upholds firm’s stance against Bitcoin ETFs despite crypto enthusiasmVanguard’s newly appointed CEO, Salim Ramji, has scuttled notions that he might reverse the investment giant’s decision against launching a spot Bitcoin exchange-traded fund (ETF) due to his pro-crypto stance. Ramji, who will take over at Vanguard by June 8, previously headed BlackRock’s ETF division and was a crucial player in the launch of the asset manager spot Bitcoin ETF product IBIT. Notably, he left his BlackRock position in January.

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🇺🇸 DOJ charges 2 people over $25 million ETH theft via MEV exploitThe DOJ arrested and charged two individuals on May 15 over an alleged $25 million MEV exploit that occurred on the Ethereum blockchain. The defendants’ plan involved several steps focused on Ethereum’s maximal extractable value (MEV) — particularly the MEV-Boost software many Ethereum validators use to optimize transactions as searchers seek profitable arbitration opportunities using MEV bots.

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🇨🇦 Canadian financial regulator fines *🟠 *Binance 6 million CAD over money laundering violationsThe Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) issued a regulatory action against the crypto exchange giant Binance for allegedly violating money laundering rules. The regulator cited two violations: failing to register as a foreign money services business with FINTRAC and failing to report a virtual currency transaction surpassing $10,000 in a single trade.

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