Plus: SEC's crypto roundtables end

GM. We tried cold-pressing the charts, but they fought back and now the kitchen’s on fire. Here's what made it into the glass.

⚖️ SEC crypto roundtables: key takeaways.

🍋 News drops: Hong Kong's testing their CBDC, crypto scams are getting worse + more

🍍 Market flavor today

Crypto Market Cap: $3.42T 2.15% (24H)
Name		Price	24H	7D
	Bitcoin BTC	$108,607.74	1.28%	2.30%
	Ethereum ETH	$2,735.09	8.39%	3.94%
	XRP XRP	$2.27	1.16%	2.01%
	BNB BNB	$658.22	0.89%	-0.99%
	Solana SOL	$157.60	2.16%	-2.67%

Ahhh… 🧘 The market feels like a breath of fresh air today.

Why? A couple of reasons:

1/ US-China trade talks

When the world's two biggest economies play nice, crypto investors get happy.

This became clear in May, when Bitcoin hit all-time highs after the US and China signed a 90-day trade agreement.

And they're at it again. The two met for trade talks in London yesterday, and rumor has it that the US might ease up on tech export restrictions if China gives them better access to rare earth materials (the stuff that goes into all our gadgets).

Nothing's confirmed, though, because the talks are still going on today. But just the possibility of good news has investors feeling bullish again.

2/ Buyers are back in town

After 4 months of mostly selling pressure, the bulls are charging back.

CryptoQuant's IT Tech noticed that the CVD (Cumulative Volume Delta) bars turned green = buyers are overpowering sellers again.

And who's doing the buying? Your uncle, maybe, idk. But also, the usual suspects:

• ETFs had $386.2M in inflows yesterday;

• Strategy bought another 1,045 BTC for ~$110.2M.

But before you start planning your lambo purchase... Bitfinex analysts are seeing some red flags: older Bitcoin holders are starting to sell.

And what happens if this selling pressure wins? Well, the analysts have mapped out where Bitcoin might find support if it starts dropping:

• $103,700 - first support level where buyers might step in;

• $97,100 - where recent buyers would break even;

• $95,600 - stronger support zone;

• $83,200 - the "oh sh*t" level where things could get ugly.

If Bitcoin falls to these levels, it's either going to bounce (because people see a good deal) or crash through (because people panic).

And the next big piece of news might decide which way it'd be.

🥝 Memecoin harvest

These tokens might've hacked life’s cheat codes 🕹️

Data as of 05:00 AM EST.

Check out these memecoins and plenty more here.

🥳 Yay to clearer rules

(Before we start, say "clearer rules" ten times fast.)

Ok, aaanyways... the SEC has officially finished their five-part crypto roundtable series that started in March.

Each one was basically them trying to figure out how tf to deal with crypto. And here's the TL;DR:

Roundtable #1. How do we classify crypto?

The first session focused on the question that's been haunting crypto for years: should digital assets be classified as securities?

We've already previously broken this one down here 👀

Roundtable #2. How do we regulate crypto trading platforms?

The SEC admitted that their current rules are kind of a mess when it comes to crypto trading platforms.

So, they suggested temporary fixes like exemptions and regulatory sandboxes while they figure out better long-term rules.

Oh, and no one’s still quite sure if the SEC or CFTC should be in charge - or both.

Roundtable #3. Crypto custody

Three main issues came up:

• What makes a "qualified custodian"?

• Can custodians store multiple users' assets in shared wallets?

• How to protect users when things go wrong?

Self-custody also got discussed, and the SEC noted that while it is important for some users, investment advisers still have to meet professional and legal responsibilities.

So, the regulator needs to decide when self-custody is okay vs when you need a regulated custodian.

Roundtable #4. Tokenization

Everyone agreed that:

• Tokenization doesn't create new asset types - it just puts existing stuff like stocks and bonds on-chain, so the legal treatment stays the same;

• Tokenization could be great (faster, cheaper, easier) if the SEC provides clear rules.

And, last but not least...

Roundtable #5. DeFi x 'Murica

SEC Chair Paul Atkins said that DeFi is peak American values: freedom, ownership, and innovation.

And because of that, people should be able to manage their own crypto without forced middlemen.

The SEC also clarified that just participating in blockchain networks (mining, staking, etc.) shouldn't count as securities activity.

And that writing DeFi code doesn’t make you a broker. But if you run or control a DeFi platform, you might still be under SEC oversight.

Overall, the roundtables covered major questions but left many issues unresolved.

Still, these discussions are a huge step forward - the SEC is finally engaging with the industry to figure out how to regulate crypto without killing innovation.

🍋 News drops

🤔 Curious about Bitget but don't want to dive in blind? Our review breaks down everything you need to know before you make your move.

🇭🇰 Hong Kong is now in stage two of testing their CBDC, and they're using Chainlink's cross-chain tech to make it happen. They wanna see if they can move digital money between different blockchains and actually use it to pay for stuff across these systems.

🚓 New York authorities busted a crypto company founder for allegedly helping smuggle over $500M from Russian banks into the US. The guy was helping Russians buy American tech they weren't supposed to have because of sanctions.

🕵️‍♂️ The UK government hired Andrew Small, an ex-cop who specializes in financial crimes, as their first crypto detective. His job is to hunt down crypto that people "forgot" to mention when they went bankrupt.

🚨 A new report shows crypto scams are getting worse. Now, scammers are using deepfake tech to make their cons even more convincing.

🍌 Juicy memes