Crypto Morning Brief: U.S. SEC requests court to dismiss lawsuit against Binance, Plume Network co-founder passes away

Author: TechFlow

Yesterday's Market Developments

U.S. initial jobless claims for the week of May 24 reached 240,000, compared to an expected 230,000

According to Jin10 News, U.S. initial jobless claims for the week ending May 24 were reported at 240,000, up from the previous figure of 227,000 and higher than the expected 230,000.

Trump administration requests appeals court to pause tariff ruling

According to Jin10 News, the Trump administration has requested an appeals court to pause a tariff ruling. The U.S. government indicated it may ask the Supreme Court on Friday to maintain existing tariffs.

U.S. SEC files motion to dismiss lawsuit against Binance

According to The Block, the U.S. Securities and Exchange Commission (SEC) is seeking to dismiss its lawsuit against Binance, the world’s largest cryptocurrency exchange. Attorneys representing the SEC, Binance, and its former CEO Changpeng Zhao jointly filed a "stipulation of dismissal" with the U.S. District Court for the District of Columbia on Thursday.

Previously in 2023, the SEC sued Binance for operating unregistered exchanges and making false statements about trading controls. Later that year, Binance and Zhao admitted to violating the Bank Secrecy Act and agreed to pay over $4 billion to resolve investigations by the U.S. Department of Justice.

Under new SEC Chair Paul Atkins, the commission has recently dropped lawsuits against several prominent crypto firms including Coinbase, Uniswap, and OpenSea. The SEC stated that dismissing this case does not reflect its position on other ongoing litigation or proceedings.

Trump posts social media image featuring PEPE and his own likeness

U.S. President Trump posted an image on social media featuring himself alongside the meme token PEPE. The image includes the caption: "He carries God's mission; nothing can stop what is about to happen."

Arthur Hayes: Predicts Ethereum price could double to $5,000 this year

According to Decrypt, Arthur Hayes, co-founder of BitMEX, said at the Bitcoin 2025 Conference that Ethereum's price could reach between $4,000 and $5,000 this year. Hayes described Ethereum as currently being the "least popular Layer 1 blockchain," but believes this could present an investment opportunity during market cycle transitions.

Ethereum currently trades around $2,650. To reach Hayes’ predicted target of $5,000, the price would need to rise approximately 90%.

OpenSea officially launches OS2 and plans SEA token airdrop

According to CoinDesk, NFT marketplace OpenSea has officially opened its upgraded platform, OpenSea2 (OS2), to the public. The platform now supports token trading across 19 blockchains, signaling a strategic shift from a pure NFT marketplace toward broader cryptocurrency markets.

OpenSea co-founder and CEO Devin Finzer said OS2 forms the foundation of OpenSea’s next-generation platform. It also introduces a rewards program called "Voyages," where users earn XP points by completing basic activities, which can later be used to qualify for anticipated airdrops of the native SEA token.

Chief Marketing Officer Adam Hollander wrote in a blog post that the OpenSea Foundation will conduct the token generation event (TGE) only after a series of product rollouts, though no specific date has been set yet.

Nansen Points Program Season 1 to launch June 17

Alex Svanevik, CEO of on-chain analytics platform Nansen, announced that the first season of the Nansen Points Program will officially begin on June 17. Users can already start staking, subscribing, and referring—actions that will count toward their point balances.

Binance: Subsidies distributed to users who incurred over 10 USDT in network fees during PFVS airdrop

According to an official announcement, Binance stated: "Due to Ethereum network congestion during the PFVS airdrop, which led to high transaction fees, Binance Wallet has issued a total subsidy of 147,654.99 USDT to users whose network fees exceeded 10 USDT during that period."

The distribution has been completed, and users can check their spot accounts on the Binance website. (Subsidies for users in certain unsupported regions will be sent to their Binance wallet addresses.)

Fly (formerly Magpie Protocol) announces TGE scheduled for June 6

According to official news, decentralized liquidity aggregation protocol Fly (formerly Magpie Protocol) announced its token generation event (TGE) will take place on June 6.

Plume Network co-founder Eugene passes away unexpectedly this week

According to official news, Plume Network co-founder Eugene passed away earlier this week.

The Plume team expressed that Eugene was a brilliant and intellectually curious individual who dedicated immense effort to the project. The team is currently supporting one another through this difficult time. They remain committed to advancing the technology Eugene helped develop, promoting innovation and growth on-chain.

SOL Strategies files preliminary $1 billion base shelf prospectus

According to official news, Canadian publicly traded company SOL Strategies has filed a preliminary short-form base shelf prospectus with securities regulators across Canadian provinces and territories, aiming to raise up to $1 billion over the next two years through offerings of common shares, warrants, and other securities.

Once the prospectus receives final approval, the company will be authorized to issue common shares (including "at-the-market" offerings), warrants, subscription receipts, units, debt securities, or any combination thereof. CEO Leah Wald said this move enhances the company’s flexibility to seize investment opportunities within the Solana ecosystem. The company currently has no immediate plans to issue securities under this prospectus.

Market Movements

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