Zama: The cUSDC contract freeze has been lifted, and all systems have returned to normal.
Zama posted that Zama’s cUSDC contract and all USDC held by it have been restored to normal.
Previously, on May 29, a US court ordered Circle to temporarily freeze a contract agreement held by Zama in USDC without prior notice to Zama. This action was not directed at Zama or privacy issues, but to freeze funds related to an ongoing dispute between stakeholders of another unrelated agreement, Overnight Finance.
The same court has now lifted the freeze, finding that the freeze was not justified.
[Foresight News]
White House Issues Executive Order to Advance US AI Innovation and Cybersecurity
On June 2nd, according to the White House official website, US President Trump signed the Executive Order on “Promoting Innovation and Security in Advanced Artificial Intelligence,” emphasizing the enhancement of AI and cybersecurity capabilities through voluntary cooperation with the private sector, without establishing mandatory licensing or pre-approval systems.
The order requires the National Security System, the Department of War, the Department of Homeland Security, and CISA to prioritize the strengthening of information systems for federal and critical infrastructure within 30 days, and to promote AI-driven vulnerability detection tools and related federal funding.
The Treasury Department will lead the establishment of an AI cybersecurity “clearinghouse” to coordinate software vulnerability scanning and patching; it will also work with the NSA, CISA, and others to develop a security assessment and voluntary access framework for “covered frontier model,” allowing the government to have short-term access to the model before it is released to support critical infrastructure defense.
[PANews]
Ethereum researchers propose post-quantum public key registry as first step in quantum-safe migration
Ethereum researchers Thomas Coratger, Justin Drake, and others published a proposal on the Ethereum research forum on June 1, planning to establish a dedicated XMSS public key registry as the first concrete protocol upgrade for Ethereum’s migration to post-quantum cryptography.
The registry allows approximately 1 million validators to pre-register quantum-safe XMSS keys before a full switch to the BLS signature system, serving as an important “warm-up phase” to reduce the impact of subsequent switches on network stability.
This proposal has been included in the Ethereum Foundation’s protocol team’s Strawmap roadmap and is the first protocol fork on that roadmap.
[ChainCatcher]
CFTC Chairman Seeks to Rescind $5 million Settlement with Gemini
CFTC Chair Michael Selig stated that enforcement actions taken during the Biden administration were “politically targeted” against Gemini co-founders, and said he is pushing to correct how those cases were handled.
Under Michael Selig’s leadership, the CFTC last week requested a federal court to vacate the agency’s $5 million settlement with Gemini, reached in January 2025—prior to the Donald Trump administration taking over the commission.
Gemini co-founders Tyler Winklevoss and Cameron Winklevoss each donated $1 million to Donald Trump’s 2024 campaign and attended White House events, including the signing ceremony for the stablecoin-related GENIUS Act.
[Cointelegraph]
WTI crude oil breaks above $95 per barrel, up 0.59% on the day
According to Gate data, WTI crude oil has broken through $95 per barrel, up 0.59% on the day.
[Odaily Planet Daily News]
US exchange operators fall on concerns over perpetual futures risk, with CBOE Global Markets down 9%.
On June 2, U.S. exchange operators declined due to concerns over perpetual futures risks.
CBOE Global Markets fell by 9%, CME Group dropped 4.7%—its lowest level in over a year—and Intercontinental Exchange declined by 3.9%, nearing its two-year low.
[PANews]
Hyperliquid’s trading volume on some trading days exceeds Ethereum’s, and institutional funds are shifting to high-volatility assets such as HYPE.
On June 2, FalconX announced that on certain trading days, its trading volume on the decentralized derivatives platform Hyperliquid has surpassed that of Ethereum. Institutions and hedge funds are shifting from range-bound Bitcoin and Ethereum toward more volatile assets such as HYPE, Zcash, Venice, and AI-themed tokens.
FalconX noted that against a backdrop of macroeconomic uncertainty and outflows from spot ETFs, the implied volatility of BTC and ETH is near historic lows, prompting capital to seek higher-volatility assets.
[PANews]
Noble Mobile, founded by Andrew Yang, acquires Helium Mobile’s business
Helium Mobile, the mobile service provider for the Helium network, has been acquired by Noble Mobile—a low-cost mobile virtual network operator (MVNO) led by Andrew Yang, a former U.S. presidential candidate. Financial terms of the deal have not been disclosed. Helium Mobile previously offered a free mobile plan (which it recently discontinued) and stated that the merged company will provide low-cost service plans.
Frank Mong, Chief Operating Officer of Helium Mobile, said users should experience a smooth transition. This acquisition will not alter the Helium network’s business model, which rewards hotspot operators with Solana-based HNT tokens for providing network coverage to carriers and end users.
[Foresight News]
U.S. Secretary of State: The war in Iran has ended
U.S. Secretary of State Rubio: The war in Iran is over.
[Golden Ten Data]
Noble Mobile Acquires Cryptocurrency Wireless Carrier Helium Mobile
CoinDesk posted on the X platform that Andrew Yang’s Noble Mobile has acquired cryptocurrency-powered wireless carrier Helium Mobile, combining Noble’s mobile services business with Helium’s blockchain-based wireless network.
[Odaily Planet Daily]
JackYi: Over the next few months, the crypto market will experience a bottoming-out phase and volatile trading until ownership of tokens is fully transferred and the majority of participants exit the market.
JackYi, founder of Liquid Capital, tweeted: “The decline is smoother than expected. The biggest headwind is capital diversion from the stock market—facing AI, which boasts boundless imagination and fundamental support, narrative-driven crypto has fallen from ‘Little Sweetheart’ to ‘Madam Niu.’”
“The next few months will be a period of bottom-finding and volatile trading for crypto, until all positions are fully transferred and the majority of participants exit the market. During this time, focus on learning/investing in AI and gradually accumulating crypto at lower prices.”
[Foresight News]
Today’s Market Pulse
The crypto market navigates regulatory recalibration and institutional rotation, with legal uncertainties giving way to clarity while capital shifts toward higher-volatility assets amid broader macroeconomic uncertainty.
Key Themes
Regulatory Reshuffling
The US regulatory landscape shows significant shifts with the Zama cUSDC freeze lifting after court intervention, the CFTC under new leadership seeking to revisit enforcement actions against Gemini, and the White House prioritizing AI cybersecurity through voluntary private sector cooperation. This reshuffling creates both short-term uncertainty and potential clarity for crypto businesses operating in the US, with enforcement actions increasingly appearing politically motivated rather than purely based on market infractions. Near-term implications include potential reevaluations of past settlements and more collaborative approaches between regulators and industry players.
Technological Frontiers
Ethereum researchers advance quantum-safe migration with a proposed post-quantum public key registry, marking the first concrete protocol upgrade in the roadmap. Meanwhile, Hyperliquid’s trading volume occasionally surpassing Ethereum reflects growing institutional interest in decentralized derivatives platforms. This technological progression addresses critical security concerns while demonstrating the maturation of alternative crypto infrastructure, positioning both platforms as significant long-term value creators beyond current market volatility.
Institutional Rotation
Capital continues to flow toward higher-volatility assets like HYPE, Zcash, and AI-themed tokens as Bitcoin and Ethereum exhibit near-historic low implied volatility. This shift occurs amid outflows from spot ETFs and concerns about perpetual futures risk affecting traditional exchange operators like CBOE and CME. The rotation suggests sophisticated investors are seeking asymmetric opportunities in less saturated markets, potentially accelerating capital formation in emerging crypto verticals while testing the resilience of established infrastructure to changing market dynamics.
RichSilo Verdict
Smart money should monitor the CFTC’s regulatory direction under the new administration as a potential catalyst for market-friendly policies, while tracking quantum-resistant protocol developments as long-term value drivers. The institutional rotation toward higher-volatility assets presents tactical opportunities, but risks include premature positioning before market structure stabilizes and regulatory clarity is fully established. The confluence of AI regulatory focus and crypto’s evolving narrative could create unexpected synergies, particularly in infrastructure-focused projects that bridge both sectors.
