“Fed Whisperer”: The Federal Reserve’s independence stems from congressional authorization, hinting at non-presidential will.
May 3rd news, according to Jinshi reports, “Federal Reserve mouthpiece” Nick Timiraos said that the Federal Reserve’s autonomy, often referred to as its independence, stems from the institutional establishment of Congress.
Congress created a committee of officials with long, staggered terms, protected from removal, and gave the agency complete control over its budget (and buildings).
[PANews]
Fed’s Kashkari: May need to raise rates in some scenarios, open to concerns expressed by Waller
On May 3, according to JIN10, Neel Kashkari of the Federal Reserve stated that it is necessary to maintain an open mindset regarding the future of interest rate policy—the longer the war continues, the greater the inflationary pressure.
In certain scenarios, the Federal Reserve may need to raise interest rates, even if the war were to end entirely now, as supply chain recovery would still take several months. The Fed is deeply concerned about the downside risks stemming from the war, and the challenge it faces lies in the uncertainty surrounding the inflation trajectory. It looks forward to cooperation following the confirmation of Walsh’s nomination and remains open to some of the concerns expressed by Walsh.
[PANews]
Reuters: Iran’s largest crypto exchange Nobitex is linked to the family of Iran’s Supreme Leader
According to Reuters, Nobitex—the largest cryptocurrency exchange in Iran—was founded by members of the Kharrazi family, who maintain close ties with Iran’s top leadership. Investigations reveal that the exchange was established by brothers Ali and Mohammad Kharrazi, who previously used the surname “Aghamir” to conceal their connection to the Kharrazi family—a family long embedded within Iran’s political core, including historical links to Ali Khamenei and his successors.
The report states that Nobitex currently serves over 11 million users and dominates Iran’s cryptocurrency market. It has continued operating even during periods of heightened conflict between Iran and the United States and Israel—and even amid nationwide internet outages, it kept processing transactions. Analysts estimate that its trading volume exceeded USD 100 million during wartime, accompanied by substantial capital outflows overseas.
Moreover, multiple on-chain analytics firms have identified that the platform processed transactions linked to sanctioned entities, with estimated volumes ranging from USD 22 million to USD 366 million. Additional data shows that wallets associated with the Central Bank of Iran transferred hundreds of millions of dollars’ worth of crypto assets to Nobitex in 2025—widely believed to be an effort to circumvent financial sanctions. Nobitex has denied any governmental affiliation and stated that illicit transactions represent only a small fraction of its overall business.
[Foresight News]
a16z Crypto executive: The term “stablecoin” may gradually become obsolete
Robert Hackett, Head of Special Projects at a16z Crypto, wrote that the term “stablecoin” is gradually losing its relevance. Stablecoins were originally born in the high-volatility phase of the crypto market, so they emphasized the “stable” characteristic.
However, with the evolution of technology, stability has become the foundation for evolving into a global financial infrastructure. The focus of the crypto industry has shifted from “whether it is stable” to “what else can be built”. Stability has become a basic threshold rather than innovation itself.
Therefore, the name “stablecoin” is more like a patch for old problems than a definition of a new financial system. In the future, the concept of stablecoin may eventually fade into broader expressions such as “digital dollar” and “on-chain assets”, or even completely integrate into the underlying financial system, just as “electric light” replaced the concept of “electrical lighting”.
[Odaily]
Iranian media: An Iranian supertanker has broken through the US blockade
A very large crude carrier (VLCC) belonging to the National Iranian Tanker Company broke through the surveillance blockade imposed by “extraterritorial naval fleets.” The vessel was carrying over 1.9 million barrels of crude oil.
The report states that this demonstrates Iran’s strategies for managing its energy supply chain and evading surveillance by the U.S. Navy, and further proves Iran’s practical capabilities in ensuring the security of energy transportation.
[Odaily]
Particle Network Releases Next Phase Roadmap for Universal Accounts, Chain Abstraction Ecosystem Continues to Accelerate
Particle Network today announced the next phase of the Universal Accounts product roadmap, which will launch two new products in the coming months.
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Universal Deposit SDK: Developers only need about 10 lines of code to allow users to deposit assets from any chain into the application memory, greatly reducing the barrier to entry for multi-chain assets.
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Universal Agent Accounts: APIs and Dashboards for AI Agents, enabling AI Agents to own and manage their own Universal Accounts.
[PANews]
Michael Saylor: No purchases this week, back to work next week
MicroStrategy founder Michael Saylor posted on the X platform that he did not buy this week and will resume work next week.
[Odaily Planet Daily]
Details of Iran’s latest negotiation proposal disclosed: It includes three phases and involves “transforming the ceasefire into a comprehensive ceasefire within 30 days.”
May 3rd news, according to CCTV International News citing Al Jazeera, the latest negotiation proposal put forward by Iran includes three stages.
Among them, the first stage includes “transforming the ceasefire into a comprehensive truce within 30 days”, “determining the construction principles of an international mechanism that can guarantee that the war will not restart”, “achieving a ceasefire in all regions and both parties committing not to undermine the ceasefire, which includes all of Iran’s regional allies and Israel”, “gradually lifting the blockade of Iranian ports in a manner commensurate with the gradual opening of the Strait of Hormuz”, “Iran being responsible for clearing mines”, “readjusting the content of Iran’s previous proposals regarding compensation, etc.”, and “the US withdrawing from the waters around Iran and stopping new troop deployments”, etc.
[PANews]
Michael Saylor: Strategy did not purchase Bitcoin this week; purchases will resume next week.
Michael Saylor posted an update stating that MicroStrategy did not purchase Bitcoin this week and will resume purchases next week.
[ChainCatcher]
SpaceX’s upcoming IPO may trigger Wall Street to reallocate funds for subscription, potentially leading to the sale of billions of dollars’ worth of tech stocks.
On May 3, according to The Information, SpaceX is poised to launch a large-scale initial public offering (IPO), prompting major Wall Street funds to intensively adjust their holdings.
The report states that about one week ago, a dedicated aircraft bearing the SpaceX logo flew nearly 200 investors from major Wall Street funds to the southern tip of Texas for a multi-day roadshow presentation led by company executives. Due to overwhelming subscription demand, the aircraft was even unable to accommodate all interested investors.
As this company—comprising Elon Musk’s rocket and AI businesses—approaches its IPO, market participants are discussing which tech stocks to sell to free up capital for subscribing to SpaceX shares, an action expected to trigger tech-stock sell-offs totaling several billion dollars.
[PANews]
Planet Evening News
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CZ responds to security concerns about Binance’s over 200,000 BTC addresses: Addresses starting with 3 are likely multi-signature;
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dYdX Foundation: The community has approved the delisting of 4 trading pairs, including AKT-USD and GNO-USD;
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South Korea’s KB Financial Group partners with Pantera Capital to expand its digital asset strategy;
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Morgan Stanley increased its holdings by approximately 286 Bitcoin yesterday, bringing its total holdings to 2,620;
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DCG Founder: Bitcoin validates trillion-dollar demand, privacy coins like Zcash will benefit from “first-mover advantage”;
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10x Research Founder: BTC has stabilized above short-to-medium-term moving averages, and a dominance rate exceeding 60% releases a bullish signal;
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Draft statement: OPEC+ plans to increase production targets by 188,000 barrels/day starting in June;
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Galaxy Head of Research: Satoshi Nakamoto’s 1.10M BTC should not be used and PQ solutions need to be prepared in advance;
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Ethereum Foundation: The key goals of the Glamsterdam upgrade have been basically completed, and a consensus has been reached on the 200 million Gas Limit lower limit;
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ZachXBT: US law firm “piggyback claims” may hinder the recovery and compensation process for hacker victims.
Data: Monthly spending on crypto cards rises to $600 million, with USDT accounting for 62.5%.
Memento Research released data showing that the monthly consumption scale of crypto payment cards has risen to $600.00 million, a 6x increase compared to a year ago, with a cumulative on-chain transaction volume of $7.20 billion, a total of 24.00 million transactions completed, involving 1.36 million wallet addresses.
Among them:
- 62.5% of transactions are settled using Tether (USDT), indicating that stablecoins are gradually becoming the underlying infrastructure for consumer payments;
- Approximately 90% of transactions are completed through the Visa network;
- On-chain data also shows that the Solana ecosystem contributed approximately $348.00 million in transaction volume, while Jupiter’s Jupiter Global saw a month-on-month increase of 660.0%.
[Odaily]
Michael Saylor: Did not buy Bitcoin this week, will resume buying next week
Strategy founder Michael Saylor posted that he did not buy Bitcoin this week and will resume buying next week.
[Foresight News]
Today’s Market Pulse
Geopolitical tensions between Iran and Western powers are creating ripple effects across both traditional and cryptocurrency markets, while the Fed maintains a cautious stance amid evolving economic conditions and crypto infrastructure matures beyond volatility concerns.
Key Themes
1. Geopolitical Risk & Crypto Nexus
Iran’s activities demonstrate how geopolitical tensions are driving crypto adoption as both a financial workaround and strategic tool. The revelation that Nobitex, Iran’s largest exchange, has deep political connections and processed substantial volumes potentially linked to sanctioned entities highlights crypto’s growing role in circumventing traditional financial systems. Concurrently, Iran’s energy strategies, including breaking US blockades, underscore the broader geopolitical tensions that could impact global markets.
2. Federal Reserve Policy & Market Implications
Fed officials emphasize maintaining policy flexibility amid uncertainties. Kashkari’s comments about potential rate hikes in certain scenarios, particularly concerning inflationary pressures from ongoing conflicts, indicate that the Fed is carefully balancing risks. This cautious approach, combined with institutional reallocations potentially triggered by SpaceX’s IPO, suggests that market participants should brace for continued volatility as policymakers navigate complex economic conditions.
3. Crypto Market Maturation & Infrastructure Evolution
The crypto ecosystem is showing signs of structural maturity. The shift from “stablecoins” as a volatility hedge to becoming foundational infrastructure (as evidenced by USDT’s 62.5% dominance in crypto card transactions) signals a normalization of digital assets. Simultaneously, innovations like Particle Network’s Universal Accounts aim to reduce friction in multi-chain environments, indicating the industry is moving beyond simple store-of-value narratives toward building comprehensive financial infrastructure.
RichSilo Verdict
Smart money should monitor how geopolitical tensions evolve, particularly regarding Iran’s activities, as these could create both risks and opportunities in crypto markets. The Fed’s evolving stance on rates will be critical for risk sentiment, while the maturation of crypto infrastructure may unlock new institutional capital. Key catalysts to watch include further developments in Iran’s negotiations, potential Fed policy shifts, and the institutional adoption trajectory as crypto transitions from speculative asset to financial infrastructure.
