Market Watch | Bitcoin | $11,180 | 7 day Δ +2.2% | | Ethereum | $387 | 7 day Δ +23% | | XRP | $0.30 | 7 day Δ +33.2% | Prices as of 1 p.m. ET
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The SEC announced actions against many crypto entities before they received forgivable Paycheck Protection Program (PPP) loans. Recipients: - Recipients include PDX Partners, Victura Construction Group, Trinity Conglomerate LTD, The Self Sustaining Intentional Communities Coin, Tamarin Health, SimplyVital Health, Paragon Coin, ICOBox, GPB Capital Holdings, The Crypto Company, Cherubim Interests, Cherubim Custom Millworks, SecondMarket, Genesis Global Trading, Titanium Blockchain Infrastructure Services, Nocturne Limited, Gladius Network, UnitedData, Shopin, and Bitclave.
- Actions against these PPP recipients ranged from fines to criminal charges coordinated with other government bureaus. SimplyVital, for example, returned approximately $6.3m of its unregistered securities sale. More background on the above companies is available here.
- The U.S. Small Business Administration has named recipients of PPP loans above $150,000. It has anonymized recipients below $150,000.
Decrypt 
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Crypto exchange INX files Form F-1 with the SEC seeking approval for a $117m IPO. INX has downsized $13m from the original $130m IPO plan that it filed in March. More: - INX's exchange is not operational. It is in the process of obtaining SEC, FINRA, and EU approvals.
- INX requests permission to accept investment in USD as well as three cryptocurrencies: bitcoin, ether, and USD Coin (USDC).
- INX's executive managing director is Alan Silbert, the brother of Digital Currency Group and Grayscale Founder Barry Silbert.
SEC
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 Russia bans anonymous cryptocurrency wallet deposits. The action affects approximately 10 million Russian residents, and includes popular cryptocurrency wallet apps by VK, Yandex, WebMoney, PayPal, and Qiwi. More: - The use of cryptocurrency wallets after completing identify verification and linking a bank account to a wallet are still allowed.
- State-connected officials claim that the effect will be minimal because most Russians do not use cryptocurrency wallets anonymously.
- Vladimir Putin signed a law last week that classifies decentralized cryptocurrencies as property, which should be reported for tax purposes, and cannot be used to pay for goods nor services.
CoinTelegraph
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 According to Block Crypto, Binance wants to launch a U.S. futures trading service. Binance could accomplish this by acquiring a licensed company. Christopher Robins, Head of Legal at Binance.us, denies that cryptocurrency exchange is planning to launch futures trading. Robins could not comment on plans from Binance.com's leadership. More: - Regulations prohibit U.S. residents from trading on Binance's existing futures trading platform.
- ErisX's bitcoin and ether futures are listed on the U.S. Chicago Mercantile Exchange. Bakkt's bitcoin futures are listed on the Intercontinental Exchange.
- Other companies with CFTC Designated Contract Market approval include Bitnomial and LedgerX.
The Block Crypto
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 Five directors have left bitcoin mining company Canaan (NASDAQ:CAN). The company has appointed four new directors to its Board in an attempt to resolve ongoing infighting. More: - The departing directors are Jianping Kong, Qifeng Sun, Hong Zhang, Xiaohu Yang, and Mei Luo.
- Bitcoin mining rewards halved on May 12.
- Today's U.S. filing confirms some of last week's deletions from Canaan's corporate registry in China.
- Canaan's revenues declined 47% from 2018 to 2019.
- Canaan's valuation has declined 55% this year to $408m.
- Infighting is also plaguing Bitmain, Canaan's primary competitor in China. Bitmain co-founders Jihan Wu and Micree Zhan have been attacking one another since at least October 2019.
SEC
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Quick Hits: *This is sponsored content
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 |  | Written and curated by wide-eyed bitcoin watcher since $1, Aaron Wise. Streaming headline junkie, Associated Press fanboy, eye-strained news terminal watcher, 2017 founder of Cryptocurrency Newsfeed. Temporarily based in Florida while awaiting the construction of cryptopia. |  | | Editor | | | |
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