[News Brief] May 6, morning | Republican U.S. Senator Bernie Moreno pushes crypto market structure bill

Republican U.S. Senator Bernie Moreno said he plans to advance a cryptocurrency market structure bill through committee review next week, send it to President Trump by the end of June, and seek his signature before July 4.

According to Bitcoin Magazine, Moreno made the remarks while signaling his intention to quickly establish a clearer regulatory framework for the U.S. crypto market.

The market structure bill focuses on clarifying oversight authority, trading rules, and the regulatory framework for crypto businesses. If the legislative process accelerates, expectations may grow for digital assets to become more firmly integrated into the U.S. financial system.

According to PANews, U.S. spot Bitcoin ETFs recorded net inflows of $467 million on May 5 Eastern Time, marking a fourth straight trading day of inflows.

The largest net inflow came from BlackRock's IBIT, which drew $251 million. Fidelity's FBTC also posted inflows of $133 million.

Meanwhile, Grayscale's GBTC saw net outflows of $18.3967 million. As of the time of reporting, total net assets of U.S. spot Bitcoin ETFs stood at $108.981 billion, while cumulative net inflows reached $59.717 billion.

The inflows are being interpreted as a sign that institutional capital is once again moving into spot Bitcoin ETFs.

According to PANews, spot Ethereum ETFs recorded total net inflows of $97.5728 million on May 5 Eastern Time, extending their streak of inflows to three consecutive trading days.

The product with the largest daily net inflow was BlackRock's ETHA, which attracted $69.485 million. Fidelity's FETH also recorded net inflows of $24.234 million.

As of the time of reporting, total net assets of spot Ethereum ETFs stood at $14.154 billion. ETF net assets accounted for 4.92% of Ethereum's total market capitalization, while cumulative net inflows reached $12.175 billion.

As inflows into spot Ethereum ETFs continue, the market is closely watching whether institutional demand is recovering.

According to a PANews report citing Cointelegraph, Morgan Stanley plans to begin spot cryptocurrency trading on its wealth management platform in the second half of this year.

Morgan Stanley also plans to expand integrated access to tokenized assets and cryptocurrency exchange-traded funds (ETFs).

If implemented, the plan could significantly broaden access to spot crypto investing through a major traditional finance wealth management channel.

Core Scientific plans to acquire Bitcoin mining company Polaris for $421 million to expand its U.S. AI data center business, according to PANews citing The Block.

According to the report, the acquisition would secure a 440-megawatt power supply agreement with Oklahoma Gas & Electric and support the company's expansion into AI and high-performance computing hosting.

Polaris' 40-acre campus is an energized operating facility located adjacent to Core Scientific's existing site in Muskogee, Oklahoma. The company aims to convert some of its Bitcoin mining sites in Texas, Georgia, North Carolina, and Oklahoma into high-density computing facilities and secure a total of 1 gigawatt of leased power at the Muskogee campus.

The deal is expected to close in the third quarter of 2026, subject to regulatory approvals.

The Korea Exchange has officially announced plans to launch digital asset derivatives in Busan, while also presenting a broader vision to develop the city into a global derivatives market hub.

According to panewslab.com, Korea Exchange Chairman Jeong Eun-bo said at the 30th anniversary ceremony of the Busan Derivatives Market that the exchange would actively pursue the introduction of digital asset derivatives. He also emphasized plans to make Busan South Korea's leading financial center for derivatives through measures such as hosting international conferences.

The remarks are seen as signaling the possibility of expanding institutionally regulated digital asset products using Korea's capital market infrastructure.

TD Cowen said disagreements over the interest-yield structure of stablecoins remain unresolved and could delay progress on U.S. crypto market structure legislation.

According to Odaily, TD Cowen believes this issue could also weigh on the chances of the bill passing within the year. Several banking industry groups, including the American Bankers Association (ABA), have formally opposed a compromise that would allow crypto platforms to provide users with interest income on stablecoins.

These groups argue that such a measure could disrupt the traditional banking sector. TD Cowen said the positions of banks and crypto platforms are directly at odds, making it difficult to find a middle-ground solution in the near term.

Debate has continued in the United States over both stablecoin regulation and crypto market structure legislation, and this issue has emerged as a key variable in the legislative process.

U.S. law enforcement authorities have seized the domain of BG Wealth Sharing, which is accused of operating a $150 million crypto Ponzi scheme.

According to Odaily, on-chain investigator ZachXBT said individuals tied to the scheme attempted to launder more than $92 million between April 27 and May 3, and that more than $41 million was frozen through cooperation among Tether, Binance, OKX, and U.S. law enforcement agencies.

BG Wealth Sharing was reportedly operating from 2025. The group used social media to attract retail investors by promoting guaranteed daily returns of 1.3% to 2.6%.

Shortly before the shutdown, CEO Steven Beard allegedly told users to pay an additional 12% of their account balances as taxes, citing 'IPO regulatory procedures.' Investors have viewed this as effectively a final attempt to extract funds.

Circle minted about 750 million additional USDC on the Solana blockchain over the past 24 hours.

According to Odaily, the update was reported via SolanaFloor. The issuance is viewed as part of a broader increase in stablecoin liquidity on the Solana network.

Upbit is set to list the WIF token on its KRW, BTC, and USDT markets.

According to PANews on the 6th, Upbit said in an official announcement that trading support for WIF would begin at 4:00 p.m. local time that day.

WIF is a Solana-based memecoin, and its listing on a major South Korean exchange is being seen as a factor that could boost liquidity expectations.