The Wire PM: May 29, 2026

The Wire PM: May 29, 2026

Jamie Dimon goes after Brian Armstrong, vows to fight the Clarity Act. JPMorgan's CEO publicly attacked Coinbase's CEO over the crypto regulatory bill, arguing that stablecoin issuers paying interest on customer balances must be regulated as banks. Dimon wants the same capital, liquidity, and deposit insurance requirements that apply to traditional banking. Armstrong pushed back: banks should compete, not lobby for protective regulation. The clash has been building since Davos and now threatens to split corporate support for what was supposed to be bipartisan legislation.

Source: The Block

BTC hits six-week lows near $72.9K. Analysts see the floor at $72K. Bitcoin fell below $73,000 in late-session trading after U.S.-Iran strikes rattled risk assets and ETF outflows extended to a record nine consecutive days. Over $1 billion in margin crypto positions were liquidated in 24 hours, 93% of them longs. One analyst projects the dip ends around $72K if support holds. Bitcoin also dropped out of the global top 10 assets by market cap as its valuation slipped below $1.5 trillion.

Source: Cointelegraph

Sui network goes down again. Second outage in 48 hours, SUI down 20% on the week. A bug in Sui's v1.72 release caused a six-hour halt on May 28 and a second stall on May 29. The root cause: an interaction between a consensus commit fix and gas charging logic. The interim patch deployed after the first outage had a known low-probability failure mode, and the network hit it again. No user funds were lost, but the repeated downtime raises questions about Sui's production readiness at a time when Solana has maintained 100% uptime since February.

Source: Decrypt, The Block

Base ships Azul on mainnet. Withdrawals cut to one day. Coinbase's L2 activated its first independent network upgrade since departing the Optimism Superchain. Azul introduces multiproof verification (TEE + ZK) that slashes withdrawal finality from seven days to roughly one. The new client stack reduced empty blocks by 99% and sustained 5,000 TPS in burst tests. Permissionless ZK proofs can override permissioned TEE proofs if they conflict, a design Base says moves it closer to censorship resistance.

Source: The Block

Numbers (Updated)

• BTC: $73,105 (-0.5%)
• SOL: $82.09 (+0.1%)
• ETH: $2,001 (+0.05%)

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