The Wire PM - May 31, 2026

The Wire PM - May 31, 2026

Cardano Foundation cancels 2026 summit after treasury vote fails. The Foundation confirmed it will not hold a live summit this year after DReps rejected a 14 million ADA (~$3.66M) treasury withdrawal request. The proposal sought funding for a Singapore event in October, but the budget nearly doubled the 2025 cost at a time when ADA's price had dropped sharply. The Foundation abstained from the vote to "avoid directing the outcome," leaving the decision entirely to community governance. ADA fell on the news. (The Block)

Vietnam proposes letting SMEs use digital assets as bank loan collateral. The Ministry of Finance released a draft amendment expanding acceptable collateral to include digital assets, virtual assets, and intellectual property. SMEs represent over 98% of registered businesses in Vietnam but capture only 19-20% of bank credit. The draft was open for public comment through May 29, with a National Assembly submission planned for October 2026 and a target launch in mid-2027. (Cointelegraph)

Senator Lummis warns China will "write the rules" if CLARITY Act stalls. "If the United States doesn't establish the global standard for digital asset regulation, someone else will. China is not waiting," Lummis posted on X. She argued that missing the 2026 window would push the next viable legislative opportunity to 2030, leaving developers without clear legal frameworks. The bill passed the Senate Banking Committee in May with a bipartisan 15-9 vote but faces opposition from the banking sector over stablecoin yield provisions. (Cointelegraph)

Bitcoin sentiment hits its most bullish ratio of 2026 per Santiment, but ETF outflows tell a different story. Social media bullish-to-bearish commentary reached 2.23:1, the highest of the year. The problem: the previous two peaks in that ratio preceded short-term pullbacks. Meanwhile, spot BTC ETFs logged their tenth consecutive day of outflows, with total redemptions exceeding $2.97B since May 15. The Fear & Greed Index sits at 23 (Extreme Fear), creating a sharp disconnect between retail optimism and institutional behavior. (Cointelegraph, CoinDesk)

Numbers (Updated)

• BTC: $73,806 (-2.6% 7d)
• SOL: $82.72 (-2.2% 7d)
• ETH: $2,020 (-2.5% 7d)

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