The Central Bank of Brazil will ban stablecoin and cryptocurrency cross-border payment settlements

May 3 (IRNA via FXStreet) — Iranian Foreign Minister Abbas Araghchi spoke separately by phone with his Japanese and Italian counterparts on Saturday, outlining Iran’s diplomatic efforts to end what it characterizes as US-Israeli aggression and stressing the need for the international community to act responsibly. In his call with Japanese Foreign Minister Toshimitsu Motegi, Araghchi discussed bilateral ties, regional developments, and Iran’s ongoing diplomatic initiatives to end the conflict and de-escalate tensions. He also spoke with Italian Foreign Minister Luigi Di Maio, focusing on the latest regional updates, ceasefire efforts, and diplomatic steps. Araghchi expressed regret over what he called unconstructive, irresponsible repetition of incorrect clichés by some European countries regarding Iran’s nuclear program, emphasizing the program is strictly peaceful. He urged those countries to condemn US and Israeli aggression and hold the two nations accountable for serious viol

May 3rd — Local time on May 3rd, Iranian Parliament member Mojtaba Zolnouri disclosed new details about the Islamabad talks on social media. Zolnouri stated the Islamabad negotiations were predicated on securing approval from Iran’s Supreme Leader. Beyond just authorization to negotiate, talks had to stay within the Supreme Leader’s framework: When the U.S. sought to discuss nuclear technology, the Iranian delegation was told the Supreme Leader had barred them from technical discussions on the matter; going forward, all decisions on this front will be made solely by the Supreme Leader. Additionally, the head of Iran’s Atomic Energy Organization has been barred from joining the negotiation team. (Source: Jinse)

New York State Attorney General Letitia James announced Wednesday, May 3, that the state has recovered more than $5 million from cryptocurrency platform Uphold over its role in promoting a fraudulent investment product. The settlement centers on Uphold’s promotion of CredEarn—a product offered by Cred LLC and its CEO Daniel Schatt. Between January 2019 and October 2020, Uphold marketed CredEarn on its platform and mobile app as a secure, reliable, high-yield savings product. However, the Attorney General’s office noted in a statement that Uphold failed to disclose to users that Cred was actually generating those returns by issuing small loans to low-income mobile gamers—individuals who typically have no credit history and limited access to traditional financial services.

**May 3rd Update** Per Coinglass data, Bitcoin has pulled back into consolidation following a surge. Current funding rates across major centralized (CEX) and decentralized (DEX) exchanges indicate lingering high short sentiment among traders. Specific rate details are in the attached image. **BlockBeats Note** A funding rate is a fee mechanism set by crypto exchanges to align perpetual contract prices with their underlying asset values. It involves capital transfers between long and short traders—exchanges do not collect this fee. The rate adjusts traders’ holding costs or profits to keep contract prices close to the underlying asset’s price. **Funding Rate Sentiment Signals** - 0.01% = baseline rate - >0.01% = generally bullish sentiment - <0.005% = generally bearish sentiment

May 3rd — Per alternative data, today’s Cryptocurrency Fear & Greed Index is 47 (up from 39 yesterday), with market sentiment shifting from "Fear" to "Neutral." Note: The Fear & Greed Index ranges from 0 to 100 and includes the following metrics (with their respective weights): - Volatility (25%) - Market Volume (25%) - Social Media Hype (15%) - Market Surveys (15%) - Bitcoin’s Market Dominance (10%) - Google Trends Analysis (10%)

**May 3 Update** BlackRock has pushed back against proposed reserve asset restrictions tied to the OCC’s draft rules implementing the GENIUS Act, submitting a 17-page comment letter on the final day of the agency’s 60-day comment window (which opened March 2 when the draft published in the Federal Register). The OCC posed more than 200 questions spanning reserve composition, capital requirements, custody, and income restrictions. BlackRock’s comments center on rules governing **Permitted Payment Stablecoin Issuers (PPSI)**—entities authorized to issue stablecoins as federal-chartered firms last July after a Trump-signed law took effect. The firm is urging the OCC to scrap a proposed 20% limit on tokenized reserve assets for PPSI, arguing the cap is “irrelevant” to the agency’s regulatory goals. BlackRock notes risk hinges on an asset’s credit quality, duration, and liquidity—not whether it’s held or transferred via a distributed ledger. This position ties directly to BlackRock