Eyes Wide Open — June 2

Chart of the Day

Ether Way. ETH reaching its all-time high above $4,300 has buoyed Ethereum miner revenue, which hit a staggering $2.35 billion in the month of May, posting a 42% increase compared to April. Moving in tandem is Ethereum transaction fees, which soared past $1 billion for the first time in history.

On the other hand, Bitcoin miners, who have just risen from the debris of one of the worst months in history, extended the April decline by another 15%, generating a total of $1.45 billion in revenue. It is also the first time since June 2017 that Ethereum miners have collectively generated more revenue than their Bitcoin counterparts. 

Talk of the Town

The U.S. Treasury has published its revenue explanations alongside the release of the Biden administration’s budget proposal. The explanations outline plans to expand the scope of crypto reporting by brokers — including exchanges and custodial wallets — to include beneficial owners of accounts, and the facilitation of information sharing in international reporting networks.

This step, which parallels the Financial Crimes Enforcement Network’s plan to monitor self-hosted wallets, is part of the broader aim to identify underlying beneficial ownership.