The Blockchain Bulletin, May 2: Sony and Plume Bring Real Yields On-Chain

Hey folks! Welcome to the latest edition of the Blockchain Bulletin, where we provide you with significant developments that hit the market headlines over the past 24 hours. Sony Block Solutions Labs’ Soneium and blockchain platform Plume have partnered to bring real-world asset (RWA) yields on-chain. 

The integration uses SkyLink, a high-powered interoperability layer developed by Plume, to enable seamless staking and yield transfer on Soneium. With Soneium’s user base exceeding 5.1 million, this partnership would enable users to have direct access to institutional-grade RWA products without leaving the platform. 

Users can stake tokenized assets like U.S. Treasuries and earn real-world yields from the comfort of their blockchain wallets. This marks a significant step toward mainstream RWAfi (Real World Asset Finance), with Plume managing over $4 billion in tokenized assets across 180+ companies, including industry giant Ondo Finance.

Meanwhile, over 30 crypto giants have joined the Crypto Council for Innovation to turn up the heat on the SEC, demanding clarity on staking. In a letter submitted on April 30, addressed to  Hester Peirce, it stated that staking is vital for Proof-of-Stake (PoS) blockchains, enabling security and decentralization. Notably, the crypto firms stated that the current rules are unclear and potentially pose harm to U.S. innovation.

Further, the letter stressed the importance of transparency and stated that it is important for providers to disclose risks on slashing and also on how fees work. The letter also warned against rigid rules that might freeze market structures, hindering growth and blocking U.S. leadership in blockchain.

Related: Grayscale Pushes SEC to Allow Ethereum ETF Staking Rights  

On the other hand, Coinbase has stepped into the constitutional ring with the U.S. Supreme Court, submitting an amicus brief backing a lawsuit against the IRS over its sweeping data collection. The case stems from a 2016 IRS summons that initially sought info from over 500,000 Coinbase users—a request that eventually resulted in the IRS obtaining records on 8.9 million transactions across thousands of accounts.

Coinbase contends that this violates the Fourth Amendment, likening the IRS method of linking blockchain wallet activity to personal identities to mass surveillance. Thus, this states that the broad monitoring is a direct assault on user privacy and goes beyond the boundaries of the Constitution in pursuit of tax enforcement.

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