Author: John Smith

Galaxy Digital has launched an institutional over-the-counter prediction-markets desk, opening the service with a $10 million event swap tied to the Digital Asset Market Clarity Act. Summary Galaxy launched an institutional OTC prediction-markets desk with a $10 million event swap with Arca. The first trade allows Arca to take a position on whether the CLARITY Act will pass before 2027. Galaxy said the desk will support large trades on Kalshi and Polymarket that public order books cannot absorb. Galaxy said Tuesday that the desk operates within its Global Markets unit and serves institutional clients seeking exposure to non-sports event contracts…

Crypto-backed political groups have expanded their election spending as several US primaries test the industry’s influence in Congress. Summary Crypto-backed PACs have increased spending in US congressional primaries as digital asset policy becomes a key election issue. FEC filings show Protect Progress spent millions supporting Democratic candidates in California, New Jersey, Maryland, and New York. Fairshake-linked groups are targeting lawmakers based on their crypto policy positions as Congress reviews major digital asset bills. According to filings with the US Federal Election Commission, Fairshake-linked groups backed by Coinbase, Ripple, and other crypto supporters have directed millions of dollars into House and…

Brazil’s central bank has added mandatory independent audits to the licensing approval process for crypto service providers in the country. Summary Brazil’s central bank will require crypto service providers to submit independent audit reports when applying for or renewing licenses. The audits will review anti-money laundering controls, customer asset segregation, risk management systems, and employee compliance programs. The new rule could raise compliance costs for smaller crypto firms, while major exchanges may continue pursuing access to Brazil’s large market. According to the published rules cited in the report, crypto firms applying for authorization, or renewing an existing license, must submit…

Franklin Templeton has added its BENJI tokenized money market fund to MoonPay Trade, giving institutional clients a new route between stablecoins and tokenized fund products. Summary Franklin Templeton has added its BENJI tokenized money market fund to MoonPay Trade for institutional users. The partnership will allow institutions to swap stablecoins such as USDC and USDT for BENJI via MoonPay’s on-chain trading system. MoonPay said the deal expands its institutional business beyond crypto, fiat, and stablecoin services. According to a statement released Tuesday, the partnership will allow institutional users to swap USDC, USDT, and other stablecoins for Franklin Templeton’s tokenized money…

Bitcoin has fallen below $70,000 as capital continues to flow toward a narrow group of high-performing U.S. equity sectors, according to a new analysis from Binance Research. Summary Binance Research linked Bitcoin’s recent weakness to record levels of capital concentration in U.S. equities, with AI, defense, and energy sectors attracting investor flows. Bitcoin has remained under pressure as ETF outflows exceeded $3.4 billion over 11 trading days, while Mt. Gox wallet transfers and macro uncertainty weighed on sentiment. Binance Research said past periods of extreme stock market concentration were often followed by Bitcoin recoveries within weeks when no crypto specific…

A Polymarket trader has challenged the handling of a disputed market tied to Strategy’s Bitcoin sale, arguing that the written rules should count the sale date, not the disclosure date. Summary A trader says he bought 49,695.76 YES shares for about 35,000 USDC in the Strategy market. Strategy’s filing says it sold 32 BTC between May 26 and May 31 for about $2.5 million. The disputed market asks whether Strategy sold Bitcoin by May 31, but timing rules are contested. The dispute centers on the market asking whether MicroStrategy, now known as Strategy, would sell any Bitcoin by May 31,…

Kalshi has reportedly filed to certify perpetual futures tied to XRP, Solana, Dogecoin and other major crypto assets in the United States. Summary Kalshi reportedly filed to certify XRP, Solana, Dogecoin and other altcoin perpetual futures in the U.S. The move follows CFTC approval for Kalshi’s Bitcoin perpetual futures contract, known as BTCPERP. Kalshi’s reported XRP filing follows rising demand for regulated U.S. crypto derivatives products. The reported filing would expand Kalshi’s crypto derivatives plan beyond Bitcoin. A post from BankXRP said Kalshi filed to certify perpetual futures for XRP, SOL, DOGE and more altcoins in the U.S. The filing…

OpenSea may be preparing to add perpetual contracts, in a move that would take the NFT marketplace deeper into crypto trading. Summary OpenSea’s Zack Brenner asked users who wanted early access to perpetual contracts on the platform. Brenner later replied “YES” when asked whether Hyperliquid would power OpenSea’s planned perps feature. CoinGecko ranks OpenSea third in NFT marketplace volume, with a 19.9% monthly market share. OpenSea Product Marketing Lead Zack Brenner asked users on X who wanted early access to perpetual contracts on OpenSea. The post drew attention because it pointed to a possible new trading product from one of…

Robinhood has completed its $180 million acquisition of WonderFi and entered the Canadian crypto market with access to roughly 300,000 funded customer accounts and two of the country’s largest digital asset trading platforms. Summary Robinhood has completed its $180 million acquisition of WonderFi, bringing Canadian exchanges Bitbuy and Coinsquare under its umbrella. The deal adds about 300,000 funded customer accounts and gives Robinhood a regulated foothold in Canada’s crypto market. According to Robinhood’s announcement on Monday, the transaction brings Canadian crypto exchanges Bitbuy and Coinsquare into the company’s operations after the stock-based acquisition of Toronto-headquartered WonderFi. NEW: Robinhood acquires WonderFi…

Vitalik Buterin has proposed an options-based design for crypto index products that could reduce DeFi’s dependence on forced liquidations. Summary Vitalik Buterin proposed an options-based DeFi design to reduce reliance on sudden liquidation systems. Buterin said options contracts could help create crypto index assets without the need for collateralized debt positions. The proposed model could use slower oracles to reduce risks associated with manipulated price feeds. Buterin’s research post, published Monday, set out a model where index-tracking crypto assets use options contracts instead of collateralized debt positions, the structure used across many DeFi lending and synthetic asset systems. Buterin Proposes…