Cryptopolitan

The Trump administration has engaged the Iranian regime across different frontiers, but Tehran’s crypto stash, recently estimated at $7.7 billion, is the latest indicator of the scale of the fight ahead as the US moves to shut off every outlet the Iranian regime has found to stay in the fight despite sanctions.
Treasury Secretary Scott Bessent disclosed that the US has already frozen close to $500 million in cryptocurrency tied to Iran’s government, including $344 million seized in April alone, as reported by Cryptopolitan.
How much that affects the regime is another question, as recent reports have indicated that Iran has a steady flow of digital assets coming in, having launched a Bitcoin-denominated insurance product for ships passing through the Strait of Hormuz.
How much cryptocurrency does Iran have?
The $7.7 billion in digital asset holdings making the rounds took off after a Fox Business interview that cited an unnamed threat-detection data firm while discussing the Iranian regime’s total crypto holdings.
That number tracks with earlier Chainalysis data in pegging Iranian crypto holdings at $7.8 billion in 2025, with about 50% of that total attributed to Iran’s Islamic Revolutionary Guard Corps (IRGC).
As Chainalysis put it, the IRGC dominates “Iran’s economy more broadly,” but there are also regular Iranians, who account for a healthy chunk of the other 50%. According to Blockchain intelligence firm TRM Labs, Iranians traded $11.4 billion of crypto in 2024 and $10 billion in 2025.
What is Washington doing about Iran’s crypto reserves?
Treasury Secretary Scott Bessent disclosed that his department has sanctioned multiple wallets connected to the Iranian regime, warning that the US would “follow the money that Tehran is desperately attempting to move outside of the country and target all financial lifelines tied to the regime,” according to Fox Business.
The April freeze targeted two wallet addresses that the Office of Foreign Assets Control attributed to Iran’s central bank, Bank Markazi.
As cryptopolitan reported at the time, Tether helped block two wallets after US agencies flagged alleged unlawful activity.
TRM Labs reported that between March 2021 and late 2023, the sanctioned wallets received about $370 million across nearly 1,000 transactions.
TRM described the behavioral profile as “reserve infrastructure rather than operational wallets,” with less than 7% of inflows ever leaving the wallets, and none of those transfers were sent to identified exchange deposit addresses.
The wallet’s balances were dormant since late 2023 until the US froze the assets.
Why is Iran accumulating crypto?
Tehran has different reasons for turning to crypto. The US has limited control on the parallel financial system that Bitcoin and digital assets operate on, which helps Iran avoid sanctions.
There’s also the other issue that US and Israeli operations have decimated many of its traditional alternatives. For example, the collapse of conventional insurance options in the region has led to the introduction of a service called Hormuz Safe.
Iran’s Supreme National Security Council announced that a new body, the Persian Gulf Strait Authority, will oversee the insurance service, which offers Bitcoin-settled insurance coverage for cargo ships passing through the strait, according to Cryptopolitan.
The Iranian government claims the program could generate more than $10 billion annually. The platform’s website remains listed as “coming soon,” though Iranian state media has reported that policies are already being offered.
No country or shipping company has publicly expressed interest in Hormuz Safe.
Freezing Iran’s assets may not be enough
Industry observers say cryptocurrency’s transparent ledger may ultimately work against Iran. Others like Daniel Tannebaum, a senior fellow at the Atlantic Council, believe that asset freezes, while “meaningful,” are unlikely to shift Tehran’s war posture given how deeply sanctions have already been applied.
“The way to get at Iran at this point, because Iran is truly sanctioned out, is to go with the third country actors enabling them,” he told CNN.
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The Moscow Exchange intends to start trading cryptocurrencies once Russia enforces its digital-asset regulations in the coming weeks.
The platform is among a growing number of major financial institutions announcing crypto products and services ahead of the adoption of the new Russian law.
MOEX to begin cryptocurrency trading this summer
Russia’s main market for stocks and derivatives, the Moscow Exchange (MOEX), plans to soon offer clients the option to directly buy and sell digital coins.
According to Viktor Zhidkov, the chief executive of its operator, testing will begin in early summer, while full-scale crypto trading should commence later this year.
The exchange is currently “developing a concept for cryptocurrency trading” while waiting for Russian authorities to finalize the country’s comprehensive regulatory framework.
The platform’s management wants to see what shape and form it will take in the end to avoid making any mistakes, the chairman of the MOEX board told the business news outlet RBC.
“We are preparing testbeds so that our traditional infrastructure is ready,” the CEO said in an interview published Thursday, further elaborating:
“I think these tests will begin in early summer … These are standard access points to our order book … I believe we will successfully complete them.”
During the initial stage, only professional market participants will be admitted to the trials, Zhidkov noted, with slots available to as many as possible so that they can later provide such services to their clients.
MOEX expects to fully open its crypto trading market to customers by the end of the year, after the necessary legislation is passed and all other relevant regulations are introduced, he added.
While insisting the exchange needs to carefully prepare for that, taking into account all the risks that may arise, Viktor Zhidkov emphasized it is technically ready to process crypto trades.
His statements come after the head of the supervisory board of MOEX, Sergey Shvetsov, earlier said that the first crypto transactions on the platform would likely take place in early 2027.
Other players join race to offer regulated crypto services
Russia aims to adopt its law “On Digital Currency and Digital Rights” no later than July 1, 2026, as part of a legislative package meant to legalize crypto transactions in its economy.
The legislation is based on a policy announced by the Central Bank of Russia in December 2025, which envisages recognizing decentralized cryptocurrencies like Bitcoin as “monetary assets.”
It will also regulate operations with them, such as investment and trading, while expanding investor access to allow even non-qualified investors to acquire and exchange them, albeit under certain restrictions, such as a proposed annual purchase limit of around $4,000.
While dedicated crypto platforms will be able to obtain licenses for their activities, Russia’s approach is to rely heavily on its existing traditional infrastructure.
A number of major financial institutions are now joining the race to be ready to offer customers regulated crypto services and products as soon as that becomes legal.
Among them is Sberbank, the biggest lender in the country, which recently announced it will provide retail and corporate clients with crypto exchange, storage, credit, and tokenization services.
This will be done through a platform called Web3Gate, developed together with Rostelecom, which will give them access to popular public blockchain networks, including Bitcoin and Ethereum.
Sberbank and MOEX were among the first financial firms to present crypto derivatives on the Russian market after Bank of Russia authorized their offering in the spring of 2025.
The Moscow Exchange, which has been trading Bitcoin futures since last year, launched indices for several altcoins in May and later, futures contracts based on them, as reported by Cryptopolitan.
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Die U.S. Securities and Exchange Commission (SEC) hat den Start von „neuartigen ETFs“, einschließlich Event-Wetten-Produkten, aufgeschoben, nachdem Vorsitzender Paul S. Atkins um öffentliche Beiträge zu potenziellen Marktauswirkungen gebeten hat.
In einer Erklärung am Mittwoch sagte Paul Atkins, dass börsengehandelte Fonds (ETFs) ein „wichtiger Treiber für Innovationen auf den Wertpapiermärkten“ bleiben. Er fügte hinzu, dass die ETF-Vermögenswerte seit 2019 gestiegen sind.
Laut Atkins haben mehrere große Fondsanbieter freiwillig zugestimmt, die Einführung oder Wirksamkeit spezifischer ETF-Produkte zu verzögern, während die SEC die breiteren Marktfolgen bewertet.

Y-Combinator, one of the leading startup accelerators, offered a crypto package for fintech startups. The crypto deal offers curation and help with crypto infrastructure.
Y-Combinator showed crypto infrastructure is still essential and is here to stay. The leading venture capital firm and startup accelerator aims to enable more crypto startups and support builders with a wider toolset.
As Web3 and decentralized technologies are already well-established, Y-Combinator has already curated a list of the most common building tools for a smoother startup launch. The offer brings more attention to Web3 founders from a mainstream VC fund, at a time when interest in crypto is more subdued.
Y-Combinator has focused on stablecoin companies, API providers, and other startups with the goal of making Web3 access more seamless. Previous deals include companies like Infinite, a B2B stablecoin payment processor.
New accelerator program participants will have access to gas credits, access to nodes for specific networks, wallets, fiat on-ramps and swap facilities. The new offerings will be known as the Y Combinator crypto deals. The tools will also include on-chain data and audit services.
Despite the weakening crypto prices, Y-Combinator is dedicated to crypto startups. Y-Combinator is a Tier-1 fund with 83 crypto investments as a main source, and 391 co-investments in the crypto space.
Startups will have preferential access to services and infrastructure from Coinbase, Stripe, Phantom, the Solana Foundation, Circle, and more. The Web3 services are time-tested and reliable, avoiding the risks of building small Web3 startups with niche access tools, prone to exploits and hacks.
Y-Combinator offers crypto backing to selected teams
Eligible teams may have access to two main crypto packages. The YC Crypto starter pack is available for YC companies before acceptance. The services will be available to hackathon or meetup participants, and will be exclusive to YC events.
The starter pack is similar to the AI credit offerings, which add $20K in cloud credits and over $5,000 in credits for GPT, Claude, or Grok.
For teams already accepted and funded by Y Combinator, the requirements for the crypto pack include $10K in support value for network expenses, viable for two years. Y-Combinator also offers one year of free services and two years of 50% discounts.
The startup accelerator will start its selection process based on new batches of submissions, and may change its offer based on builder feedback. Currently, Y-Combinator is seeking submissions from crypto startups, fintech and crypto-adjacent startups.
Y-Combinator focuses on infrastructure startups
To date, Y-Combinator has a negative 54% return on its crypto startup investments, based on Cryptorank data. Despite this, the accelerator has not given up on crypto startups. Payments and payment platforms make up nearly a third of Y-Combinator investments, with a strong focus on other fintech startups, API services, and developer tools.
Y-Combinator focuses on payment and developer tool projects, with a total of 83 crypto startups in its portfolio. | Source: Cryptorank.
Y-Combinator combines its focus on fintech with eligible projects based on stablecoins and decentralized finance. Based on Cryptorank data, Y-Combinator was the most active investor in fintech for 2025.
Previously, the accelerator boosted leading companies like Coinbase and participated in the NFT boom through OpenSea. Overall, Y-Combinator has focused on the mainstream potential of crypto technology, especially stablecoins and payment gateways.
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Zcash sprang am Mittwoch um über 17% und erreichte ein Hoch von 690 $, ein Preisniveau, das seit November letzten Jahres nicht mehr gesehen wurde. Diese Rallye fand vor dem Hintergrund der Nachricht statt, dass die U.S. Securities and Exchange Commission ihre Untersuchung des Nonprofits ohne Vollstreckungsmaßnahmen abgeschlossen hat. Die Nachricht, die im Q1 2026 Bericht der Zcash-Stiftung veröffentlicht am 19. Mai bestätigt wurde, schließt ein großes regulatorisches Battle für Zcash ab.
Die SEC-Untersuchung zu Zcash reicht bis August 2023 zurück, als eine Vorladung im Fall "In der Angelegenheit bestimmter Krypto-Asset-Angebote" erfolgte. Mit dem Ende der Untersuchung beschrieb der Exekutivdirektor Alex Bornstein das erste Quartal 2026 als "eine der folgenreichsten" Phasen in der Geschichte der Stiftung.

One of South Korea’s largest payment firms, NHN KCP, is testing out stablecoin payments through a private Avalanche network. The test, which began on May 21, includes both online and offline payments and is among the largest stablecoin payment tests in the region.
The company processed ₩51.5 trillion, roughly $38 billion, in transaction volume last year, according to Ava Labs data.
Stablecoins are paying for lunch at NHN KCP
The system was co-developed with Ava Labs and runs on a dedicated Avalanche Layer 1 built specifically for payments infrastructure.
About 700 employees at NHN KCP’s headquarters currently use stablecoins for daily purchases at the company café and cafeteria. They scan QR codes and settlements complete in under two seconds.
In addition, the pilot is also linked to PAYCO, which is one of the most popular payment apps in Korea. The users of PAYCO can purchase and redeem gift certificates through the use of stablecoins.
NHN KCP launched a dashboard for tracking transaction and settlement activity in real time, designed so non-technical merchants can monitor blockchain-based payments without touching the underlying system.
Settlements run automatically through smart contracts between merchants and the processor.
A representative of NHN KCP revealed to the local press that the company will develop a full-stack payment solution that includes online and offline as well as merchant transactions within a unified structure.
Japan, Singapore, Thailand, and South Korea picked the same chain
A pattern is forming across Asia where large financial institutions are building payment and settlement systems on Avalanche infrastructure.
In Japan, TIS, responsible for processing around 50% of the country’s total credit card transactions, rolled out its Multi-Token Platform on Avalanche for minting stablecoins and security tokens.
Progmat will move its over $2 billion worth of tokenized assets in real estate and bonds from Corda to its very own Avalanche layer 1. The process is scheduled to complete by June 2026.
Banking giant SMBC is exploring around-the-clock global stablecoin transfers through the network.
In Singapore, StraitsX operates a dedicated Avalanche Layer 1 to settle regulated stablecoins XSGD and XUSD.
Through partnerships with Grab and Alipay+, the company is integrating stablecoin payments across Southeast Asian markets with blockchain mechanics invisible to end users.
In Thailand, KBank’s subsidiary Orbix Technology launched cross-border QR payments between Thailand and Singapore with instant foreign exchange settlement on Avalanche rails.
In South Korea, KB Kookmin Card, one of the country’s largest credit card companies, is building a hybrid model linking credit cards to digital wallets so customers can use both stablecoins and traditional credit on their existing cards.
As Cryptopolitan reported earlier this week, KB Financial tested KRW stablecoins for payments, remittances, and offline QR code transactions.
Commercial launch waits on the Digital Asset Basic Act
The regulatory framework that would govern stablecoin issuance and usage in South Korea is the Digital Asset Basic Act, currently being drafted by legislators.
The bill would establish licensing requirements for stablecoin issuers, define who can issue and distribute them, and determine whether they fall under electronic money regulations.
As Cryptopolitan reported, South Korean legislators postponed debate on the bill until after the June 3 local elections. The Financial Services Commission has indicated it will regulate stablecoins incrementally, beginning with strict issuance requirements from regulated entities.
NHN KCP has also filed trademarks for KRW-pegged and USD-pegged stablecoins, including one called USDW, per MEXC News. That signals the company intends to operate across both domestic and international payment rails once the regulatory framework is in place.
According to Justin Kim, the head of Ava Labs Asia, the release of the Layer 1 mainnet depends largely on the regulatory classification of the South Korean authorities for stablecoins and the issuance parties licensed by them.
NHN KCP will seek to grow beyond its existing pilot efforts by involving banks, merchants, and other payment providers.
There is no launch date for the commercial product at this time.
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Anthropic is on track to post its first quarterly operating profit, projecting $559 million on $10.9 billion in June-quarter revenue, more than double the $4.8 billion it recorded in Q1.
The Wall Street Journal reported the same figures earlier on Wednesday. The expected margin sits just under 5.1%, thin by software industry standards but a first for a frontier AI lab that told investors last summer it would not reach full-year profitability until at least 2028.
Revenue growth has been driven by developers building with Claude Code and enterprise clients using the Mythos model to find security flaws in production software.
These business products yield much more reliable recurring income than chatbot subscriptions by consumers, which explains why Anthropic is making money, whereas OpenAI remains in the red even as its sales soar.
SpaceX’s S-1 put a price on the compute
SpaceX’s S-1 filing, released Wednesday as part of its IPO process, revealed Anthropic will pay $1.25 billion each month for compute access running through May 2029.
The deal covers both of SpaceX’s AI training clusters, Colossus and Colossus II. Business Insider reported the arrangement could deliver more than $40 billion to SpaceX over the full contract term. Either side can terminate with 90 days’ notice, and fees are reduced during the capacity ramp-up this month and next.
Anthropic first announced the SpaceX partnership at its May developer conference. Chief Product Officer Ami Vora said the company would gain access to “more than 220,000 GPUs and over 300 megawatts of power capacity.”
With utilization fully maxed out, this means about $5,680 per GPU per month. The public cloud spot rates for similar Nvidia H100 machines on AWS, Azure, and Google Cloud tend to range from $1,500 to $3,000 per GPU per month.
The discrepancy shows that Anthropic is not only paying for computing power but also guaranteed access for three years, specialized infrastructure, and access to power.
As Cryptopolitan reported on May 6, CEO Dario Amodei disclosed that Anthropic grew 80-fold on an annualized basis in Q1, far exceeding the company’s internal projection of 10-fold. The SpaceX deal was announced the same day to address the compute shortage that growth created.
SpaceX is turning AI losses into a cloud business
SpaceX’s AI division posted a $2.5 billion operating loss against $818 million in Q1 revenue, per the S-1. Musk posted on X that SpaceX was in discussions with other companies about “offering AI compute as a service at significant scale,” signaling the company sees compute leasing as a revenue line beyond serving its own xAI models.
SpaceX merged with xAI earlier this year. The S-1 identified AI infrastructure as one of SpaceX’s largest future addressable markets. Research firm Dealroom has described the trend as part of the rise of “neocloud” providers, firms that lease GPU capacity outside the traditional hyperscale cloud market.
The Google-Blackstone AI cloud venture announced this week targets the same market with TPU-based compute rather than Nvidia GPUs.
Anthropic’s overall compute portfolio now spans multiple providers. It holds contracts for up to 5 gigawatts with Amazon, including nearly 1 gigawatt of new capacity by end of 2026. A separate 5-gigawatt deal with Google and Broadcom begins in 2027.
A strategic partnership with Microsoft and Nvidia covers $30 billion of Azure capacity. The SpaceX contract adds 300 megawatts on top of all of that.
The profit is real but the bill is enormous
The $559 million operating profit includes model training costs but excludes stock-based compensation. The operating profit figure also reflects a quarterly compute bill to SpaceX alone of $3.75 billion (three months at $1.25 billion per month).
At $10.9 billion in revenue, that means SpaceX’s compute costs consume roughly 34% of Anthropic’s top line before any other infrastructure spending is counted.
The 90-day termination clause in the SpaceX contract reflects how fast pricing and infrastructure needs are shifting. Anthropic may not remain profitable for the full year.
Reports suggest that the company plans to increase spending on computing and model training in the second half, which could push margins back into negative territory.
From the perspective of the broader artificial intelligence industry, Anthropic’s quarterly results are important because they answer a question that has followed every frontier lab since ChatGPT launched: Can this business model actually turn a profit?
The answer, at least for one quarter, seems to be yes. The viability of this will depend upon whether revenue continues to outstrip the compute bill.

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Missouri’s AG sued CoinFlip for knowingly allowing scammers to use its Bitcoin ATMs to steal money from residents and for charging fees as high as 22% without informing customers. The lawsuit seeks to shut the company’s doors in Missouri and impose a fine of up to $1.8 million.
The lawsuit was filed in the Circuit Court of Jasper County and names GPD Holdings LLC as the defendant.
According to Attorney General Catherine Hanaway, “Bitcoin and crypto ATMs are the new getaway cars for fraud, whisking away innocent people’s money to scammers, never to return.”
Who are the three victims in this lawsuit, and what happened to them?
The first victim is an 80-year-old military veteran scammed by a suspect under the alias Selina Lee in the fall of 2025.
Lee contacted the old man, claiming to have made a fortune from cryptocurrency, and encouraged him to invest through CoinFlip.
Without prior notice, the man sent Lee between $180,000 and $200,000 from September 2025 to March 2026. When Lee asked for more, the man sold his car and withdrew money from his investment accounts. He almost lost his apartment when a friend stepped in to pay his rent.
The veteran now lives off Social Security and has lost all his savings.
What’s worse is that the ATM never showed him the fees for all his transactions, and Lee simply told him there would be a fee of $5,000 to $15,000 per transaction.
The second victim (we’ll nickname her Jane Doe) was contacted by a woman who claimed to be a police officer with the Jefferson County Sheriff’s Office.
This happened in March 2026, and the caller told Jane that she had two warrants for missing jury duty. What made the fake officer sound more convincing was that she even knew about her jury duty exemption in August 2025, so Jane was inclined to believe her.
The caller then transferred Jane to another fake officer who texted her forms and told her she owed $10,000 to clear the warrants.
After Jane said she could not pay $10,000, the caller lowered the demand to $2,500, then to $1,000. Jane drove to the bank and withdrew $1,000, which she then took to a CoinFlip ATM at a vape shop.
An employee at the vape shop noticed and warned her that she was being scammed, but by then, the money was already gone.
Jane called the ATM number to report what happened, but the CoinFlip employee told her the best they could do was refund her $182.38. Transaction fee. However, she did not remember any notice about transaction fees when she used the machine.
The third, but probably not the last, victim was affected in April 2025. She got a call from someone claiming to be from the Boone County Sheriff’s Office, informing her about her arrest warrant.
The caller asked her to pay $9,600, but when she said she could not afford it, they told her to deposit $1,000 in a CoinFlip ATM.
She deposited $900, but when she tried to cancel the transaction after realizing it was a scam, it failed. She called CoinFlip, but they told her the money was already gone.
What does CoinFlip say about itself, and what does the lawsuit say is really happening?
CoinFlip claims its ATMs are a “safe option” for buying Bitcoin. The lawsuit even cites the company’s own website, which claims its Know Your Customer process acts as “a roadblock from criminal activities.”
However, the lawsuit says all these claims are simply window dressing. According to the company documents cited in the lawsuit, CoinFlip knows scammers use its machines for fraud.
The company even acknowledges that elder financial exploitation is “one of the fastest-growing forms of fraud” in its training materials.
But despite all that, the lawsuit claims CoinFlip continues to process transactions because it earns a fee on each one.
What are the hidden fees in this case?
The lawsuit claims that while CoinFlip displays a $2.99 fee on its ATM, the actual fee is hidden in its detailed Terms of Service document, which most people don’t read. These fees can even reach 21.9% of the total transaction value.
As per the lawsuit, if one person puts $100 into a CoinFlip machine, they only get about $75.76 worth of Bitcoin. That means more than 24% goes to CoinFlip, and the customer isn’t even informed about it.
According to the office of the Attorney General, CoinFlip could easily display the full transaction fee on the screen, but it knowingly hides it because it earns from fees.
The lawsuit is just part of a wider movement by US states to crack down on crypto ATM operators.
Bitcoin Depot was once the largest crypto ATM operator in North America with over 9,000 machines worldwide. However, the company filed for voluntary Chapter 11 bankruptcy in Texas last year after mounting legal judgments of over $25 million in the fourth quarter of 2025 alone.
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SpaceX-Präsidentin Gwynne Shotwell sagte dem FAA-Administrator Bryan Bedford, dass das Unternehmen innerhalb von fünf Jahren 10.000 Raketenstarts pro Jahr anstrebt. "Ich glaube nicht, dass wir heute der limitierende Faktor sind," fügte Bedford hinzu.
Das Ziel stimmt mit Elons Musks Beitrag vom 31. März auf X überein: "In 4 oder 5 Jahren wird es jede Stunde einen Start geben." Stündliche Starts würden jährlich etwa 8.760 ausmachen.
SpaceX fliegt derzeit etwa 160 Orbitalmissionen pro Jahr. Im Jahr 2025 wurden 154 Starts abgeschlossen, und bis Ende April 2026 wurden 50 erreicht, laut SpaceDaily. Die gesamte Welt hat im letzten Jahr etwa 250 Starts durchgeführt.

Tether now holds more control over XXI after buying out SoftBank’s entire stake in Twenty One Capital (NYSE: XXI) for $711 million. Softbank paid $1 billion for its stake but sold it at a loss of $288 million.
Tether published a press release on its website confirming the deal and now wants XXI to merge with Strike and Elektron Energy to become a full Bitcoin business.
What is Twenty One Capital?
Twenty One Capital is a public company listed on the New York Stock Exchange under the ticker XXI.
Its job is to buy and hold Bitcoin, and at launch, XXI entered the market with 43,514 Bitcoin in its treasury. Of this amount, Tether contributed 24,500, while its sister company, Bitfinex, contributed 7,000 Bitcoin.
At the time, the XXI was the third-largest corporate Bitcoin holder worldwide, with its Bitcoin valued at $4 billion.
Today, the company ranks second after Michael Saylor’s Strategy (MSTR) with a coin valuation of $3.4 billion.
Why did SoftBank sell, and what did it lose?
Softbank paid $999.3 millionfor the shares, but they later lost value and dropped to $771 million.
The cause of the drop is simple. XXI was going through a SPAC merger, and its stock peaked at $53 per share, which is common during such processes.
But reality set in after the company began trading as a regular public stock in December 2025. Since then, the stock has fallen about 83% from that peak.
Bitcoin also fell from its late 2024 highs of $100,000 to around $77,470 on the day Tether bought SoftBank’s stake, and the valuation of XXI also fell with it.
This is what Paolo Ardoino, CEO of Tether, had to say,
SoftBank’s involvement gave XXI the kind of institutional depth that few early-stage companies ever have. Their experience backing some of the most consequential technology companies in the world brought credibility, perspective, and discipline to XXI during a critical period of formation.
paolo Ardoino
As per the governance agreement that XXI signed at launch, two SoftBank board reps resigned immediately upon Tether closing the deal. But according to a filing, XXI plans to appoint replacements as soon as possible.
What does Tether plan to do now that it controls the board?
Tether had always held a majority stake in XXI, even before this deal.
According to the SEC filing reviewed by Cryptopolitan, Tether controls the Class B shares, which carry voting power, unlike the Class A shares most outside investors hold.
The only thing buying SoftBank’s stake does is remove one external voice on the board who could ask difficult questions about Tether’s planned future for XXI.
Tether has approval power over any Bitcoin sale, changes to financial management, mergers or acquisitions over $1 million, positions for the new CEO and CFO, and the accounting firm that audits the books.
The exchange already locked in these rights from day one, while Softbank only had a smaller version of these protections with its 20% stake.
Tether wants to turn XXI into more than a Bitcoin bank account
Tether released a press release on April 29, 2026, saying it wants XXI to merge with Strike and Elektron Energy.
Strike is a payments app by Jack Mallers that lets people transact in Bitcoin and even take out Bitcoin-backed loans. The company recently announced a $2.1 billion credit facility and offers loans with interest rates ranging from 10.5% per year for small positions to 7.49% for big players.
Elektron Energy, on the other hand, is a Bitcoin mining company that controls about 5% of the entire global Bitcoin network. The company is profitable at current prices because its all-in mining cost per Bitcoin is $60,000.
The merger between XXI, Strike, and Elektron Energy will give XXI real operating revenue from payment fees at Strike, mining profits from Elektron, and from financial products such as loans.
XXI won’t have to rely entirely on capital markets just to raise money to buy more Bitcoin.
However, there is a conflict of interest in the deal because Jack Mallers is the CEO of both XXI and Strike, so the merger will require a shareholder vote to close.
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The Trump administration is looking at a new order that would let US security agencies check powerful AI models before companies put them out for the public.
The plan came up in a White House briefing led by the Office of the National Cyber Director. The meeting included OpenAI, Anthropic, and Reflection AI, all private companies, so there are no stock tickers for them.
The order could be signed by Donald Trump as soon as Thursday. After the first mention, Trump is the name used here. The plan would set up a “voluntary framework” for companies building frontier AI systems.
Under that setup, AI firms would tell the US government before major launches. They could also give agencies access to advanced models up to 90 days before those models reach users.
Trump lets agencies check frontier AI systems before public launches
The AI section of the order will emphasize “covered frontier models,” which means that the government will first determine which AI technologies are sufficiently significant to receive additional review. This won’t involve an examination in one particular office but rather several agencies who will evaluate models before their release.
The expected executive order will have two key provisions, one related to cybersecurity and another one related to advanced AI models.
While the cybersecurity provision will target the Pentagon, national security agencies, hospitals, financial institutions, and other critical infrastructure throughout the country, the second provision is related to expanding the pool of cyber experts hired.
This includes increasing the number of employees at the US Tech Force – a program launched by OPM director Scott Kupor late last year. According to Scott Kupor, the purpose of the US Tech Force program was to recruit top-tier AI specialists in federal agencies.
The order would also push AI companies and the government to share more details about security breaches. That part is about speed. If a company finds a weak spot or gets hit, federal teams want that information faster, not three meetings and a dead inbox later.
Treasury builds a clearinghouse while NSA gets final AI review power
The Treasury Department would lead a voluntary project with AI companies and owners of critical infrastructure. That project would create a clearinghouse within 30 days. The job of the clearinghouse would be simple: find security holes and help fix them.
The Office of the National Cyber Director, the National Security Agency, and the Cybersecurity and Infrastructure Security Agency would support Treasury’s work. CISA and the National Institute of Standards and Technology would also help build the model review process.
The second section would give Treasury, CISA, and NIST 60 days to create a classified test process for deciding what counts as a covered frontier model.
White House chief of staff Susie Wiles, National Cyber Director Sean Cairncross, and Michael Kratsios, who leads the White House Office of Science and Technology Policy, would also take part. After that, Susie, Sean, and Michael would stay tied to the process through their offices.
The NSA would have the final say after speaking with the other agencies. The White House started meeting with tech and cyber groups after Anthropic showed Mythos last month to a small group of tech companies and security researchers.
A White House official called the reports “speculation” and said any real announcement would come from Trump. The drafting has also shown disagreements inside the Trump administration over how much review frontier AI models should face before launch.
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Hester Peirce, arguably the Securities and Exchange Commission’s most recognizable advocate for the cryptocurrency industry, will leave the agency this autumn to join Regent University School of Law in Virginia as an associate professor.
A university press release confirmed on Tuesday, May 19, that Peirce, widely known in the industry as “Crypto Mom,” will take up the post in November 2026, where she will teach securities regulation, financial markets, digital assets, and public policy.
The appointment is also a reminder that Peirce’s eight-year run at the SEC is drawing to a close. Her second five-year term officially expired in June 2025; however, commissioners may remain in post for up to eighteen more months until a replacement is confirmed by the Senate. This means that Peirce could remain in her post till December 2026.
Gregory F. Jacob, who previously served as counsel to Vice President Mike Pence, among several roles in what has turned out to be a stellar career, is also joining Regent University School of Law as the senior associate dean and associate professor.
How did Peirce direct the SEC’s relationship with crypto?
Peirce was first sworn in as a commissioner in January 2018 after being confirmed by the Senate to fill a Republican vacancy. She was reconfirmed for a second term in August 2020. From the outset, she distinguished herself as a consistent, often lonely, dissenter against what she saw as the agency’s enforcement-first posture toward digital assets. Her nickname was derived from that stance, and it stuck.
However, thanks to changing political winds, Peirce is now in good company, having moved from dissenting to leading a Crypto Task Force for the SEC.
The SEC appointed Peirce to lead a newly formed Crypto Task Force, a working group charged with developing a clear and practical regulatory framework for digital assets, replacing the agency’s previous strategy of managing the sector primarily through enforcement action.
The SEC dropped or settled a string of enforcement cases against Coinbase, Gemini, Kraken, Robinhood, and others that had defined the Gensler era. Speaking at an industry event, she told the audience she was sorry that “over most of my tenure at the SEC, I failed to convince my colleagues in government to give you a chance.”
Crypto Mom still has unfinished business
In conversations with industry and legal groups this year, Peirce outlined hopes to advance new rule proposals, develop an innovation exemption to allow firms to test trading in tokenized securities, and embed crypto expertise across the SEC’s permanent staff so that the institutional knowledge would outlast any single commissioner.
In one of her most recent public remarks, delivered on May 8 at the SEC’s annual Conference on Financial Markets Regulation, Peirce stated that the proper response to today’s trading environment, with its proliferating options products, retail-driven prediction markets, and crypto ETFs, was restraint grounded in law, not intervention.
She was careful to note that such restraint was not a regulatory endorsement of any product, saying that “people should read absolutely nothing about what the SEC or anyone who works here thinks about a product’s usefulness or longevity from the fact that it has gone live on SEC-regulated markets.”
What happens to crypto regulation at the SEC without her?
Peirce departs as the Atkins-led SEC presses forward with its own reform agenda. The same day the Regent University appointment was announced, the commission proposed amendments to its registered offering framework, stating that it would be the most significant modernization of that framework in over two decades if adopted, alongside changes to ease reporting burdens on smaller public companies.
SEC Chairman Paul Atkins, who described the proposals as the foundation of his plan to “Make IPOs Great Again,” has long shared Peirce’s instinct for lighter-touch regulation. She had previously served as his counsel when he was a commissioner.
How much the crypto regulation scene will change is yet to be seen, but some quarters in the crypto industry still see this as a loss of one of its biggest internal cheerleaders.
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Eleven months after its launch at Trump Tower, Trump Mobile is facing a barrage of scandals involving customer privacy violations, misleading advertising, and potential fraud.
Aside from these problems, the company, promoted by Donald Trump Jr. and Eric Trump, is now the subject of an official inquiry from a U.S. Senator.
Is Trump Mobile leaking my address and phone number?
Popular YouTube investigators Coffeezilla and penguinz0 (Cr1TiKaL) recently released videos warning the public about a security vulnerability on the official Trump Mobile website after they were contacted by a security researcher.
Both YouTubers were contacted because they ordered the gold-colored T1 phone, which they clarified was bought out of curiosity, not political support. The researcher contacted them specifically because their personal information, like their mailing and email addresses, was found sitting in an exposed database.
“Do not order on trumpmobile.com unless you’re ready for your information to be leaked. It’s basically that bad,” Coffeezilla said in his video.
The researcher and penguinz0 said they had tried repeatedly to contact Trump Mobile but were met with no response. However, PCMag reported that the company’s customer support acknowledged the issue and said it was “working on a fix,” though no timeline was provided.
The security flaw reportedly allows anyone with basic technical knowledge to scrape the entire pre-order database, including names, physical addresses, and email addresses.
Some media outlets previously cited an estimate of 590,000 pre-orders for the Trump phone, but the unique IDs in the leak show only approximately 30,000 total phone orders from roughly 10,000 unique customers.
Is the Trump T1 phone really ‘Made in America’?
Senator Mark Warner, Vice Chairman of the Senate Select Committee on Intelligence and a former tech entrepreneur who co-founded the wireless firm Nextel, recently sent a detailed letter to Trump Mobile CEO Patrick O’Brien.
In the letter, Warner noted that when the company launched in June 2025 at Trump Tower, it promised “the highest levels of quality and service” and a “made-in-America” cell phone.
Nearly one year later, reports that the $499 T1 phone appears to be the same device available from online sellers for approximately $175, and is likely manufactured in China emerged. Many have pointed out that the phone looks nearly identical to a two-year-old HTC model (HTC U24 Pro), suggesting it is simply a rebranded device.
“Trump Mobile’s shifting strategy raises questions as to the identities of the companies from which Trump Mobile sources its phones and components, and what security and privacy precautions, if any, Trump Mobile has undertaken,” Warner wrote.
He gave the company until May 25, 2026, to answer 14 specific questions, including whether any components for the phone are gotten from China and exactly which original equipment manufacturers (OEMs) supply the motherboard, CPU, battery, modem, and camera systems.
Further embarrassing the company, observers noted that the American flag printed on the T1 phone has only 11 stripes instead of 13. Some have suggested the graphic designer intended the “TRUMP MOBILE” logo to act as the 12th stripe.
What happens to the $59 million in customer deposits?
At launch, Trump Mobile collected $100 deposits from customers eager to secure the T1 phone. Based on the original estimate of 590,000 pre-orders, that totaled roughly $59 million. However, information from the leaked data suggests the real amount is approximately $3 million in deposits currently held by the company.
Regardless of the total, customers face the same problem: the phone may never arrive. Senator Warner wrote in his letter that Trump Mobile quietly changed its pre-order terms to state that the deposit “does not create a contract for sale” and that the company “does not guarantee that a Device will be produced or made available for purchase.”
Warner also questioned the company’s cellular service plan. The “47 Plan” is advertised as “Unlimited Talk, Text & Data” for $47.45 per month. However, the fine print reveals that the data speeds are reduced after 20GB is consumed in a 30-day period. Group calls or conference calls on the device “may cost extra,” and video content “may be slow to load.”
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SpaceX hat seinen IPO-Plan mit einem neuen SEC-Antrag öffentlich gemacht, und das Unternehmen möchte unter dem Ticker SPCX an der Nasdaq handeln.
Elon leitet bereits Tesla (NASDAQ: TSLA), daher könnte ein starker Debüt ihn an der Spitze von zwei börsennotierten Unternehmen halten, die jeweils um die Billionen-Dollar-Marke bewertet werden.
Das Unternehmen hat seine IPO-Unterlagen erstmals im April privat an die Regulierungsbehörden gesendet. Der öffentliche Antrag gibt den Investoren jetzt die Zahlen. SpaceX plant eine Roadshow am 8. Juni, um den Deal großen Fonds zu verkaufen.
Elon hält 85% der Stimmrechte, mit 849,5 Millionen Klasse A Aktien und 5,57 Milliarden Klasse B Aktien. Der Antrag besagt auch, dass niemand sonst, weder eine Person noch eine Entität, mehr als 5% des Unternehmens besitzt.

According to Federal Reserve minutes released on Wednesday, officials are predicting that interest rates will go higher if inflation refuses to fall back to the Fed’s 2% target, after fresh data showed prices rising again and markets started treating another hike as a real risk.
As Cryptopolitan previously reported, the Fed kept its target range for the federal funds rate at 3.5% to 3.75% on April 30.
But pressure came from almost every corner of the economy. The Middle East conflict pushed oil prices higher, lifted near-term inflation expectations, hit shipping costs, raised airfares, and caused price jumps in fertilizer and other commodities.
Fed officials keep rates high as inflation data gets worse
Officials said inflation had gone up again and stayed above target, and core inflation also stayed too high.
Several officials tied the goods-price pressure to tariffs, while others said fuel costs were feeding into shipping and plane tickets. Some also pointed to information technology and software prices, though a few said software costs may not be a good guide for future inflation.
“Effective April 30, 2026, the Federal Open Market Committee directs the Desk to undertake open market operations as necessary to maintain the federal funds rate in a target range of 3-1/2 to 3-3/4 percent,” said the Fed.
Markets were not betting hard on cuts anymore. Options pricing showed about a 30% chance of a rate hike by the first quarter of 2027. The Desk survey still showed two 25 basis point cuts over the next year, but traders pushed them later, into the third or fourth quarter of 2026 and the first quarter of 2027.
“Conduct standing overnight repurchase agreement operations at a rate of 3.75 percent.”
The labor market seemed stable, with no signs of overheating. The unemployment rate was at 4.3 percent in March and had been stable for a while, since mid-2025.
The Fed commented on an increase in employment in March despite its decline during February due to a strike in the health-care industry and unusually cold weather. Wages increased by 3.5 percent compared to the same month of the previous year; however, that figure was still 0.7 percentage point less than last year.
Fed officials renew liquidity tools as new chair Warsh targets the balance sheet
On the other hand, the real GDP performance improved in Q1 because of the reduced effects of the government shutdown. Trade had a negative impact since imports were growing faster than exports, driven by high-technology products. The rate of growth in private domestic final purchases, which include both consumer expenditures and private investment, was slightly better compared to its average annual rate.
Inflation levels in foreign countries were close to target levels, but in March data showed rising inflation rates due to rising energy prices, as per the Federal Reserve. Foreign central banks maintained their policy stances. According to the Fed, standing overnight reverse repurchase agreements operations would take place at an offering rate of 3.5 percent with a cap of $160 billion daily per counterparty.
Money markets stayed calm, as the effective federal funds rate sat 1 basis point below the interest on reserve balances rate. Repo rates stayed close to that same level, with quarter-end and the April tax date did not cause major funding stress. The overnight reverse repo facility saw little use. Standing repo activity was mostly limited to April 15, when tax payments pulled reserves lower.
The Fed renewed dollar and foreign currency swap lines with the Bank of Canada, Bank of England, Bank of Japan, European Central Bank, and Swiss National Bank. It also renewed reciprocal currency deals with the Bank of Canada and Bank of Mexico under the North American Framework Agreement of 1994. The Committee approved the Desk’s domestic transactions. There were no foreign currency interventions.
“Roll over at auction all principal payments from the Federal Reserve’s holdings of Treasury securities. Reinvest all principal payments from the Federal Reserve’s holdings of agency securities into Treasury bills.”
Incoming Federal Reserve chief Kevin Warsh wants a smaller bond portfolio, but that plan may hit limits fast. The Fed’s assets rose from about $800 billion before the 2008 crisis to almost $9 trillion in 2022, then fell to $6.7 trillion after three years of runoff.
The balance sheet started growing again after funding stress appeared last December. Kevin said:
“As it’s grown its balance sheet, grown its imprimatur on the economy, those with financial assets have benefited. If we were to cut rates, a broader number of people will benefit from it, versus quantitative easing, which tends to move through financial assets first.”
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Strategy Inc. hält jetzt mehr Bitcoin als jede andere Institution, aber die Bitcoin-Preise sind dennoch auf ein Drei-Wochen-Tief gefallen.
Das Unternehmen hat in diesem Jahr 171.238 BTC gekauft, weit mehr als die rund 62.000 BTC, die im gleichen Zeitraum global geschürft wurden.
Die Strategie besteht darin, Bitcoin fast dreimal schneller zu kaufen, als die Miner ihn produzieren können, doch die Preise bleiben unter Druck, da Geld aus den Krypto-Fonds von Wall Street abfließt und die Inflationssorgen anhalten.
Die Strategie überholt BlackRock als größten Inhaber.
Laut Cryptopolitan hat die Strategie kürzlich eine weitere bedeutende Akquisition getätigt und 2,01 Milliarden Dollar ausgegeben, um 24.869 BTC zu einem Durchschnittspreis von 80.985 Dollar pro Coin zu erwerben.

Das Drift-Protokoll hat angekündigt, dass die Einleger des Versicherungfonds ihre Einsätze abziehen können, sobald das Protokoll neu startet. Allerdings führte das Update zu einer frustrierten Reaktion von einer Nutzerbasis, die sichtbar ungeduldig mit dem Tempo des Wiederherstellungsprozesses von Drift geworden ist.
Das Update, das am Mittwoch, den 20. Mai, auf X geteilt wurde, kommt sieben Wochen nach einem $280 Millionen Exploit, der die Solana-basierte Börse offline zwang.
Seit dem Angriff am 1. April, der mit einem DPRK-affiliierten Bedrohungsakteur in Verbindung steht, hat die Drift-Community gegen die Wiederherstellungsmeilensteine der Plattform protestiert.

The joint venture of European banks Qivalis, set to launch a euro-backed stablecoin this year, has added 25 new members.
The financial institutions from a number of EU nations are bringing the total number of participants in the ambitious project to 37.
Qivalis adds new members in major expansion
Over two dozen banks have joined Qivalis, the consortium established to issue a euro-denominated alternative to dollar-pegged stablecoins, which dominate this segment.
Some of Europe’s largest banking organizations teamed up to realize the idea a few months ago. Others have backed it since. And the current wave is a significant increase in participation.
Announcing its latest expansion in a post on X on Wednesday, the group also unveiled that the cryptocurrency is slated to appear in the second half of 2026.
Qivalis took the opportunity to reiterate its main goal – to issue a “native, regulated euro in the on-chain financial system.”
We are not just building a euro stablecoin; we are laying the European financial rails of the future.
25 new banks have joined Qivalis today – bringing our consortium to 37 major institutions united behind one mission: a native, regulated euro in the on-chain financial system,… pic.twitter.com/J3DTm2uc0y
— qivalis (@qivaliseu) May 20, 2026
Commenting on the inclusion of new members, the Chief Financial Officer of Qivalis, Dutch financial and digital assets expert Floris Lugt, described the development as a “revolutionary moment,” stating:
“The potential of blockchain technology has consistently gone unrealized because banks did not support it. That is about to change.”
Two banks from the Netherlands, ABN Amro and Rabobank, have now joined the Amsterdam-based consortium. ING was among its founders last fall.
Financieele Dagblad, the country’s leading business daily, which quoted Lugt, wrote that the move marks a significant shift in the stance of major Dutch banks towards digital currencies and assets.
Nine banks launched the project in September 2025, including giants like ING, the Belgian KBC, Italy’s UniCredit, and the Austrian Raiffeisen. France’s BNP Paribas became part of it later.
Spain’s Banco Sabadell was accepted earlier in May, taking the total to 12 banks at the time, as reported by Cryptopolitan. Another five Spanish banks were added this week.
With the 25 joining now, the club already numbers 37 banks, coming from all corners of the Old Continent, from Iceland and Sweden, to Poland, Italy, and Greece.
Qivalis CEO Jan-Oliver Sell called the expansion of the consortium “a giant leap toward an open and compliant on-chain ecosystem for the euro”.
Euro stablecoin to enter dollar-dominated space
Unlike decentralized cryptocurrencies like Bitcoin and Ethereum, most stablecoins are tied to a fiat currency by their issuer to keep their price stable. They are widely used in crypto trading.
The global stablecoin market, which according to Citigroup may reach $4 trillion this decade, is heavily dominated by digital currencies pegged to the U.S. dollar, such as Tether’s USDT and Circle’s USDC.
EU officials have been expressing concerns that this growth may flood Europe with digitalized dollars and undermine Frankfurt’s monetary policy.
However, that hasn’t translated into support for euro stablecoins. The case for them is “far weaker than it appears,” according to a recent statement by ECB President Christine Lagarde.
Earlier this month, she warned that even they present a risk to financial stability and said that stablecoins are not an efficient way to strengthen the international role of the common currency.
The expansion of the Qivalis project comes as the European Union is trying to implement its Markets in Crypto Assets (MiCA) regulations across all member states.
The comprehensive framework was adopted in 2023 and came into effect in 2024, but not all EU countries have transposed its provisions into national law yet.
Representatives of AIB and Bank of Ireland, two Irish banks that are joining Qivalis now, insisted in comments for the local press that the euro stablecoin will be fully compliant with MiCA.
Qivalis CFO Floris Lugt assured the group shares the EU’s concerns and is addressing them while developing the regulated crypto, which will be backed by bank deposits and other assets.
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Bumo Sarang, a South Korean funeral mutual aid company, recorded 49.3 billion won ($33 million) in unrealized losses after an audit revealed where it was investing its customers’ prepayment funds.
The money was put into a leveraged cryptocurrency ETF tied to Bitmine (NYSE: BMNR), where it crashed and lost over half of its value. An investigation launched into South Korean funeral mutual aid companies revealed that 43% of them hold fewer assets than given to them by customers.
Bumo Sarang’s crypto gamble goes wrong
South Korea’s funeral mutual aid model works on advance payments. Customers pay upfront to lock in the cost of future funeral services, accumulating pools of capital that companies are expected to hold conservatively.
Bumo Sarang, whose name translates roughly to “love for parents,” and is the seventh-largest funeral service provider in South Korea, poured approximately $40 million (59.5 billion won) into a risky bet on crypto. The company invested in the T-REX 2X Long BMNR Daily Target ETF (BMNU), a product designed to double the daily price movement of Bitmine Immersion Technologies (NYSE: BMNR).
Cryptopolitan previously reported that Bitmine is the world’s largest corporate holder of Ethereum, with 5.2 million ETH on its balance sheet valued at roughly $12.3 billion. Bitmine purchased over 100,000 ETH per week at its peak before recently slowing to 26,659 ETH in its latest buy.
By the end of 2025, Bumo Sarang’s investment book value had crashed to just $6.8 million (10.2 billion won), leaving the funeral company with a staggering 49.3 billion won in unrealized loss.
Leveraged ETFs amplify gains and losses equally, so any given trading day, a decline in BMNR stock hits Bumo Sarang’s position at twice the magnitude. Due to the repeated price swings, the products suffer from extreme volatility and have had their value eroded over time, even when the underlying asset ends flat.
Bumo Sarang’s initial 59.5 billion won investment fell to a book value of just 10.2 billion won after market declines, producing the 49.3 billion won loss figure. A company representative called it a “short-term unrealized loss” and said it was within the company’s “financial buffer.”
What is the ‘zombie’ funeral crisis?
An investigative review of 75 South Korean funeral mutual aid companies found that 32 of them, roughly 43%, hold total assets below the sum of their customer advance payments. That gap means these companies may not be able to honor their obligations if large numbers of customers cancel. Local media have described this as a “Zombie Sangjo” (zombie mutual aid) crisis.
South Korean funeral companies are supervised by the Fair Trade Commission rather than financial regulators, meaning they face no capital adequacy requirements and no solvency thresholds.
Under current law, these companies only need to keep 50% of customer prepayments “safe.” The other half can be invested in almost anything, including leveraged crypto ETFs. Korea Economic Daily reported that this lack of oversight extends across a market worth an estimated 10 trillion won.
Investigators also flagged a pattern of related-party lending, where some funeral companies issued loans to major shareholders in amounts exceeding total customer payments.
As of May 2026, six legislative proposals are pending to restrict how these companies invest funds and to ban loans to major shareholders.
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