TheStreet Roundtable

Quantum computing could break Bitcoin in 15 years, warns major security firm (2:18)
Changpeng Zhao is the billionaire founder of the world's largest crypto trading exchange, Binance.
Well-known for his bold views on digital assets, he recently talked at length about securing Bitcoin (BTC) from potential quantum attacks.
Related: World's largest Bitcoin holder has never sold a single coin
Zhao says even Satoshi's Bitcoin can be frozen to secure network
On June 18, Zhao appeared on the Galaxy Brains podcast hosted by Galaxy Research president Alex Thorn, in which he said quantum-resistant cryptographic systems already exist, so quantum computers don't pose an insurmountable threat to Bitcoin.
Cryptocurrencies like Bitcoin deploy cryptographic functions to encrypt all the financial details to ensure the integrity and security of funds. This way, nobody other than the individuals sending and receiving crypto assets can gain access to any sensitive financial data.
It is estimated that even the latest supercomputers will take thousands of years to decrypt crypto proofs. But the industry fears quantum computers will be able to violate crypto security within seconds.
Changpeng Zhao delivers a speech at the opening event of Europe's largest tech conference
Getty Images
According to Zhao, the Bitcoin network should transition to quantum-resistant cryptography within a migration period of 6-12 months. Every holder should be allowed to move their coins to new and secure addresses within the deadline; otherwise coins held in retired addresses will get lost.
If any holder fails to move their Bitcoin by the deadline, these coins should be frozen—including those belonging to the Bitcoin's anonymous founder Satoshi Nakamoto—under the new protocol, the billionaire argued.
If vulnerable addresses are allowed to remain active, quantum attackers could gain access to Bitcoin belonging to dormant wallets, he added.
Zhao said the Bitcoin network should build a consensus to take necessary steps to contain potential quantum attacks.
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Satoshi Nakamoto's identity remains unknown
Satoshi Nakamoto is the person or group who developed Bitcoin and authored the Bitcoin white paper. As per Arkham Intelligence, they control approximately 1.096 million Bitcoin, worth more than $70 billion.
Since Satoshi is an unknown figure, it has led to wild speculations about their pseudonymous identity.
BTC/USD, Source: Decibel
Bitcoin was exchanging hands at $64,150 at the time of writing, as per Decibel.
Related: After Google, largest U.S. crypto exchange warns of quantum threat

Robert Kiyosaki’s long game from 'Rich Dad Poor Dad' to Bitcoin (3:28)
Robert Kiyosaki, author of the personal-finance bestseller "Rich Dad Poor Dad" and a longtime Bitcoin (BTC) advocate, has spelled out what he sees as the right moment to buy hard assets.
The remarks come as Bitcoin and precious metals both endure multi-week losses. This has sharpened the debate over whether the current dip is a buying opportunity or a warning sign.
Related: Rich Dad Poor Dad author predicts $1M Bitcoin, warns millions will be left poor
Context over price
In a June 20 post on X, Kiyosaki said one of his recurring mistakes has been "letting price determine reasons to buy or sell any asset."
"I have learned to understand the “context” or the environment the asset is in….not the price."
Kiyosaki gave the example of how he gauges real estate by job growth and a property's surroundings.
For gold, silver, and Bitcoin, he watches "our political and banking leaders."
"Are they solving the problems of the US and world economy or making things worse? I think our global lesders are incompetent only making things worse," he added.
It's a framework he has long applied to Bitcoin, Ethereum (ETH), gold and silver, which he champions as protection against a debasing dollar.
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When Kiyosaki says he'll buy
As the political environment becomes uncertain, Kiyosaki said he is tracking gold, silver, Bitcoin, and Ethereum on technical charts.
"So I am watching prices of gold, silver, Bitcoin, and [Ethereum] on technical charts and will buy when prices reverse their decline," he said.
Kiyosaki added that "the technical charts on gold and silver show they are poised for a massive rise in prices," while urging followers to run their own analysis.
"The smart will get richer,…the ignorant will do nothing…. Which might be the smart thing for them to do," Kiyosaki concluded.
As per Decibel, Bitcoin was flat at $64,147 at the time of writing, down 17.1% over the past month and more than 27% in the past six months.
Ethereum, on the other hand, was trading near $1,730. It was down about 18% over the past one month and about 42% in the past six months.
ETH/USD via Decibel
Gold traded at $4,155, off 6.93% over a month and down 4.69% across six months. Silver, meanwhile, was at $64.84, having dropped by over 13% in the past month and 3.41% in the past six months.
Related: Rich Dad Poor Dad Author has a new favorite — and it’s not Bitcoin

Ledn Bitcoin Loans (4:10)
For most Bitcoin holders or HODLers, selling does not feel like taking profit.
It feels like giving up something they spent years holding onto, the asset they kept through the 80% crashes of 2018 and 2022. So instead of cashing out, a growing number are borrowing against their Bitcoin and keeping every coin.
Over 88% of holders based in U.S. and Australia said they would consider borrowing against their digital assets, but only 14% currently do. The findings come from research commissioned by Ledn, a Bitcoin-backed lending platform, which partnered with research firm Protocol Theory to survey 1,244 crypto holders across the U.S. and Australia.
Ledn calls it the "collateral gap," a 6-to-1 ratio between the people open to borrowing and the people actually doing it.
What Ledn is
Ledn has been making Bitcoin-backed loans since 2018 and says it has crossed more than $10 billion in loan originations.
Its core product lets a holder pledge Bitcoin as collateral and borrow dollars against it without selling the coins, and it also runs savings accounts, a borrow-to-buy product called B2X, and a trading desk.
Ledn is SOC 2 Type 2 certified, publishes proof-of-reserves and an open-book report, and is a registered virtual asset service provider with regulators in the Cayman Islands and Spain. It also recently issued what it billed as the first S&P-rated Bitcoin-backed asset-backed security, carrying a BBB rating.
New details emerge from the research
When Protocol Theory asked the non-borrowers what was holding them back, the answers were about trust, not understanding.
The three most-cited concerns were managing Bitcoin's price volatility, managing liquidation risk, and regulatory uncertainty around crypto-backed loans. Not having enough crypto ranked far below.
Rates and features ranked below trust signals: risk-management practices, reputation, clarity of terms, ease of use, and track record were what mattered most.
"Bitcoin is now held by tens of millions of people, managed by regulated institutions, and covered by major ratings agencies — yet collateralised borrowing against it is still in very early innings compared to any traditional asset class of this size," said Mauricio Di Bartolomeo, co-founder of Ledn. "The demand side of the equation is solved. What's still catching up is the trust infrastructure that gives borrowers the confidence to act."
Why holders borrow instead of sell
The 14% who do borrow are not accessing emergency cash.
The research describes a financially sophisticated group, comfortable with leverage and accumulating for the long term. Among current crypto-loan users, 62% are buying more Bitcoin and just 1% are selling.
The logic is the same one behind margin loans on stocks and home equity lines on property, which is to unlock cash without giving up the asset.
In the survey, 72% agreed that crypto-backed loans give them convenient access to funds without needing to sell. Taxes reinforce it, since selling Bitcoin usually triggers a capital gains bill while borrowing against it generally does not. (Tax treatment varies by jurisdiction, and this is not tax advice.)
Over five of the past six years, Bitcoin has outpaced those borrowing costs by a wide margin, so a holder with conviction treats the interest as the price of staying invested. Ledn's Di Bartolomeo said that calculus holds even for the wealthiest clients.
"High-net-worth clients with access to Morgan Stanley and traditional banking still choose crypto-native lending, not because it's cheaper, but because it fits how bitcoin actually works." added Di Bartolomeo.
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Still tiny next to traditional lending
The broader crypto lending market hit a record $73.6 billion in the third quarter of 2025, according to Galaxy Research.
That is a fraction of the collateralized borrowing that happens against traditional assets of similar size, margin lending against equities alone runs into the trillions, and mortgages make up the bulk of U.S. household debt.
Crypto, by that measure, is the only major asset class where collateralized borrowing has not scaled with the holdings. Ledn's argument is that the trust infrastructure is starting to catch up, pointing to the first S&P-rated crypto-backed securities, standardized proof-of-reserves programs, and clearer rules taking shape in the U.S. and Europe.
A regional split
The survey also found a divide between the two markets.
Australian holders were more likely to borrow proactively as part of their financial planning and to compare lenders before choosing one, which the report links to a more fragmented Australian market where no single platform dominates.
While U.S. holders, by contrast, showed a more measured borrowing posture, with trust-building and confidence playing a bigger role in conversion.
Related: Bitcoin crash triggers billions in liquidations

Elon Musk’s SpaceX IPO could trigger major corporate Bitcoin shift (2:23)
Ventuals (vHYPE), the platform that offers trading of private-company stocks such as OpenAI and Anthropic on Hyperliquid (HYPE), announced on June 15 that it was shutting down.
Hyperliquid is a decentralized exchange offering high-leverage perpetuals trading of cryptocurrencies, commodities, and tokenized stocks. It has become very popular, attracting a large number of high-frequency and speculative crypto traders.
Traders come to Hyperliquid to speculate on commodities, equities, and private-company valuations through blockchain-based markets.
Related: Traders are pricing SpaceX 70% higher before its June 12 IPO
Ventuals announces shutdown
One such platform is Ventuals, which is best known for offering perpetual future contracts tied to OpenAI and Anthropic valuations on Hyperliquid.
Amid the hype around the SpaceX IPO, investors are now awaiting the IPOs of these two tech giants.
Note that these companies aren't yet public, but Hyperliquid's HIP-3 framework allows third-parties to create perpetual futures markets tied to these companies.
Think of it like betting on a private company's valuation rather than investing in the company. If OpenAI or Anthropic doubles in perceived value, a trader can profit from the contract. But it doesn't offer you any real company shares because it's a third-party contract.
The OpenAI and Anthropic perpetuals markets on Hyperliquid, offered by Ventuals, provided investors indirect exposure to two of the world's leading artificial intelligence (AI) companies.
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But the platform said Monday it is shutting down and immediately halting trading in the OpenAI and Anthropic markets. All positions will get automatically settled.
Other markets such as soy and wheat commodities, energy and biotech indices, etc. will also close soon, the platform said.
Ventuals said it has traded over $650 million in volume and raised over 500,000 HYPE tokens. The team said it has decided to join another project building within the Hyperliquid ecosystem.
With the exit of Ventuals, Hyperliquid doesn't list any perpetuals tied to OpenAI and Anthropic now.
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Bitcoin ETF outflows hit $5B, but ‘boomers are holding strong,’ says Balchunas (4:37)
The largest holder of Bitcoin isn't an exchange, a fund manager, or a government. It's the pseudonymous figure who created the cryptocurrency in the first place, and according to blockchain intelligence firm Arkham, that holding still dwarfs every major institution combined.
Arkham's latest research, which groups blockchain wallets into identifiable entities, shows Satoshi Nakamoto controlling approximately 1.096 million BTC, worth close to $72 billion at current prices.
That figure represents 5.5% of Bitcoin's entire circulating supply, a stake no exchange, ETF issuer, or corporate treasury has come close to matching.
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How the holding was built
Arkham's tagging methodology relies on what researchers call the Patoshi Pattern, a mining signature identified across the earliest blocks on the Bitcoin network.
The firm's analysis indicates Nakamoto accumulated this stash as block rewards for mining roughly 22,000 blocks in Bitcoin's earliest days, long before the asset carried any meaningful market value.
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The wallets have remained almost entirely untouched since, making Nakamoto's holding less a trading position and more a permanent fixture at the top of Bitcoin's ownership hierarchy.
Coinbase, Strategy, BlackRock and Binance follow — but not close
After Nakamoto, the next-largest holders are corporate and institutional, not individual.
Coinbase holds the second-largest entity position at 970,000 BTC, encompassing both customer custody balances and the exchange's own holdings.
Strategy, the company led by Michael Saylor, holds 847,000 BTC, while BlackRock's spot Bitcoin ETF accounts for 764,000 BTC. Binance follows at 670,000 BTC, with Fidelity Custody, which also holds a portion of Strategy's reserves, at 446,000 BTC.
Data on top Bitcoin holders
Arkham data
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Even adding Coinbase, BlackRock, and Binance together puts the combined total at 2.4 million BTC. Nakamoto's individual holding alone, while smaller in raw terms, still represents a concentration of ownership unmatched by any single institution on that list, a reminder that the most consequential holder in Bitcoin's history has never sold a single coin.
Why the wallets have stayed dormant
Despite holding a stake worth tens of billions of dollars, none of the addresses attributed to Nakamoto have moved Bitcoin since the network's earliest years.
That dormancy has become part of Bitcoin's own mythology, a creator who built a trillion-dollar asset class and then simply walked away from the keys.
Whether by design or circumstance, the result is the same: the single largest Bitcoin position in existence sits untouched, while exchanges, asset managers, and governments compete for a distant second place.
Related: Veteran analyst sends blunt message on Saylor's Bitcoin strategy

Bitcoin no longer a ‘fringe asset,’ says top Bitcoin mining exec (5:12)
Bitcoin (BTC) has been coiling inside a narrow range for almost a week, and a popular crypto analyst reveals some price targets it need to break past.
In posts on June 19, Daan Crypto Trades pointed to a "mini range" that Bitcoin has been stuck in.
According to the analyst, a cluster of short positions piled in near the $62,300-mark, trying to force a breakdown, only to get squeezed out as price held. With United States markets closed for the Juneteenth holiday, he noted, overall volatility had thinned considerably, leaving Bitcoin to drift in a tight zone.
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Why the range matters
The analyst's core point is about compression.
"The longer this spends ranging in this small area, the bigger the break from the range will be," he wrote.
In other words, the tighter and longer the consolidation, the more violent the eventual move in either direction.
The analyst identified $62,300 and $63,300 as the short-term levels to watch.
At press time, Bitcoin was trading near $63,028, sitting just inside the upper edge of that band. It has shed more than 18% over the past month.
During the week of June 15–19, it briefly pushed as high as $67,000 on a couple of occasions before sliding back to roughly where it started, around the $63,000 level.
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The bigger number to watch out for
Beyond the short-term range, Daan flagged a more striking figure that reframes Bitcoin's recent weakness.
Measured against the S&P 500, Bitcoin is now down roughly 60% from its relative highs set last year, which was north of $126,000 in early October 2025. This was before the October 10 crash.
To return to that peak performance versus the index, he calculated, Bitcoin would need to trade near $148,000 today. This is 135% higher than the current price.
Daan Crypto Trades highlights BTC/SPX (Source: X)
In an accompanying BTC/SPX ratio chart, the analyst showed how far Bitcoin has lagged equities since topping out. The relationship slides from a high near the top of the range in 2025 down toward levels last seen in late 2023.
The S&P 500 index tracks the performance of roughly 500 of the largest publicly traded companies in the United States, weighted by market capitalization. Some of the companies in the index include Apple (NASDAQ: AAPL), Microsoft (NASDAQ: MSFT), Nvidia (NASDAQ: NVDA), Coinbase (NASDAQ: COIN), Block (NYSE: XYZ), and Robinhood (NASDAQ: HOOD).
The S&P 500 has experienced a better year so far compared to Bitcoin. Apart from clocking historic all-time highs right in the middle of the U.S.-Iran war, the index has climbed by over 9% year-to-date and about 25% over the past one year period.
Bitcoin, meanwhile, has seen its YTD drop by 28% while the past one year drop is over 39%.
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Adam Back says bitcoin can hit all-time high price this weekend (1:28)
Adam Back is putting his name behind a number most investors still consider far-fetched.
The Blockstream CEO, widely credited as one of the earliest contributors to the cryptographic foundations Bitcoin was built on, said he has a standing bet that Bitcoin will reach $1 million before the next halving event in 2028.
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Closer than people think
Back's reasoning rests on the pace of Bitcoin's climb through the next major price tier.
"The 500K to $1 million Bitcoin is closer than people think," he said during an interview with Cointelegraph, framing the move past half a million dollars as the more meaningful threshold to watch rather than the round number of $1 million itself.
His comments place him among a small but vocal group of long-time Bitcoin figures willing to attach specific timelines to historically aggressive price targets.
Why Back's voice carries weight
Back's name carries weight in Bitcoin circles.
He is widely credited as one of the earliest cypherpunks, having created Hashcash in 1997 — a proof-of-work system that Satoshi Nakamoto later cited directly in the Bitcoin white paper. He now runs Blockstream, a company building infrastructure around Bitcoin and the Lightning Network.
When Back makes a prediction, it tends to get attention not because he is a trader chasing headlines, but because he has been embedded in Bitcoin's technical foundations since before it existed as a tradable asset.
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The 2028 halving, which will cut Bitcoin's new supply issuance in half again, has historically preceded major price cycles in the months that follow. Back's bet effectively wagers that the next cycle compresses Bitcoin's path from current levels to seven figures within that window.
A number still far from today's price
Bitcoin remains well below the $500,000 mark Back referenced as the next meaningful milestone, underscoring how aggressive the prediction is relative to current market conditions.
Whether the bet plays out will depend heavily on factors well beyond halving mechanics alone, regulatory clarity, institutional flows, and the broader macro environment all remain in motion.
For now, Back's wager adds another data point to an increasingly crowded field of long-term Bitcoin price predictions, made notable mostly by who is making it.
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Understanding Ripple, XRP and XRPL (3:17)
XRP has been on a tumultuous journey this June, losing more than 15% of its value in the month.
But as the news of the peace deal between the United States and Iran circulated, XRP's price reached $1.29 on June 15. But the enthusiasm faded out, with the price again declining over the next few days.
The U.S. spot exchange-traded funds (ETFs) tied to XRP are also facing a difficult month.
Total XRP Spot ETF Net Inflow, Source: SoSoValue
While the first week saw a net inflow of only $2.62 million, the next two weeks saw the figure rising to $10 million each, as per SoSo Value.
But whales are abandoning XRP.
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Whales dump 30 million XRP in 5 days
As per the Santiment data shared by the crypto analyst Ali Martinez, XRP whales have dumped more than 30 million tokens during June 12-17.
As a consequence, the number of XRP tokens held by whales has declined to 3.78 billion on June 17.
XRP held by whales, Source: Santiment via Ali Martinez
As reported earlier, wallets holding at least 1 million XRP tokens hold around 75% of the entire supply. But even large holders are dumping the cryptocurrency amid the price plunge.
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Analyst blames SEC lawsuit for XRP's fate
An analyst, known as Jungle Inc on X, recently blamed the lawsuit brought by the Securities and Exchange Commission (SEC) against Ripple in December 2020 for selling unregistered securities via the sale of XRP tokens.
The landmark lawsuit became the rallying cry for the entire crypto industry in the U.S.
The case went on for years until a ruling in July 2023 concluded that XRP isn't a security when sold to retail investors via programmatic sales on crypto exchanges, but it's a security when sold to institutions.
Both parties appealed the order and kept clashing for years until they decided to dismiss their appeals and settle the matter in August last year.
As per Jungle Inc's analysis, XRP would be trading at $24.50 if not for the lawsuit.
XRP/USD, Source: Decibel
XRP was trading at $1.13 at press time, as per Decibel.
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Franklin Templeton sees rising institutional demand for Bitcoin, Ethereum ETFs (4:21)
Franklin Templeton (NYSE: BEN) is an asset manager with $1.78 trillion in assets under management (AUM) as of May 31.
On June 18, the Wall Street giant filed with the Securities and Exchange Commission (SEC) to launch two new exchange-traded funds (ETFs).
The proposed ETFs, called the Franklin US Equity Bitcoin DRIP Index ETF and the Franklin US Innovation Bitcoin DRIP Index ETF, seek to reinvest U.S. equity dividends into Bitcoin (BTC).
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The funds aim to track the performance of the VettaFi U.S. Innovation 100 Index and the VettaFi U.S. Large-Cap 500 Bitcoin DRIP Index. The funds would reinvest the dividends from these equities in Bitcoin, as per the SEC filing.
The ETFs aim to gain Bitcoin exposure through a mix of exchange-traded products (ETPs), futures and options contracts, or other financial instruments tied to BTC.
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How Franklin Templeton plans Bitcoin allocation
Each ETF will allocate 95% of the funds to U.S. large-cap equities and 5% to Bitcoin.
The Bitcoin allocation in the underlying index would be evaluated on a quarterly basis.
If the allocation exceeds 5%, it will be trimmed down to 4.5%.
If it drops below 5%, the allocation remains unchanged.
If the allocation exceeds 20% at any close between quarterly rebalances, it will be trimmed down to 4.5%.
The asset manager already issues a U.S. spot Bitcoin ETF called the Franklin Bitcoin ETF (CBOE: EZBC) which holds around $359 million in net assets as of June 18, as per SoSoValue.
The fund has lost 25% of its value in the last six months and was trading at $36.38 at press time.
BTC/USD, Source: Decibel
Bitcoin, on the other hand, has lost 28% of its value during the same period and was trading at $63,137, as per Decibel.
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Explained: What are crypto ETFs? (4:16)
We have seen a Bitcoin (BTC) sell-off this whole June, and the price is way below $70,000 for the past few days.
In the third week of June, we saw momentary spikes of above $67,200 around June 15, but that was about it. As of press time, it's trading around $63,130.
But the sell-off didn't deter Morgan Stanley (NYSE: MS) from accumulating more Bitcoin.
Related: Explained: What is a crypto ETF?
Cheapest fund in the category
Morgan Stanley made headlines in March when it registered its cheapest U.S. spot Bitcoin exchange-traded fund (ETF) with the SEC. It set the management fee at just 0.14%.
This undercut every major rival. Grayscale's Bitcoin Mini Trust charges 0.15%, while BlackRock's iShares Bitcoin Trust (IBIT) charges 0.25%.
An ETF pools investor money to track an asset like Bitcoin and trades on a regular stock exchange, letting people gain exposure without holding the coins themselves.
To run the fund, Morgan Stanley tapped Coinbase as prime broker and custodian and BNY for cash and administration.
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Bitcoin buys in a brutal June
On-chain data from Arkham Intelligence shows that between June 15 and June 19, the Morgan Stanley Bitcoin Trust ETF bought 232 BTC worth more than $15 million without a single outflow.
Morgan Stanley transfers between June 4 to June 18
Arkham
Every deposit arrived from Coinbase Prime, the fund's primary custody and prime broker, in steady activity over days.
Morgan Stanley's Bitcoin accumulation pattern also stands out because June has been punishing for BTC ETFs.
As per SoSo Value, June's Bitcoin ETF net outflows during June so far is clocking $2.26 billion at press time.
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Governments aren’t changing Bitcoin — ‘Bitcoin is changing them,’ says Bitcoin Bond CEO (2:25)
Senator Cynthia Lummis recently delivered one of the clearest legislative roadmaps for Bitcoin policy to come out of Washington, addressing everything from Treasury purchases to a national debt strategy built on Bitcoin's scarcity.
During an interview with Roxom TV News host Hank Hudson, the Wyoming senator said she expects the U.S. Treasury to start acquiring Bitcoin before the end of 2026.
She pointed to what she described as growing support for the idea within President Donald Trump administration, including backing from Treasury Secretary Scott Bessent and senior White House officials.
Clarity act won't make the July 4th deadline
Lummis was direct about the timeline facing the Clarity Act, the digital asset regulatory framework currently on the Senate calendar. Asked whether it would pass before July 4th, she said she would not be surprised if it did not.
Negotiations remain active on several fronts, she said, including ethics language governing meme coin conduct by elected officials, enforcement provisions, and DeFi-related rules.
Senate Democrats are pushing to restrict executive and legislative branch officials from issuing or endorsing meme coins, while regulators continue working through how much liability protection developers should receive.
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Lummis emphasized that protections for coders remain a priority.
"Code is protected free speech under the U.S. Constitution," she said, arguing that developers should not face liability for products they have no way of knowing will be misused.
She added that if the bill fails to clear the Senate before the August recess, the next realistic legislative window may not arrive until 2030.
A debt strategy built on Bitcoin scarcity
Lummis laid out the mechanics behind her proposed Bitcoin strategic reserve, arguing that holding one-fifth of the world's Bitcoin supply for 20 years could reduce the national debt by one-third to one-half, depending on how the asset appreciates over that period.
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“What I proposed is a Bitcoin strategic reserve, because if we bought or acquired and then held on to Bitcoin for a period of years, it would grow over time due to its designed scarcity. And then we could use that to backfill some of the national debt that we are building up,” She said.
Adding, “In fact, if we would hold one fifth of the world's Bitcoin for 20 years, we could cut our national debt by either one third or one half, depending on how Bitcoin grows. So I see it as an important backstop to have.”
She pointed to China, African nations, and countries across Southeast Asia and Europe as governments she is watching closely for similar reserve strategies, framing global Bitcoin accumulation as a response to currency diversification needs.
$500,000 Bitcoin and a classroom curriculum
Pressed on price, Lummis said she remains "laser eyes" on Bitcoin reaching $500,000 before the end of the decade, citing its fixed scarcity as distinct from other digital assets.
“I think that for the decade to come that we are going to see it perform at that kind of a level,” Senator said.
She also predicted Bitcoin would become part of high school financial literacy curricula within ten years.
On her own Bitcoin Act, which would formalize a federal reserve, she acknowledged a companion House bill from Representative Nick Begich may have a better chance of passing first.
“I think the Begich bill actually has a better chance of passing than the Lummis bill does in the Senate. And Nick and I are working together in hopes that he'll have some success on the House side,” she added.
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Michael Saylor announces potential Bitcoin sale (1:34)
For years, Michael Saylor's Strategy (Nasdaq: MSTR) has reigned as the largest corporate Bitcoin (BTC) holder among publicly listed firms.
But the company's prized Bitcoin funding machine is sputtering.
Now a veteran portfolio manager says Saylor is running out of good options.
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What's happening with Strategy's Bitcoin funding machine?
STRC, nicknamed "Stretch," is Strategy's perpetual preferred stock, launched in July 2025 through a roughly $2.5 billion IPO.
It pays an 11.50% annual dividend, distributed semi-monthly in cash, with the rate adjusted monthly to keep the stock trading near its $100 par value.
The instrument is essentially a fundraising engine. When STRC trades above $100, Strategy issues new shares and funnels the proceeds into Bitcoin, without diluting common stock or breaching debt covenants.
But the loop only works above par. STRC is now at its lowest level since launch, trading near $88 at press time, down more than 11% over the past month.
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The three scenarios for Strategy
Jeff Dorman, chief investment officer at digital-asset firm Arca and a portfolio manager with nearly two decades of experience, laid out a sober assessment on X on June 17.
"MSTR pickle continues," he wrote, arguing that the only short-term way to "save $BTC and $MSTR" is,
"Either sell an enormous amount of BTC and MSTR to help bring STRC back up near par, and at least buy yourself some time, or continue to watch every part of your cap structure melt because of the uncertainty you've created."
Dorman assigned rough odds to three outcomes. His base case, at 70%, is that Strategy keeps selling small amounts of MSTR monthly at "non-accretive levels," crushing the stock toward 0.70 mNAV while giving STRC holders "a glimmer of hope."
He puts a 25% chance on Saylor selling $3–$4 billion worth of Bitcoin to buy time.
Strategy's STRC drop over the past month
Trading View
But there is a 5% on the "nuclear option" of killing the dividends, which would close capital markets to him but halt a $1.7 billion annual cash drain.
Even now, Dorman highlighted, Strategy's multiple of net asset value (mNAV) stands around 1.15.
mNAV is a ratio used heavily in the Bitcoin-treasury world to judge whether a company's stock is trading above or below the value of the Bitcoin it holds.
As of press time, Strategy holds 846,842 BTC worth around $53.4 billion while its USD reserve holds $1.1 billion. The company has about $6.754 billion in debt, while the aggregate notional value of its preferred stock, including STRC, stood at $15.475 billion.
With the current numbers in mind, Dorman predicted that Strategy is "still going a lot lower (should trade at a discount to NAV now)."
MSTR stock closed 3.46% lower at $112.53 on Thursday.
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Updated Robinhood Bets Big on Crypto’s Future (3:10)
Terrence Duffy, who is stepping down as CME Group's chief executive, has told CNBC that the company is suing the Commodity Futures Trading Commission (CFTC), with the filing scheduled to be submitted this week.
CME Group (Chicago Mercantile Exchange Group) is the world's largest derivatives exchange operator, while the CFTC is the U.S. regulator that oversees futures and derivatives markets.
Duffy had reportedly been weighing the move for roughly eight months before making it public.
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The target is a decision the CFTC made in late May, when it cleared prediction market platform Kalshi to list a Bitcoin perpetual futures contract.
Kalshi is a U.S.-based prediction market that allows users to trade on the outcomes of real-world events, from financial markets to political results.
It was a first for the United States. For Duffy, it was also a mistake, and not just a procedural one.
A classification fight, not a crypto fight
Duffy's case does not hinge on whether perpetual futures are risky or whether retail investors should be trading them, though he has raised both concerns separately. The lawsuit rests on something more technical: what the product legally is.
His argument is that perpetual futures, contracts with no expiration date that let traders bet on price movement without holding the underlying asset, meet the Dodd-Frank Act's definition of a swap, not a future.
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The Dodd-Frank Act is a 2010 U.S. financial reform law passed in the wake of the 2008 financial crisis, which established strict rules around how derivatives and swaps must be traded, reported, and cleared.
That distinction matters. Swaps carry different clearing, reporting, and trading-venue obligations.
Simply put, a swap is a financial contract in which two parties agree to exchange cash flows based on a set of agreed conditions. And by calling them futures, Duffy argues, the CFTC sidestepped a set of rules that should have applied from the start.
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He told CNBC that he believed the agency was, to some extent, misrepresenting the facts. That is not language derivatives executives typically use about their own regulator.
“I’ve never shied away from one, and I won’t shy away from this. I’m prepared, and I will be prepared to go through this. And that’s why I wanted to announce on your show that we will be filing this litigation tomorrow, because we are not taking this lightly,” Duffy said during the interview.
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'Prepared to go through this'
CME has spent years building exclusive licensing arrangements with benchmark providers.
Duffy pointed out that any perpetual product referencing those benchmarks would have to route through CME regardless of how it gets classified, giving him both a legal and commercial stake in the outcome.
The CFTC was not rattled, at least publicly. A spokesperson called the lawsuit frivolous and said the agency looked forward to responding to the claims in court.
CFTC chair Michael Selig had already defended the perpetual futures approval earlier in the week, arguing it was time the U.S. had regulated products of this kind.
Duffy, for his part, sounded like someone who had thought this through carefully and was not looking for a way out.
He steps down as CEO in March 2027. Lynne Fitzpatrick, currently President and CFO, takes over becoming the first woman to lead CME Group.
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Elon Musk’s SpaceX IPO could trigger major corporate Bitcoin shift (2:23)
When Elon Musk's spaceflight and artificial intelligence (AI) company SpaceX made its public debut on June 12, the first thing that caught the attention of the crypto community was the firm's large Bitcoin (BTC) holdings.
With 18,712 Bitcoin on its balance sheet as of March 31, SpaceX is one of the largest public companies to hold the digital asset treasury (DAT) focused on the leading cryptocurrency.
For the crypto community, SpaceX is not only Musk's dream project but a Bitcoin proxy too. Musk himself has often hailed cryptocurrencies like Bitcoin.
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Nobel Prize-winning economist questions SpaceX's valuation
While the mega initial public offering (IPO) has turned Musk into the world's first trillionaire, not everyone is enthusiastic about SpaceX's valuation.
American economist Paul Krugman, who won the Nobel Memorial Prize in Economic Sciences in 2008, wrote about the hype surrounding the SpaceX IPO in a blog post on June 17.
Nobel Prize-winning economist Paul Krugman delivers a speech at the Asian Financial Forum in Hong Kong on January 20, 2015.
Getty Images
He reminded the readers that the company posted a $4.9 billion loss on $18.7 billion in revenue last year, in contrast to profitable companies like Microsoft (Nasdaq: MSFT). Yet, SpaceX's valuation hit $2.75 trillion on June 17.
Krugman argued that investors are putting such a high valuation on the company because of their faith in Musk, whom they believe to be a "wizard."
He said Musk holds "enormous" political influence through his close ties to President Donald Trump but questioned if his company's valuation should be assessed based on the technological prowess or the trillionaire's access to the "fruits of crony capitalism."
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Krugman compares SpaceX and Bitcoin
But the economist wondered how much such "blatant favoritism" can deliver, drawing a comparison between SpaceX and Bitcoin.
Trump had once called Bitcoin a "scam" but embraced it during the 2024 presidential election campaign, Krugman reminded.
After Trump won the election in November 2024, Bitcoin's price began to soar as the president promised to make the U.S. the "Bitcoin superpower of the world."
In fact, the cryptocurrency hit the all-time high (ATH) of $126,080 on Oct. 6, 2025.
BTC/USD, Source: Decibel
At its peak, Bitcoin's valuation was around $2.5 trillion. The figure is nearly the same as that of SpaceX's current valuation, Krugman highlighted.
But Bitcoin became a victim of the Oct. 10 "flash crash" last year when Trump threatened a 100% tariff on China.
Krugman then called crypto a "Trump trade," arguing that the crash had "little to do with economics and everything to do with politics."
"At this point crypto is largely a Trump trade," he wrote in a post on Oct. 14, 2025. "And crypto fell because the backlash against the potential trade war threatened to weaken Trump politically."
As Trump's poll numbers and political leverage began to sink, Bitcoin fell, he further said in his latest post. Those early to the "Trump trade" made money by dumping their Bitcoin holdings on "Trump believers," he added.
Krugman has been an early critic of Bitcoin, arguing as early as 2011 that it has suffered a massive deflation. In a December 2017 interview, he argued that only Bitcoin's "mystique" has led to a price surge so far, and its "bubble" is "more obvious" than the housing bubble.
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Krugman admitted that SpaceX is different from Bitcoin and has a profitable division called Starlink but added only incredible growth in Starlink can justify SpaceX’s valuation. But that's not "remotely possible," he added.
Similar to Bitcoin, early SpaceX shareholders will be the "only winners" who create a "market frenzy" and exit before the bottom falls out, he predicted.
"SpaceX is essentially all about hype. It is, in effect, a $2.75 trillion meme stock," Krugman concluded.
A meme stock's price dramatically soars based on viral internet hype and social media sentiment rather than the company's underlying financial performance. Notably, Musk has often talked about his love for meme coins like Dogecoin (DOGE).
The SpaceX stock was currently trading at $179.52, with a valuation of $2.36 trillion.
Bitcoin was currently trading at $62,498 with a valuation of $1.25 trillion, as per Decibel.
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Roundtable 100: Frank Holmes Makes the Case for HIVE Digital Technologies (20:40)
HIVE Digital Technologies became the first publicly listed Bitcoin miner in 2017. In the years since, it has evolved into a diversified digital-infrastructure company that reported record fiscal 2026 revenue of nearly $300 million, mines close to 3% of the global Bitcoin network, and is now directing its cash flow into high-performance computing (HPC) and artificial intelligence (AI).
Executive Chairman Frank Holmes joined Roundtable to make the case for that strategy.
The Roundtable 100 evaluates every asset we cover against the same five criteria: leadership, innovation, financial stability, defensibility, and business model. The following assessment examines how HIVE, and the people leading it, measure up against each.
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Leadership
Holmes is not a typical mining executive. He is also chief executive and chief investment officer of U.S. Global Investors, with roughly four decades of capital-markets experience behind him, and that money-manager's instinct runs through everything he says about running HIVE.
For his team, he is less about resumes than temperament: a "tremendous curiosity to learn," paired with gratitude and humility. The traits he prizes are resilience and the willingness to keep solving the next problem when external forces turn against you, whether that is a falling gold price or a crashing token.
He leans heavily on the people he reads and listens to. Warren Buffett's "just buy America" optimism, Ray Dalio's work on debt cycles and changing world order, and Steve Jobs's famous line about connecting the dots only by looking backward all surface as touchstones.
The throughline is a leader who treats macro pattern recognition, reading regimes, cycles and commodity history, as a core management skill rather than a side interest.
Innovation
HIVE's claim to innovation starts with a genuine first. In September 2017 it became the first publicly listed Bitcoin miner, going public on the Toronto Stock Exchange (TSX) through a reverse takeover years before spot Bitcoin ETFs made digital assets mainstream.
Holmes frames that early listing as evidence of the work ethic and risk appetite that defines the company. Taking the risk early, he argues, is what made it pay off.
Just as important was an early bet on green energy. Influenced in part by the broader push from figures like Elon Musk toward renewables, HIVE built its mining footprint around hydroelectric and other renewable power rather than fossil fuels, a strategic choice, not an afterthought, that now anchors its expansion in hydro-rich Paraguay.
The newest leg is artificial intelligence. HIVE has added HPC through its BUZZ HPC unit, reasoning that the same skills required to deploy and cool racks of mining ASICs translate directly to deploying GPUs for AI workloads.
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Finances
For fiscal 2026 (ended March 31, 2026), HIVE reported record total revenue of $297.8 million, up 158% year over year, with gross operating margin of $107.9 million and adjusted EBITDA of roughly $72.9 million. Digital-currency revenue jumped 164% to $278.3 million on 2,885 Bitcoin mined, while the BUZZ HPC business contributed a record $19.5 million, up 94%.
Building a data center can mean hundreds of millions of dollars of up-front investment. For this reason, Holmes is wary of leverage. HIVE’s approach is to avoid the over-leveraged debt loads that he believes will sink weaker operators, and to structure growth conservatively.
For an asset whose underlying revenue swings with the Bitcoin price, that financial discipline is the difference between surviving a downturn and becoming, in his words, one of the companies that goes bankrupt when prices fall.
Defensibility
Holmes argues HIVE's moat is operational, not just locational. The company has spent years assembling an integrated technology and logistics stack. This includes the ability to source power, secure land and substations, move and install expensive hardware globally, and run advanced cooling.
He compared it to the logistics edge Dell build in PCs. New entrants, he contends, cannot simply buy their way to that capability. The learning curve is steep, relationships take time to build, and bureaucracy often causes delays.
That defensibility also rests on people and partnerships: electrical, civil and software engineers working alongside finance talent, plus relationships across the data-center ecosystem. And it rests on being early. HIVE secured cheap renewable electricity, land and grid access before the AI build-out drove up competition for all three. First movers, he notes, lock in the scarce inputs everyone else is now scrambling for.
Business Model
HIVE’s primary business today is still their Bitcoin mining operations. Commodity businesses face a common threat: compressed margins. Holmes' response is diversification. HIVE uses the cash flows and already built infrastructure from Bitcoin mining to build higher value AI and HPC businesses on top.
The data demonstrates that this has been successful thus far. BUZZ HPC ended the fiscal year with about $35 million in contracted annual recurring revenue, anchored by a 504-GPU NVIDIA B200 cluster running at Bell Canada's AI fabric in Manitoba and earning roughly $2.90 per GPU-hour.
On the mining side, HIVE is pushing toward a 35 EH/s Bitcoin target for 2026, close to 3% of the global network, backed by a new 100 MW hydroelectric campus at Yguazú, Paraguay.
In May 2026 the company unveiled a 320 MW AI "Gigafactory" in the Greater Toronto Area designed to host more than 100,000 GPUs, targeting roughly $360 million in annualized recurring revenue when fully online in the second half of 2027.
Pressed on whether an AI bubble could pop, Holmes does not dismiss the possibility, he plans for it. His thesis is that conservative financing, third-party capital partners putting money down alongside HIVE, and disciplined payback math are exactly what let a diversified operator keep building while over-leveraged peers stall.
The bigger picture is a reindustrialization story: cheap, abundant renewable power attracting manufacturing, robotics and compute to places that have the energy to support them.
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Across all five criteria, HIVE presents as a company trying to outgrow the boom-and-bust reputation of crypto mining. The leadership is experienced and macro-literate; the innovation record is real, from a first-of-its-kind 2017 listing to an aggressive AI expansion; the fiscal 2026 numbers are promising; the defensibility argument rests on hard-won logistics and early access to power; and the business model is explicitly built to convert a margin-compressing commodity into recurring AI revenue.
The open questions are the ones any investor should weigh independently. HIVE's revenue still rides Bitcoin’s price, the AI build-out is capital-hungry, and the GPU economics that look strong today depend on demand staying ahead of supply.

Inside Tether: How the USDT issuer works and why it is questioned (4:10)
One of the industry's biggest private holders of gold is pulling the plug on one of its smaller experiments.
Tether said on June 17 that it will begin winding down Alloy by Tether and its associated token, aUSDT token. The decision was taken after reviewing user activity, market demand, and its broader business priorities.
Tether is better known as the issuer behind USDT, the largest stablecoin in the world. A stablecoin is a digital token designed to hold a steady value, usually one dollar. Most are backed by actual dollars or short-term government debt.
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What's actually being shut down
The key point is that Tether is not abandoning gold. Tether Gold (XAUT) is staying and is, in fact, one of the "core products" Tether says it wants to focus on.
What's going away is Alloy, the platform that let users mint the dollar-pegged aUSDT on top of that gold, and the aUSDT token itself.
Launched in 2024, aUSDT was an overcollateralized token pegged to the dollar but supported by Tether Gold (XAUT), Tether's separate token that represents ownership of physical gold.
Tether framed the move as a reallocation of resources toward products with stronger demand and deeper liquidity. In simple terms, the gold-backed dollar experiment didn't attract enough usage to justify keeping it running.
As of March 31, 2026, Tether held two separate gold pools. The USDT stablecoin reserve included $19.84 billion in physical gold bars (about 4.25 million troy ounces or 132 metric tons), per its BDO-assured reserves report. Separately, its XAUT was backed 1:1 by 707,747 troy ounces worth around $3.3 billion. Combined, that's roughly $23 billion for about 4.96 million ounces, or 154 metric tons of gold.
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What it means for existing users
The shutdown is happening in phases to avoid a disorderly exit.
Starting immediately, users can no longer open new positions or mint fresh aUSDT. Existing holders have a three-month window to hand back their aUSDT and reclaim the underlying gold tokens.
After Sep. 17, 2026, anyone who hasn't redeemed will no longer be able to recover their XAUT through the platform.
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Elon Musk’s SpaceX IPO could trigger major corporate Bitcoin shift (2:23)
Tesla and SpaceX CEO Elon Musk has crossed into territory no individual has reached before, a net worth north of a trillion dollars, and a fresh reminder from the crypto community suggests at least part of that fortune sits in digital assets.
Popular crypto analyst Ali Martinez put the spotlight back on Musk, posting on X a stylised drawing of Musk alongside the Bitcoin logo. The caption was blunt: the world's first trillionaire owns Bitcoin, and followers should let that fact sink in.
A Bitcoin holder, but how much?
The size of Musk's personal stash remains anyone's guess. The last concrete figure came back in 2020, when he disclosed owning just 0.25 BTC. There has been no clear update on his holdings since.
Martinez's "let that sink in" phrasing was no accident. It echoes one of Musk's most memorable moments, walking into Twitter's San Francisco headquarters carrying a porcelain sink after closing his 2022 takeover, later tweeting the now-famous line about entering Twitter HQ and ‘letting it sink in’.
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Entering Twitter HQ – let that sink in! pic.twitter.com/D68z4K2wq7
— Elon Musk (@elonmusk) October 26, 2022
While Musk's exact personal exposure stays murky, Bitcoin does appear on the balance sheets of companies he controls, lending some weight to the idea that he remains aligned with the asset.
The 'DogeFather' connection
In another post on X, Martinez also nodded to Musk's long association with Dogecoin, attaching a sketch of him cradling the Shiba Inu mascot that has become shorthand for the memecoin.
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That link traces back to 2018, when Musk said he owned "some" Dogecoin in addition to Bitcoin and Ethereum. As with his BTC position, he never spelled out the amount. Unlike Bitcoin, though, none of his companies hold DOGE on their books.
Musk's pull over the token has never faded. He has repeatedly sent the coin swinging with offhand comments, including a remark earlier this year that SpaceX would likely put the memecoin on the moon next year, a line that did its usual work of firing up the Dogecoin faithful.
Meanwhile, at the time of writing, Bitcoin was changing hands at around $63,847. Dogecoin was off 3.72%, trading near $0.0842.
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CertiK’s Jason Jiang says every crypto hack can be stopped (4:46)
Ctrl+C and Ctrl+V, the universally loved shortcut pair, is now a big threat to your crypto wallet.
Microsoft (NASDAQ: MSFT) has uncovered a new strain of malware built to quietly drain cryptocurrency from Windows users.
In a report on June 17, Microsoft Threat Intelligence and Microsoft Defender Experts say the threat, a so-called "clipper," has been infecting devices since February 2026.
It is now flagged by Microsoft Defender Antivirus as "Trojan: Win32/CryptoBandits.A."
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How the malware spreads and hides
The malware's core trick is simple and scarily effective. It watches the clipboard, or the place your computer temporarily stores anything you copy. When it detects a cryptocurrency wallet address being copied, it silently swaps in an address controlled by the attacker.
A victim sending Bitcoin (BTC) or another token can paste what looks like the correct destination, only to send the funds straight to a criminal instead.
Microsoft says the malware checks the clipboard roughly every 500 milliseconds and also hunts for seed phrases and private keys, which are the credentials that unlock crypto wallets.
The campaign starts with malicious shortcut (.lnk) files, which Microsoft says were distributed on USB storage drives.
The malware bundles two parts:
a worm component that spreads itself, and
a stealer that harvests wallet data.
The worm hides legitimate documents on a USB device and replaces them with disguised shortcuts, so a user opening what looks like a familiar file is actually launching the malware without realizing it.
To stay hidden, the malware runs in a concealed window, sets up scheduled tasks for persistence, and even excludes its own files from Defender scanning. It also checks whether Task Manager is open and shuts down if it is, an anti-analysis tactic meant to dodge anyone investigating the device.
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Why this threat stands out
What makes CryptoBandits notable, according to Microsoft, is its stealthy infrastructure. Rather than relying on a traditional installer or an exposed server, it deploys a portable Tor client and routes traffic through a local proxy to reach a hidden command-and-control server.
That design lets it blend data theft with remote code execution. This means a money-grabbing stealer becomes a lightweight backdoor that can run further and more dangerous attacker commands.
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Why AI investor Aschenbrenner is shorting Nvidia (7:37)
HIVE Digital Technologies (Nasdaq: HIVE) announced a major artificial intelligence (AI) infrastructure agreement through its subsidiary BUZZ High Performance Computing (BUZZ HPC) on June 18, joining forces with Bell Canada and Cohere to build what the companies describe as a sovereign Canadian AI platform.
The agreement includes a three-year GPU cloud contract valued at approximately $220 million, making it one of the largest AI infrastructure deployments announced in Canada.
The partnership combines Bell's connectivity and data centre infrastructure, Cohere's enterprise-grade AI models, and BUZZ HPC's NVIDIA-accelerated GPU cloud capabilities into a unified technology stack designed to serve Canadian businesses and government organizations.
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AI infrastructure built on Canadian soil
The project is centered on a sovereign AI strategy that keeps data, computing infrastructure, and AI systems within Canada.
Under the agreement, BUZZ HPC will deploy its AI cloud infrastructure at Bell's purpose-built facility in Merritt, British Columbia. The system will provide the computing power needed for Cohere's AI models and enterprise AI applications.
The deployment includes 2,304 NVIDIA Grace Blackwell GPUs as a part of NVIDIA GB200 NVL72 rack-scale systems. The infrastructure will also use NVIDIA Quantum InfiniBand networking, advanced liquid cooling technology, and be built according to NVIDIA's reference architecture standards.
According to HIVE, the AI factories will be powered by renewable energy and designed for ultra-low power usage effectiveness (PUE).
The companies said the initiative supports Canada's broader effort to strengthen technology sovereignty and maintain control of data and computing resources within national borders.
HIVE funds expansion with recent financing
HIVE said it is funding the purchase of the NVIDIA systems using part of the proceeds from its $115 million convertible note financing completed in April.
Canadian technology company Hypertec will supply and integrate the GPU infrastructure. Its responsibilities include hardware procurement, system integration, installation, commissioning, and ongoing OEM support.
The deployment is expected to become operational between late 2026 and early 2027.
The company said the project will contribute significantly to its growing high-performance computing (HPC) business.
"We are very pleased to announce that our contracted HPC revenue target has surpassed $100m. We expect this NVIDIA GB200 deployment to go live in late 2026 to early 2027, adding approximately contracted $70m ARR to our current realized $35m ARR," HIVE President and CEO Aydin Kilic said.
Kilic described AI factories as essential infrastructure for the next generation of computing.
"A technological revolution requires new infrastructure. The industrial revolution required factories. The internet required fibre networks and hyperscale data centres," he remarked. "Artificial intelligence requires AI Factories, Tier III data centers with AI optimized GPU compute clusters, that is what we are building."
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Executives call partnership milestone for Canada's AI ambitions
HIVE executive chairman Frank Holmes said the agreement represents a major step toward commercializing Canada's AI expertise.
"Canada helped pioneer modern artificial intelligence. What we have lacked is not talent, it is industrial infrastructure to commercialize that talent at scale before others do it for us," he said.
Holmes added that the partnership validates HIVE's position in AI infrastructure and data centre operations.
BUZZ HPC President and COO Craig Tavares said the project goes beyond a single commercial agreement and reflects a broader effort to establish domestic AI capabilities.
"These AI factories convert renewable energy into one of the most valuable products in the world: intelligence," he said.
"The countries that own the infrastructure will capture the economic value. The countries that don't will rent it. We chose to build."
Bell and Cohere form part of sovereign AI platform
The partnership places BUZZ HPC's computing resources alongside Bell AI Fabric's national infrastructure and Cohere's enterprise AI offerings.
Together, the companies said they are creating a full-stack AI platform designed to provide connectivity, data centres, compute power, cybersecurity, and AI models within a single Canadian ecosystem.
The infrastructure will remain entirely within Canada and operate under Canadian standards.
HIVE said the project strengthens BUZZ HPC's position in the country's sovereign AI market while helping support the growing demand for secure, domestically controlled AI infrastructure.
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Next Federal Reserve chair could be a crypto executive (3:10)
The Federal Reserve has unveiled one of the first major steps toward implementing the GENIUS Act, less than a month after Kevin Warsh took over as Fed chair.
On June 18, the Fed and four other U.S. financial regulators proposed new customer identification requirements for certain payment stablecoin issuers, bringing them closer to the compliance standards already applied to banks and credit unions.
The proposal marks the Fed's first formal rulemaking tied to the GENIUS Act, the landmark stablecoin law signed by President Donald Trump in July 2025.
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Stablecoin customer ID proposal targets AML compliance
Under the proposal, certain payment stablecoin issuers would be required to maintain customer identification programs similar to those used by banks and credit unions.
The proposal applies only to stablecoin issuers that are authorized under the GENIUS Act's regulatory framework, including certain bank subsidiaries, federally approved nonbank issuers, and qualified state-regulated firms. It doesn't apply to every stablecoin issuer.
The rule was issued jointly by the Fed, the Financial Crimes Enforcement Network, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration.
Regulators will accept public comments for 60 days after the proposal is published in the Federal Register.
According to the agencies, the requirements are designed to strengthen anti-money laundering (AML) safeguards, improve customer verification procedures, and help combat illicit finance involving payment stablecoins.
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Warsh abstains from Fed proposal
The proposal quickly drew attention across the crypto industry and policy observers.
Custodia Bank CEO Caitlin Long noted that "the Fed joined this one" and described it as "the Fed's first GENIUS rulemaking."
She also highlighted that Warsh abstained from the vote and that Fed Governor Michael Barr issued a separate statement.
Long later said, "Warsh's abstention from this vote is unusual & he gave no explanation."
The move comes during Warsh's first month as Fed chair and follows his broader review of the Fed operations during the June 16-17 FOMC meeting.
Fed Governor Michael Barr said he supports the proposal but remains concerned that the GENIUS Act framework may not fully address illicit finance risks in secondary-market stablecoin transactions.
"I remain concerned, however, that the GENIUS Act regulatory framework does not do enough so far to address the risks of illicit finance conducted through secondary market transactions in payment stablecoins," Barr said.
He added that he would review feedback on whether parts of the customer identification framework should be extended to secondary-market activity and assess whether additional safeguards may be needed.
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