Crypto Pulse Media

John Palmer, head of derivatives at Kraken, said he expects sophisticated traders to lead adoption of newly approved U.S. perpetual futures, with broader institutional participation likely to follow over time.
The rollout of regulated perpetual futures in the U.S. could follow a familiar path to the one taken by spot bitcoin exchange-traded funds (ETFs) in seeking mass adoption
That's according to a Kraken executive overseeing the exchange's global derivatives business, who said sophisticated traders are likely to be the first institutional users of the newly approved products, while larger asset managers and investment advisers will take longer to enter the market
"When I think about those participants in trading, typically the first movers are going to be the ones that are more sophisticated in nature," John Palmer, head of derivatives at Kraken, said in an interview. "So they're either already connected to exchanges and trading themselves in a proprietary manner."
The comments come as the U.S. derivatives market prepares for the arrival of regulated "true" perpetual futures, a product that has long dominated offshore crypto trading venues such as Hyperliquid (HYPE). Perpetual futures, or perps, allow traders to maintain leveraged positions without an expiration date, unlike traditional futures contracts that must eventually be rolled into a new contract.
Globally, perpetual futures account for the vast majority of crypto derivatives volume, yet U.S. traders have historically had limited access due to regulatory restrictions.
Prediction market platform Kalshi, which launched U.S. perpetual futures last week, said on Wednesday that it already crossed $1 billion in trading volume.
Palmer argued that one reason perpetual futures became so successful outside the U.S. is their simplicity. Unlike dated futures, which require traders to manage expirations and contract rolls, perps allow positions to remain open indefinitely.
I think it's a simple derivative structure compared to some of the nuances of dealing with dated futures," he said. "If I buy a June [future], then it expires, and if I want to keep my position on, I have to roll it."
Kraken believes removing those complexities — and eventually allowing crypto assets to be used as collateral — could help bring U.S. traders closer to the experience available in international markets, he said.
For now, the company sees the launch of regulated perps as just the beginning. Despite crypto derivatives generating trillions of dollars in annual volume globally, Palmer said the U.S. market remains in its early stages.
We're at the beginning of the game," he said. "We're at the national anthem still."
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After years of pilots and experimentation, he said large financial institutions are increasingly treating public blockchains as production infrastructure rather than emerging technology.
"A year and a half ago it was proof-of-concept, dip your toe in," Raman said. "Now it's: we need to jump in head first and use public chains just like we all use the internet."
The shift reflects a broader change in how Wall Street views Ethereum. Stablecoins may have been the industry's first institutional use case, but Raman says the conversation is expanding to tokenized stocks, bonds, real estate and investment funds. Ethereum's dominance in stablecoins, liquidity and institutional deployments has created a network effect that continues to attract traditional financial players.
He said his view is that Ethereum is currently in a transitional phase where the infrastructure has largely been built, but the scale of adoption has yet to be fully reflected in the asset itself. As more tokenized assets migrate onchain, he believes the market will eventually reevaluate ETH's role as the asset securing the network.
The substrate for the financial system can't have a party controlling it," he said. "The network is universal. The pieces are all there now. Let's hand it off."
Rather than acting as a central coordinator, Raman believes the foundation should focus on maintaining Ethereum's core values — security, censorship resistance, privacy and open standards — while continuing work on long-term priorities such as zero-knowledge technology and quantum resistance.
Ultimately, Raman said, Ethereum's success will be measured less by price and more by adoption.
The highest calling for any blockchain is to have users and sustainable assets and actual utility," he said.
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The largest company on public markets now holds bitcoin as a treasury reserve, not as a business model. Its first earnings cycles will test which version of corporate crypto survives a bear market.
paceX's Nasdaq debut on Friday did something quieter than the record $75 billion raise. It puts the largest bitcoin position ever attached to an IPO onto public markets, and under a framing that corporate America has not seen at this scale.
The company's S-1 disclosed 18,712 bitcoin, bought for about $661 million and valued at $1.29 billion as of March 31. The filing described the position as a strategic reserve for excess cash.
Here's why crypto hopefuls should pay attention to that stance. SpaceX is not a bitcoin company. It is a rocket, satellite and AI company that decided bitcoin belongs next to its cash, and it just carried that decision through the largest listing in history.
That separates it from every large bitcoin holder that public investors have been offered so far. Strategy, the largest corporate holder, exists to accumulate bitcoin, and its stock trades as a leveraged proxy for the coin. Other treasury vehicles like BitMine raise money to buy crypto and live or die on the gap between their share price and their holdings.
For Elon Musk's company, it's a rounding error against a valuation of over $1.8 trillion: small enough that the stock will never trade on it, yet large enough to normalize the asset in a way no dedicated vehicle can.
For years, onchain analysts estimated SpaceX held about 8,300 bitcoin. The S-1 then revealed the real number was more than twice that, meaning one of the most scrutinized private companies in the world held a billion-dollar bitcoin position, and the public's best guess was off by half until securities law forced the answer.
Fair-value accounting means every quarterly report marks bitcoin to market, recording gains and losses whether or not SpaceX trades the coin. Tesla showed how that looks in a drawdown, booking hundreds of millions in paper losses on a position it wasn't selling.
Meanwhile, a strong SpaceX debut is already being read as a green light for the OpenAI and Anthropic listings behind it.
Whether those companies, or any large issuer, arrive with bitcoin on the balance sheet may depend on how much noise SpaceX's reserve generates over its first few quarters.
Corporate bitcoin has had loud champions and dedicated vehicles, but what it has never had is a giant public company simply holding it. And that experiment just started Friday.
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6 months after the dizzying fall of NFTs, Yuga Labs, parent company of the Bored Ape Yacht Club, conducted a whitehat hacking operation to counter an exploit on Floor Protocol on June 8, 2026. Result: over 60 NFTs secured, including 29 Bored Apes and 2 CryptoPunks, representing an estimated value of $570,000. This intervention marks a strategic turning point. Indeed, a major Web3 player no longer content with creating iconic collections but acting as a guardian of the ecosystem.
Michael Figge, CEO of Yuga Labs, emphasized the need to protect legitimate holders and prevent the exploit from spreading. In a market where trust is eroding, this proactive action breathes new life into the NFT community. It reminds that security and transparency are now essential levers to hope for a return of investor interest. Yuga Labs positions itself as an ethical leader capable of restoring credibility to a sector in crisis.
Beyond the rescue operation, the case highlights the fragility of Ethereum, the historical foundation of NFTs. Indeed, since 2022, the market has seen a dizzying drop. Bored Apes once valued at over $300,000 now show a floor price around $15,000. Moreover, daily volumes that exceeded $100 million now cap at $32.3 million. Yet Ethereum remains the backbone of the NFT ecosystem thanks to its technological robustness and massive adoption.
Yuga Labs’ intervention shows that the survival of NFTs depends on increased protocol security and better smart contract governance. If Ethereum manages to strengthen its infrastructure and regain investor trust, it could become the engine of a new wave of NFT innovation. But without this evolution, the market risks remaining trapped in prolonged distrust.
Yuga Labs’ operation is a strong signal as security becomes the crux of the battle for NFTs. Ethereum, despite its flaws, remains essential. The question is now open… Will the NFT market be able to reinvent itself around trust and resilience
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The New York Knicks, fuelled by a sensational 45 points from Jalen Brunson, rallied again to beat the San Antonio Spurs 94-90 and win their first NBA title in 53 years on Saturday.
The Knicks won the best-of-seven championship series 4-1, denying Victor Wembanyama and his young Spurs teammates on their home floor to lift the trophy for the first time since 1973.
The Knicks, who recovered from 29 points down in game four to produce the biggest comeback in Finals history, erased a double-digit deficit to win for the fourth time in the series.
The Knicks trailed by 16 in the second quarter and were down by 10 early in the fourth, but Brunson wouldn’t let them lose.
“I’ve got no words,” Brunson said after setting a Knicks record for points in a Finals game, surpassing Willis Reed’s 38 in game three of the team’s 1970 triumph over the Los Angeles Lakers.
With their backs against the wall, the Spurs were locked in defensively from the opening tip-off.
Wembanyama set the tone, blocking three shots in the first quarter as the Spurs powered to a 23-13 lead, holding the Knicks to their fewest points in any quarter this postseason.
Wembanyama tied a Finals record with five blocks in the first half and drilled a three-pointer that pushed the Spurs’ lead to 16 early in the second period
But the Knicks were heating up, cutting the deficit to three before Devin Vassell’s fadeaway basket at the buzzer sent the Spurs into the interval with a 42-37 lead
San Antonio quickly rebuilt a double-digit lead, but Brunson and the gritty Knicks wouldn’t let them get away
“We weren’t ready to win an NBA championship,” Spurs coach Mitch Johnson said. “The better team won.
We did a lot of good things, and we didn’t finish the job. That’s what it is
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was called the pick of the group-stage matches at World Cup 2026 – and it largely lived up to its billing.
Brazil and Morocco squared off in front of a crowd of more than 80,000 passionate fans on Saturday and, with two stunning first-half goals and a frenetic end to the game, set the New York New Jersey Stadium alight.
Once the referee’s full-time whistle blew inside the stadium, local fans rushed out to ensure they did not miss Game 5 of the NBA Finals, in which the New York Knicks sealed a dramatic late victory against the San Antonio Spurs to land their first championship since 1973.
The thousands of Brazilian fans, a smaller number of Morocco supporters and tens of thousands of New York natives all blended in as sport took the front seat in both states.
Earlier, nearly four hours before kickoff, the first group of football fans began arriving at the Secaucus train station in New Jersey to make their final journey to the stadium in East Rutherford.
Having paid a steep and much criticised return fare of $98 for a journey to the stadium from New York or New Jersey, the supporters rushed through the station as tournament volunteers, security officials and bystanders looked on with amusement
Once outside the venue, the fans brought out their drums, tambourines and best singing voices to create a festive atmosphere
The Brazilians danced their way from the train station exit to the stadium’s points of entry, often pausing on the way to pose for photos or join their Moroccan counterparts in a sing-off
Brazil supporters walked with an air of confidence, fully expecting the record five-time world champions to make a winning start to the tournament
Some of them, who had crossed the Hudson River for Brazil’s and Morocco’s opening match of the World Cup, joined one another in gearing up for the basketball finals.
“Let’s go Knicks” became the common chant as fans rushed out to watch what turned out to be the winning game in the best-of-seven series
Nearly three hours later, the Knicks’ 94-90 win was greeted by more singing, dancing and fireworks that echoed across both states
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Nestory Irankunda and Connor Metcalfe have scored as Australia have spoiled Turkiye’s return to the World Cup for the first time in 24 years with a 2-0 victory.
Goalkeeper Patrick Beach made eight saves for the Socceroos in their group opener on Saturday night as FIFA President Gianni Infantino looked on in Vancouver, Canada.
Australia coach Tony Popovic pulled off a huge shock in his starting lineup, dropping experienced captain and goalkeeper Maty Ryan in favour of Beach, winning only his third cap.
Vice captain Jackson Irvine was also dropped in favour of 21-year-old midfielder Paul Okon-Engstler in a starting XI that featured 10 World Cup debutants
One of Turkiye’s best chances came in the 27th minute when Real Madrid’s Arda Guler forced a smart save from Beach with a rasping shot.
“Unreal. It is a dream come true. We have got the win now,” said Irankunda, the youngest men’s World Cup scorer for Australia and not a definite starter before kickoff.
It feels amazing. You have got to thank the staff, thank the nation. They have got the belief in me
The Socceroos fell to France in the opener in Qatar four years ago, but then beat Tunisia and Denmark in their group before getting knocked out by eventual champions Argentina in the round of 16
Australia are playing in their sixth straight World Cup and seventh overall
It is the third World Cup appearance for Turkiye, who reached the tournament for the first time in 1954
The teams are in Group D with the United States and Paraguay. The Americans thrashed Paraguay 4-1 in their group opener on Friday in Los Angeles
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Some 1,500 Indonesian students have taken to the streets of the capital to protest against a series of economic policies by the government of President Prabowo Subianto, as Southeast Asia’s biggest economy faces mounting fiscal pressures amid a global supply chain crisis.
Demonstrators in Jakarta outlined five key demands for the government on Friday, particularly the lowering of fuel and food prices.
They also urged the government to roll back state welfare programmes they say are expensive and “wasteful”, including Prabowo’s flagship free meals and village cooperative initiatives.
Called the “Heading to Bankrupt Indonesia” protests, demonstrators donned yellow university jackets after Friday prayers and marched towards Jakarta’s central monument, the Hotel Indonesia traffic circle, where they gathered and voiced their frustration
Organisers told reporters that some protesters were blocked from joining by the police and military officials. Scuffles broke out as some students attempted to break through the police lines and metal barricades
This week, the government introduced a 32 percent price hike, angering many.
In addition, demonstrators on Friday called for more targeted spending. The $15bn-a-year free meals programme, which aims to reduce poverty and malnutrition, for example, has been the subject of a corruption probe, with Prabowo firing the programme’s head in early June
“Wasteful spending on free meals has led to a fiscal situation where subsidies initially provided had been withdrawn,” student protester Rafael Arreva told the Reuters news agency while standing in front of a police blockade
Protesters also demanded an end to the expanding role of the military in government, saying it was a threat to the country’s young democracy
The government is in denial about the current situation,” Yatalathof Ma’shum Imawan, who chairs the student group that organised the rally, told The Associated Press. “We urge Prabowo to have the courage to acknowledge his mistake and stop denying it.
Indonesia last saw mass protests in August when demonstrators called for housing reforms. Clashes between protesters and security forces left at least 13 people dead
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Former crypto tycoon Sam Bankman-Fried has lost his bid to overturn his fraud conviction and 25-year prison sentence over the collapse of the FTX cryptocurrency exchange he founded.
In a unanimous decision on Friday, a three-judge panel of the Manhattan-based 2nd United States Circuit Court of Appeals said prosecutors’ evidence against Bankman-Fried “was, conservatively stated, robust”.
While he was publicly reassuring customers, investors and regulators that FTX customer funds were safe, he was simultaneously using FTX as his own personal piggy bank, spending customer funds on real estate, political contributions, and investments,” Circuit Judge Barrington Parker wrote on behalf of the panel.
FTX customers were defrauded as soon as Bankman-Fried transferred their money to Alameda regardless of how strongly he believed he might later return the money,” Parker wrote.
Before FTX collapsed, Bankman-Fried was a rising star in the rough-and-tumble crypto industry who burnished his reputation with lavish philanthropic and political donations
At his March 2024 sentencing hearing, Kaplan said Bankman-Fried knew his actions were wrong but “made a very bad bet about the likelihood of getting caught
Three of Bankman-Fried’s former deputies pleaded guilty over their involvement in the case and testified against their onetime boss at his trial
Bankman-Fried is being held at a low-security federal prison near Santa Barbara, California. He is eligible for release in 2044
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Alice Carrier had recently started playing the guitar again, a hobby she enjoyed in high school but had set aside during college. It was one of several pursuits she filled her free time with as she interviewed for new jobs, spent time with her dog and enjoyed activities, including gaming.
By all appearances, at least to her mother, Kristie Carrier, things were going well. Alice was working as a web developer in Montreal, Canada, fulfilling a dream she had carried since growing up in the small town of Lawrence, New Brunswick.
“Things were going in a good direction, and things seemed to be getting better for her,” Carrier told Al Jazeera
But what Carrier did not know was how much her daughter was struggling in silence. In 2023, she began using ChatGPT to help identify issues with computers and gaming consoles, but that quickly shifted to being more of a confidant amid feelings of loneliness, isolation and of being unloved
Alice struggled with her mental health. While she was taking medication and regularly in therapy, according to her mother, for months she confided in the chatbot. She shared thoughts of suicide and sought ways to carry it out, which, according to a new lawsuit filed on Thursday in a California court, happened more than 40 times
Another study from West Texas A&M University that also targeted adolescents and young adults found that nearly a fifth of all adolescents developed dependency on AI, with previously existing mental health problems a predisposition for developing the dependency.
Legislators have begun to take note. In Canada, a new digital safety bill, introduced on Wednesday, would require companies such as OpenAI to be more “transparent” about their reporting standards in crisis situations, where users may hurt themselves or others.
In Washington state, the governor signed a bill into law that requires AI chatbots to remind users they are not human every three hours and is set to take effect in January 2027. Other states like Illinois, for example, have banned AI therapy.
On the federal level, Representative Mike Lawler, a Republican from New York, introduced a bill that would require chatbot companies to notify parents of interactions where suicidal ideation is discussed by a user. However, this bill only applies to minors
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In times of global crises, the price of gold shoots up as investors look at the yellow metal as a safe haven against inflation.
Gold has been under pressure since the United States and Israel attacked Iran in late February, launching a months-long war. Prices have fallen from a high of $5,303 per troy ounce (31.1g) on January 28 to $4,235 on Friday.
That is because soaring inflation has raised concerns that central banks will not slash interest rates. They may even hike them to rein in prices.
To retaliate against the US and Israel, Iran has been blocking traffic through the waterway since the start of the war, impeding a major artery for oil and gas shipments. Energy prices have shot up in response, which in turn has pushed up inflation.
Gold is as close to real money as is possible in terms of an asset,” Justin Cardwell, head options analyst for the financial website OptionSpreaders.com, told Al Jazeera. “It doesn’t collect dividends, but it also doesn’t yield value till prices go up. People buy gold for its appreciation [in value].”
When the dollar strengthens, gold feels the pressure; when the dollar weakens, gold tends to climb. Right now, the dollar is strong, and gold is feeling it,” Collin Plume, CEO of Noble Gold Investments, told Al Jazeera in an email.
A few months ago, what came next was a rate cut, so prices were rising and assets were appreciating across the board. That’s changed. Now we’re facing headwinds, including the real potential of a rate increase. Any asset is affected by that shift, and gold is especially price-sensitive to interest rates.”
On Friday, as the news of a potential deal between the US and Iran broke, gold closed slightly higher than on the previous day.
Headlines of the possibility of the war coming to close would be positive for gold because the assumption is that inflation will come down,” said Cardwell.
“This range that gold’s currently in, it’s very likely this is a place of support. Even when the war ends, there are so many other factors that will keep a lid on what gold prices can do,” Cardwell added.
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The United Arab Emirates has agreed to unlock billions of dollars for Iran, pursuing a tactical shift after weeks of Iranian attacks on the wealthy Gulf Arab state amid its ongoing war with the United States and Israel, four sources told the Reuters news agency.
incided with the final stages of broader negotiations between Tehran and Washington to end the war. Diplomats say those talks involve the release of tens of billions of dollars in Iranian oil revenues frozen in foreign banks under US sanctions.
Two regional sources told Reuters that the UAE had agreed to release a total of $10bn, more than $3bn of which had already been delivered.
euters also reported that two other sources with knowledge of the ⁠arrangement put the total funds involved at $20bn, adding that the move had been agreed in return for a halt to Iranian attacks on the UAE.
The United Arab Emirates has categorically denied reports circulating in some international media outlets regarding the transfer or conversion of any funds from the UAE to the Islamic Republic of Iran, including claims concerning $3 billion,” the ministry said, adding that “no frozen Iranian funds have been released, transferred, or moved through the UAE
“The Ministry also urged media outlets to exercise accuracy and obtain information from official sources, and to refrain from circulating or publishing unsubstantiated information or claims lacking credibility
That trip was followed by a visit by UAE officials to Tehran to negotiate the details of the mechanism
Dubai’s banks have long held substantial Iranian-linked deposits, much of them now immobilised under US sanctions that police the global dollar-clearing system and expose any foreign bank dealing with blacklisted Iranian entities to being cut off from the US financial network
On April 11, a senior Iranian source told Reuters that the ‌US had agreed to release Iranian frozen assets held in Qatar and other foreign banks, although a US official swiftly denied the assertion
The source, who declined to be named due to the sensitivity of the matter, said that unfreezing the assets was “directly linked to ensuring safe passage through the Strait of Hormuz”, a key issue in talks aimed at ending the conflict
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paceX shares opened at $150 on Friday before rising to $162, marking a strong start to one of the most closely watched stock market debuts in recent years.
The aerospace and satellite internet company priced its initial public offering at $135 per share on Thursday. SpaceX sold 555.6 million shares, raising $75 billion in what stands as the largest IPO ever.
Trading under the ticker SPCX on Nasdaq, the company had been valued at roughly $1.8 trillion based on the IPO price.
The debut gives public investors their first chance to own shares in a company that has reshaped the commercial space industry through reusable rockets and built one of the world's largest satellite networks through Starlink. The satellite internet business has become a major source of growth, serving customers in remote areas where traditional broadband can be difficult to access.
SpaceX generated about $19 billion in revenue last year from launch services, government contracts and Starlink operations.
Investors are also gaining exposure to one of the larger bitcoin holdings among publicly traded companies. SpaceX held 18,712 bitcoin as of March 31, according to company disclosures. At bitcoin’s recent price of around $63,500, those holdings are worth just under $1.2 billion.
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Senior market analyst Geoffrey Kendrick pointed to the SpaceX IPO and a potential U.S.-Iran peace deal as the dual catalysts ending the recent crypto selloff.
he cryptocurrency market reached its definitive bottom for the currency cycle, Standard Chartered Analyst Geoffrey Kendrick said in a note on Friday.
The cycle low is now locked in at $59,000 for bitcoin, a 53% drop from its Oct. 6 all-time high of $126,000, according to Kendrick.
CoinDesk data shows bitcoin touched as low as $59,375 on June 5 in the evening, around 18:00 UTC. At the time of writing, bitcoin hovered just shy of $64,000.
Kendrick, who has $4,000 ether and a $100,000 bitcoin price target by the end of this year, identified two core drivers on Friday that support this market turnaround.
First, recent weeks saw some of the sharpest spot bitcoin ETF selling since inception. Total redemptions exceeded $5.72 billion since the second week of May. He also noted that ETF holders have anecdotally been liquidating their positions to free up cash to participate in the SpaceX initial public offering (IPO).
The intense market demand is already showing up on digital asset exchanges, such as Hyperliquid, where SpaceX’s crypto contracts recently traded with high volume and a valuation of up to 2.4 trillion.
Second, a G7-related peace deal between the U.S. and Iran, if true, could help stop oil prices from escalating. Lower oil prices would subsequently cool the rising U.S. Treasury yields, easing macro pressure on crypto markets.
To confirm that the market floor is secure, Kendrick is watching three specific metrics over the coming days. He is looking for an announcement on Monday showing that Michael Saylor’s Strategy (MSTR) purchased more bitcoin this week. He is also looking for a return to net-positive daily inflows for U.S. spot bitcoin ETFs this Friday, as international oil prices continue to fall.
The price of Brent crude fell to about $87 a barrel, while West Texas Intermediate crude was around $85 a barrel as U.S. President Donald Trump spoke of a likely peace deal with Iran.
However, he later made a U-turn in a post on Truth Social, saying the deal made public was not what had been agreed and warning Tehran's officials to quickly “get their act together.”
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New legislation from a bipartisan duo would set up a multi-agency group under the U.S. attorney general to take a lead on cryptocurrency theft cases.
Crypto theft from criminal fraud and hacking would be the jurisdiction of a new U.S. cross-agency task force contemplated in a bipartisan bill introduced on Thursday, backed by well-placed lawmakers in the U.S. House of Representatives.
The Federal Cryptocurrency Theft Task Force would be led by the U.S. attorney general, according to bill text reviewed by CoinDesk, and it would involve the Department of Justice, Federal Bureau of Investigation, Department of Homeland Security and the Treasury Department, among others.
The legislation is sponsored by Representative Lance Gooden, a Republican on the House Judiciary Committee, and by a Democrat on House Financial Services Committee, Representative Josh Gottheimer.
Crypto criminals are stealing billions from Americans, and Washington lacks a coordinated strategy to stop them," Gooden, a Texas Republican, said in a statement to CoinDesk. "As digital assets shape the future of finance, this bill protects consumers, cracks down on thieves, and strengthens trust in the crypto ecosystem.”
The task force would become the main point of coordination for preventing and investigating the theft of cryptocurrency, which is a problem that plagues the young industry. From fraud and so-called pig butchering by complex criminal networks to state-backed attacks from hackers, digital assets have long been a target. Many of the sector's most vocal political opponents often cite that undercurrent of criminal abuse as proof the sector is risky for consumers.
Despite $11 billion in thefts and scams last year, "victims have nowhere to turn," Gottheimer, a New Jersey Democrat, argued. This change would provide "a single federal point of contact."
This legislative effort suggests that the responses to theft cases have been inconsistent across the jurisdictions, including federal agencies and down through state and local law enforcement.
By housing a coordinating task force at the Justice Department, this bill gives victims, investigators and local law enforcement the unified federal response they have been missing, all on a voluntary basis that respects local control," said Dannis Porter, co-founder and CEO of the Satoshi Action Fund that advocates for digital assets policy, in a statement.
It's not yet clear whether the new task force legislation will find an avenue for passage in the busy congressional session. Bills need to either find a track through a House committee or get attached to a must-move legislative package
The Digital Chamber, a Washington group supporting crypto policy, said in a statement about this legislative effort that it's "critical that law enforcement agencies have the tools, training and coordination necessary to investigate theft, trace illicit activity, support victims and pursue bad actors."
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The former regulator joined a number of interest groups in arguing that prediction markets are overstepping their bounds by offering sports-related contracts.
rediction markets should not preempt state laws around sports gambling, the former head of the Commodity Futures Trading Commission and Securities and Exchange Commission, Gary Gensler, said in a court filing late Thursday.
Gensler, the Indian Gaming Association and Native American tribal organizations, the American Gaming Association and Better Markets all filed amicus briefs – otherwise known as friend-of-the-court briefs – with the Sixth Circuit Court of Appeals to argue that prediction market provider KalshiEx (otherwise known as Kalshi)'s sports-related prediction markets violate state gaming regulations.
The appellate court case arises from a lawsuit that Kalshi preemptively filed against the state of Ohio in an effort to block the state from filing suit against it. A federal judge ruled against Kalshi in March.
In Thursday's filing, Gensler outlined the history of derivatives, the Commodity Exchange Act, and the Dodd–Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), arguing that Congress explicitly gave the CFTC authority to oversee specific types of derivatives products. Gensler was the chair of the CFTC from 2009 to 2014, during which he oversaw the implementation of the Dodd-Frank Act, and chair of the SEC from 2021 to 2025
Congress did not include sports betting contracts within the statutory Dodd-Frank definition of swap," the brief said. "Such contracts do not fit the CEA’s purpose or the statutory language defining swap, which focus on hedging economic risk. Sports bets are very rarely, if ever, about hedging."
Kalshi has brazenly entered onto state and tribal lands across the nation to conduct unregulated gaming with its so-called 'legal sports betting' app," the filing said. "In doing so, Kalshi is siphoning away vital tribal and state governmental revenue to its owners’ pockets."
The American Gaming Association's filing focused on arguing that there is no real distinction between sports prediction markets and sports betting — going so far as to cite a trademark application by Kalshi which said "its services are associated with … 'providing of information related to sports betting; organizing, arranging, conducting sports betting and gambling tournaments, competitions and contests.'
The brief compared sportsbooks to offerings on Kalshi's platform, looking at various offerings including parlays.
The AGA and Gensler's filing both also argued that sports-related prediction markets aren't providing economic hedges for entities.
Better Markets' filing similarly argued that sports-related prediction markets should not be treated as swaps, quoting past Kalshi filings where the company drew a distinction between markets for political events like elections and sporting events like horse races.
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The onetime FTX CEO did not persuade a panel of judges that his trial was unfair, the appeals court panel ruled Friday.
TX founder and former CEO Sam Bankman-Fried lost his effort to overturn his conviction on fraud and conspiracy charges tied to the operation and collapse of his former crypto trading empire on Friday.
A Second Circuit Court of Appeals panel ruled that the onetime crypto executive's arguments that his trial was unfair were not persuasive, going through Bankman-Fried's contention that he was prevented from presenting all of his legal arguments and that he was blocked from arguing that FTX's investments would do well.
Bankman-Fried makes these arguments in the face of a trial at which the government’s evidence against him was, conservatively stated, robust," the ruling said.
The panel ruled that Judge Lewis Kaplan, who oversaw the trial, did not make errors in how he handled objections or in his rulings about specific arguments and portions of evidence that the prosecution and defense wanted to introduce.
While the ruling made note of the "broad discretion" that district courts have in running trials throughout the filing, the panel of judges also said they agreed with his rulings and explained their view of Judge Kaplan's actions through the trial, in addition to taking on Bankman-Fried's actual arguments.
One argument Bankman-Fried advanced was that the funds he misappropriated were in investments that would eventually grow.
"As the district court recognized, any contention that Bankman-Fried lacked an intent to defraud because he intended to eventually repay his customers was legally misleading and prejudicial because the wire fraud statute encompasses temporary misappropriation of money or property," the ruling said.
The panel reiterated this argument later on: "Whether the assets purchased by Bankman-Fried appreciated in value is irrelevant as to whether he committed fraud," the ruling said.
Bankman-Fried's team tried to argue that FTX was a margin futures trading platform, and therefore customers should have expected that they might lose some access to their funds.
We are unpersuaded," the ruling said. "The fact that some FTX customers opted into margin trading, and thus temporary deprivation of their money, is beside the point. Some opted into margin trading, some did not. No one opted into having their money transferred under false pretenses to Alameda."
Earlier this week, Bankman-Fried formally asked U.S. President Donald Trump for a pardon, though Trump said in the past he was not considering pardoning the former FTX executive, unlike various other crypto figures who have received pardons over the past 18 months.
Bankman-Fried is also seeking a new trial in federal court, separate from the appeal.
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Binance and its local partner do not hold the necessary license required to operate in the country, the Philippine central bank said, according to a local media report.
inance is trying to enter the Philippines market through a local partner. Regulators are making clear it won't be simple.
The country's central bank said neither the world's largest crypto exchange nor its local partner, BlockShoals Technologies Inc., holds the necessary license to operate as a virtual asset service provider (VASP) in the country, BitPinas media reported.
The license, issued by Bangko Sentral ng Pilipinas, is essential to facilitate crypto payment and transaction rails and is separate from any approval granted by the country's Securities and Exchange Commission (SEC).
Binance has previously been active in the country. But in 2023, the SEC noted it was operating without a license. It ordered internet service providers and app stores to block the exchange the following year.
Last month, Binance said it is working with BlockShoals, a local fintech company that received initial SEC clearance in November under the regulator's sandbox framework. The sandbox, called StratBox (Strategic Sandbox), is a controlled, supervised environment for fintech and crypto firms to test financial services.
According to BitPinas, the central bank has explicitly stated that participation in the sandbox doesn't substitute for central bank licensing, and entities seeking to operate in the country must comply with both frameworks independently.
The report also says the SEC revised its language in the sandbox deal, describing Binance as a global crypto-asset service provider rather than a global VASP, a narrower designation. The revised terms also require BlockShoals to integrate its systems with a licensed domestic VASP within 90 days before any user onboarding through Binance infrastructure can begin.
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A federal judge in Washington on Thursday denied a prosecutor’s request to erase the record of the government’s legal losses during its attempt to investigate former Federal Reserve Chair Jerome Powell.
Chief Judge James Boasberg, in a scathing order in D.C. District Court, replete with media quotes and links to a YouTube clip, denied a motion by the office of U.S. Attorney Jeanine Pirro to vacate his earlier rulings that had gone against Pirro.
The latest development caps a monthslong legal saga that saw Boasberg halt aspects of an investigation by Pirro into the Fed. Boasberg in March quashed a pair of subpoenas Pirro issued because, he ruled, Pirro’s effort was intended at least in part to “harass and pressure Powell” on behalf of the president, who wanted lower interest rates.
Pirro in April agreed to close the investigation of Powell under pressure from Republican Sen. Thom Tillis of North Carolina. Tillis dropped a Senate blockade of the confirmation of Kevin Warsh, Trump’s nominee to replace Powell as leader of the Fed. Warsh was confirmed in May and will chair his first meeting of the Fed’s rate-setting committee next week.
Powell stepped down from the Fed chair as required by law but opted to retain his separate seat on the Fed’s board. He wanted to ensure that the legal threat to the Fed had truly ended, even after Pirro said she had dropped the investigation.
Boasberg’s order Thursday appeared sympathetic to Powell’s perspective that the legal threat to the Fed may not truly have ended with Pirro’s decision to drop the investigation. Pirro said she could reopen the investigation if she chose.
If the Government got its way here, then any party that lost a court case could choose to moot the matter, erase an unfavorable decision, and freeze the accumulation and refinement of precedents on which our legal system depends,” Boasberg wrote.
As judge of a lower court, Boasberg’s decisions don’t necessarily create precedent, he noted. But his “reasoning still offers a public good from which other parties and judges may draw.”
The Fed declined to comment. A spokesman for Pirro didn’t immediate respond to questions about Boasberg’s order and whether she might still attempt to appeal.
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For nearly two decades, some of the world’s most prominent investors quietly accumulated stakes in SpaceX while the rocket maker remained largely off-limits to the public markets.
Now, with Elon Musk’s company seeking a valuation of roughly $1.8 trillion in its initial public offering, those early bets are poised to generate some of the largest paper gains in venture capital history.
Among the biggest beneficiaries are veteran stock picker Ron Baron, Cathie Wood’s Ark Invest and mutual fund giant Fidelity Investments. Also poised to win are venture firms including Founders Fund, Sequoia Capital and Andreessen Horowitz as well as hedge funds such as D1 Capital Partners and Coatue Management. Select pension funds and endowments are also set to share in the windfall.
The gains are striking for investors who backed SpaceX before its success became obvious. Baron first invested in 2017 through employee tender offers when the company was valued at less than $22 billion and has since participated in 27 funding rounds.
By the end of March, SpaceX accounted for 33% of assets in the $10.4 billion Baron Partners Fund and 25.5% of the Baron Asset Fund, making it one of the firm’s most consequential investments.
We think that SpaceX will become the largest, most profitable company on the planet,” Baron said during an investor webcast this week. His firm has invested about $2 billion in the company over the years, a stake that has grown to roughly $12 billion, he said.
The Ontario Teachers’ Pension Plan invested more than $200 million in SpaceX in 2019 through a newly created technology-focused investment vehicle at the time. Back then, the pension manager described SpaceX as “a compelling investment opportunity” because of its “proven track record of technology disruption in the launch space and significant future growth potential in the satellite broadband market.”
University endowments have also emerged as major beneficiaries. Washington University in St. Louis invested roughly $50 million in SpaceX nearly a decade ago, a stake that has appreciated dramatically as the company climbed toward its IPO valuation. The holding now accounts for more than 10% of the university’s approximately $17 billion endowment, according to Bloomberg News.
Washington University declined to comment, and the Ontario Teachers’ Pension Plan didn’t respond to CNBC’s request for comment.
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