Let's break it down: Live Trading turns investing education into a livestream experience.

Here's how it works

• Verified traders broadcast their trading sessions live

• They explain their strategies as they buy and sell

• Viewers can ask questions in real-time

• Viewers can place their own trades without leaving the stream

Traditional trading courses suffer from a massive disconnect between theory and practice. You learn about support levels in a sterile environment, then panic when real money hits the market. Binance is aiming to address this disconnect with its new Live Trading feature. The tool gives users a front-row seat to observe how seasoned traders operate under pressure, offering insights that go beyond textbooks.

It’s a shift from passive learning to real-time participation, merging education with execution.

For Binance's 35 million monthly users, the feature represents something genuinely novel: the chance to learn and act simultaneously rather than in isolation.

The last significant foray into live streaming in the crypto space came from Solana-based platform pump.fun, which launched its "Stages" feature in August 2024.

The concept was similar, users could broadcast whilst promoting their memecoins.

Within months, pump.fun devolved into chaos. Users broadcast violent threats and animal abuse to inflate token prices. The platform became a cesspit of market manipulation disguised as entertainment.

The backlash was swift and brutal.

• Revenue crashed from $33.83 million to $11.31 million in a single week

• The feature was temporarily shuttered in November 2024

• When it relaunched in April 2025, the damage was already done

“If they can keep the signal clean, this could be CT’s next high-volume feed. Let’s see if it cuts through or turns into another pump. fun mess,” one X user noted yesterday.

That caution is well-founded.

Binance has several advantages over pump.fun's chaotic experiment.

First, scale. Binance operates under stricter regulatory oversight and maintains robust infrastructure. The emphasis on "verified creators" suggests they're starting with trusted content providers rather than anyone with a smartphone.

Second, resources. Unlike pump.fun's freewheeling memecoin circus, Binance has the capital and expertise to implement serious moderation systems.

Here's the problem — scaling quality control to a global audience is monumentally difficult.

Real-time moderation across multiple languages and time zones requires enormous investment. One inappropriate stream featuring market manipulation could undo months of careful brand building.

The risks extend beyond content control.

Live trading during streams could amplify impulsive decision-making. Imagine watching someone make a quick $10,000 on a futures trade and feeling compelled to copy them immediately.

That's not education, that's gambling with extra steps.

This sentiment captures something important about modern investing culture. Younger traders, raised on social media, expect financial services to be interactive and community-driven.

But there's a fine line between education and entertainment — and an even finer line between entertainment and exploitation.

Traditional finance is already embracing social trading.

Platforms like eToro have built entire business models around copying successful traders. Even established brokerages are adding social features to attract younger customers. Crypto, with its 24/7 markets and volatile price action, represents the logical extreme of this trend.

The feature addresses genuine problems in financial education.

Most crypto traders learn through trial and error, an expensive process in volatile markets. Watching experienced traders navigate real-time conditions could genuinely help novices avoid costly mistakes.

Binance has the resources and reputation to avoid pump.fun's mistakes. But success will depend entirely on their ability to prioritise education over engagement metrics.

The June unlocks represent a 32% decrease from May's $4.9 billion but include several high-profile releases that could test market stability, according to data from crypto vesting tracker Tokenomist.

Key June token releases include

• Blast: 54.91% unlock on June 26

• ZKsync: 20.91% unlock on June 17

• ZetaChain: 5.34% on June 1

• Starknet: 4.09% on June 15

• LayerZero: 2.47% on June 20

• Immutable: 1.33% on June 13

Token vesting schedules are commonly used by cryptocurrency projects to prevent early investors and team members from immediately selling their holdings, which could destabilise prices during a project's early phases.

The June unlocks comprise $1.4 billion in "cliff" releases where all tokens become available simultaneously and $1.9 billion in linear releases spread over time.

Cliff unlocks typically create more immediate price pressure, whilst linear releases are designed to minimise market impact through gradual distribution.

Many of the projects involved in June's unlocks represent blockchain infrastructure plays, including Layer-2 scaling solutions and cross-chain protocols that have attracted significant venture capital investment.

ZKsync and Starknet, both Ethereum scaling solutions, have raised hundreds of millions in funding at multi-billion-dollar valuations. Their upcoming unlocks will provide insight into whether current market prices reflect genuine adoption or speculative premium.

The timing proves particularly challenging given recent volatility in the broader technology sector and uncertainty around monetary policy.

Previous large-scale token unlocks have produced varied outcomes depending on market conditions and project fundamentals. Some established projects have weathered major supply increases with minimal price impact, whilst others have experienced significant selloffs requiring months to recover.

The key differentiator often proves to be underlying project utility and revenue generation rather than pure speculation.

The sector's ability to absorb $3.3 billion in new supply without significant volatility would mark a notable evolution from previous market cycles characterised by dramatic price swings around major events.

This would signal genuine institutional depth and retail confidence.

Founded in 2018, Ledn positioned itself as a pioneer in Bitcoin-backed lending, underwriting Canada's first Bitcoin-secured loan and recently announcing what it called the world's first Bitcoin-backed mortgage.

The company added Ethereum support in February 2024 to meet broader market demand, but the asset never gained significant traction among its client base.

Ledn's loan book has grown to $9.9 billion in total volume since inception, with Bitcoin representing the overwhelming majority of that activity.

The Canadian company, which manages a $550 million loan book, announced it will discontinue all Ethereum-backed lending services effective July 1, less than 16 months after adding support for the world's second-largest cryptocurrency.

The decision reflects usage patterns that may surprise crypto enthusiasts.

Despite Ethereum's prominence in decentralised finance and its $300 billion market capitalisation, Bitcoin accounts for more than 99% of Ledn's client activity.

"We're returning to our Bitcoin-first roots, this isn't just about market dominance — it's about aligning with Bitcoin's founding principles." said Adam Reeds, Ledn's co-founder and chief executive, in an interview with Cointelegraph.

The move comes as Ledn transitions to what it calls a "fully custodied" model, ensuring client collateral is never rehypothecated or lent out to generate additional yield.

The approach directly addresses concerns that led to the spectacular 2022 collapses of crypto lenders Celsius and BlockFi, which left billions in client funds frozen.

Industry analysts view Ledn's decision through the lens of institutional risk management rather than crypto tribalism. Bitcoin's lower volatility compared to Ethereum, and clearer regulatory status in many jurisdictions which makes it more attractive as loan collateral.

As Bitcoin trades near $109,000, institutional appetite for crypto lending remains strong despite market turbulence.

Ledn also plans to retire its "Growth Accounts" for both Bitcoin and Ethereum, which offered yields up to 4% annually, to focus exclusively on collateralised lending.

Ledn's shift mirrors moves by other institutional crypto lenders.

Two Prime, another prominent platform, recently dropped Ethereum support in favour of Bitcoin-only services.

The convergence suggests that in traditional lending applications, Bitcoin has achieved something Ethereum hasn't: widespread institutional confidence as stable collateral.

For Ethereum holders who used Ledn's services, the change means seeking alternative platforms in an increasingly competitive landscape. The decision may also signal challenges for Ethereum's role in traditional financial services, even as it dominates in decentralised applications.

Regulatory clarity also plays a role.

Bitcoin faces fewer regulatory uncertainties than Ethereum, which the Securities and Exchange Commission has at times suggested might qualify as a security under certain circumstances.

While retail crypto traders often view Bitcoin and Ethereum as complementary, institutional lenders appear to see meaningful differences in their utility as collateral.

The week's largest deal saw Worldcoin secure $135 million through token sales, while AI-focused banking startup Catena Labs raised $18 million in a seed round backed by the NFL's Tom Brady, among others.

Worldcoin, which creates digital identities by scanning users' irises, sold WLD tokens to raise $135 million led by a16z crypto and Bain Capital Crypto.

The project has registered 26 million users, with 12.5 million holding verified digital IDs. Worldcoin's technology has drawn scrutiny from privacy advocates and regulators who question the collection of biometric data.

"This funding will allow us to expand our network and meet the growing demand for World IDs," said Chief Executive Alex Blania.

Catena Labs, founded by former Circle executive Sean Neville, raised $18 million from a16z crypto, Breyer Capital, Circle Ventures and Coinbase Ventures. New England Patriots quarterback Tom Brady also participated in the round.

The startup is developing what it calls an "AI-native bank" that uses artificial intelligence to automate trading and investment decisions. Catena Labs has no immediate plans to issue its own cryptocurrency, according to the company.

Read: Web3 Finds Its Voice through AI

Investors received equity stakes and token warrants for a future digital asset that has yet to be created.

The funding activity reflects renewed investor appetite for cryptocurrency startups after a period of subdued deal-making.

Andreessen Horowitz's crypto arm has deployed capital from a $4.5 billion fund raised in 2022, one of the largest dedicated to digital assets. The firm has invested more than $7.6 billion across crypto and Web3 companies since entering the sector.

Other deals this week included a $41 million Series B round for Slash, which provides banking services to crypto companies, led by Goodwater Capital. Three additional startups raised a combined $20 million, though details weren't disclosed.

Cryptocurrency startups are on track to raise $18 billion in 2025, according to data tracker DefiLlama, as institutional investors warm to digital assets following regulatory clarity in key markets.

The convergence of artificial intelligence and blockchain technology, exemplified by Catena Labs, represents a key investment theme as startups seek to differentiate themselves in an increasingly crowded market.

For investors, the week's activity suggests venture capital firms view current market conditions as favorable for deploying capital into cryptocurrency startups, particularly those addressing infrastructure needs or novel applications of blockchain technology.

"The attacker exploited vulnerabilities in Cetus Protocol's smart contracts by deploying spoof tokens to manipulate price curves and reserve calculations," according to Deddy Lavid, CEO of cybersecurity firm Cyvers.

The hacker created worthless tokens designed specifically to trick Cetus's pricing oracle. By injecting these fake tokens into liquidity pools, they distorted the price feeds that the protocol relied on to value assets.

Once the oracle was compromised, the attacker systematically drained multiple pools, including the critical SUI/USDC pair, of their legitimate assets.

"It's like going to a toy exchange, you bring fake toys that look valuable but are actually worthless, trade them for real toys, and then run," as security expert Manan Vora from Liminal perfectly put it.

The immediate aftermath was brutal.

Within hours of the attack, the Sui Foundation coordinated with network validators to freeze wallets containing stolen funds. A "supermajority validator vote" was secured to essentially ignore transactions from addresses associated with the theft.

The result? $162 million of the stolen $223 million was successfully frozen.

Impressive recovery rate, right? But at what cost?

The swift response has reignited debates about what "decentralised" actually means in practice.

"If validators, 114 only in total, can freeze wallets when they want, it raises a major question about the network's censorship resistance," noted an observer.

It's the age-old blockchain dilemma: security versus true decentralisation. When push comes to shove, which matters more?

"We are doing what we can to help SUI. Not a pleasant situation. Hope everyone stay SAFU!" tweeted Binance founder Changpeng Zhao, weighing in on the issue.

The $6M Bounty

In a move that's become common in crypto, Cetus offered the hacker a $6 million bounty to return the remaining $56.3 million in ETH that had been bridged to Ethereum.

The math is simple: keep $6 million, return $56 million, and everyone walks away.

Whether the hacker takes the deal remains to be seen.

The Cetus hack exposes an uncomfortable reality: when billions are at stake, even "decentralised" networks can act remarkably like traditional financial institutions.

The crypto exchange will offer over 50 US stocks and ETFs as blockchain tokens, available 24/7 to customers in Europe, Latin America, Africa, and Asia. Trading begins within weeks.

Kraken chose Solana blockchain for "unmatched performance, low latency and thriving global ecosystem."

The network can handle continuous trading without Ethereum's gas fee constraints or settlement delays which is critical for 24/7 equity markets.

"The whole point of crypto is that we're able to see things very transparently, it's decentralised. It is open-source. You can innovate as quickly as possible," Sethi said at Solana's Accelerate event.

What Changes

24/7 equity trading eliminates geographic and temporal barriers

• Asian investors can react immediately to US earnings announcements

• Weekend news no longer requires waiting until Monday to trade

• European customers avoid complex US market access procedures

Popular stocks include Apple, Tesla, Nvidia, plus ETFs like SPDR S&P 500 (SPY) and SPDR Gold Shares (GLD).

The Binance Precedent

Binance launched tokenised stocks in 2021 before regulatory pressure forced them to shut down entirely.

Kraken believes it's solved the compliance puzzle that broke its competitor. The exchange is "actively working with various regulators" to ensure legal operation across jurisdictions.

The difference? Kraken partnered with Backed Finance, which holds actual shares and issues tokens backed 1:1 by real securities. Users can redeem tokens for cash value at any time.

Real-world asset tokenisation has hit $22.7 billion, reflecting rising investor interest. Tokenised stocks currently represent just $397 million of this market, suggesting massive growth potential.

Read: Is Tokenisation's Breakthrough Moment Here? 🔗

Kraken co-CEO Arjun Sethi predicts one tokenised equity will eventually exceed Tether's $110 billion market cap.

"Now you can have fifty, five hundred, a thousand of those tokenised equities, then you do futures and options trading on top of that," he said.

Kraken learned from Binance's mistakes by prioritising compliance upfront rather than launching first and dealing with consequences later.

The exchange avoids the US market entirely, focusing on regions with clearer regulatory frameworks for tokenised securities.

This measured approach contrasts sharply with Binance's 2021 launch, which collapsed under regulatory scrutiny from multiple countries.

The move positions Kraken against traditional brokerages like Robinhood rather than crypto-native exchanges like Coinbase.

Robinhood is developing its own blockchain for tokenised securities targeting European investors, direct competition for Kraken's new offering.

Kraken's March acquisition of futures platform NinjaTrader for $1.5 billion signals broader multi-asset ambitions beyond cryptocurrency.

The success depends on regulatory approval across target markets and user adoption of tokenised equities. If demand matches projections, traditional brokerages may struggle to compete with 24/7 global access and blockchain-enabled transparency.

The exchange becomes the first to successfully launch tokenised US equities, setting a precedent for crypto's expansion into traditional finance.

The problem: Current money transmission laws treat crypto developers like banks, even when they never touch customer funds.

The solution: If you're not holding people's money, you're not a money transmitter or bank.

"If we want to keep the next generation of builders in the United States, this kind of legal clarity is essential," Torres said.

The legislation protects three key groups

• Miners and validators who process transactions but never custody funds

• Wallet developers who create software for users to control their own crypto

• Protocol builders who maintain decentralised networks

Industry groups lined up to support it.

"Avoiding surprise prosecutions, creating legal clarity, and encouraging free speech and software development are not partisan issues; they are core American values, and the BRCA codifies them," said Peter Van Valkenburgh, executive director of Coin Center.

The Blockchain Association said it would help America compete globally.

Emmer and Torres come with experience.

They introduced the original version back in 2018, when most of Washington still thought Bitcoin was magic internet money.

The crypto market has expanded from hundreds of billions to over $3 trillion in total value. Major corporations now hold Bitcoin on their balance sheets. Pension funds invest in crypto ETFs. Traditional banks offer digital asset services.

Yet the regulatory framework remains stuck in 2008, treating blockchain developers like traditional financial intermediaries.

"Similar language was voted down in markup last Congress, we took that feedback seriously and returned with a smarter, sharper framework," Torres acknowledged.

The revised bill includes stronger anti-money laundering provisions and clearer definitions, addressing previous Democratic concerns about regulatory gaps.

Earlier this year, Emmer and Torres established the Congressional Crypto Caucus, a bipartisan group focused on understanding technology rather than just regulating it.

The caucus represents a new approach to crypto policy — one focused on understanding technology rather than simply regulating it. Members include representatives from both parties who've taken time to comprehend blockchain's potential and pitfalls.

The strongest argument is competition: while other countries welcome crypto, the US delays.

• Singapore launched comprehensive digital asset frameworks

• Switzerland's "Crypto Valley" offers regulatory certainty

• Hong Kong is rebuilding its crypto hub status

• The UAE created dedicated crypto-friendly zones

Every month of American regulatory uncertainty sends more companies abroad. Not just crypto startups, but established firms seeking clarity for their digital asset operations

The Blockchain Regulatory Certainty Act represents everything crypto regulation should be: clear, targeted, and innovation-friendly.

It addresses genuine confusion without strangling development. It protects infrastructure builders without compromising oversight.

The goal? To create digital IDs for 180 million Americans.

This comes at a time when distinguishing human-generated content from AI is crucial for everything from social media to democratic participation. How do you know if that political opinion came from a real voter or a sophisticated bot farm?

World's solution? A chrome orb that scans your iris to create a unique "World ID".

Altman frames World as preparation for artificial general intelligence — when AI matches human cognitive abilities across all domains. Ironically, this comes from the same man who started the AI revolution with his OpenAi’s ChatGPT project.

The iris scan creates a biometric hash, which is a mathematical fingerprint of your eyeball that's theoretically impossible to fake. Once verified, you gain access to their app and receive WLD tokens as a reward.

World is setting up an entire ecosystem around that identity to build financial infrastructure around verified digital identity.

Their app now includes

• Crypto-backed loans through Morpho protocol

• Prediction markets via Kalshi

• A World-linked Visa debit card for spending WLD tokens

• Integration with dating apps (starting with Tinder in Japan)

Not everyone's rolling out the welcome mat.

Brazil said no. The country's National Data Protection Authority banned World entirely, arguing that offering cryptocurrency in exchange for biometric data violates informed consent. World faces fines of $8,851 per day if they continue operating.

Indonesia followed suit. Their communications ministry suspended World's business licence for failing to register properly as digital asset service providers.

Germany joined the party. Bavarian regulators demanded World comply with EU data protection standards, particularly allowing individuals to delete their biometric data.

The pattern is clear: governments worldwide are deeply uncomfortable with World's approach.

Why? Because once your iris scan is in their system, it's there forever. Unlike a password you can change, your eyeball pattern is permanent.

The $135 million funding round suggests sophisticated investors believe convenience will outweigh privacy concerns. They're betting Americans will embrace iris scanning as readily as they adopted smartphones, despite surveillance implications.

Sam Altman probably believes he's building infrastructure for human flourishing in an AI age. Critics worry he's constructing the architecture of digital authoritarianism.

Imagine your World ID becoming your gateway to digital services — banking, voting, social media, and dating. It's either the ultimate convenience or the ultimate control mechanism.

Validation Cloud launched Mavrik-1, an AI engine on Hedera that allows users to query blockchain data in plain English, while Circle co-founder Sean Neville's Catena Labs secured $18 million to build an AI-native financial institution backed by stablecoins.

Mavrik-1 enables natural language queries for blockchain data analysis. The AI engine processes on-chain DeFi metrics, allowing users to ask questions like "Show me stablecoin inflows to Hedera-based DEXs last week" without needing technical expertise.

Catena Labs has secured $18 million in funding led by Andreessen Horowitz Crypto. The startup, backed by Circle co-founder Sean Neville, aims to build a regulated financial institution designed specifically for AI agents to conduct transactions using stablecoins like USDC.

Blockchain's complexity problem isn't new.

DeFi data has been largely inaccessible to anyone without coding skills or SQL knowledge, excluding precisely the mainstream users crypto promised to empower.

"We built Mavrik because you shouldn't need a PhD in Web3 to access and understand what's happening on-chain," explained Andrew McFarlane, CTO of Validation Cloud.

The initial metrics are promising: 92% accuracy in interpreting complex on-chain transactions and 14 hedge funds already testing the system for arbitrage opportunities.

For context, DeFi currently accounts for over 50% of all on-chain activity in the $250 billion Web3 finance sector. Yet, it remains virtually impenetrable to non-technical users, according to Cointelegraph.

While Mavrik-1 focuses on making blockchain accessible to individuals without technical knowledge, Catena Labs is preparing for a future where AI agents need to transact independently.

With AI projected to become a $15 trillion industry by 2030, these systems will increasingly need to transfer value, something traditional banking infrastructure wasn't designed to support.

"AI agents will soon conduct most economic transactions, but traditional financial systems are unprepared," Neville stated in yesterday's announcement.

Catena Labs has already released an open-source Agent Commerce Kit (ACK), providing patterns and protocols for verifiable AI agent identities, the foundation for secure machine-to-machine transactions.

Why stablecoins? They offer near-instant settlement, 24/7 operation, and programmatic control — features that make them ideal for AI-driven transactions.

We've heard promises of user-friendly crypto before — from 2017's wave of "blockchain for everyone" projects to 2020's "DeFi made simple" interfaces. Most failed to deliver meaningful adoption.

Why might this time be different? Three factors

1. AI capabilities have advanced exponentially, particularly in natural language processing

2. Institutional involvement is deeper, with $73 billion poured into AI startups in Q1 2025 alone

3. Regulatory clarity has improved, with the SEC's new crypto-friendly stance

Still, challenges remain.

Gas fees could make AI-powered smart contracts prohibitively expensive for retail users. Privacy concerns persist on public blockchains. And regulatory uncertainty, particularly around stablecoins, continues to hamper innovation.

These projects highlight a crucial shift in the industry's approach to adoption. Rather than expecting users to climb the steep learning curve of blockchain technology, we're finally seeing the technology bend toward user needs.

"Web3 could help AI tackle its trust issues, and AI could help overcome Web3's adoption challenges," an Ernst & Young 2024 Report said.

Senators voted 66-32 to advance the bill, easily surpassing the 60-vote threshold needed to end debate and move toward final consideration.

The unexpected turnaround represents a shift in political dynamics.

The bill failed earlier this month after key Democratic co-sponsors pulled their support, dealing a blow to Republican leaders.

Read: Washington’s Crypto Moves Face Political Roadblocks 🚧

What changed?

A heated two weeks of negotiations produced a revised draft with new provisions addressing Democratic concerns about conflicts of interest, national security protections, and Big Tech's potential involvement in the space.

Five key Democratic senators — Ruben Gallego (Arizona), Mark Warner (Virginia), Lisa Blunt Rochester (Pennsylvania), Kirsten Gillibrand (New York), and Angela Alsobrooks (Maryland) — flipped their votes to support the measure after previously opposing it.

The bill's initial failure stemmed partly from mounting Democratic concerns over President Donald Trump's deepening ties to cryptocurrency ventures. Trump's family has launched various crypto projects, including a stablecoin called USD1 that has rapidly become the seventh-largest by value.

"We cannot allow that corruption to blind us to the broader reality: blockchain technology is here to stay. If American lawmakers don't shape it, others will—and not in ways that serve our interests or democratic values," Senator Mark Warner acknowledged these concerns before supporting the bill.

The revised bill prohibits senior executive branch officials from launching stablecoins, but exempts the president and vice president, leaving the Trump-related concerns only partially addressed.

What's in the Bill?

The GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins) would

• Require stablecoins to be fully backed by US dollars or similarly liquid assets

• Mandate annual audits for issuers with more than $50 billion in market capitalisation

• Establish a framework for legally issuing stablecoins in the United States

• Restrict algorithmic stablecoins

• Include consumer protection provisions and anti-money laundering standards

Senate Banking Committee Democrats have released a critical staff analysis of the latest draft of the GENIUS Act.

The report labels the draft a potential roadmap for "Trump crypto corruption" and increased Big Tech control over digital currencies.

Staffers call for further revisions, highlighting several major concerns,

• The bill doesn’t prohibit Trump from financially benefiting through his own stablecoin.

• It allows Elon Musk’s X platform to launch its own digital currency, “X Money.”

• It widens existing loopholes for Tether, which could facilitate use by criminals and terrorist groups.

• It lacks adequate consumer protections and financial safety measures.

Five Democrats who opposed this bill two weeks ago now support it despite these warnings.

Not everyone is convinced by the eleventh-hour changes.

Senator Elizabeth Warren strongly criticised the bill before the vote.

"Trump and his family have already pocketed hundreds of millions of dollars from his crypto ventures, and they stand to make hundreds of millions more from his stablecoin, USD1, if this bill passes, the GENIUS Act will accelerate Trump's corruption by supercharging the size of the stablecoin market," Warren argued.

The stablecoin bill's resurrection comes amid heightened industry lobbying.

Coinbase, which previously hesitated to support standalone stablecoin legislation, ramped up pressure in recent days, sending in-app notifications urging users to contact their senators, according to Decrypt.

The crypto exchange's political action organisation, Stand With Crypto, said it would lower politicians' ratings if they voted against the bill — leveraging the $300 million raised last year for pro-crypto super PACs.

If passed by the Senate, the GENIUS Act would need House approval before reaching Trump's desk.

Instead, traders will use USDT, the dominant stablecoin issued by Tether, to speculate on companies like Tesla, Apple, and Coinbase.

There’s a catch: You won't actually own any shares through this service.

Bybit's offering uses Contracts for Difference (CFDs): financial instruments that pay traders based on price movements without transferring any actual ownership.

It's like betting on a horse race without buying the horse.

The exchange has set trading fees at 0.04 USDT per share with a 5 USDT minimum per trade. Early adopters get a sweetener: 50% off on those fees until June 15.

Bybit is pushing forward with this expansion just months after reportedly suffering a devastating $1.4 billion cold wallet breach in February. The company's CEO Ben Zhou insisted user funds remained safe, but the incident left many questioning the exchange's security practices.

What's driving this crypto-to-stocks convergence?

Last month, Kraken unveiled its own stock trading service while pursuing a $1.5 billion acquisition of futures platform NinjaTrader. Crypto.com entered the arena through a partnership with SEC-regulated broker Foris Capital.

It's not just crypto native platforms making these moves.

Traditional finance is meeting them halfway

• Robinhood began with stocks but now offers crypto

• eToro expanded from traditional assets to include digital currencies

• Public.com added crypto trading to its social investing platform

Bybit will provide automatic "dividend adjustments" to traders holding stock CFDs during ex-dividend events.

These adjustments mirror the payouts that actual shareholders receive, creating the illusion of ownership benefits without the voting rights or other privileges that come with being a shareholder.

"This structure supports fair pricing and mirrors traditional market conditions without physical share ownership," Bybit claims in its announcement.

By enabling traders to move seamlessly between crypto and stock exposure without converting to fiat currencies, Bybit is removing a key friction point that has kept many traders in separate ecosystems.

The stablecoin-based approach means traders don't face exposure to dollar volatility, but it also means they're adding Tether risk to their portfolio — a trade-off that sophisticated investors will need to weigh carefully.

For traders seeking the path of least resistance between asset classes, these all-in-one platforms offer compelling convenience. But that convenience comes with counterparty risks that might only become apparent during the next market crisis — exactly when you'd least want them to appear.

"We are moving to the Nasdaq for one simple reason: liquidity, liquidity, liquidity, we've loved our time in Canada, but it's a much smaller capital market," Novogratz explained.

The numbers back up his logic. Canada's entire stock market is worth roughly $3 trillion. The US? $50 trillion.

Galaxy reported $43.8 billion in revenue for 2024. The revenue includes the full value of digital asset trades, not just the profits.

The company's actual net income was $365 million — still respectable, but hardly earth-shattering for Wall Street standards.

The Q1 2025 reality was brutal: $295 million in losses. Crypto prices tanked, and Galaxy took a $57 million hit on impaired assets.

Galaxy's Nasdaq listing isn't just about one company, it's about an entire industry growing up.

• Coinbase went public in 2021 and recently got listen on S&P 500

• eToro debuted this year, shares jumping from $52 to $66

Novogratz's personal journey mirrors crypto's own evolution. From Goldman Sachs partner to crypto evangelist to now ringing the Nasdaq bell, it's been quite the transformation.

"This is more than just a corporate milestone, it's the fulfillment of a deeply personal bet I made over a decade ago that the financial system was overdue for transformation," Novogratz reflected.

Galaxy even plans to tokenise its own stock on blockchain platforms, a move that could accelerate the $22.5 billion real-world asset tokenisation market.

Read: Is Tokenisation's Breakthrough Moment Here? 🔗

The 5% share price drop on day one might seem disappointing, but markets are treating Galaxy like any other financial services company — subject to fundamentals, not hype.

That's probably exactly what Novogratz wanted.

Rogue agents were bribed to leak sensitive user data, including names, addresses, masked bank details, and ID documents. While no funds, passwords, or private keys were compromised, and Coinbase Prime accounts remained "untouched," the attackers used the data to launch targeted social engineering scams on customers.

All compromised agents were based in India and have been terminated, Coinbase's chief security officer, Philip Martin, confirmed in a Fortune interview.

The Damage

Less than 1% of Coinbase's monthly transacting users were affected by the breach, according to the exchange's disclosure.

In an SEC filing Thursday, Coinbase estimated the incident could cost between $180 million and $400 million in "remediation costs and voluntary customer reimbursements", a figure that could "meaningfully increase or decrease" as the situation evolves.

Coinbase shares dropped about 10% on Thursday following the disclosure.

Reactions have been mixed. While some praised Coinbase for its transparency, others criticized the delayed disclosure.

"Coinbase not disclosing this (much, much, much...) earlier notwithstanding, this is the dark side of the idiotic and nonsensical KYC/AML regime we live in," wrote Wintermute CEO Evgeny Gaevoy on X.

The exchange had previously launched similar bounty programs, including one in 2022 following another extortion attempt.

As crypto continues its integration with traditional finance (evidenced by Coinbase's entry into the S&P 500), security practices must evolve beyond the "move fast and break things" mentality that has characterised the industry's growth phase.

The question now becomes whether Coinbase's bounty approach will serve as a deterrent or simply raise the stakes for future attacks.

After failing to secure a single Democratic vote for cloture last week, Senate Republicans have been working overtime to salvage what was supposed to be a slam-dunk for the crypto industry.

The revised bill includes new language on ethics, Big Tech limitations, and foreign issuers, but conspicuously avoids directly addressing US President Donald Trump's crypto ties.

"We're willing to vote for cloture, but we haven't gotten guarantees," a source familiar with negotiations told The Block. "We need guarantees from them [Republicans] that they're going to keep the negotiations going."

Senate Majority Leader John Thune has scheduled a new cloture vote for Monday evening, setting up a high-stakes showdown after Memorial Day weekend.

What's New in the Bill?

The draft making rounds on Capitol Hill shows some Democratic wins, though critics argue they lack teeth:

• Special government employees (like Elon Musk) would be banned from issuing stablecoins, but the President and Vice President remain exempt

• Big Tech companies would face additional scrutiny before issuing stablecoins and restrictions on using transaction data, but with significant loopholes

• Foreign issuers would face tighter anti-money laundering requirements, yet determinations would be left to Trump-appointed Treasury Secretary Scott Bessent

The Trump Factor

Perhaps the most glaring omission in the revised text is any direct limitation on Trump's family crypto interests through World Liberty Financial, which recently announced a $2 billion stablecoin deal with the UAE government.

Read: Trump's Crypto Ventures

Sen. Kirsten Gillibrand said, Trump's crypto engagement is "already illegal…It's not an ethics bill per se, and if we were dealing with all of President Trump's ethics problems, it would be a very long and detailed bill."

The Clock Is Ticking

With the Memorial Day recess looming, lawmakers are racing against time. Sen. Cynthia Lummis called a vote by Memorial Day a "fair target," while others suggest early next week is more realistic.

The bill's fate hinges on whether Democrats believe the concessions go far enough to warrant their support. Consumer advocates remain sceptical.

"Pushing this through on an arbitrary deadline because the crypto industry is breathing down your neck is not a good way to make policy," said Mark Hays of Americans for Financial Reform. "And it's especially bad when that policy could further enable and enrich the president."

For the crypto industry, this legislation represents the regulatory clarity that's been elusive for years. For politicians, it's a test of whether bipartisanship can overcome the gravitational pull of Trump's controversial business interests.

If the bill passes Monday's cloture vote, expect institutional players to accelerate their stablecoin plans, potentially unlocking billions in new capital flow. If it fails again, the industry faces a sobering reality check about the limits of even a crypto-friendly administration's ability to overcome partisan divides.

Either way, the GENIUS Act saga shows that in Washington, getting to 90% agreement might be the easy part, it's the final 10% that separates legislation from law.

The collaboration aims to provide advanced analytics and cross-market oversight, the Commission announced Monday.

WYST will be pegged to the US dollar and fully backed by US Treasuries, cash and repurchase agreements, designed to enable "near-instant, dollar-denominated transactions worldwide" while offering "significantly lower fees compared to traditional financial systems."

"Our partnership with Inca Digital marks a critical step in our commitment to transparency, security, and innovation, by leveraging Inca's industry-leading intelligence tools, we are reinforcing our promise to deliver a trustworthy digital asset for Wyoming and beyond," said Anthony Apollo, executive director of the Wyoming Stable Token Commission.

Wyoming has consistently positioned itself as a crypto and blockchain hub through friendly policies and innovative legislation.

The state has passed over 35 laws to regulate the crypto sector since 2018 and has attracted more than 3,000 tech companies as a result.

The stablecoin market has been expanding rapidly and currently stands at $242 billion. Industry forecasts suggest this figure could increase dramatically, with Standard Chartered predicting the market could reach $2 trillion within three years if favourable stablecoin legislation is enacted.

WYST's launch could serve as a template for other states looking to follow Wyoming's lead, potentially reshaping how governments interact with digital assets.

Wyoming's bold move represents the vanguard of government engagement with crypto assets. While other states retreat, citing volatility concerns, Wyoming is demonstrating that thoughtful regulation and innovation aren't mutually exclusive.

The fund, dubbed VBILL, allows investors to gain exposure to US Treasury bills through tokens available on Avalanche, BNB Chain, Ethereum and Solana, with interoperability facilitated by Wormhole.

"Tokenised funds like VBILL are enhancing market liquidity and efficiency, underscoring our commitment to providing value to our investors," said Kyle DaCruz, VanEck's Director of Digital Assets Product.

The barriers to entry remain firmly in institutional territory.

Minimum subscriptions start at $100,000 for investments on Avalanche, BNB Chain, and Solana.

For Ethereum-based exposure, that minimum jumps to a $1 million, reflecting both the higher gas fees on Ethereum and VanEck's targeting of serious institutional capital.

VanEck joins an increasingly crowded field that includes BlackRock's BUIDL fund, which currently dominates with approximately 40% of the nearly $7 billion tokenised Treasury market.

The launch comes just a day after the SEC's tokenisation-focused roundtable, where Chair Paul Atkins compared securities moving on-chain to the transition of music from vinyl to digital formats.

"Blockchain technology holds the promise to allow for a broad swath of novel use cases for securities, fostering new kinds of market activities that many of the Commission's legacy rules and regulations do not contemplate today," Atkins said.

Commissioner Caroline Crenshaw, a crypto skeptic, wasn’t sold on the tokenisation trend.

Crenshaw questioned the benefits of instant settlement, pointing out that the delay between trade execution and settlement actually provides for "core market functionalities and protection mechanisms."

She then took aim at the technology itself, asking why the SEC – a "tech-neutral regulator" – would focus specifically on blockchain over other types of distributed ledger technologies.

The tokenisation wave represents a fundamental shift in how traditional financial assets are packaged and distributed, potentially offering faster settlement times and bringing liquidity to previously illiquid assets.

Stablecoins, with their $230 billion market cap, function like checking accounts in this new financial system, while yield-bearing tokenised funds like VBILL act as on-chain savings accounts.

The clash between Chair Atkins and the more cautious Crenshaw reveals the tension driving crypto regulation: how to embrace technological advancement without undermining the stability of the existing financial system?

The founder Hayden Adams announced the achievement on X, sharing a screenshot from Dune Analytics.

This phenomenal growth follows a consistent pattern: Uniswap hit $1 trillion in trading volume in May 2022 and doubled that to $2 trillion in April 2024.

Uniswap's native token (UNI) hasn't mirrored the platform's stellar performance.

Despite the exchange's record-breaking achievement, UNI remains down more than 84% from its peak price of $45 reached four years ago in May 2021.

UNI trades at just over $6, actually dropping 3.4% on the day of the volume announcement.

Looking ahead, Adams also revealed that Uniswap is "rolling out our own 7702 wallet and supporting other 7702 wallets... with the goal being one-click swapping for all users."

This refers to EIP-7702, an Ethereum Improvement Proposal that went live with the recent Pectra upgrade on May 7. The enhancement allows Ethereum accounts to better withstand potential quantum computing threats while enabling externally owned accounts to temporarily function as smart contracts during transactions.

Trust Wallet has already launched a compatible upgrade, with Uniswap now following suit.

Despite Uniswap's trading volume success, its total value locked (TVL) stands at just under $5 billion, roughly half of its 2021 all-time high.

As technology and regulation evolve, platforms like Uniswap must continue adapting to navigate new challenges. The EIP-7702 wallet integration shows Uniswap remains focused on innovation despite price struggles.

With solid foundations and ongoing developments, DEXs appear poised to continue redefining parts of global finance — even if token holders aren't feeling the benefits just yet.

The exchange will replace Discover Financial Services after trading opens on May 19.

The announcement, made by S&P Dow Jones Indices on Monday, sent Coinbase shares surging almost 10% in after-hours trading to $227.69. The stock had already climbed 4% during regular trading hours, bringing its market cap to $52.8 billion.

What this means is that every teacher's retirement fund, every firefighter's pension, every 401(k) hiding in the financial plumbing of corporate America, they've all just involuntarily become Coinbase shareholders.

"COIN about to be in every portfolio in America, the S&P 500 inclusion is going to force 7x the daily trading volume into [the] stock," Juan Leon, senior investment strategist at asset manager Bitwise, said in an X post.

How did it get there?

For inclusion in the market's most prestigious index, Coinbase had to clear several hurdles

• Profitability in the most recent quarter (Coinbase reported $66 million net income in Q1)

• Cumulative profits over the previous four quarters

• Market capitalisation exceeding $18 billion (Coinbase sits at $52.8 billion)

• Trading on a major US exchange (Coinbase trades on Nasdaq)

• Generating at least half its revenue in the US

The profitability requirement explains why Strategy (formerly MicroStrategy), despite its Bitcoin billions, remains excluded. The company posted a $4.2 billion net loss in Q1 2025, disqualifying it from consideration.

Coinbase’s profits plunged 95% from $1.29 billion in Q4 to just $66 million in Q1 — but in the S&P 500 game, profit is still profit.

This milestone comes just days after Coinbase's largest acquisition to date, the $2.9 billion purchase of crypto derivatives exchange Deribit, completed earlier this month.

The company launched 24/7 Bitcoin and Ethereum futures trading merely hours after announcing the acquisition.

Read: Coinbase's $2.9B Power Move 🧿

Wall Street analysts are increasingly bullish on Coinbase's prospects.

In February, Oppenheimer analyst Owen Lau predicted Coinbase could soon list on the S&P 500, maintaining his "buy" rating and raising his price target to $388.

Coinbase joins a small but growing list of crypto-adjacent companies in the S&P 500, including Tesla (TSLA) and Block Inc (SQ) — both significant corporate Bitcoin holders.

"Joining this prestigious index reflects how far Coinbase and the industry have come and is a signal of where the world is heading," said Alesia Haas, Coinbase's chief financial officer.

Yet Coinbase remains the only "pure-play" crypto firm in the index, offering investors direct exposure to the industry's growth without requiring them to hold digital assets directly.

This exclusivity only enhances Coinbase's value proposition.

For institutional investors seeking crypto exposure, COIN now represents the safest, most regulated on-ramp available.

This triumph raises uncomfortable questions about the industry's soul. Crypto was born as a rejection of centralised financial power. Now its most successful company joins the very establishment it was designed to circumvent.

Instead of fighting the system, Coinbase brought crypto into it — and started changing it from within.

For investors, cryptocurrency is no longer optional. Whether through direct holdings, ETFs, or now Coinbase shares in index funds, digital assets have secured permanent residency in diversified portfolios.

The class action, representing approximately 243,000 UK-based BSV holders, is pursuing damages exceeding $13 billion against several cryptocurrency exchanges including Binance, Kraken, ShapeShift, and Bittylicious.

The lawsuit alleges these platforms colluded to delist BSV between April and June 2019, violating UK competition law.

It is based on what lawyers call a "forgone growth effect," meaning that BSV was allegedly denied the chance to grow in value like Bitcoin due to simultaneous removals from major exchanges.

"Because of the delisting, there has been damage which continues to this day. If it hadn't been for the delisting, BSV would be a first-tier currency like Bitcoin," lead counsel John Wardell KC argued.

The appeal follows a July 2024 ruling by the UK Competition Appeal Tribunal that applied the "market mitigation rule," suggesting BSV holders could have reasonably minimised their losses by trading on alternative platforms.

BSV's legal team counters that many investors lacked the financial capacity to mitigate these losses - a claim vigorously contested by Binance.

"BSV could have been exchanged for Bitcoin or other cryptocurrencies. BSV is and was, at all relevant times, a readily marketable asset," Binance's counsel Brian Kennelly KC asserted.

The case unfolds against a backdrop of controversy.

BSV, created in 2018 as a fork of Bitcoin Cash (itself a Bitcoin fork), has been led by Craig Wright, who claimed to be Bitcoin's pseudonymous creator Satoshi Nakamoto.

These claims prompted the initial delistings after a UK court definitively ruled in March 2024 that Wright had perpetrated fraud through his Satoshi claims.

"Last year, in an unprecedented case, the English High Court found that Dr. Craig Wright was not Satoshi and that he had orchestrated a fraud," noted Ashley Fairbrother, partner at Edmonds Marshall McMahon, representing Binance.

News of the appeal drove a 15% price surge for BSV to approximately $42, though the token continues to trade far below its historical peaks.

Since its delisting, BSV has weathered multiple 51% network attacks that further undermined its security and valuation. Despite these challenges, plaintiffs maintain that Binance's actions, not technical vulnerabilities, caused BSV's failure to achieve mainstream adoption.

The case has significant implications for the cryptocurrency marketplace and exchange governance.

A ruling favouring BSV holders could establish precedent for exchange liability regarding delisting decisions, potentially constraining platforms' ability to self-regulate.

Conversely, affirming exchanges' delisting authority could strengthen their position as market gatekeepers, particularly against projects associated with fraudulent activities.

The case represents a test of the balance between decentralisation ideals that underpin cryptocurrency philosophy and the practical reality that centralised exchanges remain critical infrastructure for most digital assets.

The hearing continues this week with a decision expected later this year.

The move, which went live on May 9, marks a significant expansion of Coinbase's derivatives business and positions the company to capture a larger slice of the $1.9 trillion Bitcoin futures market.

For the first time, US traders can now react to Bitcoin price movements at 3 AM on a Sunday, a crucial need in a market that never sleeps. Previous restrictions limited trading to traditional market hours, leaving American investors vulnerable to overnight volatility.

"Extending futures trading to a 24/7 cycle is a fundamental evolution in market structure and one that requires robust risk management around the clock," said Paul Cusenza, CEO and Chairman of Coinbase in the announcement.

Read: Coinbase's $2.9B Power Move 🧿

Deribit contributes $22.1 billion to April's futures volume, making it a significant player in the derivatives space. The exchange primarily serves sophisticated traders, complementing Coinbase's traditionally retail-focused business.

The derivatives push addresses a fundamental challenge: US retail crypto penetration is approaching saturation. By expanding into 24/7 futures, Coinbase taps into a new revenue stream while reducing its dependency on spot trading volumes.

This also positions Coinbase against global competitors like Binance, Bybit, and OKX, which have dominated the derivatives market while US exchanges faced regulatory constraints.

The crypto-friendly regulatory environment under the Trump administration provides tailwinds, though macro uncertainties remain.

While institutional traders celebrate the expanded capabilities, the introduction of leveraged futures trading to retail investors carries significant risks.

Inexperienced traders now have unprecedented access to complex financial instruments that could amplify losses during volatile market conditions, a concern that has sparked calls for enhanced educational resources.

For traders, the ability to respond to market movements at any hour represents both opportunity and danger. The weekend price crashes that previously happened while US traders slept can now trigger cascading liquidations around the clock.

Coinbase's dual announcements reveal a company aggressively positioning for the next phase of crypto market evolution.