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The US Treasury market is the foundation of the global financial system. It determines mortgage rates, government borrowing costs, corporate lending, and the price of money across the world. For decades, investors treated it as the safest and most stable market on Earth.But after years of exploding government debt, repeated liquidity scares, and increasingly aggressive Federal Reserve interventions, Wall Street is starting to confront an uncomfortable possibility: the Treasury market may have become too large, too leveraged, and too systemically important to function without constant support.Now, with debt issuance accelerating and bond yields elevated, a different fear has taken hold…
In brief ICE and Hyperliquid are learning from each other’s models and operations, ICE CEO Jeffrey Sprecher said. Sprecher said SpaceX perps may test whether crypto prices matter before IPOs. The CFTC on Friday approved Bitcoin perpetual futures on prediction market platform Kalshi. Hyperliquid has become a wake-up call for traditional markets, prompting discussions with the crypto venue, studying its 24/7 model, and asking regulators whether U.S. exchanges can offer similar perpetual futures under clear rules.That’s according to Jeffrey Sprecher, founder, chairman and CEO of Intercontinental Exchange, who spoke at a fireside chat during Bernstein’s 42nd Annual Strategic Decisions Conference…
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Prediction markets put the odds of the Digital Asset Market Clarity Act becoming law this year at 59%, down from a high of 68% following a Senate committee vote earlier this month. That slide reflects growing uncertainty around a bill the crypto industry had hoped would clear Congress before year’s end. A Slim Margin In The Senate The Senate Banking Committee advanced the CLARITY Act in May, but the vote was far from a show of broad support. Only two Democratic lawmakers joined Republicans in backing the…
Wells Fargo will pay more than $100 million dollars to settle a lawsuit over the bank’s hiring and lending practices. The United States District Court in the Northern District of California says Wells Fargo has reached a $110 million settlement with plaintiffs who alleged the trillion-dollar lender’s hiring and lending practices were discriminatory. As part of the settlement, Wells Fargo will create a $100 million mortgage lending program targeting low and moderate-income borrowers to expand access to financial services equitably. “For many individuals and communities historically excluded from traditional lending pathways, this program signals a shift toward more inclusive underwriting…
In brief Republican fintech entrepreneur Michael Carbonara liquidated 10 Bitcoin for $800,000 to help bankroll his congressional campaign. The candidate’s shift to the 22nd District positions him in a newly wide-open race, triggered after the recent map redraw. Carbonara is leveraging his tech background to advocate for accountability on-chain, from campaign finance to the government’s budget. A Republican candidate jockeying to represent Florida’s 22nd Congressional District has liquidated a portion of his personal Bitcoin stash to bankroll his political bid, while striking a pro-crypto stance in a newly shaped battleground race.Michael Carbonara, who established a digital banking and payments company…
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Treasury Secretary Scott Bessent recently revealed that the United States has seized $1 billion worth of crypto assets tied to the Iranian government. This figure has continued to rise amid the ongoing conflict between the two nations. Operation Economic Fury Sends Iran Into Crisis: US Treasury Secretary Earlier in the month, Bessent disclosed that the US government had confiscated $500 million in Iranian crypto assets. On Friday, May 29th, barely a month later, Bessent announced at the Reagan National Economic Forum that this figure has now climbed…
Bad actors have gained unauthorized access to the personal information of thousands of individuals following a security breach involving a Texas-based immigration and case management solution provider. Docketwise says it immediately initiated an investigation with the help of cybersecurity experts after suspecting in October of 2025 that the credentials of one of its third-party partner repositories had been accessed. The company says the compromised information belongs to people whose data the company received in the course of its business relationship with their respective immigration law firms. The Office of the Maine Attorney General says the incident occurred on September 1st,…
In brief An anonymous Bitcoin user inscribed the text of the American Constitution on the Bitcoin blockchain. The act was possible as thanks to the OP_RETURN output field and last year’s removal of a byte limit. The user paid around $83 in transaction fees to achieve the feat, though it’s not yet known who inscribed the text. We the people of the cryptocurrency ecosystem… can now read the entire U.S. Constitution directly from the Bitcoin blockchain. The feat was made possible late Thursday when an anonymous Bitcoin user inscribed the document’s text directly onto the immutable blockchain, making it accessible on-chain…
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Bankless co-founder David Hoffman recently sold the last of his Ethereum holdings, saying the investment case for ETH had largely played out. That exit came the same week Bit Digital went the other direction — dropping $20 million to add more to its already substantial Ethereum stash. A Company Building Around Ethereum Bit Digital acquired 8,568 ETH on May 11 at an average price of $2,334 per token, pushing its total holdings to roughly 158,462 ETH. The Nasdaq-listed company said the purchase was part of a broader…
In brief The CFTC will allow Coinbase to offer U.S. customers access to offshore crypto perpetual futures through the exchange’s subsidiary, Deribit. Crypto “perps” are high-risk leveraged bets on token prices with no expiration date. The move is expected to pave the way for other U.S. exchanges to offer similar products. The CFTC gave Coinbase a green light to offer crypto perpetual futures on Friday, setting the stage for the U.S. exchange to soon begin connecting its customers to the lucrative and highly risky offshore market.Coinbase is now effectively permitted to offer its customers access to the global crypto perpetual…
In brief JP Morgan CEO Jamie Dimon went on the offensive against Coinbase CEO Brian Armstrong on Friday. The banking executive said he and others in the banking industry are firmly against the Clarity Act over the issue of stablecoin yield. Dimon claimed Armstrong is “the only one” fighting for it and spending “hundreds of millions” doing so. JP Morgan CEO Jamie Dimon did not mince words about his stance on the Clarity Act and Coinbase CEO Brian Armstrong in an interview with Fox Business on Friday. The banking executive said he is not happy with the current version of the…
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Strategy can cover its debt and preferred dividends even if Bitcoin drops to $8,000 — down from current levels around $73,000 — a claim the company makes as gold advocate Peter Schiff steps up his warnings about its business model. A Model Built On Cheap Debt Schiff, speaking in an hour-long video on May 28, argued that Strategy’s practice of using borrowed money to buy Bitcoin is one of three interconnected financial pressures, or “dominoes”, that could unravel together. The other two, in his view, are the…
The CFTC has moved true Bitcoin perpetual futures from an offshore-liquidity debate into a US-regulated test case, with KalshiEX LLC now approved to list BTCPERP and Coinbase Financial Markets receiving separate staff-level relief for access to certain Deribit products.The Commission approved KalshiEX LLC’s BTCPERP contract as a futures contract, allowing the CFTC-registered designated contract market to list a no-expiry bitcoin perpetual tied to the spot price of BTC.In a separate move the same day, CFTC staff confirmed that certain Deribit digital commodity derivatives described by Coinbase Financial Markets may be treated as foreign futures when routed through Coinbase’s registered futures commission merchant structure.Chairman Mike Selig cast the…
In brief Celsius founder Alex Mashinsky filed a motion to vacate his 12-year prison sentence. The former crypto lending CEO cited ineffective counsel as a core reason for his motion. Mashinsky was arrested and later pleaded guilty to commodities and securities fraud. Alex Mashinsky, the founder and former CEO of defunct crypto lending platform Celsius, is seeking to vacate his 12-year prison sentence according to a new motion filed in the District Court for the Southern District of New York.The motion to vacate, which is handwritten by Mashinsky, cited ineffective counsel and “fruit of a poisonous tree” as grounds for…