UpGate

Category: Uncategorized

  • Kraken Lists Hyperliquid Perps for US Market

    Kraken Lists Hyperliquid Perps for US Market

    Hyperliquid to Offer Perpetual Futures to US Traders via Kraken Partnership

    Hyperliquid, a decentralized derivatives platform, is set to make its perpetual futures accessible to American traders through a strategic partnership with Payward, the regulated parent company of cryptocurrency exchange Kraken. This collaboration aims to bridge the gap between decentralized finance (DeFi) and regulated markets, allowing U.S. clients to access Hyperliquid’s trading services.

    Navigating Regulatory Hurdles

    Currently, Hyperliquid’s web interface is geo-blocked in the United States to comply with the nation’s derivatives regulations. However, this new partnership leverages Kraken’s established regulatory framework. According to an announcement from Payward, the deal will enable U.S. clients to trade Hyperliquid perpetual futures.

    The platform’s global operations have seen significant growth, with its total value locked reaching $6.7 billion since 2023 and accounting for approximately 9% of global open perpetual positions. This surge in DeFi derivatives has previously drawn scrutiny from traditional exchanges concerned about user financial risks on unregulated platforms.

    A Regulated Path Forward

    To address these compliance concerns in the U.S. market, Payward and Hyperliquid have devised a structure where users will access Hyperliquid’s order book. However, the perpetual contracts will operate under the purview of Bitnomial Exchange and Bitnomial Clearinghouse, both of which are regulated by the Commodity Futures Trading Commission (CFTC) and owned by Payward.

    Prospective traders will be required to have their accounts approved by both the NinjaTrader Clearing broker and Bitnomial.

    Awaiting Regulatory Approval

    The partnership is currently awaiting approval from the CFTC, with more operational details expected to be released upon clearance. Industry experts anticipate that the full implementation of the project could take several months. Furthermore, the U.S. offering will be subject to stringent regulations, including sanctions screening and lower leverage limits compared to its global counterpart.

    This initiative is seen as a potential blueprint for how traditional finance can integrate with DeFi architecture in a compliant manner. Payward has indicated that this is the first of several similar partnerships it plans to pursue.

    Market Reaction and Price Outlook

    Following the announcement, the price of Hyperliquid’s native token, HYPE, saw an increase of 1.71%, trading at $78.23. This positive movement was also attributed to fee-funded token buybacks and record open interest.

    Analysts suggest that if the positive sentiment persists, HYPE could retest its upper resistance level at $82.30. Conversely, a failure to maintain this momentum might lead to a decline below the support zone of $75.83, potentially triggering a more significant correction.

  • Ripple: XRP is Digital Commodity, Not Security

    Ripple: XRP is Digital Commodity, Not Security

    Ripple’s Chief Legal Officer, Stuart Alderoty, asserted that XRP’s regulatory standing in the United States is now definitively clear, following years of legal battles and pronouncements from federal agencies. He highlighted a pivotal 2023 federal court decision and a subsequent interpretation by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in March, which classified XRP as a digital commodity.

    Ripple and XRP on Firm Legal Footing

    Alderoty stated that Ripple and XRP now occupy settled ground, with XRP’s legal and regulatory position remaining robust and unambiguous.

  • US Bitcoin Reserve Bill Advances, 2027 Law Odds Plummet

    US Bitcoin Reserve Bill Advances, 2027 Law Odds Plummet

    House Committee Advances Proposal for U.

    S. Strategic Bitcoin Reserve

    A significant vote in the U.S. House of Representatives has moved forward the creation of a Strategic Bitcoin Reserve, a move that could reshape the nation’s approach to digital assets. The proposal, now formally known as the American Reserve Modernization Act of 2026 (H.R. 8957), cleared the House Financial Services Committee.

    However, despite this legislative advancement, the likelihood of the bill becoming law by 2027 has significantly diminished. Market analysts and prediction markets now place the odds at a mere 6%, a sharp decline from a peak of 60% in December.

    Factors Dampening Legislative Prospects

    Several key factors are contributing to the reduced optimism surrounding the bill’s passage. The recent defeat of the CLARITY Act, a related piece of legislation, has cast a shadow. Additionally, interagency disputes over oversight and broader Congressional delays are hindering progress.

    The American Reserve Modernization Act, introduced by Representative Nick Begich, aims to establish a national digital asset reserve. Its provisions include a two-decade lockup period for Bitcoin and a target of accumulating 1 million BTC within five years. The bill also proposes budget-neutral acquisition of Bitcoin, the creation of a digital asset stockpile for other cryptocurrencies, and mandates regular third-party audits.

    While initially presented as a bipartisan effort, the bill passed the committee on a 28-21 vote, with a majority of Republicans supporting it.

    Challenges on the Horizon

    The public’s anticipation of the bill’s potential failure to become law stems from several challenges. The recent rejection of the CLARITY Act, despite extensive negotiations, signals a difficult path for digital asset legislation. Furthermore, the upcoming midterm elections are consuming Congressional attention, potentially pushing other legislative priorities aside.

    A significant hurdle remains the misalignment among government agencies regarding the oversight of the proposed multi-million dollar digital reserve. The Department of Justice’s Office of Legal Counsel is reportedly mediating a dispute over authority between the Treasury, Commerce, and Justice departments.

    Bitcoin Market Reacts to Broader Economic Factors

    In parallel with these legislative developments, the cryptocurrency market is navigating its own set of challenges. Bitcoin is currently trading near a support level of approximately $75,719, having seen a decline from $79,000 over the past week.

    The Federal Reserve’s recent decision to raise interest rates for the first time since 2023 is a notable factor influencing Bitcoin’s future price trajectory. Additionally, the flow of Bitcoin spot Exchange Traded Funds (ETFs) has turned negative, with an outflow of $450 million reported on September 15, further impacting market sentiment.

    Short-term resistance for Bitcoin is observed in the $76,000-$77,000 range. A breach below the current support level could lead to further declines, with potential downside targets at $74,000-$73,500.

  • Column N.A. Integrates Stablecoin and Card Issuing for Fintech Clients

    Column N.A. Integrates Stablecoin and Card Issuing for Fintech Clients

    Column N.A., a federally chartered U.S. bank, has integrated support for USD Coin (USDC) and Tether (USDT) into its core banking platform, alongside full-stack card issuing capabilities for debit, credit, and prepaid products. This offering targets fintech companies seeking consolidated financial infrastructure.

    The platform bundles stablecoin settlement, card issuing, and traditional payment networks. Column’s stablecoin support directly interfaces with its existing fiat infrastructure, enabling clients to transition between USDC, USDT, and traditional currencies across payment networks such as ACH, FedNow, RTP, Fedwire, and SWIFT. This integration aims to streamline stablecoin-to-fiat conversions by reducing reliance on prefunding requirements and third-party intermediaries.

    As a chartered bank, Column N.A. manages its own ledger, processor, and banking rails under a unified regulatory framework. This structure allows the bank to directly handle stablecoin-to-fiat conversions, potentially mitigating counterparty risk and settlement delays associated with middleware providers. The bank also provides multicurrency account capabilities with access to global banking networks, including SEPA Instant transfers.

    Column reported annualized stablecoin transaction volume in the tens of billions shortly after the platform’s launch. The exact number of clients onboarded before the public announcement is not specified. This volume suggests commercial payment flows, card funding, and cross-border settlement are among the use cases.

    This development occurs amidst increased activity in the fintech infrastructure market. Mastercard acquired stablecoin infrastructure provider BVNK in August 2026, and Marqeta, a card-issuing platform, recently partnered with BVNK to enhance its stablecoin card capabilities. Column’s direct banking approach is positioned as an architectural advantage over processors like Marqeta, which depend on partner banks for essential functions. Column’s strategy emphasizes independence from card network overhead for backend infrastructure needs.

    Founded by William and Annie Hockey, Column N.A. is founder and employee-owned, distinguishing it from many venture capital-backed fintech companies. The bank’s chartered status is highlighted as a key differentiator, enabling direct deposit holding, Federal Reserve payment clearing, and operation under a single regulatory framework, unlike the fragmented licensing required for many fintech companies.

    While Column’s card issuing capabilities still utilize existing networks for point-of-sale transactions, the integrated offering provides consolidation benefits by reducing the number of vendors and potential points of failure in a fintech’s technology stack. The competitive pressure on Marqeta could be significant, as Column’s integrated product offering potentially weakens the value proposition of standalone card processors. For Mastercard, the BVNK acquisition provides stablecoin capabilities within its existing network, serving a different market segment than Column’s direct banking approach for backend infrastructure.

    Why This Matters

    The materials describe a narrow update: Column N. The exact number of clients onboarded before the public announcement.

    Broader Context

    Source materials place the factual news in this context: Column N.A., a federally chartered US bank, just made its play for the stablecoin infrastructure market.

  • US House Committee Advances Bill to Codify Strategic Bitcoin Reserve

    US House Committee Advances Bill to Codify Strategic Bitcoin Reserve

    The US House Committee on Financial Services has advanced a bill that could codify a strategic Bitcoin reserve into law. The American Reserve Modernization Act of 2026 (H.R. 8957) passed the committee on Wednesday by a vote of 28-21.

    Introduced by US Representative Nicholas Begich on May 21, the legislation aims to establish a Strategic Bitcoin Reserve and a Digital Asset Stockpile within the Department of the Treasury. These reserves would hold Bitcoin and other digital assets acquired by the federal government through criminal or civil forfeiture, mandating a minimum holding period of 20 years for these assets.

    The US government is estimated to hold approximately 324,527 Bitcoin, valued at around $24.7 billion at the time of writing, according to Arkham Intelligence. The bill requires federal agencies to provide a comprehensive accounting of all digital assets they hold or control and establishes transparency measures, including quarterly “proof of reserve” reports and third-party audits.

    Further provisions in H.R. 8957 direct a study into budget-neutral strategies for expanding the Strategic Bitcoin Reserve. The bill also allows states to store their Bitcoin holdings within the Federal Reserve and affirms private ownership and self-custody rights of Bitcoin, recognizing the control of private keys as fundamental to financial sovereignty, privacy, and personal liberty.

    “We cannot allow Bitcoin to be held by the federal government to languish in fragmented and inconsistent custody,” said US Representative Nicholas Begich. “It poses unacceptable cybersecurity risks and fails to give an adequate accounting of what the federal government actually owns.”

    Industry figures have reacted positively to the bill’s advancement. Connor Brown, executive director of the Bitcoin Policy Institute, called it a “genuinely historic step for Bitcoin policy.” Strive CEO Matt Cole similarly commented that it is “the single most important crypto legislation that can come out of DC.”

    The committee’s approval is a significant step, but the bill must still pass the full House and Senate before it can be sent to the president’s desk. Uncertainties remain regarding its passage through the remaining legislative stages and its eventual enactment.

    Why This Matters

    This legislative development brings the US closer to formalizing a strategic Bitcoin reserve, potentially impacting how federally held digital assets are managed and secured. The bill’s progression through the House Committee on Financial Services signifies a move towards codifying existing practices and introducing enhanced transparency and accountability measures for digital assets acquired through forfeiture, with a mandated 20-year holding period.

    Broader Context

    Source materials place the factual news in this context: The legislation would effectively codify Trump’s Bitcoin reserve policy, locking up Bitcoin acquired through civil and criminal forfeiture for 20 years.

  • Michael Saylor: Regulatory Action Under Existing Law to Drive Bitcoin Institutional Adoption

    Michael Saylor: Regulatory Action Under Existing Law to Drive Bitcoin Institutional Adoption

    Michael Saylor, Strategy Executive Chairman, asserts that Bitcoin’s institutional adoption will advance through regulatory actions leveraging existing laws, rather than requiring new legislation from Congress. This perspective suggests that the U.S. financial system can see increased institutional engagement with Bitcoin even as legislative efforts like the CLARITY Act remain stalled.

    According to Michael Saylor, regulators are expected to implement rules using current legal frameworks. Saylor expects this approach to foster an expansion of Bitcoin custody and lending services offered by banks. This viewpoint posits that regulatory clarity or action, independent of new congressional acts, will be sufficient to drive institutional involvement with the cryptocurrency.

    The CLARITY Act, a piece of legislation relevant to Bitcoin regulation, is currently stalled in Congress. Saylor’s assertion implies that this legislative standstill does not represent a barrier to Bitcoin’s continued integration into the U.S. financial system.

    However, several uncertainties remain regarding the specific existing laws regulators may utilize, the extent to which banks will expand their Bitcoin custody and lending operations, and the exact timeline for these regulatory advancements. These factors contribute to the evolving landscape of cryptocurrency regulation and institutional access.

    Why This Matters

    The materials describe a narrow update: Michael Saylor, Strategy Executive Chairman, stated that Bitcoin’s institutional progress is not dependent on Congress passing the CLARITY Act. The specific existing laws regulators may use.

    Broader Context

    Source materials place the opinion in this context: The article is based on statements made by Michael Saylor.

  • US House Committee Advances Bill for Strategic Bitcoin Reserve

    US House Committee Advances Bill for Strategic Bitcoin Reserve

    A bill to formally establish a U.S. Strategic Bitcoin Reserve has advanced through the House Financial Services Committee, marking a significant step in the legislative process. The American Reserve Modernization Act of 2026 (H.R. 8957) proposes a 20-year holding period for federal Bitcoin holdings managed by the Treasury Department, with no sales permitted during that time. The legislation also seeks to extend wash-sale rules to cryptocurrency transactions and create a separate stockpile for other digital assets, while explicitly stating that privately held Bitcoin cannot be seized by the government for the reserve.

    The bill, introduced by Rep. Nick Begich (R-AK) and co-led by Rep. Jared Golden (D-ME), has garnered bipartisan support with over 20 cosponsors. A full markup is scheduled for September 16, 2026, which could lead to a vote by the entire House. This legislative effort aims to codify practices the federal government has been informally following since a 2025 executive order from President Trump, which directed agencies to retain forfeited Bitcoin rather than auctioning it.

    Key Provisions and Context

    According to the bill, the Treasury Department would be responsible for managing these federal Bitcoin holdings. The legislation mandates a 20-year holding period for any Bitcoin designated for the strategic reserve. Furthermore, it establishes a distinct “Digital Asset Stockpile” for non-Bitcoin digital assets, differentiating them from the strategic reserve treatment afforded to Bitcoin. A key provision ensures that the government cannot seize privately owned Bitcoin from citizens to contribute to this reserve.

    US agencies currently hold an estimated 328,372 BTC, with a valuation estimated to be between $25 billion and $30 billion. Under the proposed act, this significant portion of Bitcoin would be locked away for two decades, effectively removing it from the market for a generation. This action could represent approximately 1.5% of Bitcoin’s total 21 million cap. The Treasury would also be required to publish quarterly Proof-of-Reserve reports, supplemented by independent audits.

    Regulatory and Market Implications

    In addition to the reserve provisions, H.R. 8957 extends wash-sale rules to crypto. These rules, currently applied to traditional securities, prevent traders from selling an asset at a loss and immediately repurchasing it to claim a tax deduction. The legislation aims to close this loophole for cryptocurrency, treating digital assets more similarly to traditional securities for tax purposes. This provision may face opposition from crypto industry lobbyists.

    The formalization of U.S. government Bitcoin holdings through legislation could signal an increased institutional acceptance and a perception of Bitcoin as a long-term store of value. However, the bill’s journey is not complete. Even if it passes the full House, its progression through the Senate remains uncertain and could lead to further modifications. The extension of wash-sale rules to crypto may also attract significant pushback from industry participants who have benefited from the current tax treatment.

    Why This Matters

    The materials describe a narrow update: The American Reserve Modernization Act of 2026 (H. The bill’s passage through the full House.

    Broader Context

    Source materials place the factual news in this context: A bill to formally establish a US Strategic Bitcoin Reserve just cleared the House Financial Services Committee, moving one step closer to a full floor vote.

  • Gemini AI: XRP Faces Crash Risk Without Key Development

    Gemini AI: XRP Faces Crash Risk Without Key Development

    Gemini AI Forecasts Divergent XRP Futures Based on Regulatory Clarity

    Google’s Gemini AI has presented two starkly different outlooks for the price of XRP, heavily contingent on the progress of cryptocurrency regulation. In a bullish scenario, a full-blown crypto bull market could propel XRP as high as $8 by 2026, with a firm target of $4.50 by January 1, 2027.

    However, following the recent failure of the CLARITY Act vote in the Senate, which did not secure the necessary 60 votes to advance, the same AI model predicts a significant downturn for Ripple’s token. If the CLARITY Act or similar legislation is not enacted before the end of the year, Gemini AI forecasts XRP could fall to a mere $0.60.

    Market Reaction and Technical Indicators

    XRP/USD is currently trading around $1.28, having experienced a sharp sell-off in the wake of the Senate’s CLARITY Act vote. The bullish prediction of $8 represents a potential 6.5x increase from current levels, while the $4.50 target suggests a 3.5x move.

    The regulatory landscape remains a critical factor, despite the procedural setback for the CLARITY Act. Reconsideration of the bill is still possible, particularly if Congress establishes a market-structure framework by 2026, which could alleviate regulatory concerns as crypto liquidity expands. Such a development could trigger a positive feedback loop: a bull market driving higher XRP prices, attracting increased retail and institutional interest, strengthening the XRP narrative, and consequently drawing further capital inflows. This scenario could make price targets in the $4–$5 range more attainable.

    The immediate technical outlook for XRP has deteriorated. Prior to the Senate vote, XRP was trading around $1.40, but it subsequently fell to the $1.27–$1.30 range. Current analysis identifies the $1.26–$1.28 area as crucial support, with the 50-day and 100-day exponential moving averages (EMAs) clustered in this region. XRP is currently trading below its 20-day and 200-day EMAs, which are situated around $1.35. The Relative Strength Index (RSI) has dipped below 50, and the Moving Average Convergence Divergence (MACD) has turned negative.

    Consequently, the primary technical objective is not an immediate surge to $4.50. Instead, the focus is on XRP reclaiming levels above $1.35 and then pushing towards $1.40–$1.43. A sustained move beyond $1.43 would significantly improve the technical structure, with $1.50 serving as the next notable resistance. Above that, attention would shift to the $1.65–$1.70 range, followed by the psychologically significant $2 level.

    A break above $2 with substantial volume, coinciding with Bitcoin entering a genuine late-cycle bull market, could propel XRP into price-discovery mode. This would pave the way for potential moves towards $3, $3.50, and ultimately the $4.50 target.

    CLARITY Act Setback and Future Scenarios

    The Senate’s failure to advance the CLARITY Act on September 15, with a final vote of 49–50, has altered the risk profile for digital assets. The legislation aimed to define the jurisdictional boundaries between the SEC and CFTC. Its setback triggered an immediate market reaction, with XRP experiencing a roughly 9% decline, alongside drops in Bitcoin and other cryptocurrencies.

    Regulatory clarity is paramount for XRP’s investment appeal. The Gemini AI forecast presents two distinct paths for 2026:

    • If CLARITY advances: XRP could reach $4.50, particularly if regulatory uncertainty diminishes and Bitcoin enters a bull market, potentially supporting XRP within the $3.50–$5 range.
    • If CLARITY stalls: A bearish scenario could see XRP plummet to $0.65, driven by persistent regulatory ambiguity and a broader crypto market downturn. Losses below $1.26 would be particularly concerning, with $1.20 and the $1.10–$1.15 range acting as key support levels. A decline to $0.65 would necessitate a significant risk-off environment in the cryptocurrency market.

    While XRP holders experiencing the current pullback are reasonably positioned, a move from $1.29 to $4.50 for an asset of XRP’s market capitalization represents a substantial, though not necessarily life-altering, return of over 350%. For traders seeking more significant upside potential, attention may be drawn to earlier-stage infrastructure projects.

  • NEAR Protocol Hits Historic Milestone as Price Soars 7.6% on Massive Airdrop

    NEAR Protocol Hits Historic Milestone as Price Soars 7.6% on Massive Airdrop

    NEAR Protocol Surges as Confidential Intents Reach $70 Million TVL Milestone

    NEAR, the native token of the NEAR Protocol blockchain, has seen a significant surge in value, climbing 7.59% to trade at $2.51. This upward momentum follows the successful achievement of the “Confidential Intents” milestone, which saw the network’s privacy-focused cross-chain pipeline reach $70 million in total value locked (TVL).

    Ecosystem Rewards Drive Token Performance

    NEAR Protocol incentivizes ecosystem growth by distributing NEAR tokens to eligible users when its TVL hits predetermined benchmarks. This latest airdrop, however, was specifically tied to the Confidential Intents initiative. The “Confidential Intents” Milestone Incentive Program was designed to automatically distribute 333,333 locked and non-transferable INT tokens once the confidential transactions pipeline surpassed a $70 million TVL.

    As of this report, NEAR Protocol has exceeded this target, with its TVL growing by an impressive 129.3% over the past 90 days to reach $70.79 million. The protocol has now invited users to claim their INT token airdrops via its official website.

    Eligibility and Token Redemption

    To qualify for the airdrop, eligible users were required to maintain a balance of over $100 and execute at least one confidential swap. The allocation amounts are tiered, with users who engaged in earlier activity, held higher balances, and completed more swaps receiving larger distributions.

    Notably, INT tokens will be redeemable for NEAR tokens at a 1:1 ratio once NEAR’s volume-weighted average price (VWAP) consistently remains at or above $3.33 for three consecutive days. These unlock conditions are intended to deter wash trading and short-term speculation, while simultaneously fostering growth in both network and token value.

    Broader Protocol Developments

    Beyond the TVL milestone, NEAR Protocol is also recognized as one of the first major layer-1 blockchains to achieve partial quantum-proofing, a significant advancement in blockchain security.

    Technical Analysis and Market Influences

    At its current trading price of $2.51, NEAR is positioned above the $2.44 Fibonacci support level. A sustained rise above this point could lead to a retest of the $2.65 resistance zone. Conversely, a breach of the support level might see the token retreat to $2.25, with a more substantial correction potentially pushing it down to $2.00.

    Further influencing future price action is the recent 25 basis point interest rate hike by the Federal Reserve, a development that could impact the broader cryptocurrency market.

  • Column Bank Launches Native Stablecoin Banking Services, Solana Default

    Column Bank Launches Native Stablecoin Banking Services, Solana Default

    Column, a chartered US bank, has launched native stablecoin banking services that support the instant conversion of USDC and USDT to USD and facilitate on-chain settlements. The new service, announced on September 16, integrates stablecoin functionality directly into the bank’s ledger, allowing for immediate conversion of incoming stablecoins and rapid settlement of outgoing transfers.

    Solana has been designated as the default network for these services, with support also extended to Ethereum and other major blockchain networks. This integration means that clients can receive stablecoins on-chain, have them instantly reflected as USD in their Column account, and then transfer these funds through traditional fiat payment networks such as ACH, FedNow, Fedwire, RTP, SWIFT, and checks. Conversely, clients can initiate transfers that settle on-chain within seconds, without the need to pre-fund crypto wallets or use separate exchanges.

    Column’s approach embeds stablecoin support directly into its core banking ledger, distinguishing it from middleware providers. As a chartered bank, Column can offer integrated services across payments, cards, stablecoins, and global banking under a single regulatory framework. This direct integration ensures that incoming stablecoins are immediately recognized as USD on the bank’s ledger, subject to the same compliance and risk protocols as other deposits.

    The bank’s existing client base includes fintech firms such as Brex, Ramp, Mercury, Bilt, Slash, and Kapital. The stablecoin banking service was part of a broader product rollout that also included full-stack card issuing, global banking solutions, and multicurrency accounts. This positions Column as a comprehensive infrastructure provider in the fintech sector, potentially competing with other financial infrastructure companies.

    Why This Matters

    Column’s integration of stablecoin banking services represents a significant step in bridging traditional finance with digital assets. By offering native support for stablecoins directly within its banking ledger, Column provides a more streamlined and potentially regulated pathway for businesses to manage digital currencies alongside traditional fiat. This move could influence how other financial institutions approach digital asset integration, potentially leading to broader adoption and more robust infrastructure for stablecoin transactions within the existing financial system.

    Broader Context

    This development positions Column as a key infrastructure provider in the fintech space, offering integrated services that span payments, cards, stablecoins, and global banking under a single regulatory umbrella. The direct integration of stablecoin functionality into its core banking ledger distinguishes Column from middleware providers and highlights its strategy to offer a comprehensive suite of financial solutions.