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  • Crypto Firms Eye Trump White House UFC Event Dominance

    Crypto Firms Eye Trump White House UFC Event Dominance

    Crypto Firms Set for Prominent Display at White House UFC Event

    Cryptocurrency companies are poised to gain significant marketing exposure this Sunday, thanks to President Donald Trump’s hosting of a UFC event on the White House South Lawn. The Octagon, the iconic fighting ring of the mixed martial arts organization, is expected to feature the logos of several crypto firms, including VeChain, Polymarket, and Stake. This visibility comes years after UFC secured a major sponsorship deal with Crypto.com, a co-presenting partner for Sunday’s event, and underscores the indirect ways in which Trump’s pro-crypto stance is manifesting in high-profile government settings.

    Polymarket Highlights Civic Engagement

    A spokesperson for Polymarket, a prediction market that counts Donald Trump Jr. as an advisor, stated that the company is a proud sponsor of UFC Freedom 250. The spokesperson emphasized the shared spirit of competition, participation, and civic engagement that prediction markets embody. The company, which primarily operates internationally, expressed particular honor in presenting a community-focused award recognizing exceptional service from military personnel, law enforcement, and first responders.

    Exodus Joins as Official Payments Partner

    The UFC has recently expanded its partnerships with other crypto firms. Exodus, a self-custodial finance platform, was named the championship’s official payments partner less than two weeks ago. An Exodus spokesperson confirmed the firm’s pride in supporting the event as part of a broader sponsorship with the league. They clarified that the arrangement is not tied to any specific political party, candidate, or policy agenda, but rather aims to connect with a global audience. Exodus team members are expected to be involved in fan experience activations around the event.

    Legal Challenges and White House Denials

    Despite allegations of corruption surrounding ventures linked to the president, the White House has consistently denied that such dealings create conflicts of interest. Earlier this week, a federal judge dismissed a request from two Virginia residents seeking to halt Sunday’s UFC fight. The plaintiffs had argued that the for-profit event, which also coincides with Trump’s 80th birthday, could not legally be held on federal grounds. U.S. District Judge Amit Mehta ruled that the plaintiffs lacked legal standing and had waited too long to seek an emergency injunction.

    Significant Bonuses and Past Collaborations

    Weeks prior, UFC CEO Dana White announced at a press conference that athletes receiving a Fight of the Night bonus would be awarded the largest bonus in the promotion’s history: $1 million worth of Crypto.com’s native token, CRO. Last year, Trump Media, the operator of Truth Social, began collaborating with Crypto.com on prediction markets, exchange-traded funds, and a publicly traded treasury firm that buys CRO. Concurrently, Crypto.com has made substantial donations to the pro-Trump super PAC, MAGA Inc.

    Echoes of Past Sponsorships

    The current publicity bears resemblance to another event held in Washington D.C. last year, which also coincided with Trump’s birthday. For the U.S. Army’s 250th-anniversary military parade, Coinbase served as a sponsor, with its logo displayed alongside military hardware and personnel. That sponsorship, alongside defense contractors like Palantir, drew criticism from some within the crypto community who viewed it as a contradiction to the industry’s inherent skepticism of state power. Nevertheless, Kara Calvert, Coinbase’s vice president of U.S. policy, expressed her honor in representing the firm at the event.

  • DOGECOIN POISED FOR PARABOLIC SURGE: ANALYST

    DOGECOIN POISED FOR PARABOLIC SURGE: ANALYST

    DOGE’s recent performance has mirrored the broader cryptocurrency market’s downturn and a cooling interest in meme coins, leading to a significant drop below the $0.10 mark. Despite this, the original meme coin is now trading above $0.081, a level identified by prominent analyst Ali Martinez as a crucial “lower mid-range boundary” within its five-year parallel channel since 2021.

    Analyst Bullish on Dogecoin’s Potential for a Parabolic Surge

    Martinez suggests that Dogecoin’s historical pattern of multi-year consolidation preceding bull markets could repeat. He posits that maintaining its current position above this key threshold could pave the way for another significant upward trajectory.

    This is not the first time Martinez has expressed optimism regarding DOGE this week. He previously highlighted a buy signal from the Tom DeMark Sequential indicator, suggesting an imminent rebound. This technical analysis tool had accurately predicted Dogecoin’s correction in early May, when its price fell from $0.113 to $0.078.

    Other market watchers, including Trader Tardigrade and MikybullCrypto, also anticipate a positive future for Dogecoin. Trader Tardigrade believes “Doge season is ahead of us,” while MikybullCrypto views the current price levels as an opportune zone for accumulation.

    Earlier, MikybullCrypto had asserted that Dogecoin had reached a point capable of triggering “a massive rally” to a new all-time high, even envisioning a surge to $2.50. Such a price would necessitate a market capitalization exceeding $360 billion, a level currently surpassed only by Bitcoin.

    Whale Activity and Exchange Flows Bolster Bullish Sentiment

    The behavior of large Dogecoin investors has further fueled bullish sentiment. Recent reports indicate that these “whales” acquired 200 million DOGE in a single week, potentially positioning themselves for future price appreciation. This accumulation by major players could inspire smaller investors to inject fresh capital into the ecosystem.

    Additionally, Dogecoin’s exchange netflow data reveals a trend of outflows dominating inflows over the past several weeks. This suggests that investors are increasingly moving their holdings off centralized exchanges into self-custody, thereby reducing immediate selling pressure and potentially supporting a price increase.

  • Hoskinson Abandons X for Discord Amidst ‘Endless Rage’

    Hoskinson Abandons X for Discord Amidst ‘Endless Rage’

    Cardano Co-Founder Plans Exodus from X to Discord Amidst Online Toxicity

    Charles Hoskinson, a co-founder of the Cardano blockchain, has announced plans to transition the ADA community away from the social media platform X, formerly Twitter, following months of enduring what he describes as expletive-laden attacks.

    Hoskinson revealed in a late Thursday post on X that he has been in discussions with Phillip Pon, the chief executive of EMURGO, to develop a strategy for establishing a Discord-based hub. This initiative aims to foster a more positive and productive environment for the Cardano ecosystem.

    “Dropping by to let everyone know that I spoke with Phillip Pon, and we are working out a plan to create a discord for a great migration of the Cardano community from X,” Hoskinson wrote. He envisions the new platform offering “happy, positive, well-moderated channels,” a stark contrast to what he characterized as the “drama, lies, endless rage, and embittered people” prevalent on X.

    Despite his intention to move the community, Hoskinson indicated he would continue to use X for livestreams due to his substantial following, which exceeds one million users.

    The blockchain developer also stated that future “Ask Me Anything” sessions would be exclusively hosted on the Cardano and Midnight Discord servers. Midnight is a privacy-focused blockchain protocol developed by IOG.

    “I’ve seen some commentary that broadcasting means I’m back on X. For those people, I can’t solve stupid… Enjoy your scandals of the week and FUD,” he commented, dismissing suggestions that his continued use of X for broadcasts signified a change of heart.

    This proposed migration comes after months of Hoskinson publicly voicing concerns about the alleged toxicity X has introduced into the Cardano community. In an April 24 YouTube livestream, he mentioned working on an artificial intelligence project named Project Nyx, intended to automate some of his online interactions. However, X’s platform rules, which require AI-managed accounts to be labeled as bots, complicated these plans by potentially reducing post visibility.

    Last week, Cardano community member Christian Taylor conducted an analysis of approximately 130 responses to an X post urging users to cease “constant anti-@IOHK_Charles threads.” Taylor’s findings, aided by the AI tool Grok, highlighted two primary issues Hoskinson faces on the platform. Grok identified “raw toxicity,” with roughly one in three replies being hostile, abusive, or heavily profane. The AI also detected patterns of targeted harassment, including consistent linguistic styles, thinly veiled anonymous accounts, and “cross-chain references that point toward organized amplification.”

    However, the analysis also acknowledged that some negative comments stemmed from genuine community frustration, including concerns over financial losses, delivery timelines, and questions regarding Cardano’s leadership and their accountability.

    In market news, ADA, the native cryptocurrency of Cardano, saw a modest increase of over 3% following Hoskinson’s announcement, trading near $0.17 at the time of reporting. This uptick contrasts with the previous week, when a separate announcement by Hoskinson regarding a temporary break from social media led to an 11% drop in the coin’s value.

  • Moonshot AI’s Kimi: 300 AI Agents Now on Your Desktop

    Moonshot AI’s Kimi: 300 AI Agents Now on Your Desktop

    Moonshot AI Launches Kimi Work, a Desktop Agent for Localized AI Tasks

    Moonshot AI, a prominent Chinese AI startup, has unveiled Kimi Work, a new downloadable desktop agent designed for macOS and Windows. This application aims to bring AI capabilities directly to users’ machines, allowing it to access local files, control web browsers, and execute scheduled tasks. The Beijing-based company announced the product this week, offering free downloads while the app is currently undergoing internal testing.

    Bridging the Gap Between Cloud and Local AI

    Kimi Work builds upon the foundation laid by Moonshot’s WebBridge extension, which was released a month prior. WebBridge enabled AI agents to control real Chrome or Edge browser sessions locally. Kimi Work expands this concept into a comprehensive desktop product. The core proposition is a departure from the prevailing cloud-based AI model. Typically, users submit prompts to cloud servers, which then utilize sandboxed browsers to perform actions and return results. Kimi Work reverses this paradigm by operating directly on the user’s computer.

    Local Access and Enhanced Capabilities

    As a locally installed application, Kimi Work gains direct access to a user’s files and can interact with their computer system. This allows it to perform a range of tasks, such as manipulating PDFs, organizing desktop files, retrieving stock data from a browser, compiling reports in HTML format, and sending them via email. The functionality is positioned as a fully developed and integrated solution within the Kimi ecosystem, offering unique features not found in competing tools like OpenClaw or Hermes.

    Agent Swarm and Browser Integration

    A key innovation in Kimi Work is its Agent Swarm feature. This allows the agent to initiate multiple sub-agents in parallel, potentially up to 300, with each sub-agent handling a distinct part of a larger task. The integration with WebBridge is also crucial, as it grants the agent control of the user’s actual browser through the Chrome DevTools Protocol. This method ensures that logged-in sessions and cookies remain on the user’s machine.

    Scheduling, File Access, and Market Data

    Kimi Work includes a built-in Cron engine for scheduling tasks based on daily, hourly, or conditional triggers. A “Keep Computer Awake” toggle is available for tasks that need to run overnight. The application also features a local file layer that enables the agent to read mounted folders and run Python scripts in the background. Furthermore, Kimi Work comes with pre-integrated native market data for A-shares, Hong Kong stocks, and U.S. equities, eliminating the need for API setup. Completed research can be directly converted into PowerPoint or Excel formats.

    Underlying Technology and Context Window

    Internally, Kimi Work is powered by Moonshot’s Kimi K2.6 model, a mixture-of-experts architecture with approximately one trillion parameters. Released on April 20, K2.6 activates around 32 billion parameters per token and boasts a 256K-token context window. This extensive context window is significant, enabling the agent to retain a large amount of information across complex, multi-step workflows without losing track of its initial objectives. The Kimi K2.6 model also served as the base for Cursor’s specialized coding LLM, “Composer 2.”

    Cloud Inference and On-Device Options

    While Kimi Work’s actions occur locally, the inference for the K2.6 model can still be routed through Moonshot’s cloud API. For users seeking complete on-device inference, the model weights are available on Hugging Face under a Modified MIT License. However, running a trillion-parameter model locally requires substantial hardware resources that are not typically found in standard home user setups.

    Privacy Considerations and Safety Measures

    The “local” aspect of Kimi Work refers to where actions are executed, not necessarily where the AI model runs. The privacy implications are nuanced, as WebBridge’s control over the user’s logged-in browser means it could potentially access sensitive information like bank accounts, emails, and internal company tools. Researchers have previously highlighted the risk of AI agents exhibiting “blind goal-directedness,” where they execute tasks without fully recognizing potential risks. Moonshot has addressed this by including an “ask before acting” mode, which requires user approval before modifying files or running code. While this is a crucial safety feature, it does not guarantee absolute security.

    The Growing Desktop Agent Landscape

    The market for desktop AI agents has rapidly expanded. Anthropic’s Claude has offered full desktop computer use since late 2024, while OpenAI released Codex Background Computer Use for macOS in April 2026, enabling parallel desktop sessions. Google’s Gemini computer use, derived from Project Mariner, focuses on browser workflows. Microsoft’s Copilot Studio, introduced in May 2026, targets enterprise automation and integrates models from OpenAI and Anthropic.

    User Demand for Flexibility

    The trend suggests a user preference for flexibility over being confined to a single provider. Tools like OpenClaw, Hermes, and NanoClaw offer local platforms that can configure AI agents using any LLM via API. Kimi Work distinguishes itself with its local-first design combined with the 300-agent swarm capability. While many competitors operate in cloud sandboxes, limiting their access to real logged-in sessions, or offer desktop control without coordinated parallel agents, Kimi Work aims to provide both. A trade-off is that tasks cease when the laptop is closed, unlike Moonshot’s cloud-based Kimi Claw, which operates 24/7.

    Pricing and Availability

    Kimi Work is available as a free download, with advanced agent features requiring a paid subscription. Moonshot’s Moderato tier starts at $19 per month and includes access to K2.6, Deep Research, and Kimi Code. The Agent Swarm feature with a limited number of sub-agents is unlocked at the Allegretto tier ($39/month). The full 300-agent swarm and professional workflows are available in the Allegro ($99/month) and Vivace ($199/month) tiers. Downloads for macOS (Apple Silicon) and Windows are accessible at kimi.com. The internal testing phase means some features may evolve before a broader rollout.

  • Pi Network (PI) Shows 3 Bullish Signs, Potential Bottom Reached

    Pi Network (PI) Shows 3 Bullish Signs, Potential Bottom Reached

    Pi Network’s Ecosystem Evolves as Key Indicators Hint at Potential Price Rebound

    The development team behind Pi Network is continuing to refine its ecosystem, with the recent transition to protocol v24 marking a significant milestone. An upgrade to v25 is anticipated later this month.

    Despite these advancements, the price of PI has yet to see a substantial recovery. However, several key factors suggest that a turnaround may be on the horizon.

    PI first entered the trading market in February of last year, initially drawing considerable investor interest. At its peak, the cryptocurrency’s valuation soared to approximately $3, but this surge proved to be short-lived. In the months that followed, the price experienced a sharp decline, currently trading around $0.12. This figure is close to its all-time low, representing a staggering 96% drop from its highest point.

    While prevailing market conditions remain bearish, three important elements point towards a potential rebound for PI. The first is the asset’s Relative Strength Index (RSI), which has fallen to an extremely oversold level of approximately 2.6 on a monthly scale. This indicates that the valuation has depreciated too rapidly over a short period, a pattern that has historically preceded price recoveries. Conversely, RSI readings above 70 typically signal an impending market correction.

    Another significant development is the decrease in the amount of PI tokens held on exchanges. After reaching an all-time high of over 550 million tokens, the figure has recently dropped to 545 million. This reduction is viewed as a bullish indicator, as it lessens immediate selling pressure.

    Finally, upcoming token unlocks warrant close observation. Today, June 12, is projected to be a peak unlock day, with nearly 15 million coins scheduled for release. However, the pace of unlocks is expected to slow considerably over the subsequent four weeks. The average daily unlock rate is projected to decrease to 4.8 million, which could contribute to a more stable environment conducive to price recovery.

    The PI community has long believed that a listing on Binance, the world’s largest cryptocurrency exchange, would serve as a powerful catalyst for a significant price increase. Last year, Binance appeared to be considering such a move after polling its users on their desire to see PI available on the platform. Despite an overwhelming majority voting in favor, the exchange has yet to confirm a listing.

    Speculation among some X users suggests that an announcement regarding a potential Binance listing could be made on June 28, a date recognized by Pioneers as Pi2Day. Other developments anticipated on this symbolic day include initiatives aimed at ecosystem growth and the introduction of new products. It is important to note that the Pi Network team may not make any announcements on this date, and therefore, managing expectations is advisable.

  • Americans Bet $34 Billion on Offshore Prediction Markets

    Americans Bet $34 Billion on Offshore Prediction Markets

    Americans may have contributed as much as $34 billion to offshore prediction market trading volumes in the 12 months leading up to April 2026, according to a new study commissioned by the Coalition for Prediction Markets. This industry group includes regulated operators such as Kalshi, Crypto.com, and Coinbase.

    The research, conducted by Rutgers professor Harry Crane, a member of the CFTC Innovation Advisory Committee, compared data from offshore platforms—those that do not permit U.S. users and are not regulated by the Commodity Futures Trading Commission (CFTC)—with platforms exclusively serving U.S. users or non-U.S. users.

    “As a share of all U.S. prediction market activity (including regulated and offshore platforms), we estimate 12.5–31.5% of U.S. prediction market volume occurs on offshore platforms,” the study stated.

    “Based on current third-party estimates of industry growth, U.S.-based activity on offshore prediction markets could grow to an estimated $133 billion in annual volume by 2030, assuming constant relative market shares of regulated and offshore markets,” the study added.

    Offshore Market Activity

    Harry Crane analyzed the largest offshore prediction market exchanges, which are prohibited from serving U.S. users. His findings indicate that between $11 billion and $34 billion in offshore prediction market activity originates from U.S. users, a figure described as a conservative estimate.

    Polymarket’s Role

    The study highlighted Polymarket, the largest offshore platform, estimating that approximately $10.6 billion to $26.7 billion of its $55.6 billion in trailing 12-month trading volume was attributable to U.S. users, despite their technical prohibition on the platform. Polymarket, which was compelled to move offshore by the CFTC in 2022, announced last fall that it had received regulatory approval to operate in the U.S. Since then, it has gradually launched its regulated Polymarket U.S. platform, though the study’s data did not separate volumes from this new entity due to reliability concerns. Data from a Dune dashboard indicates that the regulated U.S. version of Polymarket has posted approximately $5 billion in notional volumes to date.

    A representative for Polymarket did not immediately respond to a request for comment.

    Broader Concerns

    While Polymarket was the largest offshore market examined, the study also analyzed data from other unregulated markets, including Opinion, Predict, Limitless, and Myriad. (Myriad is a product of Decrypt’s parent company, Dastan).

    The Coalition for Prediction Markets, comprised of regulated operators, views this trend as a significant concern, arguing that offshore markets do not adhere to the same standards as those operating under U.S. regulations.

    “Americans are using VPNs to access unregulated, offshore prediction market platforms that offer contracts on death and war,” the Coalition posted on X. “Now, we finally know how big this market is.”

    The Coalition further stated, “These platforms are not subject to the same customer verification requirements, anti-money laundering controls, or market integrity oversight that protect American traders.”

    Regulatory Scrutiny

    The findings emerge as the CFTC faces increasing pressure and scrutiny. On Wednesday, the agency proposed new rules that would ban market outcomes dependent on war or assassination. However, states and lawmakers have been pushing back against the CFTC’s regulatory approach and the expanding scope of prediction markets under its purview.

    CFTC Chairman Mike Selig has maintained a firm stance on the agency’s jurisdiction over these platforms, stating in February, “see you in court,” as states began challenging the regulator’s authority. Earlier this week, Democratic Senator Elizabeth Warren sought clarification on the regulator’s oversight capabilities, questioning its effectiveness in regulating prediction markets, particularly in light of significant workforce reductions.

  • XRP Faces Widespread Dislike, Potentially Signaling Bullish Turn

    XRP Faces Widespread Dislike, Potentially Signaling Bullish Turn

    Pessimism Surrounds XRP, But History Suggests a Potential Rebound

    Investor sentiment surrounding XRP has reached its lowest point since October 2025, according to data released by Santiment on June 12. This downturn in sentiment occurs amidst a challenging period for the cryptocurrency, despite years of anticipation surrounding developments from Ripple. However, Santiment notes that such widespread pessimism has historically preceded some of XRP’s most significant price recoveries.

    The blockchain analytics firm’s weighted sentiment metric, which gauges social media discussion volume alongside the ratio of positive to negative commentary, indicates that XRP is currently at levels not observed in eight months.

    Santiment attributes the decline in sentiment not only to the asset’s price weakness but also to a growing fatigue among traders who have been awaiting a substantial catalyst to drive XRP’s price higher, even as Ripple’s legal challenges have largely been resolved. Furthermore, there is a prevailing sentiment that discussions around institutional adoption have not yet translated into tangible gains for holders of the world’s sixth-largest cryptocurrency, contributing to a sense of weariness.

    A Silver Lining in Disinterest

    Despite the negative sentiment, Santiment suggests a potential upside: “Some of XRP’s strongest rebounds have occurred when the crowd became the most disinterested,” the firm stated.

    According to Santiment, the decrease in discussion volume, coupled with a significant amount of negative commentary surrounding XRP, may signal that many holders have either moved on from the asset or have tempered their expectations. This fading enthusiasm on social media comes at a time of considerable development activity within the XRP ecosystem, including increased usage of the XRP Ledger, upcoming tokenization initiatives, and the launch of more institutional products.

    Recent Price Action and Analyst Outlook

    As of this writing, XRP had seen a modest increase of approximately 2% over the past 24 hours, trading at $1.15, according to CoinGecko figures. Nevertheless, the cryptocurrency remains 22% lower than its value last month and nearly 69% below its all-time high of $3.65, recorded in July 2025.

    Some analysts believe the worst may be over. Ali Martinez recently highlighted a Tom DeMark Sequential buy signal, although he previously suggested that a drop to $0.90 would present a more favorable entry point.

    On-Chain Activity and Market Dynamics

    Notable on-chain activity includes significant XRP withdrawals from Binance. Between June 3 and June 11, approximately 465 million XRP were moved out of the exchange in transactions exceeding one million tokens each, according to CryptoQuant. Such movements could reduce the available supply on the exchange, potentially easing selling pressure if the trend continues.

    Conversely, data from Arab Chain indicates that XRP whale inflows into Binance have risen to about 1.33 billion over the last 30 days, reaching a two-month high. While these inflows do not automatically signal an intent to sell by large holders, they do suggest increased activity within this segment as whales respond to prevailing market conditions.

    On a broader macroeconomic front, a recent announcement by Donald Trump regarding the cancellation of planned strikes on Iran injected optimism into traditional markets such as stocks, gold, and silver. However, Santiment observed that the cryptocurrency market, including XRP, has shown a muted reaction to these developments thus far.

  • Gensler Backs States on Prediction Market Rules

    Gensler Backs States on Prediction Market Rules

    Gensler Argues Dodd-Frank Did Not Authorize Nationwide Sports Wagering

    Gary Gensler, former chair of both the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), filed an amicus brief late Thursday with the Sixth Circuit Court of Appeals, asserting that Congress did not grant the CFTC authority over nationwide sports wagering when it enacted the Dodd-Frank Act in 2010. Gensler contends that state gaming laws remain in effect.

    Tribal Nations and Gaming Associations Support Ohio

    Thirty Native American tribes and 11 tribal associations have submitted an amicus curiae brief in support of Ohio in the Sixth Circuit’s appeal concerning prediction markets. This filing comes after federal district judge Sarah Morrison denied Kalshi’s request for a preliminary injunction in its challenge to state cease-and-desist orders. Gaming attorney and prediction market expert Daniel Wallach noted the significance of this broad support for Ohio’s position.

    Diverse Coalition Backs State Authority

    Gensler’s filing joins a notable group of amici curiae supporting the State of Ohio, including the Indian Gaming Association, the American Gaming Association, and Better Markets. Notably, the Utah Attorney General, representing a state where sports betting is entirely outlawed, was among the co-signers alongside Nevada.

    Gensler’s Shift from Crypto Enforcement to State Gaming Support

    As SEC chair, Gensler spearheaded an aggressive campaign against the cryptocurrency industry, initiating approximately 100 enforcement actions and characterizing the sector as one “built up around noncompliance.” He is now aligning himself with states in opposition to a market that has received CFTC endorsement.

    Dodd-Frank’s Original Intent

    The Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted in 2010 following the 2008 financial crisis to regulate swaps and curb risky derivatives, is central to the current legal dispute. Gensler, who chaired the CFTC from 2009 to 2014 and was involved in its negotiation, stated that the law was designed to address the financial crash, not to authorize sports wagering.

    “Millions of people were out of work. Millions of people had lost their homes,” Gensler said in a CNBC interview, referring to legislation focused on credit-default and interest-rate swaps. He recalled his extensive testimony before Congress, emphasizing that no lawmakers suggested granting his agency authority over sports betting.

    The brief further argues that no drafters of Dodd-Frank “was attempting to put a curve ball by the Senate Majority Leader to legalize a national sports-betting regime.” The filing invokes the court’s principle that Congress does not “hide elephants in mouseholes,” suggesting that preempting a $165-billion-a-year industry would not be concealed within “a subpart of a definition.”

    Opposition to CFTC’s Proposed Rule

    Gensler has also voiced opposition to the CFTC’s extensive 267-page proposal, which would permit betting on sports outcomes but prohibit contracts related to war, assassination, and certain injury- or referee-related wagers. When asked if the proposal represented progress, Gensler responded negatively, asserting that the agency is attempting to reverse a rule the CFTC unanimously adopted around 2011 that prohibited contracts on “assassination, war, terrorism, gaming or unlawful acts.”

    Citing the CFTC’s reduced workforce and concerns about youth gambling and addiction, Gensler argued that these issues are best managed at the state level, stating, “Let the states do it.”

    Federal vs. State Jurisdiction Battle Intensifies

    Sixteen states are currently engaged in legal proceedings with prediction market platforms. Minnesota has banned them outright, making it a felony to operate or advertise such services. The CFTC has taken the unusual step of suing six states to defend what it asserts is its exclusive jurisdiction.

    President Donald Trump has publicly supported the federal government’s stance, deeming the issue “critically important” and urging regulators to maintain control as states increasingly treat the sector as gambling. The administration has reinforced this position in court, with the CFTC and the Department of Justice jointly suing Minnesota shortly after Governor Tim Walz signed the state’s prediction market ban into law.

    Daniel Wallach highlighted that the tribal amici brief underscores the breadth of Kalshi’s legal argument. The company bases its claim of exclusive federal jurisdiction not only on Dodd-Frank but also on the Commodity Futures Modernization Act of 2000 and the CFTC Act of 1974. Wallach noted that these earlier statutes are sufficiently old to qualify as “long-extant statutes” under the major-questions doctrine, which typically requires explicit congressional authorization for significant expansions of agency authority.

    Decrypt has reached out to the CFTC and Kalshi for comment.

  • SpaceX Sets Record IPO Price at $135

    SpaceX Sets Record IPO Price at $135

    SpaceX Prices Record-Breaking IPO at $135 Per Share, Trading Begins Friday

    SpaceX set its initial public offering price at $135 per share on Thursday night, planning to sell 555.6 million shares to raise $75 billion and valuing the company at $1.77 trillion. This offering surpasses Saudi Aramco’s $30 billion IPO in 2019, making it the largest public offering in history. The stock is slated to begin trading on the Nasdaq on Friday under the ticker symbol SPCX.

    The company’s structure is essentially three distinct businesses integrated under a single ticker.

    In total, SpaceX generated approximately $18.7 billion in revenue in 2025 but reported a net loss of $4.9 billion, largely due to the substantial spending by xAI impacting Starlink’s profitability. Consequently, the satellite internet division is currently subsidizing the company’s higher-growth ventures in rockets and artificial intelligence. However, these investments, particularly in rocketry, may require several years to yield returns.

    From a cryptocurrency perspective, SpaceX holds 18,712 Bitcoin, valued at just under $1.2 billion. As trading commences on Friday, Backpack Securities and Sunrise are set to launch a tokenized version of SPCX on the Solana blockchain. This token will be redeemable one-to-one for actual shares and will be tradable around the clock. Additionally, Hyperliquid has been facilitating pre-IPO trading for SPCX, serving as a primary venue for price discovery. The token was trading at $177 on Hyperliquid, a figure that will be tested against the market’s opening valuation on Friday.

    Coinbase Unveils Tool for AI Agents to Execute Trades and Payments

    Coinbase has introduced Coinbase for Agents, a new product designed to grant AI agents direct access to user Coinbase accounts. This allows agents to execute trades, manage portfolios, and facilitate payments for services, all within user-defined parameters. The system operates on x402, Coinbase’s proprietary payment protocol engineered for machine-to-machine transactions.

    Coinbase has indicated that support for stocks, index funds, prediction markets, and commodities will be added in the future.

    The broader trend suggests that the agentic economy is rapidly transitioning from a conceptual stage to functional infrastructure, with cryptocurrency quietly emerging as its underlying network. Within the past week, major players including Coinbase, Mastercard, and MetaMask have all rolled out functionalities enabling AI agents to hold and transfer funds, with each leveraging crypto rails for these operations.

    Mastercard’s Agent Pay integrates stablecoins alongside traditional card payments, MetaMask has launched a wallet specifically for agents, and Coinbase is defaulting to USDC and x402 for agent transactions. The prevailing strategy appears to be establishing these platforms as the primary financial conduits for machines, with network operators poised to benefit from transaction fees. For Coinbase, this strategy involves driving activity onto its Base blockchain and promoting USDC as the preferred currency for AI agents.

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  • Japan XRP ETF Listing Nears

    Japan XRP ETF Listing Nears

    Japan’s Crypto Tax Reform Boosts XRP Outlook

    Japan’s legislative body has taken a significant step that could provide a substantial tailwind for XRP, with the cryptocurrency’s price showing signs of retesting a key resistance level. The nation’s Lower House has passed a pivotal crypto tax bill, poised to dramatically reduce the maximum tax rate on digital asset gains from approximately 55% to a flat 20%. Furthermore, the bill reclassifies cryptocurrencies as financial instruments under the Financial Instruments and Exchange Act.

    Path to Enactment and Future Implications

    The legislation is now advancing to the Upper House, where approval is widely expected. If enacted, the new regulatory framework, which incorporates provisions for insider trading rules and disclosure requirements, is slated to take effect for tax changes by 2028. This development could pave the way for Exchange Traded Fund (ETF) approvals as early as 2027.

    A tweet from an XRP-focused account highlighted Japan’s potential adoption of the XRP Ledger within its financial system, suggesting an official designation of XRP as a financial asset by 2027. The tweet also referenced SBI Japan’s public disclosure of using XRP for international payments since 2021 and its plans to issue XRP bonds and ETFs in Tokyo.

    SBI Holdings’ Proactive Moves

    SBI Holdings has already moved to capitalize on this evolving landscape, submitting applications to Japan’s Financial Services Agency (FSA) for a spot Bitcoin-XRP ETF and a hybrid Digital Gold-Crypto ETF. The firm is targeting assets under management (AUM) of up to $32 billion within three years. This strategic shift, moving crypto from a payment instrument to a regulated financial product, marks a departure from typical regulatory developments.

    XRP Price Action and Technical Analysis

    XRP has recently tested the $1.15 resistance zone on two occasions, experiencing pullbacks each time before recovering. This pattern often signals an impending breakout or an exhaustion sell-off. The cryptocurrency is currently trading around $1.14, with immediate support identified at $1.1, a level that saw a notable bounce on the 4-hour chart following news of the SBI ETF applications.

    An increase in trading volume during each retest of the $1.15 level heightens the possibility of a bullish breakout, particularly if the price manages to close a daily candle above this mark. This level has acted as a significant ceiling, and a decisive breach could open the path to the next key target at $1.20.

    Analyst Projections and Market Drivers

    Analysts have offered ambitious price targets for XRP. Zack Rector has projected a near-term price of $5, with a longer-term outlook of $15 by September. Similarly, YouTube analyst James Crypto Space suggests that a modified 2017 fractal pattern could lead to a price of $9 by early September. These projections, however, are contingent on sustained institutional inflows rather than solely retail interest.

    The regulatory environment in Japan is considered the primary bullish catalyst underpinning these forecasts. For shorter-term trading, the support range between $1 and $1.05 is a critical level for traders to monitor.

    Strategic Considerations for Investors

    While XRP at the $1 level presents a compelling trading opportunity, it is important to note that it is already a substantial asset valued at approximately $70 billion. The macro and regulatory tailwinds that could further propel its growth may take several months to fully materialize. Investors seeking to capitalize on the ETF catalyst at current price levels are essentially factoring in news with a projected 2027 timeline. Early-stage infrastructure plays, conversely, offer a distinct risk-reward profile.

    LiquidChain: An Infrastructure Play

    LiquidChain, an L3 infrastructure project, is positioning itself as a cross-chain liquidity layer, aiming to consolidate liquidity from Bitcoin, Ethereum, and Solana into a unified execution environment. Its core architecture features a Unified Liquidity Layer, Single-Step Execution, Verifiable Settlement, and a Deploy-Once Architecture that allows developers to access multiple ecosystems without extensive redevelopment.

    The project’s presale has raised $836,000, with the current price of its $LIQUID token at $0.01469. For traders observing the impact of the Japan ETF cycle on institutional crypto flows, researching LiquidChain as an infrastructure-level investment in a multi-chain future may prove worthwhile.