Novogratz to Democrats: Pass the CLARITY Act or Hand Crypto’s Future to Foreign Rivals
TLDR:
The CLARITY Act passed the House with 78 Democratic votes but remains stalled in the U.S. Senate after ten months.
Binance clears nearly 40% of global spot crypto volume while Coinbase, the top U.S. exchange, handles only 6%.
Senators Gallego and Torres are pushing crypto legislation to serve working-class Black and Latino constituents.
Tokenization on public blockchains could extend American financial products to billions of people who lack U.S. brokerage access.
The CLARITY Act remains stuck in the U.S. Senate despite strong bipartisan support in the House. Mike Novogratz, founder of Galaxy Digital, is urging Democrats to act on crypto regulation.
He argues that inaction is pushing American crypto activity offshore. With 55 million Americans owning crypto, the stakes for U.S. financial leadership are high.
The longer the Senate delays, the more ground the U.S. cedes to rival financial hubs like Singapore, Dubai, and London.
Senate Inaction Drives Crypto Activity Offshore
The CLARITY Act passed the House last July with backing from 78 Democrats. However, the bill has not advanced in the Senate, leaving American crypto companies without clear legal footing. Novogratz points to this regulatory vacuum as a key driver of offshore activity.
Binance, which holds no formal headquarters but operates under an Abu Dhabi license, now clears nearly 40% of global spot crypto volume.
Meanwhile, Coinbase, the largest U.S.-based exchange, handles roughly 6%. The gap between these numbers tells the story clearly.
The U.S. poured $2.4 trillion into crypto markets in a single year — nearly four times the next country. Yet without domestic rules, that capital flows through foreign platforms.
Senator Kirsten Gillibrand crossed party lines in 2022 to introduce a bipartisan crypto framework. Writing on X, Novogratz noted that “the Senate’s job now is to finish it.”
https://t.co/Z993atR0dp
— Mike Novogratz (@novogratz) May 12, 2026
Novogratz frames the delay not as a policy disagreement but as a posture problem. A vocal segment of the Democratic caucus views crypto legislation as a corporate giveaway. That view, he says, is producing the opposite of its intended effect — an unregulated offshore market.
Democratic Lawmakers and Tokenization Could Redefine U.S. Financial Power
Senator Ruben Gallego, Arizona’s first Latino senator, took up crypto policy directly because his constituents were asking about it. Many of them are working-class, Hispanic, or Black Americans with a growing interest in digital assets.
In a statement referenced by Novogratz, Gallego made his position clear: “If your constituents are showing interest in this, then you should show interest in it too.”
Representative Ritchie Torres, who grew up in public housing in the Bronx, represents one of the poorest congressional districts in America.
He has publicly argued that blockchain technology can “liberate the lowest income communities from the high fees of the traditional financial system.” Both lawmakers are actively legislating while much of the caucus remains on the sidelines.
Beyond domestic regulation, Novogratz sees a larger opportunity in tokenization. Public blockchains could allow American equities, Treasury bonds, and investment funds to reach billions of people globally who will never open a U.S. brokerage account. The CLARITY Act could make that possible.
Passing the bill, Novogratz argues, is not just a financial decision — it is a projection of American economic power. Countries like Singapore and the UAE are already moving.
Novogratz put it plainly: “Pass the CLARITY Act. Show up. This is how Democrats win. This is how America wins.” The U.S. has the capital markets, the demand, and the legal infrastructure to lead. What it needs now is legislative follow-through.
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Bitcoin’s $80K Rally Raises Questions About Sustainability, Wintermute Says
TLDR:
Bitcoin surpassed $80,000 for the first time since January, briefly reaching $83K before pulling back slightly.
Open interest surged from $48B to $58B while spot volumes hit two-year lows, signaling leverage-driven movement.
Bitcoin ETF inflows added $623M, with Morgan Stanley’s new BTC ETF pulling $194M in its debut month alone.
Tuesday’s CPI print and the Fed chair transition from Powell to Warsh are the next key macro triggers to watch.
Bitcoin’s return above $80,000 has drawn attention from market analysts, with trading firm Wintermute raising concerns about what is driving the move.
While the price milestone marks the first time BTC has traded at this level since January, Wintermute warns that the rally may not be as solid as it appears on the surface.
Short Squeeze Mechanics Behind Bitcoin’s Price Move
Bitcoin climbed to approximately $83,000 last week, breaking above its 200-day moving average for the first time in seven months.
The move coincided with a broader equity rally, with the Nasdaq gaining 4.5% and the S&P 500 rising 2.3% to fresh all-time highs. U.S. nonfarm payrolls also beat expectations, coming in at 115,000 against a consensus of 65,000.
Wintermute, however, pointed to the mechanics behind BTC’s price action as a reason for caution. Open interest in Bitcoin futures jumped from $48 billion to $58 billion over the past month. At the same time, spot trading volumes fell to two-year lows.
The firm noted on X: “BTC ground above $70k, nobody believed it, shorts piled in, got liquidated, and had to be covered by buying.” That dynamic, rather than fresh demand, appears to be what pushed prices higher.
https://t.co/znFUiLOTYo
— Wintermute (@wintermute_t) May 12, 2026
Funding rates remain predominantly short, which means additional squeeze pressure could still push prices up. That said, Wintermute was clear that forced covering is not the same as genuine market conviction.
Institutional Flows Offer a More Constructive Long-Term View
Despite the short-term concerns, longer-term indicators tell a different story. Bitcoin ETF flows added $623 million during the period, and Morgan Stanley’s new BTC ETF pulled in $194 million in its first month without a single day of outflows. Exchange reserves remain at seven-year lows, pointing to steady accumulation by long-term holders.
Wintermute noted that whale accumulation and ETF inflows continue to absorb supply at current levels. However, the firm also observed that the institutional bid tends to reduce in size as prices move higher, which limits upside pressure over time.
The near-term focus now turns to macroeconomic events. Tuesday’s CPI release will offer the first clear look at how energy prices have fed into inflation.
Additionally, Federal Reserve Chair Powell’s term ends Thursday, with Kevin Warsh’s confirmation expected to follow.
Wintermute stated that if Bitcoin holds above $80,000 through a macro shock, that would serve as genuine confirmation of a trend change.
A selloff in line with equities, however, would suggest the short squeeze was the primary driver all along. RSI is currently entering overbought territory, and spot demand needs to step in for the rally to hold.
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Ethereum Launches Clear Signing Standard to Combat Blind Signing Risks
TLDR:
Ethereum’s Clear Signing standard now displays transactions in plain language instead of unreadable hex data.
Blind signing has contributed to billions in ecosystem losses, prompting this open standard’s coordinated launch.
ERC-7730 and ERC-8176 are the two core frameworks introduced to support human-readable transaction signing.
Contributors include Ledger, Trezor, MetaMask, Fireblocks, and WalletConnect, coordinated by the Ethereum Foundation.
Ethereum has officially launched the Clear Signing open standard, marking a major step forward in transaction security.
The initiative converts unreadable hexadecimal data into plain, human-readable text during transaction approvals. The Ethereum Foundation coordinated the effort alongside key industry contributors.
Together, they aim to address one of the most persistent security vulnerabilities in the Ethereum ecosystem. Blind signing has cost the industry billions of dollars over the years.
What the Clear Signing Standard Brings to Ethereum
The Ethereum Foundation announced the launch via its official X account on May 12, 2026. The post stated that clear signing is now live as an open standard to end blind signing.
It described the development as a major upgrade to both user experience and transaction security on Ethereum.
0/ Clear signing is now live.
An open standard to end blind signing, making human-readable transactions default.
This effort brings a major UX and Security upgrade to transaction signing on Ethereum. pic.twitter.com/nIGRCBQh6G
— Ethereum Foundation (@ethereumfndn) May 12, 2026
Until now, signing a transaction often meant approving a string of unreadable hex data. This practice, known as blind signing, has contributed to billions in losses across the ecosystem. Users had no way to verify what they were actually approving before confirming transactions.
The new standard changes that by displaying transaction details in plain language. Instead of raw technical data, users now see clear descriptions of what each transaction does. This gives people better control and awareness before they confirm any on-chain action.
The Ethereum Foundation noted the effort builds on existing clear signing work already present in the ecosystem. In particular, it acknowledged the approach pioneered by Ledger as a foundation for this broader, unified standard.
Key Components and Contributors Behind the Initiative
Several prominent names in the crypto industry contributed to the Clear Signing initiative. Wallet and hardware contributors include Ledger, Trezor, MetaMask, WalletConnect, and ZKnox. On the security side, Cyfrin participated, while Fireblocks and Zama represented infrastructure. Sourcify and Argot contributed tooling support.
The standard introduces ERC-7730, which provides an open framework for human-readable transaction descriptions.
Alongside it comes a neutral, mirrorable descriptor registry for broader accessibility. An attestation framework under ERC-8176 allows auditors to verify the integrity of transaction descriptors.
Open developer tooling has also been released for wallets, protocols, and auditors to use. These tools make it easier for developers to integrate the standard across different platforms. The goal is to drive adoption and expand coverage across the Ethereum ecosystem consistently.
The Ethereum Foundation confirmed the work is ongoing and not a one-time release. Contributors will continue expanding coverage, refining tooling, and pushing for wider adoption.
As more wallets and protocols integrate the standard, blind signing risks are expected to decrease steadily across the network.
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Exodus Shifts from Wallet to Full Crypto Payments Company After Selling $87M in Bitcoin
TLDR:
Exodus launched Exodus Pay, a platform letting users spend crypto directly from wallets across the U.S. and Europe.
The firm acquired Monavate and Baanx to build out its full-stack crypto payments infrastructure in Q1 2026.
Exodus cut Bitcoin holdings from 1,704 BTC to 628 BTC, using proceeds to become fully debt-free this quarter.
XO Cash, Exodus’s new dollar-backed stablecoin, is positioned as the first stablecoin designed for AI agents.
Exodus (EXOD), the publicly traded Bitcoin wallet firm, is broadening its scope beyond wallets into a full crypto payments company.
The firm announced this shift alongside its Q1 earnings report, backed by two strategic acquisitions and a new stablecoin launch.
Its balance sheet also changed sharply, with Bitcoin holdings cut significantly to fund debt repayment and acquisition costs. Shares closed Tuesday at $6.97, down 9.6% on the day.
Exodus Pay and XO Cash Drive the Payments Expansion
Exodus is now positioning itself as a full-stack payments business through its Exodus Pay platform. The platform lets users spend crypto directly from their wallets without surrendering private keys. It is currently live across the United States and Europe.
The company closed two acquisitions to support this move — financial services firms Monavate and Baanx. These deals gave Exodus the infrastructure needed to support crypto spending at scale. CEO JP Richardson described the expansion as a natural extension of the firm’s founding vision.
“Exodus has always been about simplicity and control; that vision hasn’t changed since 2015,” Richardson told Decrypt. “We are expanding what we’re offering, we are not pivoting.”
Publicly traded Bitcoin wallet firm Exodus (EXOD) is moving beyond that initial category to focus on the full crypto payments stack. https://t.co/O9KCfZ0GEk
— Decrypt (@DecryptMedia) May 12, 2026
He added that enabling customers to send and spend digital dollars without handing over their keys is what the firm has been building toward from day one.
Alongside Exodus Pay, the firm launched XO Cash, a dollar-backed stablecoin. Exodus claims it is the first stablecoin built specifically for AI agents, adding another layer to its growing payments ecosystem.
Bitcoin Holdings Drop as Exodus Clears Its Debt
Exodus ended Q1 2026 with $48 million in digital assets, down sharply from $156 million at the close of 2025. Cash and cash equivalents rose to nearly $73 million, compared to under $5 million at year-end. The shift reflects a deliberate treasury reallocation.
Bitcoin holdings fell from 1,704 BTC to 628 BTC during the quarter. The firm also shed 37 ETH, worth roughly $87,000.
These moves helped Exodus pay down a Bitcoin-backed loan from Galaxy and cover acquisition-related costs, leaving the company debt-free.
Richardson addressed the treasury changes directly: “Most of the treasury adjustments you saw in Q1 reflect paying down a Bitcoin-backed loan to Galaxy and other acquisition-related costs. We’re debt-free as a result.” He also reaffirmed that the firm’s long-term conviction in Bitcoin has not changed.
Meanwhile, Exodus added to its Solana position, growing holdings from 12,473 SOL to 17,541 SOL. At Tuesday’s price of around $93.91 per SOL, that stake is worth approximately $1.65 million.
Richardson also noted that Exodus will track transaction volume and the quarterly split between payments and trading revenues going forward. “Spending is a different behavior and a different business,” he said, pointing to the shift away from wallet-only revenue.
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Ray Dalio: Why Bitcoin Has Not Lived Up to Its Safe-Haven Reputation
TLDR:
Dalio warns Bitcoin’s publicly visible transactions make it an unsuitable reserve for central banks.
Bitcoin’s high correlation with tech stocks weakens its role as a hedge during market downturns.
Investors tend to sell Bitcoin first when under portfolio pressure, reducing its safe-haven appeal.
Gold’s centuries-old track record and broad institutional ownership keep it ahead of Bitcoin globally.
Bitcoin has yet to establish itself as a genuine safe-haven asset, according to Bridgewater founder Ray Dalio. The veteran investor pointed to the cryptocurrency’s lack of privacy and the potential for transaction monitoring.
He also cited its high correlation with technology stocks during periods of market stress. Dalio argued that gold holds a more central and trusted role in the global financial system. His remarks come as debate over Bitcoin’s place in global portfolios continues among institutional investors.
Bitcoin’s Privacy Gap and Tech Stock Correlation Draw Scrutiny
One of Dalio’s primary concerns about Bitcoin centers on its transparency across the blockchain. Unlike gold or cash, every Bitcoin transaction is publicly recorded and traceable by outside parties.
Dalio noted that this visibility makes the cryptocurrency unattractive as a reserve holding for central banks. Governments and financial institutions tend to prefer assets that do not expose all transaction activity.
In a post on X, Dalio stated that Bitcoin lacks privacy and that transactions can be monitored. He added that this is why central banks are not looking to hold it as a reserve.
While Bitcoin gets a lot of attention, it hasn’t played the safe-haven role many expected. In my view, there are a few reasons why.
First, Bitcoin lacks privacy. Transactions can be monitored and potentially controlled, which is why central banks aren’t looking to hold it.… pic.twitter.com/j78NJdvrOw
— Ray Dalio (@RayDalio) May 11, 2026
That reasoning aligns with longstanding hesitancy among major financial institutions toward cryptocurrency adoption.
Beyond privacy, Dalio noted that the cryptocurrency carries a relatively high correlation with technology stocks. When investors face pressure elsewhere in their portfolios, they often sell it first to raise liquidity. This behavior reduces its effectiveness as a buffer during broader market downturns.
This pattern of liquidating the digital asset under pressure has repeated across multiple market cycles. At the moments a safe-haven is needed most, it often declines alongside other risk assets. That dynamic makes it a less reliable hedge compared to instruments traditionally used to protect wealth.
Gold Holds Its Ground as the Preferred Safe-Haven Asset
Dalio also raised concerns about Bitcoin’s relatively small market size compared to gold. He described it as a market more susceptible to influence by large participants.
That susceptibility weakens its case as an independent and stable store of value. In contrast, gold’s market is far deeper and more resistant to such concentrated influence.
Gold has been held by governments, central banks, and individuals across centuries of financial history. That long track record gives it a level of institutional trust that Bitcoin has not yet earned.
Dalio pointed out that gold’s broad ownership sets it apart from any competing asset. No other asset class has replicated gold’s deeply established place in the global financial system.
Dalio’s position reflects a broader view that the digital currency still needs time to mature. Gold’s centuries-old history as a monetary metal gives it a structural advantage over newer alternatives. Central banks continue to accumulate gold as part of their official reserves worldwide.
As uncertainty continues to shape financial markets, the comparison between Bitcoin and gold remains active. Dalio’s stance represents a cautious view shared by many in traditional finance and institutional circles. Gold, for now, retains its standing as the benchmark safe-haven asset globally.
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Polygon CDK Unveils Institutional-Grade Privacy Chains With Full Access to Global Liquidity
TLDR:
Polygon CDK’s validium config keeps raw transaction data sealed within institution-owned infrastructure.
Settlement on Ethereum uses only a cryptographic commitment and a ZK proof, never exposing transactions.
Five composable privacy levels let institutions scale confidentiality without migrating between configurations.
Private CDK chains connect to Agglayer, preserving access to Ethereum, multi-chain liquidity, and fiat ramps.
Polygon CDK has announced a new privacy configuration for institutions building custom blockchains on its technology stack.
The upgrade keeps raw transaction data inside institution-owned infrastructure. At the same time, chains built on the configuration retain open access to global liquidity networks.
Powered by Succinct Labs’ SP1 Hypercube proving system, only a cryptographic commitment and a zero-knowledge proof settle to Ethereum.
The configuration primarily targets banks, payments companies, and asset managers that are moving onchain.
How the Privacy Configuration Works
Polygon CDK now offers a validium configuration developed in partnership with Succinct Labs. Transaction data stays within an institution-operated data availability environment.
Raw transaction data never reaches a public network. Ethereum receives only a cryptographic fingerprint and a validity proof for settlement.
The SP1 Hypercube proving system is already live in production on Katana Network. Settlement relies on validity proofs rather than a trusted operator with data access.
This approach means no single party holds visibility into the institution’s transaction data. The chain is verified publicly, but its transaction contents remain confidential.
@0xPolygon stated: “Ethereum confirms the chain is operating correctly. It never sees the transactions.” Role-based controls gate RPC endpoints and block explorers through enterprise systems like Okta and Azure AD. Policies apply at the contract and function level. Counterparties view only their own transactions.
Auditors receive scoped read access, while regulators get selective disclosure capabilities. Chain operators, by contrast, retain full visibility over all chain activity.
Even operational metadata — block contents, transaction counts, gas usage — can stay private. Institutions ultimately control what information is shared and with whom.
Five Privacy Levels and Cross-Chain Liquidity
Polygon CDK gives institutions five composable privacy levels with no migration required. The base level covers permissioned access through role-based RPC and private block explorers.
The newest tier is the confidential chain, keeping data within institution-owned infrastructure. A third level adds trusted execution environments for sealed workloads like dark-pool matching and sealed-bid auctions.
The fourth level applies fully homomorphic encryption to permissioned token rails. Balances and transfer amounts stay encrypted onchain throughout.
Apex Group’s T-REX Ledger with Zama on ERC-3643 already demonstrates this in production. The fifth level uses client-side zero-knowledge proofs through Hinkal to shield wallet-layer transactions from onchain visibility.
Despite the privacy architecture, Polygon CDK chains stay connected to Agglayer. Through this layer, private chains can access Ethereum, other L1s and L2s, and non-EVM networks like Miden.
A regional bank can settle with counterparties on other chains. Fiat ramps and stablecoin liquidity remain accessible through the Open Money Stack.
Target institutions include banks launching tokenized deposits and payments companies building stablecoin corridors. Asset managers issuing tokenized funds and crypto-native teams requiring enterprise SLAs also qualify.
Each deployment remains subject to applicable laws and regulations. Institutions can start at one privacy level and expand from there.
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Mitsui Digital AM Launches Japan’s First Land-Backed RWA Digital Security Tied to AEON Omiya
TLDR:
Mitsui & Co. Digital AM launched Japan’s first land-backed digital security tied to AEON Omiya’s leasehold rights.
The asset carries an appraisal value of 8.6 billion yen, with a minimum investment entry point of 100,000 yen.
Investors earn a 3.4% pre-tax annual yield backed by a 50-year fixed-term lease running through June 2076.
Unit holders receive 500 WAON POINTS annually per 10 units, linking returns to Aeon Group’s retail ecosystem.
Digital security backed by land rights is now a reality in Japan. Mitsui & Co. Digital Asset Management has launched a tokenized product tied to AEON Omiya’s land.
The company describes this as Japan’s first digital security backed by low-lying land assets. The property carries an appraisal value of approximately 8.6 billion yen. Investors can enter from 100,000 yen, with an expected annual yield of 3.4% pre-tax.
Investment Structure and Asset Details
The investment targets the land beneath AEON Omiya, located in Kita-ku, Saitama City. The site spans about 46,475 square meters and holds an appraisal value of roughly 8.6 billion yen.
Mitsui & Co. Digital AM described the move as “a new small-lot model for real estate investment,” marking a new direction for tokenized assets in Japan.
Mitsui Digital AM Launches Japan's First Land-Backed RWA Digital Security
Mitsui & Co. Digital Asset Management has begun offering a digital security backed by the land rights of AEON Omiya, a large commercial facility in Japan. The company says it is Japan’s first digital… pic.twitter.com/J72Lp13Cuo
— Wu Blockchain (@WuBlockchain) May 12, 2026
Aeon Retail Co., Ltd., a core Aeon Group company, serves as the lessee on this asset. A 50-year fixed-term leasehold agreement runs from June 2026 to June 2076.
This long-term lease provides investors with a reliable source of monthly land rent income throughout the holding period.
Since the offering covers only land and not the building above it, repair cost exposure remains minimal. The product is structured with income gain as the primary objective.
The company noted the design is “structured with an emphasis on income gain,” reducing the burden typically associated with direct property ownership.
The product issues a total of 356,000 units, with a minimum entry point of 100,000 yen. Redemption is scheduled for July 31, 2031, covering an operating period of roughly five years and one month. Mitsui & Co. Digital AM offers the product through its alternative investment platform, ALTERNA.
Blockchain Infrastructure and Investor Benefits
The digital security runs on the iBET for Fin blockchain infrastructure, developed for financial applications in Japan. It is structured as tokenized securities through a beneficiary securities issuance trust scheme. This setup ensures the product meets Japan’s existing regulatory framework for real estate digital securities.
Investors holding 10 or more units receive 500 WAON POINTS as an annual benefit. WAON is the loyalty program linked to the Aeon Group’s broad retail network.
The company confirmed that “500 WAON POINTS are awarded as a preferential treatment every year for each 10 units held,” adding non-financial value to the product.
Omiya serves as a major transportation hub where more than 10 rail lines converge, including the Shinkansen. Kita Ward, Saitama City, continues to record steady population growth, supporting demand for large commercial facilities.
Mitsui & Co. Digital AM noted that the area is “expected to continue to have residential demand as the population continues to grow.”
New family-oriented condominiums are also under construction in the surrounding area. This residential development is expected to bring consistent foot traffic to AEON Omiya over time.
As a result, the commercial facility is well-positioned to maintain stable occupancy throughout the investment period.
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Chainlink Runtime Environment will enable data integration, valuation, and process automation
Platform designed to accelerate collateral transfers across multiple blockchains and markets
Initiative modernizes margining operations, settlement processes, and collateral efficiency
Development signals growing institutional adoption of blockchain-based collateral solutions
The Depository Trust & Clearing Corporation is advancing its collateral infrastructure transformation by partnering with Chainlink. This collaboration will bring Chainlink’s Runtime Environment and standardized data protocols to DTCC’s upcoming Collateral AppChain. Production deployment is targeted for the final quarter of 2026.
Chainlink Technology Integration Powers New Platform
DTCC is incorporating Chainlink’s blockchain infrastructure into its digitally-native Collateral AppChain platform. The system is designed to streamline collateral transfers, pricing, and settlement operations throughout international financial markets. The initiative seeks to accelerate processing for both tokenized digital assets and conventional financial products.
The new platform will leverage Chainlink’s Runtime Environment to facilitate data integration, automated processes, and orchestration capabilities. DTCC will be able to consolidate asset pricing information, valuation metrics, margin calculations, and collateral transaction data within a unified infrastructure. This architecture minimizes the need for fragmented integrations spanning multiple institutions and asset categories.
DTCC has architected the AppChain as collective market infrastructure accessible to all collateral ecosystem participants. The platform will accommodate collateral suppliers, recipients, portfolio managers, custodial institutions, and triparty service providers. Consequently, the system could establish a standardized framework enabling near-instantaneous collateral operations.
Advanced Data Delivery and Process Automation Capabilities
Chainlink’s contribution centers on protected data transmission and automated workflow execution. The infrastructure will facilitate eligibility verification, asset valuation, margin calculations, optimization algorithms, and settlement completion. Additionally, the AppChain can deploy adaptable data components as new collateral applications develop.
DTCC indicated the integration will enable connections between collateral contracts and market information feeds. This encompasses pricing data, valuation metrics, and transfer records spanning various markets and blockchain networks. As a result, the AppChain is positioned to enable round-the-clock collateral administration across institutional platforms.
This development builds upon DTCC’s Great Collateral Experiment, which attracted significant industry focus. The organization is now transitioning the AppChain toward operational implementation. Chainlink’s infrastructure provides the platform with a data foundation engineered for institutional-grade operations.
Rising Institutional Interest in Tokenized Collateral Solutions
DTCC’s initiative emerges as prominent market infrastructure organizations expand their blockchain tokenization programs. Research conducted by Nasdaq revealed that 52% of institutions anticipate operational tokenized collateral management systems by late 2026. Numerous organizations continue experiencing daily challenges with settlement reconciliation and asset delivery.
Nasdaq, Intercontinental Exchange, Kraken, Securitize, and Backed have similarly progressed their tokenized securities initiatives. These programs focus on blockchain-enabled equities, exchange-traded funds, and on-chain settlement mechanisms. DTCC’s AppChain deployment aligns with an industry-wide transition toward automated post-trade operations.
DTCC presently maintains custody for approximately $114 trillion in liquid financial assets. This operational magnitude positions its AppChain initiative as highly significant throughout global financial markets. Concurrently, tokenized equity instruments have experienced substantial growth, with blockchain-based value now exceeding $1.4 billion.
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LMAX Group Unveils Kiosk Portal for Cross-Asset Digital Collateral Trading
Key Highlights
LMAX Group introduces Kiosk platform for institutional crypto collateral management.
Platform enables digital asset deployment across foreign exchange, metals, and CFD trading.
Kiosk integrates custody solutions with multi-market trading execution capabilities.
Unified portal consolidates collateral management, security controls, and treasury operations.
Launch aligns with institutional movement toward blockchain-based collateral infrastructure.
LMAX Group has unveiled its Kiosk platform designed to facilitate institutional deployment of cryptocurrency holdings across diverse trading environments. This integrated portal merges custodial services, collateral management, and trade execution within a unified operational framework. The introduction addresses increasing institutional appetite for digital asset-backed trading solutions.
Platform Facilitates Digital Asset Collateral Across Multiple Trading Venues
The LMAX Kiosk platform permits institutional participants to transfer cryptocurrency holdings directly into LMAX Custody infrastructure. These deposited digital assets can subsequently serve as collateral throughout the organization’s comprehensive trading environment. Market access encompasses foreign exchange pairs, precious metal contracts, cryptocurrency instruments, contracts for difference, and perpetual futures products.
The solution addresses operational complexity challenges faced by organizations managing cryptocurrency exposure. It consolidates deposit functionality, withdrawal processing, API authentication management, WalletConnect integration, security configurations, and treasury administration within a singular interface. Consequently, institutional clients can oversee collateral requirements without navigating multiple fragmented platforms.
According to LMAX Group, Kiosk represents an expansion of its established institutional framework. The company maintains operational presence across both conventional foreign exchange and digital asset marketplaces. Accordingly, this interface advancement furthers its strategic initiative to bridge traditional financial services with cryptocurrency market participation.
Streamlined Collateral Deployment for Institutional Trading Operations
The platform introduction provides institutions with streamlined pathways for converting crypto holdings into operational trading strategies. Participants can pledge cryptocurrency assets as margin while executing transactions across diverse asset categories. This architecture potentially enhances capital efficiency for institutional balance sheet management.
David Mercer, Chief Executive Officer of LMAX Group, emphasized that optimized collateral mechanisms will underpin next-generation integrated capital markets. He highlighted that Kiosk delivers protected custody arrangements, frictionless connectivity infrastructure, and immediate collateral deployment capabilities. He further noted the product facilitates institutional incorporation of digital assets into fundamental trading systems.
LMAX has positioned Kiosk as a regulatory-compliant, institutional-caliber offering. The organization emphasizes the platform delivers access to established liquidity sources alongside secured custody arrangements. It provides participants with streamlined methods for expanding digital asset service capabilities.
This platform debut coincides with broader financial industry experimentation regarding collateral frameworks connected to distributed ledger technology. Tokenized investment vehicles, cryptocurrency instruments, and regulated custody products increasingly influence market infrastructure development. Trading venues and investment managers are constructing systems enabling cross-market collateral utilization.
Franklin Templeton launched an institutional collateral initiative with Binance during the current year. That framework permits participants to pledge tokenized money market fund units as trading margin. Simultaneously, underlying assets maintain positioning within regulated custodial structures.
DTCC alongside additional prominent financial entities have similarly investigated tokenized collateral architectures. These initiatives reflect an industry-wide transition toward accelerated settlement processes and adaptable margin deployment. Through Kiosk, LMAX participates in this evolution by connecting cryptocurrency assets with foreign exchange, precious metals, derivatives, and digital asset trading environments.
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Le azioni di eToro (ETOR) scendono del 4% nonostante le solide performance del Q1 e l'espansione strategica
Punti Salienti
Le azioni di ETOR sono scese del 4,81% dopo la pubblicazione dei risultati trimestrali che mostrano un'espansione dei ricavi.
Il momentum del segmento delle materie prime ha compensato la diminuzione dei volumi di trading sulle criptovalute.
L'acquisizione strategica di Zengo avanza le capacità di auto-custodia degli asset digitali della piattaforma.
Le funzionalità di intelligenza artificiale e i Portafogli Agente arricchiscono la suite di prodotti della piattaforma.
La piattaforma ha raggiunto 4,02 milioni di conti finanziati mentre gli asset in amministrazione sono aumentati.
Le azioni di eToro (ETOR) hanno subito pressioni al ribasso martedì nonostante la piattaforma d'investimento abbia fornito solidi risultati finanziari del primo trimestre e dimostrato diversificazione dei prodotti. ETOR ha chiuso a $36,88, rappresentando una diminuzione del 4,81%, dopo aver inizialmente superato i $41 all'inizio della sessione. L'attenzione del mercato si è concentrata sulle difficoltà nel trading di criptovalute, sulle integrazioni di intelligenza artificiale, sulle performance del segmento delle materie prime e sulla transazione strategica di Zengo.
GameStop valuta le opzioni dopo il rifiuto dell'acquisizione da $56 miliardi da parte di EBay
TLDR
EBay ha rifiutato l'offerta di acquisizione di GameStop di $56 miliardi, definendo la proposta né credibile né attraente.
Il consiglio di amministrazione ha dichiarato che la struttura metà contante e metà azioni solleva preoccupazioni riguardo al finanziamento e all'esecuzione.
GameStop ha pianificato di finanziare l'affare con $9,4 miliardi in contante e fino a $20 miliardi in debito da TD Bank.
Moody’s ha avvertito che la transazione proposta sarebbe negativa per il credito di EBay e potrebbe esercitare pressione sul suo rating.
Le azioni di EBay sono state scambiate sotto l'offerta di $125 per azione, segnalando dubbi che l'affare si chiudesse.
DTCC Espande la Piattaforma Collaterale Con Chainlink
TLDR
DTCC ha integrato l'infrastruttura di Chainlink nella sua piattaforma di gestione del collaterale basata su blockchain per supportare operazioni in tempo reale.
L'AppChain Collaterale opera su una blockchain basata su Besu e consente il movimento di collaterale 24/7.
Chainlink fornisce dati sui prezzi, input di valutazione e servizi di orchestrazione per il margine e la liquidazione.
DTCC mira a ridurre i ritardi e la frammentazione nei sistemi collaterali tradizionali nei mercati globali.
L'integrazione si basa sul pilota Smart NAV 2024 che coinvolge JPMorgan, Franklin Templeton e BNY.
Le azioni di Bakkt (BKKT) crollano dopo la mancata corrispondenza degli utili Q1 e un'enorme carenza di ricavi
Punti Chiave
Le azioni di BKKT scendono dopo il deficit del primo trimestre e una contrazione del 77% nei ricavi da criptovalute
Le azioni ritornano a $9.00 mentre Bakkt rivela una performance di trading Q1 debole
L'azienda cambia strategicamente il focus verso l'infrastruttura di pagamento in stablecoin dopo il crollo dei ricavi
Il deficit del primo trimestre raggiunge $11.7M in mezzo a un sostanziale calo nell'attività di trading di asset digitali
BKKT sperimenta un momentum ribassista mentre la direzione svela la strategia di espansione delle stablecoin
Le azioni di Bakkt (BKKT) sono scese a $9.00 martedì dopo la rivelazione di un deficit nel primo trimestre e un calo dei ricavi legati alle criptovalute. Il calo ha intensificato la pressione esistente sull'equity dopo che i recenti risultati finanziari hanno rivelato una significativa contrazione nei volumi di trading. La direzione ha contemporaneamente annunciato una riorientazione strategica verso i sistemi di pagamento in stablecoin e le piattaforme fintech potenziate dall'intelligenza artificiale.
Ethereum Introduce lo Standard ERC-7730 per Combattere le Minacce della Firma Cieca
Punti chiave
La Fondazione Ethereum introduce lo standard ERC-7730 per approvazioni trasparenti delle transazioni nei wallet
Il nuovo protocollo affronta le pericolose pratiche di firma cieca che permettono il furto di criptovalute
Il registro Clear Signing fornisce informazioni sulle transazioni leggibili dagli utenti dei wallet
L'iniziativa risponde a gravi violazioni della sicurezza che coinvolgono approvazioni di transazioni poco chiare
ERC-7730 stabilisce un framework unificato per i processi di conferma delle transazioni sicure
La Fondazione Ethereum ha svelato l'ERC-7730, uno standard aperto innovativo progettato per eliminare le vulnerabilità delle firme cieche nelle transazioni di criptovalute. Questa iniziativa, sostenuta dall'Iniziativa di Sicurezza da Trilioni di Dollari della Fondazione, affronta direttamente le debolezze di sicurezza che hanno reso possibili significativi incidenti di furto di crypto, incluso il devastante attacco a Bybit.
Arthur Hayes Says Bitcoin Price to Surge Past $90,000 Soon
TLDR
Arthur Hayes said the crypto bull market has resumed and he expects higher prices ahead.
He predicted that Bitcoin will surge past $90,000 and retake its $126,000 record.
Bitcoin briefly traded above $82,000 before settling near $80,600 this week.
Hayes explained that forced buying by call option writers could accelerate gains above $90,000.
He linked his outlook to credit expansion tied to artificial intelligence investment.
Arthur Hayes said the crypto bull market has resumed, and he has already positioned for further gains. He stated that Bitcoin price will surge past $90,000 and eventually reclaim $126,000. He shared these views in a recent Substack essay while outlining macro drivers and fund holdings.
Bitcoin Price Targets and Market Triggers
Hayes wrote that Bitcoin found a floor at $60,000 earlier this year and has regained upward momentum. He added that reclaiming the October 2025 high of $126,000 is a “foregone conclusion.” He expects the move to accelerate once the Bitcoin price clears $90,000.
He explained that call option writers would need to buy Bitcoin above $90,000 to hedge exposure. He said this forced buying would drive a sharp upward move. Bitcoin briefly traded above $82,000 on Tuesday and later changed hands near $80,600, marking a potential 55% climb to $126,000.
Hayes linked his outlook to two macro forces that he believes will fuel liquidity. He said large software firms can no longer fund artificial intelligence expansion through cash flow alone. He argued that banks and central banks must expand credit to sustain that buildout.
He pointed to the Federal Reserve and the People’s Bank of China easing financial conditions. He said Chinese banks have redirected capital from real estate toward technology projects. He described the combined effect of war spending and technology investment as “higher for longer” inflation.
Altcoin Holdings and Policy Risks
Hayes disclosed that his fund, Maelstrom, holds large positions in Hyperliquid’s HYPE token and Zcash’s ZEC. He also identified NEAR as the next target for allocation. He said he will detail the NEAR thesis in a follow-up essay.
He stated that NEAR combines a privacy narrative with an intent-based architecture that can produce positive cash flow. He wrote, “This will flip the script on the disastrous price performance of the token.” He presented the allocation as part of the current bull phase.
Hayes also outlined events that could halt the rally. He warned that a large artificial intelligence IPO or merger could overwhelm market demand. He said such a deal in the United States or China could disrupt speculative momentum.
He added that U.S. politics could shift credit conditions later in the cycle. He said a Democratic challenger in the 2028 presidential race might campaign on limiting artificial intelligence expansion. He argued that such a platform could prompt lenders to reassess credit flows to the sector.
He described the November 2026 mid-term elections as a possible “slight speed bump.” However, he maintained that the current environment favors risk assets. He concluded, “It’s a bull market; close your eyes and press the button,” while stating that the time to sell has not arrived.
The post Arthur Hayes Says Bitcoin Price to Surge Past $90,000 Soon appeared first on Blockonomi.
Senate Moves to Approve Kevin Warsh for Fed Chair Role
TLDR
The US Senate is scheduled to vote at 3:00 PM EST on confirming Kevin Warsh as the next Federal Reserve Chair.
The Senate Banking Committee approved Kevin Warsh’s nomination in a 13-11 vote on April 29, 2026.
The full Senate voted 49-44 on May 12 to invoke cloture and advance his nomination to a final vote.
Kevin Warsh previously served as a Federal Reserve Governor from 2006 to 2011.
If confirmed, Warsh will replace Jerome Powell when his term ends on May 15, 2026.
Prediction markets priced a 93.5% probability of Warsh’s confirmation before the final vote.
The US Senate will vote at 3:00 PM EST to confirm Kevin Warsh as Federal Reserve Chair. Lawmakers expect approval after earlier procedural votes advanced his nomination. If confirmed, Warsh will replace Jerome Powell when his term ends on May 15, 2026.
Senate Advances Kevin Warsh Nomination Toward Final Approval
The Senate scheduled a final confirmation vote after clearing cloture on May 12. Lawmakers voted 49-44 to end debate and move forward. Earlier, the Senate Banking Committee approved Kevin Warsh in a 13-11 vote on April 29.
Warsh previously served as a Federal Reserve Governor from 2006 to 2011. He joined the Board at age 35 and became its youngest member. Now, senators will decide whether he returns to lead the central bank.
The nomination drew political debate over Federal Reserve independence. Some lawmakers raised concerns about executive influence on monetary policy. However, Senate leaders moved the process forward without delay.
President Donald Trump publicly supported Warsh’s nomination. Trump urged lawmakers to back the candidate during recent statements. Senate leaders did not announce any changes to the voting schedule.
Prediction markets reflected strong expectations of confirmation before the vote. Traders priced a 93.5% chance of approval by May 15. Those odds held steady in the hours before the scheduled vote.
Jerome Powell will conclude his term as Chair on May 15, 2026. The White House nominated Warsh to succeed him earlier this year. The Senate must confirm the nomination for the transition to proceed.
Bitcoin Focus Sharpens as Warsh Prepares for Leadership
Warsh has expressed support for Bitcoin during public remarks. He described Bitcoin as “the new gold for people under 40.” That comment drew attention from crypto market participants.
Bitcoin traded near $75,000 following Warsh’s Senate hearing. The price dipped as traders assessed his inflation stance. Market data showed volatility during the confirmation process.
Warsh has indicated he will prioritize inflation control. He has supported keeping interest rates higher if inflation persists. Those remarks shaped expectations in financial markets.
Analysts have tracked how monetary policy may affect digital assets. Some point to inflation policy as a key driver of crypto prices. Others focus on liquidity conditions linked to rate decisions.
Warsh has not outlined any formal crypto policy plans. However, his prior statements have circulated widely online. Industry participants have referenced his Bitcoin comments in public forums.
The post Senate Moves to Approve Kevin Warsh for Fed Chair Role appeared first on Blockonomi.
Poland Lawmakers Review Crypto Drafts as PiS Seeks Ban
TLDR
Poland’s Sejm opened debate on four competing cryptoasset bills after President Karol Nawrocki vetoed earlier legislation twice.
Lawmakers scheduled second readings for Thursday as they review proposals from the government, the president, Poland 2050, and Confederation.
The government draft increases the maximum fine for obstructing inspections to 25 million PLN or $6.9 million.
President Nawrocki’s proposal keeps the maximum penalty at 20 million PLN or $5.5 million and outlines separate enforcement measures.
The Law and Justice party submitted a separate bill that seeks to ban cryptoasset activity in Poland.
Speaker Włodzimierz Czarzasty said the Sejm will address the PiS ban proposal after completing work on the four primary bills.
Poland’s lower house has opened debate on four competing cryptoasset bills after two presidential vetoes stalled earlier efforts. Lawmakers began formal discussions on Tuesday and scheduled second readings for Thursday. Meanwhile, the Law and Justice party submitted a separate bill seeking a full ban on cryptoasset activity.
Poland Sejm Reviews Competing Crypto Proposals
Speaker Włodzimierz Czarzasty confirmed that the Sejm started reviewing four separate cryptoasset proposals. He said lawmakers will examine drafts from the government, President Karol Nawrocki, Poland 2050, and Confederation. The chamber opened debate on Tuesday and set second readings for Thursday.
President Nawrocki vetoed earlier crypto legislation twice, which halted previous regulatory plans. As a result, lawmakers introduced revised drafts from multiple political groups. Czarzasty said the chamber will prioritize these four bills before addressing other filings.
The government and presidential drafts remain the most detailed proposals before the Sejm. The Ministry of Finance prepared a 106-page bill outlining regulatory powers and penalties. President Nawrocki submitted a 108-page proposal that outlines alternative enforcement measures.
The main difference concerns the authority of the Polish Financial Supervision Authority to block accounts. The presidential draft keeps a maximum fine of 20 million PLN, about $5.5 million, for obstructing inspections. The government proposal raises that cap to 25 million PLN, or about $6.9 million.
Parliamentary groups Poland 2050 and Confederation also introduced their own regulatory texts. Lawmakers placed both drafts on the agenda for initial consideration. These proposals add further options to the ongoing legislative debate.
Poland Faces PiS Ban Proposal Alongside Regulatory Bills
The Law and Justice party, known as PiS, filed a separate bill seeking to ban cryptoasset activity. Party lawmakers submitted the proposal on Monday before the Sejm opened debate on the other drafts. The filing followed the withdrawal of support by four PiS members for a prior market regulation bill.
Earlier in April, several PiS lawmakers introduced a market regulation proposal. However, four parliamentarians later withdrew their backing for that draft. After that move, PiS advanced the new bill that calls for a full ban.
Speaker Czarzasty said the Sejm will process the PiS ban proposal after completing work on the four main bills. He stated that the chamber will proceed only if the PiS parliamentary club does not withdraw it. He described the cryptoasset situation as “some kind of devil’s dance.”
Czarzasty also raised questions about financing linked to zondacrypto. He asked which political events and lawmakers allegedly received funding connected to the platform. He also questioned why President Nawrocki vetoed crypto legislation twice.
He asked, “to what extent are politicians involved in this matter.” The Sejm will continue debating the four primary regulatory bills before moving to other proposals. Lawmakers plan to hold second readings on Thursday, according to the parliamentary schedule.
The post Poland Lawmakers Review Crypto Drafts as PiS Seeks Ban appeared first on Blockonomi.
Labor and Banks Oppose Senate Crypto Clarity Act Bill
TLDR
Five major labor unions urged the Senate to vote against the Clarity Act before a key committee vote.
The unions warned that the bill could expose retirement accounts and public pensions to crypto market volatility.
The American Bankers Association opposed updated stablecoin provisions in the proposed legislation.
Crypto firms, including Coinbase, expressed support for restrictions on yield-bearing payment stablecoins.
Michael Saylor endorsed the bill and described it as a framework for digital capital growth.
Five major labor unions have urged the Senate to reject a pending cryptocurrency market structure bill. They warned that the measure could expose retirement savings to digital asset volatility. Their appeal comes before the Senate Banking Committee plans a Thursday vote.
Labor Groups and Banks Push Back on the Clarity Act
The AFL-CIO, Service Employees International Union, American Federation of Teachers, National Education Association, and American Federation of State, County and Municipal Employees sent letters to senators. They argued that the Clarity Act threatens retirement security. They stated that the bill could place pension funds and savings accounts at risk.
In a joint letter, the unions wrote that the bill “jeopardizes the stability of workers’ retirement plans.” They added that it introduces volatility into public pensions and private accounts. They also said the measure allows the crypto industry to take risks while workers bear losses.
The AFL-CIO sent a separate email to Banking Committee members. It warned that embedding digital assets into the economy without strict oversight would destabilize savings. The group said this approach benefits issuers and platforms over working people.
The Senate Banking Committee scheduled a markup and vote on Thursday. Lawmakers have held bipartisan talks for months. Still, several Democrats have not committed to supporting and have raised ethics and security concerns.
The American Bankers Association also voiced opposition to the updated bill language. CEO Rob Nichols wrote to bank executives on May 10. He argued that a clause restricting yield on payment stablecoins could drive deposits away from banks.
Nichols stated that the provision would “unnecessarily incentivize the flight of bank deposits.” He said traditional banks could lose funds to crypto platforms. He maintained that such changes could alter deposit flows across the financial system.
Industry Leaders Defend the Proposed Framework
Crypto companies have backed the revised language in the bill. Coinbase expressed support for limits on yield-bearing stablecoins. The company indicated that the restriction supports payment stability.
Michael Saylor, Executive Chairman of Strategy, endorsed the legislation publicly. In a post on X, he wrote that the bill “would unlock the next wave of Digital Capital.” He also described it as a framework for “STRC-powered digital yield markets.”
Last night’s CLARITY Act markup would unlock the next wave of Digital Capital, Digital Credit, and Digital Equity in the U.S. and globally — institutional validation for $BTC, a framework for $STRC -powered digital yield markets, and broader adoption of $MSTR.
— Michael Saylor (@saylor) May 12, 2026
Saylor added that the measure signals “institutional validation for BTC.” He linked the proposal to broader digital credit and equity markets. He presented the bill as a pathway for structured digital finance growth.
The crypto industry has identified the bill as its top legislative priority this session. Lobbying efforts have focused on gaining bipartisan backing. However, unresolved concerns from labor groups and banks continue to shape the debate.
Several Senate Democrats have requested revisions before offering support. They have cited conflict-of-interest rules and consumer protections. The committee plans to review amendments during the scheduled markup session on Thursday.
The post Labor and Banks Oppose Senate Crypto Clarity Act Bill appeared first on Blockonomi.
Elliptic Sicura Investimento di 120M di Dollari in Serie D Guidato da Nasdaq Ventures e Deutsche Bank
Punti Chiave
Elliptic, con sede a Londra, chiude un round di Serie D da 120 milioni di dollari con investitori istituzionali finanziari strategici
La compagnia di analisi blockchain raggiunge una valutazione post-money di 670 milioni di dollari
One Peak guida il round di finanziamento con la partecipazione di Nasdaq Ventures e Deutsche Bank
Nuovo capitale destinato all'espansione del monitoraggio delle transazioni on-chain alimentato dall'AI
L'investimento riflette l'aumento dell'attenzione istituzionale sugli strumenti di compliance per gli asset digitali
La compagnia di intelligence blockchain Elliptic ha chiuso con successo un round di finanziamento di Serie D da 120 milioni di dollari, attirando la partecipazione significativa di attori consolidati del mercato finanziario. La società di investimento One Peak ha guidato il finanziamento, con contributi notevoli da Nasdaq Ventures, Deutsche Bank e dalla British Business Bank. La transazione porta la valutazione di Elliptic a 670 milioni di dollari, rafforzando la sua posizione come fornitore leader di soluzioni di compliance on-chain.
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