Focus

SEC approves Nasdaq’s joint proposal with Kraken for tokenized securities: stocks and ETFs can now trade on-chain.

Arizona files 20 charges against Kalshi for illegal gambling – the first criminal prosecution of a prediction market operator.

SEC and CFTC publish a joint token taxonomy. Most crypto assets are classified as non-securities under the new guidance.

The Clarity Act is stuck in the US Senate as a dispute over stablecoin interest blocks the most important crypto law in US history.

Strategy STRC pays an 11.5% yield and uses it to finance Bitcoin purchases – the comparison with Terra-Luna reveals surface-level parallels.

Hong Kong grants first stablecoin licenses to HSBC and Standard Chartered: HKMA selects only 3-4 issuers from 36 applicants.

A DeFi user lost around $50 million in a collateral swap on Aave: the largest DeFi user error of all time in detail.

Ripple launches a $750 million share buyback at a $50 billion valuation. Employees and investors gain liquidity.

US Senate advances a CBDC ban with an 84-to-6 vote, embedded in a housing bill – a clause prohibits Fed-issued digital currency until 2030.

Nasdaq and Kraken are developing a gateway for tokenized equities between regulated exchanges and decentralized finance (DeFi) networks.

Kraken Financial becomes the first crypto firm to gain a Fed Master Account, securing direct access to the Fedwire payment system.

Trump warns US banks against blocking his crypto agenda and calls for swift passage of the Clarity Act market structure law.

Hyperliquid surpasses Coinbase International in derivatives volume with 2.9 trillion USD in 2025 as DEXes catch up.

JPMorgan predicts a comprehensive crypto rally if the US crypto market structure law CLARITY Act passes by mid-2026.

Allunity launches CHFAU, the first MiCA-compliant Swiss franc stablecoin – issued from Frankfurt, not Switzerland.

PayFi connects blockchain with traditional payment systems for faster, cheaper transactions in e-commerce, remittances, and DeFi.