Easing marijuana restrictions could signal a shift in federal drug policy, impacting markets, law enforcement, and social justice reform.

The post US government to ease marijuana restrictions, rescheduling by year-end possible appeared first on Crypto Briefing.

Increased military tensions could destabilize the region further, complicating diplomatic efforts and impacting global geopolitical dynamics.

The post Israel ready to resume military action against Iran, peace deal unlikely appeared first on Crypto Briefing.

Rising oil prices due to Middle East tensions could lead to economic instability, affecting global markets and consumer costs significantly.

The post Oil prices climb amid Middle East tensions, potential supply disruptions appeared first on Crypto Briefing.

The limited rate cut forecast highlights persistent inflation risks, impacting market strategies and economic stability amid geopolitical tensions.

The post Economists see only one Fed rate cut in 2026 amid Iran conflict inflation appeared first on Crypto Briefing.

The extension may stabilize regional tensions temporarily, but local discontent and potential diplomatic shifts could alter the situation rapidly.

The post Trump extends Hezbollah ceasefire, Israeli border residents furious appeared first on Crypto Briefing.

Bitcoin Magazine

Bitcoin’s Quantum Problem Is Really a Governance Crisis in Disguise: UTXO 

Bitcoin developers have a solution to quantum computing threats. The harder question is whether the network can agree on one in time. The quantum computing threat to Bitcoin is not primarily a technical problem — it is a political one. 

Those are the central arguments of a new commentary published by Guillaume Girard, a venture associate at UTXO Management, the Bitcoin-focused investment firm and subsidiary of Nakamoto Inc. In a piece titled “Bitcoin and the Quantum Threat: A Non-Technical Guide,” Girard argues that while a cryptographically relevant quantum computer (CRQC) does not yet exist and may never reach the threshold required to break Bitcoin’s encryption, the community must act now — because the governance process that governs any protocol change moves at the pace of a state legislature.

Bitcoin’s security rests on elliptic curve cryptography, which protects the private keys that control wallet access. A sufficiently powerful quantum computer running Shor’s algorithm could derive a private key from an exposed public key, enabling theft at scale. Google’s Quantum AI team published research in March indicating that a machine with fewer than 500,000 physical qubits — far below earlier estimates of 10 million — could potentially break this encryption, with Google’s own internal target for post-quantum readiness set at 2029. Approximately 1.7 million BTC currently sit in legacy Pay-to-Public-Key (P2PK) addresses where public keys are permanently exposed on-chain, making them the most vulnerable targets.

A quantum solution is on the table for Bitcoin 

Bitcoin Improvement Proposal 360 (BIP-360), authored by developer Hunter Beast, introduces a new output type called Pay-to-Merkle-Root (P2MR) that removes public key exposure from standard transactions. The proposal has been merged into Bitcoin’s development repository and is under active review. 

A companion proposal, BIP-361, authored by Jameson Lopp, maps a three-phase migration away from vulnerable signature schemes, though Phase B of that plan could freeze coins in wallets that fail to migrate within a five-year window. 

A separate proposal called Hourglass would allow quantum attackers to move stolen coins only in limited batches — potentially one BTC per block — throttling the economic damage and transferring fee revenue to miners.

The harder problem involves coins that cannot migrate: lost wallets, inactive holders, and an estimated 1.1 million BTC attributed to Satoshi Nakamoto. Girard identifies two candidate solutions, each with serious drawbacks.

The first would burn coins in quantum-vulnerable addresses after a deadline — an effective fix that critics say sets a dangerous censorship precedent for a protocol built on neutrality. The second, Hourglass, accepts that theft will occur but restricts the flow of stolen coins to dampen the price impact and market disruption. 

Neither option is clean, and both require the same thing: broad social consensus across users, miners, developers, and — for the first time — large institutional holders like BlackRock.

Institutions are already reacting

The debate has moved beyond developer mailing lists. Jefferies removed its entire 10% Bitcoin allocation from its pension model portfolio in January 2026, with global equity strategist Christopher Wood citing quantum risk as a potential long-term threat to Bitcoin’s cryptographic foundation. 

Strategy’s Michael Saylor announced a Bitcoin Security Program to coordinate with the broader security community on quantum preparedness, framing the issue as an engineering challenge rather than an emergency. Citi’s cybersecurity team has put a multi-trillion-dollar price tag on the quantum threat to crypto broadly.

Girard’s conclusion is measured: the real contest is between the timeline for a CRQC capable of breaking Bitcoin and the timeline for the community to activate a soft fork. Based on current data, he believes Bitcoin is on track — but notes that if developer action is perceived as too slow by sovereign and institutional buyers, those stakeholders have both the motive and the financial weight to accelerate consensus outside existing structures. 

The marginal buyer of Bitcoin is no longer retail; it is governments and asset managers who will not tolerate inaction. Most experts still consider a practical attack at least several years away, but as Girard puts it, the fog of war makes the timeline unclear — and in this battle, waiting for certainty is itself a risk.

Bitcoin Magazine is published by BTC Inc, a subsidiary of Nakamoto Inc. UTXO Management is also a subsidiary of Nakamoto Inc. (NASDAQ: NAKA)

This post Bitcoin’s Quantum Problem Is Really a Governance Crisis in Disguise: UTXO  first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Fold (FLD) Launches Bitcoin Bonus Program for Employers Through Fold Business Platform

Fold Holdings has launched a new Bitcoin Bonus Program that lets employers offer recurring bitcoin-denominated bonuses without changing payroll systems, positioning it as the first product under its new Fold Business platform.

Employers set bonus amounts in dollars on their normal payroll schedule, while Fold handles conversion to bitcoin, custody, vesting and delivery through the Fold app.

Fold describes the Bitcoin Bonus Program as an employer-grade bonus vehicle that can function both as a benefit and as a retention tool. 

The company says employees can track and hold their bitcoin over time, turning what is often a spent-on-arrival cash bonus into a longer-term asset. Vesting schedules are built into the program, which allows companies to tie bonus access to tenure or performance.

Under the model, companies designate a recurring USD bonus or allocation in line with existing payroll cycles, and Fold executes real-time conversion to bitcoin at distribution. Fold also provides custody and administers vesting, so employers avoid direct exposure to digital-asset handling or additional compliance workflows. 

Early Fold adopters and target segments

Steak ’n Shake is the flagship partner and is offering the Bitcoin Bonus Program to thousands of hourly workers across its more than 10,000-person U.S. workforce. Simple Mining, a bitcoin mining hosting company in Iowa, is directing 1 percent of employee pay into bitcoin through the program, redeemable at year-end, to align staff with the asset they support for clients. 

The Bitcoin Bonus Program is the first step in a broader B2B strategy for Fold Business, which aims to add payroll, corporate bitcoin treasury services, corporate cards and other enterprise tools built on bitcoin rails. 

Last September, Fold announced a partnership with Stripe and Visa to launch a Bitcoin-only credit card designed to simplify Bitcoin rewards for everyday spending. The card offers up to 3.5% back in Bitcoin, combining instant rewards with additional earnings for users who pay through a Fold Checking Account. It also included up to 10% Bitcoin back at selected major retailers and aims to remove the complexity of traditional crypto reward systems. 

Fold, listed on Nasdaq under the ticker FLD, already offers a consumer app, debit card, credit card and bitcoin gift card products, and views workplace bitcoin benefits as a next growth channel. 

As of early Thursday trading, FLD shares changed hands near the mid‑$1 range with a market capitalization of about $73 million.

This post Fold (FLD) Launches Bitcoin Bonus Program for Employers Through Fold Business Platform first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Pantera Capital Urges Satsuma to Dump All Bitcoin as Shares Collapse 99%

Pantera Capital is urging Satsuma Technology to liquidate its remaining bitcoin holdings and return capital to shareholders after a steep collapse in the company’s share price.

The crypto investment firm, led by Dan Morehead, is among a group of investors pushing for a full wind-down of Satsuma’s bitcoin position, which totals about 646 BTC, valued near $50 million at current prices. Pantera’s DAT Opportunity Fund holds roughly 6% to 7% of the company, according to Bloomberg reports.

The pressure follows a sharp decline in both Bitcoin and Satsuma’s equity. Shares have fallen more than 99% from their peak in June 2025, when the stock traded near 14 pounds. The stock was recently changing hands near 21 pence, leaving the company’s market value below the value of its bitcoin holdings.

Satsuma confirmed it has received requests from shareholders to return capital. Executive Chairman Ranald McGregor-Smith said the company is reviewing options while balancing the interests of all investors. The firm did not name specific shareholders behind the requests.

The situation marks a reversal for a strategy that gained traction during the last crypto rally. In August 2025, Satsuma raised about £164 million, or $221 million, through a convertible note backed by several digital asset firms, including Pantera Capital, ParaFi Capital, Kraken, and Digital Currency Group. The company positioned itself as an AI-driven bitcoin treasury vehicle, joining a wave of firms allocating balance sheets to digital assets.

Bitcoin’s volatility over the last 6 months 

Market conditions shifted soon after. Bitcoin climbed above $126,000 before falling to near $60,000 earlier this year, cutting into the value of corporate treasury holdings tied to the asset. The drawdown exposed the risks of leveraged or concentrated bitcoin strategies, particularly for firms that raised capital near market highs.

Satsuma’s challenges extend beyond market losses. The company has faced leadership turnover in recent months. A director exited in February, followed by the departure of CEO Henry Elder in March. The changes added to investor concerns about governance and strategic direction.

Tensions between Satsuma and investors have been building since late 2024, when the company sold a large portion of its bitcoin holdings to repay noteholders who declined to convert debt into equity. The move drew criticism from some backers and led to calls for management changes.

Now, investors are pushing for a more direct approach. By selling the remaining bitcoin and distributing proceeds, they aim to preserve value that remains after the equity collapse. The proposal would mark an end to Satsuma’s bitcoin treasury strategy less than a year after it began.

Editorial Disclaimer: We leverage AI as part of our editorial workflow, including to support research, image generation, and quality assurance processes. All content is directed, reviewed, and approved by our editorial team, who are accountable for accuracy and integrity. AI-generated images use only tools trained on properly license material. In Bitcoin, as in media: Don’t trust. Verify.

This post Pantera Capital Urges Satsuma to Dump All Bitcoin as Shares Collapse 99% first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

100+ Crypto Firms Urge Senate to Advance Clarity Act, Warn of Innovation Moving Offshore

More than 100 crypto firms and industry groups are pressing the U.S. Senate to advance long-awaited market structure legislation, warning that continued inaction risks pushing innovation and capital outside the country.

In a joint letter sent April 23, the Crypto Council for Innovation and the Blockchain Association urged the Senate Banking Committee to move forward with a markup of the “Clarity Act,” a bill designed to establish a comprehensive federal framework for digital assets.

The letter, seen by Bitcoin Magazine, was addressed to Committee Chairman Tim Scott, Ranking Member Elizabeth Warren, Subcommittee Chair Cynthia Lummis, and Ranking Member Ruben Gallego, reflecting growing industry coordination around a single legislative priority: regulatory clarity.

Signatories include major crypto companies such as Coinbase, Ripple, Kraken, and Circle, along with venture firms and developer organizations. Collectively, the coalition represents a broad cross-section of the digital asset ecosystem, from infrastructure providers to academic groups.

At the center of the push is the need to clearly define jurisdiction between the Securities and Exchange Commission and the Commodity Futures Trading Commission. The absence of statutory guidance has led to what the industry describes as “regulation by enforcement,” referencing a wave of lawsuits and actions brought by both agencies in recent years.

While regulators have attempted to assert oversight through litigation, the coalition argues that agency action alone cannot provide the durable, predictable framework required for long-term investment. Instead, it calls for Congress to codify clear rules governing digital asset classification, trading, and disclosure requirements.

Crypto innovation will leave the United States 

The letter outlines several additional priorities. These include protections for developers building non-custodial technologies, preservation of consumer rewards tied to payment stablecoins, and streamlined disclosure regimes tailored to blockchain-based assets. It also emphasizes the importance of avoiding a fragmented system of state-by-state regulation, advocating for a unified federal standard.

Industry leaders warn that the U.S. is falling behind other jurisdictions that have already implemented comprehensive crypto frameworks. 

The European Union’s Markets in Crypto-Assets regulation, for example, has provided legal certainty across member states, positioning the bloc as a competitive hub for digital asset innovation.

Ji Hun Kim, chief executive of the Crypto Council for Innovation, said in a statement that the U.S. faces a “critical moment” in shaping the future of financial technology. He argued that bipartisan groundwork already laid in Congress, alongside efforts such as the GENIUS Act on stablecoins, provides a foundation for broader legislation.

“The United States cannot risk a return to the previous era of regulation by enforcement,” the letter states. “Market structure legislation would prevent that uncertainty by establishing clear jurisdictional boundaries, disclosure regimes, and fit-for-purpose rules.”

Despite the urgency conveyed by the coalition, the Senate Banking Committee has yet to schedule a markup of the Clarity Act. The delay leaves the industry in a holding pattern as lawmakers continue to negotiate the contours of federal crypto oversight.

Yesterday, U.S Treasury Secretary Scott Bessent urged the Senate to pass the legislation during a hearing on Donald Trump’s FY2027 budget, arguing it is critical to maintaining U.S. financial leadership and the dollar’s reserve status. 

He framed digital assets as both an economic and national security priority, emphasizing the need for regulatory clarity and stronger oversight frameworks like AML and KYC. Lawmakers remain divided, with competing bills such as the Digital Asset Market Clarity Act and the Digital Commodity Intermediaries Act still needing reconciliation before advancing. Bessent also warned that unclear U.S. rules have pushed crypto innovation abroad, while expressing confidence that bipartisan agreement is still achievable.

Editorial Disclaimer: We leverage AI as part of our editorial workflow, including to support research, image generation, and quality assurance processes. All content is directed, reviewed, and approved by our editorial team, who are accountable for accuracy and integrity. AI-generated images use only tools trained on properly license material. In Bitcoin, as in media: Don’t trust. Verify.

This post 100+ Crypto Firms Urge Senate to Advance Clarity Act, Warn of Innovation Moving Offshore first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

FBI Director Kash Patel To Speak at Bitcoin 2026 Conference About “Ending the War on Bitcoin”

A panel titled “Code Is Free Speech: Ending The War On Bitcoin” has been announced for Bitcoin 2026, bringing together three figures from law, government, and the Bitcoin industry.

The panel features FBI Director Kash Patel, Deputy Attorney General Todd Blanche, and Coinbase Chief Legal Officer Paul Grewal.

Kash Patel was confirmed as FBI Director by the Senate in February 2025 and has disclosed personal holdings in Bitcoin ETFs and Bitcoin miner Core Scientific. Deputy Attorney General Todd Blanche directed the Department of Justice to end targeting of crypto mixers in April 2025, signaling a shift in how the DOJ approaches digital asset enforcement. Paul Grewal has served as Coinbase’s Chief Legal Officer since 2020, previously serving as a U.S. federal magistrate judge for the Northern District of California and as Deputy General Counsel at Facebook, and has been engaged in discussions with regulators around legal frameworks for the digital asset industry.

Bitcoin 2026 attendees can look forward to a conversation on where federal policy and Bitcoin development intersect covering topics including developer rights, privacy tools, and the evolving enforcement landscape.

Bitcoin 2026 is Returning to Las Vegas

Bitcoin 2026 will take place April 27–29 at The Venetian, Las Vegas, and is expected to be the biggest Bitcoin event of the year.

Focused on the future of money, Bitcoin 2026 will bring together Bitcoin builders, investors, miners, policymakers, technologists, and newcomers from around the world. The event will feature a wide range of pass types, including general admission passes designed specifically for those new to Bitcoin, alongside premium passes for professionals, enterprises, and institutions.

With multiple stages, immersive experiences, technical workshops, and headline keynotes, Bitcoin 2026 is designed to serve both first-time attendees and long-time Bitcoiners shaping the next era of global adoption.

Past Bitcoin Conferences in the U.S.

Bitcoin’s flagship conference has scaled dramatically over the past five years:

• 2021 – Miami: 11,000 attendees
• 2022 – Miami: 26,000 attendees
• 2023 – Miami: 15,000 attendees
• 2024 – Nashville: 22,000 attendees
• 2025 – Las Vegas: 35,000 attendees

Get Your Bitcoin 2026 Pass

Bitcoin Magazine readers can save 10% on Bitcoin 2026 tickets using code ‘ARTICLE10‘ at checkout.

Stay at The official hotel of Bitcoin 2026, The Venetian, and get a guaranteed low rate plus 15% off your pass. Be in the middle of where the fun is all happening, and where the networking never ends.

And don’t forget:

Volunteer at Bitcoin 2026 and get Pro Pass access plus exclusive perks.

All students ages 13+ can apply for a Student Pass and get free general admission access to Bitcoin 2026.

Location: The Venetian, Las Vegas
Dates: April 27–29, 2026

For more information and exclusive offers, visit the Bitcoin Conference on X here.

Why Attend Bitcoin 2026?

Bitcoin 2026 is the definitive gathering for anyone serious about the future of money. With 500+ speakers, multiple world-class stages, and programming spanning Bitcoin fundamentals, open-source development, enterprise adoption, mining, energy, AI, policy, and culture, the conference brings every corner of the Bitcoin ecosystem together under one roof.

From headline keynotes on the Nakamoto Stage to deep technical sessions for builders, institutional strategy discussions for enterprises, and beginner-friendly Bitcoin 101 education, Bitcoin 2026 is designed for everyone—from first-time attendees to the leaders shaping Bitcoin’s global adoption.

Whether you’re looking to learn, build, invest, network, or influence, Bitcoin 2026 is where Bitcoin’s next chapter is written.

Bitcoin 2026 Pass Types: Something for Everyone

Bitcoin 2026 offers a range of pass options designed to meet the needs of newcomers, professionals, enterprises, and high-net-worth Bitcoiners alike.

Bitcoin 2026 General Admission Pass

Ideal for newcomers and those looking to experience the heart of the conference.

• Limited access on Days 2 & 3
• Entry to Main Stage
• Access to Genesis Stage
• Full access to the Expo Hall

Bitcoin 2026 Pro Pass

Designed for professionals, operators, and serious Bitcoin participants.

Includes all General Admission features, plus:

• Full 3-day access, including Pro Day
• Entry to the Pro Pass Reception
• Access to Enterprise Hall, Enterprise Stage, and Networking Lounge
• Conference App networking features
• Access to the Bitcoin For Corporations Symposium
• Entry to Compute Village and Energy Stage
• Complimentary lunch, coffee, tea, and snacks
• Dedicated registration and check-in
• Reserved seating at Main Stage
• Huge savings when you bundle your hotel and Pro Pass

Bitcoin 2026 Whale Pass

The all-inclusive, premium Bitcoin 2026 experience.

Includes all Pro Pass features, plus:

• Reserved seating at Main Stage
• All-inclusive gourmet food and beverages
• Entry to Whale Night and Whale Reception
• Access to all official after-parties
• Networking app access to connect with other Whales
• Premium access to The Deep — an exclusive networking lounge with intimate speaker sessions
• Complimentary stay at The Venetian when you bundle your whale pass and hotel (use promo code ‘WHALEHOTEL’ here)

This is the most immersive way to experience Bitcoin 2026.

Bitcoin 2026 After Hours Pass

Your ticket to the night.

Most deals are done with a drink in your hand. Get exclusive access to 3 official Bitcoin 2026 after-parties across Las Vegas — each with a 2-hour open bar — where the real conversations happen and the best connections are made.

• Access to 3 official Bitcoin 2026 after-parties
• 2-hour open bar at each event
• Evening events across Las Vegas, April 27–29
• Network with Bitcoiners, builders, and industry leaders after hours

More headline speaker announcements are coming soon.

Don’t miss Bitcoin 2026.

This post FBI Director Kash Patel To Speak at Bitcoin 2026 Conference About “Ending the War on Bitcoin” first appeared on Bitcoin Magazine and is written by Jenna Montgomery.

Federal prosecutors have charged Gannon Ken Van Dyke, an active-duty U.S. Army soldier who the indictment says has served as a U.S. Army Special Forces master sergeant, with allegedly using classified information about a military operation to make more than $400,000 in prediction-market profits.

After months of online discourse around suspected insider trading on Polymarket and Kalshi, the case is a direct test for crypto prediction markets. Prosecutors allege that Van Dyke had access to nonpublic details of Operation Absolute Resolve, the U.S. operation to capture Nicolas Maduro and Cilia Flores, and used that knowledge to trade event contracts before the public announcement.

Related Reading

The CFTC says prediction markets have an insider trading problem

After listings exploded from about five a year to thousands, the CFTC is warning exchanges to catch manipulation before it hits headlines.

Mar 15, 2026 · Gino Matos

The immediate problem is whether markets built to price public expectations can remain credible when the best-informed potential trader is a person involved in the event itself.

In that setting, the price may reflect information, but the information may come from a source the market cannot fairly absorb.

Polymarket said in a reported statement that it identified a user trading on classified government information, referred the matter to the Justice Department, and cooperated with investigators.

That distinction separates Polymarket from the alleged trader while still putting the platform's surveillance model at the center of the case.

The political overhang sharpened after Trump was asked about suspected insider trading in prediction markets tied to war and replied that “the whole world, unfortunately, has become somewhat of a casino.”

He also said he was “not happy” with prediction markets and did not like them conceptually, which stops short of endorsing the trades but does little to quiet the market’s legitimacy problem.

The suspicion driving online debate is that some successful geopolitical trades may reflect access to restricted government timing rather than better forecasting.

The Washington Post previously reported that knowledge of the Maduro operation was limited to a close circle of national security officials, and quoted Sen. Chris Murphy arguing that such bets appeared likely to come from the White House or from people with inside knowledge, while the White House denied any staff wrongdoing.

That remains inference, not evidence, tying any Trump adviser or official to the trades.

Related Reading

Polymarket seems riddled with insider trading yet a massive Dow Jones partnership just validated prediction markets

WSJ, Barron’s, and MarketWatch will run Polymarket probabilities while definitional chaos and resolution drama keep resurfacing.

Jan 8, 2026 · Gino Matos

The alleged edge was classified access

The government's theory is narrow. The alleged advantage was having advanced knowledge of operational details.

The DOJ announcement says Van Dyke was charged with unlawful use of confidential government information for personal gain, theft of nonpublic government information, commodities fraud, wire fraud, and an unlawful monetary transaction.

The agency's release also states that the indictment is only an allegation, a caveat that should shape every reading of the case until a court ruling is issued.

The indictment alleges that Van Dyke was involved in planning and executing Operation Absolute Resolve from at least Dec. 8, 2025, through at least Jan. 5, 2026.

It also says he signed nondisclosure agreements covering classified or sensitive information connected to U.S. Army Special Operations Command work in the Western Hemisphere.

The trading timeline highlights something traders have been talking about on X for months, not just in this case, but across multiple markets. The indictment alleges that Van Dyke created a Polymarket account on or about Dec. 26, 2025, used a VPN, and bought roughly $33,934 of Yes shares across 13 Maduro- and Venezuela-related transactions between Dec. 27 and Jan. 2.

The CFTC complaint alleges that Van Dyke accumulated more than 436,000 Yes shares in the “Maduro out by January 31, 2026?” contract at an average price of about $0.074, for a cost of about $32,538.

When the contract was resolved, Yes, the complaint says he realized more than $404,000 in profit on that contract.

A low-priced event contract became a near-full-payout instrument after the public learned the outcome. The alleged edge was timing.

The CFTC says the Yes price in the January contract stayed below $0.13 from 10:00 a.m. ET on Dec. 29 through 1:15 a.m. ET on Jan. 3, except for a brief spike to about $0.22 around 10:42 p.m. ET on Jan. 2.

After President Donald Trump's public announcement, the complaint says the price rose from $0.375 at 4:21 a.m. ET to $0.955 at 4:25 a.m. ET.

Put simply, the market repriced almost instantly once the public signal arrived. The allegation is that one trader already had access to the signal.

Why the CFTC case changes the frame

The DOJ case supplies the criminal theory. The CFTC case supplies the market theory.

That distinction is substantive because prediction markets have often been discussed as a hybrid category, part forecasting tool, part wagering interface, part crypto-native market.

The CFTC complaint treats the relevant contract as a commodity-law instrument, and the agency's press release says this is its first insider-trading case involving event contracts.

It also says the case marks the agency's first use of the so-called Eddie Murphy Rule to bring charges based on the misuse of government information.

The CFTC is telling prediction-market users that event contracts may sit inside its antifraud perimeter when confidential government information is allegedly misappropriated for trading.

The CFTC had already been moving in this direction before the arrest.

In a March 2026 prediction markets advisory, staff described event contracts as derivatives that can fall within swap or futures-like definitions depending on structure.

The same advisory reminded designated contract markets that they must monitor trading, prevent manipulation, and protect market participants from abusive practices.

The advisory also says misappropriation of confidential information in breach of a duty of trust and confidence can fall under CFTC antifraud rules commonly described as insider trading.

That context suggests the Van Dyke complaint fits a framework the regulator had already started building.

Polymarket's harder test is timing

Polymarket's reported response is important because it complicates the simplest version of the critique.

The company account is consistent across AP, ABC's account of the case, and a WIRED report on the Polymarket trades: Polymarket said it identified a user trading on classified government information, referred the matter to DOJ, cooperated with the investigation, and said insider trading has no place on the platform.

That gives Polymarket a defensible first answer. The platform can argue that the system produced a referral rather than silence.

The harder question is what happened before the referral. If the CFTC's allegations are right, the market transferred a large profit after the relevant information advantage had already been converted into positions.

That is the problem for the credibility of prediction markets. Detection after settlement can support enforcement, but market confidence depends on whether bad trades can be deterred, frozen, reversed, or made too risky before the payoff.

Current Polymarket US market-integrity materials describe a multi-layer monitoring program, real-time surveillance, investigations of unusual trading activity, potential sanctions, and referrals to regulators or law enforcement.

A filed Polymarket US rulebook also prohibits participants from trading on confidential information about an event outcome when doing so would breach a duty of trust or confidence.

Those materials show the direction of travel. They should be handled carefully in this case because the alleged trades occurred on Polymarket.com.

The current Polymarket US rulebook should remain in compliance context unless a source links it to the exact trades.

Still, the compliance architecture points to the likely industry answer.

Prediction markets will need restricted-person lists, better real-time anomaly detection, clearer treatment of government and contractor access, stronger settlement-source controls, and documented referral pathways.

The relevant issue has two layers. First, can a platform identify suspicious activity? Second, can the market convince ordinary users that they are trading against open information rather than insiders with advance access?

That timing question turns detection into a design problem. A market can maintain useful surveillance records while still leaving a credibility gap if the disputed trade has already settled.

The practical burden is to move suspicious-pattern review closer to trade entry, price movement, and resolution, especially for contracts tied to events known first by small groups of officials or contractors.

The next test is market design

Recent coverage of the CFTC's prediction-market advisory framed the same pressure point before Van Dyke was named.

Related Reading

The CFTC says prediction markets have an insider trading problem

After listings exploded from about five a year to thousands, the CFTC is warning exchanges to catch manipulation before it hits headlines.

Mar 15, 2026 · Gino Matos

Event contracts have grown into a market-structure problem because their prices increasingly influence news coverage, political narratives, and investor sentiment. A distorted market can become a distorted signal.

That effect is sharper in crypto-native prediction markets because the product is built around fast settlement, public probabilities, and tradable attention.

Polymarket is a flagship example of blockchain-based event markets, using on-chain infrastructure and stablecoin settlement to turn current events into tradable Yes/No positions.

The Van Dyke case lands directly inside that model. If event markets are merely entertainment, insider-trading enforcement may look like a narrow criminal deterrent.

If event markets are becoming financial and media infrastructure, the standards are higher.

The next version of the industry has to go beyond the claim that markets aggregate information.

It must specify which information can be traded, who is restricted from trading, how suspicious activity is detected, and what happens when the outcome being traded is tied to classified government action, campaign strategy, corporate decisions, sports officiating, or any other small-group event.

There are two defensible takeaways from the case.

The first is favorable to prediction markets: the platform says it identified suspicious trading, referred the matter to DOJ, and the government brought charges. Under that reading, transparency and surveillance worked.

The second reading is more difficult for the industry: the alleged trader reportedly entered the market before public disclosure, the contract repriced after the announcement, and enforcement followed after the alleged profit was already created.

Under that view, the market can find the trail, but the market still has to prove it can protect price formation in real time.

The narrow prosecution centers on Van Dyke. The broader test belongs to prediction markets.

They now have to show that a public odds market can survive contact with private government information without turning every sensitive event contract into a bet against insiders.

The post Trump “not happy” with prediction markets – says world is a “casino” as Special Forces soldier arrested for insider trading on Polymarket appeared first on CryptoSlate.

On Apr. 22, a malicious version of Bitwarden's command-line interface appeared on npm under the official package name @bitwarden/cli@2026.4.0. For 93 minutes, anyone who pulled the CLI through npm received a backdoored substitute for the legitimate tool.

Bitwarden detected the compromise, removed the package, and issued a statement saying it found no evidence that attackers accessed end-user vault data or compromised production systems.

Security research firm JFrog analyzed the malicious payload and found it had no particular interest in Bitwarden vaults. It targeted GitHub tokens, npm tokens, SSH keys, shell history, AWS credentials, GCP credentials, Azure credentials, GitHub Actions secrets, and AI tooling configuration files.

These are credentials that govern how teams build, deploy, and reach their infrastructure.

Bitwarden serves over 50,000 businesses and 10 million users, and its own documentation describes the CLI as a “powerful, fully-featured” way to access and manage the vault, including in automated workflows that authenticate using environment variables.

Bitwarden lists npm as the simplest and preferred installation method for users already comfortable with the registry. That combination of automation use, developer-machine installation, and official npm distribution places the CLI exactly where high-value infrastructure secrets tend to live.

JFrog's analysis shows the malicious package rewired both the preinstall hook and the bw binary entrypoint to a loader that fetched the Bun runtime and launched an obfuscated payload. The compromise is fired at install time and at runtime.

An organization could run the backdoored CLI without touching any stored passwords while the malware systematically collected the credentials governing its CI pipelines, cloud accounts, and deployment automation.

Security firm Socket says the attack appears to have exploited a compromised GitHub Action in Bitwarden's CI/CD pipeline, consistent with a pattern Checkmarx researchers have been tracking.

Bitwarden confirmed that the incident is connected to the broader Checkmarx supply chain campaign.

The trust bottleneck

Npm built its trusted publishing model to address exactly this class of risk.

By replacing long-lived npm publish tokens with OIDC-based CI/CD authentication, the system removes one of the most common paths attackers use to hijack registry releases, and npm recommends trusted publishing and treats it as a meaningful step forward.

The harder surface is the release logic itself, such as the workflows and actions that invoke the publish step. Npm's own documentation recommends controls beyond OIDC, such as deployment environments with manual approval requirements, tag protection rules, and branch restrictions.

GitHub's environment settings let organizations require reviewers' sign-off before a workflow can deploy. The SLSA framework goes further by asking consumers to verify that provenance matches expected parameters, such as the correct repository, branch, tag, workflow, and build configuration.

The Bitwarden incident shows that the harder problem sits at the workflow layer. If an attacker can exploit the release workflow itself, the “official” badge still accompanies the malicious package.

Trusted publishing moves the trust burden upward to the integrity of the workflows and actions that invoke it, a layer that organizations have largely left unexamined.

One token to many doors

For developer and infrastructure teams, a compromised release workflow exposes CI pipelines, automation infrastructure, and the credentials that govern them.

JFrog's analysis shows that once the malware obtained a GitHub token, it could validate the token, enumerate writable repositories, list GitHub Actions secrets, create a branch, commit a workflow, wait for it to execute, download the resulting artifacts, and then clean up.

Obtaining the token creates an automated chain that transforms a single stolen credential into persistent access across an organization's automation infrastructure.

A developer's laptop that installs a poisoned official package becomes a bridge from the host's local credential store to GitHub access to whatever that GitHub token can reach.

The Bybit incident is a close structural analogy. A compromised developer workstation let attackers poison a trusted upstream interface, which then reached the victim's operational process.

The difference is that Bybit involved a tampered Safe web UI, while Bitwarden involved a tampered official npm package.

In crypto, fintech, or custody environments, that path can run from a credential store to release signers, cloud access, and deployment systems without ever touching a vault entry.

Within 60 days, Checkmarx disclosed compromised GitHub Actions workflows and OpenVSX plugins, while the Cloud Security Alliance warned that the TeamPCP campaign was actively compromising open-source projects and CI/CD automation components.

JFrog documented how a compromised Trivy GitHub Action exfiltrated LiteLLM's publish token and enabled malicious PyPI releases, and Axios disclosed that two malicious npm versions circulated for roughly three hours through a compromised maintainer account.

Sonatype counted over 454,600 new malicious packages in 2025 alone, bringing the cumulative total to more than 1.2 million. Bitwarden joins a chain of incidents that confirms release workflows and package registries as the primary attack surface.

The precise root cause is not yet public, as Bitwarden has confirmed a connection to the Checkmarx campaign but has not published a detailed breakdown of how the attacker obtained access to the release pipeline.

The outcomes of the attack

The strongest outcome for defenders is that this incident accelerates a redefinition of what “official” means.

Today, trusted publishing attaches provenance data to each released package, thereby confirming the publisher's identity in the registry. SLSA explicitly documents a higher standard for verifiers to check if provenance matches the expected repository, branch, workflow, and build parameters.

If that standard becomes default consumer behavior, “official” starts to mean “built by the right workflow under the right constraints,” and an attacker who compromises an action but cannot satisfy every provenance constraint produces a package that automated consumers reject before it lands.

The more plausible near-term path runs in the opposite direction. Attackers have demonstrated across at least 4 incidents in 60 days that release workflows, action dependencies, and maintainer-adjacent credentials yields high-value results with relatively low friction.

Each successive incident adds another documented technique to a public playbook of action compromise, token theft from CI output, maintainer account hijack, and trusted-publish-path abuse.

Unless provenance verification becomes the default consumer behavior rather than an optional policy layer, official package names will command more trust than their release processes can justify.

The post For 93 minutes, installing Bitwarden’s ‘official’ CLI turned laptops into launchpads for hijacking GitHub accounts appeared first on CryptoSlate.

Several recovery engines are running in parallel as Bitcoin trades near $78,000, roughly 38% below its October 2025 peak.

US spot Bitcoin ETFs pulled in $1.32 billion in March, reversing the outflow streak that ran from November 2025 through February. From Apr. 6 through Apr. 22, they added another $2.42 billion net, with the largest flow of $663.9 million registered on Apr. 17.

Demand held while the Nasdaq-100 fell 4.9%, and the S&P 500 fell 5.1% over the first quarter. On Apr. 22, Bitcoin pierced $79,000, only to fall back to $78,000 again.

Global equity funds saw their biggest weekly inflows since late March as war-risk fears receded.

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Apr 23, 2026 · Gino Matos

Anthony Scaramucci argues the cycle script is intact, as longtime holders sold into strength, the timing slipped, and the cleaner recovery window opens later in 2026.

In a Reuters interview earlier this year, he said the direction still points toward $125,000-$150,000.

Three engines running

JPMorgan's public position is that institutional flows will drive any rebound, and that the buyer class has deeper pockets and more rules-based behavior.

The Coinbase and EY-Parthenon 2026 institutional survey found that 73% of respondents plan to increase digital asset allocations this year, 66% already access spot crypto through ETFs or ETPs, and 81% prefer spot exposure through a registered vehicle.

The survey concluded that volatility is producing more formal risk discipline.

Bank of America opened crypto ETP recommendations to advisors across Merrill, Merrill Edge, and its Private Bank on Jan. 5.

Morgan Stanley filed for a Bitcoin ETF in January and launched MSBT on Apr. 8. Goldman Sachs filed for its first Bitcoin ETF product on Apr. 14.

In Hong Kong, a Bitfire and Avenir setup expects to attract more than 10,000 BTC into a regulated Bitcoin-denominated strategy, with Avenir already holding $908 million in IBIT.

Each move routes more Bitcoin demand through channels where compliance structures, position-sizing rules, and client-agreement constraints slow execution.

Bernstein said in March that Bitcoin had bottomed and that it would hold its $150,000 year-end target. Bespoke argued Bitcoin has broken out of a six-month decline, with the next major test around $85,000.

Together, they provide a chart-based bull case that holds regardless of whether a macro or regulatory catalyst arrives on schedule.

The post-halving template once organized the whole conversation into drawdown, accumulation, and late-cycle euphoria. Scaramucci thinks that sequence will still play out, while the market has outgrown that single framework.

ETF wrapper behavior, advisor channel depth, institutional survey data, and near-term technical readings are all generating independent arguments for recovery.

Two possible outcomes

The bull case rests on institutional channels continuing to widen, ETF inflows holding, geopolitical stress cooling, and the market beginning to price in cleaner regulatory or liquidity conditions.

Scaramucci's stated aspiration, Bernstein's $150,000 target, and Citi's $165,000 bull case all anchor the $125,000-$165,000 range.

The flow recovery, the modest contraction in ETF-held BTC during the drawdown, the speed of April's inflow rebound, and the documented expansion of bank and brokerage access in the first four months of 2026 all point in that direction.

The bear case is constrained by conditions that the recent drawdown has never fully tested.

Citi cut its 12-month Bitcoin target to $112,000 from $143,000, said a recessionary backdrop could take Bitcoin to $58,000, and identified roughly $70,000 as a key level representing the pre-election price zone.

Standard Chartered sees Bitcoin potentially falling toward $50,000 before any recovery later in the year, with an end-2026 target lowered to $100,000.

Market depth had shrunk to around $5 million from over $8 million in 2025, and the options market showed heavy demand for downside protection in the $50,000-$60,000 area. The bear case also runs through redistribution and legislative stall.

Citi explicitly tied its lower scenario to stalled US crypto legislation, thereby draining a primary catalyst for ETF demand.

If model portfolios face broad redemption demands, the same rebalancing rules that produced restraint in March and April could accelerate selling, including stop-loss triggers, allocation bands that force reductions, and margin calls hitting simultaneously.

A more disciplined ETF buyer base may simply push Bitcoin's volatility onto leveraged traders, perpetual futures markets, miners, and corporate treasury holders who operate without rebalancing guardrails.

Standard Chartered's $50,000 flush scenario allows for both a rebound by year-end and a much uglier interim path. The recovery camp can be right about the destination and wrong about the route.

Bitcoin's next 20%–30% drawdown will settle this debate.

If ETF-held BTC contracts sharply and flows reverse, the recent resilience reads as a pause specific to the macro conditions of March and April.

If flows stabilize quickly as they did in April, the thesis that the selling came from longer-tenured holders while ETF buyers held off starts to harden into a documented market fact.

The recovery case for 2026 is alive, the buyer base is more institutionalized, and access infrastructure continues to deepen regardless of price.

The post Bitcoin’s $3.8 billion recovery in 2026 hits crossroads with the path to $150,000 still open appeared first on CryptoSlate.

Input Output Global, the primary software laboratory behind the Cardano blockchain, has halved its annual treasury funding request, asking the network’s decentralized governance body for $46.8 million to finance its 2026 operations.

The pullback marks a deliberate transition away from single-entity dominance, pivoting the ecosystem toward a future where specialized third-party firms shoulder a larger share of engineering duties.

The nine-part funding slate, down sharply from the $97.5 million approved for 2025, heavily prioritizes two critical mandates: capturing idle Bitcoin liquidity through new decentralized finance (DeFi) architectures and aggressively scaling the network’s base layer to achieve the ecosystem’s ambitious “Vision 2030” targets.

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Mar 10, 2026 · Gino Matos

Cardano, currently ranking among the largest cryptocurrencies by market capitalization, manages a multi-million-dollar community treasury fueled by network transaction fees.

Historically, Input Output has commanded the lion’s share of these funds. However, under a revised operational strategy, the firm intends to taper its financial reliance on the treasury each year.

By the close of 2026, external contractors like Midgard Labs and VacuumLabs are expected to inherit substantial portions of the protocol’s internal development pipeline.

Cardano is scaling up for ‘vision 2030'

The largest allocation within the $46.8 million proposal centers on “Leios,” a sweeping consensus upgrade engineered to transform Cardano’s throughput capabilities.

Input Output executives argue that to reach the network's Vision 2030 milestone, scaling from a current baseline of 800,000 monthly transactions to more than 27 million, the base layer requires a dramatic overhaul.

Currently, Cardano’s mainnet finality hovers around two hours, with transaction speeds clocking in at roughly 7 to 10 per second. This bottleneck has historically kept the blockchain out of high-frequency enterprise use cases, ceding ground to faster rivals such as Solana and various Ethereum Layer-2 networks.

Leios aims to bridge this divide without sacrificing the network's foundational security. By introducing a mechanism known as Endorser Blocks and implementing committee-based validation, the upgrade is projected to increase transaction processing capacity by 10 to 65 times.

If successful, this would push Cardano past the 1,000 transactions-per-second threshold, enabling it to generate enough fee revenue to remain economically self-sufficient.

The development timeline is aggressive, with an early public testnet scheduled for June 2026 and a mainnet release candidate expected by year-end.

Coupled with impending Layer-1 improvements, Input Output is also funneling capital into off-chain scaling solutions.

This includes production-hardening the “Hydra” protocol, a state channel solution designed for zero-fee, sub-second micropayments, and advancing “Midgard,” a permissionless optimistic rollup.

Midgard leverages Cardano’s unique accounting model to enable single-party fraud proofs, a technical feat that could theoretically drive Layer-2 transaction costs below one cent.

Tapping the trillion-dollar Bitcoin market

While infrastructure upgrades dominate the technical roadmap, the most commercially aggressive initiative in the 2026 slate is “Pogun.”

The project is a bespoke decentralized finance engine built to transform the world's most valuable crypto project, Bitcoin, into productive capital on the Cardano blockchain.

Input Output is betting that Cardano’s underlying architecture, the Extended Unspent Transaction Output (EUTXO) model, gives it a distinct structural advantage over Ethereum-style account models.

Because Cardano’s accounting framework shares a direct lineage with Bitcoin’s, developers can build highly deterministic financial logic with predictable fees and no risk of manipulation of maximum extractable value (MEV).

The Pogun rollout is staggered across three quarters. In the second quarter of 2026, the team plans to launch a non-margin credit market. Unlike conventional DeFi lending protocols that rely on volatile oracles and forced liquidations, Pogun’s credit market functions through bilateral agreements.

Borrowers and lenders will negotiate loan parameters directly, ensuring that collateral is forfeited only in the event of an outright default, not during temporary intra-day price swings.

This will be followed by a yield-generating decentralized application in the third quarter, allowing retail users to deploy capital into fixed-term strategies without managing complex negotiations.

Finally, the fourth quarter will see the deployment of a trust-minimized, BitVM-powered bridge. The bridge utilizes a 1-of-N security paradigm, meaning institutional custodians only need a single honest operator, which could be the institution itself, to guarantee the safety of their bridged Bitcoin.

Empowering developers and upgrading Plutus

To ensure these new L1 and L2 capabilities translate into measurable ecosystem growth, a significant portion of the budget is earmarked for revamping developer tooling.

Input Output has set a target to improve the growth rate of developer onboarding by at least 30% through a streamlined technical stack.

A core focus is optimizing Plutus, the compact programming language that underpins all Cardano smart contracts. Current execution costs and script preparation times act as a tax on developers.

The 2026 proposal outlines targeted expansions of cryptographic primitives and the removal of redundant scope-checking overhead, which currently inflates script preparation time by roughly 25%.

These upgrades are designed to lower on-chain execution costs, thereby making complex decentralized applications economically viable.

The firm is also introducing a “cardano-init” command-line interface and an OpenZeppelin-style library of standardized, auditable smart contracts.

By stripping away cumbersome prerequisites like Nix or native C library dependencies, the new tooling framework promises to reduce the time it takes for a new developer to launch a project from several days to mere minutes.

The post Cardano development teams wants almost $50 million for Bitcoin DeFi and Vision 2030 appeared first on CryptoSlate.

US banking groups are pressing regulators to slow parts of the federal rollout of the GENIUS Act, opening a new front in their broader fight over how far stablecoins should be allowed to move into territory long dominated by bank deposits.

On April 22, the American Bankers Association (ABA) and three other banking trade groups asked the Treasury Department and the Federal Deposit Insurance Corp. to delay the public comment deadlines for three proposed rules implementing the GENIUS Act.

The associations requested that the agencies wait until 60 days after the Office of the Comptroller of the Currency (OCC) finalizes its own regulatory framework.

This procedural request could push the activation of the federal stablecoin law back by several months.

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Treasury’s first GENIUS rule tightens Washington’s grip on who can scale stablecoins

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Apr 2, 2026 · Gino Matos

Notably, the move arrives just as traditional banks are actively pressing Senate lawmakers to tighten limits on stablecoin rewards in the broader Digital Asset Market Clarity Act, or CLARITY, signaling a coordinated, dual-front effort to constrain the digital asset sector.

At the core of both conflicts is a fundamental economic stake: Commercial lenders want stablecoins confined strictly to serving as payment rails.

They view allowing stablecoins to function as yield-bearing cash alternatives as a structural threat that could siphon capital from traditional deposits, severely disrupting the deposit-funded lending models that underpin the US credit system.

Why the Banks are seeking more time on GENIUS rules

The GENIUS Act, signed into law last year, established a baseline for stablecoin issuance but requires finalized administrative rules to take effect.

The OCC serves as the primary regulator for nonbank stablecoin issuers under the law and has proposed a foundational framework that remains pending.

The banking associations are arguing that three overlapping federal proposals are “substantively tethered” to the OCC’s primary rule.

These include a Treasury Department rule evaluating whether a state’s regulatory regime is equivalent to the federal standard; an FDIC rule outlining requirements for agency-regulated issuers and banks; and a joint directive from the Financial Crimes Enforcement Network (FINCEN) and the Office of Foreign Assets Control (OFAC) covering anti-money-laundering and sanctions compliance.

In their communication to the agencies, the banking groups contended that a fragmented comment process with staggered deadlines across interdependent proposals would undermine the goal of regulatory consistency.

They argued that public feedback would be more comprehensive if stakeholders could evaluate all the proposed rules against a finalized OCC framework.

However, the practical effect of granting this extension would be a substantial delay. Under the statute, the GENIUS Act takes effect 120 days after final regulations are issued, or 18 months after enactment.

By tethering the Treasury and FDIC timelines to the OCC’s delayed schedule, the banking sector is effectively attempting to slow the deployment of regulated, nonbank stablecoin infrastructure.

The fight over stablecoin rewards is stalling another crypto bill

While the commercial lending sector seeks to slow the regulatory rollout of the GENIUS Act, it is also engaged in a fierce lobbying effort to alter the CLARITY Act.

The banking industry is aggressively contesting provisions that would permit third-party platforms to offer yields on stablecoins. Essentially, this escalates what might appear to be a technical dispute into a battle over the future of interest-bearing cash substitutes.

The GENIUS Act expressly forbade stablecoin issuers from paying interest directly to holders.

However, it left a pathway for secondary arrangements where trading platforms and other third-party platforms could pay rewards for holding stablecoins on their platforms. The banking industry is advocating for a total ban on such incentives.

As a result, the ABA has launched an intensive public relations campaign, including premium advertising in Washington publications, to eliminate this perceived loophole.

The messaging warns lawmakers that allowing stablecoins to generate yield poses a direct threat to the viability of local community lending markets.

Those arguments recently encountered opposition from federal economists. A 21-page analysis published by the White House Council of Economic Advisers concluded that implementing a comprehensive ban on stablecoin rewards would increase traditional bank lending by just $2.1 billion, representing a negligible 0.02% of outstanding loans.

The CEA report also estimated that a full yield ban would cost consumers approximately $800 million.

This data has significantly weakened the banking industry's central argument that unrestricted stablecoin yield represents a structural vulnerability for the traditional banking system.

However, ABA answered that the White House was measuring the wrong problem. In its view, the analysis focused on today’s roughly $300 billion stablecoin market instead of modeling a future in which reward-bearing stablecoins scale up and compete more directly with the nation’s much larger deposit base.

That difference in framing is central to the political fight. Crypto firms are arguing over present utility, while banks are arguing over future displacement.

What is holding up the CLARITY Act?

The dispute over yield has become the primary bottleneck stalling the CLARITY Act's progression through the Senate Banking Committee.

The legislation aims to establish comprehensive jurisdictional boundaries between federal market regulators and create a pathway for digital assets to be treated as non-securities once their networks are sufficiently decentralized.

Negotiations to resolve the stablecoin dispute remain fluid. Sens. Thom Tillis and Angela Alsobrooks have reportedly reached an agreement in principle that would prohibit yield paid solely for holding a stablecoin while allowing narrowly defined, activity-based rewards tied to payments and platform usage.

However, the final text of that compromise has yet to be publicly released, effectively freezing the legislative process. Tillis recently indicated that the committee should delay scheduling any markup sessions into May, a move that introduces severe timing constraints for the bill.

While the stablecoin rewards issue is the most visible hurdle, lawmakers are also quietly navigating a handful of other unresolved disputes, including exemptions for noncustodial developers and limits on the SEC's relief authority.

With the Senate floor calendar increasingly congested by an election year, the markup delay into May significantly heightens the risk that the CLARITY Act will run out of legislative time before the end of the session.

Notably, US lawmaker Senator Cynthia Lummis has warned that the legislation could be delayed till 2030 if it is not passed this year. Meanwhile, crypto bettors on Polymarket believe there is less than 50% chance of the bill's passage this year.

Why banks are fighting on both fronts

The banking industry’s coordinated action across both pieces of legislation illuminates a clear commercial strategy. Traditional financial institutions are navigating a rapidly closing window to shape the market structure of digital assets before they become fully entrenched in the broader economy.

If the GENIUS Act sets the foundational operating framework for nonbank stablecoin issuers, and the CLARITY Act preserves the economic incentives for consumers through exchange-based rewards, traditional banks will face a vastly different competitive landscape.

In that scenario, tokenized dollars transition from being simple mechanisms for trading digital assets into highly useful, interest-bearing instruments that compete directly with bank deposits.

By seeking to delay the rulemaking process for the GENIUS Act, the banking sector gains valuable time.

By simultaneously lobbying to strip yield provisions from the CLARITY Act, they are attempting to neutralize the primary economic incentive that would drive consumers away from traditional savings accounts.

Essentially, their objective is to ensure that stablecoins are strictly confined to serving as payment rails.

In doing so, commercial banks are attempting to erect a regulatory moat around their deposit-funded lending models, protecting the core mechanism of traditional finance from decentralized competition.

The post US Bankers association push for 60 day pause to stop stablecoin rules going live appeared first on CryptoSlate.

The European Union has officially adopted its 20th package of sanctions against Russia. This landmark legislation introduces a total sectoral ban on all Russian crypto asset service providers (CASPs), effectively isolating the Russian digital asset ecosystem from the European market. The move aims to dismantle the shadow financial networks Moscow has used to bypass previous restrictions.

EU Implements "Blanket Ban" on Russian CASPs

The Council of the EU confirmed on April 23, 2026, that it is moving away from blacklisting individual exchanges to a broader, more aggressive strategy. The new measures prohibit EU operators from providing any services to, or facilitating transactions with, any crypto platform established in Russia or Belarus.

This decision follows the failure of previous targeted sanctions. For instance, after the high-risk exchange Garantex was disrupted in 2025, its operations quickly migrated to a clone platform known as Grinex. By banning the entire sector, the EU aims to end this "whack-a-mole" cycle.

Digital Ruble and RUBx Specifically Targeted

The 20th package includes specific prohibitions on emerging Russian digital currencies:

• The Digital Ruble: A preemptive ban on Russia’s Central Bank Digital Currency (CBDC), preventing its use in the EU before its planned 2026 rollout.
• RUBx & A7A5: The use of and support for the ruble-backed stablecoin RUBx and the A7A5 token—previously used to move billions in shadow trade—are now strictly forbidden.
• Third-Country Crackdown: For the first time, the EU is targeting platforms in third countries, such as the Meer exchange in Kyrgyzstan, for facilitating Russian sanctions evasion.

Is Russian Crypto Banned in the EU?

Yes. As of the adoption of the 20th sanctions package, EU entities are prohibited from engaging with any Russian-based crypto service provider. This includes centralized exchanges, custodial services, and even certain decentralized platforms that are found to be facilitating Russian trade.

Impact on Investors and Markets

The move has sent ripples through the crypto news cycle, as it complicates the landscape for international firms still operating in the region. Analysts suggest that this will drive Russian volume further into unhosted wallets and peer-to-peer (P2P) networks.

The price of Bitcoin remained relatively stable following the news, as the market had largely priced in the continued decoupling of the Russian and Western financial systems.

Tether is back at the center of the crypto market narrative. In just a short span, the company minted another $1 billion USDT while also freezing $344 million worth of tokens following requests tied to U.S. law enforcement. At first glance, these may look like two separate headlines. In reality, together they reveal why Tether remains one of the most powerful forces in crypto.

For traders, this is not just stablecoin news. It is a direct signal about liquidity, regulation, market confidence, and the structure of the current rally. When Tether expands supply, the market starts asking whether fresh capital is preparing to enter risk assets. When Tether freezes funds on such a large scale, the market is reminded that even in crypto, centralized control still matters.

USDT news shows how much power Tether has over crypto liquidity

USDT is not just another crypto asset. It is the main liquidity rail for a huge part of the market. With a market cap close to $189 billion and 24 hour volume even exceeding that of Bitcoin, Tether remains one of the most used assets in crypto trading.

That is why a fresh $1 billion mint matters. Historically, large USDT issuances often trigger speculation that fresh buying power is entering the system. Traders immediately start asking whether Bitcoin and major altcoins could benefit from stronger liquidity conditions in the next leg of the market.

This does not always mean that prices will instantly rise. Minting can reflect inventory preparation, exchange demand, or broader market positioning rather than immediate spot buying. Still, when crypto is searching for direction, large USDT creation tends to attract attention because it can become fuel for the next move.

Tether’s $344M freeze also reminds traders that crypto is not fully decentralized

The second part of the story is just as important. Tether reportedly froze $344 million in USDT following requests by U.S. law enforcement. That headline reinforces a reality many traders already know but often ignore during bullish phases: stablecoins may operate inside crypto markets, but the largest ones are still deeply tied to compliance and centralized decision making.

This matters for two reasons.

First, it shows that Tether is willing and able to act quickly when authorities intervene. That may reassure regulators and institutions who want to see stronger compliance standards in digital assets.

Second, it reminds retail traders that stablecoins such as USDT are not censorship resistant in the same way as Bitcoin. Funds can be restricted, wallets can be targeted, and central issuers still have enormous control over the assets that many traders treat like cash.

That combination creates a strange but powerful market dynamic. Tether helps power crypto trading, but it also represents one of the clearest examples of centralized authority inside the market.

Why this USDT news could affect Bitcoin and altcoins next

The market impact of this story comes from the combination of liquidity expansion and regulatory enforcement at the same time.

On one side, a $1 billion mint can be interpreted as potential fuel for market activity. On the other side, a $344 million freeze reinforces that capital in crypto is increasingly moving within a regulated and monitored framework.

That balance may shape the next phase of price action in a few ways:

• Bitcoin could benefit first if new stablecoin liquidity rotates into the most liquid and institutionally accepted asset
• Ethereum and large cap altcoins could follow if traders regain confidence and start expanding risk exposure
• Smaller speculative tokens may see less benefit if capital continues concentrating in major names and safer trading pairs
• Stablecoin dominance may remain high if traders stay cautious and prefer to wait for stronger confirmation before rotating into volatility

In other words, this is not just a Tether story. It is a market structure story.

USDT, Bitcoin, and market sentiment are now tightly connected

Current crypto conditions make this even more important. Bitcoin is holding at relatively elevated levels, but several major altcoins are under pressure. Ethereum, Solana, Cardano, and Chainlink are all showing weakness on the latest performance snapshot, while USDT remains stable and dominant.

That tells us something important about the current phase of the market. Traders are still active, but capital is not flowing with full conviction across all assets. It is concentrated, selective, and cautious.

In that kind of environment, stablecoin signals matter more than usual. A large mint can hint at incoming deployment. A large freeze can reinforce the idea that the market is becoming more controlled, more institutional, and less forgiving.

Is Tether preparing the next breakout or just supporting a cautious market?

The key question now is whether this fresh USDT activity becomes a catalyst or simply another sign of defensive positioning.

The bullish case is straightforward. If the newly minted USDT starts rotating into Bitcoin and then into large cap altcoins, traders could interpret it as confirmation that the market still has room to push higher. In that scenario, Tether’s mint becomes part of a broader liquidity expansion story.

The cautious case is also valid. If the mint mainly serves as operational inventory while the freeze story dominates the narrative, the market may focus more on control, compliance, and risk than on fresh upside potential. That would support a more selective environment where only the strongest assets attract flows.

Either way, Tether is once again showing that stablecoins are not passive infrastructure. They are active drivers of sentiment and liquidity.

What traders should watch after this Tether news

There are three things worth monitoring next.

First, watch whether Bitcoin reacts positively in the sessions following the USDT mint. If BTC starts absorbing liquidity and breaking higher, traders will likely treat the mint as a meaningful signal.

Second, monitor whether Ethereum and major altcoins begin to recover with stronger volume. That would suggest stablecoin liquidity is spreading beyond Bitcoin rather than staying defensive.

Third, keep an eye on further regulatory or compliance related headlines involving Tether or other stablecoin issuers. The more that enforcement and liquidity expansion appear together, the more the market may shift toward a new phase where centralized stablecoin providers become even more important than before.

Tether has always been influential, but this latest combination of aggressive minting and large scale freezing is a reminder of just how much power USDT still holds over the crypto market.

Ethereum Coin Holds the Line

While the broader cryptocurrency market has shown signs of renewed vigor, Ethereum (ETH) is currently navigating a period of consolidation. As of April 23, 2026, the Ethereum price is hovering just above the critical $2,300 mark. Despite a slower start compared to its peer, Bitcoin, technical indicators suggest that Ethereum is priming itself for a move toward the $2,500 psychological resistance level.

Market Performance: Ethereum vs. Bitcoin

Over the past week, we have observed a notable divergence in performance between the two largest digital assets. Bitcoin has surged by approximately 5%, capturing the lion's share of market capital inflow. In contrast, Ethereum has remained relatively stagnant, posting a modest 0.3% gain.

This lag in Ethereum's performance is often viewed by traders as a "coiling" phase. Historically, when BTC leads a rally, ETH frequently follows with a delayed but more volatile "catch-up" move. For Ethereum to reach the $2,500 target from its current level of approximately $2,327, it would require a price increase of roughly 7.4%. Given the current market sentiment, this move could materialize quickly if liquidity rotates from Bitcoin back into the Altcoin ecosystem.

Ethereum Price Analysis: Is Ethereum a Good Buy?

The daily chart for ETH/USD reveals several key technical structures that define the current price action.

1. Support and Resistance Levels

The chart highlights a clear horizontal support zone at $1,800, which served as a major floor earlier this year (indicated by the green circle in February). Currently, Ethereum is trading within a consolidation range between the $2,300 support and the $2,400 resistance (highlighted by the yellow circle).

• Immediate Resistance: $2,400. A daily close above this level is required to confirm the path to $2,500.
• Secondary Target: $2,600 (Green horizontal line).
• Major Support: $2,300. Failure to hold this could lead to a retest of $2,000.

2. Relative Strength Index (RSI)

The RSI (14) is currently positioned at 59.21. This value sits comfortably in the "bullish-neutral" zone. It suggests that while there is upward momentum, the asset is not yet overbought (typically above 70). This leaves significant "room to run" for the price to escalate toward $2,500 without hitting immediate exhaustion.

Why is Ethereum Lagging?

The current 0.3% weekly growth compared to Bitcoin's 5% can be attributed to a rise in Bitcoin dominance. Investors often flock to the safety of BTC during the initial stages of a market recovery. However, as Ethereum ecosystem activity remains high—driven by Layer 2 scaling and staking yields—the fundamental value proposition remains strong.

Ethereum Future Price: Will Bulls Succeed?

The immediate goal for Ethereum bulls is to flip the $2,400 level from resistance into support. If the correlation between BTC and ETH tightens, the 7.4% move required to hit $2,500 could be achieved within the next 7 to 10 days. Traders should keep a close eye on trading volume; a breakout accompanied by high volume would validate the move toward the $2,600 medium-term resistance.

Conversely, if the crypto news cycle turns bearish, a slip below $2,300 might see ETH consolidate further toward the $2,200 psychological level.

MemeCore ($M) has surged into the spotlight, but for all the wrong reasons. While the token’s price action on the daily charts looks like a dream for bulls, a series of onchain investigations have pulled back the curtain on a troubling reality: extreme supply concentration.

Recent reports suggest that over 90% of MemeCore’s supply is held by a tight cluster of insider wallets, creating what experts call a "ghost market cap." This structure mimics the architectural flaws seen in RaveDAO (RAVE), which recently suffered a catastrophic 95% wipeout.

What is a "Ghost Market Cap"?

The term "ghost market cap" refers to a project with a multi-billion dollar valuation on paper, but with very little actual liquidity or "free float" (tokens available for the public to trade).

• Valuation: MemeCore currently boasts a market cap north of $5.5 billion.
• The Discrepancy: Despite this massive valuation, its 24-hour trading volume often struggles to stay above $30 million.
• The Risk: When insiders control the vast majority of tokens, they can manipulate the price with relatively small amounts of capital. This allows for artificial "short squeezes" that trap retail traders before the eventual exit.

Will M Price Crash like RaveDAO (RAVE)?

The warning signs for MemeCore are nearly identical to those seen in the RaveDAO (RAVE) collapse. RAVE was touted as a "Live-to-Earn" revolution, surging from $0.25 to nearly $28 in April 2026. However, onchain sleuth ZachXBT revealed that insiders controlled 95% of the supply.

Once the "pump" was exhausted, a single multisig wallet moved millions of tokens to exchanges, causing a liquidity vacuum. RAVE plummeted from its peak to sub-$1 levels in less than 48 hours, wiping out $6 billion in market value. MemeCore’s current structure suggests it is walking the same tightrope.

MemeCore Price Analysis: Is the Rally Sustainable?

Based on the current M/USD price data, the token is showing classic signs of a "low-float" pump.

• Parabolic Growth: Since early March 2026, M has climbed from $1.50 to its current levels around $4.60.
• RSI Divergence: The Relative Strength Index (RSI) is currently sitting at 81.01, deep in overbought territory. Historically, an RSI this high without significant volume growth is a precursor to a "blow-off top."
• Support Levels: The yellow lines on the chart indicate critical psychological supports at $3.00 and $2.00. A break below $3.00 could trigger a cascade of liquidations similar to the RAVE event.

Should you Sell MemeCore TODAY?

If you are holding or considering M, these are the "red flag" signals to monitor:

1. Wallet Movement: Sudden transfers from top-100 wallets to exchange deposit addresses.
2. Liquidity Depth: If the "buy-side" orders on order books begin to thin out while the price stays high, a "liquidity rug" may be incoming.

FTX is back in the headlines, not because of a token collapse or a court update, but because of a brutal what-if story tied to artificial intelligence. Bankruptcy filings previously showed that Alameda had invested just $200,000 in Anysphere, the company behind Cursor, before that stake was later sold for the same amount. Now, SpaceX says it has secured an option to acquire Cursor for $60 billion later this year, or instead pay $10 billion for a strategic partnership.

That instantly raises the question: did FTX just miss out on billions?

What Happened to the FTX Cursor Stake?

According to reporting on FTX bankruptcy filings, Alameda invested $200,000 in Anysphere through Clifton Bay Investments, an entity formerly known as Alameda Research. The stake was later sold in 2023 for the same $200,000, meaning the FTX estate exited the company long before the latest explosion in Cursor’s value.

At the time, this looked like a small and largely irrelevant venture position. Today, it looks very different.

Why Cursor Suddenly Matters So Much

Cursor has become one of the most talked-about AI coding platforms in the market, benefiting from the broader boom in AI developer tools. Reuters reported this week that SpaceX wants deeper exposure to this sector and disclosed an option to buy Cursor for $60 billion, with the alternative of a $10 billion strategic partnership. Reuters said the move is meant to strengthen SpaceX’s AI ambitions, especially around xAI’s position in code automation.

That is what turns an old FTX portfolio line into a huge missed-opportunity story.

Did FTX Really Miss Out on $3 Billion?

That number comes from a simple calculation. If Alameda’s old stake had remained at around 5%, then a $60 billion valuation would imply a stake worth roughly $3 billion. That is why social media is framing this as one of the biggest missed bets linked to the FTX collapse. This is an inference based on the reported historical stake size and Reuters’ reported option value.

But that figure should be treated carefully.

Startup stakes usually get diluted across later funding rounds unless investors continue participating. So while the headline “FTX missed $3 billion” is powerful, the real upside lost could have been materially lower depending on how much the position would have been diluted over time. Reuters did not state the exact retained ownership because FTX had already exited, and the bankruptcy filing coverage only confirms the original investment and sale amount.

Why This Story Matters for Crypto

This is not a direct Bitcoin or Ethereum market catalyst, but it is still a strong crypto story because it captures the long shadow of the FTX collapse. The exchange’s bankruptcy did not just destroy customer assets and confidence across the industry. It also forced the liquidation of positions that, in some cases, may have become extremely valuable later. The Cursor case is a reminder that distressed selling during crisis periods can lock in losses just before major upside appears elsewhere. That is an inference based on the reported sale timing and the much higher value implied by SpaceX’s option today.

It also feeds a broader narrative: while crypto firms were imploding, some of the venture-style bets around them were still touching major technology trends like AI.

What Traders and Readers Should Take From It

The real lesson is not just that FTX sold too early. It is that bankruptcy, forced unwinds, and bad timing can destroy optionality. Alameda’s Anysphere position may have looked minor in 2023, but in 2026 it has become the kind of asset people point to when discussing how much value was lost in the chaos surrounding FTX.

For crypto readers, the story works because it combines all the elements that drive attention: FTX, AI, Elon Musk, SpaceX, and a possible multi-billion-dollar missed payoff.

Conclusion

FTX sold its Anysphere stake for just $200,000. Now SpaceX says it has an option to acquire Cursor for $60 billion. Whether the old Alameda stake would really have been worth the full $3 billion implied by social media depends on dilution and cap table changes, so that number should be treated as a headline estimate rather than a certainty. But the bigger point remains unchanged: FTX may have exited one of the most valuable AI bets tied to its old portfolio just before the asset became a giant.

Trump says the whole world's a casino. Tether made its biggest enforcement freeze ever. And SBF drops his new trial bid.

Aave's founder has pledged 5,000 ETH of his own money as a growing DeFi coalition races to contain the fallout from the KelpDAO exploit.

The U.S. president said that he “was never much in favor” of prediction markets, as the latest insider trading case highlighted risks.

Federal prosecutors say an Army soldier made over $400K betting on Venezuela-related outcomes on Polymarket using classified intelligence.

On Forge Global, Anthropic shares are hovering around $1 trillion while OpenAI trades at $880 billion — a reversal nobody saw coming three months ago.

Record 1.23% of XRP supply now locked in ETFs as Bitcoin faces a post-options liquidity trap. Plus, a dormant 1.6 trillion Shiba Inu coin whale awakens.

Ethereum has shown extremely strong network growth after generating about $2.7 million in fees while Solana only staked at about $70,000..

SHIB community watches closely as Shiba Inu lead ambassador Shytoshi Kusama drops subtle hint on X.

XRP's performance on the network is quite surprising, considering the lack of action on the actual market.

Riot Platforms, one of the industry's largest publicly traded Bitcoin miners, is showing no signs of halting its massive selling spree.

Key Highlights

• Australian users can now access KuCard for instant USDC transactions via Mastercard
• Real-time cryptocurrency spending eliminates manual conversion requirements
• Automatic USDC-to-fiat conversion occurs directly at point of purchase
• Digital asset utility reaches mainstream commerce through KuCard deployment
• Mastercard network integration bridges USDC with conventional retail payments

The cryptocurrency exchange KuCoin has introduced KuCard to the Australian market, allowing users to make purchases using USDC through Mastercard‘s extensive payment infrastructure. This development represents a meaningful advancement in practical cryptocurrency utilization, removing barriers between digital currencies and traditional commerce. The solution bridges the gap between crypto holdings and everyday transactions across millions of merchant locations.

Australian Market Gains Direct Cryptocurrency Payment Solution

The exchange unveiled KuCard access for qualified users in Australia, providing cryptocurrency-funded purchases via Mastercard’s established payment channels. Users can transact directly with USDC holdings at participating retailers globally. The platform eliminates conversion delays that typically precede crypto transactions.

Immersve, functioning as a principal [[LINK_START_0]]Mastercard[[LINK_END_0]] participant, powers the underlying payment processing architecture. The technology automatically converts cryptocurrency into traditional currency during checkout, facilitating smooth transactions across Mastercard’s merchant network. This approach delivers conventional payment functionality while leveraging digital asset balances.

The card initially supports 37 different USDC trading pairs, expanding practical use cases for multiple supported cryptocurrencies. Users receive both physical card options and digital wallet compatibility through Apple Pay and Google Pay platforms. This multi-format approach accommodates various payment preferences and shopping scenarios.

Technical Architecture Powering KuCard Transactions

The payment solution functions through a strategic collaboration between KuCoin and Immersve, maintaining adherence to payment industry regulations. Real-time asset conversion processes execute automatically with each purchase. Account holders can utilize their digital holdings without performing manual preparation steps.

Immersve serves as the card issuing entity while providing connectivity to Mastercard’s worldwide payment ecosystem. The infrastructure enables immediate transaction settlement while preserving regulatory compliance across operational territories. Automated conversion mechanisms remove complexity from the cryptocurrency spending experience.

The exchange previously deployed KuCard throughout European markets using Visa’s network infrastructure. The Australian launch adopts Mastercard instead, demonstrating flexible network partnership strategies. This positioning places the offering within an increasingly competitive cryptocurrency payment card landscape.

Regulatory Framework and Competitive Landscape

The platform additionally maintains collaboration with Echuca Trading for compliant cryptocurrency derivatives offerings. This structure operates under Australian Financial Services Licence requirements. The card program reinforces broader compliance initiatives within the jurisdiction.

KuCard joins a marketplace where platforms including Bybit, Crypto.com, and OKX provide comparable Mastercard-integrated offerings. Immersve facilitates multiple such programs throughout Asia-Pacific territories. The launch intensifies competition while promoting wider cryptocurrency payment acceptance.

The post KuCoin Debuts Mastercard-Powered USDC Payment Card in Australia appeared first on Blockonomi.

Key Takeaways

• SpaceX targets a June 2026 IPO with an unprecedented $1.75 trillion valuation, potentially becoming history’s largest public offering.
• Revenue expansion at SpaceX decelerated to just 18% in 2025, a sharp decline from 51% and 89% growth in previous years.
• The company reported $5 billion in losses during 2025, primarily driven by costly AI initiatives following its $250 billion xAI acquisition.
• Rocket Lab completed its 8th mission of 2026 on April 22, deploying eight satellites for Japan’s JAXA space agency.
• Trading at a $49 billion valuation, RKLB carries a price-to-sales multiple of 74, indicating sky-high expectations are already baked into shares.

While Wall Street obsesses over SpaceX’s forthcoming public debut, Rocket Lab (RKLB) has been steadily accumulating launch successes. The company deployed eight satellites into orbit for Japan’s JAXA on April 22 — marking its second dedicated JAXA mission in recent months and its eighth orbital launch this year.

Rocket Lab USA, Inc., RKLB

Peter Beck, Rocket Lab’s CEO, positioned Electron as “the preferred small launcher for national space agencies.” The mission carried diverse payloads: an ocean surveillance satellite, an educational platform, a multispectral imaging demonstration unit, and an innovative origami-inspired antenna capable of expanding to 25 times its stowed dimensions.

The launch proceeded flawlessly. And its timing couldn’t be more significant.

SpaceX leadership recently convened with investment bankers to orchestrate a June public offering. The projected valuation sits at $1.75 trillion — positioning it as the world’s eighth-most-valuable enterprise, surpassing both Tesla and Meta. Unusually, retail investors may receive a 30% allocation, dramatically exceeding the standard 5–10% offering.

This elevated retail participation has sparked concern among market observers. Some analysts caution it could transform SpaceX shares into meme-stock territory, where price movements detach from underlying business performance.

The Concerning Deceleration in SpaceX’s Revenue Trajectory

According to private market intelligence firm Sacra, SpaceX recorded 18% revenue growth throughout 2025. While respectable in isolation, this figure represents a dramatic slowdown from 51% expansion in 2024 and 89% in 2023. The trend reversal demands attention.

The xAI transaction adds another layer of complexity. SpaceX completed its acquisition of Elon Musk’s artificial intelligence venture in February through a $250 billion stock transaction. AI remains fiercely competitive, and the integration has proven expensive. According to reporting by The Information, SpaceX recorded $5 billion in losses during 2025, predominantly attributable to AI-related expenditures.

Anyone purchasing shares at a $1.75 trillion valuation is essentially wagering on substantial future expansion from an enterprise already experiencing growth deceleration and absorbing significant red ink.

Rocket Lab Commands a Premium Valuation Too

Rocket Lab operates with a $49 billion market capitalization and sports a price-to-sales ratio of 74. By conventional standards, this represents expensive territory. Such a demanding multiple leaves minimal margin for error.

The company’s forthcoming major milestone involves Neutron, a larger-class rocket engineered to challenge SpaceX’s Falcon 9 more directly. Launch is anticipated later in 2026. Any schedule slippage could trigger sharp stock declines.

RKLB shares have oscillated between $20.23 and $99.58 during the trailing 52 weeks, illustrating substantial volatility. The company maintains a gross margin of 31.66%.

Nevertheless, at $49 billion versus $1.75 trillion, Rocket Lab presents considerably more headroom for percentage-based appreciation — assuming operational excellence continues.

The recent JAXA deployment represented Rocket Lab’s second dedicated mission for the Japanese agency within months, following the RAISE-4 launch in December 2025.

The post Rocket Lab (RKLB) vs. SpaceX IPO: Which Space Stock Deserves Your Money? appeared first on Blockonomi.

Key Takeaways

• Lucid Group shares plunged 9.3% to $6.27 on Thursday, with trading volume jumping 272% above normal levels to exceed 37 million shares
• First-quarter 2026 revenue significantly underperformed Wall Street estimates, while management forecasts a $1 billion operating loss sparking renewed cash burn worries
• The company secured $1.05 billion in fresh capital, yet investors reacted negatively to the dilutive impact on existing shareholders
• Uber increased its ownership to 11.5% and boosted its robotaxi vehicle order to 35,000 units, though the announcement couldn’t reverse negative market sentiment
• Several law firms including Schall and Pomerantz initiated securities fraud probes into the electric vehicle maker

Shares of Lucid Group tumbled 9.3% during Thursday’s trading session, settling at $6.27 after dipping as low as $6.22 during intraday action. Trading volume surged past 37 million shares — approximately triple the typical daily turnover — indicating substantial sell-side pressure throughout the day.

Lucid Group, Inc., LCID

The primary catalyst behind the selloff was a pre-announced first-quarter 2026 revenue shortfall. The company’s sales figures landed well beneath analyst projections, while management indicated an anticipated operating loss approaching $1 billion for the period. This forecast alarmed shareholders already concerned about the company’s cash consumption rate.

Simultaneously, the electric vehicle manufacturer disclosed a $1.05 billion capital raise. Although this injection provides additional operational runway, market participants fixated on the shareholder dilution rather than the financial breathing room it affords.

The stock has now retreated 34.63% since the beginning of the year and trades substantially below both its 50-day moving average of $9.53 and its 200-day moving average of $12.42.

Expanded Uber Collaboration Proves Insufficient to Stem Losses

Amid the negative developments, some encouraging announcements emerged this week. Uber revealed it has increased its ownership position to 11.5% in Lucid while simultaneously expanding its autonomous vehicle order to 35,000 units, complementing the $1.05 billion capital infusion. For an enterprise still experiencing significant cash outflows, such strategic commercial support carries meaningful weight.

Additionally, Lucid appointed a new chief executive officer, typically interpreted as a signal of organizational renewal. However, with disappointing quarterly results dominating investor attention, neither development proved sufficient to halt the share price decline.

Options market activity did reveal some contrarian positioning. Unusually elevated call option volume materialized this week, indicating certain market participants are betting on either a rebound or potential acquisition premium. Nevertheless, this represents a modest counterbalance to the predominantly bearish sentiment.

Saudi PIF Privatization Rumors and Legal Challenges Compound Concerns

Saudi Arabia’s Public Investment Fund continues to serve as Lucid’s dominant shareholder, principal creditor, and significant customer. Market speculation has intensified regarding the possibility that PIF might take the automaker private, potentially shielding it from public market volatility and quarterly performance pressures.

Thus far, such speculation hasn’t established a support level for the share price.

Compounding these challenges, legal firms Schall and Pomerantz have both initiated securities fraud investigations targeting Lucid. This legal cloud introduces additional reputational risk alongside the existing financial uncertainties dampening investor confidence.

Analyst perspectives remain divided though skewed toward caution. The consensus recommendation stands at “Reduce” with a price objective of $12.25 — approximately double the current trading level, yet indicative of the stock’s precipitous decline.

Bank of America maintains an “underperform” designation with a $10 price target. TD Cowen reduced its projection from $19 to $10 earlier this month. Royal Bank of Canada lowered its target from $10 to $8 on April 13th.

Zacks did upgrade the stock from “strong sell” to “hold” in March, while Benchmark continues to carry a “buy” recommendation — demonstrating that some analysts retain optimism.

Lucid’s debt-to-equity ratio currently registers at 3.0, with a market capitalization hovering around $2.05 billion. The company’s price-to-earnings ratio stands at -0.52, underscoring its ongoing unprofitability.

Institutional ownership accounts for 75.17% of outstanding shares. Multiple smaller investment funds established new positions during the third and fourth quarters of last year, though the position sizes remained relatively limited.

The post Lucid (LCID) Stock Plummets 9% Despite Uber Partnership and Fresh Capital Injection appeared first on Blockonomi.

Key Highlights

• SAP delivered non-IFRS earnings per share of €1.72 in Q1, surpassing the analyst consensus of €1.65
• Overall revenue increased 6% compared to last year, reaching €9.55 billion
• Cloud business revenue jumped 19% year-over-year to €5.96 billion, exceeding the €5.89 billion Wall Street forecast
• The company’s cloud backlog expanded 20% to reach €21.9 billion
• 2026 cloud revenue projections of €25.8–€26.2 billion were maintained, though subject to geopolitical and M&A conditions

Shares of SAP’s American depositary receipts soared 7.7% to $175.74 during Friday’s premarket session, recovering from Thursday’s 6.2% decline that was triggered by broader software sector weakness following disappointing market reactions to ServiceNow and IBM earnings.

$SAP Q1’26 EARNINGS HIGHLIGHTS

Revenue: €9.56B (Est. €9.53B) ; +6%, +12% cc
Adj. EPS: €1.72; +20%
Cloud: €5.96B (Est. €5.90B) ; +19%, +27% cc
Cloud & Software: €8.55B (Est. €8.47B) ; +8%, +14% cc
Current Cloud Backlog: €21.9B; +20%, +25% constant…

— Wall St Engine (@wallstengine) April 23, 2026

Europe’s largest technology company by market capitalization reported first-quarter non-IFRS profit of €1.72 per share, exceeding the €1.65 consensus estimate. Revenue reached €9.55 billion, representing a 6% increase from the prior-year period.

The standout metric was cloud revenue performance. The segment generated €5.96 billion, marking a 19% year-over-year expansion and narrowly beating the €5.89 billion analyst projection.

SAP SE, SAP

Additionally, SAP closed the quarter with €21.9 billion in cloud backlog, representing 20% growth versus the same quarter last year. This metric provides visibility into contracted revenue that will be recognized in future periods.

Non-IFRS operating profit rose to €2.87 billion from €2.46 billion in the year-ago quarter, comfortably exceeding the €2.71 billion analyst estimate.

The previous session’s 6.2% drop in SAP shares was part of a widespread software sector retreat. Market participants sold off technology stocks after earnings reports from IBM and ServiceNow drew lackluster responses, despite both companies delivering respectable quarterly results.

The strong premarket rebound on Friday indicates investors are viewing SAP’s quarterly performance through a more positive lens when assessed independently.

2026 Guidance Reaffirmed With Caveats

The German enterprise software provider kept its 2026 cloud revenue target intact at €25.8 billion to €26.2 billion. Management also indicated that total revenue growth in constant currency terms should mirror 2025 levels, with an anticipated uptick in 2027.

However, this outlook comes with two important qualifications. The first relates to SAP’s pending acquisition of data management specialist Reltio, which is anticipated to complete during the second or third quarter. The second involves the necessity of reduced tensions in the Middle East.

Chief Financial Officer Dominik Asam specifically highlighted potential disruptions in the Strait of Hormuz as a concern. “We don’t see too long of a continuation of the shutdown of the Strait of Hormuz,” he explained to Barron’s, emphasizing that extended disruption could impact international supply chains and economic expansion.

He continued with measured frankness: “In such a meltdown scenario, SAP is probably the lesser of your concerns in terms of exposure in capital markets.”

Cloud Platform Powers Growth Narrative

The cloud division has served as SAP’s primary growth catalyst for multiple years, partially driven by widespread enterprise artificial intelligence implementation. The 19% revenue expansion in the first quarter maintains this momentum.

The €21.9 billion cloud backlog represents committed future revenue streams that remain to be recorded on financial statements.

SAP holds the position of Europe’s most valuable technology company, with a market capitalization of $192.38 billion based on Thursday’s closing price.

The Reltio transaction, unveiled in March, remains subject to regulatory approval and is projected to finalize during the second or third quarter of 2026.

The post SAP (SAP) Stock Surges 8% Following Strong Q1 Cloud Revenue Performance appeared first on Blockonomi.

Key Takeaways

• DeepSeek’s V4 AI model operates predominantly on Huawei’s Ascend processors rather than Nvidia hardware.
• Zero H200 chips have been delivered to Chinese firms despite receiving US regulatory clearance.
• Delivery obstacles arise from unresolved US-China disputes regarding transaction conditions.
• The Chinese AI infrastructure sector is valued at $50 billion with 50% year-over-year expansion.
• NVDA shares declined 1.41%, though premarket Friday trading showed a 0.8% uptick.

Nvidia confronted fresh obstacles in its Chinese market strategy this week when DeepSeek unveiled its V4 model — built predominantly on Huawei’s semiconductor technology rather than Nvidia’s offerings.

NVIDIA Corporation, NVDA

DeepSeek introduced preview iterations of its V4 architecture on Friday. Industry observers paid close attention following the previous version’s market impact last year, which demonstrated sophisticated performance while requiring surprisingly modest training expenditures.

Huawei seized the opportunity swiftly. The Chinese technology powerhouse announced via WeChat that its complete Ascend AI processor portfolio now accommodates DeepSeek V4 models. While DeepSeek acknowledged testing one of V4’s crucial optimization methods on both Nvidia GPUs and Huawei processors — the dominant hardware platform clearly favors domestic solutions.

This development represents a significant challenge for Nvidia, which faces exclusion from China’s premium AI chip sector through American export controls.

H200 Shipments Remain at Standstill

CEO Jensen Huang announced last month that Nvidia had resumed production of its H200 processors targeting potential Chinese markets, revealing that several customers had submitted orders. However, Reuters disclosed this week that no H200 units have actually been delivered to any Chinese purchaser.

While the Trump administration granted approval for H200 transactions with China, implementation has stalled. Conflicts between Washington and Beijing regarding specific transaction parameters have prevented deliveries, according to Reuters’ insider sources.

Chinese purchasers also face difficulties obtaining authorization from their own governmental authorities to complete acquisitions.

The Financial Impact

The financial implications are substantial. Huang has characterized China’s AI infrastructure marketplace as worth $50 billion annually with 50% yearly growth.

KeyBanc analyst John Vinh projects that under unrestricted sales conditions, Chinese enterprises would purchase approximately 1.5 million H200 processors this year. Such volume would generate roughly $30 billion in Nvidia revenue.

Currently, actual revenue from these sales remains at zero.

Nvidia’s stock retreated 1.41% during regular trading, although premarket activity Friday showed a 0.8% increase before Reuters published details about the frozen H200 transactions.

DeepSeek’s V4 introduction intensifies competitive pressure. Should Chinese AI engineers continue developing on Huawei’s Ascend ecosystem, Nvidia’s market opportunity could shrink further — regardless of whether trade and regulatory barriers eventually resolve.

The H200 processors are manufactured and inventory-ready. Their eventual delivery to Chinese clients hinges on negotiations that currently show little progress.

Through Friday, Nvidia has recorded zero H200 transactions with Chinese purchasers, with Reuters documenting shipment postponements stemming from ongoing disputes between American and Chinese authorities over sale stipulations.

The post Nvidia (NVDA) Faces Setback as DeepSeek Opts for Huawei Over American Chips appeared first on Blockonomi.

Morgan Stanley Investment Management has introduced a new fund designed to support stablecoin issuers.

The firm announced the Stablecoin Reserves Portfolio (MSNXX) in New York as part of its Institutional Liquidity Funds Trust, structured as a government money market fund.

Changing Market Needs

According to an April 23 press release, the fund aligns with the reserve requirements outlined in the GENIUS Act. The investment bank also says its main goal is to offer stablecoin payment issuers a compliant option for holding the funds backing their tokens.

Fred McMullen, Co-Head of Global Liquidity at Morgan Stanley, believes the product will help address a clear market need. The official said that there has been a major increase in stablecoin issuers and that the rising number of these digital assets shows potential for future growth.

“We are pleased to deliver a new investment solution to the marketplace that seeks to address the needs of stablecoin issuers,” he wrote.

The bank also set up the fund in a way that promotes capital preservation and liquidity, with the aim of maintaining a stable one-dollar Net Asset Value (NAV) and generating income. Additionally, it only invests in cash, U.S. Treasury bills, notes, and overnight repurchase agreements.

Morgan Stanley has been making several moves to expand its digital asset offerings, with Amy Oldenburg, head of Digital Assets at the firm, emphasizing this in the press release.

“Developing innovative ways to work with stablecoin issuers is another step towards modernizing the financial infrastructure and a key way to improve our institutional clients’ experience,” she wrote.

She further explained that by doing this, its customers from different market segments will get more opportunities, which will also make finance more accessible.

Morgan Stanley’s Deep Dive into Crypto

Recent activity by the bank shows just how much it has been prioritizing cryptocurrencies, with it launching the Morgan Stanley Bitcoin Trust in April. Earlier in the year, the company also introduced a DAP Class share within its Treasury Securities Portfolio.

McMullen said that these developments are also part of the firm’s long-term strategy, noting that it has been actively engaging across the industry to increase its capacity to offer crypto liquidity solutions. He finished by saying that although the effort is still in its early stages, the recent product launches show their commitment to developing solutions that address changing investor needs.

Elsewhere, banks and crypto institutions have been holding talks for months at the White House to settle a dispute over whether the latter should let customers earn a reward on their stablecoin investments. Financial institutions have been opposing the idea because they claim that yield-bearing stablecoins pull funds away from checking and saving accounts, weakening a primary source of lending capital.

Most recently, White House economists opined that banning crypto firms from offering these rewards wouldn’t have a meaningful effect on banks, while also removing consumer benefits gained from these returns.

The post Morgan Stanley Launches Stablecoin Reserve Fund appeared first on CryptoPotato.

A US Army soldier has been charged with using classified government information to profit from prediction market bets, according to an indictment unsealed by the US Attorney’s Office for the Southern District of New York.

Authorities said Gannon Ken Van Dyke faces multiple charges, including unlawful use of confidential government information for personal gain, theft of nonpublic government information, commodities fraud, wire fraud, and engaging in an unlawful monetary transaction.

Inside the $400K Bet

Prosecutors allege that Van Dyke used sensitive classified information obtained through his role in a US military operation known as “Operation Absolute Resolve” to place bets on the prediction marketplace Polymarket. The operation involved the capture of Nicolás Maduro, and Van Dyke was part of the planning and execution process, which gave him access to nonpublic details about the mission.

Despite having signed nondisclosure agreements as part of his military duties, which explicitly prohibited him from sharing or using classified information, Van Dyke allegedly used that knowledge for personal financial gain.

According to the indictment, between late December 2025 and early January 2026, Van Dyke created and funded a Polymarket account and placed approximately 13 bets tied to outcomes related to Venezuela and Maduro. These included contracts predicting whether US forces would be present in Venezuela by January 31, 2026, whether Maduro would be removed from power by that date, whether the United States would invade Venezuela, and whether US President Donald Trump would invoke war powers against the country.

All of Van Dyke’s positions reportedly backed the “YES” outcome on these events, and he wagered roughly $33,034 while in possession of classified information about the operation. US special forces apprehended Maduro and his wife in Caracas during the early hours of January 3, 2026, and Trump announced the successful operation later that day. Polymarket then settled several related contracts in Van Dyke’s favor, which resulted in large winnings. Prosecutors allege his total profits reached approximately $409,881.

Van Dyke allegedly moved most of the funds to a foreign cryptocurrency vault and later transferred them into a newly created online brokerage account. He also withdrew a significant portion of his proceeds from Polymarket on the same day as the operation.

As scrutiny around unusual trading activity in Maduro-related contracts began to circulate in media reports and on social platforms, Van Dyke allegedly took steps to hide his involvement. These actions included requesting the deletion of his Polymarket account under false pretenses and changing the email associated with his cryptocurrency exchange account to one not registered in his name.

Van Dyke is scheduled to appear before a US magistrate judge in the Eastern District of North Carolina. In a statement, FBI Director Kash Patel said,

“Today’s announcement makes clear no one is above the law, and this FBI will do whatever it takes to defend the homeland and safeguard our nation’s secrets. Any clearance holders thinking of cashing in their access and knowledge for personal gain will be held accountable.”

Kalshi’s Election Betting Probe

In a separate case, Kalshi recently suspended three US political candidates after finding out they traded on the outcomes of elections in which they were directly involved. The platform identified Matt Klein, Ezekiel Enriquez, and Mark Moran as participants. Klein and Enriquez each placed trades worth less than $100 on their own races, cooperated with the investigation, and accepted fines and five-year bans.

Moran, however, made multiple trades tied to his campaign, including before formally announcing his candidacy, and later stopped engaging with investigators. He was issued a larger penalty, ordered to return any profits, and also banned for five years.

The post US Soldier Charged With Using Classified Intel to Win $400K on Polymarket appeared first on CryptoPotato.

Bitcoin’s social mood swung from one extreme to the other in roughly 72 hours this week, with on-chain analytics firm Santiment tracking a shift from deep fear to what it’s calling “ultra FOMO mode” between Monday and Thursday.

The firm is now reading that crowd enthusiasm as a warning, not a green light.

From Rejection to Recovery: What Actually Happened

Monday looked rough. Bitcoin had just stalled near $76,000, negative commentary piled up on social platforms, and Santiment’s positive-negative sentiment ratio dropped sharply into FUD territory. The firm flagged that as a buy signal.

By Thursday, April 23, Bitcoin had recovered above $78,000 and was knocking on $80,000 again. As of writing, BTC is trading around $77,500, up about 4% on the week and almost 10% over the past month, per CoinGecko, though it’s still about 38% off the all-time high of over $126,000 set in October 2025.

Santiment posted earlier today that the ratio had flipped hard into “ultra FOMO mode” and called it a “clear caution signal,” adding that a sustained break above $80,000 would be more convincing if optimism pulled back slightly first.

“Prices can continue to rally, and a breach above this resistance level would be massive in bringing in new and returning traders,” the firm wrote. “However, it will ideally happen when optimism calms down just slightly.”

ETF flows were more straightforward, with Farside Investors logging $223 million in net inflows across US spot Bitcoin ETFs on April 23, where BlackRock’s IBIT accounted for $167.5 million of that. Wise Crypto noted IBIT has pulled in roughly $3 billion year-to-date, landing in the top 1% of all ETFs by inflows.

Derivatives-Driven Rally Raises Questions About Durability

Not all analysts agree that BTC’s recent move was fully supported by strong demand. According to one of them, Carmelo Alemán, the rally from about $76,000 to $79,400 was largely driven by futures activity rather than spot buying.

During that move, open interest rose from about $24.9 billion to $28 billion, while short liquidations across Bitcoin and Ethereum totaled over $1.1 billion. This, per the market watcher, meant that many leveraged bearish positions had to be closed, which drove prices up.

While such rallies can be sharp, they can also be unstable if they’re not backed by sustained spot demand, and Alemán noted that this structure often leaves the market vulnerable to reversals if buying pressure fades.

The post BTC Crowd Flips From Extreme Pessimism to Ultra FOMO as Price Nears $80K appeared first on CryptoPotato.

[PRESS RELEASE – Las Vegas, Nevada, United States, April 23rd, 2026]

At the Prediction Conference in Las Vegas, SafeBets [SafeBets.world Inc.] unveiled a first-of-its-kind prediction platform where users can earn substantial financial rewards.

The company’s arrival comes as the prediction market sector reaches a historic inflection point. Industry volume has grown 127-fold in three years, from $0.5 billion in 2022 to $63.5 billion in 2025, with research firm Eilers & Krejcik further projecting the sector to reach $1 trillion in annual trading volume by 2030.

SafeBets is built to capture a significant share of that market through a model that no existing platform has yet attempted. SafeBets aims to grow to 200 million users by 2030.

A New Economic Architecture for Prediction Markets

Traditional prediction platforms operate on a zero-sum model: for every dollar won, another participant loses. SafeBets is built on an entirely different economic foundation.

Instead of redistributing capital among participants, the platform generates revenue by trading crypto, commodities, stocks, and currency markets using the Collective Intelligence of its best predictors.

SafeBets targets $10B+ in annual trading profits from this activity with half of those profits used to reward its top predictors and Brand Ambassadors.

This architecture has direct implications for scalability: zero-sum systems are capped by the capital participants are willing to put at risk. SafeBets scales with global financial markets, a pool orders of magnitude larger.

“SafeBets introduces something the financial world has never seen: risk-free betting,” said Alex Konanykhin, CEO of SafeBets. “Many people have the analytical skill to read markets better than the crowd, but to date, there has been no accessible, risk-free way to be rewarded for it. SafeBets is not a gambling platform—it is a Collective Intelligence Engine.”

How SafeBets Works: Proof-Of-Intelligence

Users create a free account and receive 100 unicoins upon signup, enabling their first 100 predictions across crypto, equities, commodities, and currencies. No deposit is ever required, so no user can incur any loss by placing predictions on SafeBets.

From there, SafeBets’ proprietary algorithm, the Collective Intelligence Engine, evaluates every prediction against real, time-stamped market outcomes, scoring each forecaster on accuracy, consistency, and the magnitude of their calls.

“The Filtration Pyramid is the heart of the platform,” said Gina Antoniello, Executive Director of SafeBets and Professor at NYU. “Anyone can join. Only the genuinely skilled rise. And when they do, the platform rewards them at a scale that has never been possible before, because their intelligence is generating real, measurable value in real financial markets. That is a fundamentally new relationship between individual insight and institutional trading.”

Unicoin: The Smart Coin for Smart People

Instead of using multiple national fiat currencies, SafeBets uses Unicoin as its network token.

Positioned as the Smart Coin for Smart People, Unicoin can be mined on SafeBets through Proof-of-Intelligence. SafeBets intends to allocate 15-25% of its revenues to purchasing unicoins on crypto exchanges, thereby increasing liquidity and price stability. That gives Unicoin a fundamental economic grounding that most cryptocurrencies lack.

The SafeBets–Unicoin ecosystem is designed as a self-reinforcing flywheel: accurate predictors earn unicoins, the token’s value grows with the platform’s trading success, and rising token value attracts a larger and sharper user base, which generates stronger signals and produces greater trading profits.

“Unicoin is what makes the entire system compounding,” said Alex Dominguez, Chief Investor Relations Officer of SafeBets. “I believe that the risk-free betting concept of SafeBets is so unique, intriguing, and appealing that over a billion people may try their prediction skills on SafeBets, especially once we add sports predictions. All SafeBets users will learn about the advantages of Unicoin and start using it for making predictions on SafeBets.world. That may result in the Unicoin community becoming larger than the communities of any other cryptocurrency, including Bitcoin. I’m confident that Unicoin may become the leading cryptocurrency.”

Global Scale: A Platform Built for Everywhere

SafeBets’ model is designed for unrestricted global expansion. Because the platform accepts no financial wagers and places no user capital at risk, it operates entirely outside the gambling classifications that have constrained traditional prediction markets to select jurisdictions.

“In short, SafeBets can reach every market, including the 85+ jurisdictions currently closed to its competitors, from day one. And here at the first conference of the Prediction Industry, we announced that we intend to do so,” Konanykhin concluded.

About SafeBets

SafeBets (SafeBets.world) is a prediction platform where users earn unicoins by accurately forecasting crypto, equity, commodity, and currency markets. The platform accepts no wagers and places no user capital at risk, operating outside global gambling regulations. Powered by an AI-driven Collective Intelligence Engine, SafeBets targets 200 million users and $10B+ in annual trading profits by 2030.

About Unicoin

Unicoin is a cryptocurrency governed by Unicoin Foundation and issued by TransparentBusiness Inc., a U.S.-based crypto company committed to building one of the world’s most transparent and compliant cryptocurrency ecosystems. Through innovation, education, and community engagement, Unicoin Foundation aims to democratize access to economic opportunities and redefine the role of digital assets in society.

Forward-Looking Statements

This press release contains forward-looking statements and projections. Investing in SafeBets involves significant risk, including the possible loss of the entire investment. Success is not guaranteed. All investment decisions should be made only after careful review of the Private Placement Memorandum available at SafeBets.world/invest. This release does not constitute an offer to sell or a solicitation of an offer to buy securities in any jurisdiction where such offer or solicitation is unlawful. TransparentBusiness Inc. provides no essential managerial efforts with respect to SafeBets.

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[PRESS RELEASE – New York, United States of America, April 23rd, 2026]

Threshold Network today announced Verifiable Bitcoin Accounts (VBA), a new framework for institutional Bitcoin deployment built on the same signer infrastructure that has operated with Bitcoin for six years, processed over $5 billion in cumulative volume, and sustained zero losses.

Verifiable Bitcoin Accounts are a Bitcoin Script and PSBT-based account framework for institutional Bitcoin deployment. They define preauthorized spending paths, signer combinations, timelocks, and recovery routes at account setup, allowing allocators to use Bitcoin-backed onchain strategies while preserving segregated custody workflows and verifiable settlement paths.

Your Bitcoin, Your Custody

BTC remains with the holder’s existing custody arrangement. VBA is compatible with Qualified Custodians such as Anchorage and Fireblocks Trust, MPC-based custody networks, and self-custody setups. No title transfer outside of their existing custody. Capital is held in a segregated account, not pooled, and is identifiable at all times. The custody relationship that the allocator already maintains governs every deployed position.

Built for Bitcoin Finance

Institutional Bitcoin lending is accelerating toward a projected $90B by end-of-2026¹, driven by stablecoin growth that reached $308B in early 2026 and is on track to exceed $1T². While major platforms are building proprietary lending stacks to capture the demand, Verifiable Bitcoin Accounts turn any existing custody – Qualified Custodian, MPC network, or self-custody – into institutional-grade lending infrastructure.

Onchain Bitcoin lending and yield markets depend on collateral that resolves reliably across liquidation, maturity, and redemption. Verifiable Bitcoin Accounts are built for that operational reality, with every settlement route agreed at setup and enforced in Bitcoin Script.

For allocators deploying Bitcoin into onchain lending at scale, this is the guarantee that makes the product usable.

Bitcoin-Level Integration Path

The foundation of every Verifiable Bitcoin Account is the Partially Signed Bitcoin Transaction (PSBT), supported by the following features:

• Consensus-enforced spending. Spending conditions, recovery paths, and timelocks are written in Bitcoin Script and enforced by the same consensus mechanism that secures the Bitcoin network. Every permissible outcome is pre-defined. Every state is verifiable onchain by any full node.
• Multi-party controls. No single entity holds unilateral authority over deployed capital during the term of the agreement. Not the custodian, not Threshold, not the depositor. Every movement requires the predefined combination of parties specified for that position.
• Predefined recovery. If the signer network is unavailable, the depositor recovers the BTC themselves after a defined timelock. No counterparty cooperation is required. The Bitcoin UTXO is the system of record.
• Whitelisted deployment. Capital deploys only into risk-assessed, pre-approved onchain lending and yield markets such as Aave, Morpho, Curve, and Yield Basis. Every movement is constrained, auditable, and aligned with institutional compliance requirements.

The signer infrastructure, Threshold Network, the protocol behind Verifiable Bitcoin Accounts, has operated with Bitcoin for six years, with over $5 billion in cumulative volume and zero losses. Verifiable Bitcoin Accounts is the extension of this proven, existing infrastructure.

Verified, Not Just Trusted

Institutional adoption of Bitcoin in onchain markets does not scale on assurance alone. It scales on independent verification.

“Institutions don’t need additional layers of trust; they need systems where outcomes are defined, enforceable, and verifiable from the outset. By removing reliance on counterparties, we align Bitcoin onchain with the standards institutional capital actually requires.” — MacLane Wilkison, Co-Founder of Threshold Network

Verifiable Bitcoin Accounts (VBA) establish a new standard for institutional Bitcoin deployment: every component of the architecture can be verified before a single satoshi is committed.

Verifiable Bitcoin Accounts are available to qualified institutional participants. To discuss integration and explore deployment into approved onchain venues, users can contact the team via: https://threshold.network/contact

About Threshold Network

Threshold Network is the protocol behind tBTC, the trust-minimized Bitcoin bridge that has processed over $5 billion in cumulative volume across six years of mainnet operation with zero losses. Verifiable Bitcoin Accounts extend this infrastructure into institutional Bitcoin deployment, combining segregated custody, Bitcoin-enforced spending controls, and access to onchain lending markets. For more information, users can visit the official website.

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