Quick Summary: The US Treasury proposes rules letting states regulate stablecoins under $10 billion in market cap, provided they meet or exceed federal standards. The US Department of the Treasury has issued a notice of proposed rulemaking and is inviting public comment on how states may govern stablecoins under the GENIUS Act, formally titled the Guiding and Establishing National Innovation for US Stablecoins Act. The proposal outlines the conditions under which state-level frameworks can operate alongside federal oversight. Comments must be submitted within 60 days of the announcement.Under the proposed rules, states are permitted to regulate stablecoins with a market…
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Quick Summary: South Korean crypto exchange Bithumb has delayed its IPO to after 2028, citing ongoing work to strengthen accounting policies and internal controls. Bithumb, a major South Korea-based cryptocurrency exchange, is now targeting a public listing sometime after 2028, according to a report from Maeil Business News Korea. A company official stated that Bithumb would focus on preparing for the listing through 2027. The delay marks the latest setback for an exchange that had originally aimed to go public in 2025.At the company’s annual shareholder meeting, CFO Jeong Sang-gyun said Bithumb is working to strengthen its accounting policies and…
Quick Summary: Volatility Shares debuts six new ETFs offering leveraged and standard futures exposure to three major altcoins amid growing regulatory scrutiny. Volatility Shares introduced six new exchange-traded funds on Wednesday, expanding its lineup of cryptocurrency investment products. Three of the funds offer 2x leveraged exposure to Cardano, Stellar, and Chainlink, while the remaining three provide standard futures-based exposure to the same assets. The three altcoins rank among the larger cryptocurrencies by market capitalization, with Cardano at $9 billion, Stellar at $6.3 billion, and Chainlink at $5.6 billion as of Wednesday afternoon, according to CoinGecko.The launch builds on Volatility Shares’…
Quick Summary: EDX Markets has filed an application with the OCC to establish EDX Trust, a national trust bank offering crypto custody, asset management and trade settlement. EDX Markets, an institutional cryptocurrency exchange, has submitted an application to the US Office of the Comptroller of the Currency (OCC) seeking approval to establish a national trust bank. The proposed institution, to be called EDX Trust, would offer crypto custody, asset management and trade-settlement services. Unlike a traditional depository bank, the entity would operate as a non-depository national bank, keeping custody and settlement functions separate from trading activity.According to the filing, order…
Quick Summary: Drift Protocol, a Solana-based decentralized exchange, suffers an active exploit with over $250 million stolen and deposits and withdrawals suspended. Drift Protocol, a Solana-based decentralized exchange primarily used for trading perpetual futures, is under an active exploit that has resulted in the theft of more than $250 million in funds, according to on-chain data. The protocol announced the attack on X at approximately 3:00 p.m. ET on Wednesday, confirming that deposits and withdrawals had been suspended. The team stated it was coordinating with multiple security firms, bridges, and exchanges to contain the incident. In its post, the protocol…
Quick Summary: Tether’s head of government affairs will chair Fellowship PAC, a crypto-aligned Super PAC claiming over $100 million in funding for the 2026 US elections. Jesse Spiro, the head of government affairs at stablecoin issuer Tether, is set to chair Fellowship PAC, a crypto-aligned Super political action committee targeting the 2026 US midterm elections and future races. The PAC announced Spiro’s appointment on Wednesday, ahead of its first planned political endorsements for the 2026 cycle. Fellowship PAC says it intends to back candidates who support innovation, regulatory clarity for digital assets, and open markets.Fellowship PAC launched in August 2025…
Quick Summary: Crypto exchange EDX Markets, backed by Citadel Securities, Fidelity and Charles Schwab, has applied for a national trust bank charter with the OCC. EDX Markets, a cryptocurrency exchange backed by Citadel Securities, Fidelity, and Charles Schwab, has submitted an application to the Office of the Comptroller of the Currency for a national trust bank charter. The application represents a significant step in the company’s efforts to broaden the range of services it offers to institutional clients. If granted, the charter would position EDX as a regulated trust entity operating within the traditional financial framework.Under the proposed structure, the…
Quick Summary: Google’s new Veo 3.1 Lite model drops AI video generation costs to $0.05 per second, making high-volume video apps viable for smaller developers. Google has introduced a new entry-level AI video model called Veo 3.1 Lite, available to developers through the Gemini API. The model is priced at less than half the cost of Veo 3.1 Fast, the mid-tier option in Google’s video generation lineup. It supports both Text-to-Video and Image-to-Video generation in landscape and portrait formats, at 720p and 1080p resolution. Video length can be set at 4, 6, or 8 seconds, with pricing that scales accordingly.The…
Quick Summary: SpaceX has confidentially filed IPO paperwork with the SEC, targeting a valuation above $1.75 trillion and aiming to raise up to $75 billion. SpaceX, the aerospace company founded by Elon Musk, has confidentially submitted initial public offering paperwork to the U.S. Securities and Exchange Commission, according to reports from Bloomberg and CNBC. The filing allows regulators to examine the company’s financial details privately before any public disclosure. The IPO is expected to launch in June, Bloomberg reports.The company is targeting a valuation exceeding $1.75 trillion, which would follow a planned merger with Musk’s artificial intelligence venture xAI. SpaceX…
Quick Summary: Drift, a Solana-based DeFi platform, is investigating unusual activity and has urged users to halt deposits while the review continues. Drift, a decentralized finance platform built on the Solana blockchain, has announced it is investigating what it describes as unusual activity on its protocol. The platform issued a public alert urging users to refrain from depositing funds until the review is complete. The warning has prompted significant concern across the broader cryptocurrency community.Following the announcement, some users began reporting irregular behavior affecting their positions on the platform. The alert quickly spread through crypto forums and social media channels,…
