News linked to both this project and an event.
Benchmark has maintained a "Buy" rating for Coinbase with a $270 price target, implying approximately 59.5% upside from its Tuesday closing price of $169.27. The firm noted that Coinbase's latest "System Update" indicates it is accelerating its transformation from a crypto trading platform into an "everything exchange" that bridges traditional finance and the on-chain economy.Analyst Mark Palmer stated that this product update covers tokenized stocks, stock and crypto options, pre-IPO perpetual contracts, prediction markets, AI-driven investment tools, agent payment infrastructure, and retail financial products, signaling the continuous expansion of its business boundaries.Key progress highlighted by Benchmark also includes: the U.S. CFTC's approval for it to operate as a regulated Futures Commission Merchant (FCM), global derivatives capabilities obtained through the acquisition of Deribit, and integrating crypto perpetuals and options into a compliant framework, thereby achieving cross-market liquidity consolidation.Furthermore, the company's strategic moves in the Base ecosystem, prediction markets, and AI agent payments are also seen as key signals of its evolution from "spot crypto trading" to a comprehensive on-chain financial infrastructure. (The Block)
According to The Block, Australia’s High Court unanimously ruled that Block Earner’s previously launched fixed-income digital asset product, Earner, qualifies as a regulated financial product, requiring providers to hold an Australian Financial Services Licence (AFSL). The court upheld the appeal filed by the Australian Securities and Investments Commission (ASIC) and overturned the lower court’s earlier ruling, which had been more favorable to Block Earner.
According to The Block, U.S. Senate and House leaders jointly released an updated version of the “Pathway to 21st Century Housing Act,” confirming a bipartisan agreement between both chambers. The bill’s core focus is housing affordability reform, including expanding housing supply and curbing market monopolization by corporate landlords. Notably, an attached provision explicitly prohibits the Federal Reserve from issuing or creating a central bank digital currency (CBDC) or any “substantially similar” digital asset before December 31, 2030—a clause spearheaded by Republican members of the House. The Trump administration maintains a consistent stance: Treasury Secretary Bessent has previously stated unequivocally that a CBDC is “not under consideration.” The bill will first undergo a procedural vote in the Senate and is expected to be submitted to the House for consideration after Congress resumes on June 23, following its recess; it will then proceed to the President for signature.
According to The Block, industry groups including the American Gaming Association (AGA) and the National Indian Gaming Association jointly sent a letter to the U.S. Senate urging explicit prohibition in the crypto market structure legislation—the “Clarity Act”—of prediction market contracts tied to sporting events and casino-style games. The letter states that such platforms circumvent state and tribal laws by branding themselves as “federally regulated financial products,” thereby weakening consumer protections and posing risks to young users. It further emphasizes that the Commodity Futures Trading Commission (CFTC) is not the appropriate regulator for sports betting. The Clarity Act has already passed the Senate Banking Committee and will next proceed to a full Senate vote.
World Liberty Financial, a crypto project backed by the Trump family, is expected to receive approval from the Office of the Comptroller of the Currency (OCC) to operate as a national trust bank in the near future. Two former OCC employees who spoke on condition of anonymity revealed that the application is almost certain to be approved.World Liberty Financial established a U.S. trust company in January of this year and submitted an application to the OCC. Obtaining a federal trust bank charter would allow the project to issue and redeem its USD1 stablecoin, manage reserves, provide digital asset custody, and offer conversion and settlement services under a single federal regulatory body, without relying on third-party intermediaries. Currently, the project's intermediary institution is BitGo. (The Block)
According to The Block, State Street has launched the State Street Stablecoin Reserves Money Market Fund (SSCXX), an asset management tool for stablecoin issuers’ reserves. This fund is a Rule 2a-7 government money market fund that primarily invests in cash, short-term U.S. Treasury securities, repurchase agreements, and other cash equivalents, aiming to preserve principal, provide daily liquidity, and maintain a stable $1.00 net asset value per share.
According to The Block, the International Monetary Fund (IMF) stated that Nigeria’s widespread adoption of U.S. dollar–pegged stablecoins is challenging the country’s existing monetary policy and regulatory framework. The IMF noted that the naira’s depreciation, high inflation, and limited access to official foreign exchange are driving local households and small and medium-sized enterprises (SMEs) to adopt stablecoins for cross-border payments and hedging against exchange rate risk.
research firm Benchmark Equity Research has highlighted that the market structure reform proposal put forward by the U.S. Securities and Exchange Commission (SEC) on June 11 could be one of the most far-reaching regulatory actions for the U.S. crypto industry this year. The proposal aims to abolish Rule 611 and Rule 610(e) of Regulation NMS, two core rules that have governed the routing and execution of U.S. stock trades since 2005, which are seen as having long constrained the development of tokenized stocks and on-chain trading.Rule 611 (Order Protection Rule) requires trading venues to avoid executing trades at prices inferior to "protected quotations" on other markets, thereby enforcing the National Best Bid and Offer (NBBO) system. Rule 610(e) prohibits locked and crossed markets, restricting quotation overlaps and price mismatches.Benchmark analyst Mark Palmer stated that if the rules are repealed, it would remove key legal barriers hindering DeFi trading models, such as automated market makers (AMMs), allowing them to operate without relying on traditional order routing systems. The regulatory changes would directly benefit infrastructure for tokenized stocks and crypto securities trading, with Securitize identified as the most immediate beneficiary. Additionally, Coinbase and Galaxy Digital could also benefit from the expansion of trading, custody, and market-making businesses.However, Benchmark also noted that even with looser rules, critical issues such as exchange registration, clearing and settlement, and custody frameworks remain unresolved. The market is still anticipating the SEC's potential introduction of an "innovation exemption" mechanism. The SEC has opened a 60-day public comment period, and Benchmark expects a final vote could take place in early 2027. (The Block)
According to The Block, Kraken has launched cryptocurrency perpetual futures trading in the U.S., with the related products available via Kraken Pro. This launch follows Kraken’s acquisition of Bitnomial—a CFTC-licensed exchange, clearinghouse, and broker—in May.
Bernstein suggests Robinhood is poised for a "strong tailwind" as prediction market trading volumes hit record highs during the World Cup.Data shows that daily trading volume in prediction markets during the early stages of the FIFA World Cup surged from $2.2 billion on June 11 to $4.8 billion on June 12, setting a new all-time high, surpassing the $1.4 billion traded during the previous Super Bowl.Analysts note that prediction markets have become one of Robinhood's fastest-growing revenue lines since their launch. The firm projects Robinhood's prediction market revenue will grow from $150 million in 2025 to $586 million in 2026, representing an increase of approximately 286% year-over-year, and is expected to account for 17% of trading-related revenue and 10% of total revenue in 2026.Bernstein believes Robinhood's partnership with exchange and clearing house Rothera, which is regulated by the U.S. Commodity Futures Trading Commission (CFTC), is a competitive advantage. Since its launch on May 28, Rothera has processed approximately 200 million contracts in 18 days, with FIFA World Cup and MLB-related contracts contributing nearly all of the trading volume. Analysts state that Robinhood's core strength lies in its distribution capability, with its massive user base, a commission of $0.01 per contract, and strategies like up to 50% fee discounts for Gold members helping to drive user engagement.Furthermore, Bernstein indicates that competition in the prediction market space is expanding, including Polymarket launching event contracts for private companies and Kalshi introducing cryptocurrency perpetual contracts. The firm estimates that the World Cup will bring over $3 billion in new betting volume to prediction markets and boost overall consumer trading volume in the industry by $5 billion to $10 billion. (The Block)
the Public Crime Investigation Division of the Seoul Metropolitan Police Agency in South Korea has registered Bithumb CEO Lee Jae-won as a suspect in a bribery case, which is linked to independent lawmaker Kim Byung-kee. According to a former assistant's testimony, Kim Byung-kee asked Lee Jae-won in November 2024 to arrange jobs for his two sons at Bithumb. They joined the company two months later and worked for about six months. Kim Byung-kee also previously requested Bithumb to hire one of his assistants, who has been working at the company since September 2025. (The Block)
Odaily Benchmark maintains a Buy rating for Securitize, a tokenized infrastructure company, with a price target of $16, based on the company's projected revenue of $178 million for 2027. The SEC has approved the registration statement for the merger of Securitize and Cantor Equity Partners II. Shareholders will vote on June 29. If the merger goes through smoothly, the combined entity will be listed on the New York Stock Exchange under the ticker SECZ.The report states that Securitize has a differentiated advantage through its compliance license framework spanning the U.S. and Europe, including being registered in the U.S. as a broker-dealer, an alternative trading system, a transfer agent, and a fund service provider, while holding trading and settlement licenses under the EU's DLT Pilot Regime. Securitize currently manages approximately $3.4 billion in tokenized assets, and its specific market segment has already exceeded $30 billion. (The Block)
financial infrastructure company TVL Capital announced the completion of a $5 million funding round, led by Framework Ventures, with participation from Flow Traders and other institutions. Co-founder Lars previously served as Head of Market Research at The Block. The company's products are benchmarked against traditional exchange-traded products, aiming to build compliant, composable derivatives and diversified yield structures, primarily targeting institutional investors to meet various structured investment and yield management needs.
According to The Block, the New York State Department of Financial Services (NYDFS) formally proposed stablecoin regulatory rules—“Authorized Payment Stablecoin Issuers”—on June 10 local time. Building upon the 2022 guidance framework (which includes core requirements such as 1:1 U.S. dollar backing, redeemability, and independent audits), the new rules introduce several additional provisions: reserve assets must be held in a diversified custodial arrangement, with a cap on concentration at any single custodian; issuers with issuance volumes exceeding $25 billion must hold an additional minimum of 0.5% of reserves (capped at $500 million) at FDIC-insured depository institutions; redemptions must be completed within two business days; and rehypothecation of reserve assets and payment of interest on reserves are prohibited. The rules explicitly align with the “substantially similar” certification standard under the federal GENIUS Act, aiming to preserve New York State’s regulatory authority over issuers with issuance volumes below $10 billion. A 10-day pre-comment period has now opened, followed by a formal 60-day public comment period. The final rules will take effect concurrently with the GENIUS Act, and currently licensed issuers will be granted a one-year compliance transition period.
According to The Block, the Hyperliquid Policy Center and Paradigm have jointly written a letter to the U.S. Department of the Treasury urging revisions to a proposed anti-money laundering rule, stating that it could impose strict liability on stablecoin issuers for secondary-market transactions over which they lack substantive control.
According to The Block, U.S. Senator Elizabeth Warren sent a letter to Michael Selig, Chair of the U.S. Commodity Futures Trading Commission (CFTC), questioning whether the agency is capable of assuming broader regulatory responsibilities for cryptocurrencies and prediction markets amid staff reductions and declining enforcement activities.
According to The Block, ANTIK, the blockchain division of asset management giant Janus Henderson—which oversees $480 billion in assets—has established a position in the ENA token and signed a strategic partnership agreement with Ethena to stake USDe for cash management purposes. The two parties have also committed to jointly developing compliant investment products based on USDe and ENA, including ETFs and ETPs, expected to launch in the second half of 2026. As part of the collaboration, Ethena has incorporated Janus Henderson’s JAAA strategy—which invests in AAA-rated CLOs—into the USDe reserve portfolio.
According to The Block, crypto market maker GSR has received approval from the U.S. Financial Industry Regulatory Authority (FINRA) to formally complete its acquisition of Portland-based SEC-registered broker-dealer Equilibrium Capital Services, which has now been renamed GSR Securities. Xin Song, CEO of GSR, stated that this acquisition will strengthen its compliant broker-dealer platform in the U.S., with a focus on serving institutional clients. GSR previously disclosed plans to position its business as a “Web3 investment bank”; following the acquisition, it will further expand its tokenized financing services. Additionally, GSR has been highly active this year: in April, it launched the GSR Crypto Core3 ETF on Nasdaq; in March, it acquired token advisory firms Autonomous and Architech, and invested in Libeara—the tokenization platform under SC Ventures; last month, SC Ventures—the fintech investment arm of Standard Chartered Bank—became GSR’s first external shareholder and completed its investment.
: Institutional-grade digital asset custody platform Zodia Custody has announced that it has obtained a payment institution license from the Luxembourg financial regulator, the Commission de Surveillance du Secteur Financier (CSSF). This authorization allows the company to compliantly provide custody and transfer services for electronic money tokens (EMTs, i.e., stablecoins) within the European Union.Zodia Custody stated that this approval represents a further expansion on its existing MiCA license, enhancing its digital asset service capabilities for institutional clients. The company believes that as the use of stablecoins in payment settlement, liquidity management, and corporate treasury operations continues to grow, stablecoin custody and transfer capabilities will become a core component of digital asset infrastructure providers.Founded in 2020, Zodia Custody focuses on the institutional client market. Its shareholders include institutions such as Standard Chartered, Northern Trust, SBI Holdings, Emirates NBD, and National Australia Bank. Following the approval of this Luxembourg license, Zodia Custody has now obtained relevant regulatory permissions in multiple jurisdictions, including the UK, UAE, Hong Kong SAR, Singapore, Australia, and the EU. (The Block)
Japan's SBI Shinsei Bank will launch a pilot program on June 10, allowing customers to convert a portion of their deposit interest into BTC, ETH, or XRP. The initiative uses "interest exchange" as an entry point to introduce crypto assets into traditional deposit products, enabling users to gain cryptocurrency exposure without direct purchase. Future expansion will depend on customer participation and the regulatory environment. (The Block)