Coinbase (COIN) has quietly crossed a threshold that Wall Street would recognize immediately: it has become, by its own definition, the only full-service prime brokerage in crypto.

John D’Agostino, head of strategy at Coinbase Institutional, said the definition of a prime broker still follows a familiar Wall Street checklist: trading, custody, financing, derivatives and cross-margining. In crypto, he added, there’s an extra layer, staking. “If you can do all of those at scale, you’re a prime,” he said.

In equities and fixed income, only a handful of firms, Goldman Sachs (GS), Morgan Stanley (MS) and Bank of America (BAC), truly qualify as full-service primes, D’Agostino said. Smaller brokers can support funds, but they don’t offer the full stack. “A $100 million hedge fund isn’t getting everything from the top tier. They’re piecing it together,” he said. “The big primes do everything.”

Crypto, until recently, worked the same way, just more fragmented. Funds stitched together custody from one provider, derivatives from another, financing elsewhere. “You can synthetically replicate a prime by patching services together,” D’Agostino said. “But Coinbase is the only one doing all of it natively.”

Coinbase is the largest U.S.-based cryptocurrency exchange and a major provider of infrastructure for institutional investors, offering trading, custody and financing services through its Coinbase Institutional unit.

Its flagship platform, Coinbase Prime, bundles these functions into a single system, allowing hedge funds and asset managers to trade, store and finance digital assets under one roof. Prime holds over $350 billion in assets under custody, about 12% of the total crypto market cap, and serves as custodian for more than 80% of U.S. bitcoin and ether ETF assets.

The firm has become a key bridge between traditional finance and crypto markets, serving as custodian for a significant share of U.S. bitcoin BTC$78,117.67 and ether (ETH) exchange-traded fund (ETF) assets and operating under a growing regulatory framework, including oversight from New York regulators

Crypto prime brokers provide institutional clients with a bundled suite of services designed to mirror traditional offerings in markets like equities and FX. They help funds manage counterparty risk and access liquidity across fragmented venues. Prominent players include Coinbase Prime, Galaxy Digital (GLXY), FalconX and Anchorage Digital.

Cross-margining

The final piece fell into place in March with the rollout of cross-margining between spot and derivatives positions, allowing market makers and institutional traders to reduce capital requirements by as much as 10% to 20%. “That was the last pillar,” D’Agostino said. “Now we’re a prime by any standard, substitute crypto for any asset class.”

Coinbase’s institutional platform processes roughly $236 billion in quarterly trading volume and supports more than 470 assets across 20-plus blockchains.

Beyond trading and custody, Coinbase runs a $1 billion lending book and what D’Agostino describes as the industry’s largest listed derivatives footprint through its Deribit integration. Its staking business spans 10 to 20 tokens at institutional scale, including dedicated products through Coinbase Asset Management.

“Those are the core components. There are firms doing well in custody, others in derivatives, others in lending,” he said. “No one is solving all of those problems in one place.”

That gap has persisted in part because of crypto’s relative size. At roughly 3% to 5% of global equities and fixed income markets, it remains too small for major banks to fully commit.

D’Agostino instead expects banks and incumbents to partner. “Buy, build or rent,” he said. “Banks will rent. It’s cheaper and smarter to rent the best brand than build a so-so version.”

Longer term, that calculus could change if crypto grows to 20% or 30% of global markets. “Then you’ll see full-scale competition,” D’Agostino said. “But that’s years away.”

For now, the bigger threat isn’t Wall Street, it’s startups. “I’m less concerned about JPMorgan than I am about the next Brian Armstrong,” he added.

Read more: Coinbase, Bybit said to be working together on tokenization, custody and distribution of U.S. stocks

The US CLARITY Act, a cornerstone proposal aimed at delivering regulatory clarity for the crypto industry, appears poised for finalization in May, according to Galaxy Digital CEO Mike Novogratz. In a SkyBridge Capital podcast with Anthony Scaramucci, Novogratz forecast that the bill would move to the committee in the first week of May and could reach the president’s desk for signing as soon as June, signaling a potential climate shift for US crypto policy. He stressed that bipartisan consensus is crucial for sustaining American innovation in finance and technology.

The forecast comes amid a thinner-than-expected week for crypto legislation in Congress, as the Senate Banking Committee did not schedule a markup hearing by Friday—crucial momentum that markets had anticipated. Even as the timetable remains uncertain, Novogratz argued that the CLARITY Act would unlock new pathways for institutional participation, including tokenizing and selling major U.S. entities to global investors.

Key takeaways

• May emergence: Galaxy Digital’s Mike Novogratz forecasts the CLARITY Act’s finalization in May, with a potential June signing, hinging on committee action and bipartisan alignment.
• Tokenization promise: The bill is framed as enabling the tokenization of large institutions—an idea Novogratz says could broaden access to global markets for US-based assets.
• Current friction: The Senate Banking Committee did not hold a markup as expected, underscoring ongoing negotiations and political headwinds that could affect timing.
• Backstop from lawmakers: Senator Cynthia Lummis warned that the window to pass the CLARITY Act may be narrowing, framing it as a critical juncture for America’s financial future.

The CLARITY Act in a moment of regulatory tension

Novogratz’ outlook reflects a broader market longing for clarity after years of regulatory ambiguity that contributed to some crypto firms relocating operations abroad during the prior administration. He argued that the CLARITY Act’s passage would be a watershed, not only for crypto markets but for broader innovation in the United States. The explicit prospect of tokenizing globally accessible corporate assets—such as SpaceX and Google—could redefine how capital markets allocate risk and reward across borders.

“This phone with a crypto wallet is going to be the way the kid in Bhutan or Batswana or Bolivia or Paraguay, you name it, is participating in the American economy.”

The notion that personal devices could serve as gateways to a broad, tokenized financial system underscores the Act’s potential reach. Still, the road to passage has been far from smooth. The bill previously cleared the House in July 2025 with bipartisan support, raising expectations that a broader consensus might now carry it through Senate deliberations. Yet, disputes over how stablecoins interact with traditional banking—particularly whether yields from stablecoins could erode banks’ competitiveness—have kept the legislation in a gridlock that many market participants find frustrating.

Industry sentiment: timelines and odds

Industry insiders remain divided on the likelihood of timely passage. Galaxy Digital chief of firmwide research Alex Thorn suggested in a social post that the current odds of the CLARITY Act becoming law in 2026 were around 50%. Thorn noted in accompanying commentary that the Senate Banking, Housing, and Urban Affairs Committee was expected to set a markup hearing in the near term, a signal that momentum could resume, though a concrete timetable did not materialize as anticipated. He cautioned that if markup slips past mid-May, the odds of passage could deteriorate appreciably.

The regulatory backdrop remains the primary overhang for the sector. Proponents argue that clear, durable rules would unlock capital access and catalyze domestic innovation, while critics warn of potential risk gaps if the framework does not fully address the evolving realities of digital assets, including stablecoins and tokenized assets. The tension between banking interests and crypto advocates has been a persistent feature of the debate, complicating simple pass/fail predictions for the CLARITY Act.

As part of the broader narrative, investors and builders are watching how the bill’s provisions would interact with existing financial infrastructure. A successful enactment could potentially redraw the map for institutional participation in digital assets and open new funding channels for innovative projects that have faced regulatory hurdles in the current environment. The House’s prior passage in 2025 offered a signal that lawmakers recognize the strategic importance of crypto regulation—yet the Senate pace and its negotiations have so far determined the pace of any final approval.

What changes, what remains uncertain, and what to watch next

The core shift proposed by the CLARITY Act is regulatory clarity—reducing the ambiguity that has long stoked caution among banks, insurers, and asset managers contemplating digital-asset exposure. If enacted, the law could pave the way for more standardized treatment of digital securities, stablecoins, and tokenized equities, while clarifying enforcement expectations for issuers and platforms. That kind of clarity can have a tangible impact on capital formation, product development, and the strategic decisions of large tech and industrial players contemplating tokenized offerings.

At the same time, several critical uncertainties remain. The precise legislative language, the final stance of key committee chairs, and the political dynamics across both parties will shape whether the bill can clear the Senate in 2026. The parallel discussions around stablecoin regulation and the accounting of tokenized assets will also influence how aggressively firms pursue tokenized products once a framework is in place. For investors, the takeaway is not a guaranteed breakthrough but the potential for a meaningful policy inflection that could reorient risk, funding, and growth trajectories in the crypto economy.

Meanwhile, proponents emphasize that the clock is not just about passing a single bill but about signaling to the global market that the United States remains open to responsible innovation. The House’s July 2025 vote underscores a legislative appetite for a credible regulatory path, yet the Senate’s pace underscores how political, regulatory, and industry fault lines can extend timelines. Those dynamics will be crucial as the spring and early summer sessions unfold and the crypto policy discourse moves from committee rooms to a broader national conversation.

What readers should watch next is how the Senate addresses the markup process and whether a bipartisan framework can crystallize around the act’s provisions. If May brings a committee referral followed by timely floor action, the CLARITY Act could emerge as a defining moment for crypto regulation in the United States—one that not only clarifies the rules of the road for digital assets but also shapes the market’s willingness to embrace tokenized capital in the years ahead.

Source tracking and attribution: Statements about timing and committee action reflect remarks attributed to Mike Novogratz on a SkyBridge Capital podcast with Anthony Scaramucci, and the broader timeline context comes from coverage surrounding the bill’s progress, including Lummis’ warning about the window to pass the CLARITY Act and Galaxy Digital’s commentary on the likelihood of a 2026 passage. Past House passage and related industry chatter provide additional context for the current momentum and the anticipated debate in the Senate.

Key Takeaways

• Jane Street generated $39.6B in trading revenue with only 3,500 employees in 2025.
• Legal scrutiny in India and the U.S. challenges Jane Street’s trading practices.
• Crypto market faces stricter transparency and compliance standards

Jane Street Outpaces JPMorgan in Trading Revenue

Jane Street recorded a remarkable $39.6 billion in trading revenue in 2025, surpassing JPMorgan’s $35.8 billion despite operating with only 3,500 employees. By comparison, JPMorgan employs more than 316,000 people globally. The contrast highlights one of the largest productivity gaps in modern finance, with each Jane Street employee generating an estimated $11 million in revenue.

The firm operates as a proprietary trading company, meaning it trades using its own capital rather than managing client funds. Jane Street has built its reputation through market-making activities, particularly in exchange-traded funds and options markets. Reports suggest that 87% of its $662 billion portfolio is tied to options, positioning the firm to benefit heavily from market volatility and rapid trading opportunities.

Market-Making Strategy Raises Regulatory Questions

Jane Street’s success has also attracted growing regulatory attention. In India, the Securities and Exchange Board of India (SEBI) accused the company of manipulating bank stocks and index options during expiry sessions. Authorities reportedly impounded $567 million linked to the alleged activity.

Beyond India, scrutiny has expanded into the crypto sector. Jane Street often acts as a liquidity provider and market maker, roles that give firms visibility into order flow and market behavior. Regulators are increasingly examining whether these informational advantages create unfair trading conditions or allow firms to benefit from early market signals.

Terraform Lawsuit Intensifies Legal Pressure

In the United States, Jane Street is facing allegations tied to the collapse of Terraform Labs and the Terra-Luna ecosystem. A federal complaint claims the firm used non-public information to avoid substantial losses during the stablecoin’s breakdown.

Central to the lawsuit is a narrow 10-minute period in May 2022. Terraform Labs reportedly removed $150 million in TerraUSD liquidity from Curve’s 3pool without public notice. Minutes later, a wallet linked to Jane Street withdrew $85 million, fueling allegations that the company acted on privileged information.

What Comes Next for Crypto Market Makers

The next several months could determine how regulators approach proprietary trading firms in both traditional and crypto markets. A favorable legal outcome for Jane Street may strengthen the argument that firms simply react to public blockchain activity. However, stricter rulings could reshape compliance standards across the industry.

Crypto market makers are already tightening internal controls as regulators focus more closely on liquidity management, insider communication, and order-flow transparency. These developments may mark a turning point for how high-frequency trading firms operate in digital asset markets.

🚨 A FIRM WITH 3,500 EMPLOYEES MADE $39.6 BILLION LAST YEAR AND MOST OF IT CAME FROM MARKETS THEY ARE ALSO ACCUSED OF MANIPULATING : JANE STREET

And they just had their best year ever while facing a market manipulation fine in India and an insider trading lawsuit in the US.… pic.twitter.com/x9CkE2SzDg

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— Bull Theory (@BullTheoryio) April 25, 2026

The next crypto to explode debate just sharpened after Binance rolled out its new Alpha Page on April 23, tracking early-stage projects before listing with historical user gains reaching $24,787, the cleanest signal yet that wallets entering a token before the Binance listing are the ones walking away with the real returns.

That dashboard explains why investors are hunting early entries right now, and Pepeto is the name catching the flow. Past $9.45 million raised, a full exchange running, and the Binance listing approaching, the presale at $0.0000001866 mirrors the setup that paid the biggest checks of the last cycle.

Binance Alpha Page Opens a Window Into the Listing Playbook That Delivers 41% Average Returns

Binance launched its Alpha Page on April 23, a central hub tracking early-stage tokens from pre-listing activity through exchange debut, with past Alpha events paying users up to $24,787 before public trading opened, according to CryptoNewsZ.

The numbers behind the Binance listing playbook explain the rush. A Ren & Heinrich study found tokens rise +41% on listing day and +73% within 30 days on Binance. Every cycle rewards wallets that entered before the listing alert fired, because once trading goes live the gap closes and never opens again.

Three Tokens Lined Up For the Coming Breakout

Pepeto Price at $0.0000001866 as $9.45M Raised Confirms Where Listed Capital Is Rotating

Bitcoin volume rolled through exchanges this week while capital pulled off into cold storage, and wallets moving with intent are searching for the early entry that vanishes once a token goes live on Binance. Pepeto, viewed as the next crypto to explode, hands traders one platform to swap, bridge, and verify without paying fees, and analyst radars point to 100x from presale pricing.

PepetoSwap clears trades at zero cost, the cross chain bridge carries tokens between Ethereum, BNB Chain, and Solana without gas, and the AI contract scanner reads every token before a dollar goes into it. These products are already live, verified by a SolidProof audit.

The Pepe cofounder who grew the original to an $11 billion peak designed every tool to run without fees. More than $9.45 million raised during deep fear shows wallets inside are not guessing, 178% APY staking locks supply tighter every day, and the Binance listing is the event every early buyer is positioning for.

BNB Price at $638 as Osaka/Mendel Hard Fork April 28 Targets 20,000 TPS

BNB trades at $638 per CoinMarketCap, down 0.77% in 24 hours with the Osaka/Mendel hard fork scheduled for April 28 implementing nine BEP proposals pushing the chain toward 20,000 transactions per second. Support holds at $610 and resistance sits at $670, with BNB Chain averaging 4.5 million daily active users in Q1 2026, topping all Layer 1 networks.

At an $85 billion market cap, a move to $800 delivers roughly 25% over quarters, steady ground but nowhere near what a presale entry produces from one listing event.

Dogecoin (DOGE) Price at $0.0962 as $330M Whale Buys Set Up $0.1172 Breakout

Dogecoin (DOGE) trades at $0.0962 per CoinMarketCap, up 2.30% in 24 hours after whales absorbed over $330 million of DOGE in the past week while $800 million moved through the network on April 16, the biggest volume spike this year per The Market Periodical. The ascending wedge sets $0.1028 as the breakout trigger with $0.1172 as the first target.

DOGE sits 87% below its $0.73 peak, and even a climb to $0.15 delivers 56% at a $15 billion cap. Presale pricing converts the same capital into outcomes many multiples higher, and that spread is why DOGE bulls are eyeing entries outside the memecoin tier.

Conclusion

Nobody who bought Shiba Inu after its Binance listing turned $600 into millions. The wallets that collected the life-changing returns bought SHIB in late 2020 when it was unknown, with no chart, no exchange pair, and no attention. Early, inside a fearful market, in names the crowd was writing off, is the only pattern that has ever paid outsized returns. Top ten coins on a green day have never minted anyone a seven-figure exit.

The same signal is flashing again. A Pepe cofounder is rebuilding the playbook with real exchange tools, the presale sits at $0.0000001866, and the Binance listing is approaching on its own schedule. Every investor who watched SHIB move from the sidelines repeats one line, I saw it and did nothing.

Click To Visit Pepeto Website To Enter The Presale

FAQs

What is the next crypto to explode with 100x potential in April 2026?

Pepeto leads with a live exchange suite, SolidProof audit, and a Pepe cofounder running the build. The presale raised $9.45 million at $0.0000001866, with analysts projecting 100x once the Binance listing opens.

Is Dogecoin (DOGE) a strong buy at $0.0962 after $330M in whale accumulation?

Dogecoin (DOGE) at $0.0962 carries a clear breakout setup at $0.1028 with $0.1172 as the first target after $330 million in weekly whale buying. Pepeto through the Pepeto official website offers presale pricing and a listing gap DOGE at its current cap cannot match.

Disclaimer: This is a Press Release provided by a third party who is responsible for the content. Please conduct your own research before taking any action based on the content.

JPMorgan says tokenization could change how the funds industry operates, including the exchange-traded fund market. 

Ciarán Fitzpatrick, JPMorgan’s global head of ETF product, said tokenization may affect ETFs and wider fund products over time.

“We believe tokenization will certainly drive how the market changes, not just for ETFs but across the funds industry as a whole,” Fitzpatrick said in a post published Friday.

ETF tokenization could improve settlement

Fitzpatrick said firms continue to test tokenized ETFs because the model could improve creation and redemption. It could also support “near-instant settlement” and round-the-clock access for some products.

He said tokenization may become part of the ETF market, but practical use cases still need more time. 

“My view on tokenization is that it will become part of the ETF ecosystem, but we’re a couple of years away from some good use cases,” he said.

In addition, JPMorgan is already studying tokenization through Kinexys, its blockchain business unit. The bank has used the unit to explore how blockchain can support financial markets and settlement systems.

The comments show that large financial firms still see value in tokenized assets, even as they take a cautious view on timing. JPMorgan’s position suggests that tokenization may grow through tested use cases rather than fast market adoption.

Regulators and exchanges show growing interest

Traditional finance firms and regulators have shown more interest in tokenized assets. The focus has included equities, funds, and other products that trade only during market hours.

SEC Commissioner Hester Peirce recently urged firms working on tokenized products to speak directly with the agency. The SEC has also allowed some tokenization-related efforts, including a Nasdaq rule change for tokenized share trading.

Major firms, including the New York Stock Exchange, Robinhood, Kraken, and Coinbase, are also working on tokenized equity products. Analysts expect tokenized assets to reach trillions of dollars by 2030, though estimates vary widely.

TLDR:

• Bitcoin is trading near $77,998 as it approaches a low-activity heatmap zone extending to $83,000.
  
• The STH Cost Basis and True Market Mean Price are both converging around $79,000 to $83,000 resistance.
  
• Bitcoin has reclaimed the -0.5 MVRV pricing band at $73,700, keeping the bullish trend scenario valid.
  
• Losing $73,700 support could push Bitcoin toward the Realized Price level near $55,000, analysts warn.

Bitcoin is approaching a critical price zone as multiple on-chain indicators align near the $83,000 level. Traders and analysts are watching closely as the STH Cost Basis, True Market Mean Price, and distribution clusters converge.

The market’s reaction at these levels may determine Bitcoin’s next major directional move. At press time, BTC is trading near $77,998.

Distribution Clusters and Cost Basis Levels Point to $83,000 Resistance

Bitcoin is currently moving through a low-activity price zone on the heatmap. This white zone reflects limited historical exchange activity between current prices and $83,000.

Crypto analyst Darkfost noted that this area extends toward $83,000, where many investors previously reacted.

Both the STH Cost Basis and the True Market Mean Price are hovering near $79,000. These two metrics are trending closely together and continue to act as resistance. Darkfost added that his adjusted STH Cost Basis, accounting for Coinbase-moved BTC, sits closer to $83,000.

The convergence of these three elements creates what analysts call a confluence zone. Such zones tend to attract strong market reactions, either rejection or breakout. Bitcoin’s behavior around $83,000 will therefore be important for traders to watch.

A test of these levels appears likely in the near term, according to Darkfost. How price reacts upon reaching that area could offer clearer signals about Bitcoin’s next trend direction. Market participants are advised to monitor volume and price action carefully at that range.

MVRV Pricing Band Offers Key Support Level Near $73,700

Analyst Ali Charts pointed out that Bitcoin has successfully reclaimed the -0.5 MVRV pricing band. That band currently sits at $73,700 and acts as a pivot point for the current market trend. Holding above this level keeps the bullish scenario intact.

As long as $73,700 holds, the target moves toward the mean MVRV price near $96,000. This return-to-mean scenario is a standard recovery path following periods of market stress. It gives traders a broader upside target if support continues to hold.

However, losing the $73,700 level would shift the outlook considerably. A breakdown below that price would likely invalidate the current bullish bottom scenario. Ali Charts warned that such a move could push Bitcoin back toward the Realized Price near $55,000.

The gap between $73,700 support and $96,000 resistance defines the current trading range for Bitcoin. Price action within this range will shape sentiment over the coming weeks. Both levels are now being closely tracked by on-chain analysts as the market navigates this key zone.

TLDR:

• The Ethereum Foundation deposited 811 wstETH into Lido’s withdrawal contract across 271 batched transactions. 
• ETH held steady at $2,319 despite the $48.9M unstaking move, showing no immediate sell pressure on markets. 
• The foundation still retains over 100,000 ETH in liquid form, plus additional staked holdings beyond this withdrawal. 
• Arkham flagged the transaction on X, questioning whether the foundation plans to sell the unlocked ETH after release.

The Ethereum Foundation has initiated the unstaking of approximately $48.9 million worth of ETH through Lido Finance.

The operation used 271 batched transactions to deposit 811 wstETH tokens into Lido’s withdrawal contract. After a standard processing delay, those tokens will convert to liquid ETH.

This move comes shortly after the foundation pushed to stake up to 70,000 ETH for yield. The foundation still holds over 100,000 ETH unstaked, with more remaining staked. ETH prices held steady at $2,319.

How the Ethereum Foundation Structured the Withdrawal

The Ethereum Foundation carried out the transaction using 271 separate, batched on-chain calls. Each call contributed to depositing a combined total of 811 wstETH tokens into Lido’s unstETH withdrawal contract. Once Lido completes the unlock cycle, those tokens will release as liquid ETH to the foundation’s wallet.

Blockchain intelligence firm Arkham was among the first to report the transfer publicly on X. The platform stated that the Ethereum Foundation had deposited WSTETH into the Lido unstETH contract.

It added that the foundation would receive the ETH only once the unlocking process had been completed. Arkham also posed a question that caught community’s attention: “Are they going to sell this ETH as well?”

Notably, the use of 271 batched transactions reflects a measured and organized withdrawal strategy. Large on-chain actors typically use batching to avoid congestion and keep transactions traceable.

Batching also allows oversight of each step within the broader transaction set. This level of structure points to a deliberate treasury operation rather than a spontaneous action.

Market Response and the Foundation’s Broader ETH Position

Despite the withdrawal, the Ethereum Foundation retains a large ETH position across both liquid and staked holdings.

The foundation holds over 100,000 ETH in unstaked form, and additional ETH remains staked through other positions. The 811 wstETH being withdrawn represents only a fraction of its overall reserves.

This unstaking event also follows the foundation’s recent push to stake up to 70,000 ETH for yield generation. Viewed alongside that strategy, the current withdrawal appears consistent with active treasury management.

Rather than signaling an intent to sell, the move suggests ongoing rotation between staked and liquid positions.

Community reaction, however, was divided. Some observers saw the transaction as straightforward rebalancing within a large portfolio. Others worried that the unlocked ETH could eventually reach the open market as sell pressure.

Nevertheless, ETH held its ground at around $2,319 with no major price movement. The Ethereum Foundation has yet to issue any statement clarifying its plans for the retrieved assets.