TLDR:

• Banca Sella completes Bank of Italy notification, becoming Italy’s first MiCA-compliant crypto bank.
• The bank plans to launch digital asset custody and transfer services for select clients by end of 2026.
• Banca Sella is a founding member of Qivalis, a 37-bank European consortium developing a euro stablecoin.
• While Europe advances under MiCA, the US Clarity Act remains stalled, leaving American banks without clear crypto rules.

Banca Sella has completed the notification process with the Bank of Italy, making it the first Italian bank cleared to offer cryptocurrency-related services. The group plans to launch digital asset custody and transfer services for selected clients by the end of 2026.

This move places Banca Sella ahead of other Italian financial institutions in embracing regulated crypto offerings under Europe’s MiCA framework.

Crypto Custody and Transfer Services Launching in 2026

Banca Sella confirmed its intention to offer digital asset custody and transfer services before the end of 2026. The services will initially target specific categories of customers, according to the group’s official press release.

The bank has already built substantial technological infrastructure and blockchain expertise over recent years.

Andrea Tessera, Managing Director of Digital Banking at Banca Sella, spoke directly to this shift. “The evolution of payments towards instantaneous, interoperable and programmable models, also favored by the tokenization of money and assets, is redefining financial infrastructures at European and global level,” he stated. Banca Sella’s new services are designed to sit squarely within this transformation.

The bank has also been part of the Bank of Italy’s Fintech Milano Hub pilot program since 2022. This participation reflects a long-standing commitment to digital finance well before regulatory clarity arrived. That head start now positions the bank as a clear industry leader in Italy.

Banca Sella’s compliance with MiCA gives it a competitive edge over peers still awaiting regulatory direction. MiCA, the European Union’s comprehensive crypto regulation, provides a clear legal framework for crypto asset service providers.

Operating within this structure allows Banca Sella to move forward with confidence and legal certainty.

Qivalis Consortium and Broader Tokenization Strategy

Beyond custody services, Banca Sella is also a founding member of the Qivalis consortium. The group brings together 37 European banks with a shared goal of launching a euro-pegged stablecoin. This collaborative effort adds another layer to the bank’s digital asset strategy.

Qivalis represents a coordinated push by European banks to develop a stablecoin anchored to the euro. Such an initiative could reshape retail and institutional payments across the continent. Banca Sella’s role as a founding member reflects its long-term commitment to the space.

The bank is also monitoring the Eurosystem’s Pontes and Appia projects, both managed by the European Central Bank.

These initiatives further connect Banca Sella’s strategy to broader European financial infrastructure developments. Staying close to ECB-led projects keeps the bank aligned with regulatory and monetary trends.

Meanwhile, the United States continues to lag behind on crypto banking legislation. The proposed Clarity Act remains stalled in Congress, with approval prospects for the year looking uncertain.

Europe, through frameworks like MiCA, is setting the pace for regulated crypto adoption within traditional banking.

Ripple has moved its crypto policy agenda back to the SEC through a new Crypto Task Force letter. The company asked regulators to clarify stablecoin treatment, crypto non-security rules, and tokenized securities records. The proposal adds pressure on Washington to turn recent digital asset guidance into workable market rules.

Ripple Pushes Stablecoin Rule Changes

Ripple asked the SEC to update broker-dealer capital rules for payment stablecoins. The company focused on Rule 15c3-1, which governs net capital requirements for broker-dealers. It said the rule needs clearer treatment for stablecoins used as collateral on balance sheets.

The letter also addressed Rule 15c3-3, which covers customer protection and custody duties. Ripple wants the SEC to define qualified payment stablecoins under that framework. The request aims to help firms custody client stablecoins without unclear compliance exposure.

Ripple also challenged the current haircut treatment for stablecoins. It argued that some stablecoins deserve a 0% haircut when issuers support direct mint-and-burn arrangements. However, Ripple limited that request to stablecoins with strong issuer and broker-dealer links.

XRP Non-Security Status Remains Central

Ripple also asked the SEC to clarify how crypto assets classified as non-securities should receive market treatment. The company said that assets beyond Bitcoin and Ethereum need clear treatment when they meet marketability standards. This point keeps XRP near the center of the broader policy debate.

The request follows years of legal and regulatory pressure around XRP. However, recent policy shifts have reduced some uncertainty around major crypto assets. Ripple now wants that shift reflected in SEC staff guidance and broker-dealer rules.

Ripple also cited the SEC’s crypto activity FAQ as an area needing updates. The company wants the FAQ to account for non-securities that qualify as readily marketable assets. That change could support clearer balance sheet treatment for more digital assets.

Tokenized Securities Proposal Targets Market Records

Ripple also urged the SEC to recognize on-chain registries for tokenized securities. The company wants a regulated digital transfer agent to maintain the official legal record. This approach could reduce disputes between blockchain records and traditional ownership systems.

The proposal targets a key issue in tokenized finance. Firms can face uncertainty when legal ownership records differ from on-chain balances. Ripple said an authoritative on-chain registry could reduce those conflicts during market stress.

The letter also fits a wider shift in U.S. crypto policy. Regulators have advanced new categories for digital commodities, stablecoins, digital tools, and digital securities. Therefore, Ripple wants final guidance that supports tokenization, custody, and payment settlement.

Regulatory Clarity Builds Around Digital Assets

The SEC Crypto Task Force has increased dialogue with crypto firms this year. Ripple’s letter followed a prior meeting with Commissioner Hester Peirce and task force members. The company used the follow-up to turn policy discussions into specific rule requests.

The broader market has also moved toward real-world asset tokenization. Banks, exchanges, and payment firms now test tokenized settlement and blockchain-based records. Ripple has positioned RLUSD, XRP, and its payments network within that transition.

The company’s request also connects with ongoing legislative efforts in Washington. Ripple has supported clearer rules through measures such as the CLARITY Act. Its latest letter now asks the SEC to align agency guidance with that wider policy direction.

Tokenized commodities platform Streamex said it is launching a Solana-based marketplace for trading tokenized assets in partnership with Orca, a decentralized exchange built on Solana.

According to a Tuesday announcement, the trading infrastructure will allow verified accredited investors to buy and sell Streamex’s yield-bearing, gold-backed GLDY token through regulated onchain trading pools operating around the clock.

The system uses identity and compliance checks tied to Streamex’s KYC and accreditation process to restrict trading access to approved investors while enabling secondary market liquidity for regulated digital assets.

The companies said neither Streamex nor Orca will act as brokers or intermediaries for investors seeking to resell the GLDY token.

Trading takes place through permissioned liquidity pools built on Orca, where investor wallets remain frozen until users complete identity verification and accreditation checks. Investor eligibility data is also updated onchain in real time to ensure only approved participants can access the market.

Orca said its automated market maker infrastructure has processed more than $500 billion in cumulative trading volume since launch. The companies said the GLDY trading pool could serve as a model for other tokenized assets tied to stocks, bonds, real estate and commodities.

Related: Tokenized RWA market grows 420% since 2025 on regulatory clarity, access

Exchanges race to build tokenized trading rails

The launch comes amid a broader push to build regulated trading infrastructure for tokenized stocks, funds and other traditional financial assets.

Earlier this month, the US Securities and Exchange Commission approved Nasdaq’s pilot proposal to allow tokenized stocks and exchange-traded funds to trade alongside their traditional counterparts on the same exchange.

Under the proposal, tokenized securities would share the same order books, ticker symbols and shareholder rights as conventional shares. Participation in the pilot is initially limited to eligible participants and securities tied to the Russell 1000 index and some of the biggest exchange-traded funds.

Other exchanges and tokenization companies are also expanding blockchain-based market infrastructure. In March, the New York Stock Exchange signed an agreement with Securitize to develop infrastructure for tokenized stocks and ETFs tied to Intercontinental Exchange’s planned digital trading platform.

Centrifuge, a tokenization platform focused on real-world assets, recently said it plans to bring tokenized Treasurys, private credit and AAA-rated collateralized loan obligation products to the Monad blockchain for use in lending, collateral and secondary market activity.

Data from RWA.xyz shows the tokenized real-world asset market has grown to roughly $34 billion, with Treasury and commodity-backed products representing some of the largest segments.

Source: RWA.xyz

Magazine: ETH bears growling, Tom Lee’s buying, XRP to ‘explode’: Market Moves

Ether (ETH) remains under pressure after failing to reclaim the $2,150 resistance level. Despite the decline, ETH’s aggregate open interest has increased by roughly 350,000 ETH, suggesting new short positions are entering the market.

With more than $1.5 billion in bearish positions clustered above $2,150, a successful defense of the $2,000 support zone could trigger a sharp short squeeze and a relief rally for ETH. 

Overcrowded ETH trade may lead to a relief rally

ETH has failed to reclaim $2,150 after dropping below it on May 17. The resistance capped the price from February to April, limiting a strong breakout. 

With the price consolidating near $2,000, crypto trader Ardi said, 

“Sub-$2,000 is coming for ETH shortly. We’ve already seen a -20% correction from the range highs, and price is now completely outside the ascending channel.”

ETH/USD, one-day chart analysis by Ardi. Source: X

ETH futures data indicate a more nuanced setup during the current dip. Aggregated open interest has climbed by roughly 350,000 ETH over the past day, even as the price trended lower to $2,060. The divergence between price and OI suggests fresh short positions, rather than long liquidations, which is driving the price lower. 

Aggregated funding rates remained strongly positive at 0.0049% this month, showing traders still paying to maintain long exposure despite falling prices. The combination of rising open interest and positive funding implies aggressive positioning on both sides for the time being. 

ETH price, funding rate and open interest. Source: Velo chart

This could create a liquidity hunt on both sides. $2,000 stands out as the nearest pivot zone. The long-leveraged positions-at-risk data exceed $1 billion, making it a critical level for short-term direction. 

That setup leaves ETH open to a potential short squeeze. A successful defense of $2,000 could force shorts covering into the liquidity pocket above $2,150, where more than $2.1 billion in short-term liquidity is concentrated, leading to a relief rally. 

ETH liquidation map. Source: CoinGlass

Related: Tom Lee predicts supercycle amid Bitmine’s largest Ethereum buy in 2026

ETH retail participation keeps shrinking

Ether has steadily lost participation from mid-sized holders since 2023, reflecting weak conviction among the retail investors. Wallets holding between 100 and 1,000 ETH controlled roughly 16.2 million ETH during the 2023 peak, but that figure has since dropped to around 8.75 million ETH.

Ether balance by holder value. Source: CryptoQuant

Meanwhile, larger investors played a key role in Ethereum’s 2024 rally. Holdings among addresses with 1,000–10,000 ETH rose to 15.8 million from 12.4 million ETH before distribution began in October 2025. As of May 25, balances in this cohort had fallen back to 12.7 million ETH, indicating reduced exposure after the rally.

However, Ether’s largest holders continue to accumulate aggressively. ETH wallets holding between 10,000 and 100,000 ETH increased their balances by nearly 30% over the past year, rising to 19 million ETH from 14.7 million ETH. The trend suggests that mega-whales continue absorbing ETH supply even as participation from mid-sized holders declines.

Related: Ethereum bull David Hoffman explains why he sold his ETH

Six congressional runoff winners in Texas—backed by cryptocurrency-aligned political action committees (PACs)—signal a growing political footprint for crypto policy advocates. The six candidates, spanning Democratic and Republican lines, benefited from media spending and endorsements orchestrated by industry-linked groups such as Fairshake, Defend American Jobs, Protect Progress, Blockchain Leadership Fund, and Fellowship PACs. The outcome underscores a broader narrative: crypto policy is increasingly embedded in electoral considerations, with industry players signaling intent to translate wins into legislative influence.

According to regulatory filings and reporting, more than $10 million in supportive media and ads was spent by crypto-aligned PACs on the six Texas candidates. Fairshake, one of the largest industry PACs, has reported a war chest exceeding $193 million in its latest public disclosures as of January, and indicated plans to deploy funds to support pro-crypto candidates in the 2026 midterm elections. In Texas, Democrat Christian Menefee challenged incumbent Rep. Al Green in the 18th district, while Republican Ken Paxton defeated incumbent Senator John Cornyn with a margin exceeding 63%. Four additional Republican candidates—Tom Sell, Alex Mealer, Jon Bonck, and Carlos De La Cruz—also prevailed in smaller districts, benefiting from thousands of dollars in media spending directed by Defend American Jobs.

Geoff Vetter, a spokesperson for Fairshake, framed the Texas results as evidence that anti-crypto hostility can carry electoral consequences. “Rep. Green’s defeat proves that anti-crypto hostility carries real electoral consequences, making him the first Democratic incumbent this cycle to lose his seat,” Vetter stated. “Fairshake was the difference-maker in this race, and we will continue to aggressively back leaders like Rep. Menefee across the country.”

Key takeaways

• The Texas runoff results demonstrate tangible electoral gains for candidates supported by crypto-aligned PACs, underscoring the organized political footprint of the crypto policy movement.
• Regulatory and policy considerations are increasingly central to campaign strategies, with substantial media investments aimed at shaping perceptions of crypto-friendly governance.
• The fundraising and backing patterns point to a broader, long-term strategy to influence federal and state policy discussions on crypto regulation, licensing, and compliance frameworks.
• Upcoming primaries in six states on June 2 will test the expansion of crypto-linked political activity beyond Texas, including cross-party support and district-level campaigns.

Strategic implications for policy and enforcement frameworks

The Texas outcomes arrive at a moment of heightened regulatory attention in both the United States and overseas. In the United States, the regulatory landscape—spanning the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Department of Justice (DOJ)—continues to evolve around issues such as market integrity, investor protection, and the classification of digital assets. Lawmakers and regulators are increasingly weighing how to balance innovation with robust AML/KYC controls, licensing regimes, and cross-border oversight. Within this context, the Texas results improve the perceived relevance of crypto policy positions when candidates confront voter concerns about financial innovation, consumer safeguards, and the stability of the financial system.

From a compliance perspective, the growing involvement of crypto-focused PACs raises questions about disclosure, governance, and accountability in political spending. Efforts to align campaign financing with transparent reporting and to prevent misuse of industry funds for influence-peddling remain at the forefront of regulatory scrutiny. The U.S. policy debate continues to intersect with international norms, including the European Union’s MiCA framework, which centers on harmonized requirements for crypto issuers, service providers, and stablecoins. While MiCA is an EU instrument, its existence shapes global expectations for risk management, licensing, and consumer protections that domestic firms may seek to mirror in U.S. policy discussions.

Next testing ground: six states and a governance laboratory

Looking ahead to June 2, voters in California, Iowa, Montana, New Jersey, New Mexico, and South Dakota will participate in primaries for U.S. House and Senate seats in addition to several gubernatorial races. Regulatory-minded observers are watching these contests as a practical test case for how crypto-aligned campaigns mobilize resources and influence candidate selection across diverse state contexts.

In California, the political dynamic includes a gubernatorial race conducted under the state’s jungle primary system, in which all candidates appear on a single ballot and the top two vote-getters advance to the general election, regardless of party. The industry-aligned spending narrative echoes a broader history: in 2024, Fairshake dedicated substantial resources to influence the California Senate contest surrounding Democrat Katie Porter. Porter did not win the 2024 primary, but she remains a focal point of crypto-related campaign activity as she runs for governor. As of the latest disclosures, there were no clear indications of crypto PAC spending opposing Porter or other gubernatorial contenders in the immediate term, though industry fundraising and advocacy continue to shape public discourse around policy choices for the state’s crypto sector.

Industry insiders have cautioned that the regulatory and political environment remains fluid. For instance, backers of crypto policy have pointed to dynamic enforcement priorities that could shift with changes in administration, agency leadership, and legislative agendas. In parallel, prediction-market activity and donor contributions continue to provide indicators of where campaign support may trend, albeit with inherent uncertainty. The ecosystem’s cross-market signals—framing of regulation, licensing expectations, and potential banking relationships for stablecoins and other digital assets—remain integral to both campaign strategy and corporate risk assessment.

According to publicly available filings, Protect Progress has earmarked roughly half a million dollars to support Democratic candidates across the six upcoming states, including targeted investments in California districts and New Jersey races. The distribution illustrates how crypto-aligned groups deploy resources to bolster favorable candidates in high-stakes races and how such activity intersects with state-specific regulatory climates and enforcement priorities. Observers note that these patterns have implications for how policymakers prioritize crypto-related regulations, licensing regimes, and consumer protections at both state and federal levels.

Beyond state races, the broader policy conversation continues to integrate a spectrum of regulatory concerns—from comprehensive AML/KYC compliance frameworks to the treatment of cross-border payments and the resilience of the banking system to crypto exposures. The governance implications for exchanges, custodians, and issuers—particularly around licensing, reporting obligations, and the delineation between securities and commodities—remain central to institutional stakeholders, risk teams, and compliance officers evaluating market structure risk and regulatory alignment.

As the political and regulatory landscape evolves, market participants and researchers alike will be watching how crypto-aligned PAC activity translates into concrete policy outcomes, enforcement actions, and licensing decisions that shape the operating environment for exchanges, banks, and institutional investors. The Texas results are a data point in a longer arc of policy development, where elections, advocacy, and regulatory design intersect to determine the trajectory of crypto integration into the mainstream financial system.

In the near term, observers should monitor the June primaries for signals about institutional alignment, fundraising dynamics, and the readiness of crypto-friendly candidates to secure broader political backing. The evolving interplay among campaign strategy, regulatory expectations, and market infrastructure will likely define the contours of crypto policy discourse in the months ahead.

The Depository Trust & Clearing Corporation (DTCC), Wall Street’s clearinghouse, said Wednesday it plans to connect its tokenized securities platform to the Stellar (XLM) network, expanding a broader effort by Wall Street firms to move traditional financial (TradFi) assets onto blockchain rails.

Tokenized assets custodied by DTCC’s Depository Trust Company could become available on Stellar during the first half of 2027, DTCC and the Stellar Development Foundation said in a press release shared with CoinDesk.

The firms said the integration would support issuance, settlement and lifecycle management of blockchain-based versions of traditional securities. They also plan to explore use cases to tokenize “highly liquid assets” such as major indices and U.S. Treasury debt instruments.

XLM (XLM), the native token of Stellar, jumped 3% on the news before paring some of the gains. It was up 1.7% over the past 24 hours, outperforming as bitcoin and the broader crypto market pulled back.

Tokenization — the process of representing traditional assets like stocks, bonds and funds on blockchain — has become one of Wall Street’s hottest infrastructure bets. Proponents, including bank executives, say blockchain-based securities could reduce settlement delays, free up collateral and allow markets to operate beyond standard trading hours.

The push has accelerated across major financial firms and exchanges as regulators signal growing openness to onchain market structure. Nasdaq is developing infrastructure for blockchain-based shares with Kraken parent company Payward, while Intercontinental Exchange (ICE), owner of the New York Stock Exchange (NYSE), is backing tokenized securities initiatives tied to crypto exchange OKX.

DTCC, which sits at the center of U.S. market infrastructure and oversees more than $114 trillion in assets, has emerged as one of the key traditional finance players pushing into tokenization.

The company announced earlier this month that it plans to begin limited production trades of tokenized assets in July ahead of a wider rollout in October. That service follows a no-action letter the SEC granted in December 2025 allowing DTCC to tokenize a defined set of assets, including Russell 1000 stocks, ETFs and U.S. Treasuries.

The tie-up with Stellar forms part of DTCC’s “multi-chain” strategy, where tokenized assets can move across different blockchain networks instead of remaining tied to a single platform.

“This collaboration represents another step forward in DTCC’s efforts to build an open, interoperable digital infrastructure that bridges traditional and digital markets,” said Frank La Salla, President and Chief Executive Officer of DTCC.

Nadine Chakar, DTCC’s global head of digital assets, said that the firm plans to connect to “multiple layer-1 and layer-2 networks.”

Read more: Wall Street’s clearinghouse seeks ‘high-performance’ blockchains to tokenize corporate actions

Nakamoto (NAKA) is trading down more than 10% on Wednesday just days after the Bitcoin treasury company completed a 1-for-40 reverse stock split undertaken to stay compliant with the Nasdaq stock exchange’s listing criteria. 

NAKA stock is down by about 67% year-to-date (YTD) and by more than 99% since its May 2025 peak of about $34 per share, reaching a low of about $0.16 per share in April before the reverse stock split on Friday.

Nasdaq warned the company in December that its shares would be delisted after trading below $1 for at least 30 consecutive days, according to a Securities and Exchange Commission (SEC) filing.

The reverse split reduced the number of outstanding shares to about 17.4 million from about 696 million, according to the company. 

NAKA stock price is down by nearly 67% year-to-date. Source: Yahoo Finance

Cointelegraph reached out to NAKA for comment but did not receive a response by the time of publication. 

The decline in NAKA’s value comes amid a broad downturn in the Bitcoin treasury sector that started in 2025; however, the company has also underperformed the industry’s top players, including Strategy (MSTR), Twenty-One Capital (XXI) and Strive Asset Management (ASST).

Related: Bitcoin firm Nakamoto records net loss in Q1 despite sixfold revenue growth

BTC treasury companies show signs of recovery, but market remains challenging

Strategy, the biggest Bitcoin treasury company as measured by its BTC holdings, is up about 2.5% YTD, and is trading at about $155 per share.

Twenty-One Capital, the second-largest publicly traded BTC treasury, with 43,514 coins, is down by more than 17% YTD, and is trading at about $7.26 per share.

The current distribution of Bitcoin among publicly traded BTC treasury companies, private enterprises, government entities and investment funds. Source: Bitcoin Treasuries

Strive is also up by over 20% YTD, last trading at about $17.72 a share.

The digital asset treasury space is likely to experience consolidation in 2026, as bigger companies eat up smaller firms, according to venture firm Pantera Capital.

“2026 will see brutal pruning. In each major asset class, only one or two players will dominate. Everyone else gets acquired or left behind,” analysts at Pantera forecast in January.

Magazine: Bitcoin will not hit $1M by 2030, says veteran trader Peter Brandt