Crypto World
Can you buy a house with Bitcoin? The Fannie Mae order
For the first time, the United States housing system is preparing to count your Bitcoin as a real asset when you apply for a mortgage, without making you sell it first.
Summary
- Fannie Mae and Freddie Mac are moving toward recognizing verified crypto holdings in mortgage risk assessments.
- Eligible borrowers may keep their Bitcoin instead of selling it and triggering a potentially taxable transaction.
- Crypto is initially expected to count as mortgage reserves, not replace the cash required for closing costs.
- Exchange custody, valuation haircuts, and limits on crypto reserves remain important restrictions for borrowers.
The shift traces to a directive from Federal Housing Finance Agency Director William Pulte, who ordered Fannie Mae and Freddie Mac, the government-sponsored enterprises that guarantee the majority of America’s roughly 51 million mortgages, to prepare proposals for treating cryptocurrency as an asset in single-family mortgage risk assessments.
The key phrase is “without conversion to U.S. dollars.” Until now, a borrower with a hundred thousand dollars in Bitcoin had to liquidate it, triggering a taxable event and surrendering future upside, before a lender would count a cent of it. Under the new framework moving through implementation in 2026, verified crypto holdings could strengthen a mortgage application while the borrower keeps the coins. It has been called a revolutionary moment that could change homeownership forever.
It is also narrower, more conditional, and more complicated than the headlines suggest. This piece explains what the order actually does, how it would work in practice, the catches that matter, and what it really means for crypto holders who want to buy a home.
What the order actually says
Start with the precise language, because the details define both the promise and the limits.
The directive came from William Pulte, Director of the Federal Housing Finance Agency, the regulator that oversees Fannie Mae and Freddie Mac and that also installed Pulte as chairman of both companies’ boards. The order instructs each enterprise to “prepare a proposal for consideration of cryptocurrency as an asset for reserves in their respective single-family mortgage loan risk assessments, without conversion of said cryptocurrency to U.S. dollars.” Pulte framed it in explicitly political terms, tying it to President Trump’s stated goal of making the United States “the crypto capital of the world,” and adding that he wanted “people who own cryptocurrency to be able to buy homes like everyone else.”
The significance starts with who Fannie Mae and Freddie Mac are. These two government-sponsored enterprises do not lend directly to homebuyers. Instead, they buy mortgages from the lenders who originate them, bundle those loans into securities, and guarantee payments to investors, which provides the liquidity that keeps the mortgage market functioning. Because they guarantee the majority of U.S. mortgages, their underwriting rules effectively set the standard for what the entire conventional mortgage market will accept. When Fannie and Freddie change what counts as a qualifying asset, lenders across the country follow, because loans have to conform to GSE guidelines to be sold to them. So a change at this level is not a niche product tweak. It is a change to the rules of the largest mortgage market on earth.
The order marks the first formal step toward integrating digital assets into the GSEs’ underwriting frameworks. That framing, “first formal step,” is important and easy to lose in the excitement. This is a directive to prepare proposals, the opening move in a process, not a finished, live mortgage product on day one. By 2026 that process has advanced from the initial order into implementation, with the enterprises drafting guidelines and some lenders beginning to experiment, but it is an evolving framework rather than a switch that flipped overnight.
What actually changed: the “no conversion” breakthrough
To understand why this matters, you have to understand the old rule it replaces, because the entire significance is in one specific change.
Under the pre-existing guidelines, cryptocurrency was effectively invisible to mortgage underwriting unless it stopped being cryptocurrency. Fannie Mae’s selling guide required that any virtual currency a borrower wanted to use for qualifying, whether for the down payment, closing costs, or asset reserves, had to be liquidated into U.S. dollars first. The dollars then had to be “sourced and seasoned,” meaning documented as sitting in a bank account for a period of time, before they counted. In practical terms, your Bitcoin counted for nothing to a mortgage application until you sold it and parked the proceeds in a bank.
That requirement carried real costs that went beyond inconvenience. Selling crypto to qualify for a mortgage triggers a taxable event, potentially generating capital gains taxes on appreciated holdings. It forces the holder to surrender any future upside on assets they believed in enough to accumulate. And it exposes them to timing risk, having to sell at whatever the market price happens to be when they apply. For a crypto holder, the old rule said, in effect: you can use this wealth to buy a home, but only by giving up being a crypto holder.
The new framework changes exactly this. Under the directive, verified crypto holdings can be counted as reserves without conversion to dollars. The borrower keeps the coins, avoids the taxable sale, retains the upside, and still gets credit for the assets in the underwriting calculation. This is the breakthrough, and it is meaningful: it recognizes cryptocurrency as a legitimate store of wealth that can sit on a borrower’s financial statement the way stocks, bonds, and retirement accounts do, rather than treating it as something that has to be cashed out to be real. For someone whose net worth is substantially in Bitcoin or Ethereum, that is the difference between their wealth helping them qualify and being invisible.
How it would actually work
The mechanics matter, because the order does not make crypto equivalent to cash, and the conditions attached shape who actually benefits.
The most important practical point is the role crypto plays. The directive is about counting cryptocurrency as reserves, the financial cushion lenders want to see proving a borrower can keep paying the mortgage if their income is interrupted. This is distinct from using crypto directly for the down payment or closing costs, which still generally requires actual dollars that have to be sourced and seasoned. So the realistic near-term picture is not “pay for your house in Bitcoin.” It is “your Bitcoin holdings strengthen your financial profile and reserve position, helping you qualify, while you still need dollars for the actual cash to close.” That is a real benefit, especially for self-employed or crypto-wealthy borrowers whose assets are strong but whose documented income or liquid cash might otherwise fall short, but it is narrower than the headline implies.
Three conditions attach to which crypto counts. First, only assets on regulated exchanges qualify: the crypto must be evidenced and stored on a U.S.-regulated centralized exchange subject to applicable laws, so holdings on platforms like Coinbase count while other arrangements may not. Second, risk-based adjustments apply: because crypto is volatile, the GSEs are directed to apply additional risk mitigation, which in practice means haircuts. Where stocks might get a modest discount to account for market swings, crypto could face a much larger buffer, so a hundred thousand dollars in Bitcoin might be counted as only sixty or seventy thousand in reserves. Third, limits on the share of reserves: the proposals are directed to limit the portion of total reserves that can be composed of cryptocurrency, so a borrower cannot rely on crypto alone.
The honest framing, as some mortgage analysts have noted, is that even in the best case crypto is unlikely to be treated more favorably than stocks and bonds, and probably a bit less favorably given the volatility haircuts. It will not be easier than the treatment of traditional securities, and that makes sense, because it would be strange to give a volatile asset better treatment than a stable one. The realistic outcome is that crypto becomes a recognized but discounted asset class in underwriting, counted with wider guardrails than traditional holdings, which is still a major step up from being counted at zero.
The self-custody controversy
The condition that crypto must sit on a regulated exchange has provoked the sharpest criticism, and it exposes a genuine philosophical tension at the heart of the order.
The requirement is that eligible crypto be stored on a U.S.-regulated centralized exchange. The logic is verification: regulators and lenders want to be able to confirm the borrower actually owns the assets, and holdings on a regulated, KYC-compliant exchange are easy to verify through statements and account records. From an underwriting standpoint, that is a reasonable instinct. Lenders need documentary proof of assets, and a regulated exchange provides a familiar paper trail.
But it cuts against one of cryptocurrency’s foundational principles, and self-custody advocates have pushed back hard. Nick Neuman, CEO of the self-custody provider Casa, called the exchange requirement a mistake, arguing that self-custody is fundamentally about property rights, which are a core American value. His technical point is that the verification concern is solvable without forcing custody onto exchanges: thanks to cryptography, it is trivial to prove that assets held in self-custody are owned by a given individual, through cryptographic signatures that demonstrate control of the wallet without surrendering it. In other words, the order assumes that only exchange-held assets can be verified, when in fact self-custodied assets can be verified too, just by a different method that the framework does not yet accommodate.
The criticism matters beyond ideology, because a large share of serious, long-term crypto holders deliberately self-custody precisely to avoid exchange risk, the lesson hammered home by years of exchange failures. The exchange-only requirement therefore excludes exactly the cohort most committed to crypto as a long-term store of wealth, the people most likely to have substantial holdings they have held for years. It is a meaningful gap, and the hope among advocates is that the framework evolves to recognize cryptographic proof of self-custodied holdings, allowing the housing system to be forward-thinking enough to accommodate how committed holders actually store their assets. For now, though, the rule rewards keeping your crypto on an exchange, which sits in tension with the security practices the crypto community spent years promoting.
What it really means for crypto holders
Pulling it together, the order is significant, but its significance is best understood by separating what it does from what the headlines imply.
What it does, concretely: it establishes for the first time that the U.S. conventional mortgage system will recognize cryptocurrency as a legitimate asset class in underwriting, counted without forcing a sale. For a crypto holder applying for a mortgage, that means holdings on a regulated exchange can strengthen the reserve position and overall financial profile, improving the odds of qualifying, without the tax hit and lost upside of liquidating. For borrowers whose wealth is concentrated in crypto, which includes many in the industry, that removes a real barrier that previously made their assets invisible to lenders. It is a legitimization milestone, crypto taking a seat at the table alongside stocks and bonds in one of the most conservative corners of American finance.
What it does not do: it does not let you buy a house with Bitcoin in the literal sense, it does not treat crypto as favorably as cash or even as favorably as stocks, it does not count self-custodied holdings, and it did not happen all at once. The realistic version is that crypto becomes a recognized but heavily caveated asset for reserves, subject to volatility haircuts, exchange-custody requirements, and limits on what share of reserves it can comprise. The transformation is real but incremental, an opening of the door rather than a wide-open entrance.
The broader meaning is the most durable point. This is part of a wider 2026 trend of cryptocurrency being woven into the traditional U.S. financial system, alongside the spot ETFs, the advancing regulatory frameworks, and the growing institutional infrastructure. Having the entities that guarantee over half of U.S. mortgages prepare to count crypto as an asset is a profound signal of legitimization, regardless of how narrow the initial mechanics are. It says the housing system, perhaps the most important wealth-building institution in American life, now considers cryptocurrency a form of wealth worth recognizing. For a holder, the practical advice is to temper the excitement with the details: keep records, understand that exchange custody is currently required, expect volatility haircuts, and recognize that crypto will strengthen an application rather than replace the need for documented income and actual dollars to close. The door is opening. It is just opening at the measured pace that the most conservative part of the financial system always moves, and that it is opening at all is the real story.
This article is for informational purposes and does not constitute financial, investment, tax, or mortgage advice. Cryptocurrency markets are highly volatile and mortgage rules vary by lender and circumstance. The figures and analysis described reflect data available as of June 2026. Always do your own research and consult with qualified financial and mortgage professionals before making decisions.
Key Takeaways
- XRP currently trades at $1.12, registering a 1.82% increase over the past 24 hours alongside a $69.45 billion market capitalization
- The digital asset successfully breached a downward trend line at $1.10 and surpassed the 23.6% Fibonacci retracement threshold
- Critical resistance zones are positioned at $1.1720 and $1.2080 — breaking through $1.2080 may trigger a rally toward $1.2450
- Should bullish momentum falter near $1.1740, downside targets include $1.1250, $1.110, and $1.050
- Technical analyst Ali Charts identifies $0.90 as a potentially robust accumulation zone for long-term investors
XRP has successfully reclaimed territory above the psychologically important $1 level following recent bearish pressure, currently trading at $1.12. The cryptocurrency has recorded a daily increase of 1.82%, accompanied by $2.93 billion in trading volume and maintaining a market capitalization of $69.45 billion.
The upward movement initiated after XRP maintained critical support above the $1.050 threshold. Following this consolidation, market participants drove the price beyond $1.10 and subsequently through $1.120, eliminating a descending trend line that had previously functioned as resistance on the 60-minute timeframe.
The token has also moved past the 23.6% Fibonacci retracement level calculated from the decline between the $1.3640 peak and the $1.052 bottom. Current price action shows XRP trading comfortably above its 100-hour Simple Moving Average.
Market analyst Ali Charts shared insights on X, highlighting his close monitoring of the $0.90 price zone for XRP. According to his analysis, should the asset retrace to that level, it could present an attractive entry point for those with longer investment horizons.
Critical Resistance Zones Ahead
The immediate obstacle facing XRP bulls stands at $1.1720. Successfully clearing this barrier would establish a pathway toward $1.2080, a level that corresponds with the 50% Fibonacci retracement point. Beyond this threshold, subsequent targets emerge at $1.2150, $1.220, and ultimately $1.2450.
Potential Bearish Scenarios
If XRP encounters resistance near $1.1740 and cannot sustain upward momentum, a retracement becomes likely. The first line of defense appears at $1.1250, with additional support at $1.110. A breakdown beneath $1.110 could accelerate selling toward $1.080, potentially extending to the $1.050 region.
The Relative Strength Index currently reads 25.40, remaining within oversold conditions, though the recent uptick suggests diminishing selling pressure. The MACD indicator continues below its signal line at -0.0700 compared to -0.0476, indicating persistent short-term bearish momentum.
On June 7, analyst Crypto Patel observed that XRP currently trades approximately 37,000% above its 2017 lows. He disclosed his accumulation strategy targets the $1.00 to $0.60 range, suggesting that if XRP eventually reaches $10–$20 in upcoming market cycles, present price levels may appear as favorable entry points retrospectively.
The MACD histogram value of -0.0224 confirms that bearish forces maintain control, and a bullish shift would require a positive MACD crossover to signal definitively changing momentum dynamics.
The crypto market will welcome tokens worth more than $634.89 million in the second week of June 2026. Major projects, including HOME (HOME), HumidiFi (WET), and Magic Eden (ME), will release significant new token supplies.
These unlocks could introduce market volatility and influence short-term price movements. So, here’s a breakdown of what to watch.
1. HOME (HOME)
- Unlock Date: June 10
- Number of Tokens to be Unlocked: 750 million HOME
- Released Supply: 3.78 billion HOME
- Total supply: 10 billion HOME
HOME is the native token of DeFi.app, a self-custody “everything app” for swaps, perps, and yield across chains. The platform uses HOME for gas abstraction, governance, and fee buybacks.
On June 10, the network will unlock 750 million HOME, worth about $23.56 million at current prices. The release equals 19.79% of the released supply.
Core Contributors will receive 500 million HOME from the unlock. Early Backers will claim the remaining 250 million HOME.
2. HumidiFi (WET)
- Unlock Date: June 9
- Number of Tokens to be Unlocked: 256.67 million WET
- Released Supply: 230 million WET
- Total supply: 1 billion WET
HumidiFi is a Solana-based decentralized exchange. WET is the network’s native token. The protocol integrates with Jupiter, DFlow, Titan, and OKX Router, serving as a key liquidity layer for the network.
HumidiFi will release about 256.67 million WET, worth roughly $14.66 million, on June 9. The unlock accounts for around 111.59% of the released supply.
The supply spans several stakeholders. HumidiFi will give 106.67 million altcoins to the Foundation. Labs will get 83.33 million tokens. Lastly, the team will allocate 66.67 million tokens towards the ecosystem.
3. Magic Eden (ME)
- Unlock Date: June 10
- Number of Tokens to be Unlocked: 172.03 million ME
- Released Supply: 506.9 million ME
- Total supply: 1 billion ME
Magic Eden is a multi-chain marketplace, and ME is its native utility and governance token. It started as the dominant NFT marketplace and has since expanded.
On June 10, Magic Eden will release 172.03 million ME, worth roughly $10.36 million. The release equals about 33.99% of the released supply.
The bulk of the unlock flows to contributors. They will receive 162.19 million ME. Strategic Participants will gain 2.88 million ME. The team will also allocate the remaining 6.96 million tokens to Community & Ecosystem.
Besides these three, other prominent token unlocks that investors can look out for in the second week of June include Aptos (APT), Babylon (BABY), and Movement (MOVE).
The post 3 Token Unlocks to Watch in the Second Week of June 2026 appeared first on BeInCrypto.
Crypto World
Securitize (SECZ) Eyes NYSE Debut: SEC Clears Path for Tokenization Giant’s Public Listing
Key Takeaways
- Securitize received SEC clearance on its Form S-4 filing, advancing its special purpose acquisition company transaction with Cantor Equity Partners II
- A shareholder vote scheduled for June 29 will determine whether the merged entity trades on the NYSE under ticker symbol “SECZ”
- The platform oversees $4 billion in tokenized assets and generated $19.5 million in Q1 revenue, marking a 39% year-over-year increase
- On-chain tokenized real-world assets reached an all-time high of $32 billion in May, representing 220% growth over the past year
- More than 60% of tokenized assets reside on Ethereum and its layer-2 scaling solutions
A leading platform specializing in real-world asset tokenization has cleared a critical regulatory hurdle with the US Securities and Exchange Commission, bringing it one step closer to debuting on the New York Stock Exchange.
The securities regulator declared effective the Form S-4 registration document submitted by Securitize in conjunction with Cantor Equity Partners II, a blank-check company backed by a Cantor Fitzgerald affiliate.
This regulatory green light paves the way for shareholders to cast their votes on June 29. Should the proposal pass, the newly formed entity will begin trading on the NYSE with the ticker symbol SECZ.
According to Carlos Domingo, who co-founded Securitize and serves as its CEO, this represents “another important milestone for Securitize and for the broader institutional adoption of tokenization.”
Understanding Securitize’s Business Model
Securitize holds the position as the dominant tokenization platform measured by market share. With $4 billion in assets under management, the company provides tokenized investment products in partnership with prominent asset managers such as Apollo, BlackRock, BNY, and VanEck.
During the first quarter, Securitize posted revenue totaling $19.5 million, representing a 39% jump compared to the corresponding period in the prior year.
This past March saw the NYSE enter into a memorandum of understanding with Securitize. This partnership forms part of a broader initiative to develop blockchain infrastructure for securities trading on Wall Street.
Real-World Asset Tokenization Hits All-Time Peak
The announcement of this SPAC combination arrives amid unprecedented growth in tokenized real-world assets.
According to data from RWA.xyz, the total value of on-chain RWA reached $32 billion in May. This calculation excludes stablecoins and reflects a 220% surge compared to twelve months earlier.
US Treasury securities comprise nearly half of all tokenized assets on blockchain networks. Commodities represent approximately 16% of the total.
Equities remain a relatively modest segment, constituting just 4.8% of the market, equivalent to roughly $1.5 billion in total on-chain valuation.
Ethereum alongside its layer-2 scaling networks dominates the tokenization landscape, commanding a collective market share exceeding 60%.
The SEC has additionally designated digital assets as a strategic focus area extending through 2030, a policy shift that could prove advantageous for tokenization platforms such as Securitize in the years ahead.
The upcoming shareholder vote on June 29 represents the next critical juncture for the company. Approval would provide retail and institutional investors with direct exposure to one of the world’s largest tokenization platforms.
Should Securitize complete its public listing, it would represent one of the earliest instances of a prominent tokenization company achieving a listing on a conventional stock exchange.
America’s newest Federal Reserve Chair did not get a quiet start. Kevin Warsh was sworn in on May 22, three weeks ago, as the 17th Fed Chair. The youngest Fed governor ever appointed when he first joined the board in 2006 at age 35, he walked in promising “regime change”: tighter inflation discipline and a rethink of the Fed’s balance sheet.
Then the May jobs report landed. The US economy added 172,000 jobs, nearly double expectations, against a forecast of 85,000. Bond markets pushed the odds of a December rate hike to 68%.
Kevin Warsh’s First Real Test
His Senate confirmation, 54-45, the most divisive Fed vote in history, signaled a contested tenure from day one.
Wall Street largely read his appointment as a sign of rate continuity: while Warsh was a hawk during the 2008 financial crisis alongside Ben Bernanke, analysts expected his second stint to run closer to Powell’s playbook.
His “regime change” language, most argued, pointed to internal Fed reform rather than a shift in rate policy.
Recently, Cleveland Fed President Beth Hammack stepped forward to say the central bank may need to act soon to bring inflation back to 2%, warning that “if we wait for definitive evidence that high inflation has become embedded in the economy, it may require larger policy adjustments, at greater cost.”
That lands Warsh in a direct position: hold rates at the June 17-18 FOMC meeting and signal that regime change means structure, not stance, or back a hike and prove his inflation discipline is real.
When Bitcoin ETF outflows hit a record streak amid rate-hike fears, markets have been repricing the Fed outlook for weeks.
The Kevin Warsh Paradox for Bitcoin
Warsh enters the role as the most crypto-familiar Fed chair in history: past ties to Bitcoin and stablecoin ventures, opposition to a central bank digital currency, and support for private-sector stablecoins.
Yet crypto-friendly or not, the rate math dominates. Bitcoin has fallen from $82,000 in mid-May to the low $60,000s, tracking almost exactly with the collapse in rate-cut expectations over the same period.
As BeInCrypto previously reported, when Goldman Sachs and others were still forecasting rate cuts, Bitcoin was pricing in a very different policy path.
Warsh’s crypto fluency means he understands how the rate decision affects digital assets in a way no previous Fed chair has.
Bitcoin price analysis for June 2026 showed that the next directional move is entirely contingent on whether the Fed signals hold or hike at its June 17-18 meeting.
Whether that means tighter rates or just tighter communication, June 17-18 is the date Bitcoin investors are watching.
The post Fed Rate Hike Odds Just Hit 68%, Is Kevin Warsh Now Bitcoin’s Biggest Problem? appeared first on BeInCrypto.
Maelstrom co-founder Arthur Hayes said he sold his Worldcoin (WLD) holdings just days after his venture capital firm described it as one of the cleanest proxies for the AI investment play.
“This chart is going in the wrong direction,” said Hayes on X on Saturday, showing a chart for the SpaceX pre-IPO perpetual futures contract, which had fallen sharply.
“Dumped WLD. I’m out. See y’all at the clerb,” he added.
It was only on Wednesday that Maelstrom researcher Lukas Ruppert described Worldcoin as an “overlooked” bet on “AI mega IPOs,” predicting WLD would hit $5 by August.
The investor note led to a short rally for WLD, which topped $0.60 on June 5, but has since fallen back to $0.40 on June 7 as Hayes told his 800,000 X followers that he had exited his position.
Hayes previously said on X that he would hold WLD through the SpaceX IPO on Nasdaq, which is expected on June 12, prompting some to criticize the timing of the sale.
WLD prices have been extremely volatile over the past week. Source: CoinGecko
The ‘Holy Trinity is dead’ — or is it?
WLD adds to the list of crypto assets Hayes has pivoted on despite earlier bullish comments.
In March, Hayes predicted that Hyperliquid (HYPE) would reach $150 by August and on June 1 said it would “outperform any other current top ten crypto in USD terms from now until year-end,” but sold his entire position in the asset three days later, citing higher energy prices due to the Iran war, “inventory restocking,” and imminent “mega AI IPOs.”
Related: Hyperliquid bear turns bullish after losing over $46M shorting HYPE
On May 6, Hayes said Zcash would reach 10% of Bitcoin’s price. On June 5, he offloaded his ZEC stash following the discovery of a critical vulnerability in its privacy protocol, claiming that the “Holy Trinity” of HYPE, ZEC, and NEAR was “dead.”
However, Hayes appears to have reversed his position partially. A wallet linked to Hayes bought back around 33,978 HYPE worth around $2 million on Monday, after it had fallen 26% in the wake of his June 4 sale, according to Arkham Intelligence.
Cointelegraph reached out to Maelstrom for comments but did not receive an immediate response.
Magazine: Korea probes Polymarket users, crypto PACs sweep primaries: Hodler’s Digest
Key Takeaways
- On June 7, Bybit rolled out tokenized SpaceX IPO participation for VIP and Pro members at $135 per token with a 5% underwriting charge
- Bybit and Kraken both utilize the xStocks infrastructure, managed by Payward Services (Kraken’s parent entity), to deliver this offering
- SpaceX seeks a $1.75 trillion market cap through a $75 billion capital raise — potentially setting a record as the largest IPO ever
- These tokens function as tracker certificates rather than actual equity — holders receive neither voting privileges nor dividend payments
- According to Bybit’s documentation, the assets backing these tokens “may not always consist of the underlying shares”
Major cryptocurrency platforms Bybit and Kraken have introduced tokenized participation in the SpaceX initial public offering, though the product includes significant restrictions and conditions investors should understand.
Bybit’s IPO Express Program Explained
Bybit activated subscription access on June 7 through its IPO Express platform. Eligibility requires VIP or Pro status plus completion of Level 1 identity verification. The subscription period extends through June 11, with token allocation occurring on June 11 and distribution planned for June 12 — coinciding with SpaceX‘s anticipated Nasdaq debut.
Participants pledge USDC at an estimated $135 per token, accompanied by a 5% underwriting charge. The entry threshold sits at 100 USDC, while individual users face a ceiling of 50 subscription requests. Committed capital remains frozen until allocation completion.
Should the actual IPO price fall within 20% of the $135 estimate, Bybit executes automatic subscriptions. When the price exceeds the estimate by more than 20%, participants must provide reconfirmation during a designated timeframe. Final allocations may be fractional or completely unfilled based on overall demand levels.
As of Sunday morning, approximately 550 participants had completed pre-registration, representing roughly $9.1 million in total USDC commitments.
Understanding the xStocks Token Structure
Bybit and Kraken both employ the xStocks infrastructure, operated through Payward Services — the business-to-business division of Kraken’s parent organization. This framework originated from Backed Finance prior to Kraken’s acquisition of the company.
Backed Assets (JE) Limited, a Jersey-domiciled entity, issues these tokens. They operate as tracker certificates — bearer debt instruments designed to mirror SpaceX share price movements. Token holders do not acquire voting authority or dividend entitlements.
While Bybit’s promotional content characterizes the tokens as “backed 1:1 by real equity,” the official product documentation clarifies that underlying collateral “may not always consist of the underlying shares” and permits substitution with cash or alternative assets. Bybit further acknowledges it performs no independent collateral verification.
Kraken introduced its offering on June 5 under the SPCXx ticker symbol, accessible across more than 110 jurisdictions. While Bybit excludes the European Economic Area from its program, Kraken provides access to these regions through a Cyprus-regulated subsidiary.
SpaceX IPO Context and Scale
A consortium of 23 financial institutions is orchestrating SpaceX’s public offering. Goldman Sachs serves as lead underwriter, with Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase following in the syndicate hierarchy. The aerospace company pursues a $1.75 trillion market capitalization with shares priced at $135, aiming to secure approximately $75 billion in capital.
Investor appetite has climbed to roughly $150 billion — approximately twice the company’s fundraising target.
The xStocks tokenization methodology diverges from approaches adopted by competing crypto platforms. Coinbase, Binance, OKX, Bitget, and additional exchanges have instead launched pre-IPO perpetual futures contracts tied to SpaceX. These alternative products carry distinct hazards — Ventuals, one platform provider, recently issued trader compensation following a data malfunction that triggered a 45% decline in its SpaceX perpetual contract within 30 minutes.
SpaceX’s public offering follows its consolidation with Elon Musk’s xAI, which had previously acquired social media platform X.
Crypto World
MapleStory Universe Opens MSU Space and Launches Global Game Jam Competition as Part of MSU 2.0 Expansion
[PRESS RELEASE – Abu Dhabi, UAE, June 8th, 2026]
Global game jam MapleStory Vibe Camp offers US$60,000 in NXPC prizes as builders gain access to official MapleStory Universe resources in conjunction with Verse8
MapleStory Universe (MSU), the blockchain-powered expansion of Nexon’s iconic MapleStory franchise, today announced the launch of MapleStory Vibe Camp, a global builder competition inviting users to create original games and experiences using official MapleStory Universe resources. The campaign coincides with the opening of MSU Space, a dedicated builder hub developed in collaboration with AI-powered game creation platform Verse8.
Running from June 8 to June 29, MapleStory Vibe Camp offers a total prize pool of US$60,000 in NXPC and is open to builders worldwide. Through MSU Space, participants will be able to build and publish MapleStory-inspired experiences, with selected projects receiving recognition, rewards, and potential opportunities for future ecosystem participation.
The launch is the first major public activation of MSU 2.0, MapleStory Universe’s next phase of growth following its first year of live operations. The milestone celebrated surpassing 150 million cumulative on-chain transactions and generating approximately 49.1 million NXPC, equivalent to US$31 million, in ecosystem revenue. This heralds MapleStory Universe’s expansion from a single game environment into a broader platform designed to support creation, distribution, and monetization opportunities with MapleStory IP.
Sun Young Hwang, Chief Executive Officer at Nexpace said, “Over the past year, MapleStory Universe has demonstrated that a large-scale game economy can successfully operate on-chain. The next chapter is about expanding who participates in building it. As AI continues to lower the barrier to game creation, the distinction between player and builder becomes less fixed, and MapleStory IP becomes the foundation that both groups create from and around. Both MapleStory Vibe Camp and MSU Space represent important first steps toward realizing that vision, by lowering barriers to creation and unveiling new ways for communities to build with our legacy IP.”
Opening MapleStory IP to a New Generation of Builders
At the center of the initiative is MSU Space, a dedicated environment within Verse8 that provides users access to official MapleStory Universe assets, resources, and development tools. Through the platform, builders can leverage MapleStory-themed characters, monsters, items, environments, and lore while utilizing Verse8’s AI-assisted game creation capabilities. Participants can develop projects through natural language prompts, iterate on gameplay concepts, and publish completed experiences directly through the platform.
The launch reflects the broader objectives of MSU 2.0, which aims to transform MapleStory from a traditionally closed-game IP into a programmable ecosystem where communities can create new experiences, applications, and services using MapleStory IP.
MSU 2.0 seeks to reduce the barriers traditionally associated with IP-based creation by combining on-chain infrastructure, AI-assisted creation tools, and community-driven participation into one unified framework.
Why MSU Space on Verse8
As MapleStory Universe expands beyond a single game experience, creating accessible entry points becomes increasingly important. The collaboration with Verse8 provides an environment where builders can discover ecosystem opportunities, experiment with fresh concepts, and participate in the broader vision of MSU 2.0. The initiative also introduces MapleStory Universe to a wider audience of developers and AI-native builders who may be encountering the ecosystem for the first time.
Kevin Lee, CEO of Verse8, said: “For decades, building with major gaming IPs has largely been limited to professional studios and approved partners. Through MSU Space and AI, however, creators can now experiment with MapleStory IP in a more accessible way and bring their ideas to life faster than ever before. We’re excited to help power the next wave of MapleStory builders.”
Taken together, MSU Space serves as an accessible gateway into the emerging builder economy underpinning MSU 2.0, connecting users with the tools, resources, and infrastructure needed to create with MapleStory IP.
MapleStory Vibe Camp will run from June 8 to June 29, 2026, with winning entries selected from projects submitted through MSU Space. For more information or to participate in MapleStory Vibe Camp, users can visit: https://vibecamp.msu.io.
About Nexpace
Nexpace, an innovative blockchain company based in Abu Dhabi, pioneers an IP-expansion initiative powered by blockchain technology and NFTs to build a community-driven ecosystem. With a mission to redefine interactive entertainment, Nexpace creates a vibrant space for exploring, sharing, and engaging with diverse content and gameplay crafted by community members.
At the heart of Nexpace’s ecosystem are principles of transparency, security, and trust, empowering builders to freely share their ideas and enabling users to enjoy immersive experiences. By fostering a culture of creative expression, Nexpace envisions a secure, collaborative environment that unites ecosystem participants in a thriving digital community.
About Verse8
Verse8 is an AI-native creation and publishing platform that allows anyone to turn ideas into interactive games and stories. By combining generative AI, an integrated game engine, and on-chain ownership, Verse8 lowers the barrier to interactive creation and supports a new generation of creator-led digital worlds. Developed by Planetarium Labs in collaboration with Jake Song, the platform leverages deep gaming expertise and strategic partnerships to deliver high-fidelity interactive experiences at scale.
The post MapleStory Universe Opens MSU Space and Launches Global Game Jam Competition as Part of MSU 2.0 Expansion appeared first on CryptoPotato.
Syscoin has paused its bridge after a security incident created about 5 billion unauthorized SYS outputs through its UTXO bridge path.
Summary
- Syscoin paused its bridge after a validation issue created about 5B unauthorized SYS outputs.
- The team traced major tainted balances to two UTXO addresses holding about 4B and 1B SYS.
- Syscoin said exchanges and partners were asked to freeze, blacklist, or monitor linked deposits.
The project said an attacker exploited a validation issue in the bridge flow. The flaw caused the system to incorrectly accept or read a transaction proof and create SYS output that should not have been produced.
Meanwhile, SYS traded near $0.00165 after the update, with a market cap of about $9.7 million, according to CoinGecko. The token was down sharply from its all-time high of $1.30, showing weak market confidence around the project. The token has fallen nearly 10% in the last 24 hours.
Syscoin bridge paused during investigation
Syscoin said the bridge remains paused while the team investigates the incident, completes a fix, and decides how to address the unauthorized SYS output.
“The Syscoin bridge is currently paused while the team investigates,” the project said in its preliminary postmortem.
The team said users should not interact with the bridge while it remains offline. It also said the incident is being treated as a top priority.
Syscoin said it has already identified the affected validation path. The team said it has a fix in place, but review and implementation are still ongoing.
5B SYS output traced on UTXO chain
According to Syscoin, the attacker created an unauthorized output of about 5B SYS through the UTXO bridge path.
The funds were first sent to one address before being spent and split into other outputs. Syscoin said the largest tainted balances appear linked to two addresses holding about 4B SYS and 1B SYS.
The team published the initial UTXO transaction, the later spend, and the split transaction. It said it is tracing the funds across the UTXO trail.
Syscoin also said it is working with exchanges and ecosystem partners. The goal is to stop tainted SYS from being deposited, traded, or spread further.
Exchanges asked to monitor tainted SYS
Syscoin said it contacted exchanges and relevant partners after the incident. The project asked them to blacklist, freeze, or closely monitor SYS deposits tied to the tainted outputs.
The team also asked partners to watch descendant spends from the affected UTXO trail. This step aims to reduce the chance that the unauthorized SYS reaches open markets.
The incident comes as cross-chain bridge security remains under close watch across crypto. Bridges often handle funds across different chains, making validation errors costly when attackers find a weak path.
Related reports show that bridge attacks have remained active in 2026, with several cross-chain systems hit in recent months.
Related crypto.news coverage previously described Syscoin as a dual-layer blockchain that combines Bitcoin-style security with Ethereum-like smart contract support.
That background matters because the latest incident involved Syscoin’s bridge system, which connects activity across its native UTXO side and related blockchain infrastructure.
Separate market reports have also tracked rising bridge risks across the wider crypto sector. Recent cases include attacks on cross-chain systems where flaws or key failures allowed attackers to move large amounts of assets.
For Syscoin, the next update will likely focus on the final remediation plan. The team said it will share more information after it completes the fix and decides how to neutralize the unauthorized output.
Crypto markets are back in the green on Monday morning following a weekend of losses that sent them to their lowest point in this bear market cycle.
The week ahead could accelerate those losses as inflationary pressures are expected to continue with no deal in sight between the US and Iran.
“We expect another volatile week ahead after Friday’s sharp drop in AI stocks,” said the Kobeissi Letter.
Economic Events June 8 to 12
The latest from the war situation is President Trump saying that Israeli Prime Minister Netanyahu will have “no choice” but to accept a US deal with Iran, because he “calls the shots.”
The missile strikes from the US, Israel, and Iran continued over the weekend, and oil prices are climbing higher again.
May’s existing home sales data is due on Tuesday, but all eyes will be on Wednesday’s CPI inflation report.
This report could be key ahead of the Federal Reserve’s rate decision on June 17 as investors look for clues on whether the central bank is considering raising interest rates.
“May’s consumer prices report will be a key gauge on the impact of rising prices on consumer spending,” analysts at AJ Bell said in a note, according to the WSJ.
“With inflation running persistently ahead of the Fed’s 2% target, a hotter-than-expected print will make it difficult for policy makers to argue for further rate cuts.”
However, there is currently a 97% probability that rates will remain unchanged, according to the CME futures Fed Watch tool
Thursday will see May’s PPI inflation report, adding more fuel to the fire should it come in hot.
Michigan Inflation Expectations and Consumer Sentiment data are due on Friday.
Key Events This Week:
1. May Existing Home Sales data – Tuesday
2. May CPI Inflation data – Wednesday
3. May PPI Inflation data – Thursday
4. OPEC Monthly Report – Thursday
5. MI Inflation Expectations data – Friday
6. MI Consumer Sentiment data – Friday
All eyes are on…
— The Kobeissi Letter (@KobeissiLetter) June 7, 2026
Crypto Market Outlook
Crypto markets fell to their lowest levels since October 2024, with total cap dipping to $2.17 trillion over the weekend.
Bitcoin fell below $60,000 to a new cycle low on Saturday but had clawed its way back to $63,000 at the time of writing on Monday morning in Asia. The asset has lost 14% over the past week, driven primarily by the ongoing war and Strategy selling a few BTC.
Ether prices have been hit harder, with the asset falling to just above $1,500, its lowest level for 14 months. There was a minor recovery to $1,700 on Monday morning, but ETH is in the depths of crypto winter.
The post 3 Things That May Move Bitcoin and Crypto Markets This Week appeared first on CryptoPotato.
The White House’s most influential AI and crypto policy voice just called AI safety the ‘new Climate Change’, referring to the amount of ‘Hollywood storytelling’ involved. This comes six days after his administration signed an AI safety order.
On Monday, David Sacks, who served as the White House Special Advisor for AI and Crypto and now advises the administration through the President’s Council of Advisors on Science and Technology, reposted this on X:
Contradiction Inside the White House?
Six days before Sacks posted his tweet, President Trump signed an executive order asking AI companies to voluntarily submit their most powerful models to federal safety testing up to 30 days before public release.
The order directed federal agencies to develop safety benchmarks, assess AI models for cyber capabilities, and shore up critical infrastructure defenses.
Sacks helped build the policy environment that produced that order. However, he is now publicly raising the heightened safety concerns of some, similar to climate change scaremongering.
This appears to be a deliberate signal about the administration’s true stance on AI safety, regardless of the document issued a week ago.
This is not new. Sacks has framed regulatory interference in emerging technology as a power grab rather than a legitimate function before.
Sacks has also called AI safety advocates a “Doomer Industrial Complex“, a coordinated effort by former Biden staffers and effective altruists to inflate AI threat narratives for political purposes.
What the David Sacks Framing Means for Crypto and AI Tokens
Sacks also drove the CLARITY Act through its early legislative stages, and the crypto market structure bill is now working through the Senate.
His framing of AI regulation as a “takeover of the economy and information space” directly mirrors the argument his office used against aggressive crypto oversight: safety narratives are a cover for regulatory expansion, not genuine consumer protection.
Sacks seems to be building a single political argument against both AI and crypto regulation: safety concerns are political weapons, not technical realities. For AI-linked crypto tokens and the likes, the White House’s posture on AI regulation sets the tone for the next four years.
The administration that backed crypto helped move the CLARITY Act and, in 2025, the US stablecoin framework, the GENIUS Act, became law. The same administration is now framing heavy-handed AI safety as leftist pseudoscience.
The fight Sacks is previewing will determine whether AI safety regulation looks like climate policy: sweeping, expensive, and politically defining for a generation. He is betting it does not.
The post Former White House AI Adviser Calls Safety Fears ‘Hollywood Storytelling’ appeared first on BeInCrypto.
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