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Crypto World

Vanguard Targets Digital Assets Chief as It Reconsiders Crypto

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Crypto Breaking News

Vanguard has posted a new role aimed squarely at digital-asset strategy, appointing a “head of digital assets” to shape how the asset manager approaches tokenization, stablecoins, blockchain infrastructure, and client-facing crypto-related products. The hiring signal suggests a shift from Vanguard’s historically cautious stance toward direct crypto investment offerings.

In the job description, Vanguard says the person in the role will be responsible for determining how the firm participates in digital assets—covering everything from product evaluation and tokenization initiatives to custody models, blockchain settlement considerations, and the “digital asset operating infrastructure” needed to support such efforts. The role is also expected to represent Vanguard in discussions with regulators, clients, and industry groups.

Key takeaways

  • Vanguard is hiring a “head of digital assets,” with explicit responsibilities across tokenization, stablecoins, custody, and blockchain-based settlement.
  • The position includes a regulatory-facing component, indicating the effort is not limited to product experimentation.
  • Vanguard’s hiring marks a notable contrast with prior statements rejecting certain crypto investment products, including crypto ETFs.
  • Tokenized real-world asset (RWA) growth—and tokenized Treasuries in particular—continues to pull major asset managers deeper into the sector.

A broader digital-asset mandate than simple product testing

The posting lays out a comprehensive remit that goes beyond whether Vanguard will offer a specific token or investment product. According to the role description published on Vanguard’s jobs site, the new executive will evaluate “client-facing products” and consider how Vanguard might engage through multiple layers of the digital-asset stack—tokenization, stablecoins, custody model design, settlement workflows, and operational infrastructure.

That breadth matters for investors and counterparties because it implies Vanguard is working toward a sustained capability rather than a short-lived pilot. When firms focus only on distribution, they can remain reactive. By contrast, a mandate that includes custody and settlement suggests Vanguard may be aligning internal processes with how digital assets are issued, secured, and moved—an important prerequisite for scaling any future offerings.

The job also indicates that the role will serve as a bridge between the business side and external stakeholders, with responsibility for Vanguard’s participation in regulator, client, and industry discussions. That kind of engagement is often overlooked in public narratives around crypto adoption, but it typically determines whether products can move from concept to compliance-ready execution.

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From resistance to reconsideration

Vanguard’s move is particularly striking given its earlier public posture toward crypto. In August 2024, then-CEO Salim Ramji said Vanguard would not launch crypto exchange-traded funds, arguing the firm would not “copy competitors” despite the rapid adoption of spot Bitcoin ETFs across the market.

More recently, ETF analyst Nate Geraci pointed out the practical contradiction: Vanguard had previously blocked customers from purchasing spot Bitcoin and Ether ETFs through its brokerage platform. Geraci highlighted the shift in an X post on Tuesday, adding “Life moves pretty fast,” underscoring how quickly the firm’s posture appears to be evolving.

Neither the hiring description nor the article’s details clarify whether Vanguard will immediately launch any particular crypto product. However, the existence of a role spanning tokenization, stablecoins, custody, and settlement suggests the company is now building decision-making capacity that could support new offerings—potentially including products investors could access in the future.

Why tokenization is pulling asset managers in

Vanguard’s hiring arrives as major asset managers expand their involvement in tokenized finance. Data compiled by RWA.xyz indicates the tokenized real-world asset market has grown to $33.5 billion. Within that figure, tokenized U.S. Treasury products account for $14.9 billion—an area that has drawn particular attention because it connects tokenized exposure to government debt instruments.

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RWA.xyz data also points to the scale of major players in tokenized Treasuries: Franklin Templeton manages about $2.5 billion in tokenized assets, BlackRock oversees roughly $2.3 billion, and WisdomTree’s tokenized Treasury fund has grown to more than $700 million.

These figures help explain why tokenization is becoming a strategic priority rather than a niche experiment. Tokenized Treasury products are frequently positioned as an entry point for institutions that want blockchain settlement benefits—such as faster movement of value or improved interoperability—while maintaining exposure linked to established benchmarks.

Competition accelerates across tokenized cash, liquidity, and ETFs

The broader industry context includes multiple initiatives from large financial firms aiming to integrate tokenization and digital settlement. In March, Franklin Templeton partnered with Ondo Finance to offer tokenized versions of its ETFs accessible through crypto wallets, according to coverage referenced in the source material. Later, Franklin Templeton launched a dedicated cryptocurrency investment division after its acquisition of crypto asset manager 250 Digital.

Other large institutions have pursued tokenized cash and liquidity products as well. JPMorgan filed in May to launch a tokenized money market fund for stablecoin issuers. State Street introduced a government money market fund for stablecoin reserves and a tokenized liquidity product the following month.

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Fidelity also moved into blockchain-based liquidity. The source material notes that Fidelity launched a blockchain-based liquidity fund in May, and that it received its first crypto-native investment after Theo allocated $20 million to the product.

Taken together, these developments highlight a sector pattern: many incumbents appear to be approaching crypto-related infrastructure through tokenized cash, liquidity, and Treasury instruments first—areas where regulators and compliance teams may find more familiar analogues than, say, direct exposure to volatile crypto assets.

For Vanguard, the job description’s emphasis on custody models, settlement mechanisms, and operating infrastructure aligns with this market direction. If tokenized cash and Treasury products keep growing, the firms that can support secure issuance, operational workflow, and compliance will likely be best positioned to expand product ranges over time.

Investors and industry watchers should monitor whether Vanguard’s digital-asset hiring translates into concrete offerings—particularly around tokenization and custody—or whether the early phase remains focused on internal buildout and regulatory engagement. The key open question is what form Vanguard’s participation will take next, and how quickly the firm moves from strategy to investor-accessible products.

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Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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EU Again Set For Vote on ‘Chat Control’

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EU Again Set For Vote on ‘Chat Control’

EU lawmakers are set to vote again on controversial legislation dubbed “chat control” by its critics, which would allow tech firms to scan messages for child sexual abuse material.

On Tuesday, the European Parliament voted through a rarely used urgent procedure that will bring lawmakers to a vote Thursday on whether to extend the legal framework, which expired in early April.

“Today’s vote violates our own rules of procedure, the European Parliament decided to use an urgent procedure for Chat Control 1.0,” Pirate Party MEP Markéta Gregorová said on Tuesday. “This means that on Thursday, we will once again vote on extending the derogation that allowed online platforms to scan our private communications.”

The upcoming vote could revive the so-called “chat control” rules that are controversial among privacy and cryptography advocates, as tech companies must scan end-to-end encrypted messages.

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Since the legal framework expired in April, messaging platforms such as WhatsApp have been allowed to take their own voluntary measures to seek out those sharing abusive material.

Rejecting proposal requires absolute majority

Gregorová said rejecting or amending the proposal will require an absolute majority of 361 votes in Parliament.

The vote Tuesday narrowly passed, with 331 in favor, 304 against and 11 abstaining.

In March, Parliament rejected a temporary extension of the scheme proposed by the European Commission while a new version of the law was under discussion, in a vote of 311 against, 228 for and 92 abstaining.

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Euronews reported Tuesday that the latest proposal was revived by the European People’s Party, the largest group in Parliament, which largely voted against the measure in March because of amendments that restricted the scope of the chat scans.

However, European People’s Party leader Manfred Weber has been looking for ways to push through the extension without changes.

Related: Privacy advocates slam reCAPTCHA update they say locks out de-Googled phones

“The European People’s Party is abusing its position as the largest political group to bring back, through a procedural loophole, a proposal that Parliament had already rejected,” Gregorová said. “This is unprecedented.”

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EU member states agreed to reinstate an interim “chat control” measure last month, which would allow service providers to detect, report, and remove abusive material until 2028.

Features: Crypto industry looks to stablecoins and DeFi revisions in MiCA 2.0

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Clearstream expands crypto custody with XRP, SOL, ADA, AVAX

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Clearstream expands crypto custody with XRP, SOL, ADA, AVAX

Clearstream has expanded its institutional crypto custody service by adding six more digital assets.

Summary

  • Clearstream now supports eight crypto assets, widening institutional access beyond Bitcoin and Ether custody.
  • The service uses Crypto Finance as sub-custodian, keeping the offering inside Deutsche Börse’s regulated structure.
  • MiCA is pushing European institutions toward licensed custody, settlement, trading, and stablecoin infrastructure providers.

Clearstream, the post-trade services provider owned by Deutsche Börse Group, said it now accepts Ripple-linked XRP, Cardano, Solana, Litecoin, Stellar, and Avalanche in its crypto custody offering. These assets join Bitcoin and Ether, which were already supported.

The move gives institutional clients a wider list of crypto assets inside Clearstream’s custody system. The firm said the expansion responds to growing demand for MiCA-compliant crypto assets in institutional finance.

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Clearstream is one of Europe’s largest settlement and custody firms. Its parent, Deutsche Börse Group, operates across trading, clearing, settlement, and market infrastructure.

Crypto Finance remains sub-custodian

Clearstream said the service continues to use Crypto Finance, another Deutsche Börse Group company, as sub-custodian. Crypto Finance holds a MiCAR license, which lets it provide regulated crypto services across Europe.

The structure allows Clearstream clients to access crypto custody through existing accounts with Clearstream Banking S.A. in Luxembourg. It also lets institutions use familiar market infrastructure instead of setting up direct relationships with separate crypto service providers.

When the service was first announced, Clearstream said it would support Bitcoin and Ether before considering more assets based on client demand. As previously reported by crypto.news, the original plan gave about 2,500 institutional clients access to crypto custody and settlement from April 2025.

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MiCA shapes institutional demand

The timing comes as Europe’s crypto market adjusts to the Markets in Crypto-Assets framework. MiCA created a single rulebook for crypto-asset service providers, including custody, exchange, transfer, and stablecoin services.

Meanwhile, ESMA’s register expanded after the July 1 deadline, with more firms gaining authorization to serve clients across the European Union. That shift has made licensing a key part of institutional crypto access.

Clearstream’s expansion fits that market. Banks, brokers, asset managers, and trading firms need custody providers that can meet regulatory, settlement, reporting, and operational needs.

The new token list also shows that institutional access is moving beyond only Bitcoin and Ether. XRP, Solana, Cardano, Litecoin, Stellar, and Avalanche each have large public markets and established user bases.

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Deutsche Börse widens digital asset rails

Deutsche Börse Group has been building several digital asset services across its market infrastructure. Clearstream’s custody expansion adds another piece to that broader strategy.

Moreover,Deutsche Börse partnered with Circle to bring USDC and EURC into its trading and custody network under MiCA. The plan includes trading through 3DX and custody through Clearstream.

The group’s approach centers on regulated access rather than direct retail crypto services. Clearstream serves institutional clients that often need asset safety, settlement support, and clear legal structures before handling digital assets.

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Microsoft Cuts AI Bill by Replacing OpenAI and Anthropic in Software Products

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AI Is Handing Hackers Tools That Once Belonged to Elite Attackers

Microsoft has begun swapping OpenAI and Anthropic models for its own MAI systems in Excel and Outlook, a shift aimed at curbing its fast-growing artificial intelligence bill.

Tens of thousands of prompts in the two applications now run each week on Microsoft’s internally built models.

Why Microsoft Wants to Cut Its AI Bill

Microsoft consumes huge volumes of AI tokens across products such as its Copilot assistant. It currently gets much of that computing at a discount through a long-standing partnership with OpenAI.

That arrangement will not last forever. AI chief Mustafa Suleyman’s team wants to avoid paying whatever leading labs charge once the discount ends.

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Bloomberg, citing a person familiar with the work, reported that Excel and Outlook had previously leaned more on OpenAI and Anthropic. Now, MAI usage accounts for a small share of overall AI activity.

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In June, Suleyman said Microsoft was trying to cut spending on Anthropic by using more of its own systems. His comments framed the internal effort in blunt cost terms.

“We pay a lot of money to Anthropic — so our goal is to reduce and ultimately eliminate that cost,” he said.

This follows earlier signs of an enterprise AI cost squeeze at the company. Microsoft began winding down most internal Claude Code licenses in mid-May 2026. 

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Meanwhile, the model switch forms part of a wider cost push at Microsoft. The company is trimming spending even as it pours record sums into AI.

BeInCrypto reported that Microsoft is cutting 2.1% of its workforce, or 4,800 jobs. Its Xbox unit absorbed major reductions, with roughly 3,200 roles set to go.

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The post Microsoft Cuts AI Bill by Replacing OpenAI and Anthropic in Software Products appeared first on BeInCrypto.

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XRP Eyes $1.50 Target as RWA Tokenization Explodes to $4B and ETF Momentum Builds

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xrp price

Key Highlights

  • Real-world asset tokenization on XRPL exploded from $150M to $4B within twelve months
  • Institutional investors pushed XRP spot ETFs to $1.49B in net inflows across eight weeks
  • Ripple obtained comprehensive MiCA CASP authorization in Luxembourg, enabling operations throughout 27 EEA nations
  • Weekly new wallet creation jumped from 18,100 to 26,000, marking the strongest growth since March
  • XRP currently trades near $1.13 with derivatives open interest standing at $2.38B

Multiple catalysts are converging to drive renewed interest in XRP. According to information released by Evernorth, a digital asset treasury company backed by Ripple, the ecosystem is experiencing simultaneous expansion across tokenized real-world assets, exchange-traded fund capital flows, and on-chain user engagement.

xrp price
XRP Price

The value of tokenized real-world assets operating on the XRP Ledger has skyrocketed from approximately $150 million twelve months ago to over $4 billion currently. More than 500 distinct products now operate on the network. Leading the charge are JMWH and the Ondo Short-Term Government Bond Fund, which collectively account for nearly $2.5 billion in market value.

In a landmark transaction, JPMorgan, Ripple, Mastercard, and Ondo Finance successfully executed a cross-border tokenized treasury settlement using the XRP Ledger. The entire transaction settled in roughly four seconds.

Market analyst Celal Kucuker (@CelalKucuker) shared his perspective on XRP’s immediate price trajectory, stating that “$XRP could reach $1.50 before the end of this month,” describing a 40% rally within 20 days as “absolutely possible.” His analysis emerged alongside strengthening on-chain metrics and derivatives market indicators.

Institutional Capital Continues Flowing Into XRP ETFs

XRP spot exchange-traded funds have maintained an unbroken streak of positive net inflows for eight consecutive weeks, accumulating a combined total of $1.49 billion. Current assets under management have reached approximately $1.05 billion, representing roughly 1.47% of XRP’s overall market capitalization.

Source: SoSoValue

Bitwise commands the largest position among XRP ETF providers with $330.84 million in net assets, trailed by Canary at $265.30 million and Franklin at $261.68 million. Daily trading volume across all XRP exchange-traded funds hit $14.48 million in the most recent session.

Evernorth emphasized that the sustained ETF inflow pattern indicates a meaningful transition toward institutional market participation, creating a bridge between conventional financial markets and digital asset ecosystems.

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Ripple Secures Full MiCA Regulatory Clearance Across Europe

Ripple has been granted a Crypto-Asset Service Provider license by Luxembourg’s CSSF under the European Union’s Markets in Crypto-Assets framework. This certification builds upon preliminary MiCA approval obtained in June and represents the completion of Ripple’s comprehensive regulatory authorization process under EU legislation.

The licensing arrangement enables Ripple to passport regulated cryptocurrency services throughout all 27 European Economic Area member countries. Cassie Craddock, Ripple’s Managing Director for the UK and Europe, confirmed the company stands fully prepared to scale operations under the MiCA regulatory structure.

Ripple anticipates the dual regulatory approvals will accelerate market adoption of XRP-powered payment solutions and its RLUSD stablecoin throughout European markets.

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Weekly XRP wallet creation surged from 18,100 to 26,000, representing the strongest weekly performance since March. XRP futures open interest climbed to $2.38 billion, with CME futures open interest increasing 3.21% in recent trading hours.

At the time of publication, XRP was changing hands at $1.13, trading within a 24-hour band of $1.11 to $1.16, while trading volume increased by nearly 50%.

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Ethereum (ETH) Price Surges 10% on Spot Demand as Leverage Remains Flat

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Ethereum (ETH) Price

Key Highlights

  • ETH surged approximately 10% and momentarily reclaimed $1,800 following a positive shift in Net Taker Volume on June 28
  • Open interest remained unchanged throughout the price increase, indicating the rally lacks leverage-driven speculation
  • A critical resistance zone exists at the 50-day EMA near $1,806
  • US-based ETH spot ETFs recorded net inflows for three consecutive trading sessions
  • Vitalik Buterin presented “Lean Ethereum,” an extensive protocol transformation projected to reduce ERC20 transaction costs by more than tenfold

Ethereum has appreciated roughly 10% during the previous seven days, momentarily reaching the $1,800 level for the first time in several weeks. This upward movement followed the ETH Net Taker Volume indicator turning positive on June 28, demonstrating that purchasing activity was dominating perpetual futures markets. Following this shift, ETH has registered gains approaching 14%.

Ethereum (ETH) Price
Ethereum (ETH) Price

The most notable characteristic of this price advance is that open interest has remained essentially unchanged. This indicates that market participants are not increasing positions using leverage. The Estimated Leverage Ratio has similarly shown no significant increase following its June contraction. When price movements occur without corresponding leverage expansion, they generally demonstrate greater sustainability due to reduced exposure to cascading liquidation events.

The ETH Coinbase Premium Index, measuring buying pressure from US markets, continues to register in negative territory. However, it has recovered from the extreme depths observed in early July, indicating a gradual return of US-based purchasing activity.

Source: CryptoQuant

US spot ETH exchange-traded funds have registered three consecutive sessions of net capital inflows, based on SoSoValue tracking. While modest, this represents a consistent indication of growing institutional participation.

Technical Barrier at $1,806

ETH is currently encountering a significant technical obstacle. The 50-day Exponential Moving Average is positioned at $1,806, coinciding with a horizontal resistance barrier at the identical price point. The RSI currently reads 57, suggesting positive momentum without reaching overbought territory. The Stochastic Oscillator approaches 86, indicating potential short-term overextension.

Source: TradingView

Should ETH break through $1,806, the subsequent price objectives include $1,909 followed by the 100-day EMA positioned at $1,970. Beyond that level, $2,018 and $2,108 represent additional resistance zones. To the downside, initial support appears at $1,741, with secondary support at $1,713 where the 20-day EMA resides.

Crypto analyst Daan Crypto Trades commented on the market dynamics, observing that ETH has successfully closed both weekly and daily candles back within the $1,750–$2,400 trading range. He indicated that a breakout above the local peak at $1,850 would represent a shift in market structure and demonstrate underlying strength. He noted this level would serve as his signal to begin targeting the upper boundary of the range.

Vitalik Buterin Introduces “Lean Ethereum” Blueprint

Regarding protocol development, Ethereum creator Vitalik Buterin has presented an extensive protocol transformation called “Lean Ethereum.” He characterized it as the third significant iteration of Ethereum, rivaling the Merge in scope and impact.

The implementation timeline spans three to four years and encompasses verification mechanisms, consensus protocols, privacy features, quantum resistance, and client infrastructure. Buterin indicated that verification will transition toward recursive STARKs. Consensus modifications target achieving one or two-round finality.

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State modifications represent the most transformative component. Buterin projected that a potential 2030 configuration could feature Ethereum maintaining 2 TB of existing dynamic state alongside 100 TB of redesigned state architecture. This new architecture would optimize ERC20 tokens and NFTs. A proposed ERC20 restructuring utilizing UTXO-based storage could decrease transaction fees by over 10 times.

ETH is presently exchanging at $1,780.

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Kraken Pursues European Banking License in Lithuania

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Brian Armstrong's Bold Prediction: AI Agents Will Soon Dominate Global Financial

Key Highlights

  • Kraken is pursuing comprehensive banking authorization in Europe, with Lithuania identified as the target jurisdiction
  • Success would make Kraken the sole cryptocurrency exchange holding a European banking license
  • The strategy mirrors the approach taken by Revolut, which secured licensing from Lithuania’s banking regulator in 2018
  • The exchange currently operates with MiCA credentials via Ireland and holds a MiFID license through Cyprus
  • In early 2026, Kraken Financial achieved a milestone by becoming the first cryptocurrency company to connect with the Federal Reserve’s payment systems

Kraken, a leading global cryptocurrency exchange, is actively pursuing full banking authorization within Europe. According to sources with knowledge of the matter, the platform has set its sights on Lithuania as the preferred location for this regulatory milestone.

When approached for comment, Kraken representatives declined to provide details. The Bank of Lithuania confirmed that all licensing procedures for financial institutions remain confidential under current regulations.

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Should the application succeed, Kraken would break new ground as the inaugural crypto exchange to secure comprehensive banking authorization in Europe. This designation would enable the platform to provide services including checking accounts, consumer credit products, and enhanced payment capabilities throughout the European Economic Area.

The regulatory strategy Kraken is pursuing follows an established precedent. Revolut, the digital banking platform, successfully obtained specialized banking credentials from Lithuanian regulators in 2018. That authorization enabled Revolut to broaden its financial service offerings across the EEA. Lithuania has also granted banking or specialized banking licenses to institutions such as Mano Bank, PayRay, and EMBank.

European Regulatory Framework Already Established

Kraken maintains MiCA authorization issued through Ireland’s Central Bank. Additionally, the exchange operates under a MiFID license granted by Cypriot authorities. These regulatory frameworks enable the platform to deliver compliant services to customers throughout the European Union.

MiCA regulations became enforceable EU-wide on July 1, 2026. Kraken has leveraged its existing authorizations to establish itself as a compliant operator for European customers under the updated regulatory environment.

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Securing banking authorization would represent a significant advancement. It would enable Kraken to integrate cryptocurrency operations more seamlessly with conventional financial infrastructure, encompassing payment processing, asset custody, and institutional-grade services.

Constructing a Worldwide Regulatory Infrastructure

The European banking initiative represents one component of a broader licensing approach by Payward, Kraken’s corporate parent.

In March 2026, Kraken Financial achieved a significant first by obtaining access to the Federal Reserve’s fundamental payment systems. This development granted its US banking division direct connectivity to Fedwire for specific operational functions.

In May 2026, Payward obtained VARA authorization in the United Arab Emirates, incorporating another regulated jurisdiction into its operational framework.

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Kraken co-CEO Arjun Sethi addressed attendees at Money 2020 Europe and detailed the company’s strategic vision. He indicated that the organization’s ten-year roadmap involves securing regulatory licenses across all major regions, either through acquisition of established entities or building operations from the ground up.

Kraken is additionally preparing for a public listing in the United States, creating additional incentive to establish a robust regulatory compliance record across key international markets.

The Lithuanian banking license, if obtained, would constitute one of the most significant achievements in this regulatory expansion. It would provide Kraken with direct access to traditional European banking infrastructure and position the exchange ahead of competitors regarding regulatory breadth.

Neither an application timeline nor anticipated approval date has been publicly disclosed.

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Replace 21M Bitcoin cap with 4% annual inflation

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Crypto Breaking News

StarkWare CEO Eli Ben-Sasson has reignited a long-running Bitcoin debate by arguing that the network’s fixed 21 million coin cap “doesn’t make sense” and should be replaced with a steady 4% annual issuance model. His position challenges a foundational pillar of Bitcoin’s monetary narrative: that a hard supply limit protects the asset from monetary debasement and preserves purchasing power over time.

In a post on X Tuesday, Ben-Sasson said the cap becomes less meaningful as time passes because private keys are lost, eventually leaving holders unable to access their coins. He linked that concern to the idea that, as the timeline approaches infinity, the usable supply trends toward zero—an argument that directly contrasts with the traditional “digital gold” framing of Bitcoin’s capped issuance. Source: Eli Ben-Sasson on X

Key takeaways

  • Ben-Sasson argues Bitcoin’s 21 million cap is undermined over long time horizons by lost private keys.
  • He suggested replacing the fixed cap with an issuance rate of about 4% per year, while still maintaining a form of long-term scarcity.
  • Ledger has previously estimated that millions of Bitcoin may already be permanently lost, feeding into the “lost keys” argument.
  • Critics on X say Bitcoin’s divisibility and fixed supply mechanics still address “not enough to go around,” and that changing the cap would make Bitcoin more like other cryptocurrencies.
  • A potential workaround discussed in the Zcash ecosystem—burning with periodic reissuance—highlights how miner economics could be addressed without removing a hard cap, but it would still require broad Bitcoin consensus.

Why Ben-Sasson thinks the cap will fail over time

Ben-Sasson’s core claim is not simply that Bitcoin supply will be inadequate, but that the economic effect of a cap is eroded if a growing share of coins become inaccessible. He pointed to the long-run reality that private keys can be lost, making coins effectively unrecoverable.

To anchor that idea in publicly available estimates, the proposal also echoes figures cited by Ledger. In November, Ledger estimated that up to 4 million Bitcoin have been burned or permanently lost. Ledger estimate (via Ledger Academy)

Ben-Sasson said he still supports a hard upper bound on supply. But rather than relying on a one-time fixed limit, he argued that a consistent 4% annual issuance rate better matches real-world population growth—an analogy meant to address whether Bitcoin’s supply schedule remains economically aligned as adoption expands.

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Bitcoin maximalists push back: scarcity, divisibility, and “lost keys”

Ben-Sasson’s proposal met quick and pointed criticism from the Bitcoin community on X. One user challenged the premise that Bitcoin would run out “to go around,” citing Bitcoin’s divisibility into 2.1 quadrillion satoshis (the smallest base unit). Source: X user response

Ben-Sasson replied that satoshis are not a permanent solution if private keys continue to be lost. In his view, even though Bitcoin is divisible, the accessible balance still trends toward zero over time as keys go missing. Source: Ben-Sasson follow-up on X

Other opponents framed the debate around identity: lifting the fixed cap, they argued, would move Bitcoin toward the behavior of other cryptocurrencies that issue supply through inflation. Ben-Sasson countered that Bitcoin would retain scarcity as long as the inflation rate stayed fixed. Source: X user response

The clash reflects a deeper asymmetry in how people interpret Bitcoin’s supply mechanics. For many Bitcoiners, lost keys can be viewed as a feature rather than a flaw: if coins are permanently inaccessible, they effectively reduce circulating supply and reinforce supply-demand dynamics. A prominent example is Michael Saylor, who has said he plans to burn his Bitcoin private keys after his death as a “pro-rata contribution” to other holders—an act intended to make other coins scarcer by reducing the amount of reachable supply.

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Looking for a middle path: Zcash’s approach to cap sustainability

As the debate intensified, Zcash founder Bryce “Zooko” Wilcox suggested Bitcoin developers look at a proposal being discussed in the Zcash ecosystem. Zcash also has a fixed supply cap set at 21 million ZEC, and Wilcox argued that Bitcoin could study how Zcash addresses miner incentives without removing its hard limit. Source: Zooko on X

The proposal Wilcox referenced is the “Network Sustainability Mechanism.” Its design aims to keep ZEC’s 21 million cap intact by allowing users to burn tokens, which are then reissued gradually as block rewards over a four-year period. The intent is to relieve pressure on miner incentives without changing the hard supply cap.

While the concept is attractive in theory—seeking to balance network security incentives with a capped supply—Bitcoin would face a different practical environment. Implementing a protocol-level mechanism would require agreement across Bitcoin’s decentralized ecosystem, including developers, miners, and node operators. That coordination challenge is a major reason Bitcoin’s core monetary rules have historically been difficult to change even when a proposal is technically feasible.

What this debate means for Bitcoin’s future trajectory

Ben-Sasson’s argument is likely to keep circulating precisely because it targets a common point of tension: the difference between theoretical supply and economically usable supply over very long time horizons. The discussion also highlights that “hard cap” supporters and critics may not be speaking about the same problem. One side focuses on monetary predictability and the protection against debasement; the other side emphasizes that lost keys reduce the practical share of supply and may eventually distort the cap’s economic assumptions.

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For investors and builders, the more immediate takeaway may not be whether a cap change happens, but what kinds of proposals gain traction around the margins of Bitcoin’s monetary design. A cap-preserving mechanism inspired by other networks would still require broad consent, yet it signals a potential direction for future debate: adjusting incentives and usability while trying to preserve the properties Bitcoin is known for.

As this topic continues to trend, watch for whether any proposal gains concrete supporters beyond social commentary—especially ideas that address miner and security incentives without directly abandoning the cap narrative that underpins Bitcoin’s cultural and market identity.

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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Gemini launches commission free U.S. stock trading in super app push

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Gemini launches commission free U.S. stock trading in super app push

Gemini has launched commission-free stock trading for customers across most U.S. states, adding thousands of exchange-listed securities to its app as it expands beyond cryptocurrency services.

Summary

  • Gemini has launched commission free stock trading for eligible users across most U.S. states through its mobile app.
  • The exchange has expanded beyond crypto by adding equities to its platform after recent moves into derivatives, prediction markets and AI powered services.
  • Nasdaq will provide real time market data while Apex Clearing will execute, clear and safeguard customer stock trades.

According to Gemini’s announcement on Tuesday, eligible customers can now buy and sell thousands of U.S. exchange-listed stocks with 0% commissions directly through the Gemini app, although the service is not yet available in Alabama, Arkansas, Illinois, Massachusetts, Texas, Puerto Rico, Washington, D.C., or Guam. 

As part of the rollout, Nasdaq has become the exchange’s official provider of real-time market data, while Apex Clearing Corporation will handle custody and trade clearing.

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Gemini adds stocks to its growing financial platform

“We have over a decade of experience in building financial platforms. We started with crypto and are expanding to stocks so that customers can manage their entire financial lives right from the Gemini app,” Cameron Winklevoss, Gemini’s co-founder and president, said.

The launch extends Gemini’s strategy of building what it describes as an all-in-one financial platform. Before introducing stock trading, the company had already expanded into prediction markets, derivatives, artificial intelligence tools, staking, custody services and credit cards as it looked to reduce its reliance on spot crypto trading.

Recent regulatory approvals have also supported that expansion. Gemini secured a Commodity Futures Trading Commission license for its Olympus subsidiary to operate as a Derivatives Clearing Organization in April, adding to its existing Designated Contract Market license. 

According to the company, those approvals strengthen its ability to support crypto spot markets, derivatives and prediction products under regulated infrastructure.

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Gemini also said it has updated its Financial Industry Regulatory Authority broker-dealer registration to operate as an introducing broker. The updated registration allows the company to introduce customer orders in National Market System securities, while Apex executes, clears, and settles those trades.

“Crypto was just the beginning. Our goal is to bring many financial products, from crypto to equities to derivatives, under one regulated platform,” Tyler Winklevoss, Gemini’s co-founder and chief executive officer, said.

Zero-commission stock trading has already become common across the brokerage industry following the growth of firms such as Robinhood. Companies offering commission-free trading often generate revenue through other services, including payment for order flow, interest earned on customer cash balances, margin lending, premium subscriptions or data licensing, although Gemini has not disclosed how its stock trading business will be monetized.

Crypto exchanges continue adding traditional financial products

Gemini’s latest launch comes as several crypto platforms continue expanding into traditional financial markets. In June, Coinbase introduced an SEC-registered AI investment advisor, announced plans for stock options, expanded prediction markets, and outlined tokenized stock offerings backed one-for-one by underlying shares.

Outside the exchange sector, social media platform X has also been building financial services into its platform. In April, the social media company introduced smart cashtags for users in the United States and Canada, while its Canadian partnership with Wealthsimple enabled stock and cryptocurrency trading directly through the app as part of Elon Musk’s long-term “everything app” plans.

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Funds Never Held: GhostSwap’s Non-Custodial Model vs the 2026 Hack Wave

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Funds Never Held: GhostSwap’s Non-Custodial Model vs the 2026 Hack Wave

Hacks have always been part of crypto, but in 2026, it does look like we are noticing more and more of them, especially on custodial platforms. This year alone there has been hundreds of millions of dollars drained from exchanges, bridges, and protocols that hold user funds in centralized wallets.

As crypto news “scream” about the latest hacks, a quieter, more resilient model continues to operate without making the news: non-custodial swaps.

GhostSwap is a non-custodial crypto exchange where funds are never in a shared pool waiting to be drained. Instead, assets route directly from the user’s wallet to the destination address, which drastically reduces the attack surface compared to traditional custodial platforms.

Curious to understand what this actually means? Bear with us, please.

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The 2026 Custodial Hack Wave

The numbers regarding crypto hacks this year are worrying, to say the least. In the first four months of 2026 alone, custodial platforms lost over $670 million to hacks and exploits. Here are some of the most biggest incidents:

KelpDAO suffered a $292 million loss on April 18, 2026, through an infrastructure attack via the LayerZero bridge. The custodial bridge/L2 platform proved vulnerable to a single point of failure in its cross-chain infrastructure.

Drift Protocol (which is basically a custodial perpetuals exchange on Solana) lost $285 million on April 1, 2026, through a combination of smart contract vulnerability and compromised admin keys. The attack exposed the risks of relying on centralized administrative controls.

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Grinex, a custodial CEX operating in Kyrgyzstan with Russian links, had $13.7 million in USDT drained from 54 wallets on April 15, 2026. The attack showed that even smaller exchanges with less visibility are prime targets.

Step Finance lost $28.9 million between January and February 2026 through compromised executive email accounts and private keys. That breach is particularly interesting since it shows how even human factors (such as email access, or credential management) remain critical vulnerabilities.

Truebit Protocol suffered a $26.4 million exploit on January 9, 2026, through “zombie code” in its smart contracts; a reminder that legacy code can become a ticking time bomb.

ResolvLabs, a custodial stablecoin issuer, lost $25 million in March 2026 through an AWS KMS key management vulnerability. Even infrastructure giants like Amazon aren’t immune to configuration errors.

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If a series of news about hundreds of millions in losses doesn’t make you think twice about keeping your assets on a custodial exchange, then honestly, what will?

This is where GhostSwap comes into play.

Why the Attack Surface Is Smaller with GhostSwap

GhostSwap’s non-custodial model doesn’t claim to be unhackable. To be completely honest, no system is in crypto. However, it drastically reduces the attack surface by eliminating several high-value targets that attackers typically go after.

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In a custodial exchange, users deposit assets into exchange-controlled wallets. This creates large, tempting pools of customer funds. GhostSwap operates differently: funds move through the swap process and are delivered directly to the destination wallet rather than being stored as long-term customer balances.

No Accounts Means No Account Database to Breach

There’s no honey pot waiting to be drained.

Traditional exchanges maintain extensive databases of user accounts, login credentials, and often identity records. This creates multiple attack vectors: credential stuffing, password theft, and account takeovers.

GhostSwap’s no-account approach removes entire categories of risk. There is no user database to breach, no login system to compromise, and no credentials to steal.

Minimal Personal Data Reduces Exposure

Because GhostSwap doesn’t require routine account creation or standard KYC processes for most swaps, there is far less sensitive user information available to steal. The platform follows a data-minimization strategy, which collects only what’s necessary to complete a swap.

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This means even if an attacker were to breach GhostSwap’s systems, there would be little valuable personal data to exfiltrate.

No Large Customer-Fund Pool to Drain

Perhaps the biggest and most significant difference is the absence of a centralized pool of customer assets. GhostSwap’s wallet-to-wallet swap model avoids maintaining a shared pool that could be drained in a single compromise.

When you compare this to custodial platforms, it’s pretty clear even to a newbie that a single successful attack can empty millions from a single wallet. GhostSwap’s model distributes risk across individual transactions, and eliminates the giant target.

The Refund-Address Safety Mechanism

A key operational safeguard in GhostSwap’s model is the refund address. During a swap, users provide both:

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  • A destination address where they want to receive the output asset
  • A refund address where the original funds can be returned if the swap cannot be completed

This dual-address system provides a critical safety net. If a transaction encounters a problem (such as a routing issue, liquidity problem, or another failure condition) the refund address gives GhostSwap a predefined destination for returning funds when possible. This reduces the risk of assets becoming stranded during an incomplete swap and provides a clear recovery path.

It’s a simple but very effective mechanism. Rather than user funds remaining in limbo while support teams investigate, the refund address enables automated recovery. The asset has a defined path home.

GhostSwap Offers High-Standard Security

So, let’s conclude with this – Imagine waking up to check your portfolio, only to discover that the exchange where you kept your funds has been drained overnight. This happened to thousands of traders in 2026, so it’s not hypothetical.

When Drift Protocol lost $285 million on April 1, traders who had funds on the platform couldn’t access their assets for days. When KelpDAO lost $293 million just weeks later, many users watched their holdings vanish with no clear path to recovery.

Traders who use GhostSwap avoid this entire category of risk. Your funds move directly from your wallet to the swap route and land in your destination wallet; never held in a GhostSwap-controlled pool where they could be swept away in a single attack.

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When you hear about the next custodial breach, and there will be a next one, you won’t have to panic about whether your funds were caught in the crossfire.

This peace of mind isn’t just theoretical anymore. In a year where over $670 million has been stolen from custodial platforms in the first four months alone, GhostSwap’s non-custodial model has proven its value by simply not appearing in the hack news.

Traders who value their assets and their sleep are increasingly turning to non-custodial swaps, not just for privacy, but for the security of knowing their funds are never held by the platform they’re trading on.

GhostSwap’s non-custodial model doesn’t eliminate all risk, but it does reduce the chance for the hack to happen. When there’s no honey pot, there’s less honey to steal.

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The post Funds Never Held: GhostSwap’s Non-Custodial Model vs the 2026 Hack Wave appeared first on Cryptonews.

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Bitcoin 21M cap debate erupts after StarkWare CEO’s 4% proposal

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5 red months, 74% LTH profit rapidly eroding

StarkWare CEO Eli Ben-Sasson has revived debate over Bitcoin’s fixed supply after suggesting annual issuance.

Summary

  • Ben-Sasson argued lost private keys reduce usable Bitcoin supply, making fixed issuance worth reconsidering.
  • Bitcoin supporters rejected the idea, saying the 21M cap remains central to BTC’s value.
  • Zcash’s proposed burn-and-reissue model emerged as an alternative that keeps a fixed supply cap intact.

In a Tuesday post on X, Ben-Sasson said Bitcoin’s 21 million supply cap “doesn’t make sense” because users lose private keys over time. He argued that lost keys reduce the amount of usable Bitcoin and that, over a long enough period, more coins will become unreachable.

Ben-Sasson proposed replacing the fixed cap with a hard issuance rule of up to 4% per year. He said the figure roughly matches global population growth, while still keeping Bitcoin scarce under a known monetary rule.

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Lost keys drive the argument

Bitcoin does not have a password reset system. When a holder loses a private key, the coins remain on-chain but cannot be spent. That is why lost Bitcoin can reduce the supply available to buyers and sellers.

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Ledger estimated that 2.3 million to 3.7 million BTC are permanently lost, while some reports place the figure near 4 million BTC. Ben-Sasson used this trend to argue that a fixed cap could make Bitcoin less useful over very long periods.

His view runs against a core Bitcoin belief. Many Bitcoin supporters see lost coins as part of the asset’s scarcity, not a problem to fix. The old Bitcoin view is that lost coins act like a “donation” to other holders because the remaining supply becomes harder to buy.

Bitcoiners reject 4% inflation

The proposal drew fast pushback from Bitcoin users on X. Critics said Bitcoin’s 21 million limit is one of its main features and that changing it would make BTC look more like other crypto assets.

Some users also pointed to Bitcoin’s divisibility. Bitcoin can be split into 2.1 quadrillion satoshis, giving users small enough units for payments even if whole BTC becomes harder to access.

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Ben-Sasson pushed back, saying those satoshis would also trend toward zero over time if private keys keep getting lost. He said Bitcoin could still remain scarce if the inflation rate stayed fixed and predictable.

The debate links back to comments from Strategy executive chairman Michael Saylor. Saylor spoke about burning Bitcoin private keys as a “pro rata contribution” to other holders, though the report said he did not directly promise to do so himself.

Zcash model enters the debate

Zcash founder Bryce “Zooko” Wilcox suggested another path. He pointed to Zcash’s proposed Network Sustainability Mechanism, which would let users burn ZEC and gradually reissue those coins as future rewards without raising the 21 million cap.

That model tries to help miner incentives while keeping the fixed supply rule. It differs from Ben-Sasson’s proposal because it does not create a higher lifetime limit.

Any change to Bitcoin’s cap would face a high bar. Developers can propose code changes, but node operators, miners, exchanges, wallets, and users would need broad agreement before the network accepts them.

As previously reported by crypto.news, StarkWare has already worked on ways to bring scaling tools to Bitcoin without forking Starknet or launching a new Bitcoin token. This new debate moves from scaling into monetary policy, where Bitcoin users have shown little interest in changing the current supply rule.

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