TLDR

• Fidelity submitted a formal letter to the SEC seeking clear rules for crypto market infrastructure.
• The firm asked the SEC to define standards for tokenized securities under existing laws.
• Fidelity urged regulators to update reporting requirements for decentralized finance platforms.
• The letter stated that tokenizing a security does not change its legal status.
• Issuer-sponsored tokens provide voting rights, while third-party tokens often offer only price exposure.

Fidelity submitted a formal letter to the SEC outlining demands for clearer crypto market infrastructure rules. The firm called for defined standards on tokenized securities, revised DeFi reporting requirements, and guidance on distributed ledger recordkeeping. The request targets regulatory barriers that limit institutional participation in digital assets.

Fidelity Urges Clear Rules for Tokenized Securities and DeFi

Fidelity asked the SEC to define standards for tokenized securities under existing securities laws. The firm stated that tokenizing an asset changes its format, not its legal status. It added that a security remains a security after it moves onto a blockchain.

However, Fidelity said uncertainty persists over the rights attached to tokenized holdings. Issuer-sponsored tokens link directly to official shareholder registers and grant full voting rights. In contrast, third-party tokens often provide price exposure only and increase counterparty risk.

Fidelity also addressed decentralized finance reporting obligations in its letter. The firm said current financial reporting rules rely on centralized institutions. It urged the SEC to update frameworks because decentralized platforms lack a central reporting authority.

The letter focused on institutional access rather than retail participation. Fidelity said large capital allocators require legal clarity before entering the market. Estimates project up to $5 trillion in institutional capital could be unlocked by 2026 under a clear U.S. framework.

Compliance spending continues to rise under new U.S. and MiCA regimes. Firms now allocate between 20% and 30% of budgets to regulatory and audit requirements. Fidelity researchers also reported that Bitcoin showed limited price movement throughout 2025.

The researchers forecast that traditional money managers could enter crypto markets in 2026. They stated that infrastructure development will determine the pace of that transition. The firm linked regulatory clarity directly to operational readiness.

Market Data Shows Ethereum Leads as Stablecoin Value Reaches $300.79 Billion

Kraken’s parent company, Payward, announced work with Nasdaq to build tokenized stock and ETF infrastructure. Payward also became the first crypto-related firm to access the Federal Reserve payment system. These developments reflect ongoing integration between traditional finance and digital asset platforms.

Major exchanges expanded offerings beyond cryptocurrencies into tokenized equities and commodities. Infrastructure for broader asset exposure continues to expand across networks. As a result, fresh capital entered the market under evolving regulatory frameworks.

Data from RWA.xyz shows U.S. Treasury debt leads tokenized real-world assets at $11.84 billion. Commodities follow at $5.06 billion, and asset-backed credit stands at $3.15 billion. Real estate accounts for $292 million despite frequent projections about growth potential.

Ethereum holds $15.3 billion in distributed real-world asset value across networks. BNB Chain follows with $3.2 billion, while Solana records $1.7 billion. Stellar reports $1.4 billion in distributed value across tokenized assets.

Flow data over the past 30 days shows Ethereum gained $845 million in net inflows. BNB Chain added $808 million, while Solana recorded $398 million in inflows. XRP Ledger lost $68 million, and Liquid Network declined by $156 million.

Stablecoin value across tracked networks totals $300.79 billion, down 2.4% month over month. Meanwhile, the holder count rose to 239.36 million, reflecting a 5.05% increase. The data highlights the current distribution of assets across blockchain networks.

TLDR

• Cliff Asness said crypto currently trades like a risk-on asset rather than a safe haven.
• He cited chart correlations showing Bitcoin moving in line with S&P 500 futures.
• Asness rejected the idea that Bitcoin provides diversification during stock market declines.
• He described Bitcoin as an imaginary asset and questioned extreme valuation claims.
• Asness criticized the concept of Bitcoin yield promoted by Michael Saylor.

Cliff Asness rejected claims that cryptocurrencies function as digital gold or safe havens. He said recent market data shows crypto moving with equities. The AQR Capital Management founder argued that Bitcoin price trades like a risk asset.

Asness addressed market behavior and challenged claims that Bitcoin protects against equity downturns. He cited chart correlations between Bitcoin and S&P 500 futures during recent selloffs. He said the data shows crypto falling when stocks decline.

Crypto Acts Like a Risk-On Asset, Says Asness

Asness stated that crypto acts like a risk asset in current conditions. He said, “Crypto does not look like a store of value.” He added that it looks like “risk on” during recent trading sessions.

He pointed to chart correlations between Bitcoin and S&P 500 futures. He said both assets moved in the same direction during market stress. Therefore, he rejected the claim that Bitcoin offers diversification benefits.

He explained that crypto has not behaved like gold during volatility. He said the data shows joint declines during equity pullbacks. He maintained that current patterns contradict the haven narrative.

Asness also dismissed claims that Bitcoin drives broader equity markets. He described Bitcoin as another volatile asset class. He said maximalist arguments overstate its market influence.

Asness Targets Bitcoin Yield and MicroStrategy Premium

Asness criticized the concept of “Bitcoin yield” promoted by Michael Saylor. He argued that the metric does not represent actual yield or total return. He said the term misleads investors about performance.

He mocked the phrase in blunt terms. He said, “Every time someone says Bitcoin yield, an angel gets their wings violently ripped off.” He used the remark to underline his rejection of the metric.

Asness directed sharper criticism at MicroStrategy’s corporate strategy. He said the company trades at a large premium to its Bitcoin holdings. He described the structure as similar to a 2x net asset value closed-end fund.

He argued that this pricing reflects weak market efficiency. He called the structure “moronic” in public comments. He maintained that the premium lacks fundamental justification.

Asness reiterated that he views Bitcoin as an “imaginary asset.” He questioned how a digital currency could equal the value of global assets. He rejected projections that place Bitcoin at aggregate world asset levels.

Polymarket on Monday announced updated market integrity rules across both its DeFi platform and its CFTC-regulated U.S. exchange, amplifying requirements governing insider trading and market manipulation. The new standards appear in the DeFi platform’s Terms of Use and the Polymarket US Rulebook.

“Markets thrive on clarity,” said Neal Kumar, Polymarket’s chief legal officer, in a release.

Prohibited Behavior

The rules spell out three categories of banned insider trading conduct. First, participants may not trade on any contract if they possess confidential information about the outcome of the underlying event, where using that information would violate a preexisting duty of trust or confidence.

Second, participants may not trade on confidential information passed to them by someone who owed a preexisting duty of trust or confidence to someone else, if they know or have reason to know that the tipper would be prohibited from trading on it themselves.

Third, participants may not trade on any contract if they hold a position of authority or influence sufficient to affect the outcome of the underlying event.

Beyond insider trading, both platforms prohibit all types of fraud and market manipulation — including spoofing, wash trading, and fictitious transactions — as well as self-dealing, front-running, information misuse, attempted manipulation, and disruptive practices.

Enforcement

On the DeFi side, Polymarket maintains a multi-layered monitoring system and partners with surveillance and technology specialists, and all trades are executed on the Polygon blockchain, providing built-in on-chain transparency. When the platform or community flags unusual activity, Polymarket said it may ban wallet addresses or refer the matter to law enforcement.

On Polymarket US, surveillance operates at three levels: partnerships with trade surveillance specialists, a control desk conducting real-time monitoring, and a Regulatory Services Agreement with the National Futures Association to detect rule violations and investigate offenders. Sanctions on the U.S. exchange can include suspension, termination, monetary penalties, or regulatory referrals.

The rule overhaul follows last week’s announcement that MLB named Polymarket its official and exclusive prediction market exchange. The deal centers on an integrity framework that restricts markets deemed to pose manipulation risk, including contracts on individual pitches, manager decisions, and umpire performance. MLB also signed an information-sharing agreement with the CFTC, the first such deal between the derivatives regulator and a professional sports body.

Polymarket received CFTC approval to operate in the U.S. in November 2025, following a $2 billion strategic investment from Intercontinental Exchange. The platform has since begun rolling out its U.S. app, starting with sports markets.

This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.

TLDR:

• TRON DAO has expanded its AI Fund tenfold, growing from $100 million to a full $1 billion commitment.
  
• The fund targets agent identity systems, stablecoin payment rails, and tokenized equity as core investment areas.
  
• TRON’s network processes over $21 billion daily and holds $85 billion in USDT, supporting agent-scale payments.
  
• Tokenized equity is positioned as the ownership layer for AI agents managing economic interests on behalf of users.

TRON DAO has expanded its AI Fund from $100 million to $1 billion. The fund targets early-stage companies building infrastructure for the agentic economy.

It focuses on agent identity systems, stablecoin payment rails, tokenized assets, and developer tooling. This move builds on a thesis formed in 2023, when TRON predicted AI and blockchain would converge.

TRON Doubles Down on AI and Blockchain Convergence

The TRON AI Fund first launched with a clear conviction: AI and blockchain technology would eventually merge. That prediction has gained enough traction to justify a tenfold increase in committed capital.

The fund now positions itself as a strategic vehicle, not just a financial one. Its expanded mandate reflects growing market demand for autonomous financial infrastructure.

Three core theses continue to drive the fund’s investment direction. As TRON stated, “AI agents will become active participants in the global economy, requiring new financial infrastructures that combine identity, payment, and asset ownership fully onchain.”

This makes stablecoins the most practical payment layer for agent-to-agent commerce today. The fund views this as foundational, rather than experimental, infrastructure.

Stablecoins also serve individuals and small teams augmented by AI tools. A single person running AI-powered operations no longer needs a large team behind them.

However, they still need payment systems that are simple, low-cost, and accessible. Traditional banking onboarding and intermediary fees make that difficult to achieve.

TRON noted that “AI-augmented people can run what once required entire teams from a single laptop.” That shift changes the demand for financial tools entirely.

Tokenized equity rounds out the fund’s framework as the ownership layer for this new economy. It is divisible, programmable, and transferable around the clock, supporting autonomous asset management.

TRON’s Network Scale Positions It for Agent-to-Agent Settlement

TRON’s blockchain currently supports over 370 million user accounts across its network. Daily transaction volume on the chain exceeds $21 billion, demonstrating its capacity at scale.

The network also holds more than $85 billion in circulating USDT supply. These numbers place TRON among the largest stablecoin liquidity sources in the blockchain space.

TRON described agent-to-agent payments as systems expected to “rely on infrastructure that is already proven at scale.” Its network meets that standard through its user base, liquidity depth, and transaction throughput.

The fund intends to extend this infrastructure further into settlement and custody for tokenized assets. That expansion aligns with the broader goal of supporting autonomous financial systems.

The fund will also pursue acquisitions alongside traditional investments. Early-stage companies building core agentic tools are the primary target.

Consolidation in this space is expected as the sector matures. TRON sees this as an opportunity to shape the foundational layer of the agentic economy.

As AI agents take on more economic roles, demand for on-chain financial rails will grow steadily. TRON’s expanded fund positions it to meet that demand directly and at scale.

Key takeaways:

• Bearish Bitcoin futures premiums and low call option odds suggest traders remain skeptical despite BTC’s brief 4% relief rally.

• High oil prices and cautious Fed policy continue to pressure risk assets, while Bitcoin derivatives metrics signal a lack of conviction.

Bitcoin (BTC) surged 4% within minutes of US President Donald Trump announcing his intention to temporarily de-escalate the conflict in Iran and pursue negotiations. While oil prices immediately tumbled 14% to $85 per WTI barrel and the S&P 500 climbed 3%, Bitcoin derivatives metrics continued to signal skepticism and a lack of confidence in the $68,000 support level.

Bitcoin futures traded at a 2% annualized premium relative to regular spot markets on Monday, indicating a lack of demand for bullish leverage. Under neutral conditions, this indicator typically ranges between 4% and 8% to compensate for the longer settlement period. This lack of conviction from bulls has been the norm for the past month, even during a recent rally toward $76,000 on Tuesday.

Short-term gains fail to offset five months of Bitcoin pain

Short-term positive updates regarding the US and Israel-Iran war are unlikely to reverse the pessimism following a five-month price decline. Because the specific causes of Bitcoin’s Oct. 10, 2025, flash crash and its subsequent failure to track traditional markets remain unconfirmed, traders treat any developments with high suspicion.

This major sell-off occurred alongside rising US import tariffs, including a 100% levy on Chinese goods after China restricted rare earth metal exports. However, the unprecedented $19 billion in liquidations caused the most significant damage, resulting in heavy losses for market makers and traders who utilized cross-margin positions.

At the Deribit exchange, the $80,000 Bitcoin call option for April 24 traded at 0.017 BTC ($1,207). With 31 days until expiry and an implied volatility of 48%, the market is pricing in only a 20% chance of Bitcoin reaching $80,000. This low expectation for a 13% monthly gain is rare in cryptocurrency markets, where participants are generally more optimistic.

USD stablecoins traded at a 1.3% premium against the official US dollar to yuan exchange rate on Monday, indicating that there is not a particular imbalance between buying and selling demand in the region. Typically, high demand for cryptocurrency pushes this premium above the 1.5% neutral range, while panic selling causes stablecoins to trade at a discount.

Federal Reserve’s choice to pause rate cuts keeps investors in fixed-income

The data shows that there is modest resilience in Bitcoin derivative markets, especially since BTC retested the $67,500 level on Monday. Gold’s historic 21% price drop over ten days proved that no asset class is safe when traders fear an economic recession and inflationary risks, especially as fuel prices impact logistics and nearly every sector of the US economy.

Related: Bitcoin spot volumes fall to 2023 lows as BTC rallies remain news-led

Monday’s 3% relief bounce in the S&P 500 is unlikely to cause investors to exit fixed-income positions, especially as the Fed gave little indication of continuing its monetary easing policy. High interest rates reduce incentives for consumer financing and create a burden for corporate capital costs.

There is undoubtedly a significant dependence on the duration of the war for risk assets, including Bitcoin. Until oil prices revert back to $75 or lower, odds are traders will act cautiously, but additional catalysts may need to emerge for Bitcoin traders to turn bullish, especially considering the persistent lack of conviction in onchain and derivatives metrics.