TapTools, a Cardano-focused real-time analytics platform, has begun winding down after its fifth top-level executive departure, compounding leadership instability and making continued operations unsustainable. 

TapTools said in a post to X on Tuesday that it would begin winding down over the next two weeks, and noted the departure of its two co-founders, chief operating officer and chief technology officer earlier this year.

“We worked hard to adapt,” TapTools said, adding that its backend developer had become its CTO as the platform shifted its focus toward shipping products more sustainably; however, they have since departed, and “the technical knowledge required to responsibly operate and maintain TapTools cannot be replaced overnight.”

Source: TapTools

TapTools launched in 2022 and became one of the most widely used tools for Cardano users to track token prices, decentralized finance activity and discover new projects.

The wind-down follows a similar move by Cardano-based nonfungible token marketplace, JPG.Store, which permanently shut down on May 23.

TapTools’ closure comes three days after the Cardano Foundation said its annual conference was cancelled this year after its governance community shot down a revised proposal seeking to fund the event with treasury tokens.

TapTools said the economics of running the platform were another key factor in its decision to wind down.

“Infrastructure costs are real. Development costs are real. Support costs are real. Operating a platform that serves the ecosystem at scale is expensive.”

Related: Cardano can now be used to pay at 137 Spar stores across Switzerland 

TapTools said it remains open to acquisition or external funding to sustain operations.

Cardano creator expects more protocol wind-downs

Cardano creator Charles Hoskinson took some of the blame for TapTools’ wind-down, saying in a video shared to X that he expected a lot of protocols to collapse in the current bear market and that he came up with a plan to “bail out” struggling projects.

“I came up with the plan of an index. It did not get executed,” Hoskinson said.

Hoskinson added that Cardano’s governance community could have helped some of these projects, but opted not to.

Magazine: Big Questions: Do we really only need 2–5 cryptocurrencies? 

TLDR:

• NewLimit Series C raised $435M led by Founders Fund for longevity biotech expansion and clinical readiness.
• Startup targets epigenetic reprogramming therapies aimed at restoring youthful function in aged human cells.
• First-in-human trials for lead liver cell program are planned for next year after recent breakthrough results.
• Funding brings major VC backing as NewLimit scales research toward regulated human clinical applications.

NewLimit Series C funding has closed at $435 million, marking a major capital injection into longevity biotech. The round was led by Founders Fund with participation from several new and returning investors. 

The company was co-founded by Coinbase CEO Brian Armstrong and focuses on cellular age reprogramming. NewLimit now prepares to advance its first human trials for age-related therapies next year.

NewLimit Series C Funding Backed by Founders Fund and Global Investors

NewLimit Series C attracted strong backing from high-profile venture firms. Founders Fund led the round with a $435 million commitment.

Thrive Capital, Greenoaks, and Quiet Capital joined as new investors. Existing backers also increased exposure to the biotech startup.

Kleiner Perkins and Eli Lilly Ventures returned alongside other participants. Wu Blockchain reported the funding details alongside NewLimit’s announcement.

NewLimit confirmed continued collaboration with Abstract VC, NFDG, and Valor. The company said investor support strengthens its research timeline.

NewLimit Series C positions the firm deeper into longevity biotech development. The company builds therapies that target cellular aging mechanisms.

It focuses on epigenetic reprogramming to restore function in aged cells. Early research concentrates on human liver cell regeneration programs.

Data shared by NewLimit indicates progress in preclinical validation stages. The firm aims to translate findings into clinical applications.

The funding round expands operational capacity for research and development. It also supports preparation for regulated clinical environments.

NewLimit Series C Advances Human Trials for Epigenetic Reprogramming

NewLimit Series C funding supports a clear shift toward human testing. The company plans first-in-human trials for next year.

The lead program targets reprogramming aged human cells into more youthful states. Researchers focus on restoring functional biological activity at the cellular level.

NewLimit stated that breakthrough results enabled the transition into clinical readiness. The firm continues refining its therapeutic approach for safety and efficacy.

The company uses epigenetic reprogramming as its central scientific method. This approach seeks to reset cellular age markers without altering DNA sequences.

NewLimit’s research model integrates biotech and advanced computational biology methods. Teams analyze cellular behavior changes under reprogramming conditions.

The startup builds its pipeline around longevity medicine applications. It prioritizes therapies aimed at age-related decline and organ function loss.

According to company updates, liver cell rejuvenation remains the first clinical target. Additional indications may follow after initial trial outcomes.

The funding strengthens infrastructure for scaling laboratory and clinical operations. It also accelerates regulatory preparation for upcoming trials.

Crypto is turning into a “contrarian bet” as institutional investors are being drawn to artificial intelligence stocks, says Bitwise chief investment officer Matt Hougan.

“The crypto market is brutal right now,” Hougan wrote in a market note on Tuesday. “One major reason is that crypto is no longer the belle of the ball. AI stocks, robotics companies, SpaceX … who needs crypto when the Nasdaq-100 is up 43% year-over-year?”

“With AI sucking all the oxygen out of the room, crypto is being forced to go through a painful metamorphosis: from momentum trade to contrarian bet.”

Stocks linked to companies involved in AI have skyrocketed as the technology has captured investor attention after OpenAI launched ChatGPT to the public in late 2022. Shares in Nvidia, which makes computing components key to AI, have gained nearly 1,500% since ChatGPT’s launch.

Hougan argued that contrarian bets can be great investments, but their payoff pattern is “usually spotty.”

“Momentum investments are fun. They surf along waves of excitement. Contrarian bets, by comparison, are a grind, requiring patience, a long-term orientation, and a focus on fundamentals,” he added.

“Investors still believe in crypto, but now that it’s a contrarian bet, they favor fundamentals over vibes.”

LVRG Research director Nick Ruck told Cointelegraph that while AI continues to dominate institutional portfolios, “crypto is quietly emerging as the true contrarian bet for sophisticated investors seeking directional upside in a maturing market.” 

“This shift away from hype toward fundamentals is being fueled by real adoption metrics, regulatory clarity, and on-chain utility rather than speculative bets.” 

Related: Bitcoin losses by holder cohort hit new highs: Will traders defend $60K?

Hougan said that this bear market is different because, unlike past crypto cycles where Bitcoin was the safe haven, money is moving into smaller assets with strong fundamentals such as Hyperliquid, Zcash and Stellar.

This is how the contrarian bet is playing out, he said. “When crypto stops being a momentum trade, fundamentals start to matter — and this rotation is proof it’s already underway.”

Hougan also argued that it is a sign that we are closer to the end of the bear market than the beginning. 

“In the heart of a crypto winter, everything’s red. When the green starts to look like real growth, the season is changing.”

That bear market end seems a long way off at the moment, with markets dumping a further 5.3% on the day, sending total market capitalization down to $2.38 trillion, 46% below its October peak.

Total crypto capitalization tanks to a two-month low. Source: TradingView

Magazine: Big Questions: Do we really only need 2–5 cryptocurrencies?

Brazil’s central bank has added mandatory independent audits to the licensing approval process for crypto service providers in the country.

According to the published rules cited in the report, crypto firms applying for authorization, or renewing an existing license, must submit an independent auditor’s report as part of their regulatory filing. The rules state that the audit must be carried out by professionals registered with Brazil’s securities regulator, the Comissão de Valores Mobiliários.

Brazil adds audit requirement for crypto licenses

Under the new requirement, auditors will review whether crypto service providers have key compliance systems in place before the central bank grants authorization. The report said those checks will cover anti-money laundering controls, counter-terrorism financing procedures, customer asset segregation, internal risk management, and employee compliance programs.

Firms that fail those checks could face difficulty securing approval to operate, according to the same report. For crypto platforms already active in Brazil, the added review means licensing will now depend on outside verification of internal controls, not just documents submitted directly to the regulator.

The central bank has not released the expected audit costs. Compliance experts cited in the report said independent reviews can cost tens of thousands of dollars, and larger reviews may run into hundreds of thousands of dollars, depending on transaction volume, custody arrangements, and company size.

Smaller platforms face higher compliance pressure

Large exchanges may be able to absorb the new cost, according to the report, but smaller crypto platforms and startups could face a heavier burden. The added expense comes as Brazil continues to build a more demanding rulebook for virtual asset firms.

Brazil approved its first legal framework for virtual assets in 2022. One year later, the federal government appointed the central bank as the main regulator for crypto service providers, giving the institution a central role in licensing and supervision.

In 2025, watchdogs added licensing rules covering custody standards, anti-money laundering controls, stablecoin oversight, and corporate governance obligations. The authority also gave existing providers until October 2026 to comply with the new framework.

Brazil expands crypto rulebook

The latest audit rule adds another layer to a framework that already covers licensing, custody, Travel Rule compliance, stablecoin supervision, and self-hosted wallet monitoring, according to the report.

For global crypto exchanges, Brazil remains an important market despite the added rules. A Chainalysis report cited in the story said Brazil processed about $318 billion in crypto transactions in 2024 and 2025, placing the country among the world’s major digital asset markets.

The rule change has arrived during a weaker period for the global crypto market. The report said Bitcoin fell more than 10% over seven days and traded at $68,960 at press time.

XRP keeps finding bullish narratives underneath the surface, but price keeps ignoring them. Exchange balances are shrinking, ETF money is still coming into crypto, and Binance inflows have slowed sharply.

None of that stopped XRP from losing another support level this week, which is usually a sign that technical selling is overwhelming longer-term accumulation.

News Background

• More than 25 million XRP left exchanges in recent days, reducing the amount of readily available supply for sale.

• Binance inflows fell to their lowest levels of 2026, a trend that would normally be supportive for prices over longer timeframes.

• Crypto investment products continued attracting fresh capital, with roughly $1.42 billion flowing into spot ETFs during the period.

Price Action Summary

• XRP dropped from $1.2712 to $1.2026 during the 24-hour session, losing more than 5%.

• The decisive move came during the June 2 14:00 UTC session, when volume surged to 205.7 million and pushed price through support at $1.25.

• XRP later fell as low as $1.1858 before recovering modestly and stabilizing near the $1.20 area into the close.

Technical Analysis

• The key story is that XRP is no longer reacting positively to bullish supply data. That’s often what happens late in downtrends, when traders focus more on price action than fundamentals.

• The breakdown below $1.25 shifted that level from support into resistance, meaning any recovery attempt now faces overhead selling pressure.

• The bounce from below $1.19 showed signs of short-term seller exhaustion, but follow-through buying remained weak.

• XRP remains trapped inside a broader descending structure, with lower highs continuing to define the trend.

What traders should watch

• $1.20-$1.21 is now the most important support zone on the chart. Losing it would expose the $1.13-$1.15 area.

• $1.25 becomes the first recovery level bulls need to reclaim before sentiment can improve.

• The market is now caught between weakening supply on exchanges and deteriorating price action. Until one of those signals wins out, traders are likely to remain cautious.

TLDR:

• 160 former security and intelligence officials publicly backed the Clarity Act before Senate review.
• The proposal expands AML, sanctions, and compliance duties across key crypto market participants.
• Treasury would lead a new information-sharing program targeting digital asset crime risks.
• Supporters say the bill increases enforcement tools without limiting existing criminal authorities.

A group of 160 former national security, intelligence, and law enforcement officials has urged the U.S. Senate to advance the Clarity Act. The push adds national security backing to one of the most closely watched crypto market structure bills in Washington. 

Supporters argue the proposal would strengthen oversight while expanding enforcement tools across digital asset markets. The letter targets Senate leadership as lawmakers continue debating the future of crypto regulation in the United States.

Clarity Act Support Centers on Crypto Oversight and Enforcement

The officials outlined their position in a letter released through the Blockchain Association on June 3. They addressed the document to Senate Majority Leader John Thune and Senate Democratic Leader Chuck Schumer.

According to the letter, digital asset activity continues to expand globally and increasingly crosses multiple jurisdictions. The signatories argued that the United States should keep that activity under domestic regulatory oversight rather than allowing it to move offshore.

They said a federal framework could improve visibility for investigators and strengthen enforcement efforts against financial crime. The group also stated that regulatory clarity would help law enforcement agencies track illicit activity more effectively.

The letter highlighted several provisions included in the Clarity Act. Among them are expanded Bank Secrecy Act and sanctions compliance obligations for digital commodity brokers, dealers, and exchanges.

The proposal would also create a Treasury-led information-sharing pilot program involving agencies such as the Department of Justice, FBI, and DEA. The initiative would focus on illicit finance threats and emerging risks tied to digital assets.

Clarity Act Provisions Expand AML and National Security Measures

The signatories pointed to additional measures designed to strengthen anti-money laundering controls. These include broader suspicious activity reporting requirements and customer due diligence obligations for certain non-decentralized finance trading protocols.

The legislation would establish a permanent interagency working group involving Treasury, DOJ, DHS, FBI, DEA, IRS, and the Secret Service. That group would develop future anti-money laundering and counter-illicit finance proposals for digital assets.

Other provisions address digital asset kiosks through transaction monitoring requirements, reporting obligations, transaction limits, and law enforcement contact procedures. The bill also seeks to clarify sanctions compliance expectations for distributed ledger messaging systems through Treasury guidance.

According to the letter, the Clarity Act would extend Section 311 special measures authorities to digital asset activity and allow temporary holds on suspicious transactions. It would also require law enforcement notification in specific circumstances and reinforce compliance with lawful court orders.

The officials stressed that the legislation does not reduce enforcement authority. They argued that existing powers covering fraud, money laundering, sanctions evasion, terrorism financing, trafficking, and other crimes would remain unchanged under the proposed framework.

Blockchain Association shared the letter publicly, describing the Clarity Act as a framework that could strengthen coordination, compliance, and accountability across crypto markets while keeping oversight within U.S. jurisdiction.

Ripple Expands Its Washington Policy Presence

Ripple has expanded its presence in Washington, D.C., as U.S. crypto policy enters a decisive stage. The company opened a larger downtown office to support deeper engagement with policymakers and regulators. The move also strengthens Ripple’s push for clear rules around digital assets, payments, and blockchain finance.

Ripple said the new office will serve as a central base for its U.S. policy work. The company plans to use the space for meetings with lawmakers, regulators, and industry groups. Therefore, the expansion gives Ripple a stronger position inside the country’s main policy center.

The office opening comes as Congress reviews major crypto legislation. Lawmakers continue to debate market structure rules, stablecoin oversight, and payment modernization. These debates could define how digital asset firms operate across the United States.

Ripple has spent years calling for clear and workable crypto regulation. The company argues that policy should protect consumers and support responsible innovation. However, it also says unclear rules can push blockchain activity outside the United States.

The company’s legal history gives the move added weight. Ripple fought a long case with the U.S. Securities and Exchange Commission over XRP sales. As a result, the firm became one of the most visible crypto companies in U.S. regulatory debates.

Ripple’s chief legal officer, Stuart Alderoty, has often supported direct engagement with public officials. The company now wants to build policy with regulators rather than work around them. That approach fits its wider effort to shape rules through formal channels.

The Washington office also supports Ripple’s broader business strategy. The company develops blockchain products for cross-border payments, custody, and liquidity services. Therefore, U.S. regulatory clarity could affect both its domestic plans and global partnerships.

XRP and RLUSD Remain Central to Ripple’s Strategy

XRP remains closely linked to Ripple’s payment and liquidity operations. The token supports parts of Ripple’s broader network for faster value transfer. However, Ripple continues to separate its enterprise services from wider market speculation around XRP.

The company also promotes RLUSD as part of its stablecoin push. RLUSD gives Ripple another product for settlement, payments, and digital dollar transactions. Moreover, stablecoins have become a major focus in U.S. policy discussions.

Ripple’s mention of RLUSD highlights its move beyond XRP-related services. The company now competes in a market where stablecoins connect crypto platforms with traditional finance. This makes regulation more important for its next phase of growth.

The launch of RLUSD in Turkey adds a global angle to the Washington announcement. Ripple continues to expand in overseas markets while increasing its U.S. policy presence. That balance shows how the firm wants both regulatory access and international reach.

Stablecoin rules remain one of the most active areas in Washington. Lawmakers want stronger standards for reserves, disclosures, issuers, and redemption rights. Ripple’s expanded office could help it participate directly in those discussions.

The company also sees blockchain as part of payments modernization. Faster settlement, lower transfer costs, and stronger infrastructure remain key industry goals. As a result, Ripple wants policymakers to treat blockchain as financial infrastructure, not only speculation.

Crypto Regulation Takes Center Stage in Washington

The broader crypto sector faces a major policy year in the United States. Congress has advanced discussions around the CLARITY Act and other digital asset measures. These proposals aim to define agency roles and reduce legal uncertainty.

Ripple’s expansion signals that major crypto firms expect more direct rulemaking ahead. Companies want clearer guidance before launching more products across payments and capital markets. Meanwhile, regulators continue to assess risks tied to consumer protection and market integrity.

The new office gives Ripple a stronger platform during these talks. It also shows that the company wants a lasting role in U.S. crypto policy. Therefore, the Washington expansion places Ripple closer to the rules shaping digital finance.

Modern artificial intelligence-powered robots are impressive in their capabilities, but are still years away from replacing humans as they can’t yet adapt to changing conditions, researchers say. 

Last month, AI robotics company Figure showcased its humanoid robots performing basic tasks, such as cleaning a room, but a series of robots working for nine days straight sorting packages sparked conversation about how soon robots could replace jobs. 

Oliver Obst, an associate professor of robotics at the Australia based University of New South Wales, told Cointelegraph that repetitive jobs such as physical work in structured environments are currently most at risk of being replaced by robots, while administrative and document-processing tasks could be replaced by AI.

There has been growing concern that AI and robots will replace people in jobs as technology advances. A report in May from workforce consulting firm Challenger, Gray and Christmas found that US companies have laid off an estimated 49,135 people in 2026 due to AI.

A group of Figure’s robots worked for nine days straight sorting packages. Source: Figure 

However, Obst said that humanoid robots are unlikely to see a mass rollout soon because they don’t appear to be more efficient or less error-prone than current robotic manufacturing methods.

“Even in relatively structured settings, they still face problems with reliability, speed, safety, cost, and recovery from unexpected situations,” he said. “The harder the environment is to control, the harder the robotics problem becomes. Most human jobs involve more variation and more judgment than the package-sorting demonstration.”

“I would not say we are at the point of mass replacement by humanoid robots. We are much closer to the selective automation of some tasks. AI software is moving faster and is already affecting some forms of information work, but physical robots still have a much harder problem to solve.”

In another video in May, a human worker managed to sort more packages compared to a team of Figure’s robots, which swapped out when needing a recharge. Figure CEO Brett Adock said it would be the last time “a human will ever win.”

Source: Brett Adock

People still better than bots in some areas 

Markus Levin, co-founder of decentralized data network XYO, said AI models and automation software can perform repetitive tasks with far greater consistency and endurance than humans; however, robots still require charging, maintenance and supervision.

A report in September from the International Federation of Robotics found that global demand for factory robots has doubled over the last decade, with warehouses and logistics among the fastest-growing areas of adoption.

“I believe broad human replacement is still likely years away,” Levin added, “Reliability, safety, regulation, infrastructure costs, and trust remain major barriers to full-scale deployment across society. The challenge is no longer simply making machines capable of acting but ensuring they can operate safely and reliably as they take on greater autonomy.”

Dr Francisco Cruz Naranjo, a senior lecturer at the University of New South Wales with a PhD in robotics, said the efficiency of robots compared to people depends heavily on the activity and the environment.

Related: ‘Developed ecosystem’ based on crypto has sprung up for AI agents: Report

“Robots are much better at repetitive tasks without the need for constant pauses, as showcased in the Figure livestream. However, in highly dynamic environments, robots still struggle to quickly adapt to changing conditions,” he said.

“Humans, in this case, are much better. This is precisely why robots at the moment are highly efficient in controlled environments, such as factories, but they have not yet succeeded widely in home settings.”

Naranjo said repetitive jobs performed in a less static setting are at risk of being replaced by robots, but it will depend on how quickly research advances and how quickly society adapts in areas like making spaces robot-friendly, which is likely years away.

Robots in society could be beneficial 

Naranjo and Obst said that a mass rollout of robots in the workforce could be of some benefit, such as improving work-life balance, increasing the workforce in areas with shortages, and addressing dangerous environments that are too risky for humans.

“The social question is harder. If robots make dangerous work cheaper in human terms, that can be good. But it can also have unintended consequences. For example, keeping humans out of harm’s way in military operations may save lives, but it could also lower the perceived cost of conflict,” Obst said. 

“Hypothetically, if we became very successful at automating almost all work, then society would need to rethink economies that are currently built around individual wages and employment.”

Magazine: Korea’s first memecoin rug-pull case, China’s crypto rules review: Asia Express

TapTools, a real-time analytics platform focused on Cardano, is winding down after a wave of leadership changes, underscoring the fragility of niche tooling in a bear‑market ecosystem.

In a post on X, TapTools said it would begin winding down over the next two weeks after its fifth top-level executive departure. The company previously confirmed the exits of two co-founders, the chief operating officer and the chief technology officer earlier this year. The platform’s backend developer—who had been elevated to CTO to shepherd a shift toward more sustainable product delivery—also left, leaving a critical repository of knowledge that cannot be replaced overnight.

Launched in 2022, TapTools grew to become one of Cardano’s most widely used tools for tracking token prices, DeFi activity, and discovering new projects. Its closure comes as JPG.Store, a Cardano-based NFT marketplace, permanently shut down on May 23. The wind-down also intersects with governance and funding frictions within Cardano’s ecosystem, including the Cardano Foundation’s decision to cancel its annual conference after a revised funding proposal to use treasury tokens was rejected. TapTools cited the economics of running the platform as a core factor, saying infrastructure, development, and support costs are real and operate at scale.

Infrastructure costs are real. Development costs are real. Support costs are real. Operating a platform that serves the ecosystem at scale is expensive.

TapTools said it remains open to acquisition or external funding as a possible route to continue operations, but the immediate plan is to wind down.

Key takeaways

• TapTools will wind down over the next two weeks after its fifth top-level executive departure, adding to leadership instability within Cardano-focused tooling.
• The exodus includes two co-founders, the chief operating officer, and the chief technology officer; the backend developer who became CTO also exited, leaving a critical knowledge gap.
• The company cites the real costs of infrastructure, development, and support as a core reason for the wind-down, arguing that operating at scale is expensive.
• The decision comes amid broader ecosystem shifts, including JPG.Store’s shutdown and the Cardano Foundation’s conference cancellation following governance decisions on treasury funding.

Wind-down and ecosystem context

In its statement, TapTools framed the move as a consequence of ongoing leadership churn and the difficulty of preserving critical institutional knowledge required to run a Cardano analytics service responsibly. The platform described the departures as part of a broader pattern where institutions servicing Cardano’s ecosystem can struggle to maintain continuity without stable leadership and sustained funding.

The episode sits alongside other signals in Cardano’s ecosystem. The NFT marketplace JPG.Store shut down on May 23, echoing a trend of leaner operations in Cardano-native ventures. On governance, the Cardano Foundation announced the cancellation of its annual conference after governance decided against funding the event with treasury tokens, underscoring the friction between ambition and available funding mechanisms in the ecosystem.

TapTools’ leadership transition and wind-down are framed as a cost equation as much as a strategic pivot. The company emphasized that maintaining an analytics platform that serves the ecosystem at scale entails continuing investments in infrastructure, product development, and user support—costs that become hard to justify if revenue or funding is uncertain.

Broader reflections from Cardano’s founder and what readers should monitor

Cardano’s founder, Charles Hoskinson, weighed in via X, saying he anticipated that many protocols could fail under the current bear market and that he once proposed an index to help bail out struggling projects. The plan, he said, did not move forward, and he suggested governance could have helped some projects but chose not to act. These remarks frame TapTools’ wind-down as part of a wider question about how the Cardano ecosystem deploys funding and governance tools to support builders during downturns.

For investors and builders, the episode reinforces that even widely used, respected tools are susceptible to leadership gaps and funding constraints in a bear market. It also highlights the importance of robust, adaptable funding mechanisms and governance processes that can help prevent meaningful platforms from collapsing when cycles turn negative.

Looking forward, watchers should track whether TapTools and other Cardano-native services emerge from wind-downs through acquisitions, new funding rounds, or partnerships, and how governance policy evolves to support ongoing, sustainable operations in the ecosystem.

As the Cardano ecosystem recalibrates, all eyes will be on whether governance reforms and funding mechanisms can better shield essential tooling from bear-market cycles and leadership turnover, shaping which projects endure and which recede.