Crypto World
Are perps swaps? A quick look at that CME suit: State of Crypto
CME is arguing that perps are harmful to its long-dated futures products. The lawsuit alleges that the CFTC did not consider the ramifications of approving perps, and that these products are actually “swaps” as defined by the Dodd-Frank Act, and not “futures.”
Each term carries implications for how the products themselves are to be regulated and what the requirements are for the companies issuing them are. CME CEO Terrence Duffy, who recently announced he’s stepping down next year, told CNBC last week that the distinction mandates different rules for participants.
“The CFTC did not engage in its own analysis of whether its approval of Kalshi’s Bitcoin perpetual as a future is consistent with law,” CME’s lawsuit said. “The CFTC did not even mention the relevant Dodd-Frank provision defining ‘swap.’ Indeed, the word ‘swap’ appears nowhere in the Order.”
The CFTC instead just “rubberstamped Kalshi’s application,” the lawsuit claimed.
What’s interesting is that the actual landscape of companies securing designated contract market (DCM) approvals and moving into perps is growing quite rapidly. On the same day the CFTC granted Kalshi’s application, it sent a no-action letter to Coinbase, seemingly opening the door for that exchange to list perps as well — albeit through an offshore intermediary.
Crypto World
The Great XRP Retirement: Testing the Math Behind the Hoax
Despite crypto’s volatility, XRP is still viewed by some investors as a long-term asset that could help them retire or protect their capital from inflation and currency devaluation.
But is there any math behind that argument? Some analysts have projected paths to $1 million by 2035, while others warn that XRP still faces extreme volatility and questions over its DeFi and institutional utility.
How Much XRP Would It Take to Retire by 2035?
XRP is the native token of the Ripple network, designed for fast, low-cost international transactions. Supporters highlight real-world adoption by financial institutions and positioning within ISO 20022 messaging standards, making it one of the few crypto assets directly tied to traditional banking infrastructure currently in use.
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The retirement math depends entirely on the price scenario the investor assumes for the next decade. Some long-term prediction models describe paths to a $1 million portfolio by 2035 under three sets of price assumptions. The token currently trades near $1.34, and projections vary widely among analysts and time horizons.
The conservative scenario assumes XRP reaching around $3.13 by 2035. Under this projection, an investor would need approximately 319,000 tokens to hit the $1 million target.
The equivalent investment today would be around $428,000 in XRP, accumulated through purchases over time at current prices.
A more bullish range of $9 to $10 per XRP changes the math dramatically. Investors would need only between 100,000 and 105,000 tokens to reach the same target by 2035.
The required upfront capital drops significantly because each token contributes more to the final portfolio value.
The most aggressive scenario considers XRP reaching $20 to $40 per token. Under these assumptions, just 25,000 XRP (currently valued at around $33,000) could grow into a retirement nest egg.
The asymmetric upside is what attracts speculative investors to the token despite mainstream advisor warnings.
“You understand Bitcoin’s scarcity and have watched it become the best performing asset of the last 15 years. You understand XRP’s utility and why many believe it could become significantly more valuable if adoption continues to grow. The question is, does your retirement account reflect that conviction?,” Bri Teresi said on X.
Why Mainstream Analysts Warn Against XRP as a Core Holding
Mainstream financial voices urge caution about treating XRP as a primary retirement vehicle. Motley Fool analysts note that the token has experienced multiple drawdowns greater than 50% throughout its trading history. For investors nearing retirement, this volatility could permanently impair capital just when liquidity matters most.
The recommended exposure level is significantly lower than what enthusiastic community members suggest. Most professional advisors recommend limiting any kind of crypto allocation to 5%-10% of a diversified portfolio.
The core holdings should remain in index funds, bonds, and other lower-volatility instruments designed for steady long-term compounding.
Read more: Retiring With Bitcoin by 2030: Hoax or Real Financial Strategy?
The risk profile suits investors with long time horizons and a high tolerance for swings. Younger savers with 20 or 30 years until retirement can withstand major drawdowns without compromising their financial future.
Older investors with less than a decade left should treat XRP as a small satellite position only.
Executive actions that open 401(k) plans to alternative assets create new pathways for crypto in retirement accounts in 2026. The shift could legitimize XRP exposure within traditional retirement vehicles, but does not eliminate the underlying volatility risk for individual portfolios.
What Could Go Wrong: The Risks XRP Community Must Accept
Beyond price volatility, treating XRP as a retirement asset requires honest acknowledgment of structural risks. Investors who entered at previous peaks waited years before recovering principal, a timeline incompatible with anyone needing liquidity within the next decade.
Regulatory uncertainty persists despite recent clarity milestones in the United States. Future administrations could reverse current frameworks, or new global treaties could restrict cross-border crypto flows.
Stablecoins backed by major institutions and emerging central bank digital currencies (CBDCs) also compete directly for the same payment use cases that justify the bull case.
Custody adds another layer of risk, often underestimated by new investors. Exchange hacks have wiped out years of accumulated savings overnight throughout crypto history.
Self-custody via hardware wallets is essential but introduces operational complexity that retirees particularly need to master before committing significant capital.
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Crypto World
Bitcoin and Oil Markets Brace for Possible Black Monday After US-Iran Talks Fracture in Switzerland
Crypto and energy markets are bracing for a possible Black Monday selloff. US-Iran negotiations in Switzerland collapsed over the weekend, reviving fears of an oil shock and a risk-off move into Monday.
Iran’s delegation walked out of the talks in protest over fresh threats from President Donald Trump. Based on this, analysts and traders alike anticipate stocks and crypto could open sharply lower.
Switzerland Walkout Revives Oil and Hormuz Fears
The breakdown came at the Bürgenstock resort in Switzerland. The US, Iran, Pakistan, and Qatar had met there to extend a June 17 truce.
Iran’s team refused a group photo and walked out, state media reported.
Trump had warned he would strike Iran again over its proxies in Lebanon. He also told Iranian officials they would not make it home if Tehran closed the Strait of Hormuz.
That threat carries weight because of the cargo. About 20 million barrels of oil cross the strait each day, near 20% of global consumption, the EIA reports.
Still, the waterway has stayed open through past standoffs. Iran threatened closures in 2011 and 2019 but never followed through.
Brent crude had eased to near $80 a barrel last week as crude oil slipped below the same threshold when tankers resumed transit. However, the walkout now clouds that fragile recovery.
When Trump declared a ceasefire earlier this month, stocks and oil reacted while crypto barely moved.
Bitcoin Holds Steady as Black Monday Calls Spread
So far, crypto has not played along. The Bitcoin (BTC) spot price held near $64,181 on Sunday, a touch higher on the day.
Ethereum (ETH) traded near $1,730. Because crypto runs around the clock, that weekend calm is a live signal, not a closed-market guess.
Crypto also has no brakes. US stocks halt automatically if the S&P 500 falls 7%, 13%, or 20% in a day. Those safeguards were built for exactly this kind of panic.
Crypto carries no such circuit breakers. A Monday slide there would run without a pause. Still, weekend sentiment soured.
“If there isn’t a massive Black Monday Crash tomorrow, I will delete my account,” one user remarked.
The phrase he borrowed carries history. On Black Monday in 1987, the Dow fell 22.6% in one session, still its worst day on record.
However, markets clawed back most of those losses within months.
Trader Ted Pillows made a similar case, calling the risk and reward of buying stocks now poor.
Even so, similar weekend warnings have misfired before, and this one could too, with Qatar and Pakistan are still mediating, and both sides have reasons to step back.
The risk is not hypothetical. Bitcoin has repeatedly sold off with risk assets rather than acting as a haven.
When Israel struck Iran this month, more than $1 billion in leveraged crypto bets were wiped out in a day. Analysts have since mapped a sharp Bitcoin drop if the war reignites.
Monday’s futures open will be the first real test. A return to fighting could trigger a broad risk-off move across crypto.
A quick path back to talks could calm nerves just as fast. For now, traders are watching oil, the strait, and the next signal from Tehran or Washington.
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Crypto World
Cardano’s Hoskinson Bets Big on AI as Midnight City Development Pushes Forward
Charles Hoskinson is making a stronger case for artificial intelligence as work on Midnight City progresses. The Cardano founder now treats agents as the backbone of how the network communicates and scales.
Below is a breakdown of his recent remarks, plus a closer look at what Midnight City is actually trying to prove.
How Hoskinson Frames AI’s Role in Cardano’s Next Phase
AI agents act autonomously, trading, posting, and coordinating without a human behind the keyboard. Hoskinson is leaning into that definition after fielding pushback over recent experiments tied to Cardano’s official channels.
The complaints centered on a synthetic influencer that surfaced on the Input Output account. Followers were not impressed.
However, Hoskinson defended the move as a transparent trial-and-error, arguing that the team is showing what these tools can do rather than hiding behind polished output.
He also pointed to OpenClaw, an open-source agent project he sees gaining traction at a remarkable speed. For Hoskinson, that growth is a signal. The future of crypto communication will not be carried by a handful of community managers tweeting in real time.
“We’re going to need agents and AI to be able to organize and sort all that out and broadcast on a regular basis what’s going on in Midnight City,” Hoskinson said. As a result, AI is now treated as core infrastructure for the entire Cardano ecosystem.
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His reasoning is structural. A blockchain community that grows from thousands to millions cannot be supported by linear hiring. As a result, automation has to take over the routine layer of reporting, moderation, and outreach across every channel that matters.
Hoskinson sketched out what comes next in stronger terms. He talked about AI chief marketing officers, broadcasting tools that feel lifelike, and a long bet on integrating every emerging standard. The shift, in his view, will redefine how protocols introduce themselves to new users.
Why Midnight City Is Becoming the Showcase for That Vision
Midnight City is a live demonstration of what Hoskinson describes. Running on the Midnight Network, it is a digital environment populated by autonomous characters that transact, talk, and behave according to the memory and personality assigned to each.
Visitors can switch the lens they look through. The default view shows only what is committed openly to the chain. An auditor’s view, by contrast, reveals selective information to anyone with the right cryptographic clearance, mirroring how compliance might work in practice.
A third layer, sometimes called God mode, lifts the curtain on each agent’s internal state. Users can see goals, memory, and history that would normally stay private. The point is to teach observers how selective disclosure actually behaves, not just describe it in a white paper.
“It’s why it’s one of our most important projects and we’re leaning into it and integrating every single AI standard,” Hoskinson said. The Cardano founder added that the team will keep experimenting with how the technology evolves across the coming quarters.
The infrastructure underneath is built for volume. Shielded transactions are first wrapped in zero-knowledge proofs. Furthermore, batches are run in Trusted Execution Environments before being anchored back to the base layer via cryptographic checks.
Hoskinson sees real growth potential beyond the demo. Agentic trading and affiliate-style relationships, he argues, could pull millions of fresh users into Midnight as the simulation evolves. That is why he describes the project as one of the most important on Cardano’s plate.
The wider context also explains the urgency. Crypto is moving on two fronts at once: privacy-preserving computation and the rise of on-chain agents that coordinate economic activity.
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Crypto World
Japanese Pension Fund Makes Historic Crypto Move After 6 Years
TLDR:
- A ¥21.3 billion Japanese pension fund plans its first crypto allocation during fiscal year 2026.
- The fund spent nearly six years researching digital assets before approving the investment.
- Portfolio changes will reduce yen exposure while adding crypto, gold, and global currencies.
- Japanese institutions continue exploring crypto products amid evolving regulatory discussions.
A Japanese pension fund is preparing to enter the cryptocurrency market through a dedicated portfolio allocation in fiscal year 2026. The move marks one of the first known crypto investments by a pension fund in the country.
The decision follows several years of internal research and a broader review of diversification strategies. It also arrives as Japan’s financial sector explores new digital asset products and regulatory changes.
Japanese Pension Fund Adopts Crypto Allocation Strategy
The Nationwide Business Corporate Pension Fund plans to allocate approximately 1% of its assets to cryptocurrency next year. According to reports from Nikkei, the fund manages roughly ¥21.3 billion, equivalent to about $130 million.
The pension fund serves around 1,200 small and medium-sized businesses across Japan. Rather than purchasing individual digital assets directly, it intends to invest through a passive fund managed by a large hedge fund.
The selected investment vehicle holds multiple cryptocurrencies. The approach allows exposure to the broader crypto market rather than relying on a single asset.
Diversification sits at the center of the strategy. Information shared by Sui Intern and details reported by Japanese media indicate the fund aims to reduce its dependence on traditional currency exposure.
Currently, around 80% of assets are linked to the Japanese yen. Another 15% is tied to the U.S. dollar, while the remaining 5% covers other currencies.
Beginning in fiscal 2026, the fund plans to reduce yen exposure to 70%. It will also introduce allocations to developed market currencies, emerging market currencies, gold, and cryptocurrencies.
According to fund executive director Ayumi Kiguchi, the organization views digital assets as a potential diversification tool due to their lower correlation with some traditional currency holdings.
Crypto Adoption Gains Ground Across Japan’s Financial Sector
The decision follows nearly six years of research into cryptocurrency markets. During that period, the fund monitored industry development, investor participation, and market maturity before proceeding.
Pension fund involvement in crypto remains uncommon in Japan. While some institutions have explored the sector, direct allocations have remained limited.
The fund is also studying additional crypto-related opportunities. Reports indicate it is examining arbitrage-focused investment strategies that seek to capitalize on price differences across digital assets.
Broader industry developments are unfolding at the same time. Japanese regulators continue reviewing rules that could expand access to crypto investment products.
The Osaka Exchange is reportedly considering the introduction of Bitcoin futures contracts in 2028. Exchange officials have linked those discussions to future regulatory developments.
Major securities firms are also evaluating crypto-related offerings. Reports have named SBI Securities and Rakuten Securities among companies considering new digital asset products.
Other financial institutions, including Nomura Securities and Daiwa Securities, are also reviewing future opportunities tied to cryptocurrency markets. These developments coincide with a gradual increase in institutional participation across Japan’s digital asset sector.
Crypto World
Wall Street’s Tokenization Race Heats Up as SEC Reviews New Rules
TLDR:
- Major U.S. banks are building tokenized deposit networks for interbank settlement and clearing.
- DTCC plans tokenized equity and Treasury trades before a broader platform launch in October.
- Tokenized stocks surpassed $1.5 billion in value after growing more than 3,300% since 2024.
- SEC discussions around tokenized stock rules signal growing regulatory engagement with the sector.
Tokenization is moving deeper into mainstream finance as major banks, asset managers, and regulators advance new blockchain-based initiatives.
Recent developments span tokenized deposits, securities settlement, stablecoin reserve funds, and tokenized equities.
The activity comes as tokenized stocks continue to record rapid growth across digital asset markets. Together, the moves highlight how traditional financial institutions are increasing their involvement in tokenized finance.
Tokenization Expands Across Banks and Financial Infrastructure
Several of the largest U.S. banks are pushing forward with tokenized payment infrastructure.
According to information shared by Ondo Finance, The Clearing House is developing a shared tokenized deposit network for interbank clearing and settlement.
The initiative involves major institutions including JPMorgan, Citi, Bank of America, and Wells Fargo. The proposed network aims to streamline transfers between participating banks through tokenized deposits.
Momentum is also building in securities infrastructure. The Depository Trust & Clearing Corporation, commonly known as DTCC, plans to begin limited production trades involving tokenized Russell 1000 equities, major ETFs, and U.S. Treasuries in July.
DTCC expects a broader platform launch in October. The organization stated that more than 50 firms have participated in development efforts, including BlackRock, JPMorgan, and Ondo Finance.
Asset managers are also expanding their presence in tokenized markets. According to data highlighted by Ondo Finance, State Street launched a dedicated money market fund designed for stablecoin issuers.
The fund launched with approximately $121 million in assets under management. State Street joins BlackRock, Goldman Sachs, and BNY in offering products aimed at supporting stablecoin reserve requirements.
Tokenized Stocks Growth Draws SEC Attention
Tokenized stocks continue to emerge as one of the fastest-growing sectors in digital assets. Data from RWA.xyz shows the market exceeded $1.5 billion in value by mid-June.
The sector has expanded more than 3,300% since January 2024. That growth has pushed tokenized equities and ETFs into a more prominent position within crypto markets.
Regulators are increasingly examining the trend. According to Reuters, the U.S. Securities and Exchange Commission is evaluating an innovation exemption that could create a modified framework for tokenized stock platforms.
The proposal faced delays after exchanges raised concerns during discussions earlier this year. Reuters reported that revisions to the framework are expected in the coming months.
At the same time, Ondo Finance continues expanding access to tokenized securities. Ondo Global Markets recently added 173 tokenized stocks and ETFs.
The expansion increased the platform’s offering to more than 430 tokenized stocks and ETFs. The assets are available across Ethereum, Solana, and BNB Chain, further broadening access to blockchain-based financial products.
Crypto World
Crypto Executive Disputes Claims Anthropic’s Mythos Breached NSA Systems
BitGo CEO Mike Belshe has rejected a viral claim that Anthropic’s Mythos model breached nearly all of the National Security Agency’s classified systems, calling the story false as it spread across X this weekend.
His pushback targets posts that recast the government shutdown of a three-day-old model as a real-world hack. The fuller record is less dramatic.
Where the Mythos NSA Breach Claim Came From
The claim originated with Senator Mark Warner, vice chair of the Senate Intelligence Committee. The Economist reported his account of what the NSA director told him.
Warner said General Joshua Rudd, who leads the NSA and US Cyber Command, described the tool in stark terms.
“This tool broke into almost all of our classified systems, not in weeks, but in hours,” the Economist wrote, citing Warner.
Warner raised the example while praising Anthropic, not condemning it. He used it to argue for faster pre-release testing of frontier models.
The detail that went missing online is simple. This was an authorized red-team test on the agency’s own networks, not an outside intrusion.
Shashank Joshi, the Economist editor who published the quote, later cautioned it should not be read literally. He said it depended on Mythos working alongside other tools in particular conditions.
The US government was already a Mythos partner. Anthropic had deployed the model to government cyber defenders through Project Glasswing since April.
Belshe and Others Question the Framing
Belshe, the co-founder and chief executive of digital-asset custodian BitGo, answered one of the threads bluntly.
“I’m calling BS on this,” he challenged.
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He was not alone. Zack Korman mocked how the claim moved from senator to journalist to social media unchecked.
Analyst Kyle Chase noted the break-in was a test. He said a separate jailbreak flagged by Amazon was the real trigger.
Anthropic’s own statement supports them. It said the flagged jailbreak simply asked the model to read a codebase and fix flaws.
The technique surfaced a few minor, already-known bugs that rival models like OpenAI’s GPT-5.5 can also find.
The company disabled both models on June 12 to meet a US export-control directive, not because of any battlefield breach. It objected to recalling a model used by hundreds of millions of people over one narrow flaw.
Whether the test justified pulling the models is still contested. AI researcher Pedro Domingos argued the export controls were responsible, given the model’s powerful hacking capabilities.
Anthropic itself calls Mythos the strongest cyber model in the world. Yet it says recalling a tool over one flaw would freeze new releases across the industry.
The company is now working to restore access, and is drafting a shared risk framework with the White House.
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Crypto World
Sui Claims 1M Ops Per Second, and AI Agents Noticed First
TLDR:
- Sui’s reported 1M operations per second milestone sparked fresh discussion around blockchain scalability.
- Community posts highlighted Sui’s focus on supporting large-scale AI agent activity on-chain.
- CoinMarketCap data showed SUI gaining 0.79% over the past 24 hours amid rising attention.
- Network throughput claims intensified competition among high-performance blockchain platforms.
Sui is drawing fresh attention after claims that its network reached one million operations per second, adding momentum to discussions around blockchain scalability and AI-driven activity.
The milestone surfaced through posts from prominent members of the Sui ecosystem and quickly spread across crypto markets.
Network performance has become a key focus as developers prepare for growing machine-to-machine interactions on-chain. Meanwhile, SUI posted a modest price increase over the past 24 hours despite broader market uncertainty.
Sui Network Scalability Claims Put AI Agent Demand in Spotlight
Discussion around Sui accelerated after posts from the Sui Community account highlighted the network’s reported ability to process 300,000 transactions per second.
The post stated that the network has no hard scalability ceiling and was designed for a future where AI agents could outnumber human users on-chain.
The claim referenced comments from Sui co-founder Adeniyi Abiodun and research discussions involving Grayscale’s research team. According to the shared information, Sui’s architecture was built with large-scale autonomous activity in mind.
Attention intensified after Crypto Banter shared separate comments attributed to Abiodun.
The post stated that the network had reached one million operations per second and that activity from stablecoin systems and automated agents appeared among the earliest indicators of the increased throughput.
The distinction between operations and transactions remains important. However, the figures quickly became a talking point across crypto social media as traders evaluated the implications for future blockchain demand.
Sui has increasingly positioned itself as a network focused on high-speed execution and scalable infrastructure. Those features have become more relevant as AI-powered applications begin interacting directly with blockchain networks.
SUI Price Edges Higher Following Throughput Milestone
The scalability discussion arrived alongside a positive move in the SUI token price. According to CoinMarketCap data, SUI traded at approximately $0.7087 at the time of reporting.
The token recorded a 0.79% gain over the previous 24 hours. The move was relatively modest, yet it coincided with heightened attention around the network’s performance claims.
Trading activity remained active as market participants reacted to the reports circulating across social platforms. The throughput figures generated significant engagement among developers, investors, and infrastructure-focused projects.
Interest in AI-related blockchain infrastructure has expanded throughout the digital asset sector. As a result, claims involving large-scale processing capacity often attract immediate attention from traders.
Posts from the Sui Community account and Crypto Banter helped amplify the discussion, placing network performance at the center of the conversation. The reported milestones also arrived as competition among high-throughput blockchain networks continues to intensify across the crypto market.
Crypto World
ADGM Approves First Tokenized Securities Admission to Official List
Abu Dhabi Global Market (ADGM) has approved the first admission of tokenized digital securities to its Official List, alongside permission for the instruments to trade on a recognized exchange venue. The development signals that tokenized assets can be structured and regulated within an established securities framework, rather than operating only as over-the-counter products or experimental pilots.
The legal filing and regulatory steps were guided by law firm Gibson Dunn, which advised Btech Holdings Limited. According to the firm, the Financial Services Regulatory Authority (FSRA) of ADGM approved the relevant prospectuses on 11 June 2026 under the market and financial services rules that apply to securities listings.
What ADGM approved, and why it matters
ADGM’s announcement centers on the admission of tokenized securities referred to as bStocks. The instruments were characterized under ADGM regulation as securities for the purposes of the Financial Services and Markets Regulations 2015 (FSMR). They were structured as Certificates over Shares, a design choice intended to fit the tokenized product into conventional securities categories.
After FSRA approval of the prospectuses, the securities were admitted to ADGM’s Official List of Securities with effect from the same date, and they were also set to be traded on the Recognized Investment Exchange (RIE) operated by Nest Exchange Limited.
In institutional capital markets, listing and trading rules are critical for liquidity, investor protections, and market integrity. By tying tokenized securities to an official listing process and prospectus approval, ADGM is effectively aligning part of the tokenization market with the same regulatory benchmarks used for traditional listings.
Regulatory pathway: prospectus approval and admission to the Official List
Per Gibson Dunn’s account, FSRA approval was granted for prospectuses drafted by the firm. The approval was described as being provided pursuant to section 61 of FSMR and Rule 4.6 of the Market Rules (MKT), including a reference to meeting requirements under MKT 4.5.
This matters because prospectus regimes are typically designed to ensure disclosures are comprehensive and consistent, covering issuer details, the nature of the instrument, risk factors, and other information required for public market participation. For tokenization to move into mainstream financing channels, regulators and exchanges generally need to ensure tokenized structures still satisfy disclosure and governance expectations.
How the product is structured: certificates over shares
The tokenized instruments were described as securities that fall under FSMR, structured as certificates over shares. The certificate-over-share structure is relevant in regulatory terms because it can help define the rights embedded in the tokenized instrument, including the economic linkage to the underlying shares.
While tokenization often involves distributed ledger infrastructure, the key regulatory question is how the product maps to existing legal definitions. ADGM’s approach, as reflected in this admission, indicates a willingness to treat tokenized securities as regulated securities when the instrument’s legal characteristics are clear and the issuer complies with disclosure and admission requirements.
Implications for tokenization in the UAE and beyond
Institutional tokenization is still searching for scalable market infrastructure and consistent regulatory standards. Regions that can demonstrate repeatable pathways for approvals, listing, and regulated trading have an advantage when issuers and financial intermediaries decide where to deploy tokenized capital markets activity.
ADGM’s step also points to a broader industry trend: regulators are increasingly focused on whether tokenized assets can meet established securities principles, including transparency, market conduct expectations, and investor protections.
In this case, the admission to ADGM’s Official List and the ability to trade on the RIE operated by Nest Exchange potentially reduce operational uncertainty for market participants evaluating tokenized instruments. It may also encourage other issuers considering tokenization to pursue structured, regulated listings rather than limiting activity to private placements.
Role of legal counsel
Gibson Dunn stated it advised on multiple phases of the mandate, including structuring the issuance, preparing prospectuses approved by FSRA, and handling the applications for admission to the Official List and to trading on the RIE.
The firm said the team was led by partners Sameera Kimatrai and Jade Chu, supported by associates Aliya Padhani and Holly Alderton. The matter was also described as involving other partners including Hagen Rooke, Mellissa Duru, and Lauren Cook Jackson.
What to watch next
This admission provides a regulatory reference point for tokenized securities that aim to be integrated into exchange-based trading. Going forward, market observers will likely focus on whether additional tokenized issuances follow the same pathway, how liquidity develops on the trading venue, and whether the market structure attracts issuers and intermediaries at scale.
For investors, the practical value of tokenized securities will depend on execution quality, transparency, custody and settlement mechanics, and ongoing compliance. For issuers, the central question will be whether regulated listing and trading can reduce barriers to issuance while still supporting innovation in how assets are tokenized and distributed.
Crypto World
Could Keir Starmer’s Exit Open the Door to Britain’s Most Crypto-Friendly Labour Leader?
Andy Burnham’s landslide by-election win has handed Labour’s most crypto-friendly figure a clear route to challenge Keir Starmer for the party leadership.
The Greater Manchester mayor will be sworn in as an MP this week, removing the last barrier to a leadership bid. His enthusiasm for Web3 sits awkwardly beside Starmer’s recent crackdown on crypto.
Burnham’s Win Reopens the Leadership Question
Burnham took the Makerfield seat on June 18 with 54.8% of the vote. He beat Reform UK by a majority of more than 9,200, on a turnout that climbed to almost 59%.
By-election turnouts usually fall, so the result reads as a genuine mandate.
He is due to be sworn in within days. On Polymarket, the crypto-settled prediction market, traders have wagered more than $11 million on the succession and make Burnham the clear favorite to take over.
Starmer insists he will fight any challenge.
Weekend reports suggested the prime minister was weighing his future, though his office dismissed talk of an imminent exit.
Cabinet ministers, union leaders and party donors have all joined talks about the timing of a handover.
A Pro-Web3 Voice Against a Crypto Crackdown
Burnham ranks among the few senior Labour figures to openly back digital assets. He told about 100 Web3 founders at a Stand With Crypto event that he was “bought in.”
“Manchester was the home of the Industrial Revolution. Let’s make it the home of the web3 revolution,” Andy Burnham, Mayor of Greater Manchester, in remarks to crypto founders.
That tone clashes with the national party. In March, Starmer’s government imposed a moratorium on crypto donations to political parties.
The independent Rycroft Review had warned that crypto’s anonymity could mask foreign money entering UK politics.
Even so, Burnham’s support looks regional and pragmatic, tied to Manchester jobs rather than markets.
Reform UK is Britain’s most crypto-forward party, and one of only three that had agreed to accept crypto at all.
Its leader, Nigel Farage, has bought Bitcoin (BTC) himself and pitched a national reserve.
Markets Watch the Handover
The political risk has already reached bond markets. The 10-year gilt yield rose to about 4.8% on Friday.
Investors are weighing a Burnham government they expect to borrow and spend more freely, and sterling weakened alongside it.
For crypto, the signal is fainter. Bitcoin traded near $63,900, up less than 1% on the day but down about 17% over the month and 38% on the year.
It sits well below its October record near $126,000, so the turmoil has produced no clear safe-haven bid.
Any read-through also depends on a retail base that is shrinking. Crypto ownership among UK adults has slipped to about 8%, down from 12% a year earlier, the FCA found.
A Burnham premiership could still soften the tone toward Web3 after a year of tighter UK crypto rules, though bond investors look more worried about his spending than his digital-asset views.
His swearing-in and any leadership timetable this week will set the near-term direction. A warmer crypto stance surviving Britain’s fiscal squeeze is the real question for a shrinking crypto electorate.
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Crypto World
Why Capital Is Flowing Into XRP, SOL, and HYPE Instead of BTC and ETH
In times when investors are pulling funds out of the spot exchange-traded funds tracking ETH and especially BTC, their behavior toward XRP, HYPE, and SOL has been entirely contrasting.
The ETFs following the three altcoins’ performances continue to see more net inflows even as the market stagnates and uncertainty builds.
XRP, SOL, HYPE ETFs Keep Gaining Capital
CryptoPotato has repeatedly reported on the Ripple ETFs’ impressive performance over the past several weeks, in which most assets, including XRP, recorded fresh losses and dipped to multi-year lows. However, investors using the Wall Street-trading financial vehicles have remained active, with net inflows dominating for months. In fact, there have been only two weeks in the red since mid-March.
The last one, which had only four trading days, also ended in the green. The ETFs attracted $2.82 million on Monday, $5.30 million on Tuesday, and $2.55 million on Thursday. Since Wednesday was a $0.00 day, according to SoSoValue data, that means that the week ended with net inflows of $10.66 million. The cumulative net inflows have tapped a new all-time high of $1.45 billion.
The Solana ETFs also attracted over $7 million in net inflows in the past week, following a red one with $2.58 million in net outflows. HYPE and its ETFs continue to be the current market superstar. The funds saw their third-best week to date, with almost $28 million entering. Moreover, the HYPE ETFs have been on a six-week streak of net inflows since their inception in mid-May.
Their performance has been particularly promising since they have attracted nearly $185 million in net inflows in six weeks. The same six weeks have been highly emotional and full of FUD for the entire crypto market, especially June’s start when most assets tumbled to multi-year lows.

BTC, ETH ETFs Deep in Red
And while the aforementioned altcoins continue to enjoy fresh ETF capital, the same cannot be said for the funds tracking the two largest cryptocurrencies by market cap. As reported earlier, the spot BTC ETFs bled more than $226 million in the past week, and are down by roughly $5 billion in the same six weeks in which the HYPE and XRP ETFs have been only in the green.
The spot Ethereum ETFs are in no better shape. In fact, they are on the same six-week negative streak, pushing the total inflows down by nearly $1 billion. So the question now is whether investors are simply seasonally rotating from larger-cap digital assets into smaller altcoins, or have they completely abandoned BTC and ETH for the new kids on the block.
The post Why Capital Is Flowing Into XRP, SOL, and HYPE Instead of BTC and ETH appeared first on CryptoPotato.
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