The U.S. Government Accountability Office (GAO) has urged the Federal Deposit Insurance Corporation (FDIC) to coordinate more closely with other federal regulators on blockchain risks. 

The watchdog made its June 8 letter to FDIC Chairman Travis Hill public on June 15.

Meanwhile, the GAO said blockchain-related financial products and services have grown in recent years. It said regulators “lacked an ongoing coordination mechanism” for blockchain risks when it reviewed the issue in 2023. The office said such a process would help agencies identify risks and respond faster.

FDIC role grows under stablecoin law

The recommendation arrives as the FDIC’s crypto role grows under the GENIUS Act. As crypto.news reported in April, the FDIC proposed rules for stablecoin issuers operating through the banking system. The proposal covers reserves, redemption, capital, risk management, and custody standards.

Under that framework, reserve deposits backing stablecoins may qualify for deposit insurance if they sit inside insured banks. Stablecoin holders would not receive federal deposit protection. That difference keeps the FDIC at the center of a debate over how bank rules should apply to tokenized payment products.

The US Government Accountability Office has urged the Federal Deposit Insurance Corporation to make an effort to coordinate with other federal agencies to address risks from blockchain technology.

GAO made a June 8 letter to FDIC Chairman Travis Hill public on Monday, which said that it first flagged priority recommendations with the regulator in May last year, including addressing blockchain technology risks.

It said that blockchain technology was an area of concern that it put on its “High Risk List,” as it deems that regulators have struggled to oversee blockchain-based financial products and the risks they could pose to US markets.

Under the GENIUS Act passed last year, the FDIC is the main regulator for stablecoin issuers that are subsidiaries of the banks it supervises. Senate lawmakers are currently looking to pass a bill that would outline how federal agencies would regulate the wider crypto market.

Source: U.S. GAO

In its letter to Hill, the GAO said that it found in 2023 that financial regulators “lacked an ongoing coordination mechanism for addressing blockchain risks” and in the meantime, “blockchain-related financial products and services have grown substantially.”

“Establishing such a mechanism, as we recommended, would help FDIC and other regulators collectively identify risks and develop and implement a regulatory response in a timely manner,” it added.

The GAO also urged that the FDIC rotate case managers assigned to banks to strengthen supervision of the sector.

Related: FDIC moves to regulate stablecoin issuers under the GENIUS Act

It said it found in 2024 that the agency did not require supervisors to rotate to different banks, which “could compromise their independence and interfere with supervision outcomes,” and a rotation requirement “could mitigate threats to independence.”

The GAO said that the failure of multiple crypto and tech industry-linked banks in 2023 “raised questions” about whether the bank watchdogs took enough action to ensure institutions “promptly addressed supervisory concerns.”

Silicon Valley Bank, Silvergate Bank and Signature Bank, which all had significant exposure to the crypto industry, all collapsed in less than a week in March 2023 in the fallout of the bankruptcy of FTX, which sent crypto markets tumbling.

Magazine: Does ‘Paper Bitcoin’ mean there’s an unlimited supply of BTC?

US spot bitcoin ETFs lost a net $64 million on Monday, even as spot ETFs for ether, XRP, Solana and Hyperliquid all pulled in fresh cash. On the surface, that looks like a clean rotation out of bitcoin and into everything else.

Ether funds gained $22.5 million, Hyperliquid funds $17.2 million, and the XRP and Solana funds about $2.8 million each. That tracks Monday’s price action, where the alts ran well ahead of bitcoin, with XRP up about 7%, Solana 6% and Hyperliquid 11% on the day. The flows followed the tape.

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It is worth keeping the scale in mind. Bitcoin ETFs still hold about $83 billion in assets, against roughly $10 billion for ether and around $1 billion each for the XRP, Solana and Hyperliquid products.

The bitcoin number needs a second look. The outflow was not broad, as BlackRock’s IBIT, the largest fund, actually took in $66 million. The net loss came almost entirely from Grayscale’s GBTC, the high-fee legacy trust that has been shedding assets since these funds launched, which lost $124 million on the day. Strip out GBTC and bitcoin ETFs had an ordinary session

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The real question is durability. If the altcoin ETFs keep drawing inflows once GBTC’s drag fades, the rotation is real. If not, Monday was a blip dressed up as a trend.

Bybit, one of the world’s top cryptocurrency exchanges by trading volume, has launched options trading on Tether Gold (XAUT), a token that provides you ownership of real physical gold.

The XAUT options are now live and allow traders to hedge risk, speculate on gold price movements, trade volatility, and build custom strategies through Bybit’s Request for Quote (RFQ) system for over-the-counter (OTC) deals.

Bybit partnered with Orbit Markets, a leading options market maker active in both crypto and traditional finance to ensure deep liquidity from the start. Orbit’s team brings significant expertise, including former senior executives from precious metals trading desks, notably the ex-APAC Head of Currencies and Precious Metals at Deutsche Bank.

“As tokenization accelerates, we believe the distinction between crypto and TradFi will continue to narrow,” said Jimmy Yang, co-founder of Orbit Markets. “Gold options are a cornerstone of traditional derivatives markets, and we are excited to see growing interest in TradFi derivatives within crypto.”

The XAUT options are European-style contracts settled in dollar-pegged stablecoin USDT, with each options contract corresponding to one XAUT token, which itself represents one troy ounce of physical gold.”

What Are Options?

Options are derivative contracts that give the buyer the right, but not the obligation, to buy or sell the underlying asset at a set price before or on a specific date. A call option gives the right to buy, while a put option gives the right to sell.

Anthropic’s move to suspend access to its latest frontier AI models—after a U.S. directive tied to national security—has reignited debate over how concentrated control over advanced AI can translate into sudden access restrictions for users worldwide. Grayscale says the episode underscores the “centralized control” risks of frontier AI and may bolster demand for decentralized alternatives such as Bittensor.

In a note published Monday, Grayscale head of research Zach Pandl linked the U.S. order to the decision to cut access to Anthropic’s Fable 5 and Mythos 5 models for foreign nationals, and later to disable access for all users to comply with the directive. Pandl argued that investors increasingly want ways to access AI capabilities without relying on a single institution’s permissions.

Key takeaways

• Grayscale says Anthropic’s access suspension highlights the risk that centralized frontier AI can be curtailed quickly by governments.
• After the shutdown, Grayscale pointed to a surge in demand for decentralized AI networks, citing Bittensor’s TAO token strength.
• The U.S. order required Anthropic to suspend access for foreign nationals over national security concerns, prompting broader compliance measures.
• Bittensor is positioned by Grayscale as an “open, global, decentralized” approach to AI access.

U.S. directive forces Anthropic to pull access

According to the reporting referenced by Cointelegraph, the U.S. government directed Anthropic on Friday to suspend access to its models for foreign nationals, citing national security concerns. Anthropic then disabled access to Fable 5 and Mythos 5 not only for the targeted group, but for all users, to comply with the order.

Grayscale’s Pandl framed this as a stark example of how quickly centralized systems can change who is allowed to use the latest AI capabilities. In his Monday note, he said the situation “drives home the need for decentralized alternatives,” arguing that frontier AI access can be shaped by decisions made outside the open technical ecosystem.

Grayscale ties the access shock to momentum in decentralized AI

Pandl also pointed to market behavior in the immediate aftermath of Anthropic’s cut-off. He noted that in the roughly 12 hours after access was reduced, Bittensor’s TAO token rose by 30%, reaching a three-week high of $283 on Monday.

The note positions that move as evidence that users and investors are actively looking for alternatives when access to prominent centralized models is disrupted. CoinGecko data referenced in the original piece indicates TAO’s outperformance relative to the broader crypto market over the prior week.

While token price changes do not prove causality, the timing described by Grayscale suggests that decentralized AI networks may be perceived as more resilient when frontier model availability is constrained.

Bittensor as an “AI for everyone” network, not a permissioned gate

Grayscale’s research director argued that Bittensor offers a different approach to AI infrastructure: an “alternative vision for AI based on decentralized principles,” intended to deliver access to AI resources through an open, global, decentralized network.

Pandl summarized the concept by comparing it to “Bitcoin for AI,” emphasizing the idea that access to capabilities should be governed by open protocols rather than by a single lab’s authorization policies. In his view, as AI improves, AI access increasingly functions like an economic resource—meaning the rules determining who can use it, and under what conditions, become a central issue for both governments and market participants.

Industry voices: centralized AI limits are becoming more visible

Beyond Grayscale, other commentators highlighted broader implications. Colton Malkerson, co-founder of EdgeRunner AI, described the incident as a “breaking point” for corporate data independence, telling Cointelegraph in a note that companies are “renting” intelligence from big labs—an arrangement he said can become worse when access is withdrawn abruptly.

In his analogy, he framed it like a tenant whose landlord can cancel a lease at any time while also viewing the tenant’s property. The point was not about a specific model’s quality, but about the structural dependency that arises when advanced AI is delivered through centralized systems.

Tech entrepreneur and author Brett Hurt also called the U.S. order a “precedent.” In comments provided to Cointelegraph, he argued that the ability of a government to silence a commercial AI model overnight—without a public hearing, technical disclosure, or an appeals process—creates an “invisible ceiling” over labs operating in the country.

Both perspectives reinforce Grayscale’s central claim: when frontier AI is treated as a permissioned resource, policy decisions can instantly determine its availability. For developers and users, that raises practical questions about continuity, portability of workflows, and the feasibility of building systems that can operate across changing access regimes.

Looking ahead, investors and builders will likely watch whether decentralized AI networks see sustained usage (not only short-term token volatility) and whether policymakers clarify how cross-border access to frontier models will be handled in the future. The larger uncertainty is how long access constraints remain and whether similar directives spread to other model providers.

Bernstein has projected Robinhood’s prediction market revenue to reach $586 million in 2026, up from $150 million in 2025, as World Cup trading activity has pushed daily market volumes as high as $4.8 billion.

According to a Monday client note from research and brokerage firm Bernstein, prediction markets have become Robinhood’s fastest-growing revenue-generating product since launch, supported by a surge in trading tied to the FIFA World Cup.

The firm said daily prediction market volume climbed from $2.2 billion on June 11 to $4.8 billion on June 12, when the U.S. faced Paraguay. Bernstein noted that those figures already exceed the $1.4 billion traded during last season’s Super Bowl, one of the sector’s biggest events.

Based on its estimates, Robinhood’s prediction market business could contribute about 17% of transaction-based revenue and 10% of total company revenue in 2026.

World Cup activity drives prediction market growth

In its analysis, Bernstein pointed to Robinhood’s partnership with Rothera, a CFTC-licensed exchange and clearinghouse, as a major advantage. Since launching on May 28, Rothera has processed about 200 million contracts over its first 18 days, with FIFA World Cup and Major League Baseball contracts accounting for nearly all trading activity.

Bernstein said Robinhood’s distribution network gives it a competitive position in the sector. The firm cited the company’s large retail user base, a $0.01 commission per contract, and fee discounts of up to 50% for Gold subscribers.

Competition has also expanded as more firms introduce new contract categories. Bernstein highlighted Polymarket’s recent rollout of private company event contracts and Kalshi’s launch of CFTC-regulated perpetual futures tied to major cryptocurrencies. According to the firm, Kalshi’s crypto futures products generated $1 billion in trading volume within a week of launch.

Growing interest in private market exposure has coincided with activity elsewhere in the financial and crypto sectors. Earlier this month, Robinhood chief executive Vlad Tenev said Robinhood Securities received approval to act as an underwriter, allowing the company to participate directly in bringing firms public rather than only distributing IPO shares.

At the same time, crypto trading platforms have expanded products linked to private companies before they reach public markets. A report published by Talos and Coin Metrics last week said pre-IPO perpetual futures are increasingly being used as price discovery tools ahead of public listings. 

The report cited billions of dollars in trading volume tied to SpaceX-related contracts on Hyperliquid and said Cerebras Systems contracts traded within about 1% of the stock’s eventual opening price after listing.

Bernstein previously identified Robinhood, DraftKings and Coinbase as public companies positioned to benefit from rising prediction market participation during the World Cup. The firm estimates the tournament could generate more than $3 billion in additional handle and between $5 billion and $10 billion in extra consumer trading volume across the sector.

South Korea’s largest crypto exchange, Upbit, announced trading support for SPX6900 (SPX) on June 16. 

The exchange set SPX trading to start at 14:00 KST across KRW, BTC, and USDT markets. The listing gives SPX direct access to won-based trading and two major crypto pairs on one of the country’s main exchanges.

Bithumb also announced support for SPX6900 in the KRW market. The exchange set the SPX/KRW market to open at 17:00 KST, three hours after Upbit’s planned start. The two listings place SPX in front of Korean retail traders during the same trading day.

SPX6900 is a meme token based on a parody of the S&P 500. The project uses market culture and internet humor as its main identity. The listings do not change the token’s core use case, but they add new centralized exchange access in a major Asian crypto market.

Bithumb also adds Spacecoin

Bithumb also listed Spacecoin (SPACE) in the KRW market. The exchange set SPACE trading to start at 14:00 KST, with deposits and withdrawals expected within two hours of the notice. Bithumb said it supports SPACE deposits on the Ethereum network only.

Spacecoin is a DePIN project focused on satellite-based global internet access. Bithumb described the project as building a decentralized connection layer for global data transfer. The project’s token, SPACE, is expected to support satellite services, staking, and partner-related payments.

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Spacecoin (SPACE) traded near $0.0077 at press time, indicating 17% increase in the past 24 hours and almost 20% in the past 7 days, according to CoinGecko data.

The SPX and SPACE listings show that Bithumb added two different token categories on the same day. SPX sits in the meme coin sector, while SPACE sits in the decentralized physical infrastructure network sector. Both opened with KRW market access, which lets Korean traders trade them directly against the won.

Bithumb also set trading controls for the new markets. The exchange said buy orders would be blocked for the first five minutes after trading starts. It also said some sell orders and order types would face limits during the early trading window.

The exchange also warned users about risk. Bithumb said virtual assets are “high-risk products,” and users can lose all or part of their funds. It added that investors remain responsible for their own trading decisions.

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SPX price rises after listing news

Crypto.news price data showed SPX6900 trading at $0.377031 on June 16. The token rose 9.32% in 24 hours, while seven-day performance stood at 26.83%. Its 24-hour trading volume reached $27.69 million, with the price moving between $0.33316 and $0.39646 during the same period.

The token held a market capitalization of about $350.9 million and ranked #130 by market cap on the crypto.news price page. Its fully diluted valuation matched the same figure. The circulating supply stood at 930.99 million SPX, with a maximum supply of 1 billion tokens.

The latest daily chart showed a short-term recovery from a lower consolidation range. SPX has moved mostly sideways after a long decline from earlier highs. The current price remains well below its all-time high of $2.27, reached on July 28, 2025.

SPX was still down 74.8% over the past year, based on crypto.news data. The 30-day move stood at 1.59%, while the 200-day change was down 45.82%. These numbers show that the latest rebound came after a long pullback.

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Momentum improves, but resistance remains

The short-term chart showed SPX moving back toward the upper part of its recent trading range. The nearest resistance area sits around $0.40 to $0.45, where price had faced selling pressure in May. A clean move above that zone would show stronger short-term demand, while another rejection would keep the range in place.

The relative strength index stood at 60.81, above its moving average of 44.78. That reading shows stronger buying pressure in the short term. The indicator remained below the overbought zone, so the move had not reached an extreme level by that measure.

The MACD also showed early improvement. The histogram was positive near 0.0082, while the MACD line stood above the signal line. Both lines remained close to the zero area, which shows that the rebound was still developing.

The Korean exchange listings added a new trading event for SPX6900 after a period of weak long-term performance. Traders will now watch whether Korean market access can support volume beyond the opening sessions. SPACE will also face its first KRW market test on Bithumb as users assess demand for the satellite-based DePIN project.

The listings also arrived during broader interest in Korean won trading pairs this week.

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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

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XRP finally broke through the $1.20 level that had capped rallies for weeks, but buyers couldn’t keep control of the move.

After climbing as much as 10% and briefly trading near $1.25, the token ran into profit-taking that pushed it off session highs, putting the focus back on whether the breakout can hold rather than how far it can extend.

News Background

• XRP ETFs recorded a second straight week of inflows, attracting $10.68 million and lifting cumulative inflows to roughly $1.44 billion.

• South Korea’s Upbit exchange accounted for 31% of XRP wallet-flow activity by June 14, up from 13% a week earlier, highlighting strong regional demand.

• Ripple continued expanding its payments infrastructure through integrations including OpenPayd and RLUSD-related settlement activity.

Price Action Summary

• XRP climbed from roughly $1.14 to a session high near $1.25 before pulling back.

• The breakout was driven by a volume surge that reached more than 180 million XRP, easily clearing resistance around $1.20.

• Selling emerged near $1.25, trimming gains and leaving traders focused on whether former resistance can now hold as support.

Technical Analysis

• The move confirmed a breakout from the early-June consolidation range.