Crypto World
Free Markets and Innovation, Sort Of
What Clarity declines to do is impose customer identification duties on software that has no customers. Software that takes no custody and controls no transactions is in no position to identify anyone. Requiring KYC on code does not create a compliance obligation on intermediaries; it creates a prohibition on publishing code.
Tokenized securities
The last worry is that stocks will migrate to decentralized shadow markets with few investor protections. As clearly stated in section 10505, a security does not cease to be a security simply because it settles on a blockchain. Securities remain under SEC authority, and Section 10301 is the provision that reaches whoever exercises control over the venue where that trading happens.
But notice what the editorial does with tokenization across four paragraphs. When banks issue and settle tokenized stocks and bonds, it removes friction, lowers costs, and merits support. When the same instruments trade somewhere else, it is a shadow market inviting regulatory evasion. The technology did not change between those two passages. The identity of the firm using it did.
That pattern runs through the piece: nobody needs to explain to the Journal’s editorial page what it looks like when an established industry asks Washington to slow down a competitor. That is usually the argument it makes in the spirit of free and open markets, which is why this latest editorial is so disappointing. The editorial suggests Republicans are rushing this bill through before leaving town. It ignores that market structure legislation has been in the works for years. The House passed it a year ago with overwhelming bipartisan support. Senate Banking reported it in May. It has been on the Senate calendar since June and is not yet on the floor schedule this week. Haste is not the problem.
Crypto World
Blockchain.com obtains Cayman VASP licence after conditional approval
Blockchain.com has secured a definitive Virtual Asset Service Provider custody licence from the Cayman Islands Monetary Authority, expanding its regulated crypto services after meeting all licensing conditions on July 22.
Summary
- Blockchain.com has secured a full VASP custody licence from the Cayman Islands Monetary Authority.
- The approval allows the company to offer regulated custody, staking and exchange services in the Cayman Islands.
- The company has also partnered with TechCayman and plans to hire its first employee in the jurisdiction.
- The licence follows Blockchain.com’s recent MiCA approval in Europe and FCA registration in the UK.
According to a Thursday announcement from Blockchain.com, the approval grants the company a full Virtual Asset Service Provider (VASP) custody services licence through its Cayman Islands subsidiary, replacing the conditional approval issued by the Cayman Islands Monetary Authority (CIMA) in December 2025. The company said it had satisfied all of the regulator’s conditions before receiving the definitive licence.
Alongside custody services, the licence authorizes Blockchain.com to offer exchanges between virtual assets and fiat currencies as well as exchanges between one or more convertible virtual assets. Before obtaining the licence, the company had operated under a VASP registration in the Cayman Islands since May 2022.
The latest approval adds to a series of regulatory milestones for Blockchain.com over the past year. The company recently obtained a Markets in Crypto-Assets (MiCA) licence in Europe and completed registration with the UK Financial Conduct Authority, developments that co-CEO Lane Kasselman said strengthen its regulated presence across multiple jurisdictions.
Blockchain.com expands regulated services in the Cayman Islands
With the definitive licence now in place, Blockchain.com said it can offer a regulated suite of institutional and retail services from the Cayman Islands. The company identified institutional custody as a core offering, providing secure digital asset storage for organizations managing crypto holdings.
The licence also supports institutional staking infrastructure, allowing organizations to participate in blockchain network validation while earning staking rewards. Retail staking has also been included under the regulated framework, giving eligible users access to staking services within a compliant environment, according to the company.
Lane Kasselman said the CIMA approval builds on the company’s recent regulatory progress in Europe and the United Kingdom.
“Our VASP custody services licence builds on the regulatory momentum we’ve established with our recent MiCA and FCA approvals,” Kasselman said. “We believe strong regulation is essential to the long-term development of digital assets, and these approvals further strengthen our ability to serve customers across the region.”
The company described the approval as the final stage of its licensing process in the Cayman Islands, moving its local operations from conditional authorization to full regulatory status.
The Cayman Islands Monetary Authority had granted Blockchain.com conditional approval for the licence in December 2025. The company said all licensing requirements were fulfilled before the regulator issued the definitive approval on July 22, 2026.
The licence authorizes Blockchain.com to provide regulated custody services together with crypto-to-fiat and crypto-to-crypto exchange services in the Cayman Islands.
Cayman licence follows local expansion plans
Beyond regulatory approvals, Blockchain.com said it is increasing its presence in the Cayman Islands through a partnership announced in June with TechCayman, an organization that helps international technology companies establish operations in the territory.
According to the announcement, the partnership will support Blockchain.com’s first local employee, who will join the company’s Cayman Islands operations as it expands its presence in the jurisdiction. TechCayman will provide sponsorship, operational support and access to its local business network as part of the arrangement.
The company said local hiring forms part of its effort to establish a permanent operating presence rather than maintaining only a regulatory registration.
Founded in 2011, Blockchain.com said it has processed more than $1.1 trillion in transactions and serves over 43 million verified users worldwide.
Regulatory expansion has continued across multiple markets
The Cayman licence follows several operational and regulatory initiatives undertaken by Blockchain.com during 2026.
In May, the company confidentially submitted a draft registration statement to the U.S. Securities and Exchange Commission for a potential initial public offering. The filing started the SEC’s review process but did not disclose the proposed offering size or valuation. Blockchain.com said at the time that any public listing would proceed only after regulatory review and subject to market conditions.
Earlier in April, the company introduced perpetual futures trading within its non-custodial DeFi wallet through Hyperliquid. The feature allows users to trade more than 190 cryptocurrency markets with leverage of up to 40 times while keeping control of their private keys instead of transferring assets to a centralized exchange. Blockchain.com also said it intends to add forex, stock, and commodity markets to the platform over time.
Geographic expansion has also continued this year. In March, Blockchain.com launched retail operations in Ghana after reporting significant user growth in the country, while describing Nigeria as one of its fastest-growing markets following the establishment of local operations in Lagos.
Crypto World
10 Oddities Tokenized on Crypto Platforms, From Farts to More
Brazil’s B3 has taken tokenization from concept to cattle pen. Earlier coverage of the exchange’s pilot highlighted how a farmer in southern Brazil used 10 tokenized cows as collateral to secure a loan of 100,000 Brazilian reais (about $19,600), effectively “herding” the animals into a blockchain-based custody arrangement.
The stunt went viral because it sounded absurd at first glance. But the broader implication is serious: if ownership and claims over physical assets can be expressed onchain—along with the permissions and verification needed to back financing—then tokenization can move beyond collectibles and test whether real-world collateral can be made more programmable.
Key takeaways
- B3’s tokenized-cattle collateral deal is positioned as a practical proof-of-concept for livestock-backed lending, even if the initial ticket size was relatively small.
- The strangest tokenization experiments—from onchain farts to burned art—show that the “token” can represent nearly any claim, but market liquidity depends on the legal and commercial layer.
- Projects that tie token value to auditable real-world data (such as sales performance or commodity trading rails) highlight what tokenization still needs: reliable verification and enforceable rights.
- Well-known cases like music royalty tokens and the first-ever tweet NFT illustrate that cultural novelty doesn’t automatically translate into durable investor returns.
Tokenization’s viral edge: when the asset sounds ridiculous
Not every tokenized asset is designed for institutional adoption. During the NFT boom, a filmmaker recorded his own farts during the pandemic and minted each sound as an NFT. He sold the pieces for 0.05 ETH apiece (around $85 at the time), turning something deliberately un-serious into a transaction with a clear price and buyer demand.
The point isn’t that flatulence will power mainstream finance. It’s that tokenization can package almost any item—or measurable event—into a transferable digital unit. The real question for investors and users is what that unit means legally and economically once the novelty fades.
Cows and the hard part: connecting blockchain claims to enforceable collateral
The B3 cattle story stands out because it wasn’t just a token minted for entertainment. The loan structure relied on a Brazilian investment fund, Target FIDC, which provided each cow with its own digital token linked to an encrypted digital identity. In effect, the tokens acted as an onchain representation of the collateral, while the real-world animal custody and contractual terms underpinned the financing.
Initial lending volumes cited in reporting pointed to a proof-of-concept that could scale: the first loan was about $19,600, and the pilot was framed as potentially supporting significantly larger livestock-backed financing if the model holds. Broader context also matters for future scope; agriculture is a major global economic sector, so the asset universe for collateral tokenization is far larger than cattle alone.
Still, this type of deal underscores a recurring constraint in real-world asset tokenization. Tokenizing an asset is not the hard part—building a system where rights are enforceable, transfer rules are clear, and the underlying data remains verifiable across counterparties is.
From whiskey and horses to uranium: the range of “real” claims
Some tokenization efforts target assets where scarcity and ownership transfer are familiar concepts—whiskey casks, for example. With whisky often increasing in value over time, projects have experimented with putting casks onchain so investors can buy whole units or fractional stakes, while the physical inventory sits in bonded warehouses. The appeal is straightforward: the token can simplify how ownership is divided and administered, even though investors still depend on the performance of the underlying market and storage arrangements.
Racehorses present a similar complexity. Tokenization can break ownership into shares, allowing investors to participate in prize money, breeding income, or proceeds from future sales without buying an entire animal. But luxury asset tokenization also invites skepticism about liquidity and legal continuity. As one comment attributed to Chris Turner, co-founder of impact investment firm KULA, put it: placing an item on a blockchain doesn’t automatically make it more liquid or valuable if the legal rights, transfer processes, and market structure stay the same.
Even commodities are being explored in this broader spectrum. Tezos-backed metals platform metals.io is described as targeting uranium by building “financial rails” for technology-flavored commodities, with reported trading activity between November 2024 and July 2026 totaling $21.5 million across roughly 18,200 trades and about 7,400 unique wallets. The reporting also suggested that institutional interest exists, but tokenized rails remain cautious—an important reminder that adoption can lag even when the infrastructure works.
When cash flows meet verification: fish revenue, royalties, and burned art
Some of the most instructive experiments are those that attempt to tie token value to verifiable real-world performance. Brickken, for instance, received an unusual proposal from a Chilean fish-processing company: issuing tokenized debt where interest payments would adjust based on verified fish sales. Brickken’s executive Edwin Mata described the concept as a tokenized, revenue-linked instrument where the token represents the lender’s contractual claim and the returns depend on independently verified sales performance.
In the end, the fish never moved fully onchain. The obstacle, as explained in the reporting, was that fish sales still depended on audits, commercial reporting, and legal agreements that could not yet be automated. That outcome highlights a crucial reality for tokenization: the bottleneck is often not the blockchain itself, but the reliability and operational readiness of the data and rights it depends on.
Music royalties followed a similar “promising but not mainstream yet” pattern. The earliest examples cited include 3LAU’s 2021 Royal platform initiative, and later use of Royal for selling streaming royalty rights involving rapper Nas. While onchain royalty concepts gained attention during the NFT boom, coverage noted that tokenized music royalties have not become a widely adopted asset class—an observation consistent with how streaming economics and distribution incentives can be misaligned with tokenholder returns.
Then there are the cases that make a philosophical point rather than a financial one. Burnt Banksy reportedly involved the purchase of a Banksy print, livestreamed destruction, and minting of NFTs to preserve the “ownership record” on-chain. In parallel, the broader debate around whether burning a physical asset destroys value or merely transforms the meaning of ownership became part of the story itself. Regardless of where readers land, these examples show that tokenization can outlive the underlying object—although that does not guarantee investor outcomes.
The NFT era’s headline assets: and what happened after the hype
The first tweet NFT is one of the clearest reminders that scarcity narratives alone don’t ensure strong performance. In 2021, Jack Dorsey tokenized and sold his first-ever tweet (“just setting up my twttr”) to Sina Estavi for $2.9 million, later becoming a symbol of the NFT boom. A year later, reporting noted Estavi attempted to resell it for $48 million but reportedly received bids far below the asking price, with an offered figure cited as $6,800.
That contrast—between blockbuster initial sales and much weaker subsequent bids—reflects what many market participants eventually learned: the ability to tokenize a claim doesn’t eliminate valuation risk. Tokenization can improve access, administration, settlement, and transferability, but it cannot turn a poor purchase into a good investment.
As tokenization continues to move from novelty to structured lending pilots like B3’s cattle collateral, readers should watch whether these systems can scale verification and legal enforceability without sacrificing usability. The next test will be less about what can be tokenized and more about what tokenized claims can reliably support in real financing and real secondary markets.
Crypto World
Step App winds down after four years as FITFI token sinks

Move-to-earn project Step App will wind down services by Aug. 21 after four years, while its FITFI token trades 99.9% below its all-time high.
Crypto World
FDA Approves the First mRNA Flu Vaccine
“I think this is a historic event and incredibly exciting, both scientifically and from a public-health standpoint,” says Dr. Jeanne Marrazzo, CEO of the Infectious Diseases Society of America.
“Flu remains a significant public health challenge, and mFlusiva provides an important new option for America’s seniors,” said Stéphane Bancel, Moderna’s CEO.
Marrazzo says the mRNA-based flu vaccine is a gamechanger when it comes to matching influenza strains circulating at a given time and in a given region to the flu vaccine. The better the match, the more effective the shot in preventing flu and some of its serious consequences, including pneumonia, respiratory distress, and even organ failure in those who are most vulnerable to infections, which include older people, young children, and those with weakened immune systems.
Because the mRNA technology relies on a genetic plug-and-play model, in which different genetic sequences for any virus or pathogen can be switched into the vaccine, the shot takes around six weeks to develop. Current flu vaccines, on the other hand, take up to six months to create because they require growing the influenza virus in eggs before the virus is processed into the vaccine to activate the proper immune response.
Crypto World
Coinbase Says Revenue From Its Base Layer 2 Fell Despite Record Volume
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Coinbase says Base is processing more stablecoin volume than any other blockchain — and the company is earning less from the network each quarter. In its second-quarter earnings presentation filed Thursday, the exchange said "other" transaction revenue fell 11% quarter-over-quarter to $47.4… Read the full story at The Defiant
Crypto World
Bitcoin (BTC), ether (ETH) benefit as altcoins lose their luster: Crypto Markets Today
Bitcoin has added around 0.9% in the past 24 hours to $64,700, while the broader CoinDesk 20 (CD20) is up just 0.16%. Strength in equity markets, which have climbed to record highs, appears to leave the crypto sector unperturbed.
Crypto appears to be moving to the perceived safety of the biggest tokens, with bitcoin and ether the only CD20 members in positive territory. Zaheer Ebtikar, the chief strategy officer at crypto neobank Plasma, told CoinDesk altcoins are struggling “without aggressive support from bitcoin momentum.”
Altcoin open interest has fallen about 15% over the past month while bitcoin has gained roughly 8%, Ebtikar said. CoinMarketCap’s Altcoin Season index fell one point from Wednesday to 42/100.
“Because Bitcoin has moved into capital markets plumbing with ETFs, basis trading, institutional hedging, and collateral, that flow doesn’t need a rally to justify itself. However, most of the altcoin market hasn’t made that transition yet,” Ebtikar said.
The divergence, according to Ebtikar, results from projects failing to clearly define how value accrues, making them unable to justify investors’ exposure to their tokens during market declines.
Crypto World
America Is Finally Taking Extraterrestrials Seriously

There was nothing much happening in Jerome and Benno Leuer’s yard in Hamel, Minn. on August 11, 1948. It was noontime in the thick of summer and the boys, 10 and 8, were idly playing when, as they later described it, something overhead caught their eyes. They looked up and their jaws dropped.
Roughly 12 ft. up in the air was a dull gray, circular object, about 1 ft. thick and 2 ft. in diameter, slowly descending between them. They stood transfixed as the object settled onto the ground, making a clattering sound like metal hitting metal. The object rested there a moment, and then began emitting a high-pitched whistle that, to the boys, sounded like a teakettle. It spun in place once, then shot 20 ft. into the air, hovered for a moment, and ascended to 30 ft., maneuvering around tree branches and telephone wires in its path. Finally, it jetted out of sight.
Jerome and Benno ran inside and told their parents what they had seen. Their father notified the only authority he could think of: R.R. Sheridan, the local postmaster. Sheridan, in turn, called the FBI field office in St. Paul. To the family’s surprise, the bureau sent an agent. He interviewed the boys and inspected the yard.
“The spot where the alleged ‘flying saucer’ had landed was approximately 2 ft. in diameter and appeared as though a heavy object had landed there or had touched down,” read the statement in the official report. “The ground was dented and protruding rocks had been leveled.”
The boys grew up and moved on. Nothing came of their mysterious sighting, but the government preserved the report all the same, filing it away in a cache of documents it had already begun keeping, of both civilian and military accounts of flying, hovering, blinking objects that appeared in the skies, skittering about, sometimes touching down, and then vanishing back the way they came, just as Jerome’s and Benno’s object had. For 78 years, the boys’ story—and hundreds of others like it—had languished in storage. Until May 8, 2026, when President Donald Trump began a serial release of four tranches of more than 450 official reports going back to the middle of the last century, ordering that they be posted on a Department of Defense website and made available for public perusal.
After decades of secrecy, stigma, and sometimes silliness—like the conspiratorial tales about recovered spacecraft and alien remains at a place known as Area 51 in Roswell, N.M.—the government has at long last begun taking things seriously. What used to be called UFOs and now go by the more decorous handle of UAPs—or unidentified anomalous phenomena—are being given the full investigatory treatment.
Congressional hearings into the origins of the sightings were held in 2022 and 2023. In 2022, the All-domain Anomaly Resolution Office (AARO) was established “to detect, identify and attribute objects of interest.” In December 2023, then President Joe Biden signed into law the Unidentified Anomalous Phenomena Disclosure Act, requiring the collection, review, and public disclosure of all sightings and encounters.

On June 12, capturing the global hunger for answers to the UAP mystery, director Steven Spielberg—who has long had a sort of seismographic sense of the popular mood—released his latest film, Disclosure Day, in which a government cover-up of extraterrestrial visitations is exposed. The movie grossed $94 million worldwide on its opening weekend alone. At about the same time, the White House established the UAP Science Advisory Council, a body led by Harvard astrophysicist and cosmologist Avi Loeb to study the national-security risks posed by UAPs.
“I was tasked to create a panel for the White House, AARO, the Director of National Intelligence, the FBI, and related agencies, so that all of these organizations are in contact [about UAPs],” says Loeb. “It’s clear, based on much better sensors that we have, that there are objects the intelligence agencies and the Pentagon do not, cannot figure out.”
It’s not just for the government, academia, and Hollywood to do that figuring. Last year, the nonprofit Disclosure Foundation, led by former Deputy Assistant Secretary of Defense for Intelligence Christopher Mellon launched, was launched, with the aim of encouraging the release of UAP reports, promoting scientific investigation of sightings, supporting whistle-blowers, and formulating policy related to UAPs. On June 25 of this year the group convened a Capitol Hill forum in the Kennedy Caucus Room of the Russell Senate Office Building.
The daylong event featured political figures including Representatives Eric Burlison (Republican, Missouri), Anna Paulina Luna (Republican, Florida), André Carson (Democrat, Indiana), and Suhas Subramanyam (Democrat, Virginia), and Senator Mike Rounds (Republican, South Dakota). Loeb was present, as were other well-lettered experts discussing the technological, national-security, economic, psychological, and even religious implications of UAPs. The speakers acknowledged that in some respects they were there at their peril, since publicly discussing flying saucers still carries reputational risk.
“You’re black, you’re Muslim, you represent a district in Indiana,” Carson said of himself, “and now you want to talk about UAPs?”
But it’s a measure of the growing public interest in the phenomena and the mounting evidence that something is out there that more and more serious people are willing to take that risk. Even former President Barack Obama weighed in on the topic. In a February interview, Obama was asked if extra-terrestrial life exists, and he responded, “They’re real,” hastening to add, “But I haven’t seen them. They’re not being kept at Area 51. There’s no underground facility—unless there’s this enormous conspiracy and they hid it from the President of the United States.”

Obama added that he based his belief in the likelihood of extraterrestrial beings in part on the fact that “statistically, the universe is so vast that the odds are good there’s life out there.” That’s a point a lot of believers make, especially since NASA’s Kepler Space Telescope and other space-based and Earth-based observatories have discovered thousands of exoplanets—or planets orbiting other stars—leading astronomers to conclude that virtually every one of the trillions of stars in the sky has at least one world circling it.
As with all things in a loud, messy, pluralistic democracy, public opinion plays a role here too—and Americans are clearly ready for action. According to a poll conducted by the Disclosure Foundation just weeks before the Capitol Hill forum, 84% of respondents want more information from the government on UAPs, 69% believe UAPs are real, 59% support hearings and transparency laws, and just 21% trust the federal government to be telling the complete truth. The responses are bipartisan. A statistically meaningless 1% separates the whopping 89% of Republicans and 88% of Democrats who say they want more information on UAPs.
“You could be a single-issue candidate running in the U.S.,” says Jordan Flowers, the Disclosure Foundation’s executive director. “That single issue could be [UAP] transparency, and you could get elected just based on that.”
Unlike other single issues like taxation, immigration, or climate, which unfold indefinitely over decades, UAP transparency has a fixed end point. The government will tell all it knows, the sightings will be investigated, and their origins will be determined to be terrestrial—highly advanced military or other assets—or, epochally, extraterrestrial.
“My null hypothesis would be that these are human-made objects being operated by adversarial nations, near strategic assets of the U.S.,” says Loeb. And if they’re not? If they do come from … elsewhere? “That will be the biggest discovery ever made by humanity.”
A Question of Security
The U.S. Senate doesn’t lend out the Kennedy Caucus Room to just anybody. Opened in 1909, the room is a prepossessing place, with carved marble walls measuring 74 ft. long, 54 ft. wide, and 35 ft. high—climbing to an ornate ceiling decorated with gilded rosettes and acanthus leaves. The doors of the room open onto the Russell Building’s vaulted, marble rotunda, which rises three stories high.
The caucus room has seen a lot of history: it was the site of hearings on the sinking of the Titanic, the Teapot Dome scandal, Pearl Harbor, the Vietnam War, Watergate, Iran-Contra, and more. Both John and Robert Kennedy announced their presidential runs there. It was thus no small thing that the Disclosure Foundation was cleared to use the space to hold its June 25 summit. The 300-plus people in attendance took the event exceedingly seriously. Despite the once flaky, fringey, fantastical topic under discussion, the vibe was clearly not Burning Man, Comic Con, or South by Southwest. One attendee was decked out in a T-shirt featuring a bug-eyed alien playing electric guitar, but for everyone else in the room, business attire was the order of the day.
“Today, experts that rarely occupy the same room—physicists, historians, economists, intelligence professionals, educators, journalists, and policymakers—are gathered here in this room,” said Mellon in his opening remarks, “to discuss a subject that was, until very recently, untouchable.”

Of all of the panels that appeared throughout the day, it was a morning session on the security and defense implications of UAPs that had the most gravity. The panelists discussed the repeated sightings of UAPs both by naval pilots and personnel at military bases, raising concern about the permeability of armed American airspace. If the objects’ origins were indeed found to be extraterrestrial, the technology of the alien species far eclipses any flying machines human beings have ever developed. If they are terrestrial—built and flown by rival nations—they signal an arms race that we are already losing.
Retired naval Lieutenant Ryan Graves had his first encounter with UAPs off the East Coast of the U.S. 14 years ago and more in the two years that followed. “We came back from a deployment in 2012 and began to upgrade our radar systems,” he told TIME, “and we immediately saw objects in our working area that we were not expecting. There were usually anywhere between three and six objects within the airspace off the coast of Virginia Beach. Sometimes [they were] completely stationary at very high winds, sometimes flying at 250 to 350 knots [288 to 402 m.p.h.].”
The objects, Graves said, were 5 to 15 ft. in diameter, and appeared to be a gray or black cube inside a clear sphere. They gave off no exhaust and flew in such a way—diving and soaring and suddenly changing direction—that any human passenger would be subject to potentially deadly g-forces. Sometimes they flew so close to the Navy jets that the pilots were required to file hazard reports so that other planes operating in the vicinity could be warned.
“They would be outside doing these behaviors all day,” Graves says. “It might appear that these objects are using magical physics we don’t understand.” As part of the pilots’ routine rotation, they later shifted their operations to the waters off Jacksonville, Fla. They got no peace there either. The UAPs, says Graves, “were either already down there or they had followed us down, because we had over a dozen incidents.”
The naval flyers’ Virginia and Florida encounters are by no means the only experience the military has had with UAPs. One of the most compelling is the so-called Tic Tac incident, which occurred off the coast of California in 2004. During an otherwise routine deployment that year, radar personnel repeatedly noticed the reflection of a skittering airborne object they could not explain—looping and diving, climbing and then dropping from an altitude of 80,000 ft. to 20,000 ft. To crack the mystery, a team of flyers was scrambled into the sky. Once aloft, they discovered what they estimated to be a 45-ft.-long flying machine that bore a striking resemblance to a Tic Tac breath mint.
“All four of us looked down and saw a Tic Tac object moving very abruptly over the water,” said pilot David Fravor in a 2023 appearance before a congressional committee. “There were no rotors, no rotor wash, or any sign of visible control surfaces like wings. As we pulled nose onto the object within about a half-mile of it, it rapidly accelerated and disappeared.” Cockpit video preserved the encounter.
Military assets on the ground have been harassed too. For 17 straight nights in December 2024, Langley Air Force Base in Hampton, Va. was swarmed by objects that appeared overhead 45 minutes after sundown and repeatedly flew over the base. According to one eyewitness—former astronaut Scott Kelly, who in 2022 was tapped to serve on a NASA UAP study team—the objects appeared to be 20 ft. long, flying at an altitude of 3,000 to 4,000 ft., at a speed of 100 m.p.h. The incursions became serious enough that Langley canceled nighttime training flights and moved its F-22 jets to another air base.
More dramatic was a reported sighting by six federal law-enforcement officers in October 2023, near what the official memorandum described as “a sensitive national security site in the western United States.” For two consecutive days, just at dusk, the witnesses reported observing “a luminous ‘mother orb’ appear[ing] to produce smaller red orbs, one after another, multiple times over a period of several hours. The ‘red orbs’ reportedly persisted for several seconds before disappearing.”

“It is clear that we have lost control of our airspace. Full stop,” says Flowers. “Whether this is some form of human intelligence, or whether it’s something else, I am not creative enough to say.”
“Many of these things are certainly not drones,” says Luis Elizondo, a former intelligence officer with the government’s Advanced Aerospace Threat Identification Program (AATIP). “They are advanced technology from somewhere. If you’re scrambling jets off Langley, you’ve got a problem.”
Not everyone is persuaded by the reports. “Great claims require great evidence,” says Jon Kosloski, director of AARO, “and the evidence just isn’t there yet.” Kelly does not minimize the security risk posed by rogue objects but does not think they have to have an exotic origin. “In science, eyewitness testimony is kind of opinion; it’s not data,” he says. “I have never seen anything that couldn’t be explained.”
Kelly points to a sighting he made during his days as a military pilot when he was flying a Tomcat jet off the coast of Virginia. In the midst of the maneuvers, the pilot in the back seat of the plane suddenly announced, “We just passed something. It looks like a UFO.”
“What?” Kelly asked.
“Yeah, maybe it was like an alien spaceship or something. It looked really weird.”
Kelly banked the jet around in the opposite direction, looking for an object through his wind screen, and indeed saw it in the distance, though it wasn’t showing up on radar. He drew closer and closer until he was on an intercept course, and the bogey at last resolved itself.
“It was Bart Simpson,” Kelly says. “It was a balloon.”
Are We Ready For Extraterrestrial Disclosure?
If UAPs are ever confirmed to have an extraterrestrial origin it will represent what Carlos Eire, professor of history and religious studies at Yale University and a speaker at the Disclosure Forum, calls a “rupture” in human civilization.
“A rupture is something after which nothing is the same,” he says. “It’s similar to the rupture that occurred for the natives of North and South America when Europeans showed up.”
Clinical psychologist Jennice Vilhauer, a member of the advisory boards of both Loeb’s UAP Council and the Disclosure Foundation, spoke at the June 25 event, and her words were sobering. “If this news were to come out tomorrow,” she says, “we’re entirely unprepared.”
An emotional contagion like panic is always possible, but Vilhauer does not think most people would react that way even to such paradigm-shifting news as nonhuman intelligence. “There are certain communities that would look at this through a catastrophic lens, like an end-times event,” she says. “But I don’t see this being something that would spread across the entire population.”
That doesn’t mean that there would not be a psychic impact. A lot, she says, would depend on whether alien life was perceived as either benevolent, indifferent, or hostile. Even a microbe could be hostile if it posed a risk of infection—a peril about which humans have always been mindful. During the first three moon-landing missions, returning astronauts were required to spend three weeks in medical quarantine against the chance that they picked up alien germs—a practical impossibility since no microorganisms could survive on the dry, airless moon.

Also playing a role would be the question of what Vilhauer calls personal relevance—whether the news of nonhuman life affected any one person directly. The greatest emotional reaction would occur in people who perceive a high threat level and high personal relevance; the least effect would be in people who see low threat and low personal relevance. “Disclosure alone would be a huge, unprecedented event,” Vilhauer says. “Those two things together—personal relevance and threat—could create a really negative response.”
Mental health will not be the only thing that’s affected by UAP disclosure; spiritual health will be too. As long ago as the 1970s, divinity scholars established the concept of exotheology—a branch of Christian thought that includes the possibility of life in the cosmos. That can come in handy now. Eire believes that the three leading monotheistic religions—Christianity, Judaism, and Islam—will have the most work to do coming to terms with nonhuman intelligence. That’s because all three of them share the idea that there is one God, and that he created everything including human beings. Our species, we like to think, is his crowning creation—a belief that will be harder to hold onto if a cosmic species comes along that’s better, smarter, fitter than us. “The book of Genesis, which is shared in different ways by Jews, Christians, and Muslims, poses this very troubling story about human origins,” says Eire.
Christianity, Eire believes, will have a special hurdle to overcome in adjusting to the idea of off-Earth life because of its teaching that God became human. On the other hand, all three mono-theistic religions do have some practice with the idea of intelligent, nonhuman life. “Jews, Christians, and Muslims accept as a given that human beings are not alone in God’s creation,” says Eire. “There have always been angels.”
The puzzle of how to marry theology and extraterrestrial life predates the current surge in UAP disclosures. In 2014, Brother Guy Consolmagno, then the director of the Vatican Observatory, coauthored the cheeky book Would You Baptize an Extraterrestrial?…and Other Questions From the Astronomer’s In-Box at the Vatican Observatory. When someone posed the baptism question to him directly, he famously answered “Only if she asked.”
The Likelihood of Extraterrestrial Life
Questions about UAPs and the life-forms that may or may not have sent them our way may turn in part on faith, but they also turn on physics. While exobiologists continue to explore the possibility of microbial life on Mars and on ocean moons like Jupiter’s Europa and Saturn’s Enceladus, it is well accepted that our solar system has just one world with advanced, intelligent life, and that’s ours. That means looking for exceptional beings farther afield.
The closest star system to Earth is Proxima Centauri, a tidy 4.25 light-years—or 25 trillion miles—distant. Getting from there to here would in theory take at least 4.25 years, and only if you’re traveling at the speed of light—which Albert Einstein long ago proved can’t be done. Other star systems lie thousands and billions of light-years away, meaning that traveling the trans-Earth distance could take almost as long as the age of the universe itself.
Still, plenty of academics don’t rule out the possibility of alien visitors from the stars. “I would put the estimate of the chances that we’ve been visited—and I would define that as an exploration through our solar system, leading to them being aware that Earth has life and civilization—at maybe something like 50%,” says Jack Singal, professor of physics at the University of Richmond. He puts the odds that any of the claimed UFO or UAP sightings over the past century have actually been one of those visitations at a much lower 5%. “I think there’s just enough mundane explanations for these things,” he says.
Jonathan Miller, a program engineer for MIT’s department of mechanical engineering and the director of an academic program called Confronting Unknowns, which explores the question of UAPs, does not go as far as Singal, but he is open to the possibility that other civilizations are not as constrained by Einsteinian physics as we think they’d be. “There are the physics of traveling from point A to point B,” he says. “But there may be alternative ways to sort of bridge that gap. There’s probably an iceberg of possibilities [to explain UAPs] below the waterline.”
Some of those explanations may be straightforward—at least compared with extraterrestrials. If it’s possible that some rival power has developed advanced technology that can perform the acrobatics the UAPs do, it’s equally possible that the U.S. has as well and that witnesses are simply observing domestic hardware. The military is nothing if not secretive, and all of this work could be done in the dark—much the way the Manhattan Project, which developed the world’s first nuclear weapons, operated silently, invisibly, from June 1942 to August 1947.
It’s possible too that there is something even more prosaic than earthly or alien space technology at play. Miller speaks admiringly of the “mark one eyeballs of a well-trained pilot” as perhaps the most reliable sensor system on any plane—better than radar, infrared, or motion sensors. But those eyeballs can be fooled—especially given the thermal, chemical, and physical complexity of the atmosphere in which the UAPs are being seen and reported.
“The atmosphere is a crazy place,” says Singal. “You can see double, triple rainbows. You can go to some Arctic regions and see the sun appear several times at several different angles in the sky. You can have tornadoes that pick up and throw a car or impale a cow on a tree. Could it make a black triangle move across the sky for 10 seconds? I would say it could.”
“You get a lot of reports from naval officers, more so than from the Air Force,” says Kelly. “That’s because the Navy flies over water and it’s an environment that is very subject to optical illusions.”
Witnesses, of course, swear by the evidence of their eyes, and sightings like those of Graves and his fellow pilots, which involved large objects moving at close proximity between two naval jets, are hard to dismiss as just the hallucinatory interplay of light and air.
“We came within 50 ft. of the lead aircraft,” says Graves. “I think some of what we were seeing were true UAPs. What I mean by that is that these were true airborne assets that were physical in nature, that were exhibiting capabilities beyond our state of the art.”
The community of people who believe accounts like these and want to get to the bottom of them is growing. In addition to chairing the UAP Science Advisory Council, Loeb is co-directing the Harvard-based Galileo Project, which scans the skies looking for hints of extraterrestrial technology. Galileo relies on three Earth-based telescopes—in Massachusetts, Pennsylvania, and Nevada—using infrared, visible, and radio sensors to track moving objects that seem to deviate from the performance of earthly technology. In 2018, Loeb and his colleague Shmuel Bialy, then a post-doctorate researcher, made headlines with a paper in the Astrophysical Journal Letters, in which they entertained the idea that the cigar-shaped interstellar comet Oumuamua “may be a fully operational probe sent intentionally to Earth vicinity by an alien civilization.”
In 2017, the object flew into our solar system, whipped around the sun like a comet, and flew back out. On that departing leg of the journey, it accelerated when it should have been slowing down due to the gravitational pull of the sun. That suggested some propulsion system was at work. It is possible, Loeb and Bialy wrote, that the object is “floating in interstellar space as a debris from an advanced technological equipment.”
Other astronomers dismiss that idea, arguing that Oumuamua was pushed either by solar wind, the storm of charged particles forever streaming from the sun, or by solar radiation pressure, the gentle force imparted by electromagnetic energy when it contacts an object. The object has since soared back into deep space, taking the possibility of any answers with it.
Congress is staying on the UAP case—in its own dilatory way. In 2024, lawmakers took up the UAP Transparency Act, which would mandate declassification of all documents related to UAPs. The bill has not yet become law, and its potential impact has been partly mooted by the White House going ahead and releasing the four tranches of documents on its own.
For now, UAPs remain a riddle. They may be real, they may be illusion, they may simply be artifacts of human desire—something we see because we want to see them. A universe with other life-forms, after all, is a lot less lonely than one in which we are the only world with lights in the windows. The eyewitnesses, of course, would differ—knowing what they saw, believing what they saw, and remaining, in some cases, transformed by what they saw. In time—if the proof is found, if biological intelligence is discovered in the void—we may all be transformed the same way.
Crypto World
Gate Pre-IPOs Phase 3 Launches Moonshot AI (KIMI), Supporting Subscription with USDT and GUSD
Gate, one of the global leading digital asset platforms, has announced the launch of its Pre-IPOs Phase 3 Project Moonshot AI (KIMI), focusing on artificial intelligence company Moonshot AI. The project introduces KIMI Asset Certificates, allowing users to subscribe with either USDT or GUSD and gain early exposure to potential value opportunities ahead of the AI unicorn’s IPO.
Moonshot AI is one of the leading artificial intelligence companies, focusing on large language model development and the exploration of artificial general intelligence. Its Kimi AI assistant has attracted market attention through its long-context understanding, multimodal capabilities, and intelligent Agent technology, while continuing to advance the application of AI in knowledge processing, content creation, and productivity scenarios.
KIMI Asset Certificates are Mirror Notes issued prior to the Moonshot AI IPO. They are designed to mirror the market value of Moonshot AI before and after its listing and constitute a type of Contingent Payout Note. Through a dedicated market trading mechanism, Gate provides users with an opportunity to participate in potential value appreciation ahead of the target company’s IPO and pursue long-term holding.
The Moonshot AI (KIMI) subscription period will run from August 11, 2026, at 07:00 to August 13, 2026, at 07:00 (UTC). The subscription price is set at $105–$115 per share, subject to the final pricing result, with an implied project valuation of approximately $50 billion. The project supports subscriptions with both USDT and GUSD, with a minimum single subscription amount of 10,000 USDT or 10,000 GUSD. A 5% underwriting service fee applies to this project. In addition, if excess returns are generated in the future, a 20% performance fee (Carry) will be charged.
Following the subscription period, KIMI Asset Certificates will be distributed on August 17 at 07:00 (UTC), with 100% of the assets unlocked. They are expected to enter the dedicated market for trading in about one month. The Maker fee for the dedicated trading market is 0.5%, and the Taker fee is 1.5%. A 1% trading fee applies to the dedicated secondary market. If the target company ultimately completes its IPO, Gate will provide subsequent asset handling arrangements based on the actual circumstances.
Meanwhile, Gate is simultaneously launching multiple subscription benefits: eligible VIP users can participate in the Moonshot AI (KIMI) exclusive airdrop program; users subscribing with GUSD can enjoy a 3.8% APR yield from U.S. Treasury bills, distributed daily automatically with zero redemption fees in the original currency. If USDT subscribers do not receive an allocation, the platform will subsidize the subscription funds at a 3.8% APR, calculated based on hourly snapshots, and distribute the yield alongside the refunded funds to their spot accounts.
Gate also reminds users to carefully consider the associated risks. As the target company has not yet gone public, the project is subject to risks including uncertainty regarding the IPO timeline, market volatility, and changes in liquidity. If the target company ultimately fails to complete its IPO, or if the underlying asset is canceled due to factors such as a Right of First Refusal (ROFR), refunds will be processed in accordance with the applicable rules. Any profits, losses, and fees arising from secondary market trading will be adjusted according to the relevant mechanisms.
As AI, RWA, and digital assets continue to converge, Pre-IPOs are emerging as an area of exploration for connecting growth opportunities in innovative companies with global investors. Gate has built a diversified asset service ecosystem spanning Pre-IPOs, IPO Access, stock trading, and gStocks tokenized securities, exploring new connections between traditional financial assets and the digital asset ecosystem. Looking ahead, Gate will continue to expand its presence across stocks, ETFs, RWA, and other innovative asset categories in line with the ongoing digitization of global assets, creating more diverse investment opportunities and providing users with a one-stop experience covering asset discovery, participation, and value transfer.
Users can learn more on the official landing and subscribe here.
About Gate
Gate, founded in 2013 by Dr. Han, is one of the world’s leading cryptocurrency and integrated financial services platforms. Serving over 58 million users globally, it supports trading across 4,900+ digital assets and 12,500+ stock assets, while providing access to a comprehensive range of TradFi assets, including metals, stocks, indices, forex, and commodities, delivering users a one-stop, multi-asset trading experience and blockchain-related services. As an industry benchmark, Gate was among the first platforms to implement 100% Proof of Reserves. Its ecosystem includes Gate Wallet, Gate Ventures, Gate for AI Agent, and a wide range of products and services.
For more information, please visit: Website | X | Telegram | LinkedIn | Instagram | YouTube
Disclaimer:
This content does not constitute an offer, solicitation, or recommendation. You should always seek independent professional advice before making investment decisions. Note that Gate may restrict or prohibit certain services in specific jurisdictions. For more information, please read the User Agreement.
The post Gate Pre-IPOs Phase 3 Launches Moonshot AI (KIMI), Supporting Subscription with USDT and GUSD appeared first on BeInCrypto.
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