Crypto-aligned political action committees (PACs) backed by industry participants secured a string of wins in three U.S. state primaries on Tuesday, signaling a potential blueprint for crypto politics ahead of the 2026 midterms. The Fairshake network and its affiliates deployed sizable media spend to back a slate of candidates, with the funding stream largely anchored by Ripple Labs and Coinbase. The groups are coordinating through vehicles such as Defend American Jobs (supporting Republicans) and Protect Progress (for Democrats perceived as pro-crypto).

In Georgia and Kentucky, four Republican candidates and one Democrat won their respective primaries for U.S. Senate and House seats, while a Republican in Alabama advanced to a runoff. The successes underscore the willingness of crypto-affiliated committees to pursue both partisan angles in pursuit of policy-friendly outcomes.

“Fairshake’s 6-0 sweep tonight was a clear victory for pro-crypto leaders across the country,” Fairshake spokesperson Geoff Vetter told Cointelegraph. He added, “This powerful bipartisan mandate is being heard across America from Georgia to Alabama to Kentucky.”

According to Federal Election Commission filings, Protect Progress spent more than $4.2 million to back Jasmine Clark, who is running in Georgia’s 13th Congressional District. Defend American Jobs reported substantial media expenditures on Republican candidates: $455,000 for Clay Fuller in Georgia’s 14th district, $709,000 for Houston Gaines in Georgia’s 10th district, $431,000 for Jim Kingston in Georgia’s 1st district, and $7.2 million for Kentucky’s U.S. Senate seat. In Alabama, Barry Moore was backed with $7.4 million from Defend American Jobs in his run for the U.S. Senate, setting up a runoff against state Attorney General Steve Marshall and Republican candidate Jared Hudson after no candidate secured a majority in the primary.

Fairshake and its crypto industry backers are positioning their spending as a long-term strategy. A spokesperson indicated the aim is to mobilize support for pro-crypto leadership in 2026, with the group forecasting continued, substantial media expenditures to counter anti-crypto positions. The organization has reported a war chest of about $193 million, a figure far larger than its $130 million outlay in 2024 for media and advertising to influence congressional races. This scale reflects a broader strategy to shape policy conversations around regulation, taxation, and market structure in ways favorable to the industry.

Related reporting notes broader patterns in crypto PAC activity, including prior efforts that did not achieve expected influence. For example, Fairshake spent roughly $8 million opposing Illinois Lieutenant Governor Juliana Stratton in a U.S. Senate primary, yet Stratton won with more than 40% of the vote, illustrating the challenges of converting large media spend into decisive electoral outcomes.

Texas runoff tests crypto‑PAC influence

In Texas, Protect Progress has intensified its media investment to bolster Democratic candidate Christian Menefee in the race to unseat incumbent Al Green in Texas’ 18th Congressional District. Federal Election Commission filings indicate Protect Progress allocated more than $4.1 million to support Menefee and reported more than $2.8 million in media buys opposing Green, who has expressed anti-crypto views and supported votes against several crypto policy proposals, including the GENIUS Act (stablecoins) and the CLARITY Act (digital asset market structure).

Preliminary runoff dynamics in Texas reflect the complexity of crypto PAC strategy at the state level: Protect Progress previously spent more than $1.5 million opposing Green ahead of a March primary, but neither candidate secured a majority, triggering the upcoming runoff. The Texas contest adds to a broader narrative about crypto-aligned funding influencing candidate positioning on policy, regulatory oversight, and fintech innovation at the state level.

These developments appear within a wider regulatory frame. While the primary focus is electoral, the activity intersects with ongoing U.S. regulatory scrutiny of crypto markets—the SEC, CFTC, and DOJ remain central to enforcement and policy shaping. Observers note that such PAC activity can have implications for licensing, KYC/AML compliance, and cross-border policy alignment, particularly as U.S. states experiment with their own digital-asset frameworks while federal agencies assess uniform standards. In a comparative sense, regulatory trajectories abroad—such as the European Union’s MiCA framework—underscore a global significance to political economy decisions around crypto policy.

Historical context, risk considerations, and compliance implications

The crypto industry’s growing involvement in electoral politics reflects a strategic effort to influence policy direction in a landscape of evolving rules and enforcement priorities. The scale of spending—multimillion-dollar media buys and targeted district focus—highlights both opportunity and risk for participating firms. While such campaigns can advance policy priorities, they also elevate compliance considerations, including disclosure requirements, attribution practices, and the potential for heightened scrutiny from regulators and the public. Institutions engaging in or monitoring these activities should weigh the governance implications, including how such spending aligns with internal compliance frameworks and risk appetites in relation to regulatory expectations.

Looking ahead, the 2026 midterms loom as a critical inflection point. The continued deployment of pro-crypto messaging through PACs could influence candidate selection, committee assignments, and policy coalitions on issues such as stablecoin regulation, market structure, and the integration of crypto with traditional financial institutions. Analysts and compliance teams should monitor fundraising disclosures, media strategies, and endorsements to gauge how this activity may shape regulatory debates at both state and federal levels. The evolving policy environment will likely require ongoing assessment of political risk, licensing considerations, and cross-border regulatory alignment as the sector navigates a complex and rapidly changing framework.

Closing perspective: As crypto policy remains unsettled, the alignment of industry funding with specific candidates and district-level policy priorities will continue to draw attention from regulators, financial institutions, and legal professionals seeking to understand how electoral dynamics translate into practical regulatory outcomes and enforcement focus.

Senator Lummis says a Clarity Act Senate floor vote could come before August, with passage odds at 75%.

A Senate floor vote on the Clarity Act could come within 30 days, with Galaxy Research raising its 2026 passage probability to 75% following last week’s 15-9 bipartisan Senate Banking Committee vote.

Senator Cynthia Lummis struck a measured tone. “Nobody is popping the champagne quite yet. There’s still a lot of work to do,” she said. On timing she was direct: “I would love to have this bill on the floor in June. That’s probably pretty optimistic.”

What still has to happen before a Senate floor vote

The bill must first be merged with a Senate Agriculture Committee version that differs on CFTC jurisdiction provisions. After reconciliation, the combined text needs 60 Senate floor votes to clear a filibuster.

Crypto.news has tracked the compressed legislative calendar throughout 2026, with the Memorial Day recess now passed as an earlier hard deadline. Galaxy Research head of research Alex Thorn estimates a signing during the week of August 3 in the optimistic scenario.

What a Clarity Act signing would mean for crypto markets

Galaxy Research’s 75% probability is the highest institutional estimate on record for the bill. White House crypto adviser Patrick Witt said Clarity Act passage would deliver roughly 90% of what the crypto industry needs from Congress.

Analysts at Standard Chartered have estimated passage could unlock $4 to $8 billion in additional XRP ETF inflows alone. The XRP price page tracks market reaction against the legislative backdrop in real time.

Why the ethics provision is the last major obstacle

Two Senate Democrats voted yes in the Banking Committee, but reaching 60 floor votes requires seven more Democratic crossovers. The primary sticking point is a conflict-of-interest provision covering elected officials participating in crypto markets.

Cody Carbone of the Digital Chamber told reporters a deal on the ethics provision would likely be completed before the bill goes to the floor. “I imagine the deal will be completed before this goes to the floor, because they’ll want to only bring it to the floor if they feel confident they’ve got 60,” he said.

SpaceX’s latest SEC filing reveals a Bitcoin position of 18,712 coins, valued at about $1.45 billion at current prices, with an average purchase price of $35,320 per BTC. The disclosure, embedded in the company’s S-1 registration statement, places SpaceX among the largest bitcoin-holding corporate treasuries and exceeds prior estimates from blockchain trackers.

The disclosure coincides with SpaceX’s bid to go public, a process that could see the company raise around $75 billion and reach an implied valuation between $1.75 trillion and $2 trillion. In that scenario, owning SpaceX stock would also provide exposure to its Bitcoin stash, adding a crypto dimension to an otherwise aerospace- and AI-centric business lineup.

Key takeaways

• SpaceX reports 18,712 BTC in its S-1 filing, representing about $1.45 billion at current prices, with an average cost of $35,320 per BTC.
• The holdings position SpaceX as the seventh-largest BTC asset among public companies, surpassing peers like Tesla, which holds 11,509 BTC.
• Earlier estimates from trackers such as BitcoinTreasuries.NET and Arkham had placed SpaceX’s BTC at around 8,285, illustrating how official disclosures can differ from market tallies.
• SpaceX’s IPO plan aims to raise roughly $75 billion, with a valuation explored in the range of $1.75 trillion to $2 trillion, potentially enabling equity holders to gain crypto exposure alongside aerospace and AI ventures.
• The filing frames SpaceX as pursuing what it calls one of the largest actionable total addressable markets in history, a $28.5 trillion opportunity spanning AI, space, and connectivity.

SpaceX’s BTC position and the IPO pairing

The S-1 filing shows SpaceX’s 18,712 BTC stake was acquired at an average price of $35,320 per coin, a figure that helps contextualize the company’s willingness to hold crypto as part of its corporate treasury strategy. In the public markets, this level of Bitcoin exposure is rare for a private company that is now transitioning toward an offering that could bring the treasury into the limelight for public investors. The 18,712 BTC tally places SpaceX ahead of several large holders among publicly traded or soon-to-be-public entities, and it underscores how crypto assets have become a strategic asset class for corporate balance sheets.

The filing explicitly ties the Bitcoin position to SpaceX’s broader capital-raising plan. If the IPO proceeds as outlined, investors would gain not only a stake in a diversified aerospace-and-AI platform but also a direct link to Bitcoin through the equity instrument. This dynamic—crypto exposure embedded in a mega-cap tech/group IPO—highlights a growing appetite among high-profile private firms to leverage public markets as a funding channel while maintaining crypto exposure as a strategic asset.

SpaceX versus peers and the trackers’ estimates

The SEC document marks a notable shift from prior third-party estimates. Tesla, another high-profile corporate BTC holder, is reported to hold 11,509 BTC, which means SpaceX’s disclosed holdings exceed Tesla’s. The discrepancy with tracker estimates—BitcoinTreasuries.NET and Arkham had pegged SpaceX at roughly 8,285 BTC—illustrates the challenges of cross-verifying private treasury positions until formal filings surface. This gap between trackers and official filings is a reminder of how quickly crypto balances can move and how much is still opaque in private holdings until disclosed in regulatory documents.

Beyond the raw numbers, the comparison signals changing attitudes toward corporate crypto. SpaceX’s approach — acquiring a sizable BTC stake and seeking public-market liquidity — contrasts with earlier adoptions that treated BTC as an opportunistic diversification rather than a structural asset class embedded in corporate strategy.

Toward a massive addressable market and long-term implications

In the same filing, SpaceX frames its ambitions within a sweeping total addressable market, pegging a potential opportunity of about $28.5 trillion across AI, space, and connectivity. That figure reflects not only the company’s ambitions in satellite internet (Starlink) and orbital infrastructure but also the strategic leverage of AI-enabled systems and data services. If realized, the combination of a sizable crypto treasury and a public-market financing event could reshape how SpaceX funds next-generation projects—from Starlink expansion to orbital data centers and even long-term ambitions like interplanetary missions.

SpaceX is among a small cohort of highly valued private firms anticipated to pursue public listings in 2026, alongside AI-centric rivals. The IPO route could unlock billions in capital while bolstering investor access to a company that sits at the intersection of aerospace, communications infrastructure, and advanced AI development. For market participants, the key takeaway is not only the BTC balance but what the financing strategy reveals about SpaceX’s longer-term business model and growth trajectory.

The combination of a substantial Bitcoin treasury and a high-stakes public offering underscores a broader trend: crypto assets are increasingly integrated into the strategic DNA of large technology and infrastructure players. For investors, the implications are twofold. First, SpaceX stock could offer indirect exposure to Bitcoin through a widely traded equity instrument, potentially pairing crypto sensitivity with a diversified tech portfolio. Second, the IPO will spotlight how crypto assets are treated in valuation models for mega-cap issuers, particularly when those assets are integrated into a company’s strategic financing toolkit.

As SpaceX navigates the regulatory and market pathways to become a public company, observers will be watching how the treasury policy evolves, whether additional Bitcoin purchases surface before or after the IPO, and how the company articulates the role of crypto within its broader corporate strategy. The coming months will reveal how much of SpaceX’s crypto stance is a temporary hedge, a long-term treasury policy, or a signal of a fundamentally crypto-forward corporate culture.

What remains uncertain is how investors will price the interplay between SpaceX’s growth prospects, its ambitious connectivity and AI initiatives, and the Bitcoin position that now sits at the heart of its reported treasury. Readers looking for the next updates should track SpaceX’s regulatory disclosures and any further color on how the crypto holding aligns with the company’s stated mission and capital-raising milestones.

TLDR

• A South Korean funeral company reported a $33 million unrealized loss from a leveraged Ethereum ETF investment.
• The firm used prepaid customer funeral funds to invest in a high-risk crypto-linked exchange-traded fund.
• The investment dropped from 59.5 billion won to 10.2 billion won by the end of 2025.
• The ETF aimed to deliver twice the daily returns of a crypto mining company tied to Ethereum.
• Company officials described the loss as temporary and linked it to global market volatility.

---

A South Korean funeral services company has reported a $33 million unrealized loss tied to an Ethereum ETF-linked investment. The firm used prepaid customer funds to buy a leveraged crypto-related ETF, raising concerns in South Korea. The loss highlights risks tied to holding leveraged Ethereum ETF products over extended periods.

South Korea Ethereum ETF Bet Triggers Major Loss

Bumo Sarang disclosed an unrealized loss of 49.3 billion won, or about $33 million. The company confirmed the figures in a recent financial update.

The firm had invested 59.5 billion won into a leveraged exchange-traded fund. That position fell to 10.2 billion won by the end of 2025.

The ETF tracks BitMine Immersion Technologies, a crypto mining company with exposure to Ethereum. It trades under the ticker BMNU and aims to deliver twice daily returns.

Bumo Sarang ranks as South Korea’s seventh-largest funeral service provider. The company manages prepaid funeral service contracts from customers.

Company representatives described the loss as temporary. They said it reflects “short-term unrealized loss due to global market volatility.”

The investment relied on a 2x leveraged ETF structure. This structure amplifies both gains and losses daily.

The ETF tracks BitMine Immersion Technologies, which trades under BMNR. The firm’s operations include Ethereum mining activities.

Leveraged ETF Structure Drives Losses

Leveraged ETFs rebalance daily to maintain target exposure. This design makes them unsuitable for long-term holding.

Daily compounding can erode value during volatile trading periods. This effect is widely known as volatility decay.

If the underlying stock rises 5%, the ETF targets a 10% gain. However, a 5% drop results in a 10% loss.

Over multiple days, price swings can reduce overall returns. This happens even if the underlying asset ends near its starting level.

Prepaid funeral funds require careful risk management. Customers expect those funds to remain stable until needed.

Using such funds for leveraged crypto-related investments creates a mismatch. The investment carries a higher risk than the obligation it supports.

The ETF involved is part of the T-REX leveraged product family. These funds include clear warnings about short-term usage.

Bumo Sarang has not reported realized losses yet. The company stated the position remains on its balance sheet as of late 2025.

Elon Musk’s aerospace company SpaceX reported holding 18,712 Bitcoin worth $1.45 billion in a recent filing, over 10,000 coins more than blockchain tracking firms had estimated. 

In the company’s S-1 registration statement, filed as part of its bid to become a public company on June 12, SpaceX revealed it purchased Bitcoin (BTC) at an average of $35,320 per coin. Its reported holdings would make it the seventh-largest among public companies.

SpaceX’s Bitcoin holdings as of Dec. 31, 2025. Source: SEC

SpaceX is poised to become the biggest IPO in capital markets history, aiming to raise around $75 billion with an estimated valuation of $1.75 trillion to $2 trillion. Buying its stock would give investors a way to gain exposure to Bitcoin, alongside the company’s aerospace and AI businesses. 

SpaceX Bitcoin accumulation began five years ago 

SpaceX began buying Bitcoin in early 2021, around the same time that Musk’s Tesla started investing in the cryptocurrency.

The latest SEC filing shows that SpaceX has considerably more Bitcoin than Tesla, which holds 11,509 Bitcoin. It also surpasses estimates from BitcoinTreasuries.NET and crypto analytics firm Arkham, which estimated SpaceX’s Bitcoin holdings at only 8,285 Bitcoin.

Related: Saylor’s Strategy scoops $2B Bitcoin, holdings reach 843,738 BTC 

BitcoinTreasuries.NET data shows that SpaceX only holds 8,285 Bitcoin on its balance sheet. Source: BitcoinTreasuries.NET

SpaceX chasing largest addressable market in “human history”

SpaceX is one of few private companies with large valuations looking to go public in 2026, along with AI firms OpenAI and Anthropic.

Going public could unlock billions of dollars in capital for the company to fund projects like Starlink, orbital data centers and potentially Mars colonization. 

In the filing, SpaceX said it is targeting the largest actionable total addressable market in “human history,” estimating a $28.5 trillion opportunity spanning AI, space and connectivity.

Magazine: eToro founder timed Bitcoin top perfectly due to belief in 4 year cycles

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

TLDR

• Fairshake PAC spent about $20 million to support candidates in three US primary races.
• All candidates backed by Fairshake PAC either won their races or advanced to runoffs.
• The spending targeted elections in Georgia, Alabama, and Kentucky.
• Affiliates Defend American Jobs and Protect Progress supported both Republican and Democratic candidates.
• Around $5 million funded advertising for Barry Moore’s Senate primary campaign in Alabama.
• Protect Progress previously supported Yadira Caraveo with about $2 million in her House primary race.

---

Fairshake PAC secured victories across key US primary races after deploying about $20 million in targeted spending. The crypto-backed political group supported candidates in Georgia, Alabama, and Kentucky. Every candidate it backed either won outright or advanced to a runoff.

Fairshake PAC Spending Drives Primary Wins

Fairshake PAC directed funds through affiliated groups supporting both Republicans and Democrats. These affiliates included Defend American Jobs and Protect Progress.

The PAC supported five Republican candidates and one Democrat in the latest primaries. Each backed candidate remained competitive after Tuesday’s results.

In Alabama, the group spent about $5 million supporting Representative Barry Moore’s Senate campaign. The funds financed a focused advertising push during the primary race.

Protect Progress previously backed Representative Yadira Caraveo with about $2 million. The support targeted her Democratic House primary campaign.

Fairshake PAC distributed remaining funds across races in Georgia and Kentucky. It focused on candidates open to digital asset regulation policies.

The strategy centered on competitive races rather than broad spending across many districts. This approach concentrated financial impact on fewer contests.

Crypto Industry Ramps up Political Spending

Fairshake PAC operates with financial backing from major crypto firms including Ripple Labs and Coinbase. The group plays a central role in industry political efforts.

Crypto-linked Super PACs plan to spend about $271 million during the 2026 midterm elections. Fairshake remains the primary vehicle for this spending.

The PAC reported spending about $130 million during the 2024 election cycle. It entered the current cycle with about $193 million in available funds.

These financial levels exceed many traditional corporate political action committees. The scale allows targeted spending in high-stakes races.

The PAC focuses on candidates who support clear crypto regulation frameworks. These include rules on stablecoins and token classification.

Industry priorities also include legislation defining securities and commodities in crypto markets. Exchanges seek clearer regulatory guidance through such measures.

Tuesday’s results extend Fairshake PAC’s track record in primary races. Backed candidates have consistently performed well in recent elections.

Campaign finance groups have raised concerns about rising industry political spending. Critics argue that large contributions may influence election outcomes.

Fairshake PAC has not issued a formal statement following the latest primary results. The election outcomes remain the most recent confirmed development.

WhiteBIT launches dedicated UK platform as exchange expands presence in regulated British market.

WhiteBIT, the largest European cryptocurrency exchange by traffic, has announced the launch of whitebit.uk, a dedicated platform designed to serve users in the United Kingdom. The move marks a strategic step in strengthening the WhiteBIT presence in one of the world’s most mature and highly regulated financial markets. 

Web traffic to crypto exchanges in March 2026. According to SimilarWeb data, cumulative web traffic to cryptocurrency exchanges in March decreased by 2%. pic.twitter.com/kU1eyACEI3

— ICO Analytics #StandWithUkraine 🇺🇦 (@ICO_Analytics) April 13, 2026

The launch aligns with WhiteBIT’s broader mission to drive global adoption of blockchain technology by making crypto more accessible and practical for everyday use.

WhiteBIT UK is tailored to meet the expectations of both retail users and professional market participants. For retail users, the platform offers core features like spot trading, market analytics, and instant conversion. Users can fund accounts in GBP using payment cards and the Faster Payments Service (FPS). For institutional participants, 

WhiteBIT UK includes capabilities such as liquidity and market-making support, token listing options, Crypto-as-a-Service, and API connectivity, enabling integration and management of digital asset operations within a single platform. In addition, users in the UK can access crypto lending services, as well as auto-invest functionality (subject to product availability, onboarding checks, and applicable UK regulatory requirements) 

The launch comes at a time of sustained growth in crypto adoption across the UK. According to the Financial Conduct Authority, in 2025, overall awareness of cryptoassets remains high at 91% among the general public, while around 8% of UK adults hold crypto. The data also shows that 73% of users rely on centralised exchanges, highlighting the role of established platforms in providing access to digital asset markets. The UK continues to rank among the top markets globally for crypto engagement and fintech innovation. 

“Entering the UK market marks an important milestone in WhiteBIT’s expansion across regulated jurisdictions,” said Volodymyr Nosov, Founder and President of W Group, which WhiteBIT is a part of. “The UK has long been a global financial hub, and we see strong demand for platforms that combine innovation with a high level of trust, transparency, and compliance. Our goal is to provide users with access to digital assets while maintaining the standards that define our platform globally.”

https://www.instagram.com/reel/DYjcDJKOTBz/?igsh=eHAwdDlpcGoyaTJh

WhiteBIT has built its reputation around security and operational resilience, consistently ranking among the top 3 secure exchanges globally, according to CER.live. It was the first exchange to obtain Level 3 certification under the Cryptocurrency Security Standard (CCSS) developed by the CryptoCurrency Certification Consortium (C4). WhiteBIT applies rigorous compliance procedures, including AML and KYC protocols, alongside advanced infrastructure designed to safeguard user assets.

As the UK market continues to evolve, WhiteBIT plans to further expand its product offering and local presence, supporting both individual users and institutional partners with compliant solutions. 

Investing in cryptoassets carries a significant risk of loss, which may arise from a range of factors including market volatility, liquidity constraints, technological issues, or the actions of third parties. 

Although platforms typically implement security, compliance, and risk management measures, these cannot eliminate the underlying risk of losing some or all of your investment. Cryptoassets are not regulated in the same way as traditional financial products and are not covered by the Financial Services Compensation Scheme (FSCS). Users may also not have access to the Financial Ombudsman Service (FOS). They should carefully consider whether investing in cryptoassets is suitable for them and seek independent advice if needed.

About WhiteBIT

WhiteBIT is the largest European cryptocurrency exchange by traffic. Founded in 2018, the platform is a part of W Group which serves more than 35 million customers globally. WhiteBIT collaborates with Visa, FACEIT, FC Barcelona, Juventus FC, and the Ukrainian national football team. The company is dedicated to driving the widespread adoption of blockchain technology worldwide.

The European Commission has launched a formal review of the Markets in Crypto-Assets Regulation (MiCA), signalling that the European Union is considering updates to its landmark digital asset framework just two years after MiCA began applying. On Wednesday, the commission opened a public consultation inviting input from the crypto industry, financial institutions, and the broader public, with the process running through Aug. 31. The commission argued that crypto markets and the global regulatory environment have continued to evolve since MiCA took effect in 2024, prompting an assessment of whether the framework remains fit for purpose. As Cointelegraph notes, market observers have started referring to potential updates as “MiCA 2.”

Key takeaways

• The EU has initiated a targeted review and public consultation to evaluate MiCA’s performance and potential amendments, focusing on asset classification and the treatment of wrapped, synthetic, and tokenized assets.
• Stablecoins are a central focus, including whether MiCA’s prohibition on interest or interest-like remuneration should be retained or revised, along with questions on reserve requirements, liquidity management, redemption rights, and thresholds for “significant” tokens.
• The review extends to emerging risk areas such as DeFi, staking, lending, and tokenized financial assets, as well as the regulatory framework governing crypto asset service providers (CASPs) and consumer protections.
• Regulators are examining how to balance stronger protections and clearer rules with practical access to regulated banking and payment channels, aiming to bolster consumer confidence.
• The review occurs ahead of a key MiCA transitional milestone in July 2026, when CASPs must be fully authorized or cease operations if they do not meet the regime’s standards.

Regulatory review process and scope

The commission’s targeted consultation is designed to assess MiCA’s functioning in practice and identify where adjustments may be needed. The process seeks input on ongoing classification challenges, including how the EU defines crypto assets relative to traditional financial instruments, and how wrapped tokens, synthetic assets, and tokenized fund interests should be treated under the regime. The aim is to determine whether the current framework remains fit for purpose amid evolving markets and a shifting global regulatory landscape. The consultation is open to industry participants and the public, allowing a broad set of stakeholders to contribute to the regulatory dialogue.

Stablecoins, reserve requirements, and asset classification

A core element of the MiCA review is the treatment of stablecoins. The commission is evaluating whether the existing ban on interest or interest-like remuneration should be maintained or revised, alongside broader questions on reserve requirements, liquidity management, redemption rights, and the criteria used to identify “significant” tokens. By reassessing these areas, EU regulators hope to clarify risk management expectations for issuers and providers while reducing ambiguity for market participants. In parallel, the consultation examines whether consumer protections and supervisory practices are aligned with the practical realities of stablecoin operation, settlement, and custody in a cross-border, regulated environment.

Expanded scope: DeFi, staking, tokenization, and market integrity

Beyond stablecoins, the review probes risk areas and business models that have historically fallen outside MiCA’s primary perimeter, including decentralized finance (DeFi), staking, lending, non-fungible tokens, and crypto asset service providers (CASPs). Regulators are assessing how to address market integrity, investor protection, and potential simplification of compliance rules while ensuring licensing and cross-border oversight remain coherent across EU member states. The inclusion—or lack thereof—of DeFi and tokenized financial assets within the regulatory framework could influence how platforms operate within the EU and how they align with broader international standards.

The Commission’s review also emphasizes consumer trust and comprehension of crypto assets under MiCA. The public consultation document asks about consumer awareness of popular assets such as Bitcoin, Ether, stablecoins, DeFi, and tokenized assets, and contemplates measures that could enhance confidence, including clearer rules, stronger protections, more effective supervision, and easier access through regulated banks and payment providers. This emphasis on user protection and trust underscores the EU’s broader objective of melding innovation with robust regulatory safeguards.

The timing of the review is tied to MiCA’s transitional framework, with July 2026 marking a critical juncture when CASPs must be fully authorized or exit the EU market if they do not meet regulatory requirements. In parallel, ESMA has signaled the approaching end of transitional periods under MiCA, reinforcing the importance of timely and concrete regulatory outcomes for market participants.

The targeted MiCA review thus serves as a regulatory calibration exercise—balancing the need for clarity and proportional oversight with the EU’s aim of fostering a safe, innovative, and globally aligned crypto market. The ongoing dialogue will inform not only EU licensing and supervision practices but also cross-border compliance expectations for institutions operating within or interacting with the European market.

The Commission’s initiative is watched closely by exchanges, wallet providers, banks, and institutional investors that navigate a complex compliance landscape across Europe. It also aligns with broader policy discussions around digital assets, market structure, and the legislative trajectory toward a more harmonized European regime for crypto activities.

What happens next will hinge on the feedback received and how regulators translate it into amendments, if any, with implications for licensing, supervision, and market access across EU member states. The review could either yield targeted refinements to MiCA or signal a broader recalibration of Europe’s approach to crypto regulation, particularly for evolving product categories like DeFi and tokenized assets.

In the lead up to taking office, U.S. President Donald Trump fiercely opposed a Central Bank Digital Currency (CBDC) or government-backed dollar-pegged stablecoin, however the global market dynamics means it is inevitable, said Timothy Massad, the former chairman of the Commodity Futures Trading Commission (CFTC).

In an interview with CoinDesk on Tuesday during the Digital Money Summit 2026 in London, Massad went further, saying that despite the CBDC topic being highly sensitive in Washington, D.C.,it is being considered behind closed doors.

Mark Gould, chief Payments Executive at the U.S. Federal Reserve and also present at the event, refused to speak of a central bank stablecoin, saying this was not a topic at present “This is not under our remit,” he said, but when asked if a government-backed digital dollar would be the Fed’s responsibility he said yes, but not at present.

In March 2024, nine months before taking office for a second time, Trump vowed he would ban the creation of CBDC. “As your president, I will never allow the creation of a central bank digital currency,” he said while still campaigning. In March of this year, an initiative to ban the Federal Reserve from issuing a digital dollar was approved in an overwhelmingly bipartisan 89-10 vote in the Senate, but it remains part of a housing bill that may still hit a wall in the House of Representatives.

Massad said international central banking experiments with stablecoins are quietly forcing the U.S. to build government-endorsed settlement rails for onchain money to avoid losing ground to Europe.

During the panel discussion, the former CFTC chair (2014-2017) pointed to Project Agora, a major Bank for International Settlements (BIS), of which the U.S. is a member country, bringing together seven central banks, as a prime catalyst.

“The U.S. is a participant in Project Agora,” Massad said, highlighting that the work behind closed doors is moving forward despite Washington’s public-facing objections.

“We don’t have a central bank president who is going to get out there and speak about wholesale or retail CBDC, but that does not mean that we are not looking at how to create one.”

In a conversation after the session, Massad told Coindesk that while the Trump Administration will publicly say a formal retail CBDC is off the table, the evolution of tokenized finance will force a government-backed alternative.

Political action committees (PACs) aligned with and funded by the cryptocurrency industry notched a series of wins in three US state primaries on Tuesday, potentially setting a precedent for the 2026 midterm elections.

The Fairshake PAC and its affiliates poured a combined $20 million into supportive media for the races. The committee, largely funded by crypto companies Ripple Labs and Coinbase, is behind the Defend American Jobs PAC in supporting Republican candidates and Protect Progress PAC for Democrats considered to be “pro-crypto.”

Four Republican candidates and one Democrat won their respective primaries for US Senate and House of Representatives seats in Georgia and Kentucky, while one Alabama Republican will go to a runoff election.

“Fairshake’s 6-0 sweep tonight was a clear victory for pro-crypto leaders across the country,” Fairshake spokesperson Geoff Vetter told Cointelegraph. He said:

“This powerful bipartisan mandate is being heard across America from Georgia to Alabama to Kentucky.”

According to Federal Election Commission filings, Protect Progress spent more than $4.2 million to support Jasmine Clark, a Georgia representative running in the state’s 13th Congressional district. Defend American Jobs reported similar expenditures for media to support Republican candidates: $455,000 for Clay Fuller in Georgia’s 14th district, $709,000 for Houston Gaines in Georgia’s 10th district, $431,000 for Jim Kingston in Georgia’s 1st district and $7.2 million for Andy Barr for Kentucky’s US Senate seat.

Barry Moore, who was supported with $7.4 million from Defend American Jobs in his run for Alabama’s US Senate seat, will head to a runoff against state Attorney General Steve Marshall and Republican candidate Jared Hudson, after none of the three secured a majority of the vote in the primary.

Source: Jasmine Clark

Fairshake and its affiliates, backed by the crypto industry, are expected to spend millions of dollars in 2026 to “oppose anti-crypto politicians and support pro-crypto leaders,” according to a spokesperson in January. The company reported holding a $193 million war chest, far surpassing its 2024 expenditures of $130 million on media and ads to support congressional candidates.

Related: Crypto PACs spend $7.2M to support candidates in 5 US states ahead of elections

Despite the multimillion-dollar expenditures, the crypto-backed PAC hasn’t always been successful in swaying enough voters before a key election or primary. Fairshake reportedly spent $8 million opposing Illinois Lieutenant Governor Juliana Stratton in her US Senate primary, but she beat other candidates with more than 40% of the vote.

Coming Texas run-off seen again testing crypto PAC support

Protect Progress has ramped up spending on supportive media for Democratic candidate Christian Menefee, running to unseat incumbent Al Green in Texas’ 18th Congressional District. 

Representative Al Green addressing the House Financial Services Committee in March. Source: Al Green

According to FEC filings as of Tuesday, the PAC spent more than $4.1 million to support Menefee. It also reported spending more than $2.8 million on media to oppose Green, who has expressed anti-crypto views and voting records against the payment stablecoin bill GENIUS Act and digital asset market structure bill, the CLARITY Act.

Protect Progress reportedly spent more than $1.5 million opposing Green ahead of a March primary against Menefee, but neither candidate secured a majority of the vote, triggering next Tuesday’s runoff.

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