Defend American Jobs, the cryptocurrency company-backed political action committee (PAC) affiliated with Fairshake, reported spending millions of dollars to support a Republican candidate’s run for a US Senate seat in the party’s Tuesday primary runoff in Alabama.

As of Tuesday, filings with the Federal Election Commission (FEC) showed that Defend American Jobs had spent more than $4.7 million on media and ads to back Republican Barry Moore’s candidacy in a runoff for one of Alabama’s US Senate seats, adding to the $7.4 million it reported spending ahead of his May 20 primary. Moore, who also has the endorsement of US President Donald Trump, is running against Jared Hudson, another Republican vying to replace Tommy Tuberville, who announced that he would not be seeking reelection, as he is focused on becoming the state’s next governor.

Source: Federal Election Commission

The Coinbase-affiliated advocacy organization Stand With Crypto rated Hudson as “neutral” on crypto policy compared to Moore’s “strongly supports crypto,” based on public statements and Moore’s voting records while representing Alabama’s 1st Congresssional district. Hudson publicly acknowledged that “Big Crypto” did not back his candidacy, but he has supported the crypto market structure bill under consideration in the US Senate.

The Alabama runoff will be another test of the crypto industry’s influence in US elections, with Fairshake and its affiliates having already poured millions of dollars into media for candidates facing primaries in Texas and California. Following Tuesday’s vote in Alabama, the PACs will also have stakes in Maryland and New York later this month, backing Democrats Adrian Boafo and Ritchie Torres with about $5 million and $500,000 in media buys for House seats, respectively.

Related: Crypto PAC-supported candidates sweep US state primaries after media buys

The Blockchain Leadership Fund, a hybrid PAC backed by Anchorage Digital and Chainlink, announced its support for Moore in May, but FEC filings showed no related expenditures as of Tuesday. The Fellowship PAC, another PAC backed by $11 million from Cantor Fitzgerald and Anchorage, disclosed $350,000 in spending to support Moore’s run.

Fairshake reported holding a $193 million war chest as of January, setting the stage for significant potential influence in this year’s US House and Senate races. The PAC has publicly stated its intention to “oppose anti-crypto politicians and support pro-crypto leaders” through media and ads.

Majority control of Senate can determine passage of crypto-related bills

With Democrats having been in the minority in both the House and Senate in the current session of Congress, the party is fighting to regain control of both chambers starting in 2027. Republicans currently hold a slim majority on both sides of the Capitol, enabling them to set the agenda for policies, including crypto-related legislation like the Digital Asset Market Clarity (CLARITY) Act. The bill passed the House in July 2025 but has faced delays in the Senate amid debates over stablecoin rewards, ethics and tokenized equities.

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Hyperliquid’s HYPE token has surged to a new all-time high near $76.70 after a combination of ETF-related buying, rising platform activity, and a wave of short liquidations pushed the asset through key resistance levels.

According to data from crypto.news, Hyperliquid (HYPE) rose nearly 10% over the past 24 hours to a new all-time high of $76.70 on June 16 before stabilizing around $75.50 at press time. The token was up roughly 46% over the past week and more than 90% over the past month as growing platform activity, ETF-related demand, and protocol buybacks continued to support the rally.

Hyperliquid price rallied as asset manager Bitwise purchased approximately 77,100 HYPE tokens worth about $5.2 million to support its newly launched Bitwise Hyperliquid ETF.

The purchase arrived as HYPE was already trading near a major breakout zone, adding fresh spot demand to a market where supply has been steadily reduced through Hyperliquid’s protocol buyback system.

For the uninitiated, Hyperliquid directs 97% of trading fees toward buying and burning HYPE, creating persistent demand for the token. As prices moved above the closely watched $70 level, traders holding leveraged bearish positions were forced to cover, triggering a rapid liquidation cascade that accelerated the rally toward a record high.

Platform activity has strengthened demand

Beyond the ETF purchase, trading activity on Hyperliquid has continued to expand at a rapid pace.

The platform’s SpaceX pre-IPO perpetual futures contract generated roughly $1.2 billion in trading volume during the past week. The contract has attracted substantial trader interest and helped boost overall activity across the exchange.

Growing volumes have translated into higher market share. According to data from CoinGlass, Hyperliquid recently captured about 8.3% of global perpetual futures open interest, with total open interest climbing above $9.6 billion. The same figures indicate annualized protocol revenue has exceeded $1 billion.

Those revenues feed directly into the buyback mechanism that continuously purchases HYPE from the market. As a result, investors have increasingly focused on platform usage metrics alongside token price action.

Recent trading activity has also helped absorb concerns surrounding a scheduled token unlock earlier this month. Roughly $700 million worth of HYPE entered circulation during the event, yet demand generated by exchange activity and protocol purchases proved sufficient to prevent prolonged selling pressure.

Technical structure points to higher resistance levels

Technical indicators have remained supportive despite the sharp advance.

On the four-hour chart, HYPE broke above the 0.618 and 0.786 Fibonacci resistance levels near $67.7 and $71.8 before reaching the 1.0 extension around $77. The next major Fibonacci target is located near $91.9, while former resistance around $71.8 and $67.7 has become an important support area.

Daily charts show HYPE testing the Murrey Math 8/8 resistance level at $75. A sustained move above that zone could expose the next resistance levels near $81.25 and $87.50, according to the indicator framework. Meanwhile, positive Chaikin Money Flow readings suggest capital continues entering the asset despite profit-taking following the breakout.

Support for the rally has also come from regulatory developments. Commodity Futures Trading Commission Chair Michael Selig recently defended the approval of perpetual futures products through regulated U.S. venues, a position that several market participants interpreted as constructive for decentralized derivatives platforms.

While Bitcoin has been trading in a relatively narrow range ahead of the Federal Reserve’s policy decision under Chair Kevin Warsh, traders have continued allocating capital toward Hyperliquid. The move has helped HYPE separate from the performance of many larger cryptocurrencies and push into the ranks of the market’s largest digital assets by valuation.

Ripple is taking a deeper bet on Africa’s cross-border payments market by buying an equity stake in Flutterwave, according to Bloomberg. The investment positions Ripple as a shareholder in one of Africa’s best-known fintechs while also setting up closer integration between Flutterwave’s payment rails and Ripple’s stablecoin and blockchain infrastructure.

Flutterwave CEO Olugbenga Agboola said the undisclosed round values the company at $3.3 billion, as reported by Bloomberg. While the financial terms were not fully detailed, the strategic direction is clear: Flutterwave will embed Ripple’s RLUSD stablecoin, Ripple Payments, and the XRP Ledger to support faster and more cost-effective international transfers.

Key takeaways

• Ripple’s equity investment in Flutterwave makes it a shareholder rather than a commercial partner.
• Flutterwave plans to integrate RLUSD, Ripple Payments, and the XRP Ledger for cross-border transactions.
• Both companies are aligning around stablecoin-based payments, reflecting broader growth in Africa’s remittance market.
• Prior Ripple moves—such as custody partnerships—suggest a sustained strategy to serve institutional and enterprise needs in the region.

Equity stake plus payments integration

The deal combines two different layers of involvement. On one hand, Ripple is investing in Flutterwave, giving it direct exposure to the fintech’s growth across Africa. On the other, Flutterwave is set to integrate Ripple’s stablecoin and payments tooling to improve the performance of cross-border transfers.

Flutterwave operates in 35 African countries, and the company has been expanding its digital asset services. As part of this broader expansion, Flutterwave has been building stablecoin payment capabilities—an approach consistent with the market demand for lower-cost international transfers.

In the latest step, Flutterwave will incorporate RLUSD alongside Ripple Payments and the XRP Ledger. The stated goal is to make cross-border payments both quicker and cheaper. For users and businesses, the practical impact is the promise of more efficient settlement for remittances and international transactions, particularly where traditional rails can be slow or expensive.

Ripple’s move also adds a governance-and-incentives angle. Equity exposure can change how companies think about long-term scaling, especially in markets where partnerships and integrations often require substantial engineering and operational investment.

Why Africa is becoming a stablecoin battleground

Ripple’s stake in Flutterwave comes as stablecoins gain traction in Africa’s payments landscape, driven largely by remittance demand and persistent pressure to cut transaction fees. Chainalysis reported in September 2025 that crypto adoption in sub-Saharan Africa rose 52% over a 12-month period, with more than $205 billion in onchain transactions recorded. At the time, the region ranked as the world’s third-fastest-growing crypto market.

That growth matters for payment networks because stablecoins are often easier to integrate into commercial flows than highly volatile crypto assets. By using dollar-denominated tokens, providers can reduce the friction of pricing and settlement, while also potentially lowering transfer costs.

The competitive field is already crowded. Circle, for example, has partnered with African fintech Sasai to expand USDC-based payment services across the region, with an emphasis on remittances. Ripple’s Flutterwave integration shows that this ecosystem building is not limited to a single issuer or blockchain—different networks are converging on similar customer needs.

Cost comparisons help explain the urgency. The World Bank estimates that sending a typical $200 remittance to sub-Saharan Africa costs recipients between $13 and $17 in fees. In contrast, the World Bank estimates that transfers using USDt (USDT) on Tron can cost as little as $0.50, while USDC on Ethereum can cost around $2.

These figures don’t guarantee outcomes for every corridor or user—fees depend on rails, liquidity, compliance, and provider pricing—but they underscore why stablecoin-enabled transfers are appealing in markets where fee compression has been a longstanding problem.

Ripple’s Africa strategy: from custody to payments rails

This investment appears to fit a larger pattern in Ripple’s Africa push. Last October, Ripple partnered with South Africa’s Absa Bank to provide digital asset custody solutions to institutional clients. That earlier effort targeted a different segment of the market—institutions needing custody—rather than day-to-day cross-border transfers.

By moving from custody to direct payments integration, Ripple is effectively broadening its route to adoption. Institutional custody can be a prerequisite for some enterprises, but consumer- and SME-focused payment experiences are what ultimately drive transaction volume. Flutterwave’s footprint across 35 African countries gives Ripple a path to scale stablecoin-based rails through an established payments distribution network.

For Flutterwave, the approach also looks like a way to upgrade infrastructure rather than only add new features. Integrating RLUSD, Ripple Payments, and the XRP Ledger suggests a more foundational change to how cross-border transfers are executed, with potential implications for speed, settlement efficiency, and operational cost.

What to watch next

The immediate question for market participants is how quickly Flutterwave will roll out the RLUSD and Ripple Payments integrations and what performance improvements users and merchants experience in practice. Beyond the technical integration, the key watch item is whether stablecoin-enabled transfers continue gaining share in African remittance corridors as competitors expand similar services and pricing pressure intensifies.

The CLARITY Act has advanced toward a potential July Senate vote, though negotiations over conflict-of-interest provisions continue to divide lawmakers.

According to David Nage, managing director and portfolio manager at Arca, discussions with Senate offices and staff members in Washington left him convinced that most of the work surrounding crypto market structure legislation has already been completed.

In a recent report, Nage wrote that the industry and policymakers are roughly “80–85%” aligned on the substance of the bill despite public disagreements that continue to generate headlines.

The legislation, formally known as the Digital Asset Market Clarity Act, has already secured bipartisan support in committee and now awaits further Senate consideration. While several procedural steps remain, Nage argued that the primary obstacle is no longer market structure policy itself.

Ethics language has become the central dispute

Following meetings with congressional staff, Nage said stablecoin yield provisions no longer appear to be a major point of contention. Although banking industry critics, including JPMorgan Chief Executive Officer Jamie Dimon, have continued opposing parts of the legislation, Nage stated that Senate offices largely view the issue as settled.

Instead, debate has narrowed around conflict-of-interest rules that would restrict government officials from benefiting from crypto-related business activities while serving in office.

According to Nage, lawmakers are now focused on how such restrictions would be enforced rather than whether they should exist. He described the disagreement as a political challenge centered on implementation and public perception rather than a dispute over digital asset policy.

To break the deadlock, Nage suggested applying a uniform prohibition on crypto business activity across the President, Vice President, executive branch officials, and members of Congress without creating exemptions for specific individuals.

His base-case scenario assumes lawmakers reach agreement on ethics provisions and reconcile competing Senate proposals in the coming weeks. Under that outcome, Nage expects the bill to reach the Senate floor after Congress returns from recess on July 13.

Enforcement and developer protections remain in focus

While negotiations continue, supporters of the bill have pointed to several provisions designed to strengthen oversight of the digital asset industry.

As previously reported by crypto.news, Senator Cynthia Lummis said the CLARITY Act would allocate $150 million to law enforcement agencies for investigations into cryptocurrency fraud and other digital asset crimes. The legislation would also allow exchanges and stablecoin issuers to temporarily freeze suspicious transactions for up to 30 days, with authorities able to seek extensions of as much as 180 days through written orders.

Additional provisions would subject digital asset businesses to Bank Secrecy Act requirements, including Anti-Money Laundering programs and Suspicious Activity Report obligations similar to those imposed on traditional financial institutions. Supporters have argued that these measures would help investigators trace illicit funds while providing stronger consumer protections.

Elsewhere, industry groups are pressing senators to preserve language tied to the Blockchain Regulatory Certainty Act. Kristin Smith, president of the Solana Institute, said the provision would clarify that blockchain developers, node operators, and validators who do not custody customer assets should not be treated as money transmitters under U.S. law.

Smith said the language would provide legal certainty for open-source software developers and network operators while maintaining a distinction between infrastructure providers and businesses that directly control customer funds. She added that founders, executives, and investors across the crypto industry have urged Senate leaders not to weaken those protections.

Nage also outlined a downside scenario. If lawmakers fail to resolve ethics provisions before the upcoming recess, he warned that the opportunity to pass the legislation during the current Congress could narrow considerably. Senator Cynthia Lummis has similarly cautioned that failure to advance the bill this session could delay action until 2030.

The market for tokenized real-world assets has continued expanding rapidly, with Citigroup projecting the sector could reach as much as $8.2 trillion by 2030 under its bullish scenario.

According to Citigroup, tokenization is moving beyond experimental programs and into mainstream financial infrastructure as regulatory clarity improves and major market institutions integrate blockchain technology into their operations.

The bank estimates the market could reach $5.5 trillion in its base-case outlook, while stronger adoption could push the figure above $8 trillion before the end of the decade.

Recent on-chain data suggests growth is already accelerating. According to Token Terminal, tokenized assets now account for more than $43 billion in market value, representing an increase of roughly 37% over the past 180 days.

The platform’s estimate exceeds figures reported by RWA.xyz, which currently values the market at under $33 billion, a difference likely tied to how each provider classifies tokenized financial products.

Tokenized funds remain the largest category

Data from Token Terminal shows tokenized funds account for nearly 80% of the sector’s total market capitalization. Commodities represent 16.6% of the market, while tokenized stocks contribute about 3.8%.