Crypto World
Republican Bill Targets Insider Trading in Prediction Markets
U.S. Representative Bryan Steil, chair of the House subcommittee on digital assets, has introduced legislation aimed at preventing members of Congress—and certain family members—from profiting through prediction markets tied to public-policy decisions and “political outcomes.” The proposal, described in a Thursday notice from Steil’s office, would create a narrowly tailored restriction focused on event contracts that reference government action rather than all forms of political or market participation.
The bill reflects ongoing legislative efforts to address concerns that prediction markets could be used to translate privileged information into financial gain. It also adds a new compliance layer for platforms operating in the United States, particularly those marketing policy-relevant event contracts to U.S. users and institutions.
Key takeaways
- Steil’s proposed “Stop Lawmakers from Predicting Act” would bar members of Congress, along with spouses and dependent children, from placing bets on policy-aligned event contracts.
- The restriction targets wagers tied to specific government policies, government actions, and “political outcomes,” with no blanket ban on all prediction-market activity.
- Violations would trigger a financial penalty of either a $2,000 fee or 10% of the prohibited bet’s value, depending on the bill’s enforcement mechanism.
- The legislation would not explicitly extend to White House officials; the proposal instead focuses on elected members of Congress.
- The move comes amid an active regulatory jurisdiction dispute in which the CFTC has sought federal control over prediction market oversight.
What the Stop Lawmakers from Predicting Act would change
According to Steil’s announcement, the Stop Lawmakers from Predicting Act is designed to prevent public officials from “wagering on public policy issues and political outcomes.” The bill’s stated focus is not on whether lawmakers may use prediction markets as participants broadly, but on whether they may place event-contract bets that map directly onto governmental policies, specific actions by the government, and political developments.
The proposal specifically contemplates restrictions for “members of Congress, their spouses, and dependent children.” It would prohibit those individuals from using prediction market platforms—such as Kalshi and Polymarket—for contracts that are aligned with government policy or political results.
Steil’s office outlined a penalty framework for violations. Under the bill, prohibited participants would be subject to either a $2,000 fee or a penalty equal to 10% of the value of the affected bets, depending on the application of the statute. If Congress passes the act and the president signs it, the proposal would reportedly take effect 180 days after enactment.
Why it matters for compliance and institutional oversight
In practice, the bill would require prediction market operators to consider how to identify and restrict access by covered persons. Unlike broad trading prohibitions that target entire classes of market activity, this proposal aims at a defined subset: contracts tied to government actions and policy outcomes.
For compliance teams, that distinction matters. Platforms would need to define contract categories with sufficient specificity to determine which events are “policy-aligned” or concern “political outcomes,” and then implement controls that can flag when a covered person attempts to place a wager. The requirement also creates a compliance question for affiliates, payment processors, and customer due diligence processes: who must be screened, what documentation is necessary, and how sanctions and penalties would be monitored.
For institutional observers, the bill also functions as a legislative attempt to address reputational and governance concerns around the fairness of markets whose payoffs depend on political events. Even when a prediction market is structurally legal, policymakers and regulators frequently assess the risk of insider access, information asymmetry, and conflicts of interest—issues that are closely connected to broader AML/KYC and ethics compliance frameworks.
Limited scope: Congress-focused, not White House officials
Steil’s draft does not specifically establish a blanket prohibition on U.S. lawmakers using prediction market platforms, and it likewise does not broadly outlaw wagers on sporting events. Instead, it targets contracts tied to government policies, government actions, and political outcomes—categories that would likely require platform-specific classification and careful legal interpretation.
The proposed restriction is also notable for who is not included. The legislation does not explicitly bar White House officials, including the president and vice president. Coverage of the issue has also pointed to the involvement of Donald Trump Jr., who has been described as a strategic adviser to Kalshi, and to Polymarket, which has been referenced as having a sponsorship connection to a White House event.
Cointelegraph reported that Steil’s office was contacted for comment but did not receive an immediate response. That incomplete public record underscores an unresolved compliance gap: while Congress-focused restrictions could be implemented relatively directly, questions about broader conflicts of interest and political influence may persist if other officials remain outside the bill’s defined scope.
The broader fight over prediction market jurisdiction
Steil’s proposal arrives during an active federal regulatory dispute over prediction markets. Under the Trump administration, the Commodity Futures Trading Commission (CFTC) and its chair, Michael Selig, have argued that the agency has “exclusive jurisdiction” over regulation and enforcement for prediction market activity.
Cointelegraph has previously reported that the CFTC filed multiple lawsuits against state-level authorities that sought to restrict or ban prediction market platforms. The CFTC’s argument rests on the view that certain event contracts can be regulated as “swaps” under the Commodity Exchange Act—rather than ordinary bets—placing them within federal oversight.
Some legal experts have suggested that the ongoing jurisdiction battle could escalate further, potentially reaching the U.S. Supreme Court. If courts determine that the CFTC’s characterization is controlling, it could reshape the compliance landscape for platforms by centralizing federal enforcement rather than leaving states to impose varying restrictions.
That jurisdictional context is important to the new bill because it highlights a split between two overlapping regulatory aims: (1) enforcing insider-conflict and ethics concerns through legislation aimed at specific public officials, and (2) establishing which regulator has authority over the underlying trading instrument and platform activity. A bill that restricts participation by covered individuals does not automatically resolve instrument classification disputes; similarly, federal jurisdiction rulings do not determine how conflict-of-interest rules apply to lawmakers.
As enforcement frameworks develop, prediction market operators may face multi-layer compliance expectations: platform-level controls for participant eligibility and event-type categorization, alongside ongoing monitoring for activities that regulators might characterize as covered derivatives under federal law.
Closing perspective
While the Stop Lawmakers from Predicting Act targets a specific conflict-of-interest risk tied to policy and political event contracts, its prospects depend on congressional action and how it is operationalized by exchanges and market operators. The parallel CFTC jurisdiction litigation will likely remain a key driver of regulatory certainty, and the legal outcome may influence how quickly platforms can standardize compliance across states and federal enforcement positions.
The SpaceX IPO was the biggest in market history, and it ran hot from day one. But the float (available shares) was tiny, so most investors never got an allotment. With the IPO out of reach, money is rotating into other space stocks to watch.
That rotation is selective, lifting only a few names. So rather than chase SpaceX, three of them stand out today.
The Money Is Rotating Within Space, Not Out of It
The SpaceX debut did more than mint one giant stock. It pulled fresh money and attention into the whole space basket. That money is now moving, yet it is not lifting everything.
A few names are drawing it in, while most of the sector leaks it out.
This looks like a real basket-driven move, not a broad market drift. The space names tend to move together, with an average correlation of 0.50. That sits just above their 0.49 link to the Nasdaq 100. So the rotation is partly its own, not a risk-on wave.
Note: There is no real space index. So this is a synthetic basket of the most relevant space names, built as a reference point.
The backdrop, though, stays weak. Only a third of these names trade above their 50-day average, a sign of broad caution. So the money is being selective. Instead of lifting the sector, it flows to a small group of leaders. Three of them stand out.
Spire Global (NYSE: SPIR)
Spire is the cheapest way to ride the rotation, and a fresh catalyst is pulling money in. This space stock to watch has surged 143% in 2026, largely on a European defense pivot.
At June’s ILA Berlin Airshow, Spire signed a deal with Germany’s Diehl Defence. Specifically, the work targets satellite early warning against ballistic and hypersonic missiles. Spire also opened a Munich plant that can build up to 100 satellites a year. Therefore, the inflow tracks real defense demand, not hype.
That demand shows up in the flow. Chaikin Money Flow (CMF), a gauge of institutional money flowing in and out, reads 0.137, the strongest pull in the group. Fundamentally, too, Spire is the steadiest of the three. Already, roughly 76% of 2026 revenue is booked, and breakeven is in sight.
The options confirm the bullish lean. The put-call ratio weighs bearish puts against bullish calls. Spire’s reading sits at 0.42 on open interest, the contracts still held, which is call-heavy. It is also down from 1.25 in March.
Still, one day brought a sharp spike in put volume, pushing the ratio to as high as 4.91. After a 143% year-to-date run, that reads as profit protection, not a real bearish turn.
So if the feared dip never lands, those puts lose value, and late shorts may cover. In turn, that covering would add fuel rather than cap the move. This thesis makes SPIR one of the more interesting space stocks to watch.
Redwire (NYSE: RDW)
One closely followed view calls Redwire the best SpaceX alternative, and its product explains why. It builds the space-grade solar arrays that power satellites and spacecraft in orbit. That hardware is hard to copy, so even SpaceX would likely source it rather than build it. So Redwire grows by supplying the sector, not by competing.
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The flow backs the story. CMF reads a positive 0.133, with more money moving in than out. This is second only to SPIR and shows the money moving out of SPCX might be favoring RDW.
The numbers are strong, yet volatile. The stock ripped 223% to its 2026 peak, then pulled back hard. Still, demand holds up, and RDW is still holding onto over 50% of its year-to-date gains.
First-quarter revenue rose 58%, backlog hit a record $498 million, and 2026 guidance stands at $450 million to $500 million. However, the run drew a Jefferies downgrade and a $500 million share sale, so dilution is a real risk.
The options lean bullish, too. Redwire’s put-call ratio reads 0.44 on volume and 0.48 on open interest, both call-heavy. Notably, the volume figure rose this week, from 0.33, yet open interest barely moved.
Therefore, the fresh put activity looks like light hedging after the run, not bearish conviction.
Voyager Technologies (NYSE: VOYG)
Voyager is the boldest bet, and it is built around a space station. Specifically, its centerpiece is Starlab, a commercial replacement for the aging International Space Station. Voyager leads that project with Airbus, Mitsubishi, and MDA Space.
Notably, Starlab’s payload capacity is already 130% booked, before it even launches. So customers have reserved more space than the station will hold, showing demand is real and revenue largely pre-booked. As a result, the stock is up about 35% in 2026.
The flow agrees, if more softly. CMF holds positive at 0.056, the weakest of the three, but still a net inflow. This hints at slow and cautious capital entry.
Recent wins also stack up fast. Voyager raised 2026 guidance toward $255 million, won a $16.5 million defense contract, and is acquiring lunar firm Astrobotic. Still, the catch is patience, because Starlab earns nothing yet.
The options match the group. By daily volume, Voyager’s put-call ratio reads 0.55.
Yet among contracts held longer, it drops to 0.33, firmly call-heavy. So more puts trade each day, but few stay open. The lasting positions still favor calls. Once again, that reads as short-term caution, not a real bearish turn for this space stock.
The post 3 Space Stocks to Watch if You Missed the SpaceX IPO appeared first on BeInCrypto.
Binance’s attempt to secure a Markets in Crypto-Assets Regulation (MiCA) license in Greece has triggered fresh scrutiny about how much influence the European Central Bank (ECB) could have during the review process—even though MiCA licensing authority is held by national regulators, not EU institutions.
The situation gained momentum after reports claimed the ECB signaled that Binance would be unwelcome in Europe, following indications that Greece’s market regulator was moving toward rejection before MiCA’s July 1 transitional deadline. Legal experts responding to Cointelegraph say MiCA’s framework does not bar the ECB from sharing views with national authorities, raising questions about how political priorities and regulatory review intersect.
Key takeaways
- Under MiCA, crypto-asset service provider (CASP) licenses are issued by national competent authorities (NCAs) such as Greece’s Hellenic Capital Market Commission (HCMC), not directly by the ECB.
- MiCA’s wording permits other EU institutions to communicate with NCAs, according to lawyers speaking to Cointelegraph, even though licensing decisions remain national.
- Reports linked the ECB’s involvement to broader concerns about privately issued stablecoins—an area where the ECB has been especially outspoken.
- Binance has said it believes its application is being advanced through ESMA-level review, but Greece’s regulator has not publicly issued a decision.
- With MiCA’s transitional period ending July 1, timing is critical for firms seeking authorization to continue operating EU-wide under the new rules.
How MiCA licensing is supposed to work
MiCA establishes a licensing pathway for CASPs through national regulators, with the European Securities and Markets Authority (ESMA) playing an oversight and coordination role rather than acting as the licensing authority itself.
In the Binance case, Greece’s Hellenic Capital Market Commission (HCMC) is the body that would determine whether the exchange meets MiCA requirements for approval in Greece. Binance previously stated it had applied for a MiCA license in Greece.
MiCA’s approach is explicitly tied to the NCAs for authorization decisions, a point that matters for readers because the ECB cannot formally issue a CASP license. Still, experts argue that the regulation does not prevent an EU institution from offering input to the relevant national authority during review.
According to David Lesperance, founder at Lesperance & Associates, MiCA does not restrict a third party—such as the ECB—from providing its opinion to a national regulator assessing an application.
What reports claim—and the legal argument around “informal” influence
Cointelegraph reported that the new wave of concern followed two related developments: an earlier Reuters report indicated Greece’s market regulator was expected to reject Binance’s MiCA application, and a subsequent report from The Big Whale claimed ECB President Christine Lagarde had conveyed to Greek Prime Minister Kyriakos Mitsotakis that Binance was not welcome in Europe.
The timing is especially sensitive: the reports emerged less than two weeks before the end of MiCA’s transitional period on July 1, which affects which firms can continue operating across the EU under the licensing regime.
But the key question for market participants is not only what has been said publicly—it’s what is procedurally permissible. Lawyers told Cointelegraph that MiCA’s text does not bar other EU bodies from engaging with national regulators, even if those bodies are not the final decision-makers.
Yuriy Brisov, a lawyer at Digital & Analogue Partners, said nothing in MiCA prevents the ECB from talking to, advising, or raising concerns with an NCA. However, he noted that the ECB’s role is clearly spelled out in other parts of MiCA—particularly rules governing stablecoin issuers—rather than in the exchange licensing chapter that covers CASPs like Binance.
Binance itself, in a blog post published after the Reuters coverage, said it understood HCMC had completed its review for compliance and that the application was also subject to review at the ESMA level. The exchange later told Cointelegraph it believed ESMA intended to move the application forward and authorize it at an upcoming board meeting.
Separately, Brisov said HCMC has not published a decision on Binance’s application. Cointelegraph also noted that ESMA does not authorize CASP licenses under MiCA, reinforcing that the core licensing decision ultimately rests with the national regulator.
Why stablecoins are at the center of the dispute
The broader political context appears to be stablecoins. The ECB has repeatedly argued that privately issued stablecoins should not replace tokenized financial infrastructure anchored by central bank money. According to The Big Whale’s reporting, Lagarde’s intervention—if accurate—was linked to this stablecoin position.
Cointelegraph previously covered the ECB’s stance that Europe should prioritize regulated settlement systems over reliance on private stablecoins. The ECB has also raised concerns that stablecoins could further entrench US dollar dominance in global finance. Executives within the ECB have framed these risks in structural terms, suggesting stablecoins are not only a technical or market issue but also a strategic one.
For Binance, the stablecoin angle is particularly consequential. Market data cited in the report indicates that Binance has been a dominant liquidity hub for stablecoins on centralized exchanges.
According to CryptoQuant data reported in February, Binance held approximately $47.5 billion in stablecoins, representing about 65% of total stablecoin reserves across centralized exchanges. The same dataset indicated the figure was higher than roughly $35.9 billion a year earlier.
This helps explain why investors may view Binance’s licensing outcome as more than a single-company regulatory event. If the ECB’s priorities influence how NCAs approach CASP risk considerations—directly or indirectly—then large stablecoin “rails” may face heightened scrutiny, especially during fast-approaching deadlines.
Binance’s importance to stablecoin liquidity is also reflected in how regulators and analysts track market structure: when a firm serves as a major exchange venue for stablecoin trading and reserves, its compliance pathway can become a proxy battleground for Europe’s broader position on tokenized money and settlement.
What happens next before July 1
With the MiCA transitional period set to end on July 1, the immediate focus for market participants is whether HCMC issues a decision in Binance’s case and, if authorization is denied or delayed, what alternative routes remain for the exchange to operate lawfully across the EU under MiCA.
Cointelegraph also reported that ESMA and HCMC did not provide immediate comment to its inquiries. Meanwhile, the ECB and the French regulator AMF declined to comment in connection with the claims.
There were also claims about possible other regulatory pathways, including France being mentioned as a potential remaining route in coverage by The Big Whale; however, Cointelegraph’s reporting did not indicate that any formal French MiCA application had been filed at the time of publication.
For readers, the practical takeaway is that MiCA’s deadline structure can compress uncertainty into a narrow window. Even if MiCA licensing authority is formally national, the scope and timing of ESMA-level review—and any policy input from EU institutions—could shape outcomes that determine whether large trading venues can keep serving European customers.
Until HCMC publishes a decision and the regulatory process becomes clearer, investors and operators should watch for two signals: whether the Greek authorization timeline moves toward approval or rejection, and how stablecoin-focused concerns translate into CASP-level licensing expectations across EU member states as the July 1 cutoff approaches.
Global asset manager Franklin Templeton has filed for two exchange-traded funds (ETFs) designed to convert dividend income from US stocks into Bitcoin exposure, according to a June 18 filing with the US Securities and Exchange Commission (SEC).
The proposed Franklin US Equity Bitcoin DRIP Index ETF and Franklin US Innovation Bitcoin DRIP Index ETF would track indexes that systematically reinvest stock dividends into a Bitcoin allocation, creating a rules-based Bitcoin exposure alongside traditional equity holdings.
According to the filing, the funds would launch with a 5% allocation to Bitcoin exposure and a 95% allocation to US equities. Under the index methodology, regular and special dividends from the stock holdings would be reinvested into the index’s Bitcoin allocation, while quarterly rebalances would maintain the Bitcoin allocation within predefined limits.
The filing states that the funds may gain Bitcoin exposure through a range of instruments, including Bitcoin exchange-traded products, futures contracts, options and Bitcoin-backed depositary receipts. The funds may also hold certain Bitcoin-related investments through a wholly owned Cayman Islands subsidiary.
While the Equity ETF would track a broad US large-cap stock index, the Innovation ETF would track an index composed of the 100 largest non-financial companies listed on Nasdaq.
Both funds would be structured as passive index ETFs tracking proprietary VettaFi indexes. The filing states that the underlying indexes would be rebalanced quarterly and reconstituted semiannually.
Related: Bitcoin taps $63K on Juneteenth as July Fed rate-hike odds near 40%
ETF issuers experiment with new Bitcoin strategies
Franklin Templeton’s filing comes as asset managers increasingly experiment with Bitcoin investment products that extend beyond traditional spot ETFs.
Much of that innovation has focused on income generation. In January, BlackRock filed for the iShares Bitcoin Premium Income ETF, which would use an options strategy tied to Bitcoin and its spot Bitcoin ETF to generate additional returns.
Goldman Sachs followed in April with plans for a Bitcoin income ETF that would invest in spot Bitcoin exchange-traded products and sell call options against those holdings to generate yield while reducing sensitivity to Bitcoin’s price swings.
The following month, Hamilton ETFs entered the market with a proposed leveraged Bitcoin income fund in Canada built around covered-call strategies and short-term options contracts.
Franklin Templeton’s filings come amid weaker demand for US spot Bitcoin ETFs, which recorded six consecutive weeks of net outflows between May 15 and June 18, according to SoSoValue data.
US spot Bitcoin ETF weekly net flows. Source: SoSoValue
Magazine: Bitcoin, the ‘canary in the coal mine,’ XRP transaction demand falls 91.5%: Market Moves
Cardone Capital has purchased another 282 Bitcoin worth about $18 million as the cryptocurrency market has retreated toward recent lows amid rising geopolitical tensions.
Summary
- Cardone Capital bought another 282 BTC worth about $18 million as Bitcoin traded near $62,000.
- The firm uses rental income from multifamily properties to fund ongoing Bitcoin purchases.
- Grant Cardone targets 3,000 BTC by 2026 and 10,000 BTC over the longer term.
In a June 19 X post, Grant Cardone announced that his real estate investment firm added 282 BTC to its treasury. Based on current market prices, the purchase is valued at roughly $18 million and comes as Bitcoin (BTC) trades near the $63,000 level following a broader crypto market decline linked to tensions surrounding the Israel-Lebanon conflict.
The latest purchase follows another acquisition made during a recent market downturn, when Cardone Capital bought 130 BTC valued at approximately $9.7 million. The transaction adds to a growing Bitcoin position that Cardone has continued to expand through a strategy tied directly to income-producing real estate assets.
Cardone continues building Bitcoin position through rental income
Earlier this year, Cardone Capital disclosed that it had accumulated about 1,000 BTC after purchasing $10 million worth of Bitcoin in January. According to the company, those purchases are funded through a dollar-cost-averaging strategy that directs rental income from selected multifamily properties into Bitcoin acquisitions.
Among those assets is a 366-unit apartment complex in Boca Raton. Rather than distributing excess cash flow to investors or using it to acquire additional real estate, the firm channels part of that income toward Bitcoin purchases.
According to comments previously made by Cardone, the company intends to hold 3,000 BTC by the end of 2026 and ultimately accumulate 10,000 BTC across multiple investment vehicles.
Speaking at the Consensus 2026 conference in Miami, Cardone revealed that the company had recently increased its Bitcoin allocation by another $100 million. He said the purchase formed part of a broader transaction that also included roughly $235 million worth of real estate acquisitions.
During the event, Cardone described the firm’s structure as a combination of Bitcoin and real estate held within the same limited liability company. He argued that the model differs from traditional real estate investment trusts, which generally do not hold Bitcoin directly on their balance sheets.
Real estate and Bitcoin strategy expands beyond treasury purchases
Cardone has repeatedly linked the company’s Bitcoin strategy to its real estate portfolio. In earlier remarks, he estimated that combining the two asset classes could generate annual returns ranging between 22% and 32%, while noting that many investors in the firm’s products had no previous Bitcoin exposure.
According to Cardone, roughly 80% of investors in one of the firm’s Bitcoin-linked real estate funds did not own Bitcoin before participating.
The company has also introduced investment products built around the same concept. As reported earlier by crypto.news, Cardone Capital launched the 10X Miami River Bitcoin Fund in May 2025, pairing a 346-unit apartment complex on the Miami River with $15 million in Bitcoin. The fund also directs a portion of rental income toward additional Bitcoin purchases.
Cardone’s involvement with blockchain-based assets extends beyond treasury accumulation. In early 2024, he listed his $42 million Golden Beach property on Propy, a blockchain-powered real estate marketplace that supports transactions in both Bitcoin and U.S. dollars through a decentralized title registry and escrow system.
WhiteBIT has secured authorization under the EU’s Markets in Crypto-Assets Regulation (MiCA) from Austria’s Financial Market Authority, enabling the exchange to provide regulated crypto services across the European Economic Area using a single passported regime. The authorization positions WhiteBIT to operate within the harmonized EU framework as transitional national arrangements near their end.
MiCA’s cross-border “passporting” mechanism is designed to reduce the need for repeated licensing across member states. For institutions and market participants, the development is consequential: it affects how exchanges structure compliance programs, customer communications, and operational continuity in jurisdictions where legacy registrations may no longer be sufficient.
Key takeaways
- WhiteBIT received MiCA authorization from Austria’s Financial Market Authority, supporting regulated service delivery across the EEA.
- MiCA allows authorized firms in one member state to passport services across the EEA, reducing duplicative licensing.
- Austria has not extended grandfathering for virtual asset service providers beyond Dec. 31, 2025, accelerating migration to MiCA.
- EU deadlines are tightening: after July 1, legacy operators may need to hold MiCA authorization or cease EEA client services.
- Regulators and oversight bodies are emphasizing wind-down and client migration planning for firms that remain unauthorized.
Austria authorization and the MiCA passporting framework
WhiteBIT’s authorization under MiCA was granted by Austria’s Financial Market Authority. Under MiCA, a crypto-asset service provider licensed in one EU member state can provide services throughout the EEA without securing separate authorizations in each jurisdiction.
The exchange indicated that the authorization will support the rollout of a dedicated European platform at whitebit.eu. In practice, passporting can streamline geographic expansion while also increasing the importance of centralized compliance controls—such as transaction monitoring, risk management, and supervisory reporting—aligned to MiCA requirements.
WhiteBIT is part of W Group, which the company says serves more than 35 million customers globally. The exchange was founded in 2018.
Why Austria’s MiCA transition matters: grandfathering and regulatory timing
Austria’s approach underscores the timetable confronting many European crypto businesses. Austria did not extend “grandfathering” provisions for virtual asset service providers beyond Dec. 31, 2025, according to information referenced in comments provided to Cointelegraph by the Financial Market Authority. As a result, Austria has become one of the earlier EU jurisdictions to fully shift operating models to MiCA.
MiCA’s transition rules are pivotal for compliance departments because they determine which firms can lawfully continue serving customers and under what conditions. For exchanges and other regulated service providers, the end of grandfathering increases the operational consequences of delayed approvals—especially where customer onboarding, marketing claims, and service delivery are tied to licensing status.
According to the Financial Market Authority’s previously provided comments cited in the coverage, the regulator has licensed nine crypto-asset service providers under MiCA and characterized application volume as “significant.” This suggests a relatively active supervisory pipeline, but it also signals that authorization throughput may vary across regulators and categories of services.
Approaching July 1 deadline and enforcement posture
WhiteBIT’s approval arrives less than two weeks before the EU’s MiCA transition period expires on July 1. After that date, firms operating on legacy national registrations must either obtain MiCA authorization or stop serving clients within the EU/EEA.
The proximity of the deadline has intensified scrutiny on exchanges that have not yet secured authorization. Reuters has reported that Greece’s market regulator was preparing to reject Binance’s MiCA application. Separately, reporting referenced that France may represent a remaining route for certain exchanges seeking authorization before the deadline.
The compliance significance of these developments is not limited to licensing outcomes. Where authorizations are rejected or delayed, firms may face operational constraints affecting custody arrangements, marketing and advertising practices, and customer support processes. For institutional stakeholders, this increases the need to validate counterparties’ regulatory status and to assess the continuity of access to services during wind-down scenarios.
In its reporting shared with Cointelegraph, OKX Europe suggested the transition could affect a meaningful portion of European activity. The company pointed to data indicating that approximately 7.6 million of 18.5 million crypto app downloads in Europe between May 2025 and May 2026 were linked to exchanges not listed on public MiCA authorization registers. While download data is not a direct proxy for user balances or revenue, it can provide a directional sense of where operational risk may concentrate as firms transition away from legacy permissions.
ESMA guidance: wind-down and client migration plans
Beyond national regulators, EU-level oversight has been explicit about what unauthorized firms should do once transitional periods end. The European Securities and Markets Authority (ESMA) has stated that companies remaining unauthorized after July 1 should implement wind-down and client migration plans rather than continue operating while applications are under review.
This guidance is particularly relevant for compliance monitoring because it frames expected conduct after the regulatory line is crossed. Wind-down planning typically requires firms to consider customer asset handling, disclosure obligations, operational timelines, and coordination with service providers responsible for order handling, custody, and payment-related workflows.
For institutions assessing risk exposure to crypto service providers, ESMA’s posture supports a practical checklist: confirm whether the counterparty is on public MiCA authorization registers, understand the scope of authorized activities, and evaluate whether the firm has contingency plans that align with EU expectations for client migration rather than ongoing service delivery.
Closing perspective
WhiteBIT’s MiCA authorization illustrates how passporting under the EU framework is beginning to reshape the competitive and compliance landscape for European exchanges. As July 1 approaches, the key question for market participants is whether remaining applicants can obtain authorization or will shift toward ESMA-aligned wind-down and client migration. The next phase will likely hinge on supervisory capacity across member states and the clarity of operational requirements for firms transitioning under the end-of-transitional timeline.
TLDR
- BlackBerry shares declined after reaching a 52-week peak of $10.93, with the retreat viewed as profit-taking following overbought conditions
- First quarter fiscal 2027 results scheduled for pre-market release on June 25, with Wall Street forecasting $0.03 earnings per share on $137.7M revenue
- Previous quarter exceeded projections with $0.06 EPS compared to $0.04 estimate and $157.96M revenue, marking 10.1% annual growth
- Street consensus stands at Hold with $5.73 average target; CIBC upgraded to Outperform with $10.00 price objective
- Chief executive and senior vice president liquidated shares in early April at $3.56; insider transactions totaled 73,171 shares valued at approximately $260K over three months
Shares of BlackBerry (BB) began Thursday’s session at $8.84, declining approximately 3.6% as investors took profits following an aggressive advance that carried the stock to its 52-week peak of $10.93. The security has surged 133% since the beginning of the year.
The decline doesn’t seem connected to unfavorable corporate developments. Market observers attribute the move to a classic technical pullback after an extended rally drove BB into overbought conditions.
Attention is shifting toward the upcoming quarterly report. BlackBerry plans to release first quarter fiscal 2027 financial results before Thursday’s opening bell on June 25. The earnings conference call is slated for 8:00 AM Eastern Time.
Analysts project earnings of $0.03 per share on sales of $137.65 million for the period. This represents a decline from the previous quarter’s impressive performance.
The company’s latest quarterly results, disclosed on April 9, significantly exceeded forecasts. BlackBerry delivered $0.06 per share versus the Street’s $0.04 projection and revenue totaling $157.96 million compared to anticipated $144.27 million — representing a 10.1% increase from the prior year period.
For the complete fiscal year 2027, executives have provided earnings guidance ranging from $0.15 to $0.19 per share. The first quarter outlook calls for $0.02 to $0.03 EPS.
Analyst Targets Show Wide Dispersion
The research community remains fragmented on BB. Canadian Imperial Bank of Commerce has emerged as the most bullish, elevating its price objective from $8.50 to $10.00 recently while assigning an Outperform rating.
This stance contrasts sharply with other coverage. Canaccord Genuity reduced its target from $4.60 to $4.40 in April while maintaining a Hold recommendation. Royal Bank of Canada kept a Sector Perform rating with a $4.50 objective. Weiss Ratings lowered BB marginally to Hold (C-) on June 4.
The Street consensus reflects a Hold rating with a mean price target of $5.73 — significantly beneath current trading levels.
Insider Transactions Show April Sales Activity
Chief Executive John Giamatteo divested 27,066 shares on April 2 at a price of $3.56 each, trimming his holdings by 2.92%. Senior Vice President Jennifer Armstrong-Owen sold 29,908 shares on April 4 at the identical price point, decreasing her stake by 23.96%.
Total insider dispositions during the trailing 90-day period reached 73,171 shares with an aggregate value near $260,000. Company insiders currently maintain just 0.51% ownership.
Among institutional investors, Creative Planning boosted its holdings by 87.5% during Q2, while multiple funds including Scientech Research and Man Group established fresh positions.
The equity’s 50-day moving average stands at $6.76 with its 200-day average at $4.77 — both substantially beneath the present price, highlighting the velocity of BB’s year-to-date appreciation.
BB trades at a price-to-earnings multiple of 110.50, exhibits a beta of 2.29, and maintains a debt-to-equity ratio of 0.26. The trailing 12-month low registered at $3.12.
The upcoming June 25 earnings announcement represents the next significant event, where management’s Q1 projection of $0.02–$0.03 EPS will face comparison against reported outcomes.
A security incident led to the loss of about $4.7 million worth of assets on the Axelar cross-chain interoperability protocol, which has since shut down its bridge functionality with the Secret Network.
Exploit Traced to Secret Network’s ICS-20 Smart Contract
The hacker exploited assets being moved from the Axelar network to the Secret network via the Cosmos IBC (Inter-Blockchain Communication) protocol, according to Axelar. Initial findings indicate that the vulnerability was not in Axelar’s core infrastructure, but instead in the Secret-side ICS-20 smart contract that is managing IBC transfers between the two networks.
For the incident, Axelar’s emergency committee closed down the connections of the Secret and Secret-SNIP bridge to prevent further losses and contain the attack. The protocol also confirmed that it has engaged relevant cryptocurrency exchanges and relevant authorities in its investigation.
The Secret Network is a blockchain that supports privacy and allows data associated with transactions to be encrypted, but not lose the ability to verify on-chain execution of smart contracts. The network has been used to create private cross-chain applications, such as confidential decentralized finance (DeFi) services, privacy-preserving NFT transactions, and anonymous governance mechanisms, among other applications.
Axelar Says Exploit Was Limited to Bridged Assets
According to Axelar, the attack seems to be confined to funds that were transferred to the Secret Network from the Axelar network. There is no evidence so far that any Secret-native assets have been compromised, nor any other IBC connections, nor any additional Axelar integrations, the company said.
The protocol stressed that its wide network was not compromised during the event. The issue is thought to be limited to the Secret-side contract that handles inbound transfers to the Secret ecosystem from Axelar.
Bridge routes in the affected area will continue to be closed until the attack vector has been investigated in detail and the extent of the damage assessed. Once it has finished its investigation, Axelar will be publishing a detailed post-mortem report, the company said.
The attack is part of a number of recent security incidents targeting cryptocurrency infrastructure projects in the past few weeks.
Earlier this month, Humanity Protocol announced its recovery efforts after it suffered an exploit on June 8, which prompted the project to withdraw its original H token from Ethereum, BNB Chain, and Humanity Mainnet. Those affected will be able to receive a replacement token in the form of an “airdrop” based on a new and audited ERC-20 contract deployed on the Ethereum network, the company stated.
Humanity Protocol said the attack occurred due to stolen credentials and noted that there was no breach to the token contracts, bridge infrastructure, or Safe wallet setup.
Binance Research Highlights Growing Security Pressures
Other operational implications have resulted from security incidents. This week, crypto payments platform Pyra announced that it would end its operations after it decided that it could not recover from the losses it suffered due to the Drift exploit.
In this context, Axelar’s attention is now on finding out how the attack was carried out and how to limit the spread of the Secret Network exploit. As of now, the company said, there is no evidence that other parts of the Axelar ecosystem were affected.
The latest hack follows a series of other attacks on DeFi that have been driven by increasing security concerns. Binance Research recently estimated that the amount of funds stolen through DeFi exploits across the sector during April resulted in nearly $13 billion of total value locked (TVL) outflows in the sector.
The on-chain leverage ratio also increased to approximately 38%, which is around the same time since the 2021 downturn, when TVL started to contract more than borrowing.
Market participants will be keenly observing Axelar as investigations proceed to see if the company will provide a final verdict and take any action to enhance the security of cross-chain infrastructure.
Bitcoin’s biggest threat may not come from a sudden selloff but from prolonged stagnation, according to CryptoQuant chief executive Ki Young Ju.
The warning arrives as institutional adoption expands while investor enthusiasm becomes increasingly difficult to sustain.
What is Bitcoin boredom risk?
Bitcoin boredom risk refers to extended periods of flat price movement that gradually weaken investor conviction and reduce market participation. Unlike sharp corrections, stagnation can quietly erode narratives, suppress demand, and limit capital formation.
Ki Young Ju argues that volatility itself is rarely Bitcoin’s most dangerous force. Historically, dramatic drawdowns have often been followed by renewed optimism and fresh inflows. Extended sideways markets create a different dynamic because they reduce emotional engagement and make future upside feel less immediate.
“Bitcoin was supposed to be digital gold, but when it needed to act like one, it often traded like a tech stock. It was supposed to be freedom money built by cypherpunks, but many Bitcoin OGs are now shilling other coins. And as AI advances, concerns around quantum computing are becoming harder to ignore. I still believe the pool of capital that could flow into Bitcoin is massive. I also believe more financial institutions will enter, and that Bitcoin will trend higher over the long run,” CryptoQuant CEO said on X.
Bitcoin currently trades below $62,500 after cooling considerably from highs above $126,000, according to CoinGecko data. While price stability may appear constructive on the surface, Ju believes long periods without meaningful momentum can create structural pressure.
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This concern extends beyond sentiment. Institutional strategies increasingly depend on sustained confidence and access to capital. Strategy, formerly known as MicroStrategy, built its Bitcoin expansion model around raising capital through sophisticated financial products tied to market optimism.
Recent pressure surrounding STRC preferred stock has renewed questions about whether institutional accumulation remains equally attractive if Bitcoin enters a prolonged low-excitement cycle.
According to Ju, a stagnant market compresses premiums, weakens participation, and slowly removes the urgency that previously fueled adoption.
“Saylor’s STRC structure becomes truly dangerous not when Bitcoin simply crashes, but when Bitcoin spends years moving sideways and the bear market drags on. A sharp drawdown can be survived if the market still believes in the next leg up. But long stagnation kills the story. It weakens demand, compresses MSTR premium, and makes Saylor’s capital-raising machine much harder to sustain,” Ki Young Ju highlighted.
Why Bitcoin may need a new narrative
Bitcoin’s growth has historically been driven by stories that captured broad attention. The digital gold thesis attracted investors seeking scarcity and inflation protection.
The cypherpunk vision appealed to users pursuing financial independence and decentralization. More recently, spot exchange-traded funds (ETF) and discussions of strategic reserves have created institutional legitimacy.
Ju suggests many of those narratives have matured. Today, institutional frameworks continue evolving. Concepts such as Bitcoin banking and digital credit create sophisticated investment cases, yet they may not resonate with retail audiences as strongly as earlier ideas did.
“…So what narrative does Bitcoin have ready for the next wave of liquidity? And will people really be convinced by Saylor’s digital credit narrative? Even if financial institutions buy into it and Bitcoin goes up because of it, it will be hard to say Bitcoin is still going up because of cypherpunk values. Bitcoin does not just need another catalyst. It needs a new center of gravity that can unite believers again,” CryptoQuant CEO said.
This disconnect matters because markets rarely move on capital alone. They also depend on belief, participation, and cultural relevance.
Recent discussions across crypto communities increasingly reflect concerns that institutional demand cannot indefinitely replace broad market enthusiasm. If retail participation remains subdued, even strong corporate buying may struggle to generate sustained momentum.
“$BTC is starting to lose strength. The rising channel that supported price for the last two weeks is breaking down. If this breakdown continues, BTC could move toward the $53K support zone. For now, bears are in control. Bulls need to reclaim the channel quickly, otherwise more downside may follow,” analyst Master of Crypto warned.
At the same time, Ju maintains a constructive long-term view. Large pools of capital remain underexposed to Bitcoin, and institutional adoption continues expanding. The challenge is creating a narrative that can simultaneously connect professional investors and everyday participants.
Bitcoin’s next phase may depend less on surviving volatility and more on rediscovering relevance.
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The post CryptoQuant CEO Reveals the Hidden Risk Behind Bitcoin’s Future appeared first on BeInCrypto.
Key Takeaways
- FedEx will announce Q4 fiscal 2026 results after trading ends on June 23
- Analyst consensus calls for earnings per share of $5.96 alongside $24.04 billion in sales
- Shares of FDX have surged approximately 40% since January, hovering near record territory
- The recently finalized FedEx Freight separation on June 1 remains a central discussion topic
- Morgan Stanley reduced its valuation target to $160 amid concerns over profit margins
FedEx (FDX) is preparing to unveil its fourth-quarter fiscal 2026 financial results after the closing bell on June 23, drawing significant investor attention.
Shares of FDX have climbed roughly 40% throughout the current year, approaching all-time peak levels. According to the TipRanks Options Tool, market participants are anticipating a potential swing of approximately 7.73% in either direction once earnings are released.
Analyst projections point to earnings per share of $5.96, representing growth from the $4.89 reported during the comparable quarter last year. Revenue forecasts stand at $24.04 billion, up from $22.2 billion recorded in the prior-year period.
Zacks Investment Research presents slightly varying figures — projecting $5.91 per share and $24.18 billion in revenue — though the overall trajectory aligns. The Zacks earnings projection has been adjusted upward by 1.9% during the previous 60-day window.
The Earnings ESP registers at +3.76%, while the Most Accurate Estimate reaches $6.13 — exceeding consensus by 22 cents. This pairing of a Zacks Rank #3 alongside a positive Earnings ESP suggests strong probability of an earnings surprise.
Freight Division Separation Takes Spotlight
The headline development preceding this earnings announcement is the finalized separation of FedEx Freight, which commenced independent public trading on June 1. Company leadership is anticipated to discuss the division during the conference call, though Morgan Stanley analyst Ravi Shanker highlighted that comprehensive standalone transparency for both the Parcel and Freight operations won’t materialize until late October as regulatory filings unfold progressively.
This ambiguity contributes to Shanker’s decision to trim his price objective to $160 from a previous $230. His outlook anticipates Q4 operating income and earnings per share falling somewhat short of Street expectations as margin challenges continue overshadowing what he characterizes as consistent revenue performance.
However, not all analysts share this conservative stance. On TipRanks, FDX maintains a Strong Buy consensus rating derived from 17 Buy recommendations, 3 Hold positions, and 1 Sell rating. The average price objective stands at $412.45, suggesting approximately 26% appreciation potential. The most bullish forecast reaches $479.
Efficiency Initiatives and Technology Innovation Power Momentum
Much of FDX’s impressive year-to-date performance stems from strategic internal transformations rather than favorable macroeconomic conditions. The DRIVE efficiency program — encompassing reduced flight schedules, grounded fleet capacity, and headcount optimization — has served as the primary catalyst.
Artificial intelligence has emerged as another contributing factor, with FedEx deploying machine learning to enhance route optimization, strengthen capacity forecasting, and reduce operational expenses.
The logistics giant has simultaneously prioritized high-margin business-to-business and direct-to-consumer shipments, particularly within the healthcare sector, to bolster profitability.
One development likely to surface during the earnings discussion is FedEx’s extended partnership with Amazon, established last year, through which FedEx manages delivery services for specific bulky items. This agreement materialized shortly after competitor UPS announced plans to scale back its Amazon-related volume.
Looking at the complete fiscal 2026 outlook, Zacks consensus projections indicate $19.78 in earnings per share, reflecting 8.7% year-over-year expansion, while revenue is anticipated to advance 6.6%.
FDX currently trades at an attractive valuation compared to both industry peers and UPS on a forward Price/Sales metric, earning a Value Score of B.
WhiteBIT has received authorization under the EU’s Markets in Crypto-Assets Regulation (MiCA) from Austria’s Financial Market Authority, enabling the exchange to provide regulated crypto services across the European Economic Area using a single authorization passport. The approval comes as firms across Europe race to align with MiCA ahead of the bloc’s key transition deadline.
Under MiCA, a crypto-asset service provider authorized in one EU member state can offer services across the EEA without having to obtain separate licenses in each jurisdiction. WhiteBIT said the authorization will support the launch of a dedicated European platform, whitebit.eu.
Key takeaways
- WhiteBIT’s MiCA authorization from Austria allows cross-EEA service “passporting” without separate local licensing.
- MiCA’s transitional period ends on July 1, after which legacy registrations must either obtain MiCA authorization or stop serving clients in the bloc.
- ESMA says firms still unauthorized after July 1 should move to wind-down and client migration plans, rather than continue operations while applications are pending.
- OKX Europe data cited by Cointelegraph suggests millions of app downloads in Europe may be tied to exchanges not listed on public MiCA authorization registers.
Why WhiteBIT’s authorization matters for Europe’s exchanges
For crypto businesses operating in multiple European jurisdictions, MiCA is designed to standardize licensing and reduce regulatory fragmentation. WhiteBIT’s approval from Austria’s regulator is therefore not only a compliance milestone, but also a commercial lever: the company can expand service availability across the EEA through passporting, provided it adheres to the MiCA framework.
WhiteBIT is part of W Group, which the exchange says serves more than 35 million customers globally. Founded in 2018, WhiteBIT has also highlighted partnerships with major brands and sports organizations, including Visa and football clubs such as FC Barcelona and Juventus, as well as Ukraine’s national football team.
Austria’s stance and the looming end of transitional coverage
The timing of WhiteBIT’s approval is notable because Austria is described as having moved quickly to fully transition to MiCA. The country did not extend “grandfathering” provisions for virtual asset service providers beyond Dec. 31, 2025, making it one of the first EU jurisdictions to complete the shift into the MiCA regime.
According to comments previously provided to Cointelegraph by Austria’s Financial Market Authority, the regulator has licensed nine crypto-asset service providers under MiCA. The same source characterized the application pipeline as “significant.” For market participants, that suggests both regulatory capacity and a steady pace of licensing—factors that become increasingly important as the July 1 deadline approaches.
July 1 deadline increases pressure on exchanges without MiCA status
The authorization arrives with less than two weeks remaining before the EU’s MiCA transition period ends on July 1. After that date, crypto-asset service providers operating solely under legacy national registrations must either secure MiCA authorization or cease serving clients in the EU.
This deadline has intensified regulatory and operational scrutiny across Europe. Earlier this week, Reuters reported that Greece’s market regulator was preparing to reject Binance’s MiCA application. Separately, The Big Whale said France may be Binance’s last remaining potential route to a MiCA license before the deadline.
In this environment, WhiteBIT’s move provides a concrete example of what “getting licensed in time” can unlock: cross-border operations backed by a MiCA authorization rather than temporary or legacy arrangements.
What regulators want after the deadline: wind-down and migration
Beyond individual licensing decisions, EU regulators are also addressing what happens when companies miss the transition window. In an ESMA statement on the end of transitional periods under MiCA, ESMA indicated that firms remaining unauthorized after July 1 should implement wind-down and client migration plans rather than continue operating while applications are under review.
This guidance is significant for investors and users because it frames the compliance approach for late applicants: the expected path is orderly exit and client transition, not indefinite continuation under regulatory limbo. For exchanges, it also increases the urgency of operational planning—contract renewals, onboarding processes, custody arrangements, and user communications may all need rapid adjustment if authorization timelines slip.
Cointelegraph reported data shared by OKX Europe suggesting that the MiCA transition could affect a meaningful share of European crypto activity. According to that data, roughly 7.6 million of the 18.5 million crypto app downloads recorded in Europe between May 2025 and May 2026 were associated with exchanges not listed on public MiCA authorization registers.
While the metric reflects downloads rather than trading volume, it nevertheless points to a potential gap between user access and regulatory status. In practice, a large installed base tied to exchanges that have not been authorized could face restrictions, changes in service availability, or forced migration depending on each firm’s licensing outcome.
What to watch next across the EU
As July 1 approaches, the most important signal for the market will be whether additional exchanges secure MiCA authorization quickly enough to avoid triggering ESMA’s wind-down expectations. For users, the practical question is whether services remain available uninterrupted through the transition, and for investors, whether authorization progress (or delays) leads to sharper regulatory consolidation and operational churn across European platforms.
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