Crypto World
Signal Considers Exiting Canada Over Lawful Access Bill
Canada’s privacy-focused messaging app Signal has signaled it may exit the Canadian market if compelled to comply with Bill C-22, the government’s proposed lawful access legislation. The draft bill would require electronic service providers to build surveillance capabilities and retain certain user metadata for up to a year, underscoring a key policy tension between national security objectives and strong end-to-end encryption.
In an interview with The Globe and Mail, Signal’s vice president of strategy and global affairs, Udbhav Tiwari, warned that the bill could threaten encryption and leave private messaging services more vulnerable to cyberattacks. Bill C-22 was introduced in March as part of a broader regulatory package intended to aid law enforcement investigations into crimes such as terrorism and child exploitation.
The debate has drawn criticism from privacy advocates and mirrors wider concerns within the European Union around encryption and compelled access. Critics point to potential privacy trade-offs and the risk of creating exploitable weaknesses in communications platforms. On social media, Canadian Conservative Party MP Jacob Mantle argued that many MPs rely on Signal for safety and privacy, contending that the bill would allow the government to read messages and undermine trust in private communications.
Tiwari said Signal would “rather pull out of the country” than compromise on the privacy promises it has made to users. He warned that the proposal could enable hackers to exploit built-in vulnerabilities in electronic systems, turning private messaging services into possible targets for foreign adversaries.
The bill remains pending and is not law yet; committee hearings began on May 7 and are ongoing as part of the legislative process. Meanwhile, tech platforms have offered mixed reactions. Meta Platforms welcomed certain aspects of Bill C-22, noting that it would give law enforcement a framework to obtain critical evidence and protect public safety, while also raising concerns that some provisions could affect Canadians’ privacy and cybersecurity.
Windscribe, a privacy-focused VPN provider, joined Signal in signaling concern. In a post responding to The Globe and Mail, Windscribe said it would follow Signal’s potential move out of Canada, arguing that the law would require the logging of identifying user data and stifle privacy protections. The company criticized the current text as incompatible with its focus on user privacy and warned that headquarters in Canada could face direct regulatory pressures and higher operating costs if the bill passes.
Cointelegraph reached out to Signal for comment and will update the article if the company provides a response. The broader policy discussion surrounding Bill C-22 sits within a wider, global debate over how to balance law enforcement access with robust encryption and privacy protections. Observers note that the Canadian process could influence how privacy tech firms operate in Canada and how cross-border services approach compliance obligations in a jurisdiction that contemplates sweeping data-retention and access requirements.
Key takeaways
- Bill C-22 would compel electronic service providers to enable lawful-access capabilities and retain certain user metadata for up to one year, shaping how digital communications can be monitored by authorities.
- Signal has threatened to exit Canada rather than compromise on encryption and user privacy, highlighting potential operational and strategic shifts for privacy-centric services in regulated markets.
- Windscribe’s response indicates that a similar trajectory could affect VPN providers and other privacy tools, with possible implications for data logging and local data retention obligations.
- The bill is not law yet; parliamentary committee hearings began May 7 and are ongoing, leaving significant regulatory uncertainty for industry and users.
- Industry responses are divided: some tech platforms support enhanced law-enforcement access, while others warn of privacy and cybersecurity risks and potential compliance burdens for global services.
Bill C-22: Scope, process, and practical implications
Bill C-22 is positioned as part of Canada’s effort to equip law enforcement with timely and effective tools to investigate serious crimes. If enacted, electronic service providers would be required to design and deploy technical capabilities that enable lawful access to communications and to retain relevant user metadata for an extended period. The stated objective is to bolster investigations into terrorism and child exploitation, among other offenses. However, the proposal raises practical questions for platform operators, particularly around how to preserve security and privacy while meeting new obligations.
From a regulatory compliance perspective, the bill would introduce new obligations that could influence licensing, oversight, and ongoing conformity assessments for digital service providers operating in Canada. For financial institutions and crypto firms with Canadian operations, the framework could intersect with AML/KYC expectations and cross-border data handling requirements, prompting reassessment of data localization, incident response, and vendor management practices.
Encryption, privacy, and security tensions in a global context
The proposal sits at the center of a broader policy discourse about encryption integrity and lawful access. Signal’s public stance reflects a principled commitment to end-to-end encryption and privacy architecture, arguing that mandated backdoors or scan capabilities can introduce systemic risks and create vulnerability windows that adversaries might exploit. The debate resonates with discussions in the European Union around proposals that would enable scanning and data access at the client side, which have faced stiff opposition on privacy and security grounds. The Canadian consideration therefore contributes to a larger policy milieu in which encryption remains a pivotal issue for both private sector innovation and public safety.
For institutions and market participants, the evolving stance on lawful access raises questions about cross-border operations, data-residency requirements, and the extent to which regulatory divergence may affect the resilience of communications infrastructure. While some policymakers emphasize the public-safety rationale, industry observers highlight the risk that increased monitoring capabilities could undermine trust in digital services and complicate compliance for global platforms that rely on end-to-end encryption by default.
Industry responses, oversight, and the regulatory horizon
The bill’s reception among tech platforms reflects a split between public-safety objectives and privacy protections. Meta’s public position acknowledged the potential benefits of a robust evidentiary framework for enforcement while cautioning that certain provisions could impact Canadians’ privacy and cybersecurity. The company’s stance illustrates how large platform operators may seek to balance lawful-access objectives with user protections and risk management liabilities.
Signal’s leadership has framed the regulatory proposition as a fundamental privacy issue, suggesting that complying with C-22 could compromise user trust and the core privacy guarantees it offers. In this context, market participants that rely on private communications and privacy tools – including VPN providers like Windscribe – have sounded caution about operational viability and user data practices if such mandates become law.
From a compliance and risk-management standpoint, the unfolding legislative process requires careful monitoring by legal teams, regulators, and corporate governance functions across crypto firms and fintechs. Beyond the legal text, enforcement trajectories, rulemaking, and potential transitional provisions will determine how quickly and in what form any new requirements would apply to service providers and their affiliates. The current stage of hearings means significant policy refinement remains possible, with stakeholders attempting to influence the balance between investigative efficiency and privacy protections.
According to Cointelegraph’s coverage, the Canadian debate on lawful access is part of a broader global pattern in which regulators search for a workable equilibrium between security objectives and cryptographic integrity. For institutions, this signals a continuing need to assess regulatory exposure, update privacy-by-design practices, and adjust incident-response playbooks to reflect evolving requirements across jurisdictions.
As the legislative process advances, observers should watch for the clarifications that typically accompany committee stage, including definitions of service-provider scope, retention timelines, data-minimization principles, and the specific mechanisms by which access would be authorized and audited. The outcome will influence not only Canadian privacy and security norms but also the strategic choices of international platforms operating in Canada and other similarly situated markets.
Closing perspective: The Bill C-22 debate underscores the enduring tension between privacy preservation and public-safety imperatives in the digital era. For crypto firms, messaging platforms, and privacy services, the key questions revolve around enforceability, risk exposure, and the degree to which regulatory adaptations can be reconciled with robust cryptography and user trust. The path forward will depend on legislative negotiations, regulatory guidance, and how any final law addresses both the legitimate needs of law enforcement and the protections that underpin secure, private communications.
Crypto World
Solana (SOL) at a Turning Point: What Will Define the Next Breakout?
Over the past month, Solana (SOL) spiked 10%, yet it remains below the psychological $100 milestone.
One popular crypto analyst is optimistic that the price may surge well above that level, but such a breakout would require the overcoming of a key resistance zone.
The Necessary Conditions
As of press time, SOL trades at around $91, while its market capitalization stands just below $53 billion. According to Ali Martinez, the price has been moving within a well-defined channel since February, identifying the upper boundary at $98 and the lower at $78. He forecasted a potential bounce if SOL makes a successful breakout above the ceiling and set $88 as “the pivot point.”
“We recently tested that $98 resistance, which resulted in a quick rejection. Now, I am seeing Solana bounce. This suggests we could be gearing up for another retest of the channel top to determine if a breakout is finally in the cards,” he stated.
Martinez believes that a daily close above $98 could open the door to a surge toward $107, with a secondary target at $117. At the same time, if that level continues to hold as heavy resistance, the price may retreat to $88 and even to the $78 floor.
Earlier this month, the analyst revisited Solana, describing the $77-$94 range as a “no-trade” zone. Back then, he suggested that if buying pressure picked up, the price could surge toward $96.
Prior to that, Martinez noted that SOL’s Bollinger Bands have squeezed, which has historically been a precursor of a major breakout. However, the direction of the move (up or down) can not be determined.
Another X user who recently gave their two cents on the matter is Globe of Crypto. In their view, closing above $99 could set the stage for a solid rise toward $160-$170.
The Bold Forecast
X user Marino also chipped in, predicting that SOL could climb above $500 in the coming years. He supported his bullish outlook by pointing to Solana’s accelerating adoption, rising usage, growing network value, increased staking, the launch of new apps, and other positive factors that reinforce the ecosystem’s strength.
The analyst added that inflows into spot SOL ETFs could also spark a rally, and data show that lately these products have indeed attracted millions of dollars of fresh capital. Since their introduction, the financial vehicles have generated a cumulative total net inflow of approximately $1.12 billion.

“If Solana keeps compounding adoption at this pace into the next cycle & if macro conditions are positive. Then $500+ in 2029 feels absolutely possible,” Marino concluded.
The post Solana (SOL) at a Turning Point: What Will Define the Next Breakout? appeared first on CryptoPotato.
Crypto World
The best crypto to buy now in May
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Poly Truth and Meme Punch stand out among below-$1 crypto picks alongside Sei in 2026 market watchlist.
Summary
- Crypto markets are targeting sub-$1 tokens again, with Poly Truth, Meme Punch, and Sei gaining attention.
- Poly Truth is an AI prediction market tool that turns event data into probability-based reports using a 3-part system.
- Meme Punch is a play-to-earn meme game where players earn MEPU through PvP battles and in-game progression.
A lot of coins sit well under $1, but only some have the setup to actually move toward it. The next crypto to hit $1 will probably come from a project that has more going for it than a low price tag.
This article looks at three picks worth a closer look right now. Poly Truth (PTRUE) and Meme Punch (MEPU) are still in presale, and Sei (SEI) is already listed and building momentum. Different stages, different stories, but all three are worth knowing.
Next crypto to hit $1: 3 Picks to watch
Three projects worth a closer look for those who are scanning for the next sub-$1 token with real upside.
1. Poly Truth (PTRUE)
Poly Truth is a prediction market intelligence tool. Not a trading platform, not a bot. The concept is that users receive AI-powered analysis that indicates which outcome the data actually supports and why, rather than speculating on prediction events.
The team constructed the platform’s three-part system around three characters. The Runners are AI bots that search the internet for information on current prediction events. The AI analyst known as the Starlet calculates probability scores, looks for patterns, and cross-references the sources. The Presenter delivers the final report in plain language.
A few things worth noting:
- 11.5 billion tokens are available, and it is based on Ethereum.
- Ten percent of the supply is reserved for staking rewards, and forty percent is allotted to the presale.
- Audited by Coinsult and SolidProof; both reports are available to the public.
- Team tokens have a 3-month cliff and a 12-month vest.
- ETH, BNB, SOL, USDT, USDC, card, and SEPA are among the available payment methods.
2. Meme Punch (MEPU)
The play-to-earn cryptocurrency game Meme Punch is based on a simple idea. Play and get real cryptocurrency after winning, as opposed to holding a memecoin and waiting for a pump.
Five iconic meme-inspired characters — Pepe, Doge, Floki, Brett, and Pudgy Penguin — compete for supremacy in this medieval battle arena. Choose a knight, engage in PvP combat, move up the leaderboard, and receive in-game rewards in the form of MEPU. The token has actual use outside of speculation since it can be used within the game to access weapons, skins, and special abilities.
Features worth knowing:
- Built on Ethereum, with a total supply of 10 billion MEPU.
- 40% of supply goes to the presale, with 14.5% for staking and 9.5% for in-game rewards.
- Marketing allocation sits at 16.5%, aimed at reaching gamers outside the crypto bubble.
- Payment options cover ETH, BNB, SOL, USDT, USDC, and card.
3. Sei (SEI)
Sei is a high-speed Layer 1 blockchain built around fast trading, gaming, and other apps that need performance. After months of sideways action, it’s one of the better stories on exchanges right now.
The price action tells the recovery story clearly. SEI was sitting near $0.054 in mid-April, broke above the descending channel in early May, hit a peak of around $0.078 on May 10, and now trades near $0.067. That’s a 24% move off the April low, with the chart showing higher lows building.
A few catalysts are behind it:
- The Giga upgrade is rolling out through 2026, targeting over 200,000 transactions per second with sub-400ms finality.
- EVM migration is set to complete by June 15, 2026, opening the door to Ethereum developers and apps.
- Xiaomi partnership has SEI’s wallet preinstalled on devices outside China and the US, exposing the chain to a massive global user base.
Why these picks are worth watching
Each of the three picks holds its position for a different reason, but they all have one thing in common. Price alone won’t be enough for the next cryptocurrency to reach $1. It will require a strong reason for consumers to continue purchasing.
In order to provide prediction market traders with a real advantage, Poly Truth is developing an AI research tool. A memecoin can be transformed into a playable game with in-game features with Meme Punch. Real adoption is being pushed by Sei through the Giga upgrade, an EVM migration, and a partnership with Xiaomi.
The point is the combination of stages. The smaller entry and larger upside, should they land, are offered by the presales. SEI provides a project that is already demonstrating ecosystem progress and recovery. It’s important to be aware of the various bets and timelines.
Disclosure: This content is provided by a third party. Neither crypto.news nor the author of this article endorses any product mentioned on this page. Users should conduct their own research before taking any action related to the company.
Crypto World
$1.75 Trillion SpaceX IPO Hardwires Elon Musk As Single-Point Founder Risk
SpaceX’s IPO prospectus does something rare. It strips public investors of the right to remove the chief executive. The same filing warns that his departure could be existential.
The contradiction is structural, not accidental. The S-1 asks markets to fund a single founder. It also asks them to accept a pay package whose triggers exist only in projection.
The SpaceX IPO Hardwires Single-Point Failure
Musk holds about 42.5% of SpaceX equity but 83.8% of voting power through Class B super-voting shares. The S-1 states removal from his roles requires a Class B vote. He controls those votes outright.
Harvard Law professor Lucian Bebchuk called the arrangement “not common.” Boards typically retain formal removal authority. The structure collapses that authority into Musk’s voting bloc, leaving a self-veto in its place.
The filings flag Musk’s loss as a multi-page risk factor. They cite his overlapping commitments at Tesla, xAI, X, Neuralink, and The Boring Company.
No structured succession framework appears, and no deputy is positioned to take over.
Corporate Feudalism Returns to Public Markets
Texas incorporation, mandatory arbitration, and a controlled-company exemption sit alongside a 3% or $1 million floor on shareholder proposals. The filing itself states public shareholders’ influence will be limited or eliminated.
Pension fund officials have already pushed back. CalPERS, the New York State Comptroller, and the New York City Comptroller signed a joint letter.
They call the Musk-led structure a departure from accepted public-company standards.
SpaceX argues the structure protects long-horizon goals from short-term shareholder pressure.
That defense does not address removal mechanics. Founder lockups at Meta and Alphabet look modest by comparison.
A $7.5 Trillion Mars Milestone Is Not a Valuation
The main pay tranche awards Musk up to 200 million Class B shares. It vests only if SpaceX reaches a $7.5 trillion market capitalization. The same trigger requires a permanent Mars colony of at least one million residents.
The $7.5 trillion threshold sits above the combined market value of Apple, Microsoft, and Saudi Aramco. The Mars criterion has no precedent, no infrastructure to project against, and no off-world regulatory framework.
Neither benchmark fits standard valuation methods.
A second tranche grants up to 60.4 million shares for orbital data centers with 100 terawatts of compute. The award mirrors xAI’s terrestrial AI race. The S-1 admits such operations may not be commercially viable.
That is the price of single-point governance combined with speculative pay design. Investors are asked to fund a company they cannot influence and price milestones no model can value.
The only person who could fail the mission is the one allowed to define it.
The post $1.75 Trillion SpaceX IPO Hardwires Elon Musk As Single-Point Founder Risk appeared first on BeInCrypto.
Crypto World
Arkham Intelligence Reports 90%+ Token Concentration in $LAB Project Trading at $4B Market Cap

Blockchain intelligence firm Arkham flags extreme insider ownership concentration in $LAB, which has surged 3000% in three months.
Crypto World
Kraken Parent Payward Makes Deep Cuts as IPO Pressure Mounts
Payward, the parent of cryptocurrency exchange Kraken, is cutting 150 jobs ahead of its planned U.S. stock-market listing. The reduction affects about 5% of its 3,000-person global workforce.
The move forms part of a broader optimization push aimed at improving margins. Management wants a leaner financial profile before going public.
Layoffs Continue a Multi-Year Lean-Out
The latest cuts extend a sustained workforce reduction that began in October 2024. Payward eliminated about 400 roles then, or roughly 15% of staff.
The reduction followed shortly after Arjun Sethi joined David Ripley as co-CEO. Further cuts then followed in early 2025 as the company merged overlapping teams.
A Payward spokesperson declined to address specific personnel decisions. The company continually evaluates its structure to align talent with strategic priorities.
Meanwhile, hiring continues in select growth areas, including derivatives, payments, and tokenized assets.
Workforce optimization has become a common pre-IPO playbook for crypto firms. Therefore, trimming costs strengthens key profitability metrics that public investors scrutinize.
IPO Plans Remain on Hold
Payward filed a confidential S-1 registration statement with the SEC in November 2025. The filing targets a public valuation near $20 billion.
However, the firm paused its listing timeline in March 2026. Weaker performance among recent crypto listings had cooled investor appetite.
Co-CEO Arjun Sethi has publicly stated the company is roughly 80% ready to go public. His comments signal the S-1 remains active despite the delay.
Meanwhile, Payward continues to expand through acquisitions, including NinjaTrader for derivatives and Reap Technologies for stablecoin payments.
Payward closed an $800 million funding round at the time of the SEC filing. The round established the $20 billion valuation now informing IPO discussions.
The financing followed a wave of secondary investments from traditional finance partners.
Whether Payward returns to the IPO queue this year may hinge on how the next wave of crypto listings performs.
The post Kraken Parent Payward Makes Deep Cuts as IPO Pressure Mounts appeared first on BeInCrypto.
Crypto World
CME, ICE push U.S. regulators to scrutinize Hyperliquid over manipulation risks

CME Group and ICE have reportedly warned the CFTC and Capitol Hill officials that Hyperliquid’s decentralized perpetual futures platform could enable market manipulation and sanctions evasion.
Crypto World
Augustus CEO Says Banks Can’t Be Rebuilt for AI as OCC Backs Stablecoin Bank
Augustus Bank’s CEO, Ferdinand Dabitz, says legacy clearing banks cannot truly rebuild their cores for artificial intelligence and programmable money, as his startup moves closer to launching a US national bank designed around both.
The Office of the Comptroller of the Currency (OCC) granted conditional approval for Augustus Bank N.A. on Monday under the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which created a federal framework for payment stablecoins and clarified how banks and certain nonbank entities can issue and integrate dollar-pegged tokens under federal oversight.
Augustus now plans to establish a full-service national bank in Dallas, Texas, focused on fully reserved stablecoins, AI-driven compliance and automation-heavy back-office processes. Dabitz told Cointelegraph it was just “a couple of months” from full approval and launch. However, final approval remains subject to pre-opening conditions.
The company is targeting the “broken” correspondent clearing business dominated by global banks such as Citi, arguing that incumbents cannot fully re-platform systems built for humans, not machines, that still close on weekends and rely on decades-old cores.
“The short answer is replacing them,” Dabitz said when asked whether Augustus could coexist alongside traditional clearing banks.
Augustus bets stablecoins and AI can remake clearing
Augustus began life in Berlin in 2021 as Ivy, a euro-clearing fintech that built a transaction banking platform for non-US financial institutions, fintechs and crypto firms.

Augustus received conditional OCC approval this week. Source: PR Newswire
The bank already runs euro payments and instant settlement for clients, including crypto exchange Kraken. “The clearing bank bond is truly broken,” he said, arguing there’s an opportunity to “rethink it as an application and deliver something pretty terrific.”
Related: JPMorgan to launch tokenized money market fund for stablecoin issuers
Central to Dabitz’s pitch is the belief that large banks can upgrade legacy infrastructure but cannot fundamentally rebuild around AI and tokenized money. “I’ve come to the conclusion it’s impossible to re-platform a bank,” he said.
Augustus plans a three-layer stablecoin model: using stablecoins as a funding rail for payments, as a treasury and liquidity tool to release what Dabitz estimates is around $3 trillion in trapped idle capital, and as the interface layer for AI agents interacting directly with money.
He said the model could enable real-time treasury optimization and allow AI systems to become “first-class customers” of the bank, handling tasks such as liquidity management and transaction monitoring on behalf of corporates.
Competition from banking giants
Dabitz’s argument comes as major banks accelerate their own AI and digital asset initiatives.
JPMorgan Chase says it invests more than $18 billion annually in technology, including AI, and Citi reported over $6.1 billion in clearing-related revenue in Q1 alone, highlighting the scale of the incumbent profit pool Augustus is targeting.
Dabitz argues his team can still move faster because it is designing AI and stablecoin workflows into its operating model from the outset rather than retrofitting existing systems.
Related: Argentine banks testing JPMorgan’s JPM Coin to speed up settlements: Report
He also described the US banking market as structurally under-innovated, noting that banking is unusually labor-heavy compared with other major industries, with people rather than assets forming a major part of operating costs.
Pushing AI deeper into banking operations
Augustus wants to compress processes such as transaction monitoring, case handling and suspicious activity reporting from “20 hours to 20 minutes” using AI, with humans supervising the systems rather than manually performing every step.
Critics question whether a young, AI-focused bank with a 25-year-old leader at its helm can safely automate compliance-heavy operations without introducing model risk, explainability problems or operational failures.
Dabitz said that only makes the challenge “more exciting” and that the company plans to work closely with regulators and banking executives to ensure “the checks and balances and the harness for the AI to operate in a safe and sound manner.”
Magazine: Bitcoin will not hit $1M by 2030, says veteran trader Peter Brandt
Crypto World
THORChain Reports $10.7M Loss From Compromised Asgard Vault

THORChain developers announced that one of six Asgard vaults was compromised, resulting in approximately $7.4M in unauthorized outbound transactions before the network halted signing activity.
Crypto World
Tokenized ETFs Surpass $430 Million in Onchain Market Cap, Led by Ondo Finance's IVVon

Tokenized ETFs have crossed $430 million in total onchain market cap, with Ondo Finance’s IVVon token surging 150% in the past month on Ethereum.
Crypto World
Gemini’s agentic trading lets AI models, not humans, drive CEX order flow
Gemini’s “agentic trading” lets AI models like ChatGPT and Claude plug into user accounts via MCP, executing crypto trades autonomously and turning AI from signal vendor into primary CEX client.
Summary
- Gemini has wired its full trading API into Anthropic’s Model Context Protocol, so compatible AI agents can pull market data, query order books, place orders and manage positions directly from user‑linked accounts.
- Users set budgets, strategies and caps, while modular “Trading Skills” give agents DCA, grid, multi‑leg and risk tools, making a growing slice of Gemini’s resting and market orders originate from opaque, black‑box models.
- Unlike TON’s non‑custodial “Agentic Wallets,” which push autonomy to Telegram edge wallets, Gemini centralizes agentic activity inside a regulated CEX perimeter, recasting AI as a client type that humans merely configure.
Gemini has rolled out “agentic trading,” a feature that lets AI systems like ChatGPT and Claude connect directly to user accounts and execute crypto trades autonomously on the exchange, rather than just spitting out trade ideas for humans to click. The move quietly shifts AI from being a glorified signal service to being a client class in its own right, with opaque, proprietary models now sourcing, routing, and managing a chunk of CEX order flow on their own.
According to Gemini’s own blog, “agentic trading means your AI agent acts on your behalf — placing trades, monitoring markets, and managing risk automatically,” with users defining strategies and constraints while the agent handles execution. Under the hood, Gemini has integrated its full trading API with the Model Context Protocol (MCP), an open standard originally built by Anthropic that lets AI agents call external tools and services; compatible models include Claude and ChatGPT, which can query markets, place orders and adjust positions over time. Third‑party write‑ups emphasize that Gemini is the first regulated US exchange to expose a dedicated “agentic” interface, turning centralized exchange infrastructure into a native venue for autonomous trading agents rather than just human click‑flow and traditional algos.
Gemini heats up the AI race
Practically, the system is built around modular “Trading Skills” — pre‑built functions AI agents can invoke to get real‑time market data, inspect order‑book depth and spreads, and pull historical candle data, with more complex order‑routing and risk modules promised over time. Users link their accounts to an AI model via MCP, set budget and risk limits, and then let the agent run strategies that can range from simple DCA or grid trading to multi‑leg structures and volatility plays, with Gemini stressing that “human oversight remains part of the design” through caps and rules. But the microstructure implication is obvious: once enough people plug in agents and walk away, a material share of resting and market orders on Gemini will be coming from black‑box models tuned to optimize for particular objectives, not from human decision cycles.
That changes who you are actually trading against. Historically, the story was “retail vs HFT vs a few prop‑shop algos”; now Gemini is effectively advertising “AI as a client type,” more akin to how prime brokers have algorithmic clients that are not directly human‑decisioned on each trade. In high‑volatility periods, tightly coupled agent strategies can amplify feedback loops — especially if many users are copying off the same “AI signals” or fine‑tuning similar models on overlapping data — and you can easily imagine clusters of agents front‑running naive human behavior or unintentionally engaging in coordinated patterns that look a lot like cartelized flow.
There is a clean contrast here with TON’s on‑chain “Agentic Wallets.” TON is pushing autonomy to the network edge: agents live in Telegram, manage non‑custodial wallets on TON, and interact with DeFi directly on an L1. Gemini is doing the opposite: recenters agentic trading inside a regulated, custodial CEX, where AI agents are tightly coupled to one exchange’s API and compliance perimeter. In both cases the future is the same: the next “HFT villain” in crypto will not be a named firm on the other side of your order, but a swarm of un‑audited models, systematically optimized around the fee, tax and KYC constraints their operators face — and increasingly treated by the infrastructure itself as the primary customer, with humans demoted to parameter‑setters and occasional override buttons.
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