TLDR

• XRP Ledger developers have proposed a draft AMM Swappable Curves amendment to expand the network’s DeFi tools.
• The proposal would add constant product, concentrated liquidity, and StableSwap curve options to XRPL AMM pools.
• The draft would let liquidity providers choose how new pools price trades when the pool is created.
• Existing XRPL AMM pools would remain unchanged and would not need forced migration.
• The upgrade could help stablecoin pairs and tokenized assets trade with better capital efficiency.

XRP Ledger has moved closer to a DeFi upgrade that could give liquidity providers more control over how AMM pools price trades.

The XRPL Standards repository published the draft amendment under the title “AMM Swappable Curves,” with the proposal describing a plan to add constant product, concentrated liquidity, and StableSwap curve options to the ledger’s automated market maker.

The draft was authored by XRPL core developers Denis Angell and Roman Thpt. The report said the proposal remains at the draft stage and would need a separate amendment vote before it could activate on the XRP Ledger.

XRPL AMM Proposal Targets Liquidity Design

According to the XRPL Standards discussion, the current XLS-30 AMM uses one constant product model with liquidity spread across the full price range. The proposal says this setup can waste deposited capital when assets usually trade close together, including stablecoins and other correlated pairs.

Under the draft, pool creators would be able to select a curve type when they create a pool. The XRPL Standards proposal says the chosen curve would remain locked for the pool’s lifetime, while older pools would stay on the existing constant product model without forced migration.

As per the reports, the draft also reserves a fourth curve type called Smart AMM for a later specification. The report said Smart AMM would cover a fully programmable curve model, while the current draft focuses on the three fixed curve designs.

The XRPL documentation describes AMMs as liquidity pools that hold two assets and allow users to swap between them through a formula-based exchange rate. The same documentation says liquidity providers receive LP tokens after depositing assets into an AMM pool.

Stablecoin And RWA Trading Could Benefit

In the proposal’s own explanation, concentrated liquidity would let liquidity providers place funds inside a narrower price range, rather than across every possible price. The XRPL Standards discussion says this design can create more usable depth for each dollar deposited when most trading happens around a specific price zone.

StableSwap, according to the draft, is designed for assets that usually trade near the same value. The proposal lists stablecoins and similar representations of the same asset as examples of markets where this curve type can be useful.

The timing places the AMM draft beside XRPL’s growing tokenization activity. An earlier report stated that more than $3 billion in tokenized real-world assets are now on the XRP Ledger, including a recent Ripple and JPMorgan-linked tokenized Treasury pilot.

In a separate May 7 report, Ripple, JPMorgan’s Kinexys, Mastercard, and Ondo Finance processed a tokenized U.S. Treasury redemption on XRPL in under five seconds. The report said the pilot involved Ondo’s OUSG tokenized Treasury fund.

XRPL’s AMM has been live since 2024. The XRP Ledger documentation said the AMM amendment was scheduled for mainnet activation on March 22, 2024, adding automated market maker functionality directly to the protocol.

Spain’s gambling regulator has taken a precautionary step, blocking Spanish users from accessing Kalshi and Polymarket as authorities review whether the prediction-market platforms comply with national gambling laws. The move comes after Spain’s Directorate General for the Regulation of Gambling (DGOJ) announced that the country’s Ministry of Social Rights, Consumption, and Agenda 2030 had opened disciplinary proceedings against the two firms, which allegedly operated without the required licensing.

According to a DGOJ notice issued on Tuesday, Polymarket and Kalshi are blocked from Spanish territories until the proceedings are resolved, a process expected to take three to four months. The agency stressed that, in Spain—and many other European jurisdictions—prediction markets are treated as games of chance when bets are placed on uncertain future outcomes, and therefore require a specific administrative license to operate domestically. This reflects broader regulatory caution around platforms that enable real-money bets on political, economic, or social events.

Key takeaways

• Spain has temporarily barred Spanish users from Kalshi and Polymarket as regulators pursue licensing-violation proceedings, with a projected resolution window of three to four months.
• In Spain, prediction markets are treated as games of chance, requiring a license to operate within the country’s borders.
• The move aligns with a broader, global pattern of regulatory scrutiny and access restrictions on prediction-market platforms, including precedents in Indonesia and several other jurisdictions.
• In the United States, regulatory attention has intensified: a New York Times report describes internal pushback within the CFTC, while lawmakers in Congress have opened an insider-trading probe into Kalshi and Polymarket.

Global patchwork of regulation tightens around prediction markets

The Spanish decision sits within a wider trend of authorities calibrating how prediction markets should fit within existing gambling or financial-device frameworks. Across Asia, Europe, and beyond, regulators have repeatedly warned that platforms enabling bets on future events may fall under gambling or financial-regulatory regimes, depending on the jurisdiction. The Indonesian authorities, for instance, moved to block Polymarket after the platform listed bets tied to the fate of President Prabowo Subianto. Other countries—including Australia, France, Poland, Singapore, Ukraine, and Switzerland—have also restricted access to Polymarket, with corporate and state-level actions shaping the ability of users to place bets on political and current events.

The regulatory environment is equally consequential for Kalshi and Polymarket, which have grown to become two of the largest prediction-market players by trading volume. Industry trackers put their combined weekly volume in the billions, underscoring the potential scale of user engagement and risk for operators under shifting regulatory mandates. The companies have publicly indicated openness to engaging with authorities, though spokespeople have declined to comment on the Spanish case beyond reiterating their commitment to regulatory dialogue.

US regulatory stance and the question of authority

The policy contours in the United States add another layer of complexity. A New York Times report detailed internal tensions at the Commodity Futures Trading Commission (CFTC), noting that certain officials who questioned the legitimacy or scope of prediction markets like Kalshi and Polymarket were reportedly reassigned. The CFTC maintains that it holds exclusive authority over such platforms and has pursued lawsuits against state authorities that have challenged that position, a stance that has drawn renewed attention amid ongoing debates about how to regulate rapidly evolving digital markets.

Beyond federal authorities, the political oversight apparatus in Washington has begun scrutinizing insider trading risks connected to prediction markets. Lawmakers on the House of Representatives’ Oversight and Government Reform Committee announced a probe into Kalshi and Polymarket over allegations of suspicious trades ahead of geopolitical or military events. Committee Chair James Comer cited reports suggesting that certain traders may have profited from information not yet made public, intensifying scrutiny of how these platforms handle information flows and potential conflicts of interest.

The dynamic underscores a tension at the center of the prediction-market debate: the potential for useful forecasting and risk-sharing tools to coexist with a regulatory framework that guards against gambling excesses, market manipulation, or unlicensed operations. As regulators in the U.S. and abroad weigh their options, market participants are watching closely for guidance on licensing pathways, consumer protections, and the permissible scope of event-based betting in regulated jurisdictions.

On the market side, observers note that Polymarket and Kalshi together account for a substantial share of weekly prediction-market activity. DeFi Rate’s aggregation of volume places their combined weekly trading activity in a meaningful, real-time context for traders and developers who build on or rely on indicators derived from these platforms. The ongoing regulatory actions may influence where liquidity migrates, how users evaluate risk, and what kinds of event-based contracts survive in regulated environments.

A Kalshi spokesperson told Cointelegraph that the platform remains focused on constructive engagement with regulators in every jurisdiction, while a Kalshi representative declined to comment further. The DGOJ’s action in Spain demonstrates that, even in a space with strong user demand and notable liquidity, compliance and licensing are likely to remain gating factors for access in multiple markets.

The regulatory mosaic matters for investors and builders in the space. For traders, it emphasizes the importance of understanding jurisdictional licensing, the potential for abrupt access changes, and the regulatory risk tied to event-driven contracts. For platform operators and developers, it highlights the need to align product design with local legal frameworks, implement robust compliance controls, and anticipate shifts in cross-border accessibility as policymakers refine their approaches to prediction markets and related financial instruments.

Looking ahead, several questions shape the near-term outlook: Will Spain’s licensing proceedings clarify the acceptable scope for domestic prediction markets, and how quickly regulatory processes will translate into concrete licensing decisions? How will the broader international patchwork evolve as more jurisdictions publish guidance or impose restrictions? And in the United States, will the reported internal debates within the CFTC give way to a more unified regulatory stance or further friction between federal authorities and state-level actions?

As the world of prediction markets continues to unfold against a shifting regulatory backdrop, observers should monitor licensing decisions in Spain, the outcomes of Indonesia’s and other countries’ actions, and the responses from U.S. lawmakers and the CFTC. These developments will likely shape how institutions, traders, and developers approach event-based markets in the months ahead.

TLDR

• The UK government sanctioned HTX over alleged financial services linked to Russia.
• Authorities said HTX had connections to A7 Limited Liability Company and Garantex Europe OU.
• The sanctions include an asset freeze, trust services restrictions, and banking limits.
• UK internet providers and app stores must restrict access to HTX-related services.
• HTX was already facing FCA legal action over alleged illegal crypto promotions.

UK authorities have sanctioned HTX, formerly Huobi Global, after accusing the crypto exchange of supporting Russia through financial services linked to sanctioned networks.

According to the UK government’s sanctions notice published on May 26, Huobi Global S.A., also identified as HTX, was added under the Russia Sanctions EU Exit Regulations 2019. The notice said authorities had “reasonable grounds to suspect” the Panama-registered exchange had provided financial services or economic resources connected to A7 Limited Liability Company and Garantex Europe OU.

UK Foreign Secretary Yvette Cooper said the government would act against crypto networks and shadow finance systems used to bypass sanctions on Russia. “If the Kremlin thinks it can evade our sanctions by hiding behind crypto networks and shadow financial systems, it is gravely mistaken,” Cooper said in the statement.

The designation places HTX inside the UK’s expanding Russia sanctions regime, which has targeted companies accused of helping Moscow access financial channels after its 2022 invasion of Ukraine. The UK filing said the action formed part of efforts against entities “exploited by Russia to circumvent UK sanctions.”

UK Targets HTX With Asset Freeze and Service Restrictions

According to the UK sanctions filing, the measures against HTX include an asset freeze, director disqualification sanctions, trust services restrictions, and correspondent banking prohibitions. The notice also blocks UK financial institutions from maintaining correspondent banking links with the designated entity or processing payments connected to it.

The UK government also imposed internet services sanctions. Under those measures, UK-based internet providers, social media platforms, and app stores must take reasonable steps to restrict access by UK users to HTX-related services and applications.

Authorities named A7 Limited Liability Company and Garantex Europe OU in the statement of reasons tied to HTX. Garantex has previously faced international sanctions scrutiny over alleged illicit finance activity and links to Russia-based financial networks.

At the time of writing, HTX had not issued a public response to the UK designation.

The European Commission also announced crypto-related sanctions in April against stablecoin and digital asset operators linked to Russia and Belarus. Those measures included action connected to A7A5, a stablecoin tied to Russian-linked financial activity.

FCA Case Adds to HTX’s UK Regulatory Pressure

The latest sanctions add to HTX’s existing problems with UK authorities. In 2025, the Financial Conduct Authority opened legal proceedings against the exchange over alleged illegal crypto promotions aimed at UK consumers.

According to the FCA, HTX promoted crypto services across TikTok, X, Facebook, Instagram, and YouTube without following UK marketing rules. The watchdog said the activity breached restrictions designed to control how crypto products are advertised to local users.

The UK government’s May 26 action shows that HTX now faces both regulatory and sanctions pressure in the country. While the FCA case focused on consumer promotions, the sanctions notice tied the exchange to financial services allegedly connected to Russia’s sanctioned economic networks.

In Russia, lawmakers advanced digital asset bills in April that would tighten control over crypto activity inside the country. The proposals included possible criminal penalties for unlicensed digital asset services and registration requirements with the Russian central bank.

Russian lawmakers also passed first-reading measures that would limit retail investor access to certain crypto products and reinforce the country’s ban on digital asset payments. Those developments came as Western governments continued to pressure crypto platforms accused of helping sanctioned entities move funds.

Bitcoin miner TeraWulf has acquired a large data center development site in the US state of Kentucky, adding significant capacity to its artificial intelligence and high-performance computing (HPC) business as miners continue diversifying beyond Bitcoin.

TeraWulf said Tuesday the site could eventually support more than 1 gigawatt of AI and HPC capacity. The company expects the first 500 megawatts to come online in 2028, with another 500 megawatts targeted by 2030.

The site includes planned grid infrastructure and long-term power agreements, underscoring TeraWulf’s ongoing shift toward AI and HPC hosting alongside its traditional Bitcoin mining operations.

The acquisition comes as TeraWulf’s HPC-related revenue jumped 117% in the most recent quarter, driven largely by its Western New York Lake Mariner facility, one of North America’s largest HPC campuses. Despite revenue growth, the company posted a wider quarterly loss as it continues to invest heavily in AI infrastructure.

Source: Rittenhouse Research

Its AI strategy is backed by a $3 billion financing deal arranged through Morgan Stanley and announced last September to support data center expansion. Google is helping backstop the debt financing.

TeraWulf is among several Bitcoin mining companies expanding into AI and high-performance computing as margins in the mining sector come under pressure. Others pursuing similar strategies include Hut 8, HIVE Digital, MARA Holdings and IREN.

Related: TeraWulf misses Q4 2025 estimates as Bitcoin mining revenue falls

WULF stock rises on data center expansion news

News of the Kentucky site acquisition boosted TeraWulf (WULF) shares on Tuesday, as investors bet the deal would strengthen the company’s AI and high-performance computing expansion strategy.

The stock rose as much as 13.6% in early New York trading, climbing to nearly $26 per share, its highest level in almost three weeks. Shares of industry tracker CoinShares Bitcoin Mining ETF (WGMI) were up 4.5% at last look. TeraWulf is the third-largest holding, at 10.86%, in that exchange-traded fund.

TeraWulf has been among the best-performing crypto mining stocks this year, with shares up nearly 120% since the start of 2026. The rally has been driven largely by investor optimism around the company’s AI infrastructure business, growing HPC-related revenue and broader demand for data center capacity tied to artificial intelligence workloads.

Terawulf (WULF) stock. Source: Yahoo Finance

The gains have significantly outpaced the broader crypto mining sector, the S&P 500 index and much of the traditional technology sector.

Related: Crypto Biz: Institutions tighten their grip on Bitcoin, AI and prediction markets

TLDR

• Benjamin Cowen said Bitcoin is still following its historical four-year cycle.
• Cowen argued that Bitcoin has not reached its final market bottom yet.
• Bitcoin’s rebound to $82,800 stalled near the 200-day simple moving average.
• Cowen compared the latest rejection with similar patterns seen in 2018 and 2022.
• Analyst Sykodelic expects Bitcoin to rally above $90,000 in June.

Bitcoin has remained within its historical four-year cycle, according to Into The Cryptoverse founder and CEO Benjamin Cowen, who says the latest rebound has not confirmed a market bottom.

Cowen said in a recent post on X that Bitcoin’s current structure still fits the cycle pattern that has guided previous bull and bear market phases. He argued that Bitcoin respected the four-year cycle during its October 2025 peak near $126,200, so traders should not assume the bottom will break from the same timeline.

The analyst said past Bitcoin bear markets ended late in midterm years, including November 2022 and December 2018. Based on that comparison, Cowen maintained that the latest decline has not reached its final low.

His comments came after Bitcoin recovered to a multi-month high of $82,800. While some traders viewed the move as evidence that selling pressure had eased, Cowen treated the rebound as another part of the same cycle.

Cowen Says Bitcoin Has Not Reached Its Final Low

According to Cowen, Bitcoin’s market cycle peak and bottom return-on-investment charts continue to follow earlier patterns. He said the bottom ROI has stayed close to prior cycle behavior, even though Bitcoin has not delivered the same size of gains seen in older cycles.

Cowen also said Bitcoin’s ROI from the previous cycle peak has held up better than in some past bear markets. However, he added that the chart still shows similar behavior to previous cycle declines.

In his view, the latest rally did not weaken the bear-market case. Cowen said Bitcoin’s move to $82,800 stopped near the 200-day simple moving average in early May. He compared that level with similar rejections in 2018 and 2022, which came before Bitcoin made another downward move.

The analyst also pushed back against claims that the current consolidation has lasted too long for another decline to follow. Cowen said previous countertrend rallies continued for more than 20 weeks, while the latest one has lasted about 16 weeks.

With those comparisons, Cowen said there is still enough evidence to support the four-year cycle view. He expects Bitcoin to remain under pressure until later in the year, based on the timing of prior market bottoms.

Analysts Split Over Bitcoin’s Next Move

In an earlier analysis, Cowen said Bitcoin’s next leg lower could begin this month and continue into June. He projected that the move could take Bitcoin below its February 6 low of $60,000 before the market forms a stronger base.

Several market analysts have treated the February 6 level as the cycle bottom, but Cowen disagreed with that view. He said Bitcoin’s historical cycle timing leaves room for another decline before the final low appears.

Meanwhile, analyst Sykodelic offered a different outlook. Sykodelic said Bitcoin could rally in June and move above $90,000 after retesting its break-of-structure level.

The split leaves traders watching whether Bitcoin can move past the 200-day simple moving average with strength. For Cowen, failure at that level keeps the historical-cycle argument alive. For analysts with a bullish outlook, a June move above $90,000 would challenge his bearish timeline.