The White House supports certain stablecoin incentive plans and urges banks to advance market structure legislation.
A Tennessee judge approves a preliminary injunction to block state enforcement against prediction market platform Kalshi, ruling its products as CFTC-regulated swaps.
Hyperliquid Policy Center calls for attention to financial privacy and opposes mandatory monitoring of non-custodial developers.
Rumble integrates Tether's USAT stablecoin into its wallet service for tipping and global payments.
On-chain data analysis platform Parsec announces cessation of operations and is processing refunds.
Nvidia is close to finalizing a $30 billion investment in OpenAI, replacing a previous $100 billion plan.
World Labs, founded by Li Fei-Fei, raises $1 billion with participation from Nvidia.
Bitdeer plans to raise $300 million through convertible preferred notes.
Analysis indicates Bitcoin SOPR has dropped to 0.92–0.94, suggesting market volatility, with macro conditions providing liquidity support but insufficient for a sustained bull market.
Vitalik Buterin warns of potential uncontrollable risks in AI development, emphasizing Ethereum's goal is human freedom.
X product lead Nikita Bier criticizes excessive prediction market spam on the platform.
Strategy CEO advocates for the U.S. to reassess Basel capital requirements for crypto assets.
Other funding events include Newity raising $11 million, Unicity Labs $3 million, Monark Markets $8 million, and Canton Strategic $55 million.

Macro & Regulatory

White House: Supports some stablecoin rewards programs and urges banks to accelerate the implementation of market structure legislation.

The White House expressed support for a partial stablecoin rewards program during talks with the banking and crypto industries and urged banks to reach an agreement on market structure legislation. According to sources familiar with the matter, if the banking industry agrees, restricted stablecoin rewards will be included in the next draft of the U.S. Senate's Digital Asset Market Clarity Act.

Analysis: The Fed's room for interest rate cuts this year may be overestimated; asset management giants are shorting US Treasuries against the trend.

Hyperliquid Policy Center calls for attention to financial privacy and opposes forced surveillance of non-managed developers.

Coinbase CLO: US court has determined that the Kalshi contract is a CFTC-regulated swap product.

Coinbase Chief Legal Officer paulgrewal.eth stated in an article on the X platform that a US court ruling indicated that ordinary users might perceive Kalshi's product as "similar to, or even indistinguishable from, sports betting." However, the court emphasized that this perception does not alter its legal nature because "a three-hour match, and the Titans winning the match, are both events that occurred," and the related contracts still fall under the "swaps," which are legally subject to the exclusive jurisdiction of the US Commodity Futures Trading Commission (CFTC). paulgrewal.eth believes that this ruling means that even if a product resembles sports betting in form or experience, as long as its structure meets the definition of a swap and is traded on a regulated exchange, it remains subject to the CFTC's regulatory framework.

A Tennessee judge granted a preliminary injunction to prevent the state from taking enforcement action against Kalshi.

Project Updates

Rumble announces integration of its wallet service with Tether's USAT stablecoin.

Anchorage Digital launches stablecoin solution, providing international banks with on-chain USD settlement channels.

Aave becomes the first RWA lending agreement to surpass $1 billion in deposits.

On-chain data analytics platform Parsec announces cessation of operations

On-chain data analytics platform Parsec has announced the official cessation of operations. The team stated on its official website and social media platforms that the project has ceased service after five years of operation and is currently processing refunds and canceling all valid subscriptions.

Analysis & Opinions

Analysis: SOPR has fallen to the 0.92–0.94 range; marginal improvements in the macroeconomy are unlikely to change the oscillating pattern of Bitcoin.

The decline in US inflation and rising expectations of interest rate cuts provide psychological support for risk assets, but the crypto market is more likely to exhibit phased fluctuations rather than a one-sided trend. Balance sheet expansion reduces systemic liquidity risk and historically has been beneficial to scarce assets like Bitcoin, but the current pace of liquidity recovery is slow. At the beginning of this week, spot Bitcoin selling pressure re-emerged, with cumulative sell-offs reaching billions of dollars. Although the market's ability to absorb selling pressure has improved compared to before, on-chain metrics show that the adjusted SOPR (Spent Output Profit Ratio) has fallen to the 0.92–0.94 range, reflecting that most cryptocurrencies are shifting to a loss-making state, and structural pressure remains. The current macroeconomic environment provides some liquidity buffer for the crypto market, but it is insufficient to support a sustained bull market. Bitcoin has short-term tactical rebound potential, but a long-term structural upward trend still requires clearer signals of declining inflation and confirmation of sustained spot demand.

Vitalik Buterin: Ethereum's goal is to liberate humanity, and increasing the feedback gap between humans and AI is "not a good thing."

X Product Manager Nikita Bier criticized the platform for having too much spam in its prediction markets.

Metaplanet CEO responds to disclosure questions: Selling put options reduced Bitcoin costs; long-term holding strategy remains unchanged.

Strategy CEO: Basel Accords impact banking participation in Bitcoin; US should reassess capital requirements.