Author: Gabby

JPMorgan Chase CEO Jamie Dimon has voiced strong opposition to the Clarity Act, arguing that it grants crypto companies bank-like privileges without imposing corresponding safeguards. During a Fox Business interview, Dimon emphasized that banks will reject the bill unless lawmakers tighten provisions around stablecoin rewards, which he claims create deposit-like products lacking anti-money laundering and Bank Secrecy Act protections.

Dimon asserted that any firm offering deposit-like features must adhere to the same regulations as traditional banks. He warned that careless stablecoin regulation could lead to significant future problems, urging careful legislative design.

The clash highlights a deepening divide between traditional banking and the crypto industry. Banks fear that stablecoin incentives could lure deposits away from regulated institutions, while crypto advocates like Coinbase push back against restrictions on customer rewards. Dimon also criticized Coinbase CEO Brian Armstrong for the exchange’s extensive lobbying efforts in Washington, accusing him of spending hundreds of millions to influence the legislation.

Meanwhile, the line between stablecoins and bank deposits is blurring. SoFi Technologies recently launched SoFiUSD, the first stablecoin issued by a U.S. national bank, with plans for tokenized deposits offering interest and FDIC insurance. This development underscores the overlap that Dimon warns about, though he acknowledges blockchain’s utility for cross-border payments.

Beyond the regulatory battle, Dimon hinted at JPMorgan’s potential for a major acquisition, mentioning a possible $10–$20 billion deal in the next two years. This comes as the bank prepares to contest the Clarity Act, which Dimon believes could alter the competitive landscape for customer deposits.

Wintermute, a major player in digital asset market-making, has expanded into prediction markets, offering liquidity to platforms like Kalshi and Polymarket. The firm will provide two-sided quotes on event contracts, aiming to improve execution depth and narrow bid-ask spreads. This move comes as the prediction market sector experiences explosive growth, with trading volumes exceeding $60 billion in 2026 and monthly activity reaching $20-$25 billion.

Jake Ostrovskis, Wintermute’s head of OTC trading, noted that prediction market demand mirrors that of larger asset classes, but liquidity remains underdeveloped. He emphasized that sustained two-sided liquidity can enhance price discovery and support larger trades. Wintermute, which has handled over $5 trillion in cumulative volume across crypto venues, sees its infrastructure as directly applicable to event-contract trading.

The sector’s growth has drawn institutional interest, exemplified by Kalshi’s $22 billion valuation after a $1 billion Series F round. Kalshi, a CFTC-regulated exchange, saw its annualized volume jump from $52 billion to $178 billion in six months. Meanwhile, regulatory scrutiny is increasing, with the CFTC issuing a rulemaking proposal on manipulation risks and at least 11 states advancing legislation targeting prediction markets. Tax concerns also loom, with an estimate suggesting $600 million in forgone tax revenue from unregulated platforms.

Wintermute’s entry could reshape market dynamics, as thin order books have historically plagued prediction markets. For instance, arbitrage opportunities on Polymarket between April 2024 and April 2025 totaled roughly $40 million, indicating pricing inefficiencies that professional market makers can exploit. By tightening spreads, Wintermute aims to make prediction markets more accessible for larger positions and improve the overall trading experience.

In a major development for the digital asset space, Coinbase has launched a compliant gateway that allows institutional investors in the United States to trade international crypto derivatives. Through its futures commission merchant, Coinbase Financial Markets, the exchange is now offering eligible clients regulated access to markets previously available only overseas, with Deribit options leading the initial rollout.

According to Coinbase, this initiative marks the first time a U.S.-regulated entity has provided direct access to global crypto derivatives, including perpetual futures and options. The company expects this move to unlock a significant portion of the crypto trading market, which has historically been dominated by offshore venues. Approximately 80% of global crypto trading volume stems from derivatives, highlighting the scale of the opportunity.

The regulatory framework supporting this expansion is anchored by a staff action from the Commodity Futures Trading Commission. The CFTC staff clarified that certain crypto perpetual contracts may qualify as foreign futures under existing regulations, and issued a no-action position regarding the transfer of customer-owned digital assets to a foreign broker for margin purposes. These rulings provide legal clarity for Coinbase and its clients.

Coinbase completed its acquisition of Deribit, a leading global options exchange, in August 2025 for $2.9 billion. At the time, Deribit handled over $185 billion in monthly trading volume and held roughly $60 billion in open interest. By linking Deribit’s liquidity with Coinbase’s regulated infrastructure, the company aims to fill a critical gap for U.S. institutions that previously lacked a compliant route into the derivatives market.

To strengthen its institutional offering, Coinbase has also deepened its partnership with Standard Chartered, adding fiat funding support for currencies like the Australian dollar, Singapore dollar, Canadian dollar, and Swiss franc. This integration enables institutions to manage capital across spot, derivatives, and financing strategies without the constraint of a single base currency.

For trading firms, the implications are substantial. Access to Deribit options facilitates sophisticated hedging, volatility trading, and basis strategies linked to Bitcoin. Coinbase noted that Bitcoin options open interest exceeded $31 billion as of late May, underscoring the depth of the market now accessible to U.S. participants. The company plans to roll out additional products, including perpetual futures and expanded collateral options, in subsequent phases.

Pi Network’s PI token is trading near $0.14, experiencing a period of price consolidation following a brief rally in April. The token’s movement is constrained by low liquidity and the prevalence of IOU listings, which contribute to heightened volatility. Traders are closely monitoring key support and resistance levels amid these conditions.

As of May 29, 2026, PI is priced at approximately $0.144 on Bybit’s IOU market, with a 24-hour range between $0.142 and $0.146. This tight band results in intraday volatility of about 3%, with trading volumes remaining modest across major IOU exchanges. On OKX, a separate PI derivative instrument shows a different pricing structure, highlighting the fragmented nature of Pi-related markets.

This consolidation follows a period in April when PI briefly outperformed the broader market, climbing over 5% on April 29 and roughly 11% for the week, reaching near $0.60. The surge was driven by anticipation of Pi Network’s appearance at Consensus 2026 in Miami, indicating event-driven speculation rather than fundamental demand. Even during that rally, bitcoin fell about 1.6%, and other major cryptocurrencies like ether declined, underscoring the isolated nature of Pi’s gains.

Despite these short-term movements, PI’s long-term performance remains challenging. The token has plummeted more than 90% from its all-time high of around $3.00 in 2025. By December 2025, it had declined to the $0.20 area, driven by weak investor sentiment, post-mainnet selling, and exchange migration pressures. Technical analyses from May 2025 identified oversold conditions near $0.69-$0.70, with potential for a bullish reversal if PI could reclaim $0.74 and target $0.85 or $0.99. However, those levels now appear distant as the token hovers around $0.14.

Fundamentally, Pi Network remains in a state of uncertainty. Proponents highlight real-world utility and compliance progress as key catalysts, while critics point to fragmented IOU markets, unclear circulating supply, and delays in delivering fully unlocked mainnet tokens. The recent CiDi Games beta app, attracting over 81,000 users, adds a positive note but has not yet translated into sustained price appreciation. The next significant move for PI will likely depend on whether developers can convert headline events and a large KYC-verified user base into tangible on-chain demand, enabling a breakout above immediate resistance.

The United States Treasury has announced that it has seized close to $1 billion in digital currencies linked to Iran, intensifying its financial crackdown on Tehran. Treasury Secretary Scott Bessent revealed this during the Reagan National Economic Forum, stating that authorities are monitoring funds connected to Iran’s international networks. Bessent emphasized that the operation aims to disrupt financial channels Iran is using outside conventional banking systems.

Bessent explained that the latest seizures are part of a broader Treasury initiative to cut off revenue streams for Iran’s government and the Islamic Revolutionary Guard Corps (IRGC). The campaign includes sanctions, frozen bank accounts, and actions against blockchain wallets tied to Iranian entities. The Treasury Department has described this as a financial pressure campaign authorized by President Donald Trump. Under this operation, the Office of Foreign Assets Control has sanctioned over 1,000 Iran-linked entities. Bessent said U.S. officials will continue to track money Tehran attempts to move abroad and target financial routes connected to the Iranian regime.

In April, OFAC sanctioned several crypto wallet addresses linked to the IRGC. Subsequently, Tether froze $344 million in USDT across two Tron blockchain addresses in coordination with U.S. law enforcement. Blockchain analytics firm Chainalysis linked these addresses to on-chain patterns associated with known Iranian military wallets. One wallet reportedly held about $213 million, while the second contained about $131 million. U.S. officials stated that the frozen funds were part of a larger effort to block Iranian state-linked actors from moving value through digital assets. The total seizure figure later exceeded $500 million, and Bessent’s latest comments indicate the amount is now near $1 billion.

The crypto seizures follow reports that Iran has started accepting digital assets for overseas weapons sales. Iran’s Ministry of Defense Export Center, known as Mindex, introduced payment terms in January allowing military contracts to be settled in digital currencies. Mindex also permitted barter arrangements and payments in Iranian rials, giving Iran more payment options amid sanctions that have limited access to conventional financial systems.

In April, Iran reportedly considered requiring ships passing through the Strait of Hormuz to pay transit tolls in Bitcoin during a temporary ceasefire with the United States. The policy was described as an attempt to collect revenue outside banking channels while Iran maintains influence over a key oil route. This proposal placed Bitcoin inside a geopolitical dispute involving shipping, sanctions, and military pressure. For shipping firms, the plan raised legal and operational questions because payments could expose companies to sanctions risk.

The Treasury’s latest figures show that U.S. officials now view crypto wallets as part of Iran’s financial infrastructure. Bessent said Washington will continue targeting the financial lifelines tied to Tehran.

Texas is making concrete strides toward holding Bitcoin directly, naming a five-member advisory team to oversee its Strategic Bitcoin Reserve. Acting Comptroller Kelly Hancock will chair the committee, which also includes Laurie Dotter, chair of the Employees’ Retirement System of Texas’s Investment Advisory Board, Jamie McAvity of Cormint Data Systems, law professor Carla Reyes from Southern Methodist University, and Gary A. Vecchiarelli of CleanSpark. The panel will guide custody, valuation, and management of the state’s Bitcoin assets under Senate Bill 21, passed in June 2025.

Alongside the committee appointments, the Comptroller’s office has issued a request for proposals for a qualified crypto custodian. The reserve currently holds about $10 million in Bitcoin exposure through BlackRock’s iShares Bitcoin Trust, but the RFP outlines a plan to shift to direct Bitcoin holdings within 60 days of signing a contract. This move positions Texas as a leader among states seeking a formal Bitcoin reserve, with emphasis on secure custody and financial controls.

At the federal level, progress on a national Bitcoin reserve has been slower. President Trump’s March 2025 executive order directed the Treasury to create a reserve using forfeited Bitcoin, estimated at 328,372 BTC. However, legal hurdles delayed implementation until a recent breakthrough, with an announcement expected soon. Meanwhile, Senator Cynthia Lummis and Representative Nick Begich have introduced the American Reserves Modernization Act, which would authorize the Treasury to buy up to 200,000 Bitcoin annually for five years, with a 20-year holding period. If passed, the first Treasury purchase could occur in late 2026.