Good Morning,

Here's a quick preview of today’s content: Russian hacker jailed 81 months over $9M ransomware attacks, Clarity Act draft bans rewards on passive stablecoin balances, OKX rolls out round the clock trading for Mag 7 stocks, BMO joins CME's tokenized cash platform, Australian pension fund mulls offering crypto in rare move, and so much more

Happy Wednesday - Let’s dive in.

Market Snapshot

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• Bitcoin hovers around $70,000 as geopolitical uncertainty and Senate's revised Clarity Act draft weigh on sentiment

  • BTC leads rebound with $550M in shorts liquidated before slipping, as ETH and SOL fall -0.6% and XRP drops -3%

  • Bittensor leads AI altcoin surge amid conflicting Iran ceasefire claims, with oil tumbling -4%

  • Circle's -16% slide leads crypto stock sell-off as total market cap edges down -0.2% to $2.48T

• AI tokens and stablecoins win despite crypto slump as traders turn into cross-asset chasers

Prediction Markets

• Bettors on Polymarket are predicting when will the DHS shutdown end?

• Track and trade live odds on any event, only on Polymarket

Headline Roundup
^{_{The major headlines driving crypto markets}}

• NYSE taps Securitize to develop tokenized securities platform (DC)

• BMO joins CME's tokenized cash platform (DC)

• Mastercard and Western Union build with Solana’s enterprise platform (DC)

• Invesco joins tokenization race as it takes over Superstate’s $900M fund (CD)

• CFTC unveils task force focused on crypto, AI and prediction markets (DC)

• Australian pension fund mulls offering crypto in rare move (BBG)

• OpenAI shuts down Sora video app (DC)

• Robinhood authorizes $1.5B stock buyback (TB)

• Crypto firm Ledger completes $50M secondary share sale (BBG)

• BlackRock sees AI driving crypto’s next bull phase (CD)

• Tether says it will be audited by big four accounting firm (DC)

• BNY CEO says the future of crypto runs through big banks (CD)

• Coinbase says the ‘second wave’ of crypto investors are prioritizing income (CD)

• Revolut sees profit soar +57% to $2.3B (CD)

• Hut 8 leans into model to switch between AI and bitcoin mining (TB)

• Apex tokenizes Bitcoin mining note on Coinbase’s Base (CD)

• Balancer Labs winds down months after $128M DeFi exploit (DC)

• Hyperliquid's open interest jumps +25% to $1.74B (TB)

• Lido revenue drops -23% as users withdraw funds (TB)

• Hyperscale Data increases Bitcoin holdings to $44M (BM)

• Circle taps fintech Sasai to expand USDC adoption (CT)

• DV8 becomes first treasury in Southeast Asia with crypto license (BM)

• Lombard taps Bitwise to offer Bitcoin yield and lending (CT)

• TRON DAO expands AI fund to $1B as race heats up (CT)

Venture Capital

• New York-based crypto manager ParaFi raises $125M (CD)

• Enlivex, a RAIN crypto treasury, secures $21M debt financing from New York-based The Lind Partners (TB)

• Ethereum block builder Eureka Labs raises $6.7M co-led by Spark Capital and Collider Ventures (TB)

• PeakAI, an AI-based crypto system, raises $2M seed round led by Cogitent Ventures, Covey, CatcherVC, and more (KC)

Access the complete VC deal flow on Fundable.

Launches

• OKX rolls out round the clock trading for Mag 7 stocks (DC)

• BitGo offers OTC prediction market access to institutions (TB)

• Ethereum Foundation launches post-quantum research hub (TD)

• Zama and T-REX launch privacy layer for tokenized assets (TB)

• Silo V3 launches liquidation mechanism for crypto collateral (TB)

• Fira launches fixed-rate lending market (CT)

Regulation

• Clarity Act draft bans rewards on passive stablecoin balances (TD)

• Regulation looms as 11 states go after prediction markets (CT)

• Senators urge immediate AI export ban on Southeast Asia (BL)

• ECB warns Europe could lose sovereignty to dominant stablecoins (FM)

• Delaware introduces bill to license stablecoin issuers (TB)

• FSB flags dollar stablecoins as bigger risk for emerging markets (CT)

Cybersecurity

• Russian hacker jailed 81 months over $9M ransomware attacks (DC)

• Resolv issues 72-hour ultimatum to exploiter for return of $25M (TB)

Extra Reads

• Morgan Stanley’s Amy Oldenburg said banks are expanding into crypto not because of hype, but after years of infrastructure development - Here’s why Wall Street’s crypto push has been years in the making

• Treasury yields and swap spreads could eventually pressure the Trump administration to moderate the conflict, analysts argue - Here’s how Treasuries could shape Trump’s Iran war and bitcoin moves

Chart of the Day

Altcoin trading volumes drop sharply across major exchanges

Meme Dump

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*DISCLAIMER: Investment advice provided by Autopilot advisers LLC, an SEC registered investment advisor. Past performance does not guarantee future results. Investing carries risks including the risk of the loss of principal. Performance doesn’t include fees. See more here.