Core Insights - Momentum toward comprehensive market structure legislation in the U.S. crypto markets is evident, with Congress aiming to clarify the roles of securities and commodities regulators, although progress has stalled over stablecoin yield disagreements [1] - Public blockchains are transitioning from regulatory outliers to integral components of the U.S. financial system, necessitating tailored regulations [1] - The diversity of industry stakeholders supporting the market structure bill indicates its urgency and adequacy for becoming law [1] Stablecoins - Significant progress has been made in stablecoin legislation, providing clarity on issuance, reserves, and supervision, which enables U.S. companies to compete with offshore issuers [6] - Consumer protection is enhanced by ensuring robust reserves, while the dominance of the dollar in global digital markets is reinforced [6] - Ongoing negotiations may jeopardize these advancements as large banks seek to influence the regulatory framework [6] Traditional Finance Integration - There have been meaningful advancements in integrating crypto infrastructure with traditional financial markets, fostering confidence among banks, fintechs, and asset managers [7] - Key regulators, including the SEC and CFTC, are preparing for a financial system characterized by tokenized securities and decentralized finance, indicating a shift towards cooperative regulation [7] Decentralized Finance (DeFi) - DeFi remains challenging to regulate, but discussions have matured, with regulators acknowledging the need for distinct frameworks for decentralized protocols [8] - Lawmakers are urged to avoid overly rigid regulations that could deter DeFi protocols from implementing necessary safety and compliance measures [9] Regulatory Environment - The SEC's leadership has shifted towards modernizing securities laws for a tokenized world, moving away from regulation by enforcement [10] - Legislative stability is needed to solidify regulatory gains and maintain confidence among U.S. crypto builders [10] Crypto Values - Over the past year, crypto values have gained clearer expression in policy discussions, although tensions between enabling freedom and addressing governmental concerns persist [12] - Progress has been made in areas like repealing the IRS DeFi Broker Rule, but comprehensive tax reforms remain necessary [13] Business Environment - The regulatory tone has shifted from hostility to engagement, creating a more predictable and fair business environment for crypto entrepreneurs [16] - Despite improvements, challenges such as state-by-state regulatory fragmentation continue to impose costs on startups [17] Future Outlook - The next phase of U.S. crypto leadership will rely on builders to leverage the opened doors of policy, with the potential for significant economic growth if they succeed [20] - Consolidating recent gains in market structure legislation and deepening commitments to privacy and decentralization are crucial for future progress [21] - Achieving the goal of becoming the crypto capital of the world is now seen as attainable, contingent on principled and ambitious actions from lawmakers and industry actors [22]

Core Viewpoint - AlphaTON Capital is a leading public technology company focused on scaling the Telegram super-app, targeting an addressable market of one billion monthly active users [2][3]. Financial Overview - AlphaTON Capital has $24.5 million in assets and 23.4 million shares outstanding, with no debt or convertibles [1]. - The company holds $11 million in cash and has a deposit of $4 million for 576 B300 AI GPUs [1]. Business Strategy - The company employs a comprehensive M&A and treasury strategy that includes direct digital asset acquisition, validator operations, and strategic ecosystem investments to generate sustainable returns for shareholders [3]. - AlphaTON Capital provides institutional-grade exposure to the TON ecosystem and Telegram's platform while adhering to governance standards and reporting transparency as a Nasdaq-listed company [3]. Leadership - The company is led by CEO Brittany Kaiser, Executive Chairman and CIO Enzo Villani, and Chief Business Development Officer Yury Mitin [3]. Event Participation - AlphaTON Capital announced its participation in the WSB Redacted Live Event at the Miami Convention Center, scheduled for January 29 and 30, 2026 [2][3].

🛎️⛓️ New tokenized asset listing: hyUSD stablecoin on @solana, issued by @hylo_so.hyUSD aims to be the most decentralized stablecoin on Solana, pegged 1:1 to the US Dollar and backed by liquid staking tokens (LST). https://t.co/c2fAG5XMsE ...

Group 1: Ethereum's New AI Agent Standard - Ethereum developers are set to introduce ERC-8004, a new standard aimed at enabling software agents to identify, authenticate, and establish trust across different systems [1] - The proposal emphasizes the need for AI agents to have persistent identities and a shared credibility framework, similar to users, wallets, or smart contracts [1] - ERC-8004 includes three registries: an identity registry for unique on-chain identifiers, a reputation registry for performance feedback, and a validation registry for independent checks of agent work [1] Group 2: Solana's Focus on Financial Infrastructure - Solana is shifting its focus towards building financial infrastructure, moving away from the previous emphasis on NFTs and games [2] - The network is positioning itself around high-throughput on-chain trading and market structure, reflecting a maturation in the ecosystem [2] - Despite subdued crypto prices, institutional interest in Solana has increased, with Wall Street showing strong bullish sentiment towards tokenization and on-chain settlement [2]

Core Insights - Bitwise has registered a Delaware statutory trust named Bitwise Uniswap ETF, indicating a potential future launch of an ETF linked to Uniswap [1] - The registration follows the SEC's closure of its investigation into Uniswap Labs in February 2025, which examined whether activities related to the decentralized exchange violated U.S. securities laws [2] Legal and Regulatory Considerations - Analysts note that the focus has shifted to structure, liquidity, and trade execution as legal uncertainties diminish, with any ETF needing to demonstrate clear pricing and sufficient volume [3] - Approval for the ETF will likely depend on regulators' assessment of Uniswap's decentralization and the reliability of its on-chain liquidity [3] Governance and Internal Issues - Uniswap is recognized as a highly liquid decentralized exchange but is currently facing challenges related to fragmented volumes and internal governance issues [4] - There is growing scrutiny over governance, with community members arguing that tokenholders gain limited economic benefits from governance rights [5] - Tensions have escalated following Uniswap Labs' launch of Unichain without DAO approval, leading to concerns about the concentration of control [5] Recent Developments in Governance - The UNIfication governance vote merged the Uniswap Foundation into Uniswap Labs, which critics argue has weakened DAO independence [6] - UNI's market performance has suffered, trading around $4.78, down approximately 60% over the past year [6] Market Performance - UNI's market cap has decreased by $4.15 billion, dropping it to the 32nd position among the largest crypto assets [7] - Despite recent price weakness, Uniswap processed about $859 million in trading volume in the last 24 hours, and the protocol facilitated nearly $1 trillion in volume over the past year [8][9] Sentiment and Potential Price Movement - Sentiment data indicates a potential short-term price reversal for UNI, with high negative commentary suggesting that retail selling may be exhausting [8]

"Bloomberg Crypto" covers the people, transactions, and technology shaping the world of decentralized finance. Today's guests: FG Nexus CEO of Digital Assets Maja Vujinovic and Chainalysis Co-Founder CEO Jonathan Levin. Chapters: 00:00:00 - Bloomberg Crypto opens 00:01:54 - Morgan Stanley Appoints Head of Digital-Asset Strategy 00:04:42 - Vujinovic: Morgan Stanley’s Announcement Is A Confident Approach to Bitcoin 00:06:22 - Vujinovic on Gold vs. Bitcoin 00:08:19 - Vujinovic: Speculative Bets Very Scattered ...

Group 1: Bitcoin and Gold Comparison - Bitcoin has seen a decline of approximately 4.8% over the past eight days, influenced by geopolitical threats and market sentiment, while gold continues to rise, surpassing $5,000 [2][3] - Investors have withdrawn over $1.3 billion from Bitcoin ETFs and related funds since Bitcoin's last record high, indicating a shift in investor preference towards gold [3] - The current market behavior suggests that Bitcoin holders are more influenced by risk appetite and liquidity rather than inflation concerns, which have benefited gold [4] Group 2: Traditional Finance and Digital Assets - Morgan Stanley has appointed Amy Oldenberg as the head of digital asset strategy, signaling a commitment to expanding their crypto-related initiatives [5][9] - Other banks, like JP Morgan, are further along in their crypto strategies, indicating a competitive landscape in traditional finance's approach to digital assets [7][8] - Morgan Stanley's efforts include filing for crypto-related ETFs and collaborating with cryptocurrency infrastructure providers to enhance client offerings [8][10] Group 3: Illicit Crypto Activities - A report indicates that illicit crypto money laundering reached over $82 billion in 2025, with Chinese language networks responsible for a significant portion [25][26] - The rise in crypto adoption has led to an increase in identifiable money laundering activities, contrasting with traditional cash-based methods that are harder to track [28][29] - Chain Analysis provides solutions to government and law enforcement agencies to combat these illicit activities, emphasizing the need for real-time data and effective disruption strategies [34][41] Group 4: Tether's New Stable Coin - Tether has launched a new US-focused stable coin, USAT, which is dollar-pegged and compliant with US regulations, marking its re-entry into the US market [44][46] - The new stable coin is backed by US treasuries, enhancing liquidity and ease of redemption for users [48] - Stable coins are primarily used for crypto trading, allowing firms to manage positions without converting to traditional cash, which can complicate transactions [50]

Core Insights - The inclusion of Binance Coin (BNB) in CoinShares' Altcoins ETF (DIME) raises questions about its role in an infrastructure investment strategy, which is justified by BNB's scarcity mechanisms and increasing institutional adoption [1] Group 1: Investment Strategy - DIME focuses on Layer 1 networks that support decentralized applications and transaction processing, excluding speculative tokens like Bitcoin and Ethereum [1] - BNB qualifies for inclusion as it powers the second-largest blockchain by decentralized exchange volume, following Ethereum [1] Group 2: Economic Model - BNB's economic model creates scarcity linked to usage, distinguishing it from speculative assets [1] - The token employs two systems for supply reduction: "Auto-Burn," which removes approximately two million tokens quarterly based on price and blockchain activity, and "Real-Time Burn," which destroys a portion of transaction fees [1] Group 3: Institutional Adoption - Institutional validation of BNB's model is evident as BlackRock extended its $2.5 billion tokenized Treasury fund BUIDL to BNB Chain, and Kazakhstan's Alem Crypto Fund made BNB its first official purchase [1] - BNB reached an all-time high of nearly $1,370 in October 2025, having launched at $0.15 during its 2017 ICO, now ranking as the fourth-largest cryptocurrency by market capitalization [1] Group 4: Ecosystem Development - BNB has evolved from a utility token for the Binance exchange to a multi-functional infrastructure, with developments like opBNB for reduced transaction costs in gaming and social apps, and BNB Greenfield for decentralized data storage [1]

Core Insights - Sharplink Gaming Inc. is positioning itself in the cryptocurrency treasury space, with CEO Joseph Chalom acknowledging Michael Saylor's influence in establishing benchmarks for publicly-listed cryptocurrency treasury firms [1][2] Group 1: Leadership and Strategy - Chalom credits Saylor for demonstrating the durability of a digital asset treasury firm over multiple years, particularly through his leadership at Strategy Inc., the largest Bitcoin treasury company [2] - Sharplink's approach is distinct from Saylor's, focusing on Ethereum-centric operations rather than Bitcoin [2] Group 2: Ethereum's Unique Value Proposition - Chalom describes Ethereum as a "generational opportunity," emphasizing its productive and programmable nature, which offers technological advantages not available with other asset treasuries [3] Group 3: Financial Moves and Holdings - Sharplink has allocated $170 million worth of ETH into yield-generating strategies, including staking and restaking on the Linea network, aiming to generate income from corporate treasury assets [4] - The company holds 865,797 ETH, valued at nearly $2.5 billion, making it the second-largest ETH treasury firm globally [5] - Since launching its ETH-focused strategy on June 2, 2025, Sharplink has earned 11,614 ETH in staking rewards [5] Group 4: Financial Performance - Sharplink reported an unrealized loss of $580.59 million on its ETH holdings, indicating challenges in its current financial performance [6]

Competition in crypto is cutthroat. It is especially true of crypto exchanges. Binance is the world’s largest by trade volume and client count. The problem is, it is centralized and custodial. Every client using Binance must relinquish control over their private keys. Meanwhile, over the past few months, Hyperliquid has been gaining ground. Not only is the platform decentralized and taking Binance head-on, but its offerings have also been improving. Yesterday, Jeff Yan, the founder of Hyperliquid, made a ...