Traditional finance is coming for DeFi's biggest trading venue.

Meanwhile, corporate Bitcoin treasuries are getting stress-tested by real debt obligations.

And Gemini just bet $100M on itself while bleeding cash every quarter.

Today's theme: the line between TradFi and crypto keeps getting blurrier, messier, and more expensive.

CME and NYSE owner push Washington to regulate Hyperliquid

CME Group and ICE are lobbying US regulators to crack down on Hyperliquid's offshore trading operations.

Their argument: the platform's light compliance makes it vulnerable to manipulation and sanctions evasion.

If Washington listens, every decentralized exchange could face a new regulatory playbook.

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Markets

Crypto gives back gains as macro headwinds overwhelm regulatory optimism

Bitcoin briefly rallied after the CLARITY Act cleared the Senate Banking Committee 15-9.

But surging oil prices and inflation fears wiped those gains out by Friday morning.

Trump's hint at lifting sanctions on Chinese buyers of Iranian crude pushed Brent above $105.

Markets are now pricing in rate hikes by March 2027, not cuts.

BTC slipped back near $79K, ETH fell below $2.3K, and SOL dropped under $90.

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Strategy may sell Bitcoin to cover $1.5B convertible note buyback

Polymarket bettors now put 94% odds on Strategy selling Bitcoin before end of 2026.

The company needs to fund a $1.5B convertible note buyback. Its BTC stash is the obvious piggy bank.

A forced sale from crypto's most famous corporate holder would test the market's conviction.

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Gemini shares pop 25% after $100M Bitcoin buy despite $109M quarterly loss

Winklevoss Capital just injected $100M into Gemini at $14 per share, all backed by Bitcoin.

Revenue climbed 42% year over year to $50.3M. But losses still hit $109M for the quarter.

The Winklevoss twins are essentially doubling down on their own company while it burns cash.

Read the full breakdown →

On Our Radar

Crypto's big pivot: Digital asset traders are flooding into traditional brokers at record rates.*

The Moscow shuffle: Russia's exchange wants round-the-clock crypto trading to compete globally.

Korean consolidation play: OKX is eyeing a 20% stake in Coinone, South Korea's crypto exchange.

_*sponsored

ICYMI

Meme of the Day

That’s your briefing. Catch you next time.

Estéfano