Every industry that gets big enough learns the hard way that attention isn't always a compliment.

Capitol Hill is widening its regulatory gaze on prediction markets, just as federal Bitcoin reserve efforts are measured against real-world usage.

Elsewhere, financial heavyweights are testing tokenized rails, but soaring treasury yields keep putting a cap on market momentum.

Needless to say, there's plenty to dig into today.

Morgan Stanley launches digital asset lab to test DeFi and tokenization

Morgan Stanley just opened a Digital Asset Lab inside its innovation network.

The lab will experiment with stablecoins, tokenized assets, and decentralized finance protocols.

Amy Oldenburg, who leads the bank's digital asset team, confirmed the plans to Bloomberg.

When a bank managing $1.2T in client assets starts tinkering with DeFi, the rest of Wall Street tends to follow.

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Markets

Rising yields drag Bitcoin lower after early rally fizzles

Bitcoin climbed above $84,500 before Treasury yields crushed the momentum.

The 30-year yield hit 5.60%, its highest level since 2004.

Separately, El Salvador launched a stablecoin app called Sivar, built by Coinbase-backed startup Modveon.

The app aims to connect Salvadorans with cross-border payments five years after the country's Bitcoin experiment.

Bitcoin last traded near $83,400, roughly flat over 24 hours.

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Cboe and S&P DJI lock in 25-year deal with tokenized options on the roadmap

Cboe Global Markets extended its exclusive S&P 500 options licensing deal through 2051.

The agreement includes plans to explore tokenized options contracts for the first time.

If index options move on-chain, it could reshape how trillions in derivatives settle and clear.

Read the full breakdown →

House Oversight Committee expands crypto probe to Hyperliquid and Crypto.com

Congress is widening its investigation into prediction market insider trading practices.

The House Oversight Committee added Hyperliquid and Crypto.com to its list of platforms under review.

Compliance standards across the industry could shift depending on what investigators find.

Check the details →

On Our Radar

The Doge effect: Dogecoin is shedding its meme status for actual payment infrastructure.*

Crypto's next bet: Raven landed $90M in backing from some serious players.

Kalshi’s new target: Kalshi is reportedly seeking $1 billion at a $40 billion valuation.

Ethereum scales up: Ethereum is moving closer to Glamsterdam, its next major upgrade.

_*sponsored

ICYMI

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Meme of the Day

That’s your briefing. Catch you next time.

Vi