Musk’s net worth now surpasses Bitcoin’s market cap
Binance may have to exit the EU after betting on Greece as its regulatory home.
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Not everyone in crypto is having a good week.
Musk's fortune now leads Bitcoin's market cap while Hyperliquid powers ahead with strong gains.
Binance is facing regulatory hurdles in Europe as its MiCA license application in Greece hits challenges.
Yet Wall Street is doubling down, with State Street and Anchorage Digital launching a new GENIUS Act-compliant fund for stablecoin reserves.
Today's newsletter connects those dots.
Greece set to turn down Binance’s license bid, putting EU access at risk
Binance could be locked out of the entire European Union within weeks.
Greece is expected to reject the exchange's MiCA license application, according to Reuters.
Without approval in at least one EU member state, Binance loses its passporting rights across the bloc.
In response, the world's top crypto exchange warned that MiCA delays could hurt liquidity and competition across the EU.
Markets
HYPE leads crypto higher as Musk's fortune eclipses Bitcoin
Hyperliquid's HYPE token cleared $76 to set a fresh all-time high.
SpaceX perpetual contracts on the platform drove $1.6B in daily volume, fueling the surge.
Elon Musk's net worth now tops $1.4T, exceeding Bitcoin's entire market cap.
BTC slipped below $66K, ETH traded near $1.8K, and SOL drifted toward $73.
State Street wants to be the back office for every stablecoin issuer in the US
State Street just launched a money market fund built specifically for stablecoin reserves.
The product is structured to comply with the GENIUS Act, which took effect in July.
If stablecoin issuers bite, one of Wall Street's oldest firms becomes crypto's reserve plumber.
SpaceX jumps 11%, passes Amazon to become fifth largest company by market cap
SpaceX stock is now up nearly 58% above its IPO price in less than a week.
Tuesday's 11% surge pushed the company past Amazon into the global top five.
The rally has made SpaceX one of the fastest ascents from IPO to mega-cap in market history.
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Catch you in the next one.
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