Author: James Wilson

Defense Secretary Pete Hegseth told the House Armed Services Committee on April 30 that the Pentagon is running classified Bitcoin programs on two operational tracks — enabling the technology and countering it — and that those efforts provide the United States leverage against China “in a lot of different scenarios.” Summary Hegseth said “I am a long enthusiast of Bitcoin and crypto potential,” making him the first sitting Defense Secretary to confirm classified government Bitcoin programs in a national security context before Congress. INDOPACOM Commander Admiral Samuel Paparo separately confirmed earlier in April that US Indo-Pacific Command operates a live…

Tether posted $1.04 billion in Q1 2026 net profit and a record Tether profit reserve buffer of $8.23 billion, backed primarily by $141 billion in US Treasuries, in a quarterly attestation published May 1 by accounting firm BDO, its most detailed financial disclosure to date. Summary Tether profit of $1.04 billion in Q1 represents a buffer growth of 47% year on year, with excess reserves rising from $5.6 billion in Q1 2025 to $8.23 billion in Q1 2026 and total assets reaching $191.77 billion against $183.54 billion in liabilities. The $141 billion US Treasuries position makes Tether the 17th-largest holder…

The US Senate voted unanimously to bar all senators and their staff from placing bets on political prediction market platforms including Polymarket and Kalshi, with the resolution authored by Republican Senator Bernie Moreno, who also set the end-of-May CLARITY Act deadline. Summary The Senate ban passed unanimously, a notable bipartisan outcome that reflects shared concern about insider information advantages after prediction market trading by political figures drew increasing scrutiny in 2025. Kalshi said it already proactively blocks members of Congress from using its platform and described the Senate vote as “a great step to increase trust in markets,” suggesting the…

President Trump signed an executive order on April 30 directing the Labor Department to allow Trump retirement account access to cryptocurrency, private equity, and other alternative assets inside US 401(k) plans, targeting the roughly $12.5 trillion defined-contribution market that has been largely closed to digital assets under existing ERISA guidance. Summary The executive order instructs the Labor Department to revisit Employee Retirement Income Security Act guidance and coordinate with the Treasury Department. Trump retirement policy also launches TrumpIRA.gov next year, a site where workers without employer-sponsored plans can access retirement accounts and receive up to $1,000 annually in matching federal…

Ripple CTO Emeritus David Schwartz has pushed back against a resurfaced 2017 post in which he said XRP could not stay “dirt cheap,” rejecting the community’s reading of it as a price guarantee and separately dismissing claims that Ripple holds any hidden mechanism to massively reprice the token. Summary The 2017 post stated XRP could not be dirt cheap if it handled large global transaction volumes, but Schwartz said the comment was about how liquidity needs and transaction value relate. Schwartz said he considered deleting the post but decided against it, saying removing it would create more confusion rather than…

Major US banking trade groups have asked the Treasury Department and the FDIC to pause three GENIUS Act rulemaking comment periods until the OCC finalises its primary stablecoin framework, while stablecoin startup Agora simultaneously filed for a national trust bank charter on April 24 to establish a federal presence before the rules harden. Summary The American Bankers Association and the Bank Policy Institute asked Treasury and the FDIC to wait 60 days after the OCC finishes its framework before running parallel comment periods, arguing the proposals are structurally interdependent. Agora CEO Nick van Eck called the banks’ stance “not much…

Bitcoin price rose nearly 3% to $78,700 on May 1 as Iran submitted a new peace proposal through Pakistani mediators to the United States, easing oil pressure and improving risk sentiment across global markets for the second time in a week. Summary Bitcoin price climbed to $78,700 on May 1, recovering from a multi-week low near $74,900 posted just two days earlier when Trump received a military briefing on new Iran strike options. Iran submitted a revised peace proposal through Pakistani mediators on May 1, CNBC reported, with oil prices edging lower on the development as Strait of Hormuz supply…

Coinbase activated Trade at Settlement for XRP futures on May 1, making XRP TAS the first altcoin to receive the same institutional block-trade execution mechanism already available for Bitcoin, Ethereum, gold, and crude oil futures, following a CFTC filing on April 21. Summary XRP TAS allows institutional investors to execute large block orders for both nano XRP and full-sized XRP futures at the official 4 PM settlement price, removing intraday price exposure that increases execution costs at volume. The tool places XRP on the same operational footing as traditional commodity futures, directly following the SEC and CFTC’s March 2026 joint…

Microsoft and OpenAI restructured their landmark 2019 partnership on April 27, converting Microsoft’s cloud license from exclusive to non-exclusive, allowing OpenAI to sell its full model suite on Amazon Web Services and Google Cloud for the first time, as Amazon CEO Andy Jassy confirmed OpenAI models will arrive on AWS Bedrock within weeks. Summary OpenAI Microsoft exclusivity is gone: the new terms give Microsoft a non-exclusive licence to OpenAI’s IP through 2032, while OpenAI remains obligated to ship new models to Azure first. Microsoft stops paying its revenue share to OpenAI immediately, while OpenAI continues paying Microsoft through 2030 subject…

Mantle’s proposal to lend up to 30,000 ETH to Aave’s DeFi United rsETH rescue has gone live on Snapshot, adding structured credit to a $314m multi‑DAO war chest. Summary Mantle Network says its rsETH relief credit facility proposal for Aave has moved into the governance voting stage on Snapshot, with MNT holders required to delegate before they can vote. The proposal would let Mantle’s treasury lend up to 30,000 ETH to Aave’s DeFi United recovery effort, giving users more orderly ways to exit or restructure positions impacted by the April 18 rsETH exploit. DeFi United, the multi‑DAO rescue initiative led…