CoinDesk

INSIGHT: @cz_binance on SBF's pardon application "Me in my case, there's no fraud. There's no identifiable victims. In his case, there's basically fraud for billions of dollars, and there's couple million people who are directly hurt."

On this week's The Policy Protocol @RebeccaRettig1 explains why the industry letter signed by 60+ crypto CEOs in support of the BRCA matters.

CZ: "Will crypto die? Absolutely not... the super cycle will come."

"These aren't just labels. They are categorizations of financial instruments that actually determine who can trade these products, how your money's protected, what taxes you pay." This week on @CoinDesk's Policy Protocol, @JohnLothian and Kalshi's @udeshjha debate whether crypto perpetuals are futures or swaps with @RebeccaRettig1 and @renato_mariotti. Chapters/Timecodes: 00:00 Welcome to The Policy Protocol 01:10 CFTC's 267-Page Prediction Markets Rule 03:10 60+ CEOs Back the BRCA 05:30 The Perpetuals Debate 07:43 John Lothian's Case: Do Perpetuals Look Like Swaps? 09:45 Kalshi's Udesh Jha on Funding Rates and Cost of Carry 12:43 Would Swap Status Shut Out Retail? 16:45 Is Kalshi Making the Rules Up? 19:25 John's Closing: Market Manipulation Concerns 20:46 Udesh's Closing: 'Regulation First' 23:29 Person of the Week: State Regulators 23:38 Illinois' Digital Asset Trading Tax 24:20 NY DFS Aligns With Genius

DEVELOPING: @AnthropicAI has suspended all access to Fable 5 and Mythos 5 models due to US Gov national security concerns.

INSIGHT: The futures industry had its perfect explainer. It was a 1983 Eddie Murphy movie. @JohnLothian argues that blurring futures and swaps classifications risks losing that clarity forever.

🎥 @jswihart on concerns that governments could crack down on privacy coins: "The reality is we couldn't do commerce on the internet... without encryption."

TODAY: Four years ago today, @CelsiusNetwork paused all withdrawals citing "extreme market conditions." $12B locked. 1.7M users frozen out. CEL crashed 60% in an hour. Chapter 11 followed a month later.

.@jswihart says Zcash's biggest advantage isn't just the technology, it's the history. "You can't recreate that 10 years of history by taking some tech and throwing it on another chain."

NEW: SpaceX's IPO is expected to create more than 4,400 employee millionaires, including welders, technicians, and factory workers, per Fortune.

NEW: @ZachXBT traced a $120M $USDT laundering attempt with funds routed into $XMR, pushing Monero's price from $330 to $438 before @Tether froze $72M linked to the activity.

@Cardano founder @IOHK_Charles says he's moving community discussions from X to Discord, citing "drama, lies, and endless rage."

NEW: @Ethena Labs will allocate $250M to @Securitize's tokenized AAA CLO fund as the product goes live on @Solana.

NEW: SpaceX ($SPCX) is now the world's 6th most valuable company by market capitalization.

JUST IN: Elon Musk has become the world's first trillionaire, per Forbes.

JUST IN: SpaceX ($SPCX) is now officially trading on Nasdaq.

NEW: Crypto exchange Bybit says users will not receive SpaceX ($SPCX) IPO allocations after xStocks was unable to deliver the underlying shares.

J.P. Morgan, Citigroup and Bank of America were each allocated 83 million SpaceX IPO shares, representing about $11.2 billion apiece in the company's record-breaking public offering.

Goldman Sachs and Morgan Stanley each allocated $15 billion in SpaceX IPO shares, per @btcjvs

ZODL's @jswihart calls the response to the bug that crashed ZEC "a masterclass" in handling a security incident. He says every protocol should have a tight security process, rigorous audits, and targeted testing from experts who deeply understand the underlying code.

Follow today’s $SPCX events → x.com/i/events/20622…