Crypto Industry News & Market Trends

Novo Nordisk CEO Concedes Eli Lillys Market-Share Gains as Stock Slumps

Novo Nordisks stock keeps falling even when the news is good, and CEO Mike Doustdar just admitted why. Eli Lilly is beating Novo at its own game.　　Doustdar sat down with CNBCs Jim Cramer this week to explain the disconnect. Novo, famous for its GLP-1 medication Ozempic, raised its full-year sales guidance on August 4, narrowing its projected annual decline from 8% to 3% at the midpoint. Investors sold anyway. NVO shares dropped roughly 6% that day.　　A Beat That Still Lost　　Doustdar walked through the math on air. Novo slashed prices on Ozempic and Wegovy last year to widen patient access, and volume hasnt caught up yet to offset those cuts. He compared it to basic arithmetic. Halving a price means you need double the volume just to break even, and volume never doubles on day one.　　Sponsored　　Sponsored　　That gap between falling average revenue per prescription and rising patient counts is exactly what has investors nervous. Novos obesity and diabetes drugs now make up around 90% of its business, compared to about 60% at Eli Lilly, leaving Novo more exposed to any pricing or competitive shock in that single category.　　Doustdars Concession　　Oral Wegovy sits at the center of this story. Novo launched the pill version

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Bitwise cuts 14% of staff while still expecting growth

Digital asset manager Bitwise has cut 14% of its staff in a move that reduced workers at the San Francisco-headquartered company from about 180 to 155 people.　　A Bitwise spokesperson confirmed to Cointelegraph on Wednesday that it had laid off about 25 people amid a crypto market downturn. The company is the latest in the crypto industry to announce staff cuts in 2026, following similar moves by Robinhood, Polygon, Pump.fun and others.　　Bloomberg earlier reported that Bitwise chief executive Hunter Horsley said that the company still expects growth as crypto “further integrates into the global economy.” The company acquired Chorus One in February in a move expected to expand its staking services.　　The reasons behind digital asset industry job cuts this year have varied. BitGo co-founder CEO Mike Belshe announced a “one-time action” in June, as the company cut 15% of staff to focus on AI and stablecoins. Also citing an AI strategy shift in May, Coinbase said it planned to reduce 14% of its workforce.　　Since January, shares of the Bitwise 10 Crypto Index Fund (BITW) had fallen by more than 30%. The fund tracks the 10 largest cryptocurrencies by market capitalization, including Bitcoin (BTC) and Ether (ETH).

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Wintermute to pour $1B into AI, high-frequency trading amid TradFi expansion: Report

Crypto market maker Wintermute reportedly plans to invest up to $1 billion in artificial intelligence (AI) data center infrastructure and high-frequency trading over the next five years.　　The plans include scaling up Wintermutes non-crypto market activity to account for over 50% of its business by the end of 2027, up from the current 10%, Wintermute CEO Evgeny Gaevoy told Bloomberg.　　Wednesdays report said that as part of the plans, Wintermute will also double the staff in its 17-person New York office next year and expand its global headcount by about 40%. Cointelegraph has approached Wintermute for more details surrounding its expansion plans.　　Wintermute is the latest crypto-native firm to expand into traditional finance (TradFi), as digital assets trading platforms add tokenized traditional assets in pursuit of new revenue streams.　　Some of the largest crypto exchanges that launched tokenized stock offerings include Coinbase, Binance and Kraken. Crypto.com announced its entry into the segment on Wednesday with initial access to 1,500 underlying stocks and funds.　　Wall Street entities are also exploring tokenized equities. In March, the US Securities and Exchange Commission approved Nasdaqs pilot proposal to support the trading of tokenized versions of high-volume stocks and securities.　　Days later, on March 24, the New York Stock Exchange partnered

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ASX shareholder plans to sue former directors over failed blockchain project

An Australian Securities Exchange (ASX) shareholder plans to seek Federal Court permission to sue certain former ASX officers and directors over alleged breaches of duty connected to its failed blockchain-based clearing and settlement overhaul.　　On Wednesday, ASX said Rosherville Pty Ltd had notified the exchange that it proposes to apply for leave to commence a statutory derivative action under sections 236 and 237 of Australia‘s Corporations Act. If approved, Rosherville would bring the proceedings on ASX’s behalf.　　The exchange said there were no allegations against ASX itself. It did not identify the former officials targeted, describe their alleged breaches in detail or disclose the remedies Rosherville intends to seek, while the court has not considered whether the proposed case can proceed.　　The proposed lawsuit could test whether shareholders can hold former ASX leaders accountable for overseeing one of Australias costliest financial-technology failures.　　Failed CHESS overhaul draws regulatory action　　ASX began exploring a replacement for its Clearing House Electronic Subregister System, or CHESS, in 2016 and selected a distributed-ledger system developed with New York-based Digital Asset. In December 2017, ASX was expected to become the first securities exchange to use blockchain for its core services.　　The intended launch was repeatedly postponed. In November 2022, ASX paused the

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Bank of England tests stablecoin, digital pound interoperability in cross-border payments

The Bank of Englands Digital Pound Lab is testing whether stablecoins and a potential digital British pound can operate within the same cross-border payment flow as part of an experiment focused on trade finance.　　The experiment involves NOBO Finance, Dun & Bradstreet and Polygon Labs, with an exporter receiving an advance via a stablecoin rail while a UK importer completes settlement using simulated digital pounds, according to a Wednesday announcement from the three companies.　　The project also includes a separate workstream aimed at creating reusable credit profiles for small businesses by combining transaction data, open-finance information and Dun & Bradstreets commercial risk data, with Polygon providing the smart contract infrastructure.　　The test is aimed at reducing settlement delays and financing constraints for small- and medium-sized businesses engaged in cross-border trade. Exporters can wait days to receive payment after shipping goods, tying up working capital and making access to trade finance particularly important for smaller firms.　　The Digital Pound Lab uses no real customers or money, and the Bank of England has not committed to issuing a digital pound. The central bank has said that participant-designed experiments in the lab should not be interpreted as indications of future bank policy or as endorsements of the

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NYC council announces probe into ‘predatory marketing practices’ on prediction markets

The New York City Council launched an investigation into companies offering prediction market services, aiming to examine whether they used “false and deceptive marketing” through influencers to target young adults.　　In a Wednesday notice, the council said Speaker Julie Menin sent letters to Kalshi, Polymarket, Coinbase and Gemini Titan as part of an investigation into what they called “abusive marketing” through the platforms prediction market services. The probe will determine whether New York City officials need to consider additional measures against such marketing practices, including legislation, education and enforcement.　　“Apps like Polymarket are expanding rapidly unchecked,” said Council Member Shekar Krishnan, who chairs the committee on oversight and investigations. “Their unprecedented reach is because they are preying on young adults and minors with deceptive and sometimes outright false marketing tactics that pull them in and wring them dry.”　　The New York City investigation is the latest action in what many expect to become a legal showdown between US state and federal regulators over prediction market offerings like contracts tied to sporting events. While many state-level gaming authorities allege that companies are illegally offering sports betting, the Commodity Futures Trading Commission (CFTC) claims that the trades amount to “swaps” under its purview as a

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Hawaii crypto ATM ban to take effect on Oct. 1

Hawaii will soon become the latest US state to enact a total ban on cryptocurrency kiosks and ATMs after its governor signed off on legislation.　　Following the passage of House Bill 1642 by Hawaiis legislature in May, Governor Josh Green signed the legislation into law in July, setting the US state for a complete prohibition on “the ownership, operation, or management of a digital financial asset transaction kiosk that accepts United States currency from a customer in exchange for a digital financial asset.”　　The bill cited data from the Federal Bureau of Investigations Internet Crime Complaint Center, which reported in April that Americans lost more than $11 billion from scams related to digital assets in 2025. The bureau added that it had recorded 826 complaints related to crypto from Hawaii residents in 2025, with the US state having about $80 million in losses from digital assets, including ATMs and kiosks.　　Hawaiis law follows similar legislation in Minnesota, Tennessee and Indiana, which began enforcing a total ban on digital asset kiosks in August, July and March, respectively. Other US state legislatures have proposed bans that have not been signed into law as of August, including Delaware and New Jersey, while South Dakota and Wyoming

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Prediction markets should dial back faulty filings for incentives to boost trading: CFTC

SummaryThe U.S. Commodity Futures Trading Commission issued more guidance to warn prediction markets platforms about how theyre managing their incentives programs.The firms need to file properly and avoid programs that could incentivize bad behavior, the agency said.　　Like any regulated trading platform under authority of the Commodity Futures Trading Commission, prediction markets firms try to encourage heavy traders and for firms to act as market makers in ways that can deepen participation and trading volume. But the CFTC is concerned about how theyre doing it, according to guidance issued on Wednesday.　　The U.S. derivatives regulator cautioned the event-contracts platforms that its seeing an increase in their filings in pursuit of incentive programs, and they are often “procedurally or substantively deficient,” the document said. That hinders the agency from figuring out whether the platform “has provided adequate notice of the terms of the program and sufficiently evaluated the programs compliance.”　　The CFTC is seeing some of the features of these rewards programs “present compliance concerns.” Some of the rewards for high-volume participants can encourage them “to trade solely to reach volume targets, heightening risks of wash-trading, pre-arranged trading, or other fraudulent, manipulative, or disruptive trading practices.”　　And market-maker programs, in which firms are encouraged to

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Morgan Stanley's infrastructure partner Zerohash rebuffed in pitch to be U.S. trust bank

Still, the company had recently advertised jobs — including for a national trust officer and a chief operating officer — at a “Zerohash National Trust Bank” that it indicated had a “pending charter application” before the OCC. And Zerohash Co-president Stephen Gardners LinkedIn page lists him as CEO of the “zerohash national trust bank (pending).”　　For its part, Zerohash indicated that the initial OCC application may have been ambitious in the scope of the trust banks planned operations, having covered “a wide range of digital asset and fiduciary services,” the company said, adding that the next effort will take a more “sequenced” approach, starting with an application for “a more focused approval of national trust activities aligned with our intended rollout timeline.”　　The firm is looking forward “to swift review of the resubmission,” it said.　　The original effort in March joined the rush of firms hoping to be among the trust-bank provisional approvals flooding the U.S. with new crypto-oriented banks, especially amplified in the wake of the Guiding and Establishing National Innovation for U.S. Stablecoins Act that formally established a legal structure for U.S. stablecoin issuers. But Zerohashs application was sent back on July 17, according to OCC records, which dont reveal the

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Hawaii crypto ATM cash deposits banned from Oct. 1

Hawaii has enacted an October 1 ban on cash-to-crypto kiosk transactions after the FBI recorded 92 related complaints and $3.85 million in adjusted losses among state residents in 2025.　　SummaryCash purchases of crypto at Hawaii kiosks will become illegal on Oct. 1, 2026.The FBI recorded 92 Hawaii kiosk complaints and $3.85 million in adjusted lossesduring 2025.Hawaii had 57 crypto ATMs across four islandsas of Aug. 12.Operators may still offer crypto-to-cash and crypto-to-crypto transactionsunder the law.　　Hawaiis enacted House Bill 1642, signed by Governor Josh Green on July 9 as Act 224, prohibits operators from owning, managing, or running a kiosk that accepts U.S. currency in return for a digital financial asset.　　The restriction will apply from Oct. 1, with each prohibited transaction treated as a separate offense under the states consumer protection law. Hawaii lawmakers passed the final version on May 6 before sending it to Green.　　Although some reports have described the measure as a total crypto ATM ban, the enacted text covers deposits used to buy digital assets rather than every service offered by the machines. Operators may continue running kiosks that accept crypto in exchange for another digital asset or U.S. currency.　　As a result, Hawaii residents will no longer be able

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