Crypto Industry News & Market Trends

CFTC Sues Wisconsin Over Prediction Market Ban

The CFTC sued Wisconsin on April 28, 2026, defending Kalshi and Polymarket against state gambling law enforcement.Wisconsin AG Josh Kaul filed 3 lawsuits on April 23 targeting platforms earning over $1 billion annually from sports contracts.The CFTC has now sued 5 states in April 2026, with the conflict expected to reach the U.S. Supreme Court.　　CFTC Sues Wisconsin to Stop State From Closing　　Wisconsin Attorney General Josh Kaul filed three civil lawsuits in Dane County Circuit Court on April 23 against Kalshi, Polymarket, Foris Dax Markets/ Crypto.com, and affiliated companies, including Robinhood and Coinbase. The state argues that sports-outcome contracts offered by these platforms constitute illegal sports betting under Wisconsin law, specifically Wis. Stat. 945.03(1m), a Class I felony.　　Kaul framed the dispute plainly. “Thinly disguising unlawful conduct doesn‘t make it lawful,” he said. “These companies’ alleged facilitation of sports betting in Wisconsin should be shut down.”　　The CFTC fired back days later. Chairman Michael Selig said states cannot override Congress. “Our message to Wisconsin is the same as to New York, Arizona, and others: if you interfere with the operation of federal law in regulating financial markets, we will sue you,” he remarked.　　At the center of the fight is whether event contracts, financial

04-29Industry

Ostium launches decentralized execution layer with Jump as hedging partner

Ostium Labs launched a real time decentralized execution layer designed to bring institutional grade execution for traditional market exposure onchain, with Jump serving as one of its hedging partners alongside prime brokers and other major institutions.　　The upgrade changes how Ostium manages risk, moving away from a model where its public liquidity pool absorbed all net directional exposure.　　The protocol said it has processed more than $50 billion in cumulative trading volume, generated nearly $35 million in protocol revenue, served more than 26,000 traders, and handled nearly one million trades.　　Ostium is positioning the new system as a transparent, self custodial alternative to the CFD market, which it estimates at about $10 trillion in monthly volume.　　Under the new architecture, a separate capital pool programmatically hedges net exposure offchain through institutional partners, while settling once daily against a buffer layer that sits above the public liquidity pool.　　The liquidity pool now functions as an intraday lending layer, allowing the protocol to scale open interest more closely with liquidity in the underlying markets.　　The company said the system uses a translation layer between smart contracts and institutional messaging protocols, with sub 100 millisecond latency across each step.　　Ostium CTO Marco Antonio Ribeiro said the infrastructure was built over

04-29Industry

Fed Decision Looms: Powell’s Final Speech and Market Impact

Institutional Demand Meets Macro Uncertainty　　Crypto investment products recorded $1.2 billion in inflows last week, extending a three-week streak above $1 billion. CoinShares data shows Bitcoin attracted $933 million, while Ethereum received $192 million. Total assets under management rose to $155 billion, the highest level since February.　　Institutional activity picked up across derivatives and equity-linked markets. CME Group reported higher trading volumes in crypto futures, alongside a rise in open interest. At the same time, exchange-traded products tied to blockchain-related stocks attracted about $617 million in inflows over three weeks.　　Meanwhile, MicroStrategy expanded its Bitcoin exposure by raising funds through treasury-related instruments.　　The market structure analysis indicates that Bitcoin is trading close to resistance points. According to Glassnode, there has been increased profit booking by short-term holders. The current liquidity status means the market is more responsive to any catalyst.　　Policy Signals Could Trigger Volatility　　The Federal Reserve decision has become the main focus for crypto traders as markets assess whether recent demand can hold. A steady policy outcome would likely reduce pressure on risk assets. As a result, Bitcoin and other cryptocurrencies could remain stable if liquidity conditions stay unchanged. However, any hint of a tighter policy could quickly bring selling back into the market.　　In

04-29Industry

NASCAR’s Legacy Motor Club Partners With McLaren At Indianapolis 500

It‘s been four years since Jimmie Johnson competed in his only Indianapolis 500, but the seven-time NASCAR Cup Series Champion will be supporting an effort at this year’s 110th running of the worlds biggest race.　　NASCARs Legacy Motor Club, the team Johnson owns, is partnering with Arrow McLaren for the May 24 Indy 500. Brian Campe, Director, Advanced Engineering at Legacy Motor Club, will serve as the race strategist for 2014 Indianapolis 500 winner Ryan Hunter-Reay on the No. 31 Chevrolet.　　Campe previously won the Indianapolis 500 in 2015 as Juan Pablo Montoyas Strategist and Lead Engineer.　　Additionally, Olivier Boisson, Head of Damper Engineering at Arrow McLaren, who was part of Arrow McLaren Team Principal Tony Kanaan‘s Indy 500-winning team in 2013, will be Hunter-Reay’s Race Engineer. Didier Francesia, Shop Crew Chief at Arrow McLaren, will work as the No. 31 Crew Chief in search of a third career Indy 500 win (2008 and 2021).　　Campe previously worked with Johnson at the Indianapolis 500 in 2022, when the seven-time NASCAR Cup Series Champion was named Indy 500 Rookie Of the Year with Chip Ganassi Racing.　　He was also two-time NASCAR Cup Series Champion Kyle Larsons race strategist in the 2024 Indianapolis 500.　　IndyCar Photo by Joe

04-29Industry

Tillis Threatens CLARITY Act Over Ethics Rules

Sen. Thom Tillis to oppose the Senate‘s crypto market structure bill unless lawmakers add ethics limits on federal officials’ digital asset activity, adding a new barrier to the CLARITY Act negotiations.　　Tillis told Politico that the bill must include ethics language before it leaves the Senate. “There has to be ethics language in the bill before it leaves the Senate, or Ill go from one of the people working on negotiating it to voting against it,” he said, according to reports citing the interview.　　The demand comes as the Senate continues work on a version of the House-passed digital asset market structure bill. The CLARITY Act seeks to define how U.S. regulators oversee crypto markets, including which assets fall under securities or commodities rules.　　Tillis Pushes Ethics Limits in CLARITY Act　　Tillis, a North Carolina Republican, became the first Senate Banking Republican to publicly demand ethics language in the bill, according to reports. The proposed language would limit how federal officials, including executive branch officials, may sponsor or issue digital assets.　　The issue connects to concerns over crypto activity tied to President Donald Trumps family businesses. Reports said Democratic negotiators have pushed for similar language as part of broader talks on the Senate bill.　　Sen. Ruben

04-29Industry

Cleveland-Cliffs (CLF) Partners With Palantir (PLTR) on Major AI Integration Initiative

CEO Lourenco Goncalves expressed enthusiastic support for the technology. He stated that Palantir‘s infrastructure “allows us to solve problems in ways humans simply cannot” — a significant statement from the leader of one of North America’s premier steel manufacturing companies.　　Cleveland-Cliffs explained that the objective is to integrate AI directly into operational workflows to enhance data integration, predict operational bottlenecks, and synchronize activities instantaneously. The organization characterized this initiative as part of a comprehensive effort to upgrade infrastructure throughout its manufacturing operations.　　AI Implementation Details　　From an operational perspective, the AI infrastructure will enhance the companys production scheduling capabilities and order management systems. Cliffs maintains a vertically integrated business model — spanning from iron ore extraction to completed steel products — resulting in numerous interconnected processes requiring coordination.　　The organization maintains a workforce of approximately 25,000 employees distributed across locations throughout the United States and Canada. Enhancing communication efficiency across these operations represents the primary objective of the Palantir implementation.　　Cliffs noted that AI is emerging as “an increasingly important driver of competitiveness across all industrial businesses.” The collaboration is framed as a strategic move to maintain competitive advantage against both domestic and global rivals.　　The financial parameters of this agreement remain undisclosed.　　Cleveland-Cliffs Financial Performance Context　　This

04-29Industry

Injective Approves Mainnet Upgrade to Boost $INJ Utility

The community of Injective, an L1 blockchain for DeFi, has formally authorized the proposal for the mainnet upgrade. This marks a key landmark for the blockchain ecosystem. As per Injectives official social media announcement, the community has approved the upgrade that is set to go live on the 28th of April. Particularly, the upgrade focuses on optimizing technical performance, bolstering $INJ buybacks, and improving on-chain modules.　　The Injective mainnet upgrade proposal has officially been approved.　　The upgrade is set to optimize technical performance across the network while also enhancing Injectives onchain modules and $INJ token buybacks.　　Injective Set to Advance $INJ Buybacks and Network Scalability with Mainnet Upgrade　　The community approval for Injective‘s new mainnet upgrade denotes the platform’s commitment to long-term network growth and continuous innovation. The move also underscores a solid community consensus, presenting the forward-looking vision and collaborative governance. The upgrade unveils many technical improvements to strengthen scalability and efficiency within the Injective network.　　By advancing primary modules, the platform will provide rapid transfer speeds and enhanced reliability for users and developers alike. Additionally, the upgrade fortifies the $INJ buyback framework of Injective, supporting long-term value generation and the deflationary model of Injective. Thus, these improvements are poised to attract more institutional

04-29Industry

Ripple’s Corporate Treasury Will Boost Companies’ Bottom Lines

An analyst has highlighted the potential benefits of the Ripple corporate treasury.The Ripple corporate treasury will enable more flexible settlement for companies.Ripple launched its corporate treasury building on the acquired GTreasury in 2025.　　Video game designer Chad Steingraber has highlighted the viability of the Ripple corporate treasury and its potential benefits for organizations. In his latest post on X, Steingraber stated that corporate treasuries often act as internal banks, centralizing financial activities to boost companies bottom lines.　　Fueling the Smooth-Running of Organizations　　Steingraber described corporate treasury as a solution that fuels the smooth running of organizations, mostly with employees not knowing about it. He further noted that, unlike the traditional entities, Ripples corporate treasury runs differently. According to him, it could reduce the employee settlement period from as long as two weeks to daily payment.　　Typically, corporate treasuries centralize cash, liquidity, and risk management to optimize company finances. Steingraber highlighted improved systems that Ripple offers, enabling real-time digital asset settlement. It covers several functions, including cash monitoring, cross-currency liquidity optimization, risk mitigation, real-time visibility, forecasting, and automation to boost efficiency and bottom-line results.　　Ripples Month-Old Product　　Nearly one month ago, Ripple launched its first treasury management system offering digital asset capabilities. The fintech firm stated that

04-29Industry

DeFi United Outlines Technical Path To Make Kelps rsETH Whole

The coalition has secured ETH commitments to refill the bridge in tranches and will use Aave and Compound governance proposals to liquidate the exploiters remaining positions.　　DeFi United, a coalition of decentralized finance (DeFi) ecosystem participants, on Tuesday published the technical implementation plan to restore the backing of Kelp DAOs rsETH and recover roughly 107,000 tokens still controlled by the exploiter.　　The exploit targeted rsETHs LayerZero-powered bridge on the Unichain to Ethereum route, where a forged inbound packet was verified on the Ethereum side without a corresponding burn on Unichain. The attack released 116,500 rsETH from the Ethereum-side adapter, with proceeds distributed across multiple addresses and supplied as collateral on lending protocols.　　Seven addresses associated with the exploiter currently hold active rsETH-backed positions on Aave and Compound, representing approximately 107,000 rsETH of the original 116,500 rsETH stolen.　　Restoring Backing　　DeFi United said it has secured the ETH commitments needed to restore rsETHs backing, with final execution subject to governance approvals and definitive agreements. The committed ETH will be converted into rsETH in tranches and transferred to the bridge lockbox contract, allowing the bridge to resume normal operation.　　The process targets rsETH‘s nominal exchange ratio of 1.07 ETH. The coalition’s fundraising effort has progressively chipped away at

04-29Industry

Morgan Stanley MSNXX Stablecoin Reserve Fund Launch

Morgan Stanley introduced its money market fund designed for stablecoin issuers.Morgan Stanleys MSNXX Stablecoin Reserve Fund　　Morgan Stanley has launched a specialized money market fund for stablecoin issuers to manage their reserves. Introduced on Friday, the Stablecoin Reserves Portfolio (MSNXX) is accessible on days when the New York Stock Exchange is open. The investment bank aims to diversify reserves consisting of cash and U.S. Treasury bonds for companies like Circle with this product. The fund will also allocate to notes, bonds, and overnight repurchase agreements collateralized by liquid assets. This move opens a new door for Wall Street into crypto reserves.　　GENIUS Act and Reserve Management Compliance　　The fund was developed in compliance with the GENIUS Act, which went into effect last year and imposes strict rules on stablecoin reserves. Global Liquidity Co-Chair Fred McMullen highlighted the increase in the number of stablecoin issuers in the sector and the growth in the volume of assets held. As digital asset strategy head Amy Oldenburg noted, tokenized money market funds are on the banks roadmap.　　Ethena (ENA) and Circle Reserve Strategies　　While Circle holds most of its reserves in the Circle Reserve Fund managed by BlackRock (worth approximately $78 billion), projects like Ethena, which is important for

04-29Industry

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