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Crypto Exchange Regulation Check

BitGo posts $19M Q2 loss despite 80% revenue surge to $4.3B

BitGo, a publicly listed digital asset infrastructure company, posted a $19 million net loss in the second quarter of 2026 despite revenue surging nearly 80% year-on-year to $4.3 billion.　　BitGo (BTGO) on Wednesday reported that its net loss narrowed from $60.7 million in Q1, while revenue rose 14.7% quarter over quarter. The year-on-year swing to a loss largely reflected an $18.8 million unrealized loss on digital assets, compared with a $55.8 million unrealized gain a year earlier.　　BitGo CEO Mike Belshe said during the earnings call that Q2 financial performance fell short of expectations.　　“While we delivered revenue growth, profitability was impacted by lower margins and an unfavorable revenue mix,” Belshe said. He attributed the weaker margins to “lower spreads on certain spot transactions” and a smaller contribution from derivatives.　　The company also authorized a share repurchase program of up to $50 million and expects its cost-cutting measures to generate about $15 million in annualized cash savings. BitGo expects expenses to decline in Q3 after cutting its workforce by about 15% in June.　　BitGo shares fell 1.8% in overnight trading to $4.90 after closing Wednesday up 0.6% at $4.99, according to Yahoo Finance.　　Related: Bitwise cuts 14% of staff while still expecting growth

08-14Industry

Crypto group backs Custodia in Supreme Court battle over Fed access

The Blockchain Association urged the US Supreme Court to hear Custodia Bank‘s challenge to the Federal Reserve’s denial of its application for a master account, which would give the crypto-focused bank direct access to the Feds payment system.　　In an amicus brief filed Wednesday, the industry group argued that federal law requires the central bank to make its payment services available to eligible nonmember banks and that the Fed should not have broad discretion to deny access.　　The association said the appeals court‘s decision effectively gives the Fed veto power over state-chartered banks by allowing it to withhold services needed to operate independently. It also linked Custodia’s case to alleged crypto debanking under “Operation Choke Point 2.0,” arguing that federal regulators discouraged banks from serving the digital asset industry.　　Custodia, a Wyoming-chartered bank focused on digital assets, applied for a Fed master account in 2020, seeking direct access to the central banks payment services without relying on an intermediary bank.　　The Federal Reserve Bank of Kansas City denied Custodia‘s application in 2023, and the Tenth Circuit Court of Appeals later ruled that the regional Fed bank had discretion to reject its request. In March, the appeals court voted 7-3 against rehearing the case, leaving

08-14Industry

Figure reports $4.3B in loan marketplace volume as profit nearly triples

Figure Technology Solutions reported $4.3 billion in consumer loan marketplace volume for the second quarter, up 132% from a year earlier, as its quarterly profit nearly tripled.　　On Thursday, Figure said net income rose 192% year over year to $87 million, from about $30 million. Net revenue more than doubled to $226 million, while its net income margin increased 10.5 percentage points to 38.8%.　　Figures marketplace volume includes home equity lines of credit, debt-service coverage ratio loans and personal loans processed through its loan origination system, along with third-party loans traded on Figure Connect, which accounted for $2.8 billion, or 65%, of the quarterly total.　　Volume on the marketplace, which Figure launched in June 2024, increased 262% from the same period last year. The company also added 102 loan-origination partners during the quarter, bringing its total to 489.　　CEO Michael Tannenbaum said weekly loan applications surpassed $1 billion in July. Figure expects consumer loan marketplace volume of between $4.8 billion and $5.2 billion in the third quarter.　　Bernstein analysts predicted in May that Figure would post record second-quarter volume, citing live blockchain data that they said could increasingly allow investors to track the companys lending activity in real time.　　Related: Tokenized RWA market grows 420% since

08-14Industry

White House plans crypto meeting as CLARITY odds hit 21%

The White House has reportedly planned an Aug. 19 meeting with crypto and prediction market executives as Polymarket traders place the CLARITY Acts 2026 passage odds at 21%.　　White House meeting may address unresolved crypto disputes　　Politico reported on Aug. 13 that the White House is expected to host executives from the crypto and prediction market sectors on Aug. 19, citing people familiar with the planned gathering.　　According to the report, the White House has not disclosed a formal agenda or released a list of participants. Executives from traditional financial companies may also attend, while it remains unclear whether President Donald Trump will take part.　　The scheduled gathering would place administration officials and industry leaders in the same room while the Senate remains away for its August recess. Crypto companies have continued pressing lawmakers to pass the Digital Asset Market CLARITY Act, which would establish federal rules for digital assets and divide oversight between the Commodity Futures Trading Commission and the Securities and Exchange Commission.　　For U.S. investors and crypto companies, the legislation would determine which regulator oversees different types of tokens, exchanges, brokers, and dealers. The bill would place digital commodity spot markets under the CFTC while leaving assets classified as securities within the

08-14Industry

Washington court orders Kalshi to halt most prediction market offerings in state

Quick TakeA Washington court has ordered Kalshi to stop offering prediction markets related to sports, elections, politics, entertainment, culture, technology and science, or “mentions” in the state.Kalshi must geofence Washington users by Sept. 2.　　A Washington court issued a final order requiring Kalshi to cease offering a wide range of event contracts in the state, after finding the company likely violated its gambling regulations.　　The order directs Kalshi to stop accepting or facilitating bets on sports, elections, politics, entertainment, culture, technology and science, or “mentions” in Washington.　　Kalshi must adopt an IP address and residency-based geofence by Aug. 19 and a multi-source geofencing system by Sept. 2 to prevent users in Washington from accessing the restricted markets on Kalshi. The court also barred Kalshi from advertising the restricted wagers to Washington consumers, ruling that the companys marketing of illegal gambling activities constitutes unfair or deceptive practices.　　“Kalshi has gotten rich promoting wagers on sports, elections, natural disasters, events related to the Iran War, and more. Under this order, Kalshi is banned from offering wagers on most of those topics in Washington,” said Attorney General Nick Brown. “As this case moves forward, we will continue to enforce Washington law and hold Kalshi accountable for misleading

08-14Industry

XRP Slides 69% From Peak While Existing Wallet Activity Climbs

XRP closed near $1 on Aug. 13, about 69% below its January 2025 peak. Daily active addresses rose roughly one-third in August, while new-address creation remained virtually unchanged from July.　　Key TakeawaysXRP recorded its lowest daily close since November 2024.Active addresses rose about 35%, while new addresses stayed flat.Higher activity does not confirm growth in individual users.　　XRP Price Weakness Collides With Higher Ledger Activity　　XRP traded near $1 on Aug. 13, its lowest level since November 2024 and roughly 69% below its January 2025 peak near $3.30, as ledger activity increased despite the steep retreat. Santiments analysis showed active addresses rising sharply in August while new-address creation remained virtually unchanged from July.　　Amid favorable regulatory momentum, XRP climbed even higher in July 2025, reaching a new peak of approximately $3.65. The summer rally briefly pushed its market capitalization above $200 billion, cementing it as one of the top-performing assets of that period.　　“Price closed at ~$1.00 on Aug 12, the lowest daily close since Nov 2024 and roughly 69% below the January 2025 peak near $3.30,” Santiment wrote, demonstrating how far the asset has retreated during the prolonged decline. The firm added:　　“Activity picked up anyway. Active addresses averaged ~35,700 a day in August against

08-14Industry

Coinbase and 14 other x402 facilitators failed security tests built for the coming AI-agent economy

Security flaws across major x402 payment facilitators could expose facilitator-held assets and leave merchants without receiving payment for services provided, according to new research presented at the 35th USENIX Security Symposium.　　Researchers tested 15 major x402 facilitators, including Coinbase, Thirdweb, PayAI and Mogami, and found that every platform violated at least one security rule.　　They mapped 49 rule violations to 31 distinct vulnerabilities across systems that accounted for 99% of observed x402 transactions and 98% of payment volume during the study.　　The researchers identified four broad attack classes, including free shopping, asset theft, service disruption, and gas abuse.　　They directly validated six attack paths under bounded conditions, including two free-shopping attacks, three gas-abuse attacks, and one path that could expose facilitator-held assets.　　The findings do not mean that 99% of x402 transactions were themselves vulnerable. Rather, the paper said the attacks could cause “direct financial loss to merchants, theft of facilitator-held assets, unbounded sponsor-paid gas/fees, and disruption of payment services.”　　The findings come as x402 is being promoted as infrastructure for machine-driven commerce, allowing websites and APIs to request payments that software and AI agents can complete autonomously. Facilitators sit between buyers and merchants, checking signed payment authorizations before submitting transactions to blockchains.　　That position gives facilitators

08-14Exchange

Tether completes first full financial audit, receives clean KPMG opinion

Tether completed the first full independent audit of its annual financial statements, with KPMG US issuing a clean opinion on the stablecoin issuers 2025 accounts.　　The audit covered Tethers balance sheet, income statement and cash flows for the year ended Dec. 31, 2025, including the assets backing its issued tokens and the liabilities they represent. Tether said the audited statements showed reserves exceeding liabilities by $6.814 billion.　　Unlike Tether‘s quarterly reserve attestations, which it has published for years, the full audit subjected the company’s broader financial statements and underlying evidence to independent examination, including transactions, systems, ownership records, valuations and counterparties.Source: Paolo Ardoino　　As part of the audit, KPMG physically inspected and counted Tethers gold holdings, verifying each bar rather than relying solely on custodian records.　　Tether said KPMG issued an unqualified opinion on the statements, finding they fairly presented the companys financial position, results and cash flows in all material respects under US accounting standards.　　Related: Tether signs tokenization deal with Nairobi Securities Exchange　　Tethers growing financial footprint　　Tether launched its USDt (USDT) stablecoin in 2014 and has since grown into one of the crypto industrys largest companies, generating more than $10 billion in net profit in 2025. In the second quarter of this year, the

08-14Industry

U.S. SEC to again delay 'innovation exemption' for tokenization amid Wall Street, White House concerns

The source also said SEC staff have become increasingly focused on the agencys legal authority to issue such broad relief, including whether it has completed sufficient economic analysis and followed the procedural steps required to justify an exemption. Industry insiders have been instructed that this effort may need to wait for the outcome of the Clarity Act.　　Resistance came from traditional financial institutions as well.　　SIFMA, the Wall Street trade group whose members include major broker-dealers and investment banks, has emerged as one of the main groups halting the SECs initiative, according to an industry source familiar with the discussions. SIFMA did not immediately respond to a request for comment.　　The groups concerns centered on how blockchain-based trading venues would fit within existing equity-market rules, particularly brokers obligations to seek the best execution for customers, the source said.　　Under todays market structure, Regulation NMS links prices across exchanges and generally requires brokers to execute trades at the best available protected quotation. That framework becomes less straightforward if tokenized securities trade through decentralized venues or automated market makers (AMM), where pricing and execution costs may differ from traditional exchanges.　　In June, the SEC proposed eliminating Rule 611 of Regulation NMS — the so-called Order Protection Rule

08-14Industry

Delio CEO sentenced to 15 years in prison on crypto fraud in South Korea

A judge in South Korea reportedly sentenced Delio CEO Jeong Sang-ho to 15 years in prison after he was found guilty of defrauding users out of about $50 million in crypto.　　According to a Thursday report from South Korean news outlet Newsis, the 11th Criminal Division of the Seoul Southern District Court sentenced Jeong after his conviction on charges related to embezzlement and the use of a false trading license, but the CEO received no detention for defrauding users of $175 million.　　“While operating Delio, [Jeong] falsely obtained a virtual asset trading license and defrauded victims of approximately 70 billion won [$49.3 million] in virtual assets,” said the court, adding:　　“Numerous victims have suffered significant economic damage due to this case, which is difficult to recover.”　　Launched in 2022, Delio marketed itself as a “digital asset bank” that offered high interest on crypto deposits. However, the exchange froze customer withdrawals in June 2023 and declared bankruptcy in November 2024, leading to Jeongs indictment on fraud charges in April 2025.　　The ruling impacting Delio was the latest example of crypto-related fraud among South Korea-based exchanges. Notably, Terraform Labs co-founder Do Kwon escaped authorities for almost a year following the companys collapse in May 2022. He was

08-14Industry
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