# SEC Related Articles

HTX News Center provides the latest articles and in-depth analysis on "SEC", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

Kalshi raised $1.12 billion since April

The event contracts trading platform Kalshi has raised $1.12 billion through a private placement of shares between April and August 2026, according to an SEC filing. The company had offered shares worth $1.49 billion to private investment funds but ultimately sold $1.12 billion worth. This total reportedly includes a previously announced $1 billion funding round led by Coatue Management in May, which valued Kalshi at $22 billion. Participants in that round, which included Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley, and ARK Invest, acquired approximately a 4.5% stake. The deal involved preferred shares priced at $604.86 each, convertible to common stock on a 1-to-1 basis after an IPO. Reports indicate Kalshi has begun preparations for a public listing and is planning to raise an additional $750 million at a potential valuation of $40 billion.

cryptonews.ru08/26 09:46

cryptonews.ru08/26 09:46

Uniswap Founder Believes Tokenization Is the Next Major Challenge for AMM Market Makers

Uniswap founder Hayden Adams believes tokenization will be the next major challenge for automated market makers (AMMs), which are still in their early stages. AMMs, facilitating billions in daily trades on decentralized exchanges (DEXs), could be key for providing liquidity to tokenized real-world assets (RWAs) moving onto public blockchains. Tokenized assets, particularly U.S. Treasuries via funds like BlackRock's BUIDL, are growing rapidly, with an estimated $18 billion in risk-weighted RWA on-chain by January 2026. Regulatory clarity in the U.S. (e.g., the GENIUS Act, SEC reforms) and frameworks in Europe and Asia are supporting this growth. However, AMMs face hurdles. Liquidity on platforms like Uniswap V3 remains concentrated among a small group of sophisticated providers. Tokenization itself does not guarantee liquidity; active market-making is still required, and many tokenized products are limited to accredited investors with thin secondary markets. A major unresolved issue is regulation. Industry groups like SIFMA argue AMM functions—such as order routing, pricing, and settlement—could fall under securities laws. How regulators treat AMMs will determine whether Adams's vision for tokenized asset trading is realized on public blockchains or within regulated exchanges.

cryptonews.ru08/26 08:10

Uniswap Founder Believes Tokenization Is the Next Major Challenge for AMM Market Makers

cryptonews.ru08/26 08:10

Strive Company Financed Purchase of 1,110 Bitcoin Through Stock Sales and Still Ended the Week with More Cash

According to a Monday report, Strive company increased its cash reserves by $17.1 million in the same week it spent approximately $81.5 million to purchase 1,110 bitcoin. This indicates the Dallas-based asset manager is raising funds from stock sales faster than it spends on cryptocurrency. As of August 21, Strive held $171.9 million in cash and equivalents, up from the previous week. The bitcoin was acquired at an average price of around $73,409 per coin, funded by issuing common and preferred shares (ASST and SATA) on the open market. This purchase brought Strive's total bitcoin holdings to 21,356 BTC, a 5.5% increase, making it the seventh-largest corporate bitcoin holder. The top holder remains Michael Saylor's MicroStrategy with 840,447 BTC. CEO Matt Cole expressed strong confidence that the bitcoin bear market has ended, citing breakouts against the US dollar and gold. Despite reporting a net loss of $257.6 million for the last quarter—primarily due to a decline in the fair value of its bitcoin—the company has continued acquiring coins throughout the market downturn, including previous purchases around $60,000. Strive's ASST shares rose following the report.

cryptonews.ru08/25 20:56

Strive Company Financed Purchase of 1,110 Bitcoin Through Stock Sales and Still Ended the Week with More Cash

cryptonews.ru08/25 20:56

Hyperliquid Policy Center Calls on US Regulators to Create a Framework for Perpetual Futures

The Hyperliquid Policy Center, a non-profit promoting DeFi, has called on U.S. regulators (the SEC and CFTC) to create a regulatory framework for perpetual futures. They argue that a contract's underlying asset should determine its jurisdiction, not alter its economic nature. Specifically, for stock-based derivatives, they propose classification as traditional futures under joint CFTC/SEC oversight, rather than as security-based swaps (SBS). Key reasons include the contracts' standardization, fungibility, public pricing, and the fact that they don't confer ownership of the underlying asset. The Center urges the agencies to issue joint guidance, avoid a rigid single classification test, apply a consistent approach across different assets (like Bitcoin and stocks), and modernize rules for security futures. This push faces opposition from traditional exchanges like CME Group and ICE, which argue for stricter regulation of platforms like Hyperliquid and have even sued the CFTC over the classification of perpetual contracts, advocating for their designation as swaps.

cryptonews.ru08/25 12:25

Hyperliquid Policy Center Calls on US Regulators to Create a Framework for Perpetual Futures

cryptonews.ru08/25 12:25

Saylor Claims Bitcoin Can Absorb Wall Street Without Changing Its Face

Michael Saylor argues that Bitcoin can integrate with and ultimately absorb Wall Street without changing Bitcoin's fundamental nature. He outlines a five-tier financial structure built *upon* Bitcoin (digital credit, money, yield, equity), all operating within existing capital market frameworks—no protocol changes or new currencies are needed. The core idea is that Bitcoin remains the immutable base layer, while traditional finance creates compliant, yield-generating products around it, absorbing volatility through structures like "junior tranches." This is already being implemented. Saylor's company, MicroStrategy, has approved a "Digital Equity Capital Structure" with specific policies for dollar reserves, dividends, share buybacks, and BTC monetization to support this vision. Market data shows institutional adoption progressing, with significant BTC held in spot ETPs and increasing portfolio allocations from major fund managers. Saylor emphasizes that the risk of "institutionalization" damaging Bitcoin's core design is misplaced. The financial system must adapt to Bitcoin's fixed rules, not the other way around. The integrity of Satoshi Nakamoto's original protocol remains untouched as new financial layers are constructed on top of it.

cryptonews.ru08/25 12:06

Saylor Claims Bitcoin Can Absorb Wall Street Without Changing Its Face

cryptonews.ru08/25 12:06

Thailand Moves Closer to Launching Bitcoin and Ether ETFs with Draft Rules Proposal

Thailand's Securities and Exchange Commission (SEC) has progressed from drafting principles to preparing a formal rule proposal for launching spot Bitcoin and Ether ETFs on the local market. A public consultation on the draft rules is open until September 20. The proposal outlines that ETFs, to be listed exclusively on the Stock Exchange of Thailand (SET), would initially track only Bitcoin (BTC) or Ether (ETH). Each ETF must maintain at least an 80% average net exposure to its underlying asset. Initially, domestic digital asset custodians will be the primary service providers. However, the SEC may permit qualified foreign custodians if deemed necessary. These foreign entities must be under regulatory supervision and meet investor protection standards deemed adequate by the Thai SEC. Additionally, the SEC has revised its framework for foreign custodians serving mutual and private funds investing in digital assets. The move is part of Thailand's strategy to become a global digital asset hub for institutional investors.

cryptonews.ru08/25 11:38

Thailand Moves Closer to Launching Bitcoin and Ether ETFs with Draft Rules Proposal

cryptonews.ru08/25 11:38

Franklin Templeton to Include Tokenized Assets BENJI in ETF and Mutual Fund Lineups

Franklin Templeton is preparing to incorporate tokenized assets into its traditional investment funds, marking a deeper integration of blockchain into mainstream asset management. According to reports, the firm plans to use its Franklin Onchain U.S. Government Money Fund (BENJI) as an asset or collateral within its exchange-traded funds (ETFs) and mutual funds, pending board approvals. The SEC has cleared this structure, permitting the use of this natively digital money market product for cash management and collateral purposes—a first-of-its-kind approval. This move goes beyond simply issuing blockchain versions of existing securities. Franklin already distributes tokenized funds via digital wallets but now aims to use these assets within conventional portfolios to enhance liquidity management and improve the efficiency of idle cash. The firm manages over 130 ETFs globally with around $82 billion in assets and approximately $790 billion in mutual fund assets. Its tokenized money market funds currently manage about $2.6 billion. This step occurs as tokenized real-world assets gain traction on Wall Street, with the total market value exceeding $38 billion. Other major firms like Blackrock and BNY are also expanding blockchain-based fund and settlement initiatives. Tokenization offers benefits like faster settlements, 24/7 transfers, and more efficient collateral use. Franklin's approach integrates these assets seamlessly into traditional fund operations, signaling an evolution where blockchain transitions from an external "wrapper" to a core operational mechanism. The company also plans to launch additional tokenized products for broader use across its fund lineup.

cryptonews.ru08/25 07:15

Franklin Templeton to Include Tokenized Assets BENJI in ETF and Mutual Fund Lineups

cryptonews.ru08/25 07:15

Zcash's ETF Gilding: How a Privacy Coin Was Packaged by Wall Street into a Compliant Asset

The article traces the decade-long path of Zcash (ZEC), a privacy-focused cryptocurrency, to its potential launch as the first privacy coin spot ETF, with Grayscale's ZCSH filing in August 2026. It argues ZEC's suitability stemmed not from regulatory acceptance of its privacy technology, but from its centralized, institutional structure from inception—a commercial company (ECC) with venture capital backing and a Founder's Reward—making it easier to package than decentralized alternatives. Three key institutions, intertwined in a network, drove the process: Grayscale (owned by DCG, an early ZEC investor), which had held ZEC in a trust since 2017; Coinbase, providing custody, prime brokerage, derivatives, and venture investment; and ZODL, a new for-profit entity formed in 2026 when ECC's core development team split from the non-profit foundation. The major regulatory hurdle was SEC scrutiny (2023-2026) over ZEC's historical structure, which resembled an unregistered investment contract due to automatic block rewards to ECC and the Foundation. This was resolved through governance changes (NU6 upgrade in 2024) that ended direct funding and shifted control to community voting, coinciding with a broader shift in SEC enforcement policy. Notably, the law firm Davis Polk represented both the Zcash Foundation in its SEC defense and Grayscale in the ETF filing. The push is also driven by DCG's dire financial needs amid Genesis bankruptcy lawsuits, seeking high-fee products (the ZEC ETF charges 2.5%). Concurrently, major mining operations by entities like Cypherpunk Technologies (backed by Winklevoss Capital) and DCG's Fortitude Mining expanded, motivated by profitability and aiming to influence the network. The article concludes with irony: to become a compliant ETF asset, ZEC must shed its core privacy feature for the fund's holdings, which will be held in transparent, auditable addresses. Wall Street is not adopting privacy technology but packaging the *concept* of privacy into a tradable, fee-generating financial product. The transformation was not a single master plan but the result of a network of aligned interests capitalizing on regulatory, governance, and market shifts over ten years.

marsbit08/25 05:41

Zcash's ETF Gilding: How a Privacy Coin Was Packaged by Wall Street into a Compliant Asset

marsbit08/25 05:41

SEC Investigates Situational Awareness: What Does the SEC Want?

The U.S. Securities and Exchange Commission (SEC) has issued subpoenas to major Wall Street banks including Goldman Sachs, JPMorgan, Citigroup, and Bank of America. The investigation focuses on the near-collapse of the AI hedge fund Situational Awareness last month, not its investment strategy. The SEC is specifically requesting details on the timing of the fund's trades and communications between the fund and the banks regarding leverage arrangements. Situational Awareness, founded by former OpenAI researcher Leopold Aschenbrenner, had amassed over $30 billion in assets and borrowed hundreds of billions more. Its strategy involved betting on AI chipmakers while shorting traditional software companies. This position unraveled in July when chip stocks fell sharply while software stocks rose, leading to a 67% portfolio loss. The fund narrowly avoided permanent capital damage by selling most of its public equity holdings, primarily to Citadel. The SEC's inquiry into the banks' actions and knowledge during the fund's distress, rather than the fund's investment decisions, mirrors the regulatory approach seen after the 2021 Archegos Capital collapse. The investigation is in its early stages and does not imply any wrongdoing by the fund or the banks.

marsbit08/25 01:53

SEC Investigates Situational Awareness: What Does the SEC Want?

marsbit08/25 01:53

Bad News from the Company that Accumulated a Large Amount of Dogecoin (DOGE)!

CleanCore Solutions has drastically shifted its strategy, moving away from managing Dogecoin (DOGE) treasury assets and into AI infrastructure. According to SEC filings, the company sold nearly all of its approximately 463 million DOGE tokens on July 20 for about $33.4 million. The proceeds were used to fund investments in AI data centers. Additionally, the company conducted a $100 million IPO, increasing its outstanding shares by roughly 122% to 502.1 million, with further potential dilution from outstanding warrants. In a shareholder communication, CleanCore announced it has raised or allocated approximately $140 million in equity for its AI data center campus in Minnesota. This sum includes the net proceeds from the $100 million share offering and the funds from the DOGE sale. The company has an agreement with Cerebras Systems for the Minnesota campus, involving an initial 10-year contract worth about $800 million. If all extension options are exercised, the total contract value could exceed $3 billion. CEO Tyler Hassen stated this funding accelerates the Minnesota campus project, aiming to address electrical infrastructure bottlenecks hindering AI computational capacity growth.

cryptonews.ru08/24 20:50

Bad News from the Company that Accumulated a Large Amount of Dogecoin (DOGE)!