# Сопутствующие статьи по теме Regulation

Новостной центр HTX предлагает последние статьи и углубленный анализ по "Regulation", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

US Bitcoin Spot ETFs See Continued Outflows Amid Market Uncertainty

U.S. Bitcoin spot ETFs have experienced continued outflows amid market uncertainty, with a net withdrawal of $77.44 million on June 9th. This contributes to an ongoing streak, bringing the combined net assets of the eleven funds down to $77.58 billion—a level last seen in early November 2024 following President Trump's election victory. Although the ETFs saw significant growth over nineteen months, fueled by expectations of favorable crypto regulation under Trump and reaching a record high of $169.54 billion in October 2025, these gains have since eroded. Despite a more favorable regulatory environment, including progress on the Digital Asset Market Clarity Act, investors are pulling out. Analysts attribute the recent outflows—totaling over $5 billion in four weeks—to macroeconomic concerns like high inflation and a shift of funds towards AI investments. Cumulative net inflows have dropped over $9 billion from their October 2025 peak to $53.77 billion, the lowest since August of last year.

TheNewsCrypto06/10 12:57

US Bitcoin Spot ETFs See Continued Outflows Amid Market Uncertainty

TheNewsCrypto06/10 12:57

Japan’s Banking Giants Unite for Yen Stablecoin Launch

Three of Japan's largest banks — Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group — will jointly issue a yen stablecoin by March, the end of the current financial year. They have formed a council to prepare for the launch, with the Japanese Financial Services Agency and the ruling Liberal Democratic Party expressing support. Yen-pegged stablecoins currently represent a minor part of the market, with JPYC being the most notable example. Separately, the New York State Department of Financial Services has proposed stringent new regulations for stablecoin issuers, focusing on stricter reserve custody rules, enhanced risk management, and mandatory executive certifications and audits.

TheNewsCrypto06/10 12:53

Japan’s Banking Giants Unite for Yen Stablecoin Launch

TheNewsCrypto06/10 12:53

Partner at Pantera Capital: How Tokenization Could Reshape the Private Equity and Early-Stage Investment Ecosystem?

The article discusses how tokenization could reshape private equity and early-stage investment. Historically, public markets allowed early access to high-growth companies, but today's leading tech firms (e.g., Stripe, SpaceX) remain private for over a decade, with private capital capturing their growth phase. Temporary fixes like SPVs and secondary markets have emerged but are not fundamental solutions. Tokenized venture assets present a potential solution, converging three trends: the explosive growth of SPVs, the rapid expansion of tokenized real-world assets (RWA), and the breakdown of the "token vs. equity" consensus, where project tokens have become subordinate to equity in value capture. This creates an opportunity for tokenized startups to offer public, liquid exposure to venture-scale returns. The landscape includes various models: equity-backed tokens via SPVs or funds (e.g., PreStocks, Robinhood Ventures) and synthetic perpetual futures offering only price exposure (e.g., TradeXYZ, Ventuals). Trading volume is heavily concentrated in late-stage, pre-IPO companies like SpaceX and Anthropic and shows a power-law distribution across platforms. Key challenges and opportunities include aligning with founder/team interests, which can be addressed through models like tokenized startup baskets, accelerator models, or community token distributions. Expanding into non-U.S. jurisdictions with less efficient capital markets offers another path. For perpetual futures models, the central challenge is accurate price discovery for private assets without reliable oracles; TradeXYZ's success with Cerebras Systems pre-IPO pricing demonstrates potential. Regulatory and legal structures for these tokenized instruments remain nascent and untested. In conclusion, tokenization represents an effort to restore the early, liquid access to high-growth companies that public markets once provided. It could also resolve the identity crisis of project tokens by granting them genuine claims on venture-scale upside, potentially fulfilling crypto's original promise with more mature infrastructure.

链捕手06/10 12:38

Partner at Pantera Capital: How Tokenization Could Reshape the Private Equity and Early-Stage Investment Ecosystem?

链捕手06/10 12:38

The Counterattack of Traditional Finance: Consortium Blockchains Are Quietly Making a Comeback

The Counteroffensive of Traditional Finance: Consortium Blockchains Quietly Revive In June 2026, over a dozen major US banks announced a joint initiative to build a shared tokenized deposit network by early 2027, operated by The Clearing House. This move is a direct response to the erosion of traditional bank deposits by stablecoins, whose transaction volume now dwarfs traditional payment giants. Unlike stablecoins, which move funds outside the banking system, tokenized deposits keep funds within the regulated system while offering crypto-like speed and programmability. This initiative marks a practical revival of the "consortium blockchain" concept, but with a crucial difference: it's now driven by genuine, urgent demand (validated by stablecoins), supportive regulation (like the GENIUS Act), and proven transaction volume on existing institutional chains like Canton Network and JPMorgan's Kinaxis. The distinction between public chains and consortium chains is blurring, as banks like JPMorgan strategically deploy assets across private, permissioned, and public chains. The real competition is no longer about technology but about which infrastructure—traditional finance's regulated networks or crypto-native public chains—becomes the default foundation for the next decade of finance.

marsbit06/10 12:10

The Counterattack of Traditional Finance: Consortium Blockchains Are Quietly Making a Comeback

marsbit06/10 12:10

Banks Battle Stablecoins: Where Will Deposits Ultimately Flow?

Banks are facing a challenge from stablecoins, which offer near-instant, low-cost global transfers and the potential for higher yields via DeFi protocols, threatening traditional deposit bases. The article draws a historical parallel to the 1970s when Merrill Lynch's Cash Management Account (CMA) circumvented Regulation Q's interest rate caps by funneling client funds into money market funds, forcing banks to adapt with new products. Today, the competition centers on two forms of digital dollars. The first is stablecoins (e.g., USDC), which remove funds from bank balance sheets, reducing lending capital. While regulations like the GENIUS Act prohibit issuers from paying interest, users can seek yield elsewhere in crypto. The second is tokenized deposits, where banks represent deposits as on-chain tokens for efficient settlement while keeping funds insured and on their books for lending. Bank consortia like the Clearing House network and Cari Network are developing such platforms. The core battleground is control over the movement and utility of money. SoFi Bank exemplifies a potential fusion path by launching its own stablecoin (SoFiUSD) and allowing seamless conversion to/from insured, interest-bearing tokenized deposits within one app, giving users flexibility between crypto's efficiency and banking's safety/yield. The article concludes that blockchain technology is not replacing bank deposits but forcing the industry to disaggregate and improve its value propositions—security, yield, and liquidity. The ultimate winners will be institutions that enable frictionless switching between these attributes, much as banks historically absorbed innovations (like the CMA) to maintain their role.

marsbit06/10 10:27

Banks Battle Stablecoins: Where Will Deposits Ultimately Flow?

marsbit06/10 10:27

The United States Finally Gets Perpetual Futures Contracts

The U.S. has finally entered the era of regulated perpetual futures contracts, a transformative development for the crypto derivatives market. On May 29, the CFTC approved Kalshi to list the first-ever regulated Bitcoin perpetual futures contract in the U.S. and allowed Coinbase to route its customers to global perpetual and options trading via Deribit. This approval acknowledges the critical role of perpetuals, which have grown to a staggering $90 trillion in annual trading volume, surpassing the combined GDP of the world's ten largest economies. Perpetual contracts, pioneered by BitMEX in 2016, eliminate expiration dates and use a funding rate mechanism to track the underlying asset's price, offering traders efficient, high-leverage exposure without the need for periodic rollovers. While this legitimizes the product category dominated by offshore and decentralized exchanges like Hyperliquid, U.S.-regulated offerings remain distinct. They are limited to Bitcoin, offer lower leverage caps (around 10x vs. 50-100x offshore), and provide CFTC-mandated protections. This creates separate markets for regulated U.S. institutions and the global, high-leverage retail traders. The significance extends far beyond crypto. Perpetuals are rapidly expanding to trade a wide array of assets like commodities (silver, oil), equities (Nvidia, Tesla), and even prediction markets. Their 24/7, digital-native structure challenges traditional time-bound derivatives. Hyperliquid, a leading decentralized exchange, exemplifies this shift, with daily volumes sometimes exceeding Bitcoin for assets like silver and attracting attention from traditional financial giants like ICE. This regulatory shift intensifies competition, potentially compressing fees and profits for established players like Coinbase as traders seek lower-cost venues. While perpetuals won't fully replace options or traditional futures—which offer unique risk profiles—they represent a superior, more economical vehicle for the vast majority of purely directional, leveraged trading activity. The $90 trillion annual volume is a testament to their overwhelming success and enduring appeal.

marsbit06/10 08:45

The United States Finally Gets Perpetual Futures Contracts

marsbit06/10 08:45

The Awkward "Mutual Embrace": Banks Begin to Adopt Blockchain, but Ethereum Is Not in the Script

The long-awaited "mainstream adoption" by major banks is happening, but not as the crypto world envisioned. JPMorgan, Bank of America, and Citi plan to launch a shared tokenized deposit network via The Clearing House by 2027. This move aims to bring blockchain's efficiency for 24/7 fund transfers. However, the banks are choosing a permissioned, consortium-led ledger—not public, open blockchains like Ethereum. This highlights a fundamental clash in trust models. Crypto advocates value openness, transparency, and permissionless systems. In contrast, banks require controlled environments with defined participants, privacy, regulatory oversight, and clear lines of accountability. Their adoption of blockchain is a pragmatic response to stablecoins, which have demonstrated the demand for fast, borderless digital dollars, not an endorsement of DeFi's full ethos. Concurrently, ongoing DeFi security incidents and market volatility reinforce institutional caution. For banks, the priority is "on-chain efficiency" without "public exposure." This signals a future where finance may fragment into parallel tracks: open public chains for DeFi and innovation, and permissioned networks for institutional settlement, privacy-sensitive transactions, and bank-controlled digital deposits. The narrative thus shifts from "which chain wins" to who controls the critical settlement layer—the cash leg—within their respective trusted frameworks.

marsbit06/10 07:59

The Awkward "Mutual Embrace": Banks Begin to Adopt Blockchain, but Ethereum Is Not in the Script

marsbit06/10 07:59

Galaxy Deep Dive: How Does Hyperliquid's HIP-4 Upgrade Change the Predictive Markets Landscape?

Galaxy Research Report: How Hyperliquid's HIP-4 Upgrade Changes the Prediction Market Landscape. Hyperliquid's HIP-4 protocol upgrade, activated on May 2, introduces a third model for prediction markets. While incumbents like Polymarket focus on consumer discovery and Kalshi on regulated US access, HIP-4 integrates outcome markets directly into Hyperliquid's "house of all finance." This embeds binary event contracts within HyperCore, its native on-chain order book, sharing a single margin account with perpetual and spot trading. HIP-4 offers distinct advantages: superior infrastructure with sub-second finality, ~200k orders/sec throughput, and unified cross-margin, enabling novel hedges for perpetual traders. It also features a unique validator-curated oracle model for off-chain events (e.g., Fed decisions, CPI, sports) and zero fees on opening positions. Early traction shows HIP-4 capturing ~20% of combined BTC prediction market volume within 25 days. The report highlights a broader industry trend of convergence: all major platforms are moving towards a "trade everything from one account" model. HIP-4's challenge lies in expanding market breadth and consumer discovery, currently lagging behind Polymarket's flexible UMA oracle/Kalshi's sports depth. Key risks include validator centralization, US regulatory exposure (mitigated by potential pathways like the CLARITY Act), and competitive pressure from Kalshi's newly CFTC-approved Bitcoin perpetual contract. Ultimately, HIP-4's strongest case is its technically superior, unified execution stack—a harder advantage for competitors to replicate than building consumer layers atop it. The upgrade positions Hyperliquid to contest the lucrative institutional hedging flow in the evolving prediction market arena.

marsbit06/10 05:12

Galaxy Deep Dive: How Does Hyperliquid's HIP-4 Upgrade Change the Predictive Markets Landscape?

marsbit06/10 05:12

Galaxy In-Depth Report: How Does Hyperliquid's HIP-4 Upgrade Change the Prediction Market Landscape?

Galaxy Research Report: How Hyperliquid's HIP-4 Upgrade Changes the Prediction Market Landscape Hyperliquid's HIP-4 upgrade, activated on May 2, introduces a third model for prediction markets. It integrates outcome-based contracts directly into HyperCore, Hyperliquid's native trading engine, creating a "house of all finance" where users can trade perpetuals, spot, and event outcomes from a single unified margin account. HIP-4 offers fully collateralized binary instruments that settle to 0 or 1 based on real-world events. Initial markets include daily BTC price thresholds and later expanded to validator-curated "canonical markets" for events like the Fed's June rate decision and May CPI data. The proposal requires no fees to open positions, charging only on close or settlement. Compared to incumbents, HIP-4's key advantage is its high-performance, on-chain infrastructure, offering sub-second finality and unified cross-margin with other products. Polymarket leads in consumer UX and long-tail market breadth via UMA's oracle, while Kalshi leads in US regulatory access and sports-focused depth. HIP-4 initially lags in consumer discovery, relying on third-party frontends. The report highlights a broader industry trend of convergence: all major platforms are moving toward a "trade everything" model. HIP-4 adds prediction markets to a perpetuals platform, while Kalshi and Polymarket are building perpetuals on their prediction markets. Key risks for HIP-4 include limited initial market breadth due to its validator-curated oracle model, the consumer discovery gap, validator centralization, and regulatory uncertainty. However, the passing of the CLARITY Act in a Senate committee offers a potential path to US regulatory clarity. Despite early-stage limitations, HIP-4 captured 20.1% of combined BTC prediction market volume within 25 days of launch. Its integrated tech stack and rapid execution present a strong case as the prediction market landscape evolves toward unified, multi-asset trading venues.

链捕手06/10 04:45

Galaxy In-Depth Report: How Does Hyperliquid's HIP-4 Upgrade Change the Prediction Market Landscape?

链捕手06/10 04:45

The Higher Bitcoin Goes, The Less Institutions Want It? Coinbase Executive Weighs In

Coinbase Head of Institutional Strategy John D'Agostino states that institutions which previously bought Bitcoin at higher prices are showing increased interest as its price drops to around $60,000. He notes no signs of panic selling or major liquidation risks among large investors; instead, many, including family offices and sovereign wealth funds, see the correction as a buying opportunity. D'Agostino emphasizes that institutional interest often grows when prices fall, reflecting a long-term holding strategy. Despite recent market volatility and geopolitical tensions, exposure via spot Bitcoin ETFs remains high, exceeding $750 billion. He attributes price swings to normal commodity-like behavior and believes current market infrastructure is stronger than in past downturns. Bitcoin was trading near $63,800 at the time of reporting.

bitcoinist06/09 14:31

The Higher Bitcoin Goes, The Less Institutions Want It? Coinbase Executive Weighs In

bitcoinist06/09 14:31

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