The crypto market at a crossroads: gambling lobby vs. Polymarket, Coinbase expands horizons, and Trump eyes bankers — digest for June 17
The morning of June 17 finds the digital asset market in a sideways state. Bitcoin (BTC) has settled in a narrow range of $65,300–$66,900, trading around $65,858. Ether (ETH) is also flat near $1,793. The overall picture indicates a wait-and-see stance from major players ahead of a series of important regulatory events. However, that is not the main point — what is far more interesting is what is happening on the institutional and political fronts.
Gambling Lobby vs. Prediction Markets
Leading U.S. gambling industry associations have sent a letter to the Senate demanding a ban on sports and casino-like prediction markets as part of the upcoming crypto regulation bill, the Clarity Act. They argue that platforms like Polymarket and Kalshi have triggered "the largest expansion of the gambling industry in U.S. history." In their view, these services disguise bets as regulated financial products, and the CFTC lacks both the expertise and infrastructure to oversee them. Notably, several states have already filed lawsuits against these platforms. The Clarity Act, which passed the banking committee, now awaits a full House vote — a key moment for the entire sector.
Trump's World Liberty Financial: Almost a Bank
The crypto project World Liberty Financial, closely tied to former U.S. President Donald Trump's family, is one step away from obtaining a federal banking license as a national trust bank. OCC head Jonathan Gould is reportedly ready to approve the application — former agency employees describe this decision as "virtually guaranteed." The license would allow WLF to independently issue and redeem the USD1 stablecoin, manage reserves, and store digital assets without intermediaries. Given that 75% of revenue from the WLFI token sale goes to a structure controlled by the president, this decision will inevitably spark fierce political debates over conflicts of interest.
Coinbase Becomes a Universal Broker
The exchange has taken another step toward becoming a full-fledged financial supermarket. Users can now transfer existing stock portfolios from other brokerage firms to the platform via the ACATS system — without needing to sell assets. This complements the stock and ETF trading (about 6,000 names) launched earlier this year, featuring zero commissions, fractional shares, and yields of up to 3.5% on USDC balances. Coinbase is steadily blurring the line between a crypto exchange and a traditional broker, which, in my view, is a strategically sound move to attract mainstream investors.
Cryptalist Analytical Commentary: This morning's events confirm that the crypto industry is entering a phase of intense institutionalization. The battle over regulatory frameworks between the gambling lobby and prediction markets, politically affiliated projects obtaining banking licenses, and Coinbase's expansion into traditional finance — all these are signals that the "Wild West" of cryptocurrencies is giving way to a structured but more complex ecosystem. Investors should closely watch the vote on the Clarity Act — it will determine who controls the billion-dollar flows in prediction markets.