Morning Crypto Market Digest: Gambling Lobby vs. Polymarket, Trump's World Liberty Gets a Banking License, Coinbase Opens Stock Portfolios
The market opens sideways. Bitcoin (BTC) is trading around $65,858, recording a 24-hour low of $65,315 and a high of $66,928. Ether (ETH) holds steady at $1,793. The top gainer among the top 10 in the daily period is Hyperliquid (+7.25%), which also shows an impressive +31.58% over the week. The worst daily performer is BNB (-0.78%), while over the week, it is Tron (-1.27%).
Gambling Lobby vs. Prediction Markets
Major U.S. gaming industry associations have sent a letter to the Senate demanding a ban on sports and casino-like prediction markets under the new crypto regulation bill. In their view, these platforms have triggered the "largest expansion of the gambling industry in history." They argue that prediction market operators disguise bets as regulated financial products, and the CFTC lacks both the expertise and infrastructure for oversight. The Clarity Act, which has already passed the Senate Banking Committee, remains the key regulatory tool. Amid this pressure, several states have filed lawsuits against Kalshi and Polymarket.
World Liberty Financial: A Step Toward a Federal License
The Trump family's crypto project, World Liberty Financial, is close to obtaining a federal banking license as a national trust bank. According to insiders, OCC head Jonathan Gould is about to announce the decision, and former agency officials call approval "virtually guaranteed." The license would allow the project to independently issue and redeem the USD1 stablecoin, manage reserves, and store digital assets under a single federal regulator. This decision will inevitably intensify political debates over conflicts of interest: the president's family holds a significant stake in the project, and 75% of revenue from WLFI token sales goes to an entity controlled by Trump.
Coinbase: A New Step Toward Universal Finance
Crypto exchange Coinbase has announced the ability to transfer existing stock portfolios from other brokerage firms to its platform. The transfer is carried out via the ACATS system without the need to sell assets. This complements the stock and ETF trading launched earlier this year, covering approximately 6,000 securities. Users are offered commission-free trading, fractional shares, and up to 3.5% rewards on USDC balances.
My comment: Coinbase's initiative is another signal that the line between traditional finance and the crypto industry is blurring. However, the main challenge remains regulatory uncertainty, especially regarding prediction markets. If the Clarity Act passes, we will see a reassessment of the boundaries of legal financial instruments.