Crypto Morning of June 17: Gambling Lobbying vs. Prediction Markets, Banking License for World Liberty, and Stocks on Coinbase
The market greeted Tuesday morning in a sideways trend. Bitcoin (BTC) is hovering near $65,858, showing minimal volatility over the past 24 hours. Ethereum (ETH) is also stagnant at $1,793. However, beneath the price movements, extremely important fundamental events are brewing that could redefine the industry landscape.
Gambling Lobbying vs. Decentralized Prediction Markets
The American gaming industry has declared war on sports and casino-like prediction markets that are actively developing on the blockchain. Major industry associations have sent a letter to the Senate demanding a ban on such platforms under a new crypto regulation law. Their main argument: prediction market operators like Polymarket and Kalshi are disguising bets as regulated financial products, sparking the "largest expansion of the gambling industry in U.S. history." Special emphasis is placed on the fact that the CFTC (Commodity Futures Trading Commission) lacks both the competence and infrastructure to oversee sports betting. This clash of interests will be a key test for the future of DeFi: can the sector maintain its independence, or will it be crushed by traditional monopolies?
Trump Gets a Banking License: A New Era for Stablecoins?
The Trump family's crypto project, World Liberty Financial, is one step away from obtaining a federal banking license as a national trust bank. According to my information, OCC head Jonathan Gould is about to announce a positive decision. If this happens, World Liberty will be able to independently issue and redeem the USD1 stablecoin, manage reserves, and store digital assets—without intermediaries. This is not just a victory for one project. It is a precedent that could radically change the rules of the game: political risks and conflicts of interest are obvious here, but for the market, it signals that regulators are ready to integrate cryptocurrencies into the traditional banking system.
Coinbase Becomes a Full-Fledged Broker
The crypto exchange has taken another step toward becoming a universal financial platform. Users can now transfer their existing stock portfolios from other brokerage firms to Coinbase via the ACATS system—without needing to sell assets. Earlier this year, the exchange already launched stock and ETF trading, covering around 6,000 securities. It offers commission-free trading, fractional shares, and up to 3.5% annual yield on USDC balances. This is a direct blow to traditional brokers and a powerful step toward the convergence of traditional finance (TradFi) and the crypto industry.
My comment: The current sideways market is the calm before the storm. Regulatory battles and institutional breakthroughs, such as the banking license for World Liberty and the expansion of Coinbase, are laying the foundation for the next major move. Investors should closely monitor developments in the U.S. Congress—that is where the future of the entire industry is being decided right now.