Morning crypto market digest: Gambling lobby against Polymarket, Trump's World Liberty receives banking license, and Coinbase opens access to stocks
The digital asset market shows mixed dynamics at the start of the new week, but key events are unfolding on the institutional and regulatory fronts. While Bitcoin consolidates near $65,850 and Ethereum holds around $1,793, several significant news items capable of reshaping the industry landscape are taking center stage.
US Gambling Industry vs. Prediction Markets
The largest associations in the US gambling industry 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. In their view, platforms such as Polymarket and Kalshi have triggered "the largest expansion of the gambling industry in US history," disguising bets as regulated financial products. Lobbyists argue that the Commodity Futures Trading Commission (CFTC) lacks both the expertise and infrastructure to oversee sports betting. The primary regulatory tool remains the Clarity Act, which has already passed the Senate Banking Committee and awaits a full floor vote. Meanwhile, several states have filed lawsuits against Kalshi and Polymarket, increasing pressure on this sector.
Trump's World Liberty Financial on the Verge of a Federal Banking License
The crypto project World Liberty Financial, linked to former US President Donald Trump's family, is close to obtaining a federal banking license as a national trust bank. According to my information, Office of the Comptroller of the Currency (OCC) head Jonathan Gould will soon announce a decision on the application. Former agency officials describe approval as "virtually guaranteed." The license would allow World Liberty to independently issue and redeem the USD1 stablecoin, manage reserves, and store digital assets under a single federal regulator—without intermediaries. This decision is expected to intensify political debates over conflicts of interest, given that Trump and his family hold a significant stake in the project, and 75% of revenue from the WLFI token sale goes to a structure controlled by the president.
Coinbase Transforms into a Universal Financial Service
Crypto exchange Coinbase has taken another step toward transforming into a full-fledged financial supermarket. The platform now allows users to transfer existing stock portfolios from other brokerage firms via the ACATS system without needing 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. Expanding functionality is a logical step in Coinbase's strategy to attract traditional investors to the crypto ecosystem.
Cryptalist Analytical Commentary: Bitcoin's consolidation in the narrow range of $65,000–$67,000 indicates the market is waiting for new drivers. However, institutional news—from regulatory battles to Coinbase's expanded functionality—is laying the groundwork for the next growth phase. Special attention should be paid to World Liberty's potential banking license: if the project receives OCC approval, it would set a precedent, paving the way for integrating stablecoins into the traditional US banking system.