"Do we really need a 14th spot bitcoin ETF?"

Truth Social's bitcoin ETF is dead. The Ethereum Foundation's brain drain deepens. And Copper wants $500M to find a new owner. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wednesday, May 20, 2026 Why Trump's bitcoin ETF plans likely collapsed before even getting off the ground Trump Media & Technology Group withdrew its SEC registration statements for three Truth Social-branded crypto ETFs this week — a spot bitcoin fund, a bitcoin-and-ether fund, and a crypto blue chip fund — ending a launch that had been in preparation since June 2025. ETF analysts say the real reason isn't regulatory strategy: it's the fee war. Morgan Stanley launched a spot bitcoin ETF at just 14 basis points, and Bloomberg's Eric Balchunas put the situation plainly — unless Truth Social could come in below that floor, "it could be embarrassing." The existing five Truth Social ETFs have attracted just over $30 million in combined assets since their late-2025 launch. Sponsor Yorkville America said it will pursue a more flexible '40 Act structure instead, but analysts aren't buying the strategic pivot framing. "Do we really need a 14th spot bitcoin ETF?" Seyffart wrote. The answer, apparently, was no. Read the full story → The Protocol Ethereum Foundation's high-profile departures spark fresh debate The wave of departures from the Ethereum Foundation is now prompting a broader community debate about whether the organization's deliberate step back from product development — formalized in its March 2026 mandate — is the right posture at the wrong moment. The exits of Carl Beek, Julian Ma, Barnabé Monnot, Tim Beiko, Trent Van Epps, and Alex Stokes represent a significant concentration of protocol research and coordination expertise leaving the organization within a short window. Critics argue the foundation is voluntarily ceding influence precisely as institutional capital is flooding into blockchain infrastructure and competitors are accelerating. Defenders say decentralization was always the point and the EF's role was never to be a permanent staffing agency for the protocol. The debate lands as Alpenglow — the biggest consensus overhaul in Solana's history — approaches mainnet, intensifying the competitive framing. Read more → Business Crypto custody firm Copper is looking to sell the company for $500 million Copper, the institutional crypto custody firm behind the ClearLoop settlement system, is seeking a buyer at a $500 million valuation, according to two people familiar with the matter. Cantor Fitzgerald has been appointed to run the sale process. ClearLoop — which allows delivery-versus-payment settlement from within custody without moving assets onchain — is the asset driving the price tag, serving more than 1,000 active counterparties with over $50 billion in monthly notional trading volume. Copper had been exploring an IPO earlier this year, potentially following rival BitGo's January debut, but a bitcoin price below $80,000 and AI absorbing most available growth capital have put the crypto IPO market on hold. The sale process marks a pivot from public markets to a private exit as the company weighs its strategic options. Read more → Know someone who should be reading this? Share this newsletter See all of CoinDesk’s newsletters    CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York,NY,10011,USA, Unsubscribe Manage Preferences   Copyright © 2026 CoinDesk, All rights reserved.

Bitcoin bounced — does it have legs?

Senate voted 50-47 to curb Trump’s Iran war powers. BTC bounced above $77K. But derivatives say this rally may not have legs. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SPONSORED BY Wednesday, May 20, 2026   Bitcoin has rebounded above $77,000 — and analysts are divided on whether it lasts. The catalyst was the Senate voting 50-47 to curb Trump’s Iran war powers, sending Treasury yields and oil lower and giving crypto its first broad green session in five days. But futures open interest fell during the bounce and altcoin performance was mixed, suggesting traders are reducing risk rather than chasing the move. Bitfinex margin longs just hit a 2.5-year high, a historically ambiguous signal that can cut either way. The bounce has legs — or it doesn’t. That’s the question for today. Read today’s full report → Market snapshot As of 8am EST Asset Price 24h BTC $77,200 +0.56% ETH $2,128 +0.66% SOL $85.00 +0.59% XRP $1.38 +0.73% Prices approximate. Visit coindesk.com/price for live data. A message from Grayscale Grayscale Solana Staking ETF (ticker: GSOL) is now delivering enhanced value to investors, including 100% staking. Solana staking rewards have historically averaged 6-8% a year.1 Learn more here. Grayscale Solana Staking ETF (GSOL), an exchange traded product, is not registered under the Investment Company Act of 1940, as amended (“40 Act”), and therefore is not subject to the same regulations and protections as 40 Act registered ETFs and mutual funds. GSOL is subject to significant risk and heightened volatility. GSOL is not suitable for an investor who cannot afford to the loss of the entire investment. An investment in GSOL is not a direct investment in Solana. Learn more Please read the prospectus carefully before investing in the Fund. Foreside Fund Services, LLC is the Marketing Agent for the Trust. Potential staking rewards are earned by the Fund. The Fund’s ability to engage in staking is conditional and may be modified. Staking requires that the Fund lock up SOL for the period of time required by the staking protocol, meaning the Fund cannot sell or transfer the staked SOL, thereby making it illiquid for the period it is being staked. 1 Stakingrewards.com. The range observed is from 09/16/22 to 09/28/25 and the average over this period is 7.10%. Past performance is not indicative of future results. CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets. L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal. What matters today Markets   Story 1 of 3 Senate curbed Trump’s Iran war powers. BTC bounced. Does the rally have legs? The Senate passed a bill 50-47 to curtail Trump’s Iran war powers during Asian hours Wednesday, snapping BTC’s five-session losing streak and lifting markets broadly as Treasury yields and oil pulled back. But the derivatives picture is ambiguous: futures open interest declined during the bounce — a sign traders are unwinding positions rather than building new longs — and altcoin performance was mixed. Bitfinex margin longs hit a 2.5-year high during the five-day slide, historically a contrarian long signal, though it also reflects the degree to which bulls are underwater. BTC’s implied volatility remains compressed despite the selloff, and analysts flagging the Fed minutes release as the next catalyst. A sustained move above $78,000 would shift the technical picture; failure to hold $76,000 would not. Read more → Legal   Story 2 of 3 A Telegram group is at the center of the Jane Street insider trading allegations in the Terra collapse. New details in the Jane Street insider trading case reveal a private Telegram group as the alleged coordination hub for trading activity tied to advance knowledge of Terra’s May 2022 collapse. The allegations — which Jane Street denies — implicate communications that regulators say were used to position ahead of LUNA/UST’s depegging event. The case is significant beyond Jane Street: it is the first major enforcement action to allege that institutional traders used private messaging infrastructure to coordinate around a crypto-specific event, setting a precedent for how prosecutors and regulators may approach similar fact patterns across DeFi exploits, token listings, and protocol governance events going forward. Read more → Policy   Story 3 of 3 Trump pledged to kill the CBDC. A former CFTC chair says it’s being explored behind closed doors. Despite Trump signing an executive order banning a U.S. central bank digital currency, former CFTC chair Timothy Massad says quiet exploratory work on a CBDC is continuing within government, characterizing it as contingency planning rather than active development. The disclosure sits uncomfortably alongside Trump’s anti-CBDC posture and raises questions about what distinguishes tokenized Federal Reserve liabilities from the kind of digital dollar Trump says he opposes. It also lands as Morgan Stanley’s stablecoin reserve fund and the GENIUS Act Senate deadline intersect — placing CBDC risk and private-stablecoin regulatory frameworks on a collision course that the market hasn’t fully priced. Read more → CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets. L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal. Crypto Daybook Americas: A newsletter from CoinDesk Were you forwarded this newsletter? Sign up here.  Copyright © 2026 CoinDesk, All rights reserved.  CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York, NY 10011, USA Unsubscribe Manage preferences

Want to bet on SpaceX's valuation?

Polymarket just opened the $5 trillion private market to everyone. The CLARITY Act's DeFi fine print has the industry worried. And Warren is coming for the OCC. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tuesday, May 19, 2026 Polymarket unlocks $5 trillion private market for retail traders, previously reserved for elites Polymarket has partnered with Nasdaq Private Market to launch prediction contracts tied to private company milestones — valuations, IPO timing, and secondary share activity — for roughly 1,600 unicorns collectively worth more than $5 trillion. Users won't own equity, but they can take yes/no positions on outcomes that have historically been accessible only to venture capital firms, institutions, and accredited investors. Nasdaq Private Market supplies the transaction and valuation data used to settle contracts. The launch arrives as OpenAI, SpaceX, Stripe, and dozens of other mega-cap private companies have stayed private longer than any comparable cohort in modern history, locking most retail investors out of the value creation happening before an IPO. Polymarket CEO Shayne Coplan: "For the first time, anyone can engage with the outcomes driving value at the world's most consequential private companies." Read the full story → Policy Amid the CLARITY Act fanfare is some worry over how a last-minute deal may punch DeFi The last-minute amendment package that won Democratic votes for the CLARITY Act also quietly removed Section 301 language that had shielded non-controlling blockchain developers from being classified as money services businesses — and replaced it with language that could instead expose them to securities regulation as "intermediaries" if regulators argue they exercise some level of control. The change was part of a Lummis amendment package that secured votes from Senators Gallego and Alsobrooks. DeFi advocates say the compromise may be interpreted broadly enough to sweep in developers who own governance tokens and vote cooperatively — the very people the original bill was designed to protect. One insider told CoinDesk it gives the SEC "more leeway to deploy securities oversight" that might be used very differently under a future administration. Read more → Policy Senator Elizabeth Warren accuses U.S. regulator of approving unqualified crypto banks Warren sent a letter to the OCC on Tuesday questioning its recent approval of national trust bank charters for Ripple, Coinbase, Paxos, and World Liberty Financial — arguing the firms are conducting trading, payments, lending, and stablecoin issuance well beyond what national trust banks typically allow. The criticism follows the OCC's finalization of a rule this year clarifying that national trust institutions may engage in "non-fiduciary activities" — a broadened reading of trust bank powers that banking groups including the Independent Community Bankers of America have called an overreach. The ICBA had already called Coinbase's conditional charter approval "a grave mistake." Warren's letter lands as the CLARITY Act advances with DeFi protections that critics say are already weaker than the original draft — and as the OCC's expanded crypto posture looks increasingly like the next major front in the regulatory fight. Read more → Know someone who should be reading this? Share this newsletter See all of CoinDesk’s newsletters    CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York,NY,10011,USA, Unsubscribe Manage Preferences   Copyright © 2026 CoinDesk, All rights reserved.