The U.S. Treasury Department issued a proposed rule under the GENIUS Act and opened a comment period, seeking feedback on how state-level oversight should apply to smaller issuers.

Citadel-backed EDX Markets has filed an application for a national trust bank charter.

A Bitcoin and cryptocurrency exchange backed by Citadel Securities has applied to become a national trust bank in the United States.

The U.S. Securities and Exchange Commission has approved a New York Stock Exchange rule change allowing NYSE American to list options on commodity trusts that hold multiple cryptocurrencies, ME News reported on April 2 (UTC+8). Until now, options were limited to single-cryptocurrency commodity trusts. Under the updated framework, each cryptocurrency in a multi-asset trust must independently meet liquidity requirements, including an average daily market value of at least $700 million over the past 12 months. Derivatives tied to each crypto must trade on venues with comprehensive surveillance-sharing agreements. The trust's shares must also meet the exchange's initial and ongoing listing standards for ETF options and qualify as NMS stocks. The SEC said the change should broaden investor access and hedging tools for crypto exposure and improve market efficiency by removing the need for separate SEC approvals for each new trust. (Source: ChainCatcher)

EDX Markets, the institutional crypto exchange backed by Citadel Securities, Fidelity Digital Assets, Charles Schwab and Virtu Financial, has applied for a national trust bank charter with the Office of the Comptroller of the Currency, according to a filing made public today. The application comes as more crypto companies pursue bank charters under the Trump administration's more accommodative regulatory posture. EDX runs a noncustodial, institutions-only trading venue where clients execute via API while the exchange does not directly hold customer assets. The model is designed to separate trading from custody and mitigate risks associated with failures such as FTX and Celsius. A bank charter would provide EDX access to the federal banking system and bolster the credibility of institutional crypto market infrastructure supported by major Wall Street trading firms. Bloomberg reported the development.

JPMorgan Chase CEO Jamie Dimon said the bank is weighing whether to enter prediction markets, underscoring rising interest from large financial institutions in a segment that has expanded quickly in recent months, including among cryptonative firms. Speaking on CBS on Tuesday, Dimon said, "It's possible one day we'll do something like that," while ruling out offering markets tied to sports or politics. He added that there are areas the bank will not pursue and pointed to strict controls around insider information. Goldman Sachs has voiced similar interest. CEO David Solomon said on the firm's January earnings call that Goldman is actively exploring the space. He said he met recently with the two largest prediction companies and their leadership, adding that a Goldman team is continuing discussions and evaluation. The comments reflect how fast the market has changed. Prediction markets were recently a niche dominated by two established names, Polymarket and Kalshi. That landscape is shifting as more platforms move in. Several cryptonative companies, including Coinbase and Robinhood, have added prediction market trading to their product suites, widening retail access and lifting activity. The early leaders are also scaling up. Polymarket has drawn prominent partnerships and investment, including connections to Intercontinental Exchange, the parent company of the New York Stock Exchange, and is believed to be valued at about $20 billion. Competitor Kalshi was valued at $22 billion after a recent funding round led by Coatue Management. The two platforms rely on different technology stacks. Polymarket runs on blockchain infrastructure, using networks such as Polygon to record trades and settle positions through smart contracts. Users deposit stablecoins, place wagers on outcomes, and receive automated payouts once results are verified. Kalshi does not use blockchain; it operates more like a conventional exchange, offering event contracts within a regulated framework with centralized order matching and settlement. How JPMorgan or Goldman might design any offering remains unclear, including whether they would use blockchain-based rails or traditional market infrastructure. Regulation is another open question. The legal status of U.S. prediction markets is still developing, particularly around which event categories are permitted and how contracts are classified. Large banks may wait for clearer guidance before launching products. Earlier this month, the Commodity Futures Trading Commission took two notable steps toward establishing a regulatory framework for prediction markets, signaling that federal oversight is beginning to take shape.

Ripple is a step closer to operating as a U.S. national trust bank after a recent rule update from the Office of the Comptroller of the Currency (OCC) and the agency's conditional approval for the company to establish Ripple National Trust Bank. The OCC's updated chartering framework broadens permissible trust-bank operations by allowing banks to conduct nonfiduciary activities alongside fiduciary functions. The rule also updates key language, shifting the focus from "fiduciary activities" to "operations of a trust company and activities related thereto." Ripple President Monica Long said the charter could be a major milestone for XRP and global payments. She added that Ripple is prioritizing oversight and compliance around its RLUSD stablecoin, aiming to manage it to the highest regulatory standards, and plans to scale RLUSD in tandem with its cross-border payments business. Long noted the OCC charter is something Ripple has pursued for years and said obtaining it helps legitimize the firm's activities. The OCC's final rule takes effect April 1 and permits national bank charter applicants to engage in custody and safekeeping services. Ripple is not the only crypto-linked firm to receive conditional approval; BitGo, Fidelity, and Paxos were also approved. Market participants view the development as constructive for the firms involved, with some analysts expecting Ripple's approval to support adoption of XRP and RLUSD by creating a path for use within U.S. banking frameworks. XRP rose after the news, rebounding from the $1.30 support level and gaining nearly 5% over the past 24 hours to about $1.35 at the time of writing, according to TradingView data, despite broadly light trading volumes. The OCC's approach has drawn criticism from banking industry groups, which argue it could create an uneven playing field and expand powers for crypto-focused entities. The Bank Policy Institute, which represents JPMorgan, Goldman Sachs, and Citigroup, is reportedly weighing legal action against the OCC. Disclaimer: This content is for informational and educational purposes only and does not constitute financial advice. Coin Edition is not responsible for any losses resulting from the use of any content, products, or services referenced. Readers should exercise caution before taking any action related to the company.

The U.S. Department of Justice has filed charges against multiple individuals tied to crypto market-making firms, alleging coordinated efforts to manipulate token prices and trading volumes. Prosecutors say the defendants used tactics such as wash trading and pump-and-dump schemes to create artificial activity: generating fake volume, pushing prices higher, drawing in retail buyers, then selling into that demand. Concerns about inflated crypto volumes have circulated for years, but this case marks a shift from suspicion to formal prosecution. The allegations suggest some market makers went beyond providing liquidity and instead manufactured it, creating the appearance of strong demand, tighter spreads, and deeper markets. If that liquidity was recycled capital rather than genuine flow, parts of price stability may also have been artificially supported. A crackdown could reshape near-term market dynamics. Reduced synthetic liquidity may leave order books thinner and less stable, making price moves sharper and harder to predict. The market may become more transparent, but also more punishing. The timing adds to the risk. Crypto is already operating in a fragile macro backdrop, with geopolitical tensions, rising oil prices, and tighter liquidity weighing on risk assets. Recent sessions have shown that even constructive headlines have struggled to sustain rallies. That leaves the sector facing pressure on two fronts: external macro stress and internal market-structure change. For investors and traders, less artificial liquidity can alter how breakouts and selloffs behave. Failed breakouts may occur faster, downside moves can accelerate, and volatility can rise across timeframes. Over time, enforcement and reduced manipulation may improve price discovery and strengthen long-term confidence in the ecosystem. Crypto may be doing more than correcting. As fake volume fades and scrutiny intensifies, the market appears to be moving from an artificially supported environment toward a more organic one, with price action likely to become less forgiving during the transition.