Copper jumped to a record $6.58 per pound as surging demand from data centers and clean-technology projects met a tightening global supply backdrop.

Spot Chainlink (LINK) ETFs have yet to record a single day of net outflows since launch. On May 11, the funds attracted $1.91 million in net inflows, lifting their combined holdings to about 1.63% of LINK's total market cap. That translates to more than $126 million worth of LINK held across just two ETFs, from Grayscale and Bitwise.

Benchmark reiterated its "Buy" rating on Coinbase and raised its price target to $270 from $260, despite the company's weaker-than-expected first-quarter results, Odaily Planet Daily reported. Coinbase posted a net loss of $394 million for the quarter. Revenue totaled $755.8 million, missing market forecasts. Adjusted EBITDA came in at $303.3 million, down sharply from $929.9 million a year earlier. Shares fell about 6% after the earnings release. Benchmark said Coinbase is evolving from a cycle-driven crypto exchange into a core infrastructure provider for the onchain economy. The firm pointed to an expanding footprint across stablecoins, crypto derivatives, tokenization, DeFi, payments, prediction markets, and AI-native businesses. Rosenblatt Securities and Bernstein have also maintained favorable views on Coinbase, suggesting parts of Wall Street remain confident in the company's longer-term shift toward a platform model.

CoinDesk reported that crypto wallet provider Exodus said its business is broadening beyond a standalone wallet product into payments, according to its quarterly filing. The company is rolling out a new payments platform, Exodus Pay, and introducing a U.S. dollar stablecoin called XO Cash to support a fuller end-to-end payment workflow. Exodus said the move is an expansion of its existing offerings rather than a strategic pivot. Management said the aim is to let users send and spend digital dollars without giving up control of their private keys. The company also described XO Cash as a USD-pegged stablecoin built with AI agent use cases in mind. The shift in focus coincided with major balance-sheet changes over the quarter. Digital assets fell to about $48 million at the end of the first quarter from more than $156 million at the end of 2025, while cash and cash equivalents climbed to nearly $73 million from under $5 million. Exodus attributed the change largely to a reduction in Bitcoin. The company disclosed that its Bitcoin holdings dropped to 628 BTC from 1,704 BTC in the first quarter, a reduction valued at roughly $50 million based on figures in the report. Ethereum holdings also edged lower by 37 ETH, or about $87,000. Management said treasury actions in the first quarter were used mainly to repay loans previously secured by Bitcoin from Galaxy and to cover acquisition-related costs. Exodus said it is now debt-free following the repayments, while maintaining a long-term constructive view on Bitcoin. Alongside trimming Bitcoin, Exodus increased its Solana position. SOL holdings rose to 17,541 from 12,473, valued at about $1.65 million at the report’s reference price. Management added that as payments become a larger part of the business, it may place more weight on transaction volume and the quarterly mix between payment revenue and transaction revenue to gauge progress. Key figures (end of Q1): - Digital assets: approximately $48 million - Cash and cash equivalents: approximately $73 million - Bitcoin holdings: down from 1,704 to 628 BTC Exodus also said it completed two acquisitions during the first quarter, but did not disclose counterparties or deal values.

Odaily Planet Daily reports that the U.S. Commodity Futures Trading Commission (CFTC) has submitted an amicus brief to the U.S. Court of Appeals for the Sixth Circuit in support of prediction market operator Kalshi, pushing back against a case brought by Ohio. Ohio regulators argue Kalshi's contracts amount to unlicensed sports betting. The CFTC maintains the products are federally regulated derivatives under its jurisdiction, leaving states without authority to intervene. CFTC Chair Michael Selig said the Ohio district court adopted an overly narrow view of the agency's powers and urged the appellate court to correct the interpretation. In recent months, the CFTC has also sued Wisconsin, Illinois, Arizona, Connecticut, and New York as it seeks to reinforce its regulatory control over prediction markets. As platforms such as Kalshi and Polymarket grow in popularity, the line between federal oversight and state enforcement is becoming an increasingly contested battleground.

The U.S. Senate has confirmed Kevin Warsh as a Federal Reserve governor, a move that sets up a separate, potentially imminent vote on elevating him to Fed chair and could reshape market expectations around rates and financial conditions. Lawmakers approved Warsh's nomination to the Fed's Board of Governors by a 51&45 vote that largely followed party lines, with Democratic Sen. John Fetterman voting in favor. The Senate then advanced the process for a chair confirmation by moving to invoke cloture, signaling a final vote on the top job could come in the next few days. Warsh's confirmation as a governor grants him a 14-year term on the board and clears the way for the separate vote on the chairmanship. He previously served as a Fed governor from 2006 to 2011 under Presidents George W. Bush and Barack Obama. If confirmed as chair, Warsh would replace Jerome Powell, whose term as chair ends this week. Powell's term as a Fed governor runs through 2028, leaving open a transition in leadership even as he remains on the board. Markets and policymakers are focused on what a leadership change could mean for the path of interest rates and for perceptions of the Fed's independence from White House preferences. A Reuters and Cointelegraph-linked review of the development highlighted the potential for meaningful market reactions as traders reassess the Fed's policy stance and communication style. Warsh has been portrayed as taking a different approach to regulation and policymaking than Powell, at a time when the central bank is weighing its next steps amid debate over inflation, growth and financial stability. Crypto has also entered the spotlight. In a 2025 interview, Warsh called Bitcoin a "transformative" technology and said it is an important asset that can inform policymakers. During the confirmation process, some lawmakers raised concerns about whether a new chair could preserve the Fed's independence, particularly if policy direction aligns closely with the president's priorities. Several Democratic senators pressed Warsh on that issue during his Senate Banking Committee hearing. Key points - Warsh is confirmed as a Federal Reserve governor for a 14-year term, setting up a separate vote on his nomination as chair. - Powell's chair term ends this week, while his governor term extends through 2028, creating the conditions for a leadership shift as rate policy remains in focus. - The confirmation vote was mostly partisan, with Sen. John Fetterman voting yes. - The Senate Banking Committee is also moving ahead with a digital-asset market structure package known as the CLARITY Act, underscoring intensified attention on crypto oversight and stability. - Warsh's past comments on Bitcoin and questions about central-bank independence are likely to shape how investors interpret the Fed's next policy signals alongside an evolving U.S. crypto regulatory regime. What markets are watching The combination of Warsh's board confirmation and the looming chair vote signals a possible reset at the Fed. Investors will be looking for clues on how Warsh would balance inflation control, employment objectives and financial stability—and whether a change in leadership could alter guidance on rates, liquidity conditions and risk appetite. Leadership transitions can influence expectations for future rate moves, the pace of asset purchases and the Fed's response function during periods of financial stress, with spillovers into currencies and risk assets, including crypto markets. Crypto regulation advances in parallel Alongside the Fed leadership story, Washington's crypto policy agenda is moving forward. The Senate Banking Committee is preparing to mark up a digital-asset market structure bill dubbed the CLARITY Act and has released draft text that includes a compromise provision on stablecoin yield—a longstanding point of friction between the crypto industry and traditional banking interests. The committee is slated to complete the markup on Thursday, a step that could position the package for a broader Senate vote and intensify debate over consumer protections, market supervision and financial stability. Why Warsh's crypto views matter Warsh's characterization of Bitcoin as a transformative technology suggests openness to treating digital assets as policy-relevant signals. For crypto stakeholders, the Fed's credibility and tone under Warsh would matter for how financial stability risks are assessed and how liquidity expectations are formed. At the same time, lawmakers' concerns about political influence underscore a central question for markets: whether the Fed can maintain clear independence amid shifting political dynamics. The outlook remains fluid, with key variables still unresolved: the final outcome of the chair vote, how Warsh would steer policy and communications if elevated, and the ultimate shape of the CLARITY framework after markup and negotiations. Investors are likely to track upcoming Fed messaging on inflation and the rate path, while crypto firms monitor how congressional leaders settle the bill's most contentious provisions. This article was originally published as "Senate confirms Warsh as Fed governor; chair vote seen, crypto outlook." on Crypto Breaking News.

The first exchange-traded fund tied to Hyperliquid began trading, with an analyst describing its debut session as "very solid".

JPMorgan is set to launch its second Ethereum-based tokenized money market fund, the OnChain LiquidityToken Money Market Fund (ticker: JLTXX), according to Odaily Planet Daily. The fund will mainly invest in U.S. Treasury securities and overnight repurchase agreements backed by U.S. Treasuries or cash. JPMorgan said the product is designed to help stablecoin issuers satisfy qualified reserve asset requirements under the GENIUS Act. The fund's blockchain infrastructure will be operated by Kinexys Digital Assets, a JPMorgan subsidiary. For now, Ethereum is the only network available to investors, though the bank said it is not ruling out support for additional blockchains in the future. JLTXX marks JPMorgan Chase's second tokenized money market fund on Ethereum after last year's MONY. While MONY is positioned for institutional on-chain cash management, JLTXX is aimed more squarely at stablecoin reserve asset use cases.

Momentum is building in the Ripple ecosystem. The five U.S.-listed spot XRP ETFs opened the week with a sharp jump in demand, posting roughly $25.8 million in net inflows on May 11. The strong print extends last week's run, when the funds drew $34.21 million in net inflows. Spot ETFs now account for about 1.3% of XRP's total market capitalization, a new record high.