JPMorgan has filed with the U.S. Securities and Exchange Commission for a blockchain-enabled money market fund intended to serve stablecoin issuers gearing up for a regulated U.S. market under the proposed Guiding and Establishing National Innovation for U.S. Stablecoins Act (the GENIUS Act). The registration, submitted on 12 May, covers the JPMorgan OnChain LiquidityToken Money Market Fund, which would trade under the ticker JLTXX. The prospectus says the fund would invest mainly in short-term U.S. Treasury securities and overnight repurchase agreements, while using blockchain infrastructure to tokenize ownership records. Ethereum is listed as the first supported network. Positioned as reserve infrastructure for stablecoins JPMorgan frames the product as a compliant reserve-asset option for stablecoin issuers anticipating U.S. requirements. The bank stresses the fund is not itself a stablecoin. Instead, it is a tokenized money market fund whose shares can be transferred over blockchain rails. Eligible users would be able to move tokenized shares peer-to-peer on supported networks, though access is tightly permissioned. The official shareholder register remains off-chain with the transfer agent, and blockchain addresses interacting with the fund must be approved and subject to monitoring. The filing also notes JPMorgan can correct or reverse token-balance discrepancies when needed. A $1 million minimum investment indicates the initial focus is institutional investors rather than retail. Wall Street expands on-chain efforts The filing underscores how large financial institutions are building blockchain-based market infrastructure as stablecoin legislation advances in Washington. It also reflects banks' positioning for a market where stablecoins, tokenized Treasuries and blockchain settlement become more integrated with mainstream finance, as lawmakers continue debating stablecoin rules amid tension between crypto firms and banking groups over the future architecture of digital-dollar infrastructure.

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.

Coinbase CEO Brian Armstrong, who leads the largest U.S.-based crypto exchange, is expected to appear before the U.S. Senate to back legislation aimed at creating a formal regulatory framework for digital assets. Armstrong's position has been notably fluid. On January 15, he publicly withdrew Coinbase's support for the Senate Banking Committee's draft, arguing the text would concentrate too much power in large banks and weaken competition across the digital-asset industry. In interviews on FOX Business and CNBC, he called the provisions "deeply unfair," saying they would disadvantage the millions of Americans who use crypto in day-to-day activity. He has repeatedly pointed to an estimated 52 million U.S. crypto users, warning the bill could tilt market control toward banks. Supporters of market-structure legislation argue it is necessary because Washington still lacks clear lines of authority over crypto. A comprehensive bill would spell out which tokens fall under securities regulation (SEC) versus commodities oversight (CFTC), set registration routes for exchanges and other crypto businesses, and establish consumer-protection standards. Critics say requirements forcing crypto firms to partner with, or route activity through, traditional banking infrastructure could leave the sector effectively subordinate to Wall Street. On Capitol Hill, reported opposition has influenced potential amendments, though crypto-focused outlets have offered few updates recently, with no new reporting surfacing between April 12 and May 12, 2026. Coinbase's status as a Nasdaq-listed company also shapes its priorities: institutional clients, compliance duties, and shareholder expectations all increase pressure for regulatory clarity. For investors, Armstrong's earlier objections centered on the risk of bank regulatory capture. If he is now prepared to support the bill, it likely reflects changes meant to address those concerns. If not, his testimony may signal a strategy to keep Coinbase engaged in negotiations rather than a full endorsement. Armstrong argues the stakes extend beyond Coinbase. For the 52 million Americans he says use crypto, the final outcome will help determine whether the U.S. becomes a hospitable base for digital-asset innovation or whether activity shifts to jurisdictions with more accommodating regulatory regimes.

JPMorgan (JPM) is moving to bring money market funds on-chain, underscoring how large banks and Wall Street asset managers are accelerating efforts to shift traditional assets onto blockchain infrastructure. In a filing submitted Tuesday to the U.S. Securities and Exchange Commission (SEC), the bank detailed plans for a blockchain-based money market fund that would invest solely in short-term U.S. Treasuries, cash, and overnight repurchase agreements backed by government securities. The proposed vehicle, JPMorgan OnChain LiquidityToken Money Market Fund (JLTXX), would track investor ownership through blockchain-based token balances. The filing said approved users would be able to place purchase, redemption, and transfer requests via Ethereum. Kinexys Digital Assets—JPMorgan's blockchain unit formerly known as Onyx—would run the underlying blockchain infrastructure. JPMorgan said the fund is designed to meet reserve asset requirements under the GENIUS Act, legislation aimed at regulating stablecoin issuers in the U.S. The structure could make it a yield-bearing reserve option for stablecoin firms seeking compliant exposure to Treasuries. The filing arrives days after BlackRock (BLK), the world's largest asset manager, submitted paperwork for a new tokenized Treasury reserve vehicle and blockchain-based shares of an existing $7 billion money market fund. Tokenization—creating blockchain-based representations of traditional financial assets—has become a major theme across both finance and crypto. Proponents say it can shorten settlement times, improve transparency, and enable 24/7 trading and collateral use. The tokenized real-world asset market has expanded more than 200% over the past year and now tops $32 billion, according to rwa.xyz. Treasury-linked products have been among the fastest-growing segments as institutions look to earn yield on on-chain cash. JPMorgan has been one of the most active traditional banks in embedding blockchain infrastructure into mainstream finance. In December, it launched a tokenized money market fund called MONY on Ethereum, giving institutional investors blockchain-based access to short-term cash products. Through Kinexys, the bank has also processed tokenized collateral and settlement transactions for institutional clients.

A federal judge in Wisconsin has concluded that the Ho-Chunk Nation is likely to prevail in its effort to stop prediction-market operator Kalshi from offering sports event contracts on the tribe's Indian lands under the Indian Gaming Regulatory Act (IGRA), marking what appears to be the first federal IGRA ruling to side with a tribe against Kalshi. U.S. District Judge William M. Conley issued the decision on May 11, 2026, finding a "likelihood of success" on the tribe's IGRA claim, Bloomberg reported. The Ho-Chunk Nation, a federally recognized tribe, sued Kalshi Inc., KalshiEX LLC, Robinhood Markets Inc., and Robinhood Derivatives LLC last August in the U.S. District Court for the Western District of Wisconsin. The Wisconsin ruling breaks from an earlier outcome in California. In November 2025, U.S. District Judge Jacqueline Scott Corley in the Northern District of California denied a temporary restraining order sought by Blue Lake Rancheria, Chicken Ranch Rancheria of Me-Wuk Indians, and Picayune Rancheria of the Chukchansi Indians, holding they had "not met their burden of showing a likelihood of success on their IGRA claim." That decision is now on appeal at the Ninth Circuit. In Wisconsin, the Ho-Chunk Nation moved for a preliminary injunction in December 2025 to block Kalshi and Robinhood from offering sports event contracts to users on tribal lands while the case proceeds. Sixteen tribes filed an amicus brief in support. The complaint also includes a Racketeer Influenced and Corrupt Organizations (RICO) Act claim describing Kalshi's sports event contracts business as a "Gaming Racket," along with false advertising allegations. Trial is set for May 24, 2027, before Judge Conley. Kalshi has argued in the Wisconsin case that its status as a CFTC-regulated designated contract market (DCM) preempts IGRA. Its lawyers point to the 2006 Unlawful Internet Gambling Enforcement Act exemption for DCM-traded contracts from the federal definition of a "bet or wager," and to the CFTC's self-certification process for new event contracts under the Commodity Exchange Act. The arguments track positions Kalshi advanced successfully in earlier enforcement matters before Judge Corley. The federal fight in Wisconsin unfolds alongside a state-level crackdown. On April 23, 2026, Wisconsin Attorney General Josh Kaul filed three parallel lawsuits in Dane County Circuit Court against Kalshi and Robinhood, Polymarket, Crypto .com (operating as Foris Dax Markets), and Coinbase, alleging they facilitated sports betting in violation of Wisconsin's Class I felony gambling statute. Kaul said in a virtual press conference that "thinly disguising unlawful conduct doesn't make it lawful" and called for the companies to be "shut down" from offering sports-related event contracts to Wisconsin customers. The CFTC later sued Wisconsin, along with four other states, alleging they interfered with federal authority over derivatives markets. Kalshi had not publicly commented on Conley's ruling as of publication. The decision adds to a patchwork of early federal outcomes for Kalshi's sports event contracts: the company holds an injunction in New Jersey that was affirmed by the Third Circuit, has lost similar bids in Maryland, and saw its Nevada injunction dissolved on review.

Coinbase CEO Brian Armstrong is slated to address the Senate Republican steering lunch on Wednesday, placing him before one of the GOP conference's most influential internal policy forums, a setting more commonly associated with party leadership, cabinet-level officials, and select industry figures. The appearance underscores an escalated push by Coinbase in Washington. OpenSecrets.org data show the company spent $4.1 million on federal advocacy in 2025, the third-largest lobbying outlay among digital asset firms. Armstrong has also kept a steady presence on Capitol Hill, hosting a crypto policy dinner with House Republicans on April 28 and testifying before the Senate Banking Committee on March 15. Coinbase's advocacy has focused on two priorities: defining a federal framework for crypto market structure and oversight, and setting rules for stablecoins—dollar-pegged tokens that underpin much of crypto finance. Both topics are currently active in the Senate's legislative pipeline. Republican interest has grown since the 2024 elections, as GOP control of the Senate reshaped committee leadership and signaled a more accommodating stance toward digital assets. Decrypt reported that analysts view Armstrong's outreach as aligning with Republican themes around innovation-oriented regulation and energy-efficient mining. Armstrong has also argued the stakes are substantial; a recent CoinDesk op-ed pointed to the possibility of $10 trillion in institutional capital flowing into U.S. crypto markets. Markets responded modestly. Coinbase shares rose 2.1% to $245 after the news, while Bitcoin gained 1.5% to $68,200, according to CoinDesk. For Coinbase, the regulatory outlook remains central to its business. The company's model depends on operating under a clear U.S. legal framework, and legislation on market structure could open additional revenue opportunities and deepen institutional partnerships. Coinbase's $4.1 million lobbying spend and Armstrong's direct engagement suggest the firm is positioning itself as a primary crypto voice in Washington. Investors focused on regulation may find the bigger signal in the text of any final bill once it reaches the Senate floor, not the week's headlines.

Senate Minority Leader Chuck Schumer said Democrats want "a good crypto bill to pass," signaling support for advancing cryptocurrency legislation in the Senate.

JPMorgan has filed to launch a tokenized U.S. Treasury money market fund, ticker JLTXX, positioned as GENIUS Act-compliant reserve assets for stablecoin issuers.