News linked to both this project and an event.
Odaily Odaily News, Galaxy Research Head Alex Thorn stated that the capital management reforms recently launched by Michael Saylor's Strategy (MSTR) have effectively eased market concerns over its liquidity and preferred stock system pressure in the short term. However, he noted these measures are more about "buying time" rather than fundamentally resolving structural issues.Over the past few weeks, Strategy has faced pressure on its "Digital Credit" preferred stock system. Its STRC ("Stretch" preferred shares) fell below par value, hitting a low of approximately $71.25, raising market concerns about Bitcoin price declines, shrinking dollar reserves, and the company's ability to pay preferred stock dividends. Subsequently, market discussions focused on three stress scenarios: selling Bitcoin, issuing additional MSTR shares (diluting existing shareholders), or cutting/suspending preferred stock dividends.In response, Strategy announced a comprehensive capital management restructuring on Monday, introducing a "Digital Credit Capital Framework." This includes five key tools: a board-approved dollar reserve policy, an adjustment to the STRC dividend mechanism, a $1 billion preferred stock buyback authorization, a $1 billion MSTR common stock buyback authorization, and a Bitcoin monetization mechanism. Concurrently, the company increased the annualized dividend rate on STRC from 11.5% to 12%.The market reacted positively, with both MSTR and STRC seeing significant gains that day, and Bitcoin also rebounded alongside.Alex Thorn pointed out that this adjustment has improved market sentiment in the short term, extending Strategy's cash coverage cycle to approximately 17 months and enhancing its capital buffer through new financing. However, the company still faces approximately $6.7 billion in convertible bond maturities during 2027-2028, meaning long-term structural risks persist. The core issue is not whether Strategy holds enough Bitcoin (approximately 847,000 BTC), but rather that its dollar liquidity is insufficient to cover preferred stock and capital structure obligations without harming the interests of any party, leading to a squeeze between different classes of shareholders.Nonetheless, the key significance of this adjustment lies in enhancing the "optionality" of the company's capital tools. It shifts Strategy from a single-direction Bitcoin accumulation strategy towards a more proactive asset-liability management model, thereby preventing short-term liquidity issues from evolving into a systemic crisis. Although the current Bitcoin market environment is relatively weak and may not have bottomed out yet, Strategy's new framework has, to some extent, bought the company a window of time to wait for more favorable market conditions.
David Sacks commented on X platform regarding an interview with Palantir CEO Alex Karp, stating that some traditional media interpreted it as an "emotional expression," but in reality, his views revealed the core issue of enterprise-grade AI security.Sacks stated that true enterprise AI security is not about abstract "AI alignment" research or government-style regulatory frameworks, but rather about enterprises having complete control over their own data, model weights, and computing infrastructure to prevent core intellectual assets from being absorbed by model vendors and turned into their own product advantages.He cited Karp's view, pointing out that what enterprise customers truly care about is having control over computing resources, models, and the data stack—ensuring that "ownership of the means of production" is not transferred.Sacks also cited the cooperation dispute between Figma and Anthropic as an example, noting that according to media reports, Anthropic "caught its partner off guard" when launching Claude Design. It was accused of encroaching into the application-layer domain occupied by its ecosystem partners during product expansion, leading to a shift in the value capture structure.He further pointed out that similar patterns have appeared in the expansion of product lines such as Claude Code and Claude Legal, where model capabilities extend upward into vertical application domains.Sacks believes that this trend indicates model vendors are transitioning from "foundation model providers" to "vertical application competitors," exposing enterprise customers to heightened risks of supplier lock-in. The essence of enterprise-grade AI security is not trusting the long-term promises of model vendors, but ensuring choice and control at the model layer to protect their own data and commercial "alpha."
as the EU's Markets in Crypto-Assets Regulation (MiCA) is set to take full effect on July 1, industry insiders anticipate a massive platform reshuffle in the European crypto market, with potentially over 10 million users needing to switch trading platforms.SwissBorg executive Alex Fazel stated that the new MiCA regulations are forcing a large number of exchanges to cease or restrict their services within the EU. The European Securities and Markets Authority (ESMA) has warned that institutions lacking a MiCA license must gradually exit the market after the deadline and assist users in migrating to compliant platforms or self-custody wallets.Data shows that as of 2024, there may be over 3,000 Virtual Asset Service Providers (VASPs) in Europe, with approximately 80% expected to exit the market following the regulatory transition.The analysis points out that several trading platforms, including Binance, have already adjusted their European business layouts in advance. Meanwhile, platforms like Coinbase and OKX are attracting user migration through incentive measures. Against the backdrop of tightening regulations, industry competition is shifting from "subsidy-driven customer acquisition" to "competition in compliance and trust systems." (CoinDesk)
据 Galaxy Digital 研究主管 Alex Thorn（@intangiblecoins）发文，Galaxy Research 将 CLARITY 法案 2026 年内通过的概率由 60% 下调至 50%，主要原因为参议院日程持续收窄，而非法案本身实质内容恶化。 法案自 6 月 1 日通过参议院银行委员会（15 比 9）后，已列入参议院立法日程第 423 号，但至今未设定表决日期，银行委员会与农业委员会的文本合并工作仍在幕后推进。 日程竞争方面，FISA 第 702 条重新授权、2027 财年 NDAA 国防授权法案、SAVE Act 选民身份证明法案，以及特朗普以 SAVE Act 为条件拒绝签署已获两院压倒性通过的住房法案，均在争夺有限的参议院议程时间。 Alex Thorn 指出，参议院多数党领袖 Thune 最迟需在 7 月初宣布表决时间，否则法案将推迟至 9 月，届时将面临中期选举政治压力。若两周内宣布时间安排，通过概率将回升至 60% 以上；若沉默延续至 7 月中旬，概率将进一步下调。
US President Trump signed two executive orders on Monday aimed at accelerating the nation's quantum computing capabilities and advancing the migration of government systems to post-quantum cryptography. While the orders do not directly mention Bitcoin, industry insiders believe this could benefit blockchain post-quantum security research and development.The two executive orders focus on defending against advanced cryptographic attacks and driving the frontier of quantum innovation. This includes a clear timeline: advancing quantum sensor construction by September 2028, and requiring federal high-value assets and high-impact systems to complete their post-quantum cryptography migration by the end of 2031.Alex Pruden, CEO of Project Eleven, stated that this means the US government will allocate funds and time to achieve post-quantum security goals. It may also extend these requirements to the entire federal contractor system, not just government agencies, thereby accelerating the practical application of post-quantum cryptographic technology.This policy comes amid growing attention within the blockchain industry to quantum threats. The Ethereum Foundation, Solana Foundation, and others have already begun advancing post-quantum security R&D, while the Bitcoin community is also discussing potential risks. Some Bitcoin held in publicly exposed addresses is considered vulnerable to private key derivation attacks once sufficiently powerful quantum computers emerge.Pruden noted that this executive order sets a clear deadline of 2031 for the adoption of post-quantum cryptography, which is more enforceable than the previous US government guidance which only proposed phasing out traditional cryptographic systems by 2035. For Bitcoin and the broader crypto industry, government-level investment in post-quantum security could accelerate the maturation of related tools, standards, and migration pathways.
Odaily News Alex Svanevik, CEO of on-chain analytics platform Nansen, stated that when enterprises begin effectively using Chinese large language models, the bubble in the AI industry may burst. While the U.S. regulatory environment could limit this process, the overall trend remains that Chinese models are continuously becoming more efficient, capable of running on non-cutting-edge hardware, while global GPU supply (including non-Nvidia chips) is increasing.Alex Svanevik also pointed out that the recent decline in H100 and H200 GPU rental prices reflects a shift in the supply-demand structure of computing power. He raised the question of how to interpret the market signal of declining GPU rental prices. As model efficiency improves alongside expanding computing power supply, the AI infrastructure market may be entering a phase of repricing.
Alex Svanevik, CEO of on-chain data analytics platform Nansen, posted on X stating that from a hindsight perspective, if Binance founder CZ had completed the acquisition of FTX back then, his potential asset structure would have changed significantly. He would now likely hold an indirect exposure of approximately 8% stake in Anthropic, about 5% stake in the AI coding tool Cursor, as well as some investment interests related to SpaceX.It is reported that in November 2022, CZ had disclosed his intention to acquire FTX but later abandoned the plan after due diligence uncovered issues beyond his control. Subsequently, FTX filed for bankruptcy protection.
According to Fortune magazine, the political battle surrounding New York State Assemblymember Alex Bores’ congressional campaign has escalated into a direct confrontation between two major camps in the AI industry: OpenAI and Anthropic have each contributed millions to tens of millions of dollars through affiliated political action committees (PACs) to support candidates with opposing stances.
Alex, co-founder of Matter Labs | ZK (@gluk64), announced that Matter Labs has today announced a reduction in its team size. Alex stated that this adjustment stems from the company’s strategic pivot—starting in 2024, Matter Labs began focusing on serving regulated financial institutions, leading to the spin-off of the Prividium project, which aims to build privacy-first onchain infrastructure for enterprises and regulated financial institutions. As the business direction deepens, the required skill set has shifted, and this layoff is directly tied to that evolution.
Nansen CEO Alex Svanevik stated that open-weights models may pose greater competitive pressure on Anthropic and OpenAI in the future, because not all tasks require a "150 IQ level" frontier model. In many scenarios, a model with around 115 IQ but costing about 90% less is "fully sufficient," offering a clear cost-performance advantage. Since the AI industry has generally believed that profits would come from the most advanced frontier models, this logic may now face challenges, especially if governments impose restrictions or block access to frontier models, potentially impacting the revenue expectations of related companies.Alex Svanevik further questioned whether the business model of relying on high-end models for profitability remains viable when regulations begin to limit the capabilities or deployment of frontier models, calling it a core issue that the industry needs to reassess.
Odaily News: Prediction market platform Polymarket's Chief Marketing Officer, Matthew Modabber, was reportedly found to have paid content creators at least $350,000 through his personal PayPal account between January 2025 and February 2026, to promote Polymarket and its prediction market data.Reports indicate that Modabber transferred over $2.5 million to more than 800 individuals over 14 months. According to a Politico investigation, at least 20 influencers who received payments subsequently posted approximately 490 pieces of content related to Polymarket on social media platform X, with the majority failing to clearly disclose the paid partnership.Creators involved include conservative commentator Alex LoRusso, political commentator Brian Krassenstein, and Fox News contributor Riley Gaines. The related posts often described Polymarket's odds changes as "BREAKING" news or event bellwethers, aiming to reinforce the public perception of the platform's predictive accuracy.A Polymarket spokesperson responded that collaborating with content creators is a standard marketing strategy for the company, intended to provide global users with "the most accurate, transparent, and data-driven market insights." However, the company did not address questions regarding why personal accounts were used for payments or whether the related promotions complied with disclosure requirements.The report notes that following Trump's election victory, interest in prediction markets surged, and Polymarket's trading volume grew rapidly. As the platform seeks to re-enter the U.S. market, it is expanding its brand influence through social media and opinion leaders, while also facing scrutiny over information disclosure, market influence, and regulatory compliance. (Politico)
Odaily Celsius founder Alex Mashinsky has filed a motion with a New York court, seeking to overturn his 12-year sentence for fraud and market manipulation.Court documents show that Mashinsky chose to proceed pro se after his lawyers withdrew, claiming they 'stopped communicating' with him, forcing him to file documents personally with the court. He argues that his previous defense constituted 'ineffective assistance of counsel' and invokes the 'fruit of the poisonous tree' doctrine, challenging the legality of certain evidence in the case.In his filings, Mashinsky also accused Sam Bankman-Fried of intending to 'destroy Celsius' and attributed market manipulation related to the CEL token to FTX. Additionally, he publicly disclosed text messages with former Celsius Chief Revenue Officer Roni Cohen-Pavon, alleging that Cohen-Pavon attempted a 'hostile takeover' of the company.In 2025, Mashinsky pleaded guilty to commodities fraud and securities fraud, was ordered to forfeit $48 million, and must also pay a $10 million settlement to the U.S. Federal Trade Commission. Cohen-Pavon, who previously testified as a cooperating witness for the prosecution, has been sentenced to 'time served' and ordered to pay over $1 million in fines. (Cointelegraph)
According to The Block, Bitcoin Depot (BTM), a Nasdaq-listed Bitcoin ATM operator, filed for Chapter 11 bankruptcy protection on the 18th in the U.S. District Court for the Southern District of Texas, announcing an orderly liquidation and asset sale. CEO Alex Holmes stated that increasingly stringent state-level compliance requirements, transaction limit restrictions, and operational bans in certain regions have rendered the company’s existing business model unsustainable. Previously, the company suffered a security breach in April 2026, resulting in a $3.7 million loss; its Q1 2026 revenue declined 49.2% year-on-year, with a net loss of $9.5 million. Currently, all over 9,000 Bitcoin ATMs operated globally by Bitcoin Depot have been taken offline, and its overseas entities—including those in Canada—will also be shut down.
Alex Thorn, Head of Research at Galaxy, posted on X that the U.S. Senate Banking Committee voted 15–9 this week to advance the CLARITY Act to a full Senate vote. With time running short—approximately nine weeks remain—the projected timeline for next steps is as follows: June 1: Begin reconciling the Senate Banking Committee’s and Senate Agriculture Committee’s versions of the bill; June 15: Full Senate debate begins; June 22: The Senate may complete its final vote; July 13: Senate–House reconciliation concludes; Early August: President Trump signs the bill into law (assuming the schedule stays on track). Alex Thorn analyzed that Democrats are focusing heavily on “ethics provisions” designed to restrict digital asset holdings and profits by senior officials and their family members. Meanwhile, negotiations continue on the Decentralized Finance Regulation and Blockchain Regulatory Certainty Act (BRCA). The CLARITY Act will lay the groundwork for innovation in the U.S. digital asset market and for investor protection.
: Galaxy Research Head of Research Alex Thorn stated that the U.S. Senate Banking Committee has released the first updated complete draft of the CLARITY Act since January. The new draft features significant adjustments in several key chapters, including:A substantial rewrite of Chapter I concerning definitions and the scope of the U.S. Securities and Exchange Commission (SEC) authority; the addition of Section 109 on insider trading; an update in Chapter II changing "common control" to "coordinated control"; a rewrite of Section 301 to further clarify the regulatory boundary between DeFi and CeFi; an update to Section 404 incorporating the compromise proposal from Tillis and Alsobrooks; adjustments to Section 505 narrowing the scope of SEC authority limitations in the tokenization field; and a restructuring of the bankruptcy and insolvency framework in Sections 701 and 702. Additionally, Section 904 is a new addition, namely the "Build Now Act."Alex Thorn also noted that the developer protection provisions in the Blockchain Regulatory Certainty Act, found in Section 604, remain largely intact with only minor modifications, without weakening their core protections.
According to The Block, the Ethereum Foundation is restructuring its Protocol team, appointing Will Corcoran, Kev Wedderburn, and Fredrik as the new co-leads of the Protocol cluster. This reorganization comes as Barnabé Monnot and Tim Beiko plan to depart the organization, and Alex Stokes begins a sabbatical. The Protocol team is the Ethereum Foundation’s core team responsible for the design, research, development, and coordination of Ethereum’s base layer, covering areas such as security, cryptography, zkEVM, and peer-to-peer networking. The team is currently advancing Ethereum’s next major scalability upgrade, Glamsterdam, which aims to raise the gas limit ceiling and floor to 200 million and introduce ePBS. Subsequently, the team will shift its R&D focus toward the Hegotá upgrade and the FOCIL prototype to enhance Ethereum’s censorship resistance.
U.S. SEC Commissioner Hester Peirce stated in a speech that she does not endorse certain speculative phenomena currently present in the market; financial products that function like lotteries—sparking hopes of short-term wealth—may fade as investor interest wanes. Alex Thorn, Head of Research at Galaxy Digital, shared the remarks, noting that Peirce anticipates the underlying legal, technological, and market infrastructure supporting these products could be repurposed in the future for more enduring investment and risk-management products. Meanwhile, Nate Geraci, President of The ETF Store, commented that the SEC’s balancing of regulation and innovation is reassuring, and he speculates that the compliant yet controversial products described by Peirce are in fact “prediction-market ETFs,” which he expects will soon receive approval for listing.
Alex Thorn (@intangiblecoins), Head of Research at Galaxy Research, published a post revealing that Galaxy Research has released a new report refuting banking industry claims that the GENIUS Act would erode U.S. bank deposits—and providing quantitative estimates. Key findings from the report include: - Under the GENIUS Act framework, 60%–70% of new stablecoin issuance would originate overseas; inflows of foreign deposits would be approximately twice the volume of domestic deposit migration—indicating a net increase in total deposits rather than a zero-sum reallocation. - Each newly minted GENIUS stablecoin would generate approximately $0.32 in net credit for the U.S. economy. - In the base-case scenario, total credit expansion by 2030 would reach roughly $400 billion; under the optimistic scenario, it could reach $1.2 trillion. - Short-term U.S. Treasury yields (T-bills) would compress by 3–5 basis points, potentially saving taxpayers up to $3 billion annually in borrowing costs. - The report also notes that the interest pass-through mechanism does not pose an existential threat to U.S. banks—it merely represents a reallocation of profit margins and will not reduce overall credit capacity.
Alex Thorn, Head of Research at Galaxy, posted on X stating that the CLARITY Act has taken on heightened urgency, partly due to the exceptionally tight race for control of the U.S. Senate. If Democrats regain control of the Senate, former Senator Sherrod Brown could resume his role as Chair of the Senate Banking Committee; alternatively, if Brown fails to win re-election to the Senate from Ohio but Democrats still secure Senate control, the committee may instead be led by Elizabeth Warren. Such potential leadership changes could significantly influence the regulatory direction for the crypto industry, thereby increasing the practical urgency of advancing the CLARITY Act. Note: Elizabeth Warren is not friendly toward the crypto industry. She has urged the U.S. Department of the Treasury to issue stringent implementing rules for the GENIUS Act and explicitly issued guidance prohibiting the use of federal resources—including the Exchange Stabilization Fund or Federal Reserve emergency lending facilities—to backstop stablecoins or the broader crypto industry.
Alex Thorn, Head of Research at Galaxy Research, stated that the U.S. crypto market structure bill—the CLARITY Act—has entered a critical legislative phase. With the Senate’s key compromise proposal on stablecoin yield officially released, positive signals have emerged for the bill’s advancement. The Senate Banking Committee could begin formal consideration as early as the week of May 11. The new proposal explicitly expands the scope of stablecoin yield restrictions—from issuers to third-party platforms, including crypto exchanges such as Coinbase—and stipulates that yields must not be paid solely because users hold stablecoins (i.e., idle balances), nor may rewards be distributed in forms that are economically or functionally equivalent to bank deposit interest.