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AI News

Senate prepares key vote on Trump-backed stablecoin bill

Senate prepares key vote on Trump-backed stablecoin bill

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Senate Majority Leader John Thune has scheduled a key procedural vote for Wednesday on stablecoin legislation backed by both the crypto industry and President Donald Trump.

The vote, which needs backing from 60 senators, paves the way for the bipartisan legislation to be passed quickly in the coming days. 

This came after revisions last month that attracted the support of crypto-friendly Democratic senators like Angela Alsobrooks and Mark Warner.

John Thune focuses on adding competition in credit card processing with the bill

The stablecoin bill is crucial as it would create rules for dollar-pegged tokens used to make payments. It is worth noting that the stablecoins must be backed by reserves kept in short-term investments, such as those overseen by federal debt or state regulators. 

As the Senate gets ready to vote on a stablecoin bill with support from Trump, debates have been sparked concerning the bill.

Progressive Democrats have voiced concerns that the bill lacks safeguards to prevent stablecoins from endangering the financial system or being exploited by criminals. They also argue it overlooks the issue of Donald Trump profiting from his own cryptocurrency ventures.

However, Thune’s move to cut off debate on the bill virtually aims that the legislation will contain language pressed by retailers and their allies in the Senate to force competition into Visa Inc. and Mastercard Inc. in credit card processing.

To support this claim, the proposal, backed by Republican Senator Roger Marshall and Democratic Senator Dick Durbin, would require major banks to let merchants choose from multiple credit card networks. 

This includes alternatives to Visa and Mastercard. The aim is to boost competition and reduce transaction fees for merchants.

On the other hand, Senate Banking Chairman Tim Scott has indicated that his committee might look at the credit card rules as separate legislation instead of including them in the stablecoin bill. 

This did not stop Marshall from focusing on achieving his goal. On Monday, June 9, Marshall mentioned that he was planning his next move and wanted to schedule a vote on the legislation sometime soon. 

A Senate aide said late Monday that talks are continuing on the bill and that senators could still offer floor amendments.

The stablecoin bill faces criticism as worries grow among individuals 

A stablecoin linked to the Trump family has seen its market value soar past $2 billion since its announcement in March, but it has also faced criticism. 

However, Democratic Senator Mark Warner of Virginia, a key Banking Committee moderate, said he would back the measure. He also mentioned that worries about the Trump family’s business activities should not prevent progress on broader stablecoin legislation. 

Warner described the legislation as “not perfect but far better than what we currently have.” 

On the other hand, the progressive faction of the party, led by Elizabeth Warren, the highest-ranking Democrat on the Senate Banking Committee, strongly opposed it. During an early vote, Warren and Senator Gillibrand had a heated exchange on the Senate floor. 

Warren shared a new analysis from her staff criticizing the bill for not including any bans on Trump and his family benefiting from cryptocurrencies regulated by his administration. The analysis also pointed out loopholes that could let criminals and terrorists misuse stablecoins for transactions outside traditional banks. 

Warren cautioned that passing this bill means they can expect more anonymous buyers—big companies and foreign governments—to use the president’s stablecoin as a secret bank account free from government oversight and as a way to pay off the president personally. She added that for criminals, it was a two-for-one deal.

Bankers also worry that stablecoins might take away bank deposits and make it harder for small businesses and farmers to get loans. These groups often depend on banks for credit. So far, bankers have tried — mostly without success — to prevent big companies, like tech firms or retailers, from creating their own tokens. 

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Cetus mounts full-scale recovery after $162M attack

Cetus mounts full-scale recovery after $162M attack

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The Cetus protocol, a Sui-based decentralized exchange (DEX), suffered an exploit of its Concentrated Liquidity Market Maker (CLMM) pools on 22nd May 2025. That left it scrambling to prevent the loss of $223 million of its investors’ funds.

Unfortunately, the team’s best efforts couldn’t stop the attacker from making away with $60M of those funds. Consequently, the DEX paused its operations momentarily to audit the incident, 

Fast forward to 6th June, and the firm teased about relaunching its activities two days later, boldly proclaiming, “This isn’t just about recovery or bouncing back — it’s about resilience, rebuilding, and an unwavering long-term commitment to the entire Sui ecosystem. “

This announcement tore the Cetus community right through the middle, indicating that it would take plenty of effort and goodwill from all the parties to stitch it together. While the decision to relaunch its CLMM pools service is commendable, the DEX has a long way to go in regaining its users’ trust 

Cetus mounts full-scale recovery after $162M attack

Throughout the May 22nd debacle, the Cetus team pulled all stops to contain the situation. Together with its Sui blockchain counterparts, it managed to pause the transfer of $162M of the stolen funds. It then initiated moves to protect itself from further attacks, including identifying and patching the vulnerability that exposed it to hackers. 

It also rallied its community to work with Sui validators to free the assets they had quarantined after the attack. At the same time, it secured a $30M line of credit from the latter’s foundation to boost its recovery. Next, it resets all the affected pool data to its original settings while aligning it with prevailing market conditions. 

Additionally, it rebalanced its assets in preparation for pool refills and drew up a compensation contract for the affected. These efforts and many pledges of future enhancements did little to erase the mistrust some held on the DEX’s restart.

Investors continue to express misgivings about Cetus’s relaunch

Even as Cetus embarks on the audacious relaunch, it can’t play deaf to the concerns part of its community holds regarding the exercise. One such fear is that the token may turn inflationary, as some of its members suggested. 

Lady Cardano, for instance, was skeptical about the relaunch, suggesting that the DEX would inject 76 million new $CETUS tokens (a 5% supply increase) into circulation. The member concluded that the recipients could sell their allocations, potentially reducing the token’s value. 

Many members also complained that they’d lost significant portions of their investments. For example, Nikolai (@Nikolai7035) decried losing 30% of his position and swore never to return to that dump (Cetus again). His counterpart Stas (@staasbtc) reiterated this point, asking the protocol if it was using them to cover for the 30% of the liquidity lost in the hacking. 

It didn’t help that others could not access liquidity pools or remove their funds. If true, this latest failure indicates that technical or organizational hurdles continue to plague trust in the weapon system’s performance.

As resentment over Cetus’s slow recovery of full service mounted, some investors like Wesley_ (Redwhite2626) began to call the project a scam. Reservations of such a kind reveal a lack of trust and resentment toward the team and their project.

How can Cetus regain its users’s trust? 

If Cetus had imagined having a smooth restart after the hack, then it had another thing coming. That’s because winning over a community plagued with discontentment and mistrust is exacting. It will require more than PR stunts to pacify people who strongly feel the exchange let them down by failing to provide their investments with the protections they trusted it with. 

So, with time, tact, and sustained effort the protocol may still cultivate its community’s trust to the pre-hack day levels. However, it must be forthright with its users to achieve that feat. That entails coming clean on the claims that its issuance of 70M+ $CETUS tokens will erode the crypto asset’s value. It should enlighten its users on why making such a huge allocation was necessary and commit to buybacks and token burns to prop up the asset’s value. 

Secondly, the team should move fast to quell its users’ other concerns: they might have lost some of their funds forever. That calls for a full and timely restoration of the protocol to its pre-hack state, including a full restitution of investor positions and liquidity pools. This move will bolster users’ confidence in the project’s recovery efforts/sustainability. 

Again, the DEX should double down on allaying its investors’ qualms about its long-term security. Some quarters have questioned the robustness of its systems’ overhaul, given the pace of its relaunch. In this instance, a public and detailed update of the process will go a long way in easing those uncertainties. Add to the platform’s improved operability post-restart, and it’ll inspire more confidence in its offerings. 

Cetus’s resurgence is about more than just recovering lost funds or lost market share; it is about demonstrating that DeFi can move past its pain points. If it can use the disaster of recent weeks as a spark for reform, it may actually end up stronger, providing, over time, a more secure and stable foundation for the future.

Yet, for that to occur, it will need to move beyond this moment of crisis and make security, transparency, and user trust paramount above all else. The DeFi community is watching and waiting for now but knows the next chapter is up to them to write.

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Martina Keane reveals that the UK’s financial services features attract global investors

Martina Keane reveals that the UK’s financial services features attract global investors

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The UK’s finance industry retained its position as a magnet for foreign investment ahead of its European rivals despite a slowdown in activity across the region last year, according to EY (Ernst & Young), a global professional services firm.

The country received foreign investment for 73 finance projects last year, which caused a 32% decline compared to the previous year.

In Germany, which was in second place, deals dropped by 16% to 32. Across Europe, deal volumes decreased by 11%, according to EY’s findings. 

Martina Keane reveals that the UK’s financial services features attract global investors

Reports from sources revealed that investors worldwide favored London as the top European city for foreign investment in financial services in the next 12 months. This is ahead of Frankfurt and Paris, even though Germany was the top choice for the future on a national level. 

Following  Donald Trump’s tariff announcements clouding the future, only 32% were willing to invest in the US, according to a poll. This is compared with 39% for the EU and 44% for the UK.

Martina Keane, EY’s EMEIA Financial Services Chief Operating Officer and the firm’s EMEIA Deputy Regional Managing Partner, commented on the situation.

Keane stated that the UK’s financial services sector is strong and deep. According to her, this feature keeps attracting global investors, especially during tough market conditions.

She also mentioned that the competition for available funding is still intense.

EY’s analysis highlights Europe’s drastic decline in FDI project

Europe experienced a 5% drop in foreign direct investment (FDI) projects year-on-year. In 2024 the continent attracted 5,383 projects, marking the lowest number in nine years. These project numbers were 16% lower than the pre-COVID-19 pandemic and 19% lower than the peak year in 2017, which was 6,653.

Additionally, based on data from EY’s analysis, Europe’s overall FDI project total has dropped for the second consecutive year. This also meant that the continent has had falling FDI numbers for four out of the past seven years.

In leading economies, more than 50% of Europe’s annual FDI project total has historically been allocated to France, the UK, and Germany. However, project numbers decreased significantly in these countries last year due to low economic growth, high energy costs, and competition from other markets, such as Asia and the US.

France struggled with political uncertainty in 2024, rising labor costs, and postponed tax hikes for large businesses, and Germany’s energy prices rose as its manufacturing shrank.

Contrastingly, FDI project totals rose elsewhere in Central, Eastern, and Southern Europe, with Spain experiencing a 15% rise, Poland a 13% rise, and Italy a 5% rise each, though with much smaller numbers compared to the top three ranked countries.

The government focuses on demonstrating that the UK is open for business

Anna Anthony, EY UK & Ireland regional managing partner, highlighted the positivity that the UK still ranks near the top in Europe for investment. However, Anthony

stated that the UK was not immune to the decline in FDI volume felt by other large European nations last year.

According to the regional managing partner, the UK still has a strong investment story to share. She claimed it has done better than Europe in attracting investments in industries like technology and life sciences, creating the most jobs related to FDI, and drawing funds from a wide range of global sources. 

The government is actively working to demonstrate that the UK is open for business by strengthening trade relationships with India and the US. They also focus on sectors they believe will see the most growth and investment under their Industrial Strategy. 

Based on Anthony’s argument, the UK can showcase a stable regulatory and business environment, which could help attract important FDI projects during this global economic uncertainty, leading to increased value, job creation, and prosperity. 

The global economy has suffered because international trade disruptions have made things difficult. How much this has impacted investor appetite this year is yet to be seen.

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UK PMs prioritize AI skills to achieve economic growth, enlists Nvidia boss

UK PMs prioritize AI skills to achieve economic growth, enlists Nvidia boss

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Sir Keir Rodney Starmer, Prime Minister of the United Kingdom and Leader of the Labour Party, has enlisted Nvidia Corp co-founder Jensen Huang to launch a £187 million program. The project aims at enhancing AI skills among British workers and students.

This came after the labor leader revealed plans to host an in-conversation event in London with tech billionaire Huang to inaugurate a deal that sees Nvidia assist in the UK to train more people in AI and push forward research at universities and the company’s AI lab in Bristol, west England.

Starmer places technology and artificial intelligence at the center of his government’s plan to drive economic growth.

Downing Street reveals eagerness to highlight its growth strategies instead of budget cuts

At the beginning of a critical week in which the labor government will set out its usage plans to spend hundreds of billions over the time of the parliament, Starmer wants to highlight an optimistic outlook for technology and development.

On the other hand, Chancellor of the Exchequer Rachel Reeves is coming under pressure from opposition parties and some of her own colleagues over anticipated cuts elsewhere.

In her spending review, Reeves will focus first on the cherished but struggling National Health Service and the UK’s ability to project military power in the face of Russian aggression and the potential for diminished support from US President Donald Trump’s White House. 

She will also confirm big capital investment — which is not included within her fiscal rules — but day-to-day spending will be tight, with some departments facing real-terms cuts.

Downing Street, eager to highlight its growth strategies instead of budget cuts, announced £86 billion worth $116 billion in funding for British science over the weekend. This funding will support pharmaceuticals, green energy, and military technology. 

The government noted that major tech companies such as IBM, QinetiQ, Microsoft, BT, and defense manufacturer BAE Systems are backing this initiative. 

Starmer hosted CEOs and investors—including Eric Schmidt and Demis Hassabis—this past weekend at Chequers, his countryside retreat, as part of its efforts to advance technology in the UK. 

UK PMs prioritize AI skills to achieve economic growth

The UK is a global AI hub, leading Europe in AI startups funded for the first time and total private investment in AI through 2024. Additionally, the industry has been expanding rapidly and has been supported by more than $28 billion in private investment since 2013. Notably, investing in AI brings advantages to everyone in the UK.

Keir Starmer’s vision for Britain to become an AI maker, not an AI taker, is set to be realized at London Tech Week.

London Tech Week is scheduled to run from June 9th and end on June 13th. To mark the occasion, NVIDIA and some of Britain’s most innovative companies are coming together to host the first UK Sovereign AI Industry Forum.

This brings together some of the UK’s most significant and forward-thinking businesses – including inaugural members Babcock, BAE Systems, BT, National Grid, and Standard Chartered – and enhances the security of the nation’s economy by rolling out AI infrastructure on sovereign soil and supercharging the growth of the UK’s AI startup ecosystem.

Through its partnership with NVIDIA, the UK is developing sovereign computing infrastructure, investing in world-class leading research and skills, and promoting leadership in AI across all sectors.

Peter Kyle, a Member of Parliament of the United Kingdom who has served as Secretary of State for Science, Innovation, and Technology since July 2024, commented on the topic of discussion. According to Kyle, they have ambitious goals for creating the next generation of AI advancements in the UK. 

Based on his argument, this will help them achieve the economic growth they need for their “Plan for Change” and keep their status as global leaders.

Kyle further stated that ensuring they have the right infrastructure to support AI is a key part of this. He was pleased that NVIDIA is establishing the UK Sovereign AI Industry Forum. He added that this forum will unite top British companies to develop and implement these technologies across the UK, helping them to promote growth and create new opportunities.

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Bolivia embraces USDT as shoppers ditch cash

Bolivia embraces USDT as shoppers ditch cash

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Tether’s CEO Paolo Ardoino has praised Bolivia’s rapid rise in USDT (Tether) usage, stating that the country is increasingly turning to digital dollars for regular trade.

In a tweet, Ardoino shared images of shops in the country showing prices in USDT, suggesting that these could open the gates for stablecoins in the retail market.

Photos from these stores show items such as Cadbury Dairy Milk and Oreo products printed with the USDT price, not the more traditional Bolivian Boliviano.

Ardoino emphasized that the stablecoin is now a part of people’s daily lives in the state. He noted that when digital currency is used for commerce, the relevance to the digital age is modernizing transactions, and the contextual relevance is mastering economic instability.

Ardoino’s images also include popular products, including sunglasses and Milka chocolate, tagged with prices in USDT.

Bolivia embraces USDT as shoppers ditch cash

According to the Central Bank of Bolivia, some goods are now exclusively sold with prices set in USDT. That illustrates Bolivians’ increasing trust in digital money and the greater cryptocurrency market, including the Ethereum price.

Price tags are now confusingly appearing in USDT, as the Boliviano increasingly becomes a thing of the past in regular point-of-sale transactions. This is happening as the country is also facing a myriad of economic struggles, and digital currencies have become a more stable source of value than the Nation’s fiat currency.

Using Tether’s stablecoin allows customers to pay via digital wallets instead of cash, marking a new era where technology increasingly shapes payment methods.

For experts, this is a major milestone. Hence, they think that the country could inspire other states to do the same. Digital payments might attract more organizations to start using them. This is especially true as platforms like Coinbase slash account freezes by 82%, signaling broader accessibility.

However, this shift also highlights the requirement for coherent government policies to manage the digital currency industry. Meanwhile, many Bolivians are already accustomed to buying everyday goods in USDT.

The Central Bank’s proposal to allow residents to exchange Bolivianos for Tether’s stablecoin could further simplify transactions and reduce exchange rate uncertainties.

Bolivia reverses crypto ban as stablecoin adoption surges

Mid last year, Bolivia’s central bank, Banco Central de Bolivia, lifted its ban on Bitcoin and crypto payments, allowing financial institutions to transact with digital assets. The ban has been in place since 2014.

In September 2024, the country reported a 100% rise in virtual asset trading, with roughly $15.6 million worth of assets traded every month between July and September. The $48.6 million traded was largely made up of stablecoins. Stablecoins are often used in developing countries whose local currency has experienced a high degree of devaluation or where there’s a shortage of foreign currency.

Stablecoin use gained further momentum in Bolivia in October 2024 when local bank Banco Bisa introduced a stablecoin custody service. That service, which the country’s financial regulator supported, allows the nation’s residents to buy, sell, and trade Tether’s USDT, a US dollar-pegged stablecoin.

Reports from September 2016 show that the state had much to gain from adopting cryptocurrencies. At that time, much of that country’s citizens were unbanked, with just 11% of residents using a debit card to make payments and only 5% using credit cards. However, the country continued upholding its ban until 2024, calling crypto a pyramid scheme in May 2017 and arresting crypto advocates.

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Tech giants explore stablecoin integration

Tech giants explore stablecoin integration

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Tech behemoths Apple, Google, Airbnb, and X (formerly Twitter), among others, are reportedly exploring the integration of stablecoins into their platforms, according to multiple industry sources familiar with the matter. 

Stablecoins are cryptocurrencies pegged to stable assets, such as the US dollar. They provide the advantages of blockchain but without the volatility that has plagued more traditional crypto tokens like Bitcoin.

These discussions are occurring as demand increases for faster, cheaper cross-border payments. The positives are also obvious for tech companies like Airbnb, which are globally reachable. Accepting stablecoins could also avert steep fees charged by credit card networks such as Visa and Mastercard.

An Airbnb spokesperson said that the company is “always looking at all aspects of payments” for improving user experience, but it is also looking into digital assets.

According to previous reports, X has reportedly expressed an interest in adding stablecoin payments to its upcoming payments product, X Money.

According to sources, Elon Musk’s team has been in touch with crypto companies, and the company is in talks with Stripe about integration. The aim is to realize Musk’s ideal of an “everything app” that blends social media, payments, and commerce.

Apple is also keen on stablecoin functionality through its Apple Pay infrastructure. Sources hint the tech firm has been in talks with Circle, the minters of the hugely popular USDC stablecoin, since early this year.

Google was interested, too, it was reported. Rich Widmann, who leads Web3 strategy at Google Cloud, has called stablecoins “one of the biggest upgrades to payments since the SWIFT network.”

Stripe bets on stablecoins with bold acquisition

Stripe, one of the world’s largest payment processors, has made a bold bet. It recently purchased Bridge, a stablecoin infrastructure startup with funding from vendor capital firm Haun Ventures. Bridge has been working on tools to enable businesses to implement stablecoin payments quickly and securely.

Stripe’s purchase of Bridge was interpreted as a sign that stablecoins have turned the corner in Silicon Valley. The deal also gave Stripe a technical advantage — Bridge’s infrastructure will be used to assist Stripe in making it possible for accounts and payments to be made in a stablecoin, which is important for global freelancers and marketplaces.

Visa has followed suit by rolling out pilots for issuing stablecoin-linked cards with Bridge in April 2025.

The sources say Airbnb is discussing with one of its existing payment partners the incorporation of one of the popular stablecoins to facilitate easy payment processes. Worldpay recently disclosed that it would facilitate stablecoin payouts by partnering with BNVK, a crypto infrastructure provider.

Trump administration eases crypto regulations

In the United States, legislators are considering two bills to regulate stablecoins. The most high-profile, known as the GENIUS Act, details consumer protections, reserve requirements, and oversight mechanisms for issuers of digital dollars.

Big Tech was hesitant about crypto in part because of scrutiny under the Biden administration. But the political winds are shifting.

The second term of Donald Trump has injected vitality into the realm of blockchain. His administration has pursued a more hands-off approach, pushing agencies to roll back rules and embrace crypto innovation. This policy change has reawakened some dormant dreams.

Two years after regulatory opposition forced Meta to mothball its Diem stablecoin project, the parent company reconsidered its views on crypto payments.

Uber’s chief executive, Dara Khosrowshahi, said recently that the ride-hailing company is examining the use of stablecoins for its global transfers. Uber’s interest is further evidence of a broader trend circulating throughout tech circles, not just a niche idea.

For now, the tone is most cautious among most firms, including Google and Airbnb. They are not promising instant launches. However, their research, alliances, and internal experiments indicate that they are gaining confidence in the future for stablecoins.

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The U.S. Department of Justice has filed a civil forfeiture complaint against $7.74 million in crypto

The U.S. Department of Justice has filed a civil forfeiture complaint against $7.74 million in crypto

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The U.S. Department of Justice (DOJ) issued a statement Thursday announcing forfeiture action against $7.74 million in cryptocurrency. The funds are allegedly tied to North Korean IT workers fraudulently infiltrating U.S. companies.

The civil forfeiture complaint, filed on June 5, says the state was able to “freeze and seize” over $7.74 million in cryptocurrency, originally tied to North Korean Foreign Trade Bank representative Sim Hyon Sop. Now D.C. is moving to take ownership of the funds via the suit.

Fake IT workers allegedly sending crypto to North Korea

“For years, North Korea has exploited global remote IT contracting and cryptocurrency ecosystems to evade U.S. sanctions and bankroll its weapons programs,” Sue J. Bai, head of the DOJ’s National Security Division, is quoted as saying in the government press release.

According to the DOJ, an FBI investigation is said to have revealed a “massive campaign” involving remote IT workers infiltrating U.S. businesses with fraudulent identities, or identities stolen from American citizens. “These tactics hid the North Koreans’ true location and identities, causing unwitting employers to hire them and pay them a salary, often in stablecoins, such as USDC and USDT,” the release notes.

To obfuscate the money and send funds back to North Korea, workers allegedly used the following tactics:

  • Fake accounts
  • Micro-transactions
  • Chain-hopping/Token-swapping
  • Hiding value in NFTs (non-fungible tokens)
  • Using U.S.-based accounts to “legitimize” activity
  • Crypto mixing

US government use of crypto, fiat also criticized

U.S. Attorney Jeanine Ferris Pirro said of the forfeiture action: “Crime may pay in other countries but that’s not how it works here,” noting that “We will halt your progress, strike back, and take hold of any proceeds you obtained illegally.”

Some might take issue with Pirro about that. And with Sue J. Bai about the bankrolling of weapons programs. In recent years, hundreds of millions of dollars in cryptocurrency have been funneled to “socially acceptable” U.S.-backed military initiatives in Ukraine, including for “lethal equipment.”

DOJ aims to confiscate $7.7M in crypto allegedly tied to fraudulent North Korean IT workers
Elliptic data on Ukraine government’s cryptocurrency expenditures from 2022. Source: Elliptic.

Billions in fiat currency have been sent to the Israeli military, as Gazans are killed and ousted from their homes, while the U.S. president backing this bankroll has a controversial, influence-cashgrab memecoin released while in office. Anyway one slices it, it is a messy situation, where “licit” uses of crypto seem to depend more on the power and geopolitical standing of the user, than they do ethics. None of this justifying any ostensible North Korean terror.

Regardless, the DOJ release summarizes: “Today’s forfeiture action follows the Department’s announcement of two federal indictments charging Sim for allegedly conspiring (1) with North Korean IT workers to generate revenue through illegal employment at companies in the United States and abroad; and (2) with over-the-counter cryptocurrency traders to use stolen funds to buy goods for North Korea.”

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Momentum Raises Strategic Round Led By OKX Ventures, Coinbase Ventures, Protagonist and DNA Fund

Momentum Raises Strategic Round Led By OKX Ventures, Coinbase Ventures, Protagonist and DNA Fund

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Central liquidity engine of the Move ecosystem surpasses $3 billion swap volume in less than two months, becoming the fastest growing DEX on Sui; will use strategic funding round to help grow Sui DeFi ecosystem

SAN FRANCISCO, June 4, 2025 – Momentum, one of the fastest-growing decentralized exchanges (DEX) on the Sui blockchain, has raised a new strategic funding round at a $100 million valuation led by OKX Ventures with participation from Coinbase Ventures, Gate Ventures, MEXC Ventures, KuCoin Ventures, and strategic partners Protagonist and DNA Fund. The influx of capital will be used to continue Momentum’s astronomical growth within the Sui DeFi ecosystem. This funding round follows a previous round of $10 million led by Varys Capital in March 2025.

OKX Ventures recognizes Momentum’s position as a leading DEX on the Sui blockchain, with its innovative approach to liquidity management and ecosystem development. The investment aligns with OKX Ventures’ strategy of supporting promising infrastructure projects that contribute to blockchain ecosystem growth. Momentum has demonstrated strong technical execution and adoption metrics since its launch, positioning it as an important contributor to the expanding Sui Network ecosystem. 

“We are delighted to partner with and invest in Momentum, whose model will effectively enhance trading efficiency, boost liquidity depth and increase user rewards. This innovative approach has the potential to make a significant impact in the DeFi space, especially for the Sui ecosystem,” said Cass Cai, Head of KuCoin Ventures. 

Momentum has established itself as one of the fastest-growing liquidity engines on Sui, powered by its innovative ve(3,3) DEX model. It has achieved $3 billion in swap volume, $69 million in TVL, and has surpassed 420,000 users within just two months. 

In addition to the respected backers joining Momentum’s latest funding round, additional funding came from prominent industry leaders, including Coin Bureau, Monke Ventures, MultiChain Advisors (MCA), Crypto Lark (@TheCryptoLark) @theonlynom (Core Contributor at Bonk), and others.

The latest funding builds on early strategic support from Circle Ventures, Coinbase Ventures and Sui Foundation, and positions Momentum as a leading force in the Sui ecosystem and one of the most highly anticipated projects in DeFi.

Led by co-founder ChefWEN (@ChefMMT_X), the architect of MSafe and senior engineer of Meta’s Libra project, Momentum has established its security track record since its launch in May 2022. This is achieved through audited smart contracts, a robust review process, real-time monitoring and 24/7 support, ensuring minimal fund risk while earning and building trust with both retail and institutional investors.

“Sui’s architecture sets a new standard for DeFi infrastructure – enabling near-instant transaction finality, scalable performance under heavy load. It takes a strong chain to make a DEX that delivers, and because of this, I’m confident in Momentum’s ability to build a DEX that delivers a seamless, CEX-like experience entirely on-chain,” said ChefWEN.

Momentum’s groundbreaking ve(3,3) DEX incentivizes liquidity through vote-escrowed tokenomics, redistributing 100% of protocol revenue to stakers. This flywheel, token locking, voting and deeper liquidity pools set Momentum apart from the competition. 

About Momentum 

Momentum is a Move-native DEX built on Sui, offering trading, vesting, and treasury management for both retail and institutional participants. Backed by Coinbase Ventures, Circle Ventures, OKX Ventures, Vary’s Capital, Selini Capital, Amber Group, Protagonist and Sui Foundation, it’s co-founded by ChefWEN, an early architect of Meta’s Libra project. Mirroring the success of Aerodrome which boasts 73% market share of Base on-chain volume, the groundbreaking ve(3,3) model is set to provide deeper liquidity with better rates for traders and higher earnings for liquidity providers.

Join the Momentum

To stay ahead, follow Momentum’s official channels for first-look updates, rollout timing, and early access. Dive into the WAGMI Trading Competition to score Bricks (points) and unlock early TGE airdrop rewards. Stay connected with @MMTFinance on X, Telegram, and LinkedIn.

Trade now: https://app.mmt.finance/trade
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Media Contact: team@mmt.finance

IG group's crypto launch could increase risk while expanding access

IG group’s crypto launch could increase risk while expanding access

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IG Group is the first publicly listed company in the UK to let people buy, sell, and hold cryptocurrencies directly on its trading platform.

The company’s decision allows the everyday investor to easily trade digital assets on a more transparent and regulated platform than many crypto exchanges.

However, critics say the venture could expose people to more risks than wins because digital assets have unstable prices and don’t include investor protections. This begs the question of whether IG Group’s launch will make UK finance available to more people and encourage the safe use of the assets or whether it will cause potential losses for investors who don’t fully understand the risks involved. 

Why did IG Group launch crypto trading now?

Until recently, IG only allowed its UK customers to trade digital assets through CFDs, which meant investors never owned the actual coins but only speculated on price movements. These restrictions were set in place by UK regulations that banned crypt CFDs for retail clients to protect them from high risks.

IG has now partnered with Uphold to let users buy, sell, and hold over 30 real digital assets directly within IG’s existing trading platform instead of just betting on prices. The service is less risky than CFDs because it doesn’t involve borrowing money to amplify gains or losses.

The user experience allows investors to manage their crypto alongside other accounts, such as Individual Savings Accounts (ISAs), without a separate app or platform because Uphold handles the transaction processing, pricing updates, and securely storing digital coins.

IG timed its launch perfectly as UK regulators started introducing cryptocurrency laws. The company wants users to view it as a trusted and regulated way for everyday investors to join the crypto market without leaving a familiar platform.

Can IG make crypto investing easier for everyone?

People in favor of the launch say IG’s move to offer trading through a well-known, regulated, and publicly listed company will convince investors they are dealing with a reliable and transparent business that follows strict rules to protect consumers.

IG’s UK managing director, Michael Healy, describes the company as a “grown-up business,” highlighting how this new service could attract first-time investors looking to explore digital assets without feeling overwhelmed or exposed to the unnecessary dangers found on less-established platforms.

Investors will also willingly pay upfront because IG charges a clear and straightforward fee of 1.49% on crypto trades without any hidden costs that could raise suspicions. 

This new service represents a moment when cryptocurrency finally enters the mainstream financial world to satisfy investors who want safe, simple, and regulated ways to buy, sell, and hold digital coins.

IG’s new crypto service could lure investors into high-risk trades

Some analysts warn that IG’s new service might expose investors to greater risks because cryptocurrency is highly volatile, and previous market crashes prove how investors can lose billions of pounds instantly.

IG may be a regulated and trusted company, but its partner, Uphold, isn’t covered by the UK’s Financial Services Compensation Scheme (FSCS). For this reason, users may have no legal protection or compensation and could lose all their money if something goes wrong, like a hack, technical failure, or insolvency.

The launch might also encourage inexperienced or newer investors to jump into speculative trading simply because they trust IG’s strong brand and assume this means their crypto investments are completely safe. However, the truth is that crypto markets can shift dramatically in minutes, and prices can collapse as quickly as they rise.

Critics fear that IG’s trusted brand might convince people to take risks they don’t fully understand. When losses inevitably occur because they’re common in crypto, it could damage individual investors’ confidence and shake trust in the broader financial system.

IG’s launch could change how the UK handles crypto

IG Group’s decision to allow everyday traders to buy, sell, and hold real crypto tokens through a well-known and regulated provider helps normalize the idea that digital assets have a legitimate role in personal finance. 

The company’s success will attract more traditional financial systems to build similar services that are transparent, secure, and aligned with regulatory expectations, which could set new standards for responsible crypto activities. 

The move could also convince policymakers that crypto isn’t a high-risk sector run by offshore actors but an asset that serious, regulated institutions can actually manage safely.

The stakes are still high because any mishaps could shake investor confidence in IG’s new product and the entire idea of regulated crypto access, forcing the public to question whether traditional financial institutions can manage such a volatile asset class.

Political leaders could also face pressure to crack down harder or delay regulation if there’s media attention around investor losses or customer complaints.

In the worst-case scenario, the industry IG is trying to elevate could suffer a reputational hit that sets back years of progress. Instead of encouraging thoughtful, inclusive innovation, a misstep could revive old fears that crypto is simply too risky for the average person, no matter who offers it. 

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Senate sets hearing date for crypto ally CFTC chair nominee

Senate sets hearing date for crypto ally CFTC chair nominee

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Brian Quintenz, President Donald Trump’s nominee to lead the US Commodity Futures Trading Commission (CFTC), is set to face the Senate Agriculture Committee on June 10. 

The committee oversees commodities and futures regulation and will hold a hearing to evaluate Quintenz’s nomination as chair of the powerful financial regulatory agency. 

Quintenz is a former CFTC commissioner, having served on the committee from 2017 to 2021. His nomination comes during a period of great change for the commission. Two commissioners, Summer Mersinger and Christy Goldsmith Romero, resigned their positions in late May. That has left the five-member panel with only two confirmed commissioners as of June 1.

Rostin Behnam, the previous chairman, left in February. The CFTC is overseen by acting Chairwoman Caroline Pham and Commissioner Kristin Johnson. But both have publicly declared their plans to depart, Pham for a private-sector position and Johnson to step down later this year. That’s because Quintenz’s confirmation could lead to a wholesale change in leadership at the CFTC.

Crypto ally moves to lead CFTC

Quintenz is a known proponent of cryptocurrencies. In 2021, he joined Andreessen Horowitz’s crypto-focussed venture arm, a16z Crypto, as head of policy. In that role, he advocated for lighter regulation of the digital asset industry and regularly took the position that it was the CFTC’s job, not the SEC’s, to take the lead on regulating cryptocurrencies.

He is one of the types in the crypto world who think our current regime, especially from the SEC, is too harsh. The industry is receptive to a Quintenz-led CFTC, seeing him as someone who gets both innovation and markets.

If he is confirmed, Quintenz will probably weigh in on issues such as decentralized finance (DeFi), crypto derivatives, prediction markets, and clearing systems involving blockchains, all of the topics the CFTC is currently evaluating. His stewardship could influence how US policy evolves in response to the rapidly changing world of digital finance, such as potential legislation around stablecoins and digital commodities.

While he has the backing of the crypto world, Quintenz’s nomination isn’t without controversy. He filed financial disclosures before the hearing reflecting holdings valued at about $3.4 million in crypto and industry-related companies. Ethics watchdogs have sounded the alarm about how this stake could influence his neutrality if he were to be confirmed.

There’s a particular concern about his board seat with Kalshi, a prediction market platform that recently tussled with the CFTC over its pursuit to offer contracts linked to US elections. Quintenz has recused himself from some CFTC cases related to Kalshi but has not agreed to take himself out of Kalshi cases in the future. Critics say this could undermine trust in the commission’s independence and objectivity.

Trump seeks to reshape CFTC leadership

If confirmed by the Senate, Quintenz would be the only sitting commissioner named by Trump. However, with Pham and Johnson due to step down, the president was given the opening to nominate as many as four new commissioners. That would empower the president to have broad control over the CFTC’s leadership for the first time in his current tenure.

No more than three commissioners can be members of the same political party under CFTC rules. Because Quintenz is a Republican, Trump would have been allowed to nominate two more Republicans and two Democrats to complete the panel. Each nominee would still need to be confirmed by the Senate.

This remolding of the CFTC could dramatically change the regulatory philosophy of the agency. The commission has long been seen as more tech and innovation-friendly than the SEC and could lean even further in that direction under Trump’s picks. This shift could affect not just the crypto markets but also futures, options, and swaps — pillars of the United States’ financial infrastructure.

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