Crypto Daily｜SEC Chair Paul Atkins Announces Crypto Framework Regulating Stablecoins, NFTs; Mark Cuban Rejects Bitcoin As Hedge After Selling 80%

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SEC Chair Paul Atkins Announces Crypto Framework Regulating Stablecoins, NFTs

SEC Chair Paul Atkins on Wendesday said the agency will, in coordination with the Commodity Futures Trading Commission (CFTC), introduce an interpretive framework defining which crypto assets are not securities.

The framework classifies digital commodities, digital tools, digital collectibles, including NFTs and meme coins, and stablecoins as generally outside the SEC's securities jurisdiction, Atkins said in an interview with CNBC.

Mark Cuban rejects Bitcoin as hedge after selling 80%

Billionaire Mark Cuban told Front Office Sports he sold roughly 80% of his Bitcoin after concluding it failed as a hedge against dollar weakness and geopolitical instability.

“I always thought it was a better version of gold than gold. But gold just blew up and went to $5,000. Bitcoin dropped,” he said.

US Government Invests $2 Billion in Quantum Computing Foundries, Startups as Bitcoin Threat Nears

The U.S. government is placing a multibillion-dollar bet on quantum computing as concerns grow that future machines could eventually crack the encryption protecting everything from crypto wallets to banking systems and military networks.

The Commerce Department will invest more than $2 billion across nine companies, per a Thursday announcement, with $1 billion going to IBM for a new American quantum manufacturing initiative centered around Anderon—a proposed New York-based quantum wafer foundry designed to scale production of advanced quantum chips.

Bitcoin & Ethereum Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Thursday was $100.82 million. The total net asset value of Bitcoin spot ETFs is $101.06 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.49%.

The Bitcoin spot ETF with the highest net outflow on May 21 was iShares Bitcoin Trust (IBIT), with a net outflow of $103.65 million, according to SoSoValue.