On Tuesday, Morgan Stanley submitted an amended S-1 to the SEC for its proposed bitcoin exchange-traded product, designating Coinbase Custody and Bank of New York Mellon as fund custodians. The filing also assigns BNY Mellon several administrative roles and appoints Coinbase as prime broker, as the trust aims to mirror the spot price of bitcoin.

On Tuesday, President Donald Trump used Truth Social to claim that the GENIUS Act, a U.S. stablecoin framework, is being undermined by banks amid a dispute over stablecoin yields. He urged Congress to quickly pass the Digital Asset Market Clarity Act of 2025, arguing that Americans should earn more on their money and that the crypto market structure bill must move forward.

A16z Crypto, the web3 division of Andreessen Horowitz, used a recent blog post to argue that many so-called zkVMs emphasize succinctness rather than genuine zero-knowledge privacy. On Tuesday, the team announced an upgrade to the open-source Jolt zkVM that integrates the NovaBlindFold folding scheme to generate blinded proofs, making the system suitable for privacy-focused applications. The blog added that this approach keeps the resulting ZK proof only about 3 KB larger than Jolt's earlier non-zero-knowledge version.

CME Group reported that with the launch of Cardano, Chainlink and Stellar token futures in February 2025, its crypto derivatives now reference more than 75% of total market capitalization. The firm said average daily open interest in its broader cryptocurrency suite, which also includes BTC, ETH, SOL and XRP contracts, was close to $25 billion in 2025, alongside a record average daily volume of 278,300 contracts worth about $12 billion notionally.

Kraken is launching round-the-clock trading in tokenized equity perpetual futures built on xStocks technology, initially covering gold, the S&P 500 and Nasdaq 100 plus shares such as Apple, Nvidia, Google, Tesla, Robinhood, and crypto-focused companies. The fully collateralized contracts target eligible non-U.S. clients across more than 110 countries and are described by Kraken as using regulated benchmarks while it works to finalize the acquisition of xStocks and advances toward a potential public listing.

Crypto assets climbed on Friday morning after the U.S. Supreme Court invalidated President Donald Trump's broad tariff regime. Bitcoin rose 1.75% to about $67,769 as Ethereum hovered near $1,960 and Solana around $84; Coinbase and other crypto-exposed stocks also advanced. Analysts said a negative tariff ruling could weigh on Treasuries and the dollar while favoring risk assets.

Ether.fi said in a Wednesday announcement it will migrate its non-custodial ether.fi Cash card product from Scroll to OP Mainnet. Over the coming months, the team plans to move ~70,000 active cards, ~300,000 accounts and millions in user TVL, citing OP Mainnet's liquidity, broader asset access and the ability to cover gas fees.

On Wednesday, crypto exchange Kraken said it purchased token management platform Magna, its sixth acquisition in the last 12 months. Magna, launched in 2021 and valued at $70 million in its most recent round, specializes in managing vesting schedules, airdrops and token allocations and reportedly reached a peak TVL of $60 billion in 2025.

On Friday, Grayscale submitted a filing to the U.S. Securities and Exchange Commission to transform its closed-end AAVE trust into an exchange-traded fund that would trade on NYSE Arca. The planned product would charge a 2.5% sponsor fee on NAV, paid in AAVE, and use Coinbase as custodian and prime broker, while AAVE itself holds a market cap of about $1.8 billion at a price of $119.