Robinhood Markets (HOOD), the California-based financial services company, said Tuesday it agreed to buy Canadian crypto firm WonderFi (WNDR) for $178.98 million.

The all-cash acquisition values WonderFi at 36 Canadian cents per share, a 41% premium over its closing price prior to the announcement.

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“WonderFi has built a formidable family of brands serving beginner and advanced crypto users alike, making them an ideal partner to accelerate Robinhood’s mission in Canada,” said Johann Kerbrat, SVP and GM of Robinhood Crypto, in the official announcement.

Robinhood, a popular commission-free brokerage platform, has been looking to expand its international footprint for some time and struck a deal to acquire cryptocurrency exchange Bitstamp last year.

The latest acquisition will help it win over Canada-based customers. Toronto-listed WonderFi owns and operates Bitbuy and Coinsquare, two leading domestic crypto platforms in the Canadian market. Trading volumes on WonderFi increased 28% to C$3.57 billion in fiscal 2024.

Crypto merger and acquisition activity has picked up the pace with the U.S. President Donald Trump adopting a crypto-friendly approach. Last Week, Nasdaq-listed Coinbase made a bold bet on digital assets derivatives segment, acquiring crypto options giant Deribit in a landmark $2.9 billion deal.

Robinhood (HOOD) to Acquire Canadian Crypto Firm WonderFi (WNDR)

A widely followed crypto strategist thinks that one layer-1 platform is closely following in the footsteps of Solana’s (SOL) 2021 bull market rampage.

Pseudonymous analyst Kaleo tells his 698,600 followers on the social media platform X Sui’s (SUI) price action over the last two years looks very similar to SOL’s 2020-2021 market structure.

In 2021, Solana exploded and rallied by about 300% in just three months after shattering its resistance at $55.

Says Kaleo,

“SUI looks primed for a move similar to the one SOL made in the Fall of 2021.

SUI has been the emerging layer-1 market leader this cycle, similar to what SOL was then.

If current structural similarities continue to play out, things are about to get fun.”



Looking at the trader’s chart, he seems to suggest that SUI is close to skyrocketing and printing new all-time highs.

At time of writing, SUI is trading for $4.04.

Kaleo is also bullish on the leading memecoin Dogecoin (DOGE). The analyst shares a chart suggesting that Dogecoin may be repeating its 2018-2021 market structure.

“It’s finally time to pay attention again to the king of memes.”

Based on the chart, Kaleo believes that DOGE will soar to $3 before 2025 expires. At time of writing, DOGE is worth $0.239.

As for Bitcoin, the trader sees BTC running close to $200,000 with short and shallow pullbacks.

“Up only from here fellas.”

At time of writing, Bitcoin is worth $103,868.

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Analyst Sees One Altcoin Mirroring Solana’s 2021 Explosion, Unveils Massive Upside Target for Dogecoin

Pro-crypto Republican Senator Cynthia Lummis of Wyoming is pressing the US Treasury to ease crypto tax laws as a means of evening out the playing field with foreign companies.

In a new thread on the social media platform X, Lummis says that the US’s competitive advantage in digital finance is at risk due to US companies being taxed more than their foreign counterparts, a loophole she and Republican Senator Bernie Moreno of Ohio are trying to close.

“Our edge in digital finance is at risk if U.S. companies are taxed more than foreign competitors. [Representative Bernie Moreno] and I urged the US Treasury to lift an unintended tax burden on U.S. digital asset companies. To lead the world in digital assets, we need a level playing field.”

In their letter to Treasury Secretary Scott Bessent, Lummis and Moreno say that when the Biden Administration signed the Inflation Reduction Act into law, they created a new tax known as the corporate alternative minimum tax (CAMT), which imposed a 15% tax burden on certain companies, creating a disadvantage for US firms.

“Corporations that own enough appreciated digital assets to be subject to CAMT must now pay taxes on unrealized gains in the value of those digital assets…

Neither Congress nor the Financial Account Standards Board (FASB) planned this outcome – it is the unintended result of a tax liability on decisions by a private organization that is focused on financial statement accounting standards, not principles of taxation.”

According to Lummis, the Treasury should use its power to change the law by either changing the tax burden owed or by excluding unrealized gains from the formula, because, as things stand now, corporations may be discouraged from holding large amounts of crypto assets.

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Republican Senators Call on Treasury To Ease Crypto Tax Laws To ‘Level Playing Field’ With Foreign Companies

TORONTO — Sa kabila isang kamakailang pag-urong, Dapat na makapirma si U.S. President Donald Trump ng stablecoin at market structure legislation bago magpahinga ang Kongreso sa Agosto, sabi ng opisyal ng White House na si Bo Hines noong Miyerkules.

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Tinatalakay pa rin ng mga mambabatas ang batas, na mabuti, sabi ni Hines, ang executive director ng President's Council of Advisers on Digital Assets, sa entablado sa Consensus 2025 sa Toronto.

"Nagpapatuloy ang negosasyon," aniya. "Ngunit nananatili akong matatag sa aking Optimism na makakamit natin - ang pagnanais ng Pangulo ay gawin ito - ngunit ang stablecoin legislation at market structure legislation bago ang recess ng Agosto."

Gayunpaman, kinilala niya na ang proseso ng pambatasan ay "nagbabago."

Sinabi ni Hines kanina na ang Crypto ventures ni Trump, gayundin ang pagkakaugnay ng pamilya ng presidente, ay hindi nagdulot ng anumang salungatan ng interes.

"Ang kanyang mga anak ay may karapatan na makisali sa mga capital Markets bilang mga pribadong negosyante, tulad ng ginagawa ng sinuman sa US," sabi niya sa CoinDesk TV. "I do T see any conflict in doing so. By the way, it should be exciting that they're engaging in this space. Kung ikaw ay isang magaling na business person, dapat ay tumitingin ka sa mga digital asset at nagsasabing, 'paano ako makakasali?' Dahil ito ang susunod na henerasyon ng Finance."

Inulit niya ang argumentong ito sa entablado sa Consensus.

"Habang inilulunsad namin ang mga negosasyon sa taripa at ang mga negosasyong pangkalakal ay nilalaro ang kanilang mga sarili, gusto naming itatag ang aming mga sarili bilang isang pinuno sa digital asset financial Technology sa pangkalahatan," sabi niya.

Tinanong sa CDTV tungkol sa mga ulat na ang isang maliit na kumpanya ay bumibili ng TRUMP coins, sinabi ni Hines, "Sasabihin kong napakatatag, T mabibili ang presidente ng Estados Unidos."

Ang White House at mga miyembro ng working group nito ay nagtatrabaho pa rin sa isang strategic na reserbang Bitcoin , sinabi ni Hines sa entablado.





Si Trump ay Subaybayan pa rin na Pumirma sa Crypto Legislation Sa Agosto, Sabi ni Bo Hines ng White House

TORONTO — Despite a recent setback, U.S. President Donald Trump should be able to sign stablecoin and market structure legislation before Congress goes on break in August, said White House official Bo Hines on Wednesday.

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Lawmakers are still discussing the legislation, which is good, said Hines, the executive director of the President's Council of Advisers on Digital Assets, said on stage at Consensus 2025 in Toronto.

"Negotiations are ongoing," he said. "But I remain steadfast in my optimism that we're going to achieve — the President's desire is to do it — but stablecoin legislation and market structure legislation before the August recess."

Still, he acknowledged that the legislative process was "evolving."

Hines said earlier in the day that Trump's crypto ventures, as well as the president's family's tie-ups, did not pose any conflicts of interest.

"His sons have the right to engage in capital markets as private business people, like anyone else does in the U.S.," he said on CoinDesk TV. "I don't see any conflict in doing so. By the way, it should be exciting that they're engaging in this space. If you're a good business person, you should be looking at digital assets and saying, 'how can I get involved?' Because this is the next generation of finance."

He repeated this argument on stage at Consensus.

"As we launch these tariff negotiations and trade negotiations play themselves out, we want to establish ourselves as a leader in digital asset financial technology more generally," he said.

Asked on CDTV about reports that a small company was purchasing TRUMP coins, Hines said, "I'll say very firmly, the president of the United States can't be bought."

The White House and members of its working group are still working on a strategic Bitcoin reserve, Hines said on stage.





Trump Still on Track to Sign Crypto Legislation By August, White House's Bo Hines Says

The CEO of investment firm Pantera Capital says the current value of the crypto market is currently a massive buying opportunity.

In a presentation at the TOKEN2049 crypto conference in Dubai, Dan Morehead says that digital assets like Bitcoin (BTC) will likely remain bullish amid pro-crypto regulatory changes under US President Donald Trump.

“If right before the US election a genie showed you a crystal ball and said that a pro-crypto candidate would win, the pro-crypto party would be in charge of the House and Senate, 54 anti-crypto people would be out of Congress, there’d be executive orders with Bitcoin strategic reserve, all kinds of things like this happening, and you said that the market would be only up 35%, they would say you were crazy.

So although people are kind of freaking out about the markets right now, I think it’s unbelievably cheap. The way I think about it is, our Bitcoin fund has a 13-year compound annual growth rate of 85%, so being up 35% over three or four months, it’s just kind of normal, like it’s not even up. So we’re still very, very bullish on the markets. Bunch of great policy things are happening.”

Morehead also says that traditional assets like stocks are likely overvalued and present a higher investment risk, whereas Bitcoin is likely to continue to outperform the S&P 500.

The investor notes that Bitcoin is up 50% in value compared to one year ago, while the SPX is up just 8% during the same time period.

“Stocks and bonds are super expensive to their long-term average, and that doesn’t even count weird things like tariffs and the impact of lower growth, higher inflation. So if you’re looking for a place to invest, the old school assets really do seem scary from an equity risk premium standpoint, either bond yields have to go up 75 basis points, or stocks have to come down quite a bit.

Blockchain is the safest place to hide, and you’re already seeing that. This is the change in the price of Bitcoin, gold and then the top 25 cryptocurrencies market cap weighted since a year ago (see chart below). It’s the only place to hide in an admittedly confusing world.”

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Pantera Capital CEO Dan Morehead Says Crypto Markets ‘Unbelievably Cheap’ Amid Widespread Bullish Catalysts

In the absence of a U.S. federal framework, New York's crypto regulatory regime remains a guide for domestic and international regulators, and that includes Congress, Adrienne Harris, head of the New York Department of Financial Services, said Wednesday at Consensus 2025 in Toronto.

Harris said the process to become regulated in her state can be difficult but, she argued, New York's high standards have proven effective.

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"The proof is in the pudding when you see that FTX, Voyager, Celsius didn't pass our test and therefore couldn't do business in New York," she said, naming firms that later spectacularly collapsed.

Among U.S. states, New York has been in the vanguard of crypto regulation, having established its BitLicense to regulate crypto firms, and devoting what Harris said was a 60-person staff to the work.

With Congress still working on crypto regulations, the narrow jurisdiction of the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) remains the only federal-level supervision, so the states represent the remainder of U.S. oversight of the industry.

Harris' deputy overseeing digital assets, Ken Coghill, also appeared at Consensus on Wednesday. He said the key issue is on preventing money laundering and other financial crime. Crypto licensees and applicants often underestimate how much work it takes to become a regulated entity. Most applicants don't make it, he noted.

"You're not just presenting a product; you're presenting yourself," Coghill said. "There's a tremendous amount of homework that needs to be done" — particularly in understanding and outlining "what the risks are that your business creates."

NYDFS' Adrienne Harris Says the State's BitLicense Is Still a Global Standard

The biggest bank in the US is expanding its foray into digital assets and is now reportedly settling blockchain transactions outside of its proprietary networks.

JPMorgan Chase has announced that it has settled its first transaction on a public ledger using oracle service Chainlink (LINK) and tokenization-focused platform Ondo Finance (ONDO), Fortune reports.

The transactions mark the first time JPMorgan has ventured beyond its private blockchain tech, which it was previously developing exclusively for customer use.

Says Chainlink co-founder Sergey Nazarov,

“This is not just another POC (proof of concept)… This is the beginning of something big.”

Nelli Zaltsman, head of JPMorgan’s blockchain division called Kinexys, said that the move into public networks is something that has been in the making for years, telling Fortune that she met Chainlink’s Nazarov at a conference two years ago and has remained in conversation ever since.

Kinexys, which rebranded from Onyx late last year, is meant to allow “leading corporations, financial institutions and fintechs [to] streamline money movement, improve asset settlement times, unlock liquidity and create new revenue opportunities,” the bank says.

According to a November 2024 announcement, Kinexys had processed $1.5 trillion in transaction volume since its inception and had experienced over 10x growth in payments transactions.

At time of writing, LINK and ONDO are up 24% and 21% on the week, respectively.

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JPMorgan Chase Settles First Transaction on Public Blockchain Using Chainlink (LINK) and Ondo Finance (ONDO): Report

Dubai is partnering with the exchange Crypto.com to accept digital assets for government fees.

The emirate’s Department of Finance (DOF) signed the memorandum of understanding (MoU) with the crypto firm as part of its ongoing “cashless strategy.”

Dubai aims to conduct more than 90% of financial transactions across both the public and private sectors through cashless methods by next year.

When the agreement is finalized, individual and business customers of the emirate’s government entities will be able to pay service fees through Crypto.com’s digital wallets, per a new press release. Crypto.com will convert the crypto payments into Emirati dirhams and transfer them to DOF accounts.

Dubai has positioned itself as a crypto-friendly jurisdiction, with the emirate set to host Binance Blockchain Week in December.

Ahmad Ali Meftah, DOF’s executive director of the central accounts sector, says the Crypto.com partnership is part of the emirate’s efforts to evolve into a global hub for digital payments.

“We are actively developing an advanced regulatory framework that fosters innovation while ensuring the highest standards of security and efficiency in digital financial transactions. This enhances customer trust in Dubai Government services and unlocks new opportunities for economic growth. Through strategic partnerships, we remain dedicated to establishing a sustainable financial model that empowers individuals and businesses, cementing Dubai’s leadership in financial technology and keeping it at the forefront of global innovation and economic progress.”

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Dubai Government Announces Partnership With Crypto.com To Accept Payments in Digital Assets

An under-the-radar Nasdaq-listed company is reportedly raising hundreds of millions of dollars to acquire crypto assets, including Official Trump (TRUMP), the President’s own meme token.

According to a new report from The Wall Street Journal, GD Culture Group – a New York-based artificial-intelligence (AI) software firm with a market value of about $26 million – has raised $300 million to purchase digital assets such as Bitcoin (BTC) and TRUMP.

The report says that the firm’s main investor is based in the British Virgin Islands, but no specific entity or person was named.

The deal appears to be structured as an equity line of credit, meaning the investor will purchase $300 million worth of the firm’s stock over time at a discounted price and then sell the shares on the open market.

News of the fundraise boosted GD Culture Group’s (GDC) stock price, pushing it from a low of $2.14 on May 13th to a peak of $2.31 on the 14th. GDC has since retraced and is trading for $2.18 at time of writing, a 1.94% increase during the last 24 hours.

GDC, which the report says uses AI-based algorithms to create digital human avatars to sell products on the social media app TikTok, joins other firms, such as Strategy, in creating a crypto asset treasury.

BTC is trading for $103,402 at time of writing, a fractional decrease on the day, while TRUMP is valued at $13.16, a 2.4% increase during the last 24 hours.

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Low Cap Nasdaq-Listed Firm Reveals $300,000,000 Fundraising Plan To Acquire Crypto, Including President’s TRUMP Token: Report

The current “debate”, and even calling it that is me being wildly over-charitable, over OP_RETURN is one of the most absurd situations I have ever seen in this space. I say that as someone who has been in Bitcoin for over a decade. Even the blocksize wars don’t hold a candle to this, at least in terms of utter absurdity. At least back then it was focused around an actual engineering disagreement.

I want to comment on one thing today though. Stop directing your irrational rage and nonsense at the wrong targets. You aren’t mad at Bitcoin Core, you are mad at me.

NO ONE can alter your node except you. NO ONE can make you download a version of Bitcoin Core that changes something except you. End of story. Full stop. YOU are responsible for your node, what it enforces, and what it does. You and you alone.

The entire issue of removing the OP_RETURN limit has nothing to do with Bitcoin Core “forcing” anything on anyone. They literally cannot do that, it is impossible to. All they are doing with this pull request is acknowledging the reality of people like me. They are making a logical engineering decision in the face of a minority of users who will not run clients enforcing current OP_RETURN limits.

I will never run a node that is configured to enforce these limits. Ever. It’s that simple. I do not think it is my job, or my place, or my right to arbitrate or decide what types of consensus valid transactions other users make. Period. If it’s consensus valid and pays a fee, it’s not my business. If you have a problem with transactions that are consensus valid, address that problem where it should be, at the consensus level. As someone is so well known for quipping constantly in this nonsense: use the right tool for the job.

Bitcoin is supposed to be a permissionless system, and that actually means something to me.

As long as people like me will not enforce the relay filter on OP_RETURN that many people are upset with, your use of that filter is pointless. It accomplishes nothing. It does not stop these transactions from being relayed across the network. It does not stop them from getting mined in blocks. It accomplishes nothing. It is a pointless feature from an engineering perspective.

All Core developers proposed doing is to acknowledge this reality that is entirely outside of their control.

Core developers are not the ones configuring datacarriersize to the maximum limit, or running LibreRelay, or building the private miner APIs/mempools that allow direct access to blockspace bypassing public mempools. They have nothing to do with any of this.

All they are doing is reacting to the actions of others to mitigate harm to the network.

If you want to get angry about this, that’s your prerogative. If you want to “take action” against the people who created this situation, that is also your prerogative. But direct it in the appropriate direction: the other users of Bitcoin who have created this situation that developers must react to.

Don’t be a chickenshit directing your rage at a party not responsible for this situation just because you think they’re an easier target. Be a man and direct your anger where it belongs

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.





You Aren’t Mad At Bitcoin Core, You’re Mad At Me

The new chair of the U.S. Securities and Exchange Commission (SEC) says he’s prioritizing developing new regulations for crypto asset issuance, custody and trading.

Paul Atkins, who was sworn in as SEC Chair in April, spoke at the Commission’s Crypto Task Force Roundtable on Tokenization this week.

The new chair says the SEC’s “legacy rules and regulations” don’t contemplate the novel use cases of blockchain technology.

“In order for the United States to be the ‘crypto capital of the planet’ as envisioned by President Trump, the Commission must keep pace with innovation and consider whether regulatory changes are needed to accommodate on-chain securities and other crypto assets. Rules and regulations designed for off-chain securities may be incompatible with or unnecessary for on-chain assets and stifle the growth of blockchain technology.

A key priority of my Chairmanship will be to develop a rational regulatory framework for crypto asset markets that establishes clear rules of the road for the issuance, custody, and trading of crypto assets while continuing to discourage bad actors from violating the law.”

In terms of issuance, Atkins says he will direct SEC officials to draft “clear and sensible guidelines” for distributions of crypto assets that are securities or subject to an investment contract.

“I have asked the Commission staff to consider whether additional guidance, registration exemptions, and safe harbors are needed to create pathways for crypto asset issuances within the United States. I believe that the Commission has broad discretion under the securities acts to accommodate the crypto industry, and I intend to get it done.”

He also wants to provide “greater optionality” in terms of how to custody crypto.

“It is important to provide clarity on the types of custodians that qualify as a ‘qualified custodian’ under the Advisers Act and Investment Company Act, as well as reasonable exceptions from the qualified custody requirements to accommodate certain common practices within crypto asset markets. Many advisers and funds have access to self-custodial solutions that incorporate more advanced technology to safeguard crypto assets as compared to some of the custodians in the market. Consequently, the custody rules may need to be updated to allow advisers and funds to engage in self-custody under certain circumstances.”

Additionally, the new SEC chair says he supports broker-dealers that want to offer securities and non-securities trading and other financial services all in the same app.

“Nothing in the federal securities laws prohibits registered broker-dealers with an alternative trading system from facilitating trading in non-securities, including via ‘pairs trading’ between securities and non-securities. I have asked the staff to help us devise ways to modernize the ATS (alternative trading system) regulatory regime to better accommodate crypto assets.”

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SEC Chair Paul Atkins Says Rational Regulatory Framework Needed for US To Become ‘Crypto Capital of the Planet’

An executive at the banking titan Citi says that the S&P 500 (SPX) is not done rallying after most financial institutions were caught off guard by the sudden stock market recovery.

In a new interview on CNBC Television, Stuart Kaiser, Citi’s head of US equity trading strategy, says that after the weekend’s productive trade talks between China and the US sent stocks soaring, the uptrend will likely continue.

“I think there’s still room to the upside. I think if you’re someone who’s less positive and doesn’t want to be long this market but prefer to be short, those folks are going to step out of the way, and they’re going to let the systematic buying from risk parity, from VolTarget and from CTAs (commodity trading advisors) play itself out. There’s no reason to fight that. Those are emotionless buyers, and they’re not fundamentally driven. So you let that play out. And how much is that worth? It’s hard to know.”

To support his bullish stance on the SPX, Kaiser reveals that a lot of institutional players missed out on the meat of the recovery, and they may aggressively open fresh positions in the event of a market pullback.

“I would not try to step in front of this rally. I think you have to let it play out. I think it can run from here, because the bottom line is most institutional investors captured very little, if any, of the rally we’ve had to date. We were half joking, but you only had to own the market for 60 trading minutes to capture the entire 17% rally off the low.

The flip side of that means, though, if you didn’t own it for those 60, you didn’t capture much of it. It’s not a FOMO (fear of missing out). It’s a fear of ‘I missed out.’

And the question I think now is, do we get engagement, another level of engagement to the upside, or do people hope they get a little pullback and are kind of aggressive dip buyers? So, you know, I think there’s more upside, but it’s not a clean trade.”

As of Tuesday’s close, the SPX is trading for 5,886.

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Robinhood (HOOD) to Acquire Canadian Crypto Firm WonderFi (WNDR)

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