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Donald Trump Jr. Joins Kalshi |
Another jurisdiction has Polymarket in its crosshairs. Over the weekend, Singapore's Gambling Regulatory Authority (GRA) ordered local internet service providers to block access to the prediction market platform, according to reports from users in the city-state. "You have attempted to access an illegal gambling site hosted by an unlicensed gambling service provider," the announcement reads, warning that those found guilty of gambling with unlicensed service providers are liable for a fine of up to SGD 10,000 ($7200) or a jail sentence of up to six months.
The GRA has yet to make a public announcement on the issue, nor have they launched an enforcement action against Polymarket according to a public directory.
Taiwan was the first jurisdiction to actively block its nationals from using the prediction market platform, and local law enforcement arrested 17 people on the island for betting on its most recent presidential election.
In better news for prediction markets in the U.S., Donald Trump's son, Don Jr., has joined Kalshi as an advisor, per reporting in the Wall Street Journal.
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Capital Group Buys More Metaplanet |
One of the largest investment companies in the world with more than $2.3 trillion in assets under management, Los Angeles-based Capital Group has become one of the biggest shareholders in Metaplanet. Based in Japan, Metaplanet was a hotel industry investor that's become notable over the past year for its bitcoin (BTC) treasury strategy modeled along the lines of Michael Saylor's MicroStrategy (MSTR). Capital Group's boosted stake was noted in an X post by Metaplanet CEO Simon Gerovic. Metaplanet holds 1,762 BTC and is the fifteenth-largest publicly traded company that holds bitcoin. Since it adopted a bitcoin treasury strategy in April 2024, their share price is up over 1,700%. Capital Group is also the second largest shareholder of Bitcoin development company MicroStrategy (MSTR), owning 18.4 million shares, or more than an 8% stake in the company. Only founder and Executive Chairman Michael Saylor holds a larger stake. Other sizable investors include Vanguard Group, Morgan Stanley and Jane Street Group. |
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Big Altcoin Unlocks Scheduled This Week |
The market for alternative cryptocurrencies (altcoins) may see an extra dose of volatility this week, as the impending token unlock schedule will release billions of dollars worth of supply for several coins, including Ondo Finance's ONDO token.
Data from Tokenomist show the weekly unlocks calendar, that includes names like ONDO, ARB, STRK SEI and others, is worth $3 billion – the largest amount since November. Decentralized tokenization-focused platform Ondo Finance's ONDO accounts for a giant share of the tally.
On Jan. 18, the project will free up 1.94 billion ONDO worth $2.23 billion, equating to over 130% of the token's circulating supply of around 1.4 billion. ONDO's impending unlock is also several times bigger than its daily trading volume, which has recently ranged between $250 million to $300 million.
Unlocks are staggered releases of tokens initially frozen to prevent early investors and project team members from liquidating coins at once. The gradual release helps avoid rapid price swings and market instability.
Yet, occasionally, we get to see ONDO-like unlocks that are bigger in terms of the circulating supply of the token or the coin's average daily volume, threatening to inject volatility into the market. Per Research by The Tie, tokens facing unlocks equivalent to 100% of the average daily volume experience volatility in the lead-up to and following the event. ONDO changed hands at $1.14 at press time, the lowest since Dec. 2, representing a 5% loss for the day and a nearly 15% month-to-date decline. Prices have been in a free fall since hitting record highs above $2.10 on Dec. 16, TradingView data show. |
Scott Bessent Divests Bitcoin ETF |
Billionaire hedge fund manager Scott Bessent, President-elect Donald Trump's nominee for Treasury Secretary, plans to dispose of several assets, including investment in bitcoin (BTC) exchange-traded funds (ETF), to avoid potential conflicts of interest with his new role, according to a report by The New York Times.
On Saturday, Bessent, who once worked for billionaire liberal philanthropist George Soros, filed the ethics agreement and financial disclosures as required for the impending Senate confirmation, revealing assets and investments worth over $700 million. The tally includes BTC ETF holdings worth $250,000 to $500,000, according to media reports. The other key investments posing a potential conflict of interest include a margin loan of more than $50 million with Goldman Sachs, an account for trading China's currency and a stake in conservative publisher All Seasons.
Bessent, in a letter to the ethics office, promised to "avoid any actual or apparent conflict of interest in the event that I am confirmed for the position of secretary of the Department of Treasury."
If confirmed, the pro-crypto Bessent would face the challenging task of managing the burgeoning federal debt amid Trump's plans to extend expiring tax cuts and eliminate taxes on social security benefits.
Bessent is an advocate for tax reform and deregulation, particularly to boost bank lending and energy production. In October last year, Bessent said that the new Trump administration would likely pursue a strong dollar in line with Washington's multi-decade policy. |
The Takeaway: The Year of DeFi M&A |
By Mona El Isa The final quarter of 2024 marked a surge in cryptocurrency mergers and acquisitions (M&A) activity, signaling that the post-election sentiment shift could spark even more deals in the new year. M&A has already been on the rise, and the recent acquisition of Bridge by Stripe marked a significant milestone that highlights a trend of the increasingly blurred lines between traditional finance and digital assets. According to The Block Pro data, activity in 2024 was still behind 2022's all-time high of 271 deals, signaling steady yet restrained growth but there are signs that the record may be broken in 2025. With major institutions including BlackRock, Fidelity, and Grayscale launching Bitcoin and Ethereum ETPs, and the Trump election fueling optimism, the stage is set for a renewed M&A wave. The key question now is – what does M&A mean for driving innovation in the DeFi space? Recent high-profile acquisitions, such as Stripe’s purchase of Bridge and Robinhood’s acquisition of Bitstamp, underscore the undeniable intersection between traditional finance and digital assets. These deals aren’t just about expansion, they’re a clear signal that firms are looking to strengthen their offerings to meet the growing demands of institutional clients who want secure custody and robust risk management. A lot of discourse has focused on pitting DeFi against TradFi, but the recent M&A activity suggests we may be entering a new era where finance is finally a unified, evolving ecosystem. Traditional finance has hurdles to clear in its DeFi transition, especially around regulatory compliance and accessibility. To navigate these waters, TradFi needs enterprise-grade solutions that not only meet regulatory standards but also simplify the user experience. DeFi platforms, while powerful, can sometimes be challenging for non-crypto native users due to their complex interfaces.
Those looking to branch into crypto should focus on platforms like Enzyme with transparent on-chain infrastructure, that combines automated features like smart contracts, automated investment strategies, and risk management tools within a user-friendly interface. This approach simplifies the management of digital assets, ensuring compliance without the usual complexity of blockchain technology. By adopting these tools, traditional financial institutions can transition into the DeFi space more easily, minimizing risk while maintaining control. |
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