NYSE's Owner Calls Hyperliquid Bigger Than NASDAQ | CoinDesk Daily

— Jeffrey Sprecher, ICE CEO, stated that HyperLiquid controls over 70% of decentralized perpetual futures volume, describing it as larger than NASDAQ in volume terms.

— Sprecher expects regulatory clarity on perpetual futures in coming months through either a new category or integration of offshore venues under Dodd-Frank.

— Paxos received full SEC registration as a central securities depository, becoming the first blockchain firm authorized to clear and settle U.S. equities with same-day or near-instant settlement.

— Paxos settlement pilot includes major institutions: Bank of America, Credit Suisse, and Societe Generale; the firm also powers white-label infrastructure for PayPal and MasterCard.

— Kalshi filed federal lawsuit against Minnesota over a state law criminalizing prediction market operation and promotion, citing Federal Commodity Exchange Act jurisdiction and First Amendment grounds.

— President Trump backed the CFTC's position that the agency must maintain sole authority over prediction markets.

— Watch for imminent regulatory clarity on perpetual futures from U.S. regulators; this could materially affect how decentralized derivatives platforms operate and whether offshore venues consolidate under domestic oversight.

— Blockchain-based settlement infrastructure reaching institutional adoption (Paxos SEC approval) signals growing infrastructure maturity; Bitcoin holders should track institutional on-chain adoption trends as a proxy for mainstream acceptance.

— Monitor the Kalshi vs. Minnesota lawsuit outcome as a test case for state-level crypto regulation conflicts with federal jurisdiction; the outcome will set precedent for how prediction markets and other blockchain applications navigate federalism.