The market this morning

Treasury's Bessent frames crypto as a dollar tool as Robinhood, Ripple and tokenized-stock objections fill the day

By Crypto Info News

Good morning. Speaking at Ripple's conference, US Treasury Secretary Bessent said SEC and CFTC action could help fill the gap left by the Clarity Act's failure, while curbing crypto debanking, CoinDesk reported. CoinDesk framed his remarks as positioning crypto as America's next tool for keeping the dollar on top. It is a notable signal from the top of the Treasury, though the report describes intent rather than a finalised rule.

Robinhood dominated the corporate ledger. Decrypt reported record revenue of $1.42 billion but earnings of $0.51 per share, short of the $0.55 expected, as bets on sports and elections grew to $173 million. The Block reported Robinhood Chain brought in $26 million as crypto revenue rose 20% in the third quarter. CoinDesk, measuring against a year earlier, reported crypto revenue fell 55% and crypto trading volume fell 38%. The comparisons differ; readers should note the baselines.

Ripple featured again on the deal side. Decrypt reported its RLUSD stablecoin is live on Robinhood Chain and Bitstamp and heads to the Robinhood app later this year. Cointelegraph reported Ripple also expanded its collaboration with BNY on digital asset custody and partnered with C2FO to bring trade finance settlement onto the XRP Ledger. Separately, Decrypt reported Anchorage Digital Bank expanded a deal with Bitso to sit beneath a US-Mexico stablecoin remittance route.

Opposition to the planned OKX-ICE tokenized stock venue grew. Decrypt and CoinDesk reported that Intel, Oracle, IBM and IonQ objected, bringing the total to 26; Cointelegraph reported more than 40% of initially proposed companies have asked to opt out.

On security, Decrypt reported wallet maker Keystone pulled devices after attackers obtained its factory key, affecting 25,964 buyer records; the company says recovery phrases and private keys were not involved. Chainalysis reported the FBI Washington Field Office and international partners seized the domain of the Virtualine bulletproof hosting service.

Elsewhere, Cointelegraph reported VanEck launched a Wealth Builder ETF targeting a 2% Bitcoin allocation, with a 1% to 5% range, via a spot Bitcoin ETP. On Cointelegraph's Chain Reaction podcast, Stacks founder Muneeb Ali warned that uncertainty over Bitcoin's quantum security could deter institutional investors.

Markets were quiet. Bitcoin sat at $80,800.83, up 0.96% on the day; Ether at $2,347.32, up 1.15%; XRP at $1.33, up 1.73%.

What to watch: whether SEC and CFTC action follows Bessent's framing, and whether further companies opt out of OKX-ICE before it launches.