🐳 Daily Edition: Robinhood to Launch 'Robinhood Chain' on Arbitrum

It’s official: Robinhood is doubling down on their crypto strategy, making a few major announcements at their event today. Not only are they now offering tokenized US stocks to customers in the EU as well as long-awaited staking programs for Ethereum and Solana for US users, but they will be launching Robinhood Chain built on Arbitrum. The chain is still very much in developmental stages and so we don’t know exactly what it will feature, but it’s likely to be focused on tokenized assets and trading. From a regulatory standpoint, crypto is now open-season for exchanges and companies alike to do basically whatever they want… as long as you pay your taxes that is, as the Supreme Court denied to hear a case today regarding the requirement on exchanges to give customer identity data to the government.

In other market news, the launch of the first ever “staked crypto” ETF in the US is set to go live Wednesday from issuer Rex-Osprey. Rather than wait for approval like competitors, Rex-Osprey utilized a legal loophole which allows them to deliver staking yields to shareholders as long as the yields are taxed. With Solana’s high inflation rate staking yields can be significant (around the 8-10% APY mark), so despite the tax drawback this should still generate demand. If it turns out to be a success we can likely expect a few copycats to hit the market, however the holy grail remains blanket approval for staking within the existing and future ETFs.

Yeah we’re gonna need Robinhood to bump the leverage slider a little bit…

The Beluga intern has been hard at work gathering all the most important crypto news stories so you have them in one place!

The Majors

• More Bitcoin? Crypto should account for up to 40% of portfolios, influential financial advisor says

• Solana skyrockets as Bitcoin and Ethereum grind higher: Where do prices go next?

Alt Coins and Stocks

• Stablecoin giant Circle wants to be its own bank, applies for National Trust license

• BitMine stock spikes 400% as Bitcoin miner raises $250 million for Ethereum treasury

• Robinhood shares hit all-time high as firm unveils tokenized stocks, Ethereum L2

Regulatory

• Sen. Lummis pushes for crypto tax fixes in ‘big, beautiful bill,’ gaining support from crypto advocates

• Singapore to ‘Thread the Needle’ as crypto licensing rules take effect

Random

• Supreme Court declines to take up Coinbase user data privacy case

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