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Congress Must Pass Crypto Law This Spring

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U.S. Treasury Secretary Scott Bessent said Friday that Congress must move quickly to pass crypto legislation establishing clear federal rules for digital assets, urging lawmakers to deliver the bill to President Donald Trump’s desk for signature this spring.

Speaking on CNBC, Bessent was asked about the status of the proposed “Clarity Act” amid a recent sell-off across the crypto market. 

He said the bill would provide “great comfort to the market” during a period of heightened volatility, signaling the administration’s push to create a more defined regulatory framework for the sector.

Bessent added that some crypto firms have attempted to block the legislation, but noted there remains a bipartisan coalition of lawmakers committed to advancing the bill. 

However, he warned that the coalition’s momentum could weaken if Democrats regain control of the House of Representatives in November.

Last week, Bessent urged Congress to pass the legislation, warning that the U.S. needs clear crypto market structure rules before the spring legislative window closes. 

Bessent told Fox News that “what we’re seeing in the crypto market over the past few months means more than ever that the U.S. needs market structure, we need clarity, and we need to get this across the line this spring,” he said. 

He said recent volatility in bitcoin and digital asset markets underscores the urgency of legal certainty. 

Bessent blamed the current stalemate on resistant factions within both the crypto industry and traditional finance, with disputes centering on stablecoin yield restrictions and regulatory oversight. 

Potential crypto tax breaks

At a Senate Banking, Housing and Urban Affairs Committee hearing on the Financial Stability Oversight Council’s annual report, Bessent was pressed by members of Congress on whether China is using blockchain and digital assets to challenge American financial leadership, with Bessent saying Treasury has not observed rumored gold-backed Chinese instruments but noting China’s activity through Hong Kong.

The discussion shifted quickly to U.S. regulation, where Bessent voiced strong support for the proposed Clarity Act, arguing that digital asset innovation should be embedded within the U.S. economy under “safe, sound, and smart” oversight.

He also warned that deposit volatility from crypto-related legislation could harm community and small banks by limiting their ability to lend locally.
Senator Cynthia Lummis raised the possibility of a de minimis Bitcoin tax exemption for small transactions and asked for clearer guidance on calculating capital gains across mixed-cost portfolios, with Bessent offering to have Treasury’s tax policy office engage with her team.

The hearing followed Bessent’s earlier testimony that the government cannot bail out bitcoin or direct banks to hold crypto, and that seized BTC will now be retained in the Strategic Bitcoin Reserve rather than sold.

The superstars attending Trumps’ World Liberty Forum on February 18 – DL News

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  • A slew of power players is expected to speak at the crypto forum in Mar-a-Lago.
  • The gathering comes amidst mounting criticism of Trump’s crypto involvement.

They come to mould the future.

Donald Trump Jr., US President Donald Trump’s oldest son and co-founder of World Liberty Financial, said that’s the aim of the superstar roster attending a splashy event hosted at the Mar-a-Lago.

Besides the forum’s hosts, World Liberty Financial, a “select group of 300 global leaders,” including banking chiefs, global football bosses, and crypto chieftains, will attend the event on February 18.

“This forum is about defining what the next century of American innovation, leadership, and economic influence will look like,” Donald Trump Jr. said in a statement.

The timing of the gathering at the president’s Florida resort is notable.

Not only is the 79-year-old losing his support among the electorate, but rumblings suggest he may also no longer have the full-hearted backing of the crypto industry either.

Though the president‘s pro-crypto policies initially triggered an unprecedented rally in digital assets in 2025, investors have seen $2 trilion wiped out since October.

At the same time, key market-structure legislation has stalled on Capitol Hill because politicians and industry players can’t agree on the details of the Clarity Act.

The Trumps are also under pressure politically.

House Democrats on the Judiciary Committee have accused the president of corruption, saying that his family’s crypto ventures suggest that Donald Trump “has leveraged his office to make himself a crypto billionaire.”

The White House has vehemently denied any wrongdoing.

It is against this backdrop that some of the most powerful people in corporate America and, indeed, the rest of the world will gather in Florida next week.

Here’s who’s set to speak at Mar-a-Lago.

Goldman Sachs

Goldman Sachs CEO David Solomon is confirmed as a speaker.

Known for his banking prowess and side-hustle as a DJ, Solomon’s presence underscores how conservative financial institutions are diving headfirst into crypto.

On Tuesday, Goldman disclosed over $2 billion in exposure to Bitcoin, Ethereum, XRP, and Solana through exchange-traded funds on its balance sheet.

Nasdaq, NYSE

Adena Friedman, CEO of Nasdaq, adds to the institutional presence.

Under her tenure, the exchange has expanded data services, index products, and connectivity across global markets.

Lynn Martin, president of the New York Stock Exchange, brings the exchange’s voice to the forum.

The NYSE remains one of the world’s most storied and liquid trading venues, anchoring global public markets and drawing deep ties from pension funds, sovereign wealth funds, and institutional capital.

FIFA

FIFA president Gianni Infantino will bring global sport into the crypto conversation.

Infantino made headlines in late 2025 by introducing the FIFA Peace Prize, which was awarded to Trump in December.

The award, however, seemingly landed Infantino in hot water.

By handing the 79-year-old the prize, Infantino broke FIFA’s rules on political neutrality, according to a letter sent by human rights campaign group FairSquare.

“The FIFA president does not have the authority to unilaterally dictate the organisation’s mission, strategic direction, policies and values,” FairSquare wrote.

Regulators

Michael Selig, chairman of the Commodity Futures Trading Commission, is also confirmed to speak.

During Trump’s presidency, the CFTC gained greater crypto oversight and began to shape derivatives, futures markets, and digital assets.

The Clarity Act is expected to grant the commission even more oversight authority, but it has been gridlocked by a delayed Senate vote.

Also speaking is Kelly Loeffler, the head of the Small Business Administration, the federal agency that supports entrepreneurs and small businesses.

Jacob Helberg, the White House’s under secretary for economic affairs, is also listed as a speaker. He is also a senior adviser to Alex Karp, the CEO of Palantir Technologies.

Senators

Political weight comes from Republican Senators Ashley Moody of Florida and Bernie Moreno of Ohio.

Moody is a strong Trump supporter who previously served as Florida’s attorney general, where she led anti-fraud initiatives.

Moreno is a former crypto entrepreneur himself and actively advocates for the industry.

Their participation highlights how state leadership is engaging with crypto trends, regulatory shifts and innovation policy.

Investors

Avenue Capital Group CEO Marc Lasry, the former Milwaukee Bucks co-owner who has said he views Bitcoin as a resilient store of value and famously regrets not accumulating more, is also scheduled to speak.

Starwood Capital Group CEO Barry Sternlicht, a real estate magnate who says he has allocated 3% of his net worth into crypto, is also set to present.

They are joined by Altimeter Capital founder Brad Gerstner, also a big crypto bull, who sees volatility as a healthy catalyst for market discovery.

Jenny Johnson, the CEO of Franklin Templeton and a long-time blockchain backer, is also expected to promote crypto at the event.

World Liberty Financial

The founding team behind World Liberty Financial is expected to present.

That includes presidential sons Eric Trump and Donald Trump Jr., as well as Zach and Alex Witkoff, the sons of Trump’s foreign policy adviser Steve Witkoff.

They are flanked by co-founders Chase Herro and Zak Folkman, who also serve as World Liberty Financial’s chief operating officer.

Lance Datskoluo is DL News’ Europe-based markets correspondent. Eric Johansson is DL News’ managing editor. Got a tip? Email them at lance@dlnews.com and eric@dlnews.com.

Bluefin-acquired Nexa Terminal Shuts Down Blaming Sui’s ‘Extremely Low’ Volume

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The closure comes as monthly DEX volumes on Sui have dropped 70% from last year’s peak.

Crypto trading terminal Nexa, formerly known as InsiDeX, is shutting down just a year after its acquisition by decentralized exchange Bluefin, citing what it calls “extremely low” trading volumes on the Sui blockchain.

In a Feb. 10 post on X, the team said “only 2-3 coins [are] seeing some decent activity” on Sui, leaving traders with few real opportunities, and added that it was built for fast trades and active markets, conditions that never appeared.

“There’s a real sense of sadness in shutting down Nexa because we succeeded in building a product that was actually the most used trading suite on Sui at one time. Unfortunately, the market it was built for never truly materialized,” the team wrote.

The shutdown follows months of Nexa pushing points-based rewards and other engagement schemes, but that campaign went quiet before the closure.

The move highlights broader weakness across Sui’s DeFi ecosystem. As of Feb. 12, 2026, DefiLlama data shows total value locked (TVL) on Sui at about $561 million, down roughly 78% from a peak of $2.6 billion in October 2025.

Sui TVL – DefiLlama

DEX volumes have also dropped, falling around 70% from $22.3 billion in October to about $6.8 billion in January. Sui’s native token SUI has also dropped around 50% over the past month to $0.93, per data from CoinGecko.

Moreover, the start of 2026 was rocky for the Sui blockchain as it suffered a six-hour outage that stopped block production. The team later explained that the problem was a bug in the network’s consensus system, which caused validators to disagree on data and temporarily froze transactions.

But Sui isn’t the only network facing challenges amid falling liquidity, as a similar story is unfolding on rival chains like Aptos. As The Defiant reported earlier this month, Merkle Trade — the largest perpetual DEX on Aptos by volume — said it would wind down operations despite processing nearly $30 billion in cumulative trades, as TVL across the network continued to fall too.

Bitcoin Coils Tight in $65K–$68K Range — Next Move Could Shake the Market

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Bitcoin is hovering just around the $67,000 range after probing both sides of a tight intraday range, and the charts suggest the market is at an inflection point rather than in full-throttle trend mode. Beneath the surface, momentum gauges and moving averages paint a picture that is less “to the moon” and more “prove it […]

Visarun.ai Review: Can AI Really Fix the UAE’s Visa Chaos?

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When Your HR Team Spends More Time on Visas Than Hiring

Here’s a number that should make UAE business owners wince: the average HR manager burns through 600+ hours every year just coordinating visas. That’s nearly four months of full-time work spent chasing documents, updating spreadsheets, and answering “where’s my visa?” emails.

And that’s just the time you can measure. What about the deals that fell through because your sales director couldn’t travel? The new hire who accepted another offer while waiting for work permit approval? The last-minute scramble when someone’s passport came back two days after their flight?

Traditional visa processing isn’t just inefficient—it’s actively sabotaging business operations.

The Real Problem Nobody Talks About

Most companies think they have a “visa problem.” They don’t. They have a visibility problem, a coordination problem, and a data problem all wrapped up in outdated workflows that belong in 2005.

Your team is stuck playing telephone between employees, consulates, and document collection services. Information lives in forty different email threads. Nobody knows if an application will actually get approved until it does (or doesn’t). And when something goes wrong, it’s already too late to fix it.

For travel agencies, it’s even worse. One mistake on a corporate client’s visa application can cost you the entire account. But when you’re processing everything manually, mistakes aren’t just possible—they’re inevitable.

How platform Actually Works

Visarun.ai takes a fundamentally different approach. Instead of digitizing broken processes, it rebuilds them from scratch around three core ideas: automation, intelligence, and transparency.

Everything in One Place

First, it centralizes what’s currently scattered across dozens of systems. Every visa case, every document, every status update lives in a single hub that your HR team, travel coordinators, and finance department can all access with appropriate permissions. No more hunting through email. No more asking “did we submit the medical certificate?”

The system maintains complete history for every case—crucial when you need to reference past applications or understand patterns in approval rates.

AI That Actually Understands Visas

The platform’s AI assistant isn’t a chatbot throwing generic responses at you. It’s been trained on visa requirements, consulate procedures, and approval patterns across different countries. Ask it anything at 3 AM Dubai time, and you’ll get specific, actionable answers.

But here’s where it gets interesting: the system calculates approval probability for each application based on dozens of variables—applicant profile, destination country, document quality, historical data. So instead of submitting applications and hoping for the best, you actually know your odds. If the probability is low, the AI recommends alternative visa routes or suggests documentation improvements.

For employees nervous about consulate interviews, the AI runs simulation sessions—preparing them with likely questions and proper responses. It’s like having an experienced visa consultant available 24/7.

Automation That Eliminates Busywork

The platform handles the grunt work automatically. Document verification, deadline reminders, status tracking, form pre-filling, timeline creation—all running in the background without human intervention. When something needs attention, the right person gets notified. Otherwise, the system just handles it.

This matters enormously at scale. When you’re managing 50+ simultaneous applications across different countries, manual tracking becomes impossible. Visarun.ai scales effortlessly whether you’re processing ten visas or five hundred.

Who This Actually Helps

Large UAE Enterprises

If you’re running a company with 1,000+ employees and regular international operations, visa coordination is probably consuming way too much of your HR team’s bandwidth. The platform integrates with whatever systems you’re already using—JIRA, Notion, Coda, your CRM—so adoption doesn’t mean ripping everything out and starting over.

The real value shows up in workforce mobility. When you can accurately forecast visa timelines and approval rates, you can actually plan international expansions, business travel, and new hires with confidence instead of crossed fingers.

Mid-Size Travel Agencies

For agencies serving corporate clients, this becomes a competitive differentiator. While your competitors are still managing visas through spreadsheets and manual follow-ups, you’re offering clients a white-labeled portal where they can track everything in real-time.

The error reduction alone pays for itself. One prevented visa rejection on a high-value client’s executive travel is worth months of subscription fees.

What You Actually Get

Beyond the core automation, the platform provides analytics that most companies have never had access to. Which visa types have highest approval rates? Where are the bottlenecks? What’s the average processing time by destination country? How much are delays actually costing?

This data transforms visa processing from a black box into something you can actually manage and optimize. Budget tracking shows exactly what you’re spending. SLA monitoring flags problems before they become crises. Delay impact analytics quantify the real cost of slow processing.

The push notification system keeps everyone informed without requiring manual status updates. Employees stop asking “where’s my passport?” because they already know.

The Economics Make Sense

Consider what 600 saved hours actually means. If your HR manager costs the company $75/hour (conservative estimate for UAE), that’s $45,000 in recovered productivity. Per year. Per manager.

Then factor in reduced visa rejections. Each denial typically costs $1,500-$3,000 in reapplication fees, wasted travel, and operational disruption. Prevent just ten denials annually and you’ve covered the platform cost several times over.

The harder-to-quantify benefits matter too: employee satisfaction when visa processing actually works smoothly, competitive advantage in hiring international talent, operational reliability for business travel.

What It Won’t Do

This isn’t magic. The platform can’t override consulate decisions or guarantee approvals. It can’t eliminate processing times (though it optimizes them). And it won’t fix issues that stem from incomplete documentation or ineligible applicants—though it will flag these problems early instead of letting you discover them after submission.

You still need someone managing the process, just far less intensively than before.

The Bottom Line

For UAE businesses where visa processing has become a legitimate operational headache, intelligent automation isn’t a nice-to-have anymore—it’s basic operational hygiene.

The question isn’t whether to automate visa management. It’s whether you can afford to keep running manual processes while competitors gain the efficiency advantage.

The technology works. The economics work. The only real question is how much longer you’re willing to lose those 600 hours every year.

Crypto market wobbles as investors ignore good news, look for the ‘exit ramp’: Crypto Daybook Americas

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Crypto Daybook Americas will not be published on Monday, Feb. 16 due to the Presidents’ Day holiday in the U.S. We will be back on Feb. 17.

By Francisco Rodrigues (All times ET unless indicated otherwise)

Bitcoin is on track for a fourth straight weekly decline in its longest negative streak since mid-November. The largest cryptocurrency has lost 1.7% in the past 24 hours and 4.8% since Monday morning.

The broader CoinDesk 20 Index (CD20) fell 2% in a market that, according to Bitwise research analyst Danny Nelson, is mostly driven by fear. Indeed, the Crypto Fear and Greed Index has now been in “extreme fear” territory for almost two weeks.

“The market’s main driver right now is fear. Fear that we’ll go lower,” Nelson told CoinDesk. “In a market like this, good news doesn’t register with investors. If they see an exit ramp, they’re taking it.”

To illustrate his point, Nelson pointed to the reaction to Uniswap’s 25% increase after the world’s largest asset manager, BlackRock (BLK), said it was making shares of its $2.2 billion tokenized U.S. treasury fund BUIDL tradable on the decentralized exchange. The token has now given back the gains made after that announcement.

“Sellers bearish on the market’s short-term direction overwhelmed the bulls betting that institutional adoption will drive value long-term,” he said.

Earlier this week, stronger U.S. payroll data and a falling unemployment rate prompted traders to rethink rate-cut expectations for the year. Further guidance may come later today in the form of inflation figures for the world’s largest economy.

The U.S. Consumer Price Index (CPI) for January is forecast to show 2.5% year-over-year inflation.

Adding to that uncertainty is concern over a partial U.S. government shutdown. Odds of that occurring tomorrow are now around 90% on prediction market Kalshi. If one materializes, expect even more volatility amid thin trading. Stay alert!

Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today

What to Watch

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.

  • Crypto
  • Macro
    • Feb. 13, 8:30 a.m.: U.S. core inflation rate YoY for January (Prev. 2.6%); MoM Est. 0.3% (Prev. 0.2%)
    • Feb. 13, 8:30 a.m.: U.S. inflation rate YoY for January (Prev. 2.7%); MoM Est. 0.3% (Prev. 0.3%)
  • Earnings (Estimates based on FactSet data)
    • Feb. 13: Trump Media & Tech Group (DJT), post-market
    • Feb. 13: HIVE Digital Technologies (HIVE), post-market, -$0.07

Token Events

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.

  • Governance votes & calls
  • Unlocks
    • Feb. 15: Connex to unlock 1.56% of its circulating supply worth $15 million.
  • Token Launches

Conferences

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.

Market Movements

  • BTC is up 1.75% from 4 p.m. ET Thursday at $66,933.65 (24hrs: -0.83%)
  • ETH is up 2.05% at $1,961.15 (24hrs: -0.97%)
  • CoinDesk 20 is up 1.48% at 1,913.46 (24hrs: -1.96%)
  • Ether CESR Composite Staking Rate is down 15 bps at 2.85%
  • BTC funding rate is at 0.0019% (2.0947% annualized) on Binance
  • DXY is up 0.13% at 97.05
  • Gold futures are up 1.41% at $4,993.10
  • Silver futures are up 3.65% at $78.30
  • Nikkei 225 closed down 1.21% at 56,941.97
  • Hang Seng closed down 1.72% at 26,567.12
  • FTSE 100 is up 0.12% at 10,414.44
  • Euro Stoxx 50 is down 0.16% at 6,001.38
  • DJIA closed on Thursday down 1.34% at 49,451.98
  • S&P 500 closed down 1.57% at 6,832.76
  • Nasdaq Composite closed down 2.03% at 22,597.15
  • S&P/TSX Composite closed down 2.37% at 32,465.30
  • S&P 40 Latin America closed down 1.71% at 3,741.30
  • U.S. 10-Year Treasury rate is down 7 bps at 4.10%
  • E-mini S&P 500 futures are down 0.27% at 6,832.50
  • E-mini Nasdaq-100 futures are down 0.29% at 24,696.00
  • E-mini Dow Jones Industrial Average Index futures are down 0.33% at 49,358.00

Bitcoin Stats

  • BTC Dominance: 59.01% (+0.41%)
  • Ether-bitcoin ratio: 0.02923 (-0.55%)
  • Hashrate (seven-day moving average): 1,027 EH/s
  • Hashprice (spot): $33.55
  • Total fees: 2.55 BTC / $170,716
  • CME Futures Open Interest: 116,875 BTC
  • BTC priced in gold: 13.5 oz.
  • BTC vs gold market cap: 4.48%

Technical Analysis

TA for Feb 13
  • Bitcoin remains pressured below the 200-week exponential moving average of $68,324.
  • A confirmed weekly close below this level historically signals a further 20%-25% capitulation.
  • The would take it toward the $51,000–$54,000 range before a bottom forms

Crypto Equities

  • Coinbase Global (COIN): closed on Thursday at $141.09 (-7.90%), +5.87% at $149.37 in pre-market
  • Circle Internet (CRCL): closed at $56.63 (-2.13%), +1.71% at $57.60
  • Galaxy Digital (GLXY): closed at $20.15 (-1.23%)
  • Bullish (BLSH): closed at $31.71 (-0.53%), +0.28% at $31.80
  • MARA Holdings (MARA): closed at $7.25 (-4.10%), +1.10% at $7.33
  • Riot Platforms (RIOT): closed at $14.20 (-4.05%), +0.85% at $14.32
  • Core Scientific (CORZ): closed at $17.48 (-3.37%), +0.11% at $17.50
  • CleanSpark (CLSK): closed at $9.31 (-3.22%), +1.18% at $9.42
  • CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $40.10 (-3.70%)
  • Exodus Movement (EXOD): closed at $10.19 (+1.09%)

Crypto Treasury Companies

  • Strategy (MSTR): closed at $123.00 (-2.44%), +1.54% at $124.89
  • Strive (ASST): closed at $7.70 (-4.82%), +0.52% at $7.74
  • SharpLink Gaming (SBET): closed at $6.54 (-1.21%), +1.07% at $6.61
  • Upexi (UPXI): closed at $0.74 (-8.82%)
  • Lite Strategy (LITS): closed at $1.03 (-3.74%)

ETF Flows

Spot BTC ETFs

  • Daily net flows: -$410.2 million
  • Cumulative net flows: $54.3 billion
  • Total BTC holdings ~1.27 million

Spot ETH ETFs

  • Daily net flows: -$113.1 million
  • Cumulative net flows: $11.67 billion
  • Total ETH holdings ~5.8 million

Source: Farside Investors

While You Were Sleeping

Kalshi Taps Sports Insurance Market With Game Point Capital Deal as Regulatory Battles Mount

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In brief

  • Prediction market Kalshi has partnered with Game Point Capital to hedge NBA team performance bonuses at prices nearly half those of traditional reinsurers.
  • Sports markets make up more than 80% of Kalshi’s business, which regulators in Massachusetts, Nevada, and Connecticut are now moving to ban.
  • Jump Trading took small equity stakes in both Kalshi and Polymarket this week in exchange for market-making liquidity.

Prediction market giant Kalshi has struck a deal with sports insurance broker Game Point Capital to hedge performance bonuses for professional sports teams, offering prices nearly half those of traditional reinsurers, even as regulators in multiple states move to shut down its sports markets entirely.

Kalshi CEO Tarek Mansour announced the partnership Thursday, revealing that Game Point Capital had already executed hedges for two NBA teams through the platform last week: one covering a bonus triggered by a playoff berth, priced at 6% compared to 12–13% in the over-the-counter market, and another for advancing to the second round, priced at 2% versus 7–8% OTC.

“Exchanges are a better alternative because they expand liquidity and bring competition: multiple counterparties compete in an open marketplace to improve the price,” Mansour wrote.

“It might make more sense to hedge through Kalshi than through traditional channels, which might come with additional costs and fees,”  Will Hall, a co-founder and the C.E.O. of Game Point Capital, told DealBook, according to a New York Times report.

Decrypt has reached out to Kalshi for comment.

Prediction markets and regulators

Sports markets account for more than 80% of Kalshi’s business, according to Dune Analytics data, and the company is simultaneously fighting off attempts by state regulators to kill that business entirely.

Courts in Massachusetts, Nevada, and Connecticut have all recently given regulators the green light to pursue temporary bans, arguing that sports-related event contracts are unlicensed sports betting under state law.

Meanwhile, Polymarket filed a federal lawsuit on Monday, arguing that Massachusetts lacks the authority to regulate its platform.

Despite being rivals, Kalshi and Polymarket are now effectively fighting the same regulatory battle, and until recently, the sector’s main federal backer has been the Commodity Futures Trading Commission, which has generally taken a lighter-touch approach to oversight.

CFTC Chair Brian Selig, a key ally for the platforms, announced that the agency will participate in ongoing prediction market lawsuits to assert federal jurisdiction and push back against state-level bans.

But the regulatory picture is getting more complex.

On Thursday, SEC Chair Paul Atkins told the Senate Banking Committee that the Securities and Exchange Commission may also claim a role in supervising parts of the prediction market sector, pointing to possible overlapping jurisdiction between the two agencies.

“Prediction markets are exactly one thing where there’s overlapping jurisdiction potentially,” Atkins said. He added that the SEC may not need new legislation to step in, noting: “A security is a security regardless of how it is.”

Institutional money is still flowing into the industry despite the turbulence with Jump Trading securing small equity stakes in both Kalshi and Polymarket in exchange for providing market-making liquidity, with the two platforms currently valued at $11 billion and $9 billion, respectively.

Industry trading volume in the prediction market sector jumped from $15.8 billion in 2024 to about $63.5 billion in 2025, according to blockchain security firm CertiK, which warned that incentive-driven activity and hybrid Web2/Web3 infrastructure create new integrity and security risks.

Still, the firm said it has not seen large-scale evidence that wash trading is distorting prices on major platforms.

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Spark Launches Institutional Lending Suite to Channel DeFi Stablecoins

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Spark announced the launch of Spark Prime and Spark Institutional Lending on Wednesday to channel more of its decentralized finance (DeFi) stablecoin reserves into institutional credit markets.

Spark, a decentralized asset allocator whose core contributor, Phoenix Labs, previously worked on MakerDAO’s stablecoin and risk architecture, said the suite is designed to let borrowers access stablecoin loans without running their own DeFi operations.

Spark Prime offers margin‑style lending and off‑exchange settlement powered by Spark’s liquidity engine, while Spark Institutional Lending plugs Spark‑governed markets into qualified custodians such as Anchorage Digital so clients can keep collateral inside regulated custody. 

According to Spark, early launch partners for Spark Prime include Edge Capital, M1 and Hardcore Labs.

Co‑founder and CEO of Phoenix Labs, Sam MacPherson, told Cointelegraph that institutional lending was already at about $150 million in commitments, with capacity “to scale to billions over the coming months,” while Spark Prime is starting with about $15 million and will ramp more slowly as “key safety features” are rolled out.

Related: Maker, now Sky’s, new stablecoin lashed over ‘freeze function’

Spark leans on Coinbase and PayPal deals

According to data from DeFi Llama, Spark’s total value locked (TVL) is currently at $5.24 billion, down from a high of $9.2 billion in Nov. 2025, placing it among the larger DeFi money market platforms by assets.

By comparison, Aave currently leads DeFi lending with $27 billion in TVL, while Maple sits at $2.1 billion.

Spark says it supplied more than 80% of the USDC (USDC) liquidity for Coinbase’s Bitcoin‑backed loan market on Morpho, helping drive about $500 million in loan growth in the first three months. Public dashboards show Spark‑linked vaults have deployed more than $600 million to that market since launch.

PayPal’s PYUSD stablecoin program has also used about $500 million in Spark‑governed liquidity to deepen onchain markets for PYUSD and other stablecoins. 

DeFi’s resilience and market backdrop

Related: Vitalik draws line between ‘real DeFi’ and centralized yield stablecoins

The launch also highlights how DeFi has held up relative to token prices overall. Currently at $96.52 billion, the overall DeFi TVL has fallen from around $120 billion at the end of January, representing a 20% decline during the recent crypto selloff, compared with the broader crypto market. 

DeFi TVL. Source: DeFi Llama

Over the same period, Bitcoin (BTC) has dropped from about $89,000 at the end of January to $66,800 at the time of writing on Wednesday, a decline of about 25%, while Ether (ETH) fell from about $3,000 at the end of January to roughly $1,950, down around 35%, according to data from Coingecko.

MacPherson argued that one advantage of Spark’s model is that “anyone can evaluate the full portfolio in real time,” adding that institutions can underwrite its books against their own limits and exit “if the profile does not align with their risk controls.”

Magazine: Meet the onchain crypto detectives fighting crime better than the cops