Senate Confirms Warsh to Fed Board as JPMorgan Files Tokenized Fund — May 13, 2026
CRITICAL
Senate Confirms Kevin Warsh as Federal Reserve Governor
The US Senate voted largely along partisan lines to confirm Kevin Warsh as a member of the Federal Reserve's Board of Governors, positioning the crypto-linked investor as the likely successor to Jerome Powell as Fed Chair. Warsh's confirmation has significant implications for digital asset policy, as he is expected to take a more favorable stance toward cryptocurrency and stablecoin regulation than his predecessor. The confirmation vote came amid heated debate over central bank independence, with many Democrats raising concerns about the direction of monetary policy under his leadership.
The Fed Chair vote is expected to follow, which could reshape the regulatory landscape for digital assets at the highest level of US financial policy.
CLARITY Act Latest Version Raises Eyebrows Ahead of Senate Markup
The latest draft of the CLARITY Act crypto market structure bill has drawn fresh scrutiny ahead of its scheduled Senate Banking Committee markup. Lawmakers continue to push for ethics provisions in the bill, with bipartisan support deemed necessary for passage in a Senate floor vote. The bill would establish a comprehensive regulatory framework for digital assets in the US, but faces ongoing resistance from the traditional banking lobby and concerns about consumer protection gaps.
The markup session represents a pivotal moment that will determine whether the US moves toward structured digital asset regulation or remains in the current fragmented enforcement environment.
IMPORTANT
North Korea 'Industrialized' Crypto Theft, Stole $2.06 Billion in 2025
North Korea-linked hackers stole approximately $2.06 billion of the $3.4 billion total lost in crypto hacks in 2025, according to CertiK's annual report. The report finds that North Korean state-sponsored hacking operations have shifted from phishing attacks to physical infiltration of crypto firms, marking an escalation in sophistication. The theft operation has become effectively industrialized, representing the single largest state-sponsored crypto crime operation in history.
France Central Banker Clashes With Lagarde Over Private Digital Euro
France's central bank deputy governor Denis Beau has broken with ECB President Christine Lagarde's stance, calling for private and public European entities to mobilize around tokenized digital euro development. Beau told CoinDesk that Europe risks falling behind the US and Asia in digital asset innovation unless both public and private sectors participate actively. The divergence highlights growing internal ECB tensions over whether a digital euro should be centrally issued or built with private-sector tokenization infrastructure.
— CoinDesk
XRP ETFs Attract Biggest Inflows Since January
The five US-listed spot XRP ETFs pulled in $25.8 million on Monday, marking the largest single-day net inflow since January 5. The surge comes amid growing institutional interest in XRP, with analysts highlighting strong technical structures and sustained demand. Meanwhile, spot Ether ETFs shed nearly $17 million on the same day, suggesting a rotation between altcoin ETF products.
Wells Fargo Lifts Ether ETF Holdings in Q1, Increases Strategy Stake
Wells Fargo increased its Ether ETF exposure in Q1 2026 while rotating some Bitcoin holdings, according to its 13F filings. The bank also sharply increased its position in Strategy (formerly MicroStrategy), signaling growing institutional conviction in both ETH and corporate Bitcoin treasury strategies. The moves by one of the US's largest banks reflect the deepening integration of crypto assets into traditional portfolio management.
POSITIVE
JPMorgan Files to Launch Tokenized Money Market Fund on Ethereum
JPMorgan has filed to launch a new tokenized money market fund that will initially run on the Ethereum network, expanding its onchain financial product lineup. The move follows BlackRock's similar filing days earlier, signaling an accelerating Wall Street race to bring traditional financial products onchain. JPMorgan is the largest US bank by assets, and its entry into tokenized funds on a public blockchain represents a significant institutional endorsement of Ethereum as settlement infrastructure.
DTCC Integrates Chainlink for 24/7 Tokenized Collateral Platform
The Depository Trust and Clearing Corporation (DTCC), the world's largest post-trade infrastructure provider, will integrate Chainlink technology into its tokenized collateral platform ahead of a Q4 2026 launch. The platform tokenizes collateral on blockchain rails and uses smart contracts to enable 24/7 automated collateral management across financial markets. This represents one of the most significant adoption milestones for blockchain technology in core financial infrastructure.
Ethereum Foundation Unveils 'Clear Signing' Standard
The Ethereum Foundation has introduced a new "Clear Signing" standard designed to protect users from approving malicious crypto transactions. The initiative comes after billions in losses from phishing attacks and wallet drains, and aims to make transaction approvals safer and easier to understand. The foundation also finalized a new gas limit floor and improvement proposal for its "Glamsterdam" network upgrade, expected to go live in Q3 2026.
Bermuda Transitions Key Financial Services to Stellar Blockchain
Bermuda Premier David Burt announced that the island nation will transition key financial services to the Stellar blockchain, including accepting and investing in digital assets and building on-chain financial services. Bermuda has been one of the most crypto-friendly jurisdictions globally, and this move represents a significant government-level blockchain adoption for core financial infrastructure.
Kraken Parent, Franklin Templeton Partner on Onchain Investment Products
Kraken's parent company and Franklin Templeton have announced a partnership to develop onchain investment products, including tokenized yield products and blockchain-based funds. The collaboration focuses on institutional crypto markets, deepening the convergence of traditional asset management and blockchain-based financial infrastructure.
— CoinDesk
Elliptic Raises $120M From Nasdaq, Deutsche Bank
Blockchain analytics firm Elliptic has closed a $120 million funding round backed by Nasdaq Ventures and Deutsche Bank. The company plans to expand its AI-powered compliance and transaction monitoring tools as stablecoins and tokenized finance grow rapidly. The participation of two major traditional financial institutions underscores the growing institutional demand for crypto-native compliance infrastructure.
Broadridge Expands Tokenized Securities Infrastructure
Broadridge Financial Solutions has expanded its platform to support tokenized equities, funds, and money market instruments across trading, settlement, and post-trade operations. The move reflects the accelerating Wall Street push toward blockchain-based securities infrastructure, with Broadridge processing trillions in daily transactions for the traditional finance industry.
Watch List
- Bitcoin digests highest US CPI since 2023, Fed rate hike concerns return — CoinTelegraph
- Bakkt pivots to stablecoin infrastructure as revenue tumbles 77% in Q1 — CoinTelegraph
- Bhutan's Gelephu Mindfulness City offers fast crypto licenses with banking access — CoinTelegraph
- Privacy-focused blockchains (Arc, Canton, Tempo) top $1B in combined funding — CoinDesk
- LMAX Group launches digital asset collateral solution for institutions — CoinTelegraph
TL;DR
- The Senate confirmed Kevin Warsh to the Federal Reserve Board, positioning him as the likely next Fed Chair with pro-crypto policy implications.
- JPMorgan filed for a tokenized money market fund on Ethereum, following BlackRock's similar move.
- DTCC, the world's largest post-trade infrastructure provider, will use Chainlink for a Q4 2026 tokenized collateral platform launch.
- North Korean hackers stole $2.06B in crypto in 2025, shifting from phishing to physical infiltration.
- France's central bank deputy broke with ECB's Lagarde, calling for private-sector tokenized euro development.
- XRP ETFs saw their largest inflow since January ($25.8M); Wells Fargo increased ETH ETF holdings.
- Ethereum Foundation introduced a Clear Signing standard and advanced Glamsterdam upgrade milestones.
- Elliptic raised $120M from Nasdaq and Deutsche Bank for crypto compliance tools.