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Monday may have been the most consequential day for onchain finance in months. The SEC is preparing an innovation exemption for tokenized stocks, the FCA and Bank of England published a joint tokenisation vision, and Standard Chartered put a $4 trillion price tag on where this is all heading. Three major regulatory and institutional signals — on the same day.

Other stories in today's newsletter:

♦️ Musk loses OpenAI lawsuit — jury dismisses all claims in under two hours.
♦️ Hyperliquid rewrites the stablecoin revenue model with Circle and Coinbase
♦️ Japan sells $30B in US Treasuries — Bitcoin caught in the crossfire.
♦️ Tom Lee holds his $9K ETH target despite a 10% weekly drop.
♦️ Bitcoin Depot files Chapter 11 — 9,000 ATMs go dark.

Have a great read!

Morten

The SEC is expected to release an innovation exemption for tokenized stocks as soon as this week — creating a new framework for crypto-native platforms like Coinbase to offer tokenized equities without full broker-dealer registration. The tokens may not carry traditional shareholder rights and could track stocks without company consent. Nasdaq and NYSE both received separate tokenized trading approvals in March and April 2026.

Why it matters: Combined with the FCA's joint tokenisation vision published the same day, Monday may go down as the moment two of the world's top regulators simultaneously opened the door to onchain securities markets.

Source: SEC to propose tokenized stock framework as Wall Street efforts deepen — CoinDesk / Bloomberg

Standard Chartered projects $4 trillion in tokenized assets onchain by end-2028 — $2 trillion stablecoins, $2 trillion RWAs — with established DeFi protocols as the primary beneficiaries. The key argument is composability: one onchain asset can simultaneously earn yield, serve as collateral, and remain liquid. "This is not possible off-chain," writes Geoffrey Kendrick, the bank's global head of digital assets research.

Why it matters: There are currently 1,000 times more assets offchain than onchain. Standard Chartered is telling institutional clients the transition has started — and DeFi is the infrastructure that captures it.

Source: Standard Chartered projects $4T in tokenized assets by end-2028, with DeFi protocols primary beneficiaries — The Block

The FCA and Bank of England published a joint call for input Monday, setting out a shared vision for tokenisation in UK wholesale markets covering bonds, equities and fund units. The Digital Securities Sandbox already has 16 firms working towards going live. Responses are due 3 July 2026, with a full cross-authority roadmap expected later this year.

Why it matters: The UK is moving from experimentation to regulatory framework at exactly the same moment the US Clarity Act advances and Standard Chartered projects $4 trillion onchain. For Nordic financial institutions, this is the European regulatory signal to watch.

Source: Call for input: The future of tokenisation — a joint vision from the authorities for UK wholesale markets — FCA

A federal jury in Oakland unanimously dismissed all of Elon Musk's claims against OpenAI and Sam Altman on Monday — less than two hours of deliberation ending a three-week trial that sought up to $180 billion in damages. The jury found Musk filed outside the statute of limitations. Judge Gonzalez Rogers adopted the verdict immediately. Musk called it a "calendar technicality" and vowed to appeal.

Why it matters: The merits were never decided — whether OpenAI "stole a charity" remains legally unresolved. But the verdict removes the single biggest legal threat to OpenAI's for-profit restructuring, clearing the path for what is expected to be one of the largest IPOs in history.

Source: Jury dismisses all claims in Elon Musk's lawsuit against OpenAI CEO Sam Altman — NPR

Hyperliquid's new USDC deal with Coinbase and Circle makes the exchange the primary beneficiary of its own stablecoin reserves — capturing up to 90% of yield from $5.1 billion in USDC deposits. Compass Point estimates the deal strips $60–80 million in annual EBITDA from Circle and Coinbase combined. HYPE is up nearly 10% while the broader market weakened. Other DeFi protocols are already watching.

Why it matters: Hyperliquid has rewritten the stablecoin revenue contract. If the model spreads, Circle and Coinbase face structural margin compression across the entire DeFi ecosystem — not just one exchange.

Source: Hyperliquid's USDC deal could supercharge HYPE, pressure Circle, Coinbase margins, analysts say — CoinDesk

Tether has invested in LemFi, a remittance platform serving millions of migrants sending money from the UK, US, Canada, and Europe to Africa and Asia. The deal integrates USDT as a settlement layer across key corridors, replacing multi-day SWIFT chains with near-instant settlement. Tether CEO Paolo Ardoino cited 585 million USDT users globally.

Why it matters: Stablecoins replacing SWIFT for remittances is not a future scenario — it is happening now, corridor by corridor. For Nordic fintechs and regulators thinking about cross-border payments infrastructure, this is the competitive benchmark.

Source: Tether Invests in LemFi to Promote Stablecoin-Powered Remittances Across Emerging Markets — Tether.io

Japan sold $29.6 billion of US government debt in Q1 2026 — the largest quarterly net sale since 2022 — as domestic yields hit their highest since 1997. Bitcoin dropped to $76,900 and has failed to close above its 200-day MA of $82,228 on five consecutive attempts. Citigroup warns JGB volatility could force risk-parity funds to dump $130 billion in US bonds. The 30-year Treasury yield sits at 5%.

Why it matters: Japan holds $1.24 trillion in US Treasuries. If it becomes a sustained seller, yields rise, liquidity tightens, and Bitcoin faces its hardest macro headwind of 2026. But the same sovereign debt fragility that pressures BTC short-term is exactly the long-term argument for it.

Source: Bitcoin faces Treasury yield pressure as Japan sells nearly $30 billion of US debt — CryptoSlate

Ethereum has erased all its May gains, dropping nearly 10% in a week to an intraday low of $2,097. Bitmine chairman Tom Lee points to oil: ETH's inverse correlation to crude has hit its highest level on record. Despite the dip, Lee holds his $9,000–$12,000 year-end target. A close above $2,100 at month-end remains his "crypto spring" confirmation signal.

Why it matters: ETH breaking below $2,100 before month-end would invalidate Lee's own benchmark — at a moment when Bitmine holds $12 billion in ETH on its balance sheet. The stakes are not just analytical.

Source: What's Dragging Ethereum Down? BitMine's Tom Lee Has an Answer — Yahoo Finance / BeInCrypto

Bitcoin Depot (Nasdaq: BTM), North America's largest Bitcoin ATM operator, filed for voluntary Chapter 11 Monday and took its entire network of 9,000+ kiosks offline. CEO Alex Holmes cited a regulatory crisis: states have imposed new transaction limits, compliance obligations, and in some cases outright bans on BTM operations. The company will pursue an orderly wind-down and asset sale.

Why it matters: The BTM model — cash-to-crypto for the unbanked — has been squeezed by regulation and fraud litigation simultaneously. Bitcoin Depot's collapse is the clearest signal yet that physical crypto infrastructure faces an existential regulatory challenge in the US.

Source: Bitcoin Depot Initiates Voluntary Chapter 11 Process — GlobeNewswire

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Wishing you a great Tuesday — and welcome back on Wednesday morning for the next edition of Kaupr Today.

Best regards
Morten Myrstad
Founder & Editor