Regulatory Pressure on Exchanges: A New York Times report says Binance changed how it responds to law-enforcement requests, often routing most information requests through the UAE, slowing investigations and frustrating investigators. Market Structure & Prices: Bitcoin slid toward ~$63.6K as traders price in fading odds for the US Crypto Clarity Act, while analysts point to shifting technical signals that could hint at stabilization. Tokenized Finance Pivot: Ondo dropped plans for a conventional layer-1 and instead pushed Ondo Network plus Ondo Perps for faster, private institutional trading with tokenized assets as collateral. DeFi Perps Growth: Hyperliquid is expanding its “money LEGO” style composability for perps trading, leaning on shared liquidity to attract more builders. Crypto Security & Scams: Apple faced a lawsuit after a fake Sparrow wallet app campaign allegedly cost users $1.8M, reigniting scrutiny of App Store fraud controls. Institutional Crypto Products: Morgan Stanley launched spot Solana ETF MSOL at a 0.14% sponsor fee, adding another single-asset trust to Wall Street’s crypto lineup. Crypto Crime Oversight: Russia’s central bank set capital and operating requirements for digital depositories, tightening rules for crypto record-keeping and settlement. Exchange/Business Moves: Luno cut about 20% of staff as it pivots toward institutional and B2B stablecoin infrastructure. Market Risk Flash: A Hyperliquid-linked two-minute shock tied to SK Hynix has put equity-linked perps mechanics under scrutiny.