The Wire PM — June 12, 2026

The Wire PM — June 12, 2026

Bybit, Binance and Bitget scrap tokenized SpaceX allocations after supply falls short Three of the largest exchanges canceled their tokenized SpaceX share programs hours after SPCX listed on Nasdaq, refunding subscribers in full. The tokens routed through xStocks, the Backed Assets framework, which could not source enough underlying shares to cover demand. Binance added a $1 million airdrop of its planned SPCXB token for affected users, and Bybit offered a 10% reward on top of refunds. SpaceX raised about $75 billion at a $1.75 trillion valuation, and the crunch is a reminder that tokenized equities run only as deep as the broker inventory behind them. That same collateral question runs through the RWA yields we track. Source: The Block.

Standard Chartered says the crypto winter is over Geoff Kendrick told clients the cycle low is in after bitcoin bounced from roughly $59,000, the floor of a 53% slide from October's $126,000 peak. "Winter is over," he wrote, keeping a $100,000 year-end target that implies about 70% upside. He set three conditions to confirm the call: net bitcoin ETF inflows today, oil prices that keep falling, and a fresh Strategy bitcoin purchase on Monday. The view sits opposite this morning's Bitwise note flagging up to 20% more downside, so the BTC yield view stays the place to read positioning. Source: Decrypt.

Gensler argues the CFTC has no authority over sports prediction markets Former CFTC and SEC chair Gary Gensler filed an amicus brief with the Sixth Circuit backing Ohio in its dispute with Kalshi. His argument is that Congress tied swaps to hedging economic risk, sports bets do not qualify, and the Commodity Exchange Act therefore never handed the CFTC jurisdiction over nationwide sports wagering. The American Gaming Association, the Indian Gaming Association and Better Markets joined the filing. The ruling will shape how much regulated volume reaches onchain prediction venues and the protocols we index. Source: The Block.

Y Combinator backs the CLARITY Act Y Combinator, the accelerator behind Coinbase and Stripe, urged Congress to pass the CLARITY Act, the bill that would split token oversight between the SEC and the CFTC. The firm paired the push with YC Crypto Deals, a program offering grants and infrastructure from Coinbase, Circle, Stripe, the Solana Foundation and Phantom to its portfolio startups. Clearer asset classification is the precondition for compliant onchain yield products, the stablecoin yields included. Source: The Block.

Numbers (Updated)

• BTC: $63,667 (+0.48%)
• SOL: $67.08 (+0.66%)
• ETH: $1,667.56 (-0.67%)
• Solana DeFi TVL: $4.67B
• Top USDC yield (Solana): Jupiter Lend at 4.15% ($403M TVL)

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