Ornn completes $33 million seed round financing, led by a16z Crypto.

The development company behind Pump.fun, Baton Corporation, is hiring a Chief Legal Officer. Pump.fun founder Alon said that as the company scales, it needs a legal team aligned with its vision to mitigate key risks amid large-scale growth. The role will serve as a primary legal advisor alongside the General Counsel, overseeing regulatory affairs, product legal support, corporate governance, cross-border compliance, and other related matters. The base annual salary for the position is between $1 million and $5 million.

Ark Invest founder Cathie Wood noted in a post that during her roadshows across Asia and Europe, investors remain highly concerned about inflation. However, she argues inflation could decline sharply, driven by more than just falling oil prices. Measured by unit labor costs, U.S. year-over-year inflation has dropped to 0.5%. Wood emphasized that, as demonstrated in the 1980s and 1990s, productivity is a powerful tool against inflation. U.S. first-quarter productivity rose roughly 3% year-over-year, while hourly compensation increased 3.5% year-over-year, resulting in a "potential inflation" rate of 0.5%—meaning there is no cost-push inflation. Truflation, an index tracking real-time prices of thousands of consumer goods and services, has fallen from 11% year-over-year in 2022 to 1.8%, with core Truflation down to 1.4%. Drawing on five studies commissioned by Kevin Warsh, Wood believes Warsh not only grasps the role of productivity in curbing inflation but also recognizes the flaws in official government inflation metrics. While others anticipate interest rate hikes earlier than previously expected months ago, Warsh will deliver a masterclass on monetary policy to financial markets.

According to Bitget data, STRC, the preferred stock issued by Strategy (MicroStrategy), has fallen below $82, currently trading at $81.83, hitting an all-time low with a 6.3% drop.

U.S. President Donald Trump has refused to sign a bill containing a four-year central bank digital currency (CBDC) ban. The ban was included in a bipartisan housing affordability bill, which had been scheduled for a Wednesday signing ceremony. Trump posted on Truth Social that the event is "canceled with immediate effect" until Congress passes what he calls the "urgently needed" Save America Act. Trump’s suspension of the housing bill’s signing could deal a blow to the bipartisan-backed housing legislation and also impact the anti-CBDC camp. While the U.S. is not prepared to issue a CBDC in the near term, the crypto industry has long supported the four-year digital dollar ban in the bill, which runs through the end of 2030. Republicans argue that a digital dollar managed by the Federal Reserve could be used to monitor citizens’ finances. Last year, Trump also signed an executive order barring the U.S. from advancing a CBDC, stating that such a currency could threaten financial system stability, personal privacy, and U.S. sovereignty. Reports also note that if Trump delays congressional proceedings over this dispute, it could affect the Digital Asset Market Clarity Act (Clarity Act), a key priority for the crypto industry. The Senate has only about five weeks left before its summer recess, and further major delays would make it nearly impossible for the bill to become law in 2026.

Driven by the World Cup, Polymarket's "Soccer" category saw trading volume exceed $2 billion in the first 10 days after the tournament kicked off, a 300% increase from the prior 10-day period. Meanwhile, the category's average daily trading volume rose from $53 million in the month before the World Cup to roughly $220 million so far during the event. Kalshi has also benefited from the World Cup hype. Data shows that Kalshi's aggregate open interest hit $1.16 billion last Thursday, a new all-time high and the first time the platform's open interest has crossed the $1 billion threshold. Year-to-date, Kalshi's open interest has grown by 350%. However, Polymarket's open interest has remained relatively stable during the World Cup; its open interest for its CFTC-regulated U.S. business has only seen modest growth, failing to reach its April 2026 high. In contrast, Kalshi's open interest has grown faster than its trading volume, indicating its users hold positions for longer periods and are starting to take larger directional bets, rather than just engaging in short-term trading.

According to Bitget data, US stocks extended their gains today: the Nasdaq rose 0.81%, the S&P 500 gained 0.76%, and the Dow Jones Industrial Average climbed 1.01%.