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ChatGPT creator OpenAI made a confidential filing for an initial public offering according to a company announcement on June 8.
On X, the company said that it submitted the application to the Securities and Exchange Commission (SEC), but had not decided when it would go public.
“We expect it to leak so we’re just announcing it […] We have not decided on timing yet; it may be a while because there are things we want to do that are likely easier as a private company.”
OpenAI is the third AI company to announce it was going public this year, after Claude developer Antropic and Elon Musk’s rocket company SpaceX, which owns Grok creator xAI.
SEC proposed to scrap ‘Rule 611,’ affecting tokenized stocks
The US SEC has made a proposal to scrap two rules in its national market system (NMS) regulations.
These include Rule 611 which bans “trade-throughs,” selling a stock order on one exchange for a worse price than on another, and Rule 610(e), which bans exchanges from displaying quotations that create “locked” or “crossed” markets in NMS stocks.
According to Galaxy head of research Alex Thorn, this is bullish for tokenized securities, saying it’s “one of the biggest unlocks yet for tokenized stocks.” He said that specifically rule 611 is “one of the biggest structural barriers to tokenized US equities trading in DeFi today.”
Tisza government to reverse crypto trading crackdown in Hungary
The new government in Hungary, led by the Tisza party, is reversing strict rules regarding crypto trading.
According to government spokesperson Anita Köböl, the new ruling party draw down rules that previously required approved validation for crypto conversions and assigned criminal penalties for violators.
“This was an unnecessary piece of legislation. It made practical operation impossible and frightened the market participants,” Köböl said. “The criminal consequences also negatively impacted several hundred thousand people.”
The move puts Hungary’s crypto rules more in line with the EU, marking another pro-European shift in governance after Tisza defeating Viktor Orban’s Fidesz party in the 2026 parliamentary elections.
US lawmakers seek coordinated federal response to crypto theft and scams
Lawmakers in the US Congress have introduced legislation that would create a task force led by the Department of Justice to address crypto scams.
Putting the power in the hands of the DOJ means that the task force would share the resources of the FBI, Homeland Security Investigations and Treasury Department’s Financial Crimes Enforcement Network.
In addition to establishing the task force, the bill also establishes best practices for evidence collection, blockchain forensics, asset tracing and victim support. It also would allow the task force to coordinate with international law enforcement agencies.
The bill specified that it does not introduce new regulations for cryptocurrency markets, but instead is focused on coordination.
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $63,720, Ether (ETH) at $1,672 and XRP (XRP) at $1.14. The total market cap is at $2.18 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin winners of the week are Audiera (BEAT) at 386%, Stargate Finance (STG) 146%, and ETHGas (GWEI) 97.6%.
The top three altcoin losers of the week are Ethena (ENA) at -9.62%, DeXe (DEXE) at -11.81% and Humanity at -64.64%.
Top prediction of the week
Bank of Japan rate decision could put pressure on Bitcoin price
On June 16, the Bank of Japan (BOJ) will make a decision whether to hike interest rates. The decision, along with whale distribution and exchange inflows could put renewed pressure on Bitcoin.
Analysts are looking to BOJ as, ever since the bank ended its negative interest rate policy, its rate increases have preceded sizable corrections in Bitcoin price. After the March 19, 2024, hike, Bitcoin corrected by 18%. The July 31, 2024, increase saw an 18.5% decline.
Crypto analyst MorenoDV said, “Taken together, these three readings describe the stress profile of a late-stage bear market: capitulating whales, distribution into weakness, and a fragile short-term cohort with its finger on the trigger.”
Top FUD of the week
Crypto scammers exploit World Cup ticket demand, TRM warns
Football fans are flocking to the US, Canada and Mexico to support their national teams in this year’s world cup. So are crypto scammers, according to TRM Labs.
Scammers are targeting fans through fake ticketing sites, fixed-match betting schemes and event-themed crypto promotions.
“Criminals always look to exploit major events and cultural moments and they don’t wait until kickoff,” said Ari Redbord, global head of policy at TRM Labs.
FIFA and the FBI have also issued official warnings about fake tickets on scam websites, and advised football fans to seek tickets only on official channels.
Delaware, New Jersey advance bills banning crypto ATMs
Two US states, Delaware and New Jersey, are moving forward with legislation that would ban crypto ATMs.
If the bills pass, they would join three other states, Indiana, Tennessee and Minnesota, which have instituted state-wide bans on owning, installing, or operating a crypto ATM.
Bans on crypto ATMs are growing more popular as law enforcement agencies note their proliferation in abetting fraud. The American Association of Retired Persons has repeatedly noted their use in fraud targeting senior citizens.
Regulatory pressure was cited as one reason for Bitcoin Depot going bankrupt last month. The company said that it provided warnings on its devices and “cannot be held liable for the criminal acts of third-party scammers.”
Top Magazine stories of the week
Does ‘Paper Bitcoin’ mean there’s an unlimited supply of BTC?
The idea there’s an unlimited supply of “paper Bitcoin” suppressing prices is the wrong way to look at a real phenomenon.
Vietnam preps crypto pilot, HK pushes tokenization: Asia Express
SBI’s crypto unit partners with a Japanese SOL treasury firm, Hong Kong forms braintrust for tokenized bonds, and more.
