The fast-moving world of Web3 and digital finance continues to evolve with major updates from key players across AI, crypto regulation, monetary policy, and financial infrastructure. From OpenAI distancing itself from tokenized equity offerings to Ripple’s bold move toward federal banking, this comprehensive overview unpacks the latest developments shaping the future of decentralized finance and institutional adoption.
OpenAI Rejects Robinhood’s Tokenized Shares: No Official Partnership or Endorsement
Artificial intelligence leader OpenAI has issued a clear statement distancing itself from any involvement in tokenized shares of the company. On July 2, OpenAI posted on X (formerly Twitter), emphasizing: “These ‘OpenAI tokens’ are not equity in OpenAI. We do not have a partnership with Robinhood, are not involved in this offering, and do not endorse it.” The company further clarified that any transfer of its equity requires formal approval—none of which has been granted.
This response follows Robinhood CEO Vlad Tenev’s announcement that the platform would begin offering tokenized private shares of high-profile companies—including OpenAI and SpaceX—to users in the European Union. According to Robinhood, these stock tokens are blockchain-based derivatives that track the value of underlying assets but do not confer actual ownership. They are not traditional equities but rather synthetic instruments designed to provide exposure to private market valuations.
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Other platforms like Republic have launched similar initiatives, aiming to democratize access to elite private tech firms such as Anthropic and OpenAI. While these offerings increase liquidity and accessibility for retail investors, they also raise regulatory and transparency concerns—especially when companies like OpenAI publicly disavow any affiliation.
SEC Halts Grayscale’s Multi-Asset ETF Conversion for Further Review
In a significant development for the crypto ETF landscape, the U.S. Securities and Exchange Commission (SEC) has paused Grayscale’s application to convert its Digital Large Cap Fund into a spot multi-asset ETF. The decision places the proposal under extended review, delaying what could have been a landmark product offering exposure to Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, and Cardano (ADA) in a single vehicle.
The fund was intended to list on NYSE Arca and represent one of the first diversified spot crypto ETFs in the U.S. market. While single-asset Bitcoin ETFs have gained regulatory traction since early 2024, the SEC appears more cautious about approving a basket-based product, likely due to concerns over valuation transparency, custody, and market manipulation risks across multiple digital assets.
This pause underscores the SEC’s ongoing scrutiny of crypto financial products—even from established players like Grayscale. The outcome could influence future applications from other asset managers seeking broader crypto exposure for traditional investors.
Fed Rate Cut Odds Surge Ahead of Key Jobs Data
Market expectations for U.S. monetary policy continue to tilt toward easing. According to CME Group’s FedWatch Tool, there is now over a 92% probability that the Federal Reserve will cut interest rates by at least 25 basis points in September 2025. The odds include a nearly 23% chance of a 50-basis-point cut, reflecting growing confidence in a dovish shift.
While July’s rate decision is expected to hold steady (74.7% probability), recent economic signals have strengthened the case for future cuts. Notably, the ADP National Employment Report—often referred to as the “small nonfarm payrolls”—surprisingly recorded a negative jobs change, raising concerns about labor market cooling.
All eyes are now on the official U.S. nonfarm payrolls data, scheduled for release shortly after this article. Stronger-than-expected numbers could temper rate cut expectations, while weaker data may accelerate market pricing for earlier and deeper cuts.
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These shifts matter significantly for risk assets like cryptocurrencies, which often perform well in low-interest-rate environments due to increased liquidity and investor appetite for higher-yielding alternatives.
Ripple Partners with OpenPayd on Stablecoin Infrastructure and Files for U.S. Federal Bank Charter
Ripple has taken two major strategic steps forward: launching a stablecoin payment infrastructure partnership with UK-based fintech OpenPayd and filing an application for a federal national bank charter with the Office of the Comptroller of the Currency (OCC).
The collaboration focuses on Ripple’s U.S. dollar-pegged stablecoin, RLUSD. OpenPayd will enable direct minting and redemption of RLUSD, streamlining cross-border payments and treasury operations for businesses. With Ripple Payments already processing over $70 billion annually across 90+ markets, this integration aims to enhance speed, reduce costs, and improve dollar liquidity management globally.
Simultaneously, Ripple’s OCC application signals its ambition to operate as a federally regulated bank. If approved, the charter would allow Ripple to offer crypto-native financial services across state lines under a unified regulatory framework—potentially setting a precedent for other blockchain firms.
Notably, Ripple CEO Brad Garlinghouse confirmed the company has withdrawn its cross-appeal in its long-running legal battle with the SEC—a move widely interpreted as an effort to de-escalate tensions and foster regulatory clarity.
BlackRock’s IBIT Outpaces Flagship S&P 500 ETF in Annual Fee Revenue
In a stunning reversal of traditional asset management dynamics, BlackRock’s iShares Bitcoin Trust (IBIT) has generated more annual fee revenue than its much larger iShares Core S&P 500 ETF (IVV)—despite managing far less in assets.
As of July 1, IBIT—managing approximately $75 billion—earned an estimated $187.2 million in annual fees at a 0.25% expense ratio. In contrast, IVV, with nearly $624 billion in assets at a mere 0.03% fee, brought in $187.1 million.
This milestone highlights the explosive demand for spot Bitcoin ETFs since their January 2024 approval. IBIT has seen consistent inflows over 17 of the past 18 months, driven by both institutional and retail interest. Its rapid growth illustrates how digital assets are reshaping revenue models in asset management.
Trump Family’s Crypto Ventures Add $620 Million to Wealth
According to a Bloomberg report titled *Trump’s $620 Million Crypto Reinvention*, the Trump family has rapidly capitalized on the crypto boom through strategic partnerships and branded digital assets. Their ventures have reportedly added at least $620 million to their net worth in just months.
Key contributors include:
- World Liberty Financial, which raised $550 million through a token sale; the Trump family received $390 million.
- The USD1 stablecoin and associated ecosystem.
- Over 22.5 billion non-circulating tokens held by the family, valued at over $2 billion as of June.
- A Trump-themed meme coin, where affiliated entities control 80% of supply and leverage high-profile events like “whale holder dinners” for promotion.
Additionally, American Bitcoin—a firm linked to a Trump-affiliated investment bank—is preparing for a public listing, potentially unlocking further crypto-linked wealth.
Peter Thiel and Palmer Luckey Launch Erebor: A Crypto-Focused Digital Bank
PayPal co-founder Peter Thiel and Anduril Industries founder Palmer Luckey are reportedly launching Erebor, a new digital bank tailored for cryptocurrency businesses and tech startups. The venture aims to bridge traditional finance with the needs of fast-growing Web3 companies, offering banking services that understand blockchain operations, compliance, and capital cycles.
While details remain limited, Erebor is expected to provide tailored custody solutions, lending products, and operational banking tools designed for founders navigating complex regulatory landscapes.
Frequently Asked Questions (FAQ)
Q: Are tokenized shares on Robinhood real company stock?
A: No. Robinhood’s stock tokens are blockchain-based derivatives that track price movements but do not represent actual equity ownership or shareholder rights.
Q: Why did the SEC pause Grayscale’s multi-asset ETF application?
A: The SEC likely wants more time to assess valuation methodologies, custody standards, and potential market risks associated with bundling multiple cryptocurrencies into one ETF.
Q: Can Ripple operate as a bank if it gets the OCC charter?
A: Yes. A federal bank charter would allow Ripple to offer regulated banking services across all U.S. states, integrating crypto payments within a formal financial framework.
Q: How can IBIT earn more fees than a much larger S&P 500 ETF?
A: Despite smaller assets under management, IBIT charges a higher fee (0.25% vs 0.03%), and strong demand has driven rapid asset accumulation, amplifying total fee revenue.
Q: Is RLUSD regulated?
A: While RLUSD operates within compliance frameworks, full regulatory clarity will depend on broader U.S. stablecoin legislation and oversight bodies like FinCEN or the Federal Reserve.
Q: What does Trump’s crypto success mean for political figures in Web3?
A: It shows how public figures can leverage brand power to drive adoption—and profit—from digital assets, though it also raises questions about transparency and investor protection.
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