Quantum Mandate & PAC Surge: Crypto Institutions Play Both Sides of the 2026 Battle (2026-06-23)

Crypto PAC Fairshake deploys $8M weapon in primary fights

Crypto-backed political action committees have spent more than $8 million supporting candidates in congressional primary races across three U.S. states ahead of Tuesday’s elections. According to filings with the U.S. Federal Election Commission, much of the spending has come from political groups linked to Fairshake, the crypto industry-backed PAC that has emerged as one of the most active players in the 2026 election cycle.

Protect Progress, a Fairshake affiliate that supports Democratic candidates, has directed the largest share of its spending toward races in Maryland and New York. FEC records show the PAC spent more than $5.5 million backing Maryland state Delegate Adrian Boafo in the Democratic primary for the state’s 5th Congressional District. In New York’s 15th District, the group reported more than $1.4 million in expenditures supporting incumbent Representative Ritchie Torres.

Additional spending has targeted other contests. Protect Progress reported more than $516,000 in media expenditures supporting April McClain Delaney, who is seeking the Democratic nomination in Maryland’s 6th Congressional District. While much of the money has been directed toward boosting preferred candidates, FEC filings also show spending against rivals. Protect Progress disclosed roughly $24,000 in advertising opposing Quincy Bareebe and another $74,000 in media spending targeting Harry Dunn, both of whom are competing against Boafo in Maryland.

Political opposition to the spending has surfaced during the final stretch of the campaign. In a June 15 joint statement, Democratic candidates Harry Dunn, Quincy Bareebe, and Rushern Baker criticized what they described as the growing role of outside money in the race. The candidates called on Maryland Governor Wes Moore, Senator Angela Alsobrooks, and Representative Steny Hoyer to publicly address whether they supported millions of dollars in spending from crypto industry donors and other outside groups backing Boafo’s campaign.

Elsewhere, Defend American Jobs, another Fairshake-affiliated PAC, reported spending more than $400,000 in support of Republican Representative Blake Moore as he seeks renomination in Utah’s 2nd Congressional District. The latest expenditures follow what a Fairshake spokesperson previously described as the “biggest spend of the cycle” during Alabama’s Republican primary runoff. According to campaign finance disclosures, Fairshake-backed groups spent more than $12 million on advertising in that contest before Republican Barry Moore secured victory.

Attention is already turning to upcoming primaries in other states as Tuesday’s contests conclude. Campaign finance records reviewed on Monday showed no major spending by Fairshake-linked groups in Colorado or Arizona, where congressional primaries are scheduled for June 30 and July 21, respectively. Even so, previous election cycles suggest both states could become targets for future investment. During the 2024 election cycle, Fairshake and affiliated committees spent more than $10 million supporting Ruben Gallego’s successful Senate campaign in Arizona. The organization also invested approximately $2.1 million in backing Democratic Representative Yadira Caraveo in Colorado’s 8th Congressional District.

Separate disclosures also highlight activity from other crypto-aligned political organizations. Fellowship PAC, a committee backed by roughly $11 million in funding from Cantor Fitzgerald and Anchorage Digital, reported spending $300,000 to support Torres in New York’s primary race. With several competitive congressional contests still ahead on the election calendar, spending by crypto-backed political groups remains concentrated on races where outside money could influence closely fought primaries.

The JaredFromSubway attacker transferred 2,000 ETH via Tornado Cash and sold 1,422 ETH.

On June 23, according to Onchain Lens monitoring, the attacker behind the MEV bot “JaredFromSubway” transferred 2,000 ETH (USD 3.44 million) via Tornado Cash.

The attacker then sold 1,422 ETH for 2.446 million DAI and currently holds only 5 ETH (USD 8,630).

[PANews]

Trump launches quantum race as crypto faces Q-Day threat

President Donald Trump has signed two executive orders designed to accelerate U.S. quantum computing development and prepare federal agencies for the potential security risks posed by future quantum machines. On June 22, the White House announced that the measures were part of a broader effort to strengthen American leadership in quantum technologies, a field widely viewed as critical for future advances in computing, communications, and cybersecurity.

Speaking during the signing event, Trump said, “Quantum technologies represent the next generation of innovation across computing, sensing, and networking,” adding that the sector carries significant implications for economic growth, scientific research, and national security.

The first order, Executive Order 14411, establishes the Quantum Computer for Application Development and Discovery Science (QC-ADDS) initiative. Under the directive, the Department of Energy must identify technical requirements for an advanced quantum computer within 90 days and work toward deploying at least one such system at a federal research facility. The Department of Commerce is also tasked with exploring ways to encourage participation from private-sector quantum computing companies.

Additional provisions require federal agencies, including NASA, the Department of Energy, the National Science Foundation, and the Department of Commerce, to develop five-year plans for advancing quantum sensing and networking technologies. The order also includes measures aimed at strengthening domestic supply chains, expanding the quantum workforce, and increasing protections for sensitive research.

Of particular interest to the crypto industry, the order directs intelligence agencies to assess how increasingly powerful commercial quantum computers could affect national security, including the transition to post-quantum cryptography. The directive arrives as concerns persist over the hypothetical arrival of “Q-Day,” the point at which quantum computers become capable of breaking encryption systems that currently secure financial networks, government infrastructure, and blockchain wallets. While no existing quantum computer poses such a threat today, policymakers and cryptography experts have increasingly called for preparations to begin before the technology reaches that stage.

A recent report from Coinbase’s independent advisory board of cryptography experts suggests that the Bitcoin community should start planning a migration path to post-quantum cryptography rather than waiting until quantum computing becomes an immediate concern. The report stated that uncertainty surrounding future advances in the field justifies early preparation.

Discussions around quantum-resistant security have also expanded beyond Bitcoin. Recently, Binance founder Changpeng Zhao proposed a future migration period for Bitcoin holders following any transition to quantum-resistant cryptography. Zhao argued that vulnerable legacy addresses should not remain exposed indefinitely if quantum computers eventually become capable of breaking existing security models, while emphasizing that any protocol change would require community consensus.

Elsewhere, researchers associated with the Ethereum Foundation’s Kohaku privacy project have suggested that Ethereum accounts could begin adding certain post-quantum protections without waiting for a hard fork. According to Kohaku lead Nico, wallet-level protections could be introduced through smart contract logic while longer-term protocol upgrades continue to be explored. Meanwhile, the Algorand Foundation has released a roadmap intended to make the layer-1 network broadly quantum-resilient by the end of 2027. The foundation said the initiative will cover user accounts, wallets, developer tools, staking infrastructure, and consensus systems.

As governments increase investment in quantum computing research, blockchain developers and cryptography experts are increasingly examining how existing security systems can be upgraded before quantum computers become capable of challenging today’s encryption standards.

A whale newly opened 70,000 long positions of SPCX with 20x leverage, valued at approximately $11.00 million

On June 23rd, according to Onchain Lens monitoring, as SPCX fell, a whale opened a new long position of 70,000 SPCX with 20x leverage, valued at approximately $11.00 million.

The liquidation price for this position is $134.42.

[PANews]

Coinbase will launch MRVL and EWY perpetual contracts tonight.

June 23rd news, Coinbase announced that perpetual contract trading for Marvell Technology (MRVL) and iShares MSCI South Korea ETF (EWY) will be launched on or after June 23, 2026, at 20:00 (UTC+8).

The official statement said that the MRVL-PERP and EWY-PERP markets will open for trading in regions where liquidity conditions are met and local regulations support it.

[PANews]

US Senate passes housing bill including four-year ban on Fed CBDC

June 23rd news, the U.S. Senate passed a housing bill by a vote of 85 to 5, which includes a four-year ban on the Federal Reserve issuing a central bank digital currency (CBDC). This ban will last until the end of 2030, prohibiting the Federal Reserve System or its subordinate banks from issuing or creating a CBDC or any digital asset substantially similar to it.

Although the Federal Reserve has not actively promoted CBDC projects, Republican lawmakers view CBDCs as a dangerous act of government over-surveillance and insisted on including the ban in the housing bill. Newly appointed Federal Reserve Chairman Kevin Warsh called CBDCs a “bad policy choice” during his nomination hearing.

Trump signed an executive order in January 2025 prohibiting any action to advance CBDCs. If the House of Representatives passes it and the President signs it, this ban will become law.

[PANews]

Bitmine snaps up another $90M in ETH as Tom Lee nears 5% supply goal

Bitmine has purchased another 52,203 ETH worth about $90 million, bringing its holdings to 4.7% of Ethereum’s total supply. According to a company update released on Monday, Bitmine’s latest purchase increases its exposure to Ethereum despite continued weakness in the broader crypto market and repeated rejections at key price levels for the asset.

BitMine provided its latest holdings update for June 22, 2026, reporting $10.7 billion in total crypto and “moonshots”: 5,672,956 ETH at $1,733 per ETH, 205 Bitcoin (BTC), a $200 million stake in Beast Industries, and a $104 million stake in Eightco Holdings. The company said its balance sheet now includes approximately $10.7 billion in crypto assets, cash, marketable securities, and strategic investments. With the latest acquisition completed, Bitmine remains one of the largest corporate holders of Ethereum.

Commenting on the company’s outlook, Bitmine chairman Tom Lee said he expects tokenization and advances in artificial intelligence to drive future demand for blockchain networks and digital assets. Lee also reiterated his view that the crypto market remains in the early stages of what he previously described as a “crypto spring.”

Less than a year after launching its Ethereum treasury strategy, Bitmine has accumulated enough ETH to control 4.7% of the asset’s supply, according to the company. The latest purchase leaves the firm roughly 94% of the way toward its publicly stated goal of holding 5% of all Ethereum. Recent fundraising efforts have helped finance that expansion.

Earlier, crypto.news reported that Bitmine’s board approved a cash dividend of $0.1056 per share for holders of its 9.50% Series A Perpetual Preferred Stock, which trades on the New York Stock Exchange under the ticker BMNP. The company said the dividend will be paid on July 10 to shareholders of record as of June 30. Introduced in June to support the Ethereum treasury business, the preferred stock offering consisted of 3.5 million shares sold at $80 each on June 10, with Bitmine reporting net proceeds of approximately $273.8 million after fees and expenses.

At the time of the offering, Lee stated that the proceeds would be used to fund additional Ethereum purchases, while income generated from staking activities would help cover dividend payments. While Bitmine remains underwater on its overall Ethereum position, the company reported that staking has become a growing source of revenue. According to Bitmine, 4,718,677 ETH valued at more than $8.2 billion at current prices has already been staked. Based on current yields, the company said annualized staking revenue has increased to approximately $223 million.

Providing additional projections, Lee stated that annualized staking rewards could rise to about $268 million once all of Bitmine’s Ethereum is fully staked through MAVAN and its staking partners. He attributed the estimate to a 2.73% seven-day BMNR yield. The latest figures represent an increase from Lee’s earlier estimate of roughly $219 million in annualized staking rewards.

Bitmine’s accumulation strategy continues to place it among the largest corporate crypto holders. According to the company, only Michael Saylor’s Strategy currently holds a larger overall cryptocurrency treasury. Strategy disclosed another Bitcoin purchase this week, adding 520 BTC to its reserves, although the acquisition was significantly smaller in dollar terms than Bitmine’s latest Ethereum buy.

[crypto.news]

Securitize asks court to reject tZERO’s ‘meritless’ tokenization patent allegations

Real-world asset tokenization platform Securitize has filed suit against tZERO, asking a federal court to declare that it doesn’t infringe on patents after receiving patent infringement allegations from the digital securities infrastructure firm.

In a complaint filed on Monday in the U.S. District Court for the District of Delaware, Securitize accused tZERO of pursuing “meritless patent claims” and said the company was out to “target those that have had success.”

The lawsuit comes after tZERO disclosed that it had sent a cease-and-desist letter accusing Securitize’s DS Protocol and Vault Registrar products of infringing on two patents involving self-enforcing security tokens and crypto integration infrastructure. tZERO demanded that Securitize cease commercializing the products and respond by a deadline of June 18, or it would seek “injunctive relief and monetary damages.”

The tokenization firm argued that the products in question lack key elements covered by tZERO’s patents, including trade execution and transaction-signing functions. Securitize alleged that tZERO’s actions are “nothing more than the culmination” of shareholder pressure to capitalize on the patents, rather than trying to “succeed in the marketplace.”

“tZERO’s allegations are without merit and run counter to the spirit of fair play that defines our industry at its best,” Securitize said in a statement posted to X. “We will vigorously defend ourselves against these and any other meritless claims.”

The suit is asking for a declaratory judgment on non-infringement with an injunction that bars tZERO from using the patents against Securitize.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. [The Block]

Strategy CEO backs troubled STRC with $1M bet on recovery

Strategy President and CEO Phong Le has invested $1 million in the company’s STRC preferred stock as shares continue trading below their intended $100 par value. In a June 22 X post, Le said he purchased $1 million worth of STRC and plans to hold the position until the stock returns to par value, adding that he may continue holding it beyond that point. “I bought $1 million of $STRC today. Will hold it until it reaches par, likely longer.”

The purchase arrived as STRC remains under pressure following a sharp decline that recently pushed the preferred stock below $83. After Le disclosed the investment, STRC recovered from session lows and rose 1.46% to $89.88 before settling at $89.20 at press time.

His investment comes at a sensitive time for Strategy, as STRC plays a central role in the company’s Bitcoin acquisition model. When the preferred stock trades above its $100 par value, Strategy can issue additional shares through its at-the-market program and direct the proceeds toward Bitcoin purchases. With the stock trading below par, that funding channel has become less effective.

Recent debate around STRC intensified after investors questioned whether Strategy’s financing structure could continue operating smoothly if pressure on the preferred stock persists. Earlier on June 20, Strategy Executive Chairman Michael Saylor defended the company’s Bitcoin-backed capital model after criticism emerged following STRC’s decline. According to Saylor, Strategy’s Bitcoin and cash holdings exceed its outstanding debt by roughly $48 billion. Saylor also stated that the company has raised more than $60 billion in capital since 2022 and used those funds to acquire Bitcoin.

More recently, Strategy disclosed steps intended to strengthen confidence in its balance sheet. In a regulatory filing released Monday, the company reported that its U.S. dollar reserve had increased to $1.4 billion, roughly $300 million higher than previous levels. Strategy said the reserve is intended to support the credit quality of its Digital Credit securities while helping meet future dividend and debt obligations. The same filing showed that Strategy sold 2.71 million MSTR shares during the previous week, generating nearly $335.5 million in proceeds.

While company executives have defended the model, several market participants have raised concerns about STRC and the sustainability of the broader financing strategy. Long-time Bitcoin critic Peter Schiff argued that investors could potentially pursue legal action against Strategy and Saylor. Schiff also claimed that Saylor may have violated SEC marketing rules through the way the preferred stock offering was promoted.

Separate concerns have focused on Strategy’s ability to maintain dividend payments tied to its preferred securities. Market maker QCP previously estimated that the company’s available liquidity could cover preferred dividend obligations for approximately seven and a half months. Additional criticism came from Arca Chief Investment Officer Jeff Dorman, who suggested Strategy may eventually need to sell between $3 billion and $4 billion worth of Bitcoin to reduce pressure on its capital structure and support STRC holders. Analyst Ali Martinez also drew comparisons between aspects of STRC’s structure and Terra’s former LUNA ecosystem.

Meanwhile, Strategy has continued adding to its Bitcoin position. Saylor recently disclosed the purchase of 520 BTC for approximately $35 million at an average price of $67,068 per coin. Following the acquisition, the company reported total holdings of 847,363 Bitcoin.

Pressure on STRC also follows Strategy’s only disclosed Bitcoin sale this year. As crypto.news reported, the company sold 32 BTC for roughly $2.5 million at the end of May to help fund obligations associated with STRC dividends.

Elon Musk Backs NVIDIA As AI’s Biggest Environmental Criticism Takes a Hit

Elon Musk has backed NVIDIA’s claim that data center water use is far smaller than critics suggest. Data centers face growing scrutiny over how much water and electricity they consume. NVIDIA says its latest cooling systems can nearly erase the water that older facilities lose to evaporation.

NVIDIA’s post cited a March 2026 estimate from the Manhattan Institute that data centers use roughly 0.2% of U.S. freshwater, most of it indirectly through power generation. The company said its 45-degree Celsius liquid cooling lets AI factories in cool climates run on dry coolers rather than evaporative towers. That shift can cut facility cooling water from about 2.6 million gallons per megawatt each year to near zero. NVIDIA made the same case in 2025, claiming its Blackwell systems were 300 times more water efficient than air cooling. Because cooling can reach 40% of a data center’s electricity, the design also trims power costs. Similar trade-offs now shape the global AI data center race.

Musk, who runs large NVIDIA-powered clusters through xAI, has repeatedly praised NVIDIA’s latest chips as the backbone of his AI projects. His endorsement supports NVIDIA’s push against the view that AI growth drains local water supplies. The company describes its system as a closed loop that recirculates coolant instead of consuming fresh water.

The national figure hides the detail. NVIDIA’s near-zero claim covers direct cooling, the smaller part of the footprint. U.S. data centers used about 17.4 billion gallons of water directly in 2023, a Berkeley Lab report found, plus another 211 billion gallons indirectly through the electricity they drew. That indirect share climbs as AI scales, and direct use alone is projected to reach 38 to 73 billion gallons by 2028. Dry coolers also depend on climate, working best in cool regions and less well in hot, dry states.

The strain is visible at Musk’s own xAI. Its Memphis Colossus site has drawn roughly 1.3 million gallons of drinking water a day from the local aquifer and ran dozens of gas turbines before securing permits, prompting a data center pollution lawsuit and community appeals. How regulators and water-stressed regions respond may decide whether efficiency gains keep pace with the industry’s expansion and the wider contest for AI capital.

OKX taps Andrew Cuomo for bold NYSE tokenization venture

OKX and Intercontinental Exchange have appointed Andrew Cuomo to co-chair a tokenization venture that would give users access to ICE futures and NYSE-linked digital equities. According to a joint June 22 announcement released by OKX and Intercontinental Exchange (ICE), the companies are forming a venture focused on infrastructure for tokenized and digitally native financial assets. The project remains subject to regulatory approval.

Under the proposed structure, OKX users would gain access to ICE futures products and tokenized equity markets connected to the New York Stock Exchange, which operates under ICE ownership. The companies said the initiative is intended to support the development of blockchain-based financial products that can interact with established market infrastructure. Cuomo will serve as co-chair of the venture. His appointment brings back a political figure who has maintained ties to the crypto sector since joining OKX in 2023.

The latest announcement builds on a relationship established earlier this year. In March, ICE disclosed a strategic partnership with OKX and invested an undisclosed amount in the exchange at a reported $25 billion valuation. Beyond its involvement with OKX, ICE has also increased its exposure to digital asset markets through a $2 billion investment commitment to prediction platform Polymarket.

The venture arrives as large financial institutions continue exploring tokenization. Earlier reporting by crypto.news noted that the market for tokenized real-world assets has expanded rapidly as banks, exchanges, and asset managers test blockchain-based versions of traditional financial products. According to Citigroup, the tokenized asset market could reach $5.5 trillion by 2030 under its base-case forecast. The bank’s bullish scenario projects the sector could exceed $8.2 trillion before the end of the decade. Citigroup stated that tokenization is progressing beyond pilot programs and becoming part of mainstream financial infrastructure as regulatory frameworks mature and major institutions integrate blockchain technology into their operations.

The appointment also places Cuomo back in the public conversation following his unsuccessful 2025 campaign for New York City mayor. During that race, Cuomo pledged to make New York City the “global capital for cryptocurrency” and received backing from the crypto-focused Innovate NY political action committee. Despite that support, Democratic candidate Zohran Mamdani secured more than 50% of the vote and won the election. Since taking office on Jan. 1, Mamdani has not announced major cryptocurrency or blockchain-related policy initiatives. The mayor also confirmed in January that he does not personally hold digital assets.

Meanwhile, political activity tied to the crypto industry continues ahead of the 2026 election cycle. On June 24, voters in New York, Utah, and Maryland are set to participate in congressional primaries that will determine candidates for U.S. House and Senate races in November. According to public campaign disclosures, crypto-backed political action committees, including Fairshake, have continued spending on advertising and election efforts to support candidates viewed as favorable to the digital asset industry.

Franklin Templeton snaps up 250 Digital to chase crypto boom

Franklin Templeton has completed its acquisition of crypto asset manager 250 Digital, adding new cryptocurrency investment strategies to its platform as the firm manages $1.78 trillion in assets worldwide. The deal has resulted in the creation of a new division called Franklin Crypto, which combines the investment team and crypto strategies previously operated by 250 Digital with Franklin Templeton’s existing digital asset capabilities.

Former 250 Digital executives Christopher Perkins and Seth Ginns will lead the unit alongside Franklin Templeton digital assets executive Tony Pecore. The financial terms of the transaction were not disclosed. The acquisition closes a transaction first announced in April and comes after CoinFund spun out its liquid strategies business into 250 Digital earlier this year as the investment firm concentrated on venture-focused activities.

Within the newly established division, Franklin Templeton said institutional investors will gain access to actively managed cryptocurrency strategies supported by the former 250 Digital team and the asset manager’s global distribution network. Alongside the acquisition, Franklin Templeton continues to add crypto-related products across several parts of its business.

Earlier this month, the company integrated its BENJI tokenized money market fund with MoonPay Trade, allowing institutional clients to exchange stablecoins such as USDC and USDT for BENJI through MoonPay’s on-chain trading infrastructure. Days later, Franklin Templeton filed to launch two exchange-traded funds that would automatically direct stock dividend income into Bitcoin-linked investments.

Those developments follow several initiatives announced this year. In February, Franklin Templeton unveiled a partnership with Binance that enables institutional investors to use tokenized money market fund shares as collateral for cryptocurrency trading while maintaining regulated custody of the underlying assets. Soon after, the company partnered with Ondo Finance to make tokenized exchange-traded funds available on blockchain networks, extending access to selected investment products beyond traditional brokerage platforms.

Growth in Franklin Templeton’s tokenization business has accompanied its expansion into crypto investing. According to data from RWA.xyz, the firm’s tokenized assets have increased from roughly $768 million in June 2025 to more than $2.5 billion today, more than tripling over the past year. Industry-wide figures reported by RWA.xyz show similar momentum. The value of on-chain real-world assets has climbed from approximately $11.8 billion a year ago to $32.2 billion, highlighting continued adoption of tokenized financial products across blockchain networks.

Existing digital asset operations remain an important part of Franklin Templeton’s strategy. Beyond launching investment products, the company maintains a dedicated digital assets unit focused on research, portfolio construction, and institutional risk management. Operating in more than 35 countries, Franklin Templeton said the addition of 250 Digital strengthens its ability to serve institutional clients seeking cryptocurrency exposure while expanding the range of digital asset products available through its platform.

[crypto.news]