Attorneys General from multiple U.S. states jointly investigate OpenAI, demanding submission of documents related to its operations and user impact.
According to sources familiar with the matter, attorneys general from multiple U.S. states have jointly launched an investigation into OpenAI. On this Friday, OpenAI received a broad subpoena requiring it to submit various documents related to its operations and user impact, covering areas including advertising business, user engagement and retention, consumer and health data management, services targeting minors and elderly populations, deep learning models, model “sycophancy” issues, and internal company policies.
In a statement, an OpenAI spokesperson said, “AI is an emerging and powerful technology, and the company remains committed to enabling the public to safely benefit from this technology in a compliant and prudent manner. OpenAI takes seriously the concerns raised by the attorneys general of various states and will actively cooperate with relevant authorities in their work.”
This month, OpenAI has confidentially filed its initial public offering (IPO) documents with the U.S. Securities and Exchange Commission (SEC).
[Odaily]
Early Airbnb, DoorDash backer Y Combinator says Clarity Act could bring crypto to ‘every’ portfolio company
Y Combinator, the accelerator and early backer behind companies like Airbnb and DoorDash, said that someday all of its portfolio companies will use crypto. “We think all YC companies will use crypto technology, like stablecoins, before long,” the firm said in a post. “Not just crypto startups, not just fintech startups, but every company.”
The firm has also backed companies like Coinbase, OpenAI, Stripe, Reddit, OpenAI and Kalshi.
Y Combinator’s post was principally focused on convincing Congress to pass the crypto market structure bill known as the Clarity Act. The legislation holds the promise of possibly unlocking a massive wave of fresh investment into digital assets by providing regulatory clarity and establishing rules for how crypto assets are issued, traded and overseen in the U.S.
For a new era in digital assets to begin, Y Combinator argues that crypto needs to integrate with traditional financial institutions like banks and brokers. The accelerator said that Clarity Act paves the way for that integration. “The Act defines which digital assets are securities vs. commodities, creates a registration path with the CFTC, and ensures customer assets become customer property in bankruptcy,” said Y Combinator.
Depending on who you ask, crypto market structure legislation either has a good chance of passing with bipartisan support or faces an uphill battle due to limited Democratic backing and the approaching midterm elections, which could make some Republicans hesitant to support the effort. President Donald Trump’s direct involvement in the crypto industry has also complicated the debate, raising ethics concerns and giving political opponents another reason to oppose the legislation.
Over the past year, lawmakers have worked to advance legislation establishing a regulatory framework for digital assets, but the effort has encountered several obstacles. One sticking point has been the treatment of stablecoin rewards, which allow users to earn yield on deposited funds. Banks argue such rewards could siphon deposits away from traditional financial institutions, while crypto firms contend that restricting them would stifle innovation and limit competition.
The Senate Banking Committee advanced its market structure proposal last month. The next major hurdle is a vote by the full Senate.
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.
Musk’s Trillion-Dollar Assets Breakdown: SpaceX Shares Account for Over 70%
According to the Bloomberg Billionaires Index, after SpaceX’s successful IPO, Musk’s net worth has surpassed $1 trillion, making him the world’s first trillionaire.
Among this, SpaceX’s valuation contributes as much as $765 billion—accounting for the vast majority of his wealth; Tesla contributes $279 billion; and Neuralink and The Boring Company each contribute $3 billion.
[ChainCatcher]
Bybit, Binance, Bitget cancel tokenized SpaceX IPO allocations after share shortage
Several crypto exchanges have canceled their planned allocations for tokenized shares of Elon Musk’s SpaceX IPO and have begun issuing refunds after failing to secure enough underlying shares to fulfill customer subscriptions.
Bybit said Friday that no users would receive allocations after xStocks was unable to deliver on the underlying assets. “Due to the xStocks’ inability to deliver the underlying assets, Bybit did not receive any allocation,” the exchange said in a notice. “As a result, all subscription funds will be refunded automatically.” Bybit also said eligible participants would receive an additional 10% reward as consolation.
Bitget announced a similar outcome, saying it was unable to secure and distribute allocated SPCXx tokens tied to the SpaceX IPO. “The xStocks team made every effort to secure the allocation, but it ultimately wasn’t available as expected,” Bitget said on X. The company said users would receive a full refund, including fees, along with future tokenized IPO whitelisting privileges and a gas fee voucher.
Binance also canceled its Binance Wallet SPCXx IPO campaign, citing “circumstances outside of our control.” The exchange said all locked USDC would be refunded and that participating users would receive a share of a $1 million airdrop of its upcoming bStocks SpaceX token, SPCXB.
Kraken has still not publicly commented on the status of its SpaceX IPO allocation.
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]
SpaceX options will begin trading next Tuesday
Options contracts for SpaceX (SPCX.O) will begin trading next Tuesday, while the company’s stock started trading today. SpaceX raised $75 billion at a valuation of $1.765 trillion; its shares opened at $150, above the IPO offering price of $135.
A spokesperson confirmed that options will trade on exchanges including the Chicago Board Options Exchange (CBOE) and Nasdaq. These derivatives could see strong demand, as they allow investors to bet on the stock’s future price movement or hedge against potential declines. A surge in options volume could further boost demand for stock trading.
[Odaily]
U.S. aerospace stocks fell further after SpaceX’s IPO, with Intuitive Machines dropping 16%.
According to MSX.COM data, U.S. aerospace stocks fell further following the listing of SpaceX.
Intuitive Machines fell 16%, Planet Labs fell 11.9%, Rocket Lab fell 12.5%, Satellogic fell 15.7%, Virgin Galactic fell 34.3%, and Redwire fell 12.5%.
[Odaily Planet Daily News]
Hang Seng Index includes SpaceX in the Hong Kong–US Technology Index
Hang Seng Index Company will include it in the Hang Seng Hong Kong-US Technology Index constituents after SpaceX lists on June 12.
[Cointelegraph]
U.S. officials: The U.S. and Iran are nearing an agreement and will sign it in the coming days.
According to Reuters, a senior US official said on Friday local time that the US and Iran have not truly reached the finish line, but are very close to reaching an agreement to resolve their conflict, and Washington expects to sign the agreement in the coming days. “The negotiating team has put us in a very advantageous position, but we will see, we have not truly reached the finish line, but we are very close,” the US official said.
The official said that the agreed-upon terms achieve Trump’s core objectives. The terms of the memorandum of understanding include the reopening of the Strait of Hormuz and the lifting of the US blockade on Iranian ports. Iran’s highly enriched uranium will also be destroyed on-site and then transported out of the country.
“Iran will not get anything for signing the memorandum of understanding or for the negotiations themselves,” the official said. “They will receive economic incentives for fulfilling the obligations stipulated in the agreement. Therefore, if they hand over nuclear materials as promised, they will get something. If they dismantle their nuclear program or facilities, they will get something else.”
[Odaily]
Y Combinator: Clarity Act could push crypto into all YC portfolio companies
Leading accelerator Y Combinator stated that in the future, all its portfolio companies may use crypto technology, especially infrastructure like stablecoins, not just limited to crypto or fintech startups.
YC has early-invested in companies such as Airbnb, DoorDash, Coinbase, Stripe, Reddit, OpenAI, and Kalshi. Its latest statement primarily calls on the U.S. Congress to pass the crypto market structure bill, the “Clarity Act.”
YC believes that for the crypto industry to enter a new phase, it must achieve deeper integration with traditional financial institutions like banks and brokerages, and the “Clarity Act” is expected to provide a regulatory foundation for this integration. The bill would clarify whether digital assets are securities or commodities, establish a CFTC registration path, and stipulate that customer assets belong to customers in case of bankruptcy.
However, the bill’s prospects remain uncertain. Supporters believe it has a bipartisan foundation, while opponents point out limited Democratic support, the approaching midterm elections, and ethical controversies arising from Trump’s direct involvement with the crypto industry as potential legislative hurdles.
[Odaily Planet Daily]
Crypto data provider Blockworks acquires competitor Messari
Crypto data provider Blockworks has acquired its competitor Messari.
[Aggr News]
Gary Gensler Returns With a New Front in America’s Regulatory Wars
Former SEC and CFTC chair Gary Gensler has entered the legal war over sports prediction markets, backing Ohio against Kalshi in the Sixth Circuit Court of Appeals. He is an unusual amicus, as Gensler helped negotiate the 2010 Dodd-Frank Act, the very statute Kalshi says puts its sports contracts under exclusive federal control.
Gensler filed his amicus brief on June 11 in KalshiEX v. Schuler. Tribal gaming interests filed in support of Ohio as well, while the American Gaming Association submitted its own brief and Better Markets urged the court to affirm. Kalshi is appealing after Chief Judge Sarah Morrison ruled in March that its sports contracts are likely not swaps. However, the platform won a similar challenge in the Third Circuit, and a Tennessee judge sided with Kalshi in February.
Gensler chaired the CFTC from 2009 to 2014 and helped shape Dodd-Frank’s derivatives rules after the 2008 crash. He insists nobody who drafted the law contemplated sports betting. His brief argues nobody slipped nationwide betting past the late Senate Majority Leader Harry Reid, who chaired the Nevada Gaming Commission before entering the Senate. Preempting a $165 billion per year industry, it adds, is not something Congress hides inside a definition. The brief also notes the CFTC voted unanimously in 2011 to bar contracts involving gaming, war, and assassination. The agency’s new proposal would rewrite that rule.
Thirty Native American tribes and 11 tribal associations also backed Ohio, gaming attorney Daniel Wallach indicated. He noted that Kalshi grounds its jurisdiction claim in statutes dating to 1974, potentially triggering the major questions doctrine. Meanwhile, Minnesota banned prediction markets outright, making operation a felony from August 1. The CFTC and DOJ have sued six states to defend exclusive federal jurisdiction, extending a federal preemption campaign President Donald Trump has publicly backed.
Gensler also opposed the CFTC’s 267-page June 10 proposal allowing most sports outcome contracts while banning injury and officiating wagers. He argued addiction and consumer protection belong with the states, deepening the federal and state divide. The stance is striking for a regulator who returned to MIT after leading one of the SEC’s most aggressive crypto enforcement campaigns. He now sides with states against a CFTC-blessed market.
If the Sixth Circuit affirms, the clash with the Third Circuit could invite Supreme Court review. The ruling may settle whether prediction markets answer to Washington or the states.
US government official: Iran has indicated it “can accept the wording of the statement related to the agreement.”
Senior US government officials said that Iran has indicated that it “can accept the wording of the (agreement) statement.”
The date and location for signing the agreement have not yet been finalized. I think we are close to finalizing the date and location for signing.
[Odaily]
Blockworks acquires crypto data platform Messari
On June 13, crypto data provider Blockworks announced the acquisition of its competitor Messari. The financial details of the transaction have not yet been disclosed.
[PANews]
Ondo Finance: SpaceX tokenized asset SPCXon to launch on Ondo Global Markets
Ondo Finance announced on X that SpaceX has completed the largest IPO in history, and its tokenized asset SPCXon is now live on Ondo Global Markets on its first day of listing, supporting Solana, Ethereum, and BNB Chain.
[Odaily]
Today’s Market Pulse
SpaceX’s $1.765T IPO didn’t just create a trillionaire—it ignited a structural earthquake across crypto, regulation, and asset tokenization. While tokenized SPCX allocations collapsed on major exchanges, regulators like Gary Gensler pivot to oppose emerging crypto-use cases, and Y Combinator doubles down on the Clarity Act as the only viable path forward.
Key Themes
Tokenized Equity’s Gold Rush Turns to Mirage
Despite SpaceX’s historic IPO, Bybit, Binance, and Bitget canceled tokenized share allocations due to irreconcilable supply shortages in underlying shares. This exposes a critical flaw: tokenized equity remains an intermediated proxy—fragile, illiquid, and dependent on opaque custodial chains. The sudden launch of Ondo Finance’s SPCXon on Ethereum, Solana, and BNB Chain is a workaround, but if real shares aren’t available, these tokens become speculative IOUs. This could erode trust in tokenized assets unless crypto-native equity issuance protocols emerge.
Crypto Regulation on a Knife’s Edge
Y Combinator is now lobbying aggressively for the Clarity Act, arguing that crypto must integrate with banks via clear commodity/security definitions and bankruptcy protections. But with Democrats divided, Trump’s entanglement raising ethics red flags, and the midterm elections looming, legislative momentum is stalling. Meanwhile, OpenAI faces state AG subpoenas covering AI ethics, minors, and sycophancy—a parallel regulatory storm that risks casting all “emerging tech” in the same suspicious light. If both AI and crypto are treated as systemic risks, innovation stalls.
Regulatory Contradictions Accelerate
Gary Gensler, ex-SEC chair and architect of crypto crackdowns, now sides with states against Kalshi’s prediction markets, invoking Dodd-Frank to block a $165B industry. His amicus brief contradicts his own past CFTC stance and risks triggering a circuit split that could reach the Supreme Court. This signals an institutional tug-of-war: even regulated crypto players aren’t safe if they threaten entrenched interests (here, tribal gaming, traditional finance). The clash between federal preemption and state control is no longer about crypto—it’s about who owns the future of financial innovation.
RichSilo Verdict
Smart money should watch three catalysts: (1) Whether Ondo’s SPCXon gains traction against failed tokenized allocations, testing if blockchain can truly solve equity access; (2) The Senate’s vote on the Clarity Act, which could unlock institutional capital or doom crypto’s integration into mainstream startups; and (3) The Kalshi v. Ohio appellate outcome, which may define whether crypto-backed prediction markets are federal or state jurisdiction. The biggest risk? Regulatory fragmentation turning innovation into a legal minefield. In a world where SpaceX becomes a token, regulation must evolve faster than custody solutions.
