ICE CEO says Hyperliquid is bigger than NASDAQ, and Paxos wins SEC approval to clear U.S. stocks on blockchain.

Jeffrey Sprecker, the CEO of Intercontinental Exchange, called Hyperliquid, bigger than NASDAQ at a conference this week.

The comparison is about volume,

not market cap. On daily perp futures, Hyperliquid controls over 70% of the decentralized market.

Sprecker says he expects regulatory clarity in the coming months, either through a new category

for perpetual futures or pulling offshore venues under Dodd-Frank.

Paxos has received full SEC registration to operate as a central securities depository for U.S.

equities, making it the first blockchain firm authorized to clear and settle traditional stocks.

With blockchain as the clearing rail, Paxos can settle eligible securities

same day or near instantly, freeing up locked capital for institutions. Bank of America, Credit

Suisse, and Society General are already in its live settlement pilot. The firm also runs

white-label infrastructure for PayPal and MasterCard.

And finally, Kalshi has filed a federal lawsuit against Minnesota, challenging a new state law

that would criminalize operating or promoting prediction markets. The filing argues that the law

violates the Federal Commodity Exchange Act's exclusive jurisdiction over swaps.

Kalshi also challenged the marketing ban as a First Amendment violation.

President Trump weighed in this week, backing the CFTC's position that the agency must maintain sole authority over prediction markets.

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