dYdX, the leading decentralized trading platform, today announced its integration with Crypto.com’s Onchain app, Crypto.com’s non-custodial digital asset wallet, enabling seamless access to sophisticated trading features directly within the mobile experience.
dYdX, which has processed over $1.49T in volume to date and ranks among the top perpetuals decentralized exchanges globally, brings its proven trading infrastructure to Crypto.com’s extensive user base. With over 70% of digital asset trading volume coming from perpetual and futures markets, Crypto.com Onchain wallet users will be able to trade the industry’s most popular financial instrument with the backing of the industry’s longest-standing, most trusted derivatives platform.
“The goal has always been to make trading perpetuals simple and accessible. Seeing dYdX now integrated with Crypto.com helps do exactly that. This partnership brings dYdX perps to a wider audience of traders globally,” said Antonio Juliano, Founder of dYdX.
The integration positions both companies to capture growing demand for sophisticated trading products as retail interest has surged alongside institutional adoption.
“We are excited to combine Crypto.com’s trusted Onchain platform with dYdX’s cutting-edge trading technology,” said Esther Wong, SVP, Cards and Onchain Product Lead at Crypto.com. “Our users can now access advanced trading tools that were previously available only to institutional traders, all within a seamless and secure interface.”
Advanced trading on Crypto.com powered by dYdX is available immediately to eligible users.
According to Johnny Garcia, Managing Director of Institutional Growth and Capital Markets at the VeChain Foundation, Texas will likely become the next state to establish a strategic Bitcoin reserve after New Hampshire.
In an exclusive interview with BeInCrypto, Garcia explained that states with pro-innovation leadership are more inclined to follow New Hampshire’s example. Meanwhile, others may adopt a more cautious, wait-and-see approach.
Why States Like Texas Are More Likely to Follow New Hampshire’s Bitcoin Reserve Lead
The VeChain executive described New Hampshire’s passage of House Bill 302 as a ‘landmark moment’ for digital assets. He stated that the development highlights Bitcoin’s growing recognition as a strategic financial instrument.
It also lays the groundwork to encourage wider blockchain adoption by normalizing digital assets in public portfolios.
“Momentum has been gathering at the State level since the presidential inauguration, and have commented before, there is a sea change taking place in the minds of State representatives across the general perception of Bitcoin [and other crypto assets] in the US,” Garcia told BeInCrypto.
Importantly, he believes the move could prompt the states already considering related legislation to accelerate their efforts so they don’t fall behind. The latest data from Bitcoin Laws shows that as of May 2025, 37 digital asset-related bills are active in 20 states.
Live Bitcoin Reserve Bills Across 20 States. Source: Bitcoin Laws
However, Garcia emphasized that the success of these bills depends on various factors. These include a state’s political climate, economic priorities, and risk tolerance.
“States with pro-innovation leadership, like Texas or Utah, are more likely to follow New Hampshire’s lead in short order, while others may wait to see how things play out for N.H,” he added.
With Texas now in the spotlight, there is strong optimism that similar legislation will be signed into law. Republican Governor Greg Abbott has expressed a favorable outlook toward the industry. The Texas Legislative session ends on June 2, so the decision could come any day now.
This trend highlights a clear difference of opinion between Democrats and Republicans regarding investments in digital asset reserves, a divide Garcia also acknowledges.
“These differences are nothing new, and I chalk them up to deeper-rooted perspectives, just like there are conservatives and liberals, or risk takers and those who like to play things safe. Some may try to tease out those groups and label people on one side as Democratic and the other as Republican, but I think that is too simplistic,” he said.
He acknowledged that bridging this gap poses a significant, but surmountable, challenge. The executive noted that increased cooperation can be fostered through education and a deeper understanding of the technology’s potential benefits and risks.
According to Garcia, the focus should be on identifying shared goals, such as leveraging blockchain to improve efficiency and transparency in government operations—an approach that could lay the groundwork for bipartisan collaboration.
“The ultimate goal would be to develop a thoughtful and balanced approach to digital assets that can benefit all Americans, regardless of political affiliation. This can be achieved by moving the conversation beyond partisan lines and focusing on the long-term economic and technological implications,” Garcia disclosed to BeInCrypto.
How Will State-Level Interest Impact Broader Crypto Adoption?
Whether Democrats and Republicans will ever fully agree on digital assets remains uncertain. Despite this, the introduction of bills and increased discussions at the state level signal growing interest and momentum.
Garcia said this shift marks a fundamental change in how public finance views blockchain assets, recognizing them as tools for innovation and resilience.
“It, combined with the strength of Bitcoin, has rekindled the discussion around ‘digital gold’ and could help reshape public finance by introducing decentralized, censorship-resistant assets into traditional portfolios,” he commented.
It normalizes digital assets as a strategic asset class, not just speculative. This encourages more institutional and enterprise participation.
This also pushes policymakers and the public to better understand digital assets’ risks and benefits, which can lead to clearer and better regulations.
It helps build infrastructure like regulated custody and on-chain auditability. This makes blockchain adoption easier for businesses.
He also said that while accessibility remains a challenge for mainstream adoption, state-backed initiatives could foster partnerships between the public and private sectors. This collaboration could lead to the development of user-friendly wallets, custody services, and decentralized finance platforms, expanding access for both retail and institutional users.
“This aligns with our focus at VeChain on scalable, enterprise-grade blockchain solutions, and we anticipate that state-level adoption will create a ripple effect, accelerating the integration of digital assets into both public and private sectors,” Garcia remarked.
The Balance Between Opportunity and Risk in State Crypto Holdings
While the benefits inspire optimism, the reserves carry several implications for a common taxpayer. Garcia explained that supporters believe state investments could boost long-term returns and diversify away from inflation-prone assets, potentially strengthening the state’s finances and benefiting taxpayers. Yet, he claimed,
“We have not yet reached the point where Bitcoin has achieved a greater level of stability, and if it sees a similar pullback compared to previous cycles, that would greatly diminish interest in setting up reserves and could cost taxpayers money.”
Garcia warned that significant price drops could lead to losses in the state’s reserves. Thus, if the allocation is too large or poorly managed, this could potentially threaten financial stability.
“This could, in theory, lead to pressure for tax policy changes to offset those losses, although this would depend heavily on the scale of the investment and the state’s overall financial health,” he mentioned to BeInCrypto.
Garcia advocated educating taxpayers about both the benefits and risks to maintain public trust. He emphasized that the long-term impact will depend on the responsible and strategic management of these reserves.
Beyond tax concerns, Garcia detailed several challenges states may face when implementing crypto reserves.
“The volatility of digital assets remains the biggest challenge facing states looking to implement reserves, as managing this volatility within a public treasury framework will require careful consideration and potentially sophisticated risk management strategies,” he commented.
Garcia also mentioned that educating lawmakers and the public is crucial for wider acceptance, as many state officials lack expertise in digital asset management and will need training or specialists. He underlined that federal regulatory uncertainty adds complexity. Therefore, clear rules on custody and reporting are necessary.
According to Garcia, transparency and strong cybersecurity measures are other key factors essential to ensuring the long-term success of these initiatives.
The Road to a National Strategic Bitcoin Reserve
Meanwhile, Garcia pointed out that concerns over taxes and market volatility are why President Trump’s Bitcoin reserve does not include provisions for investing the country’s funds. Instead, it focuses on using forfeited assets to build the stockpile.
The SBR would involve acquiring 1 million Bitcoins over five years and holding them for at least 20 years. Garcia declared that allowing direct Bitcoin investments would depend on shifting political and economic factors.
“Allowing for such purchases will require bipartisan support in both the House and the Senate, along with the President’s signature, but as the recent stall for the GENIUS Act shows, lawmakers are far from being on the same page,” the executive shared with BeInCrypto.
Garcia believes that a clear regulatory framework for crypto and a plan to incorporate Bitcoin into a strategic reserve will eventually be established by law. Nonetheless, the timeline and specific details of these bills remain ‘challenging to predict.’
The SEC delayed Canary Capital’s application for a Litecoin ETF today, opening public comments over the proposal’s compliance with regulatory requirements. The price of LTC fell 5% after the announcement.
The public comment aspect doesn’t appear to signal the Commission’s intentions; this could be a standard delaying tactic. Nonetheless, the market immediately took it as a bearish signal.
However, the SEC instead decided to delay this application, including a request for public comments in its notice:
“The Commission seeks and encourages interested persons to provide comments on the proposed rule change. The Commission asks that commenters address the sufficiency of [whether] the proposal… is designed to prevent fraudulent and manipulative acts and practices or raises any new or novel concerns not previously contemplated by the Commission,” it read.
Litecoin’s price fell quickly after the Commission delayed this application, dropping 5% at its lowest point. Polymarket’s odds of a Litecoin ETF approval in Q2 2025 also plummeted, but the chances of a 2025 approval in general remained steady.
Odds of a Litecoin ETF in Q2 2025. Source: Polymarket
In other words, things could be a lot worse. James Seyffart, an ETF analyst who predicted the Litecoin delay, didn’t comment on the public comment aspect. It seems like a stretch to claim that the SEC is signaling its intent to refuse this or any other altcoin ETF proposal.
Still, the market can react harshly to such developments in the short term, and traders are repositioning their bets on the altcoin.
Jay Clayton, Trump’s next pick for the SDNY’s US Attorney, originally filed the SEC’s lawsuit against Ripple. Clayton promised to end crypto crackdowns at the SDNY but personally started one of the most notorious incidents.
Trump is also planning to use a procedural loophole to avoid a messy confirmation process, which Senator Chuck Schumer swore to block. This incident raises questions about the quality of crypto’s new political allies.
He originally tapped Jay Clayton for this role in November, and he actually became Acting Attorney today. There’s just one concern — Jay Clayton initially filed the SEC’s action against Ripple.
The SEC vs Ripple case is considered a landmark action of the Gensler era, but Clayton actually initiated the suit. Clayton served as the SEC’s Chair from 2017 to 2020, and he resigned more than six months before his term limit.
He filed the SEC suit on December 22 and resigned the very next day in what the company called a “parting shot.”
A few years later, Clayton’s on the other side of government crypto crackdowns. When Trump first tapped him for the role last November, a spokesman claimed that the office would cease crypto enforcement actions.
In 2023, Clayton made televised interview appearances criticizing Gensler’s crackdowns, which infuriated Ripple CEO Brad Garlinghouse.
Watching this clip makes my blood boil.
The hypocrisy is shocking. @CNBC@SquawkCNBC should be calling him out for the bullshit.
(As a reminder, jay clayton brought the case against ripple, me and Chris Larsen. And left the building the next day).
Today, no representatives from Ripple commented on Clayton’s new role, but it is likely to ruffle feathers all the same. Specifically, the process to get a nominee confirmed by the Senate can be grueling.
According to local media, Trump named Clayton the Acting SDNY US Attorney, intending him to occupy the permanent role. Trump first nominated him last week, and Senate Minority Leader Chuck Schumer vowed to block his confirmation.
Schumer claimed Clayton “has no fidelity to the law.”
Regardless, Clayton doesn’t need a confirmation vote to become Acting US Attorney, and he probably won’t need one. If the Senate won’t confirm him in 120 days, judges in the SDNY can appoint him until a nominee gets confirmed.
Trump doesn’t actually need to nominate anyone else, and Clayton could serve a regular term.
This is a very illustrative example of how much political power crypto has gained. Jay Clayton, the man who literally initiated the Ripple suit, will work against future enforcement. And yet, this doesn’t seem like an unambiguous good.
How much can the industry truly rely on its former enemies? How many of crypto’s friends today would gladly join a crackdown tomorrow? These are just some of the concerns among the crypto community.
