Crypto could soon go mainstream on Wall Street, with US banking giants reportedly meeting behind closed doors to discuss making a move into crypto as the Trump administration brings in friendlier crypto regulations, four unnamed industry insiders told Reuters. Despite 22% of Americans holding cryptocurrencies — or one in five — according to Gemeni Trusts’ Global State of Crypto report for 2025, large American banks have so far mostly been prevented from jumping on the bandwagon due to heavy regulations.

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Change is coming, but it will come slowly at first, the newswire’s sources said. Any moves into crypto will be small in scale at first, in the form of partnerships with crypto firms and in pilot programs as they test the limits of incoming regulations and try to avoid any potential legal blowback. Although guidelines have become clearer, the banking sector is still calling for more details on what they can and cannot do when it comes to once legal, difficulty-fraught digital tokens.

US President Donald Trump has been key in driving the push, with the self-described first ”crypto president” on talking up plans to reduce crypto regulations and create a strategic BTC reserve, both on the campaign trail and in the Oval Office.

His companies have been getting in on the action too, with the Trump Media and Technology Group planning to raise USD 2.5 bn to buy up crypto.

But there are still some big names on Wall Street who are proudly standing by their crypto scepticism, including JPMorgan CEO Jamie Dimon who as recently as last week said that “when I look at the [BTC] universe, the leverage in the system, the misuse in the system, the money laundering issues, trafficking, I’m not a fan of it.”

REMEMBER- BTC reached a new all-time high in trading at the end of last week, surpassing its previous January peak to reach USD 111.9k, before paring back gains. The digital currency is up 12.9% this month alone and 14.8% YTD, after having spent much of the year in the red YTD on the back of trade war escalation fears pushing some to let go of the asset.

MARKETS THIS MORNING-

Asian markets are in the green in early trading this morning. Japan’s Nikkei and the Kospi are looking at gains of 1.6%, the Shanghai Composite and the Hang Seng are also in the green, up 0.4% and 0.2%, respectively.

TASI

11,053

+1.2% (YTD: -8.2%)

MSCI Tadawul 30

1,414

+1.1% (YTD: -6.3%)

NomuC

26,933

+1.3% (YTD: -14.4%)

USD : SAR (SAMA)

USD 3.75 Sell

USD 3.75 Buy

Interest rates

5.0% repo

4.5% reverse repo

EGX30

32,494

+0.3% (YTD: +9.3%)

ADX

9,743

+0.7% (YTD: +3.4%)

DFM

5,527

+0.4% (YTD: +7.1%)

S&P 500

5,889

-0.6% (YTD: +0.1%)

FTSE 100

8,726

-0.6% (YTD: +6.8%)

Euro Stoxx 50

5,378

-0.7% (YTD: +9.9%)

Brent crude

USD 64.90

+1.3%

Natural gas (Nymex)

USD 3.20

-5.7%

Gold

USD 3,312

-0.3%

BTC

USD 107,423

-1.2% (YTD: +14.8%)

Sukuk/bond market index

913.9

0.0% (YTD: +1.3%)

S&P MENA Bond & Sukuk

143.3

+0.2% (YTD: +2.4%)

VIX (Fear gauge)

19.33

+2.0% (YTD: +11.4%)

THE CLOSING BELL: TADAWUL-

The TASI rose 1.2% yesterday on turnover of SAR 4.6 bn. The index is down 8.2% YTD.

In the green: Cenomi Retail (+5.8%), ATAA (+5.5%) and Kingdom (+5.2%).

In the red: UCIC (-4.9%), Banan (-2.4%) and Nama Chemicals (-1.8%).

THE CLOSING BELL: NOMU-

The NomuC rose 1.3% yesterday on turnover of SAR 20.2 mn. The index is down 14.4% YTD.

In the green: Leen Alkhair (+16.7%), UFG (+9.5%) and Alrashid Industrial (+9.4%).

In the red: Future Care (-7.7%), View (-4.9%) and Almuneef (-4.9%).

CORPORATE ACTIONS-

Bahri gets CMA’s go-ahead to hike capital: The National Shipping Company of Saudi Arabia (Bahri) received the green light from the Capital Markets Authority (CMA) to hike its capital by 20% to SAR 9.2 bn through a one-for-four bonus share issuance, according to a statement from the authority.

The increase will be funded via SAR 1.9 bn in retained earnings, pending the shareholders’ approval at an upcoming extraordinary general assembly, set to be held within six months.

Tawuniya approved a SAR 225 mn dividend distribution for FY 2024 at SAR 1.5 per share, according to a disclosure to Tadawul (pdf). The distribution date is set for 22 June.

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