A crypto bank in Wyoming has taken the case to the Supreme Court, and Circle has also obtained a trust license—regulatory arbitrage is being played to the max.

Today’s highlights: A Wyoming crypto bank applies to the U.S. Supreme Court for review of the Federal Reserve’s authority to open master accounts; the Department of Justice is preparing to withdraw charges against the founder of Bitclub Network; Trump says he is willing to continue negotiations, and Bitcoin breaks above $40k; Circle has been approved to become a federally regulated trust bank, boosting its share price; a bill to ban CBDCs may become law; crypto ETFs see net outflows, with BTC/ETH holdings declining; Kalshi plans to launch gold perpetual futures to respond to Robinhood; the White House denies blocking SEC/CFTC nominations.