Editorial companion

What stands out

Bloomberg assembled executives from Ripple, CME Group, BNY and Coinbase to debate three live tensions in crypto: Ripple’s push to expand payments rails and a bank-focused custody effort, CME’s resistance to perpetual futures and offshore trading, and the practical plumbing of tokenized assets and collateral mobility. The clip stands out because the guests moved from abstract regulation talk into specific business moves, Ripple describing a trust-bank plan, CME publicly pushing back on perpetuals, and Coinbase outlining the regulatory fights it expects after the midterms, concrete items that change how these firms compete.