22nd May 2026 > > Minnesota & South Carolina.
- 3 hours ago
- 3 min read
tl;dr
Minnesota vs South Carolina – there is only one winner.
Market Snap
Market Wrap
Holders of HYPE, the native coin of Hyperliquid, are feeling pleased with a rally to a new all-time high yesterday afternoon at $61, a notable performance given the broad market sentiment around most cryptos. This coin has already repaid the initial investment made by the CC Treasury several times over. The next target is $74, which could happen any day now.
This rally is largely attributed to the successful launch of spot HYPE ETFs. Peter Chung, head of research at Presto Research, claims that institutions are accumulating HYPE ETFs at a faster pace than they did BTC ETFs on a market-cap-adjusted basis, which is remarkable. Bitwise, an issuer of a spot HYPE ETF, has announced that it will allocate 10% of the ETF’s management fees to buying HYPE for its own balance sheet, a policy which is both cheering and worrisome in equal measure.
Curious Cryptos’ meme corner – The dirty fiat money faucet is primed and ready to go
h/t The Milk Road
Occasional Series – UK politics
If you took that “Starmer In Dec 31” bet on Polymarket that the CCC highlighted a few days ago (note to regulator: this is betting, not financial advice) you have now nearly trebled your money. Take out the original amount plus 50% and you are left with a lot of upside, having banked decent gains. Very nice.
Curious Cryptos’ Commentary – Minnesota
If you live in Minnesota, that betting option is no longer available to you as it has become the first state to ban prediction markets. The law is aimed at the operators of these services, not the users. It is now a felony to create, operate, or advertise sites such as Polymarket or Kalshi within the state’s borders.
The CFTC immediately filed a suit claiming that Minnesota is overstepping its authority and intruding on the federal authority governing derivatives markets. This spat will end up in the courts, where we hope the CFTC wins. We do not want to see a growing mishmash of state-driven regulations affecting any part of the crypto space.
Curious Cryptos’ Commentary – South Carolina
South Carolina has been doing its own bit of banning, but for good and wholesome reasons we can all support:
Let’s start with the important bit:
“This bill prohibits any state governing authority from accepting or requiring a payment using central bank digital currency. The bill also prohibits state governing authorities from participating in any test of central bank digital currency by the Board of Governors of the Federal Reserve System or branch or agency of the federal government.”
Isn’t that just lovely?
The bill also clarifies an individual’s right to engage in crypto mining:
“Under the bill, an individual may not be prohibited from participating in digital asset mining in an area zoned for residential use as long as the person engaging in digital asset mining complies with all local ordinances.”
Finally, the bill makes clear the limits for the need to apply for a money transmitter license, whose requirements are deliberately and correctly onerous:
“The bill further states that an individual or business engaged in digital asset mining, operating a blockchain protocol, developing software on a blockchain protocol, or exchanging a digital asset for another digital asset without the exchange of legal tender or bank deposits is not required to obtain a money transmitter license pursuant to Article 2, Chapter 11, Title 35.”
South Carolina is clearly populated with politicians who are more enlightened than their counterparts in Minnesota.
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