In brief Backpack plans to offer equity to users that stake its upcoming token. But they will also need to become a VIP at the exchange, co-founder Can Sun said. The exchange is preparing to register the tokens as securities in a “worst case scenario.” Not long after Backpack teased last Monday that its upcoming token would enable users to earn equity in the crypto exchange, people from across the industry began reaching out with the exact same question, according to co-founder and Chief Compliance Officer Can Sun.Everyone wanted to know how the arrangement was structured in a way that…

Crypto markets have lacked conviction, as traders struggle to identify a catalyst strong enough to lift prices out of their current lull. Bitcoin has remained range-bound around mid-$60,000, while ether is trading around $2,000, and volumes across major exchanges have thinned. The digital assets market is thirsty for a solid catalyst, and JPMorgan says it has identified one — market structure legislation in the U.S., called the Clarity Act. “While sentiment remains negative in crypto markets, we continue to believe that a potential approval of the market structure legislation most likely by mid year could serve as a positive catalyst…

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