28th March

The cryptocurrency landscape has experienced notable events over the past five days, including corporate ventures into stablecoins, regulatory nominations, and significant legal actions. Here's a comprehensive overview of the latest developments.​

Catch last week’s “This week in crypto” here.

World Liberty Financial, backed by President Donald Trump and his sons, is set to introduce a stablecoin named USD1. This initiative aims to capitalise on the expanding digital asset market, with USD1 pegged to the US dollar and backed by short-term Treasuries. The project has already secured over $1 billion in funding, attracting interest from notable investors. While supporters view this as a step towards mainstream adoption of cryptocurrencies, critics express concerns about potential conflicts of interest and financial stability risks associated with such ventures.​

Fidelity Investments is reportedly exploring the launch of its own stablecoin, reflecting growing mainstream investor interest in cryptocurrencies. Stablecoins, typically maintaining a value tied to the dollar, facilitate easier fund movement between cryptocurrencies and have seen rapid growth. Fidelity's digital asset arm is currently testing a stablecoin but has no immediate plans for its release. This move aligns with a broader trend of financial institutions delving into the crypto space, aiming to provide clients with secure and regulated digital currency options.​

President Donald Trump has nominated Paul Atkins as the new Chair of the Securities and Exchange Commission (SEC). Atkins, a former SEC commissioner, has signalled a pro-cryptocurrency stance, emphasising the need for a rational regulatory framework that fosters innovation and investment in the digital asset sector. During his Senate banking panel confirmation hearing, Atkins criticised previous regulatory approaches and highlighted digital assets as a top priority. His confirmation could herald significant changes in the regulatory landscape, potentially enhancing the integration of cryptocurrencies within the traditional financial system.​

Sam Bankman-Fried, the former CEO of cryptocurrency exchange FTX, has been transferred from the Metropolitan Detention Center in Brooklyn to a transit facility in Oklahoma City. Convicted on multiple counts of fraud and conspiracy, Bankman-Fried is slated to serve over 21 years of his 25-year sentence, with his release expected in 2044. His legal team has appealed his conviction and sought for him to serve his sentence closer to his family in California. This transfer marks a significant development in one of the largest financial fraud cases in US history.​

Brett Carmichael, a handyman from the Gold Coast, has been denied bail after being charged with armed robbery and computer hacking. Carmichael and two accomplices allegedly disguised themselves and invaded the home of a cryptocurrency investor, restraining the victim and his family before stealing $1 million in cryptocurrency using remote computer access. The court highlighted the sophisticated and premeditated nature of the crime, with Carmichael's next court appearance scheduled for 1 April.​

Felix Leech, a stuntman known for his roles in "Star Wars" and "Game of Thrones," has fallen victim to a cryptocurrency scam, losing nearly £50,000. Leech joined a WhatsApp trading group advertised on Instagram, which initially appeared legitimate as he was able to make small withdrawals. However, when attempting to withdraw larger amounts, he was pressured into paying substantial fees under false pretences, ultimately losing his savings and accruing significant debt. Leech has managed to recover £11,000 with assistance from the National Fraud Helpline and solicitors, and he warns others to exercise caution with online investment opportunities.​

BlackRock, the world's largest asset manager, has introduced its first Bitcoin exchange-traded product (ETP) in Europe. The iShares Bitcoin ETP began trading on 25 March on Xetra, Euronext Amsterdam, and Euronext Paris. This move follows the success of BlackRock's similar products in the United States, which have attracted over $50 billion in assets. The European ETP offers institutional and retail investors a regulated and straightforward avenue to gain exposure to Bitcoin without the complexities of direct ownership. BlackRock's entry into the European crypto market underscores the growing acceptance of digital assets within traditional financial institutions and is anticipated to influence the broader adoption of cryptocurrencies across global markets.

Bitcoin's price has shown resilience, trading around $87,000 as of 27 March 2025. This marks a slight increase over the past week, reflecting sustained investor interest and market confidence. Analysts are optimistic about Bitcoin reaching the $90,000 level soon, citing factors such as easing monetary policy and increased institutional investment. The broader cryptocurrency market has also experienced positive movements, with top cryptocurrencies mostly firming.

This week has underscored the steady integration of cryptocurrencies into the mainstream financial landscape. From major corporations exploring stablecoin ventures to regulatory bodies adopting more supportive stances, it's evident that digital assets are carving out a significant role in our economy. As this dynamic market evolves, staying informed and adaptable is crucial for investors, businesses, and everyday users alike.​

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