Cointelegraph

A member of South Dakota’s House of Representative has introduced another bill that would allow the US state to invest in Bitcoin about a year after similar legislation was deferred.

Representative Logan Manhart introduced the Bitcoin (BTC) reserve bill, HB 1155, on Tuesday in South Dakota’s legislature. The legislation had only minor changes from a bill the lawmaker sponsored in 2025, by amending the state’s code to allow the State Investment Council to invest up to 10% of public funds in Bitcoin.

“Strong money. Strong state,” said Manhart in a Tuesday X post announcing the bill.

Logan Manhart’s 2025 bill, left, and 2026 bill, right, for a BTC reserve. Source: South Dakota legislature

If passed by the legislature and signed into law, South Dakota would join a handful of US states that have adopted bills for crypto or BTC reserves. As of January, only Texas, Arizona and New Hampshire have passed laws allowing the states to invest in Bitcoin or hold crypto seized by authorities, but lawmakers in other regions have proposed similar bills.

Manhart, a Republican, took office in January 2025 after being elected to the South Dakota House of Representatives for the 1st District.

US federal Bitcoin reserve still a challenge, says White House Crypto Council director

Although US President Donald Trump signed an executive order establishing a Strategic Bitcoin Reserve and a Digital Asset Stockpile in March 2025, executive orders are not immediately implemented with the same force of legislation passed by Congress. Patrick Witt, the director of the White House Crypto Council, said in a January interview that there were some “obscure legal provisions” holding up the order.

The White House aimed to create a strategic reserve from crypto seized in asset forfeiture cases, but the order did not explicitly allow officials to buy Bitcoin. US Treasury Secretary Scott Bessent said in August that there were budget-neutral ways for the US government to acquire Bitcoin.

Magazine: How crypto laws changed in 2025 — and how they’ll change in 2026

Laser Digital, a full-service digital asset company backed by Japanese financial group Nomura, has reportedly filed for a US national bank trust charter, signaling that crypto-focused companies are seeking deeper integration into the US financial system amid a more permissive regulatory environment.

Citing sources familiar with the matter, the Financial Times reported Tuesday that Laser Digital had submitted its application to the Office of the Comptroller of the Currency (OCC). The charter would allow the company to operate at the federal level without applying for state-by-state custody licenses.

The company plans to offer spot trading for digital assets but does not intend to take customer deposits, the report said.

Source: Financial Times

Approval of an OCC charter is a two-stage process, beginning with preliminary approval and followed by final authorization once the applicant demonstrates sufficient capital and operational credibility, a process that can take up to a year, the FT said.

Laser Digital was established in 2022 and is headquartered in Switzerland. The company has secured regulatory approvals in multiple jurisdictions, including Switzerland and Dubai.

Related: Nomura’s Laser Digital rolls out yield-bearing Bitcoin fund

A growing queue for US bank charters

Laser Digital would be far from alone in seeking a bank charter under the more industry-friendly regulatory environment associated with the administration of US President Donald Trump.

Before regulators began issuing approvals, several major crypto companies had publicly explored the option.

Last year, crypto exchange Coinbase told Cointelegraph it was considering a US federal bank charter, though it said no decision had been made at the time. Reports also suggested that crypto custodian BitGo and blockchain infrastructure provider Paxos were weighing similar moves.

Speculation also surrounded stablecoin issuer Circle, which later denied that it had formally applied for a charter.

That exploratory phase has since given way to concrete regulatory action. In December, the OCC conditionally approved five national trust bank charters for digital asset companies: First National Digital Currency Bank, which is linked to Circle, Ripple National Trust Bank, BitGo Bank & Trust, Fidelity Digital Assets and Paxos Trust Company.

Source: Simon Taylor

More recently, Trump-affiliated World Liberty Financial submitted its own application for a national bank charter, adding to the growing list of crypto and fintech companies seeking entry into the US banking system.

Not everyone is supportive of the trend. The American Bankers Association and other industry groups warned the Office of the Comptroller of the Currency last July of “significant policy and process concerns” if digital asset companies are granted bank licenses, arguing that such approvals could disrupt traditional banking safeguards.

Key takeaways:

Ethereum reached 16.4 million weekly transactions, proving fees can stay below $0.20 during high demand.

Decentralized exchange volume across the Ethereum ecosystem hit $26.8 billion, signaling a return of investor interest.

Ether (ETH) experienced a 15.9% price correction during the seven days ending Sunday. This volatility triggered $910 million in liquidations for bullish leveraged ETH positions, fueling fears that the $2,800 support level—which has held firm for two months—might finally break. Despite this dip in trader confidence, several onchain and derivatives metrics suggest a potential short-term rally back to $3,300.

Base layer fees are critical for determining demand for a native token, followed closely by growth in transaction volume and active addresses. While Ethereum has faced criticism for prioritizing scalability through rollups, that strategy is paying off as activity on Base, Polygon, Arbitrum, and Optimism gains momentum.

Blockchains ranked by 7-day fees, USD. Source: Nansen

Ethereum network fees jumped 19% over the last week, while competitors Tron and Solana saw declines relative to their recent trends. More importantly, the aggregate number of transactions on Ethereum layer-2s surged to 128 million, surpassing the totals of BNB Chain and Tron. This suggests the Ethereum ecosystem can scale effectively without sacrificing its core utility.

Decentralized exchange (DEX) activity is a primary indicator of capital inflows and network fees. While demand for perpetual contracts trading peaked in August 2025 and has declined since, the trend is shifting back toward Ethereum. This is largely due to average transaction fees dropping to $0.20, down from $0.50 in November 2025.

Ethereum 7-day DEX volumes, USD. Source: DefiLlama

Weekly DEX volumes on Ethereum reached $13 billion, up from $8.15 billion four weeks ago. Although Solana remains the leader with $30 billion in weekly volume, the total Ethereum ecosystem reached $26.8 billion. The Fusaka upgrade in December 2025 significantly boosted network data capacity and introduced transaction batch workflows, greatly improving the user experience. 

Ethereum dominance sticks even as professional traders turn neutral

Ethereum’s dominance in total value locked (TVL) remains strong evidence of investor preference for decentralization, even as BNB Chain and Solana struggle to capture more market share.

Total value locked (TVL) market share. Source: DefiLlama

Professional traders are returning to a neutral stance between call (buy) and put (sell) options after a brief period of hedging against further losses. Contrary to the belief that whales anticipate every swing, the peak volume in put options actually occurred after ETH dropped below $2,800.

ETH options put-to-call volume ratio at Deribit. Source: Laevitas.ch

The ETH options put-to-call volume ratio at Deribit neutralized between Monday and Tuesday, following five days favoring puts. Notably, Sunday’s 2x peak marked the highest level in over four months. Confidence appears to be returning as traders realize the risks associated with a US government funding shutdown had a limited impact on the market.

Related: Bitmine’s staked Ether holdings point to $164M in annual staking revenue

Ether’s price weakness contrasts with the S&P 500 is trading within 0.5% of its all-time high, while 5-year US Treasury yields have stabilized near 3.85%. Investors remain cautious about inflation and recession odds; the CME FedWatch tool shows the probability of the US Federal Reserve trimming rates to 3.25% or lower by July has dropped to 28%, down from 55% last month.

Ultimately, ETH path to $3,200 will likely be driven by sustained DEX activity, rising network fees, and the clearing of the uncertainty recently seen in the options markets.

Predikční tržní platforma Kalshi oznámila, že otevře kancelář ve Washingtonu, D.C., a najme „talent z obou stran spektra“ jako součást snah společnosti rozšířit svou přítomnost v USA.

V pondělním oznámení Kalshi uvedla, že najala bývalého úředníka Bidenovy administrativy Johna Bivonu jako vedoucího vztahů s federální vládou na trhu predikcí, a Blakea Bee, bývalého senior manažera Amazonu pro státní a místní veřejnou politiku.

Tento krok přišel, když jsou mnohé sázky na predikčních trzích, jako jsou Kalshi a Polymarket, pod dohledem amerických federálních zákonodárců a státních úředníků.

Circle představila verzi svého stablecoinu USDC zaměřenou na ochranu soukromí na Aleo, což zdůrazňuje širší snahu blockchainů zaměřených na ochranu soukromí získat přístup k regulovaným, dolarem podloženým aktivům, jak roste poptávka po nástrojích pro ochranu soukromí na řetězci.

Circle a Aleo oznámili v úterý, že USDCx na Aleo je nyní k dispozici prostřednictvím Circle’s xReserve, modelu vydávání podloženého rezervou, který umožňuje, aby USDC (USDC) byl reprezentován na dalších blockchainech bez spoléhání se na třetí strany.

USDCx na Aleo je plně podloženo USDC drženým v xReserve a je interoperabilní s USDC napříč jinými podporovanými sítěmi, včetně Etherea a několika hlavních layer-1 a layer-2 blockchainů, kde je USDC nativně vydáván.

Mesh, a San Francisco–based crypto payments infrastructure company, raised $75 million in a Series C funding round led by Dragonfly Capital, bringing its total funding to more than $200 million and valuing the company at $1 billion.

The round included participation from Paradigm, Moderne Ventures, SBI Investment, Coinbase Ventures and Liberty City Ventures, according to an announcement on Tuesday.

Mesh said a portion of raised funds was settled using stablecoins rather than traditional banking rails. Mesh will use the funds to expand its crypto payments network across regions including Latin America, Asia and Europe, and to support product development. 

Mesh recently expanded into India, citing the country’s large, tech-savvy population and more than $125 billion in annual remittances as factors behind the move.

The company was founded in 2020 and operates a network that connects exchanges, wallets and financial services platforms, allowing users to pay with one digital asset while merchants receive settlement in a stablecoin or fiat currency of their choice. Through its partner integrations, the company reports reaching more than 900 million users worldwide.

Rob Hadick, general partner at Dragonfly, said:

“Payments are entering a new era where value moves as software. Mesh is building the interoperability layer that makes crypto practical at scale: consumers can spend any asset, merchants can settle instantly in the stablecoin or fiat they want, and the complexity stays under the hood.” 

Stablecoin infrastructure gets funding

The passage of the GENIUS Act in the United States has coincided with a wave of investment in stablecoin-related infrastructure, as companies position themselves for broader use of dollar-backed tokens in payments and cross-border settlement.

In October, Stripe’s blockchain project, Tempo, raised $500 million in a Series A funding round led by Greenoaks and Thrive Capital, valuing the layer-1network at $5 billion.

The raise came less than two months after Stripe unveiled plans for the blockchain, which the company has positioned as infrastructure optimized for stablecoins and high-scale, real-world payments.

Rain, a US-based stablecoin infrastructure provider, recently raised $250 million in a Series C funding round led by Iconiq, valuing the company at $1.95 billion. The raise brought Rain’s total funding to $338 million, with participation from existing investors including Galaxy Digital, Sapphire Ventures, Dragonfly, Lightspeed, Norwest and Endeavor Catalyst.

Stablecoin infrastructure company VelaFi secured $20 million in a Series B funding round backed by XVC and Ikuyo, bringing its total funding to more than $40 million. 

The stablecoin market has grown to $308.3 billion from $204.8 billion January 2025, representing a jump of about 51%, according to DeFiLlama data.

Total stablecoin market capitalization. Source: DefiLlama

Magazine: The critical reason you should never ask ChatGPT for legal advice

Nejvyšší finanční regulátor ve Velké Británii finalizuje svůj rámec pro kryptoprůmysl. Proces tvorby pravidel byl dlouhý, ale pozorovatelé v oboru poukazují na to, že země se vyhnula politickému vzájemnému obviňování, které brzdí zákon CLARITY v USA.

Dne 23. ledna vydala Financial Conduct Authority (FCA) svou konečnou konzultaci. Veřejnost nyní může komentovat navrhovaný rámec, který se skládá z 10 regulačních návrhů. Tříletý proces by měl dospět k závěru v březnu, s plným zavedením do října 2027.

Cena Etheru (ETH) klesla o 14 % z jejího maxima v roce 2026 nad 3 200 $ a o 41 % pod její historické maximum 4 950 $, dosažené v srpnu 2025. Přestože k poklesu došlo, obchodníci zůstávají optimističtí ohledně růstu ceny ETH, pokud bude znovu získána klíčová úroveň podpory.

Hlavní závěry:

Obchodníci s Etherem jsou optimističtí ohledně ceny ETH 10 000 $, přestože došlo k poklesu o 41 % z historických maxim.

Wyckoffova metoda, cyklické vzory a korelace likvidity se shodují na cílové ceně ETH 10 000–15 000 $.

Rekordní denní transakce, rostoucí počet denně aktivních uživatelů a devítileté minimum transakčních poplatků naznačují optimismus ohledně onchain momenta.

Bitcoin (BTC) saw modest volatility around Tuesday’s Wall Street open as BTC price analysis saw a market bottom by the end of the month.

Key points:

Bitcoin should be safe from new local lows for the current US session, but the week is still tipped to be volatile.

Analysis says BTC price action is in a “period of anticipation.”

A market take using the Wyckoff method calls for a sub-$80,000 swing low on Bitcoin before February.

“High probability” BTC will hold $87,000 Tuesday

Data from TradingView showed a trip to $88,315 for BTC/USD before it retraced the move to head lower.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

Still rangebound, Bitcoin offered little inspiration to market participants.

Keith Alan, cofounder of trading resource Material Indicators, offered some hope in the form of a buy signal from one of the latter’s proprietary trading tools.

“A new Trend Precognition signal on the $BTC Daily chart does not necessarily mean Bitcoin will test resistance today,” he wrote in an X post on the topic. 

“While that is indeed a possibility, the new signal indicates there is a high probability that price will not revisit yesterday's low today.”

BTC/USD one-day chart. Source: Keith Alan/X

Alan referred to Monday’s brief dip below $87,000 and said that the current daily candle now needed to close above the 2026 open level near $87,500.

“A wick below is a sign of weakness, and an indication that a breakdown is likely coming,” he added.

While the S&P 500 and Nasdaq Composite Index both opened slightly higher on the day, gold began to show signs that it would retest $5,000 as support.

XAU/USD one-hour chart. Source: Cointelegraph/TradingView

As volatility cooled across macro assets, Bitcoin price momentum analysis from onchain analytics platform CryptoQuant was cautiously optimistic.

“Data from Binance shows that daily price momentum is positive at approximately $1,676, with a momentum of 1.93%, indicating a moderately higher closing price compared to the opening price,” contributor Arab Chain wrote in a “Quicktake” blog post. 

“This reading reflects a clear attempt by the market to regain balance after a previous wave of selling pressure; however, it does not yet constitute strong bullish momentum. Instead, it suggests a quiet corrective move.”

Bitcoin daily momentum and volatility tracker (screenshot). Source: CryptoQuant

Arab Chain added that Binance order-book data showed Bitcoin being in a “period of anticipation rather than an immediate breakout or distribution phase.”

Bitcoin Wyckoff analysis sees “spring” event next

As Cointelegraph reported, markets anticipated fresh turbulence in the second half of the week.

Wednesday was due to see the US Federal Reserve decision on interest rates, along with guidance by Chair Jerome Powell, under heavy pressure to cut them from the government.

Despite that, expectations of a rate cut remained below 3% Tuesday, per data from CME Group’s FedWatch Tool.

Fed target rate probabilities for Jan. 28 FOMC meeting (screenshot). Source: CME Group

In his latest forecast, commentator MartyParty added further importance to the Fed event and others this week.

Using Wyckoff analysis, MartyParty saw a key long-term swing low, known as the “spring,” occurring on BTC/USDT around the same time. An accompanying chart warned that this could take the pair below $80,000.

“This coincides with the Wyckoff Spring Event. Expect Volatility,” he told X followers.

BTC/USDT one-hour Wyckoff schematic Source: MartyParty/X

For years, Bitcoin (BTC) traders have watched its price relative to gold (XAU) for clues on when BTC bottoms in US dollar terms. But in 2026, that BTC-to-gold signal is starting to look less dependable.

Key takeaways:

Bitcoin hits undervaluation versus gold and has slipped below its Power Law trend.

BTC/XAU is already under the 200-2W EMA that historically lined up with bottoms.

Gold’s next move likely dictates whether BTC gets a relief rally.

Bitcoin keeps declining in gold terms

This week, the BTC/XAU ratio, or the value of Bitcoin versus gold, drifted away from its long-term “Power Law” trend for the first time in history, as highlighted by analyst Julius.

A Power Law is a long-term trend curve that some analysts use to model Bitcoin’s growth path over time. In trading terms, it can flag potential overvaluation when the price stretches above the curve, and possible undervaluation when it slips below.

BTC/XAU weekly chart ft. power law bands. Source: TradingView/Julius

As of January, BTC/XAU was at its most undervalued stage. It reached those levels as gold surged past the record $5,000 mark and markets turned risk-off due to yen intervention and US government shutdown fears.

That also occurred when most Wall Street firms predicted gold to rally further in 2026, including Bank of America, which said last week that the precious metal would cross above $6,000 by the year’s end.

In contrast, Bitcoin markets showed concerns over the four-year-cycle theory. As it notes, BTC price topped out at around $126,200 in October 2025, and could decline below $50,000 in the coming months.

This further hinted at a sustained BTC/XAU downtrend in the coming weeks, rather than a cyclical bottoming setup.

Do technicals suggest a BTC price bottom?

A continued decline in the BTC/XAU ratio would also threaten a decisive breakdown below the 200-2W EMA (200-2W EMA; the blue wave), a level that historically aligned with true BTC/USD cycle bottoms.

BTC/XAU vs. BTC/USD two-week chart comparison. Source: TradingView

That includes a fake breakdown signal in 2022, wherein BTC/XAU broke below its 200-2W EMA only to reclaim it as support after two months.

In 2026, the ratio has already plunged below that same EMA, with macro catalysts raising odds that it could decline further, thus breaking the BTC/XAU bottom fractal.

Conversely, Citi warned gold’s rally could stall or reverse later in 2026 if real US yields rise, the dollar stabilizes and risk appetite returns. In that scenario, the demand for defensive, risk-off hedges may decline.

A gold pullback could relieve some pressure on BTC/XAU, potentially restoring Bitcoin’s odds of hitting $140,000 or higher price targets, as predicted by Standard Chartered and other companies.

Finanční regulátor Austrálie, Komise pro cenné papíry a investice (ASIC), vymezil nové účastníky v vznikajících sektorech, jako jsou digitální aktiva, jako problém „regulačního perimetru“ ve své zprávě Klíčové otázky výhledu 2026, čímž naznačil, jak hodlá regulovat krypto subjekty v roce, který nás čeká.

Ve zprávě zveřejněné v úterý ASIC zařadil digitální aktiva vedle plateb a umělé inteligence řízených finančních služeb, přičemž citoval rizika spojená s nelegální činností, klamavým jednáním a podniky, které fungují na okraji stávajících zákonů.

The White House praised President Donald Trump for making the United States the “crypto capital of the world,” and cast the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act as the catalyst in making the country the “global leader in cryptocurrency.”

In a recent post on X, an official communication added, “promises made, promises kept,” to Trump ending the Biden era “crusade to crush crypto.” 

Moving beyond the rhetoric, the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) announced a joint event on Thursday to discuss “harmonization between the two agencies and their efforts to deliver on President Trump’s promise.”

While many in the industry may accept that policy direction has shifted, for others, like Roman Storm, the Tornado Cash co‑founder awaiting sentencing, ongoing prosecutions of developers make it hard to claim the crackdown is truly over. 

In a Monday reply to the White House, Storm said it was encouraging to see America celebrate itself as the crypto capital, but stressed that a genuine leader “isn’t just about stablecoin legislation like the GENIUS Act – it’s about protecting the developers who build the foundational code.” 

The US must protect open-source developers. Source: Roman Storm

A blurred line between code and compliance

The Samourai Wallet case underlines that concern, as founders Keonne Rodriguez and William Lonergan Hill received lengthy prison sentences in November 2025 after US authorities said they facilitated illicit flows through Samourai, despite its non‑custodial design. 

Related: Samourai co-founder claims Biden-era lawfare in calling for Trump pardon

For many builders, the combination of non‑custodial architecture and custodial‑style penalties blurs the line between publishing code and running a financial intermediary. 

It also fuels fears that the next target could be any privacy or decentralized finance (DeFi) tooling that touches US users, regardless of whether developers control customer funds.

That anxiety has already reached Capitol Hill, where Senators Cynthia Lummis and Ron Wyden recently introduced the Blockchain Regulatory Certainty Act to make clear that non‑custodial developers and infrastructure providers who do not control user funds are not money transmitters under federal law.

Max Shannon, senior research associate at Bitwise, told Cointelegraph that the White House’s language was a marker of how far policy has moved from the Operation Chokepoint era of former President Joe Biden, former SEC Chair Gary Gensler and Senator Elizabeth Warren. He pointed to numerous successes of the current administration, from the GENIUS Act to the Crypto Task Force.

Still, he said that Bitwise believes markets are still pricing in a “CLARITY Act discount.” Until a stable division of responsibilities between regulators and thorny issues like DeFi, privacy and yield‑bearing stablecoins is locked in, valuations will reflect residual legal risk.

He sees the definition of “control” in CLARITY’s developer protections as a critical fault line, promising safeguards for those who “do not control customer funds,” but remaining unclear whether that phrase is limited to private key custody or multiple signature (multisig) arrangements, wallets, sequencers and front ends. 

Related: Who gets the yield? CLARITY Act becomes fight over onchain dollars

Unclear custody rules could drive builders offshore

Institutional-grade, non-custodial staking provider Twinstake CEO Andrew Gibb strikes a similar balance. He told Cointelegraph that the GENIUS Act was a “sizable and meaningful step” toward giving institutions clarity to scale their strategies in the US, but stressed that high‑profile cases like Storm’s still send a chilling signal, even if the broader trajectory looks positive. 

Related: How to legally stake crypto in 2025 under the SEC’s new rules

Gibb wants lawmakers to hardwire a clear line between infrastructure providers and financial intermediaries, rooted in custody, control and discretion, and backed up by explicit safe harbors so non‑custodial validators and interface providers are not treated as de facto banks or money transmitters.

If these ambiguities are not addressed at the next markup, he warned, there is “a real risk the US framework will be seen as unpredictable, pushing developers offshore.”

The Senate Agriculture Committee had planned to review the digital asset market clarity (CLARITY) bill on Tuesday, but the session was postponed to Thursday because of winter weather conditions.

Magazine: How crypto laws changed in 2025 — and how they’ll change in 2026

Tether, the issuer of USDt — the largest stablecoin by market capitalization — has officially launched USAt, a US dollar-pegged stablecoin built specifically to operate within the US.

Following an initial announcement last year, Tether confirmed on Tuesday the formal market launch of its USAt stablecoin, with Anchorage Digital Bank serving as the issuer.

Tether describes USAt as a “federally regulated, dollar-backed stablecoin” designed to function under the US GENIUS Act, which established the first federal framework for payment stablecoins in the US in July 2025.

In last September’s announcement, Tether revealed that Bo Hines — who previously led Republican President Donald Trump’s Council of Advisers on Digital Assets — would assume the CEO role at Tether USAt.

USAt now available with listings on Bybit, Crypto.com, Kraken, OKX and MoonPay

At launch, Tether’s new stablecoin is expected to be available on several crypto exchanges and platforms, including Bybit, Crypto.com, Kraken, OKX and MoonPay. 

“USAt is now available to US users seeking a dollar-backed token built to operate within the US’ dedicated federal regime,” the company said.

Source: USAt

Cantor Fitzgerald, a global financial services firm, serves as the designated reserve custodian and preferred primary dealer, ensuring secure asset management and visibility into USAt reserves.

USAt meets institutional demands

The announcement highlighted the operational maturity of Tether as operator of the world’s largest stablecoin, USDt (USDT), as well as compliance with a framework designed for “America’s most demanding institutions.”

“USAt offers institutions an additional option: a dollar-backed token made in America,” Tether CEO Paolo Ardoino said.

“USDT has proven for more than a decade that digital dollars can deliver trust, transparency, and utility at a global scale,” the CEO noted, adding that USAt extends that mission by providing a federally regulated product designed for the US.

Source: Paolo Ardoino 

“With the launch of USAt, we see a digital dollar that is designed to meet federal regulatory expectations,” said Tether USAt CEO Hines.

“Our focus is stability, transparency, and responsible governance, ensuring that the United States continues to lead in dollar innovation,” he added.

Tether tokens in circulation. Source: Tether transparency

At the time of writing, USAt is yet to appear on Tether’s transparency page, which lists four stablecoins developed by Tether, including USDT, the Chinese yuan-pegged CHNt, the Mexican peso-pegged MXNt, and the gold-backed XAUt.

Magazine: How crypto laws changed in 2025 — and how they’ll change in 2026

In a new interview with US media personality Tucker Carlson, gold advocate Peter Schiff has renewed his attack on Bitcoin and the broader crypto industry.

Speaking on Carlson’s show, he argues that Bitcoin (BTC) is a speculative instrument with “no actual use” and warns that proposals for a US strategic reserve amount to a taxpayer‑funded bailout for early adopters. 

Schiff also spends much of the conversation attacking official inflation data and fiscal policy, telling Carlson that Americans are “being lied to” about inflation, and arguing that the government changed the Consumer Price Index so that it could blame the private sector for the higher cost of living, when it was “simply raising prices in response to inflation.”

He singles out President Donald Trump’s signature Big Beautiful Bill as “the worst thing that we’ve done under Trump,” and argues that the legislation not only preserved all the deficit spending under President Joe Biden, but “made it worse” by “increasing government spending” and cutting taxes.

“Complete waste of capital”

Schiff soon turns to the crypto industry and complains about the US government “promoting” it, which is a “complete waste of capital,” and has caused many Americans to “throw their money away” on crypto.

Peter Schiff discusses inflation, gold, and Bitcoin. Source: Tucker Carlson

​When Carlson cuts in to ask, “Why is it throwing it away?” and why betting on Bitcoin is any different from buying gold or stocks, Schiff answers that BTC has “no actual use” beyond speculation and “the only reason anybody wants to buy it” is that “they think the price is going to go up.” “That is the sole source of demand,” he said. 

He added that people who “made money in crypto” only did so because “the crypto that they bought a long time ago went way up,” not because they produced anything of value, or made people’s lives better. 

“How’s that different from buying gold? You’re not making anything. You’re not making anyone’s life better,” Carlson interjects, to which Schiff replies:

“There’s a big difference… [Bitcoin] is never going to earn money in the future. It is a non-income-producing digital asset. It’s got nothing in common with gold.”

Bitcoin: The new global reserve currency?

​Summarizing Schiff’s arguments about the state of the global economy and the decline in purchasing power of the US dollar, Carlson asks why Bitcoin could not become the next global reserve asset as confidence in the dollar erodes.

Schiff dismisses that idea outright, claiming that a Bitcoin strategic reserve is really just a “Bitcoin bailout fund,” trying to use taxpayer money, and alleging that some early holders “were able to pay off a bunch of politicians and get them to support Bitcoin.”

​He argues that both BTC and fiat currencies are ultimately faith‑based, but that central banks cannot rely on Bitcoin because it has no non‑monetary demand and would collapse if they ever tried to liquidate it at scale. 

By contrast, he calls gold “real money” and “a valuable commodity” used in jewelry, aerospace, consumer electronics and medicine, and says that tokenized, fully backed gold on blockchains can deliver internet‑native payments without creating inflation or relying on ever‑rising token prices.

The price of gold has been on a tear lately, reaching a new all-time high over $5,000 an ounce on Monday, amid rising global trade tensions, while the Bitcoin price fell briefly below $86,000, signaling a sharp divergence as the precious metal surged 17% in January.

Big questions: Would Bitcoin survive a 10-year power outage?

Bitcoin (BTC) bear market comparisons are growing as the weekly BTC price chart repeats April 2022.

Key points:

Two long-term BTC price trendlines stage a bearish crossover for the first time since April 2022.

Last time, Bitcoin took around seven months before it hit a long-term bottom.

Against silver, BTC is already at its 2022 bear market bottom level.

Bitcoin “bull market” moving averages flip bearish

New market coverage from trader and analyst Rekt Capital reveals a bearish crossover involving two key BTC/USD trendlines.

Bitcoin is raising fresh questions over a new bear market beginning after its 21-week exponential moving average (EMA) crossed beneath its 50-week equivalent.

The event, which completed at the latest weekly candle close, last occurred in April 2022.

“The Bitcoin Bull Market EMAs have officially crossed over,” Rekt Capital confirmed Monday.

BTC/USD one-week chart with 21, 50EMA. Source: Rekt Capital/X

2022 was Bitcoin’s last true bear market year, coming on schedule in accordance with its four-year price cycle. BTC/USD took until November to find a macro bottom, which came in at $15,600 — a level that has never since been challenged.

The EMA cross has now triggered for the first time in four years, lending weight to 2026 following the four-year pattern and producing a textbook bear market.

As Cointelegraph reported, despite debate over the four-year cycle’s validity given lackluster price action in Q4 2025, bottom targets include a battle for $65,000.

BTC vs. silver echoes 2022 FTX bear market bottom

Continuing the 2022 theme, trader Daan Crypto Trades drew attention to Bitcoin’s overall weakness against precious metals — specifically, silver.

In silver terms, BTC is now back at levels seen at the end of its last bear market, when the collapse of major crypto exchange FTX sparked a mass crypto crash.

“$BTC is now trading at FTX collapse levels relative to $SILVER,” Daan Crypto Trades told X followers Tuesday, calling the chart “insane.”

“It has also taken silver about half the time to make this move, compared to BTC's entire bull trend this cycle. We're getting to 2017-2020 levels on the BTC/Silver ratio.”

BTC/USD vs. silver three-day chart. Source: Daan Crypto Trades/X

The post acknowledged that both Bitcoin and silver had made major gains in US dollar terms since that time, regardless of the current ratio readings.

“Which also just shows what the real reason is for these moves. Depreciation in fiat,” it concluded.

Earlier this month, an analysis argued that Bitcoin had already lost its battle to beat gold as a hedge against fiat currency debasement.

Názor: Scott Stuart, zakladatel Kava Labs

Během listopadu 2025 představitelé OpenAI navrhli myšlenku vládního partnerství, která zněla pozoruhodně podobně jako záchranný balíček. Po výrazné zpětné vazbě se od ní distancovali. Zkušební balón označil to, co už všichni věděli, ale nechtěli to říct nahlas: Největší společnosti v oblasti AI jsou již "příliš velké na to, aby zkrachovaly."

V roce 2024 americká vláda potvrdila tento bod. Po mnohaletém antimonopolním procesu proti Googlu americká vláda zajistila rozhodnutí o odpovědnosti, které zjistilo, že společnost udržovala nelegální monopol, ale nápravná opatření dosud nebyla finalizována, což ukazuje, jak pomalé a nejisté může být vymáhání antimonopolních zákonů.

Stablecoiny představují skutečné riziko pro bankovní vklady jak globálně, tak ve Spojených státech, podle nové zprávy analytiků Standard Chartered.

Zpoždění zákona CLARITY v USA — návrhu zákona, který navrhuje zakázat úroky na držení stablecoinů — je „připomínkou, že stablecoiny představují riziko pro banky,“ řekl Geoff Kendrick, globální vedoucí výzkumu digitálních aktiv ve Standard Chartered, ve zprávě, kterou v úterý viděl Cointelegraph.

„Odhadujeme, že bankovní vklady v USA klesnou o jednu třetinu tržní kapitalizace stablecoinů,“ řekl analytik, když hovořil o trhu stablecoinů navázaných na americký dolar v hodnotě 301.4 miliardy dolarů, jak měří CoinGecko.

Blockchain company Wemade added Chainlink Labs to its Global Alliance for KRW Stablecoins (GAKS), expanding the consortium’s data and oracle infrastructure as it builds compliance-focused rails for won-pegged stablecoins. 

On Tuesday, Wemade announced that Chainlink will provide technical support for data integrity, infrastructure standards and tokenized asset use cases. Wemade said Chainlink’s role will also focus on supporting standardization and enabling alliance members to leverage oracle services. 

The addition follows earlier partnerships with blockchain analytics firm Chainalysis, security auditor CertiK and remittance provider SentBe, which collectively formed the GAKS initiative. 

The move comes as South Korea’s stablecoin policy debate remains unresolved, with authorities divided over issuer eligibility and oversight. GAKS’s focus on infrastructure rather than issuance highlights how industry players are preparing for regulatory clarity while avoiding direct exposure to unresolved policy risks.

Cointelegraph reached out to Chainlink for comment on its future role in the consortium but had not received a response by publication. 

Source: Chainlink

Compliance-first infrastructure, not issuance

GAKS was launched in November 2025 as part of Wemade’s broader push to reset its blockchain strategy after years of operational and regulatory setbacks. 

On Nov. 28, Wemade said the alliance would support StableNet, a dedicated mainnet for KRW-backed stablecoins, acting as a technology and consortium partner while avoiding the role of issuer. 

Within the alliance, Chainalysis would be responsible for monitoring and threat detection, CertiK for node validation and security audits and SentBe for regulated remittance infrastructure across jurisdictions. 

Chainlink’s inclusion adds an oracle layer that can support price data, onchain verification, and other data-driven functions commonly required by institutional digital asset systems. 

“Through close collaboration with Chainlink, we will continue to build a sound KRW stablecoin ecosystem,” said Wemade vice president Kim SukWhan.

Regulatory backdrop shapes industry posture

The infrastructure-first approach also reflects mounting regulatory caution in South Korea. 

At the Asian Financial Forum in Hong Kong, Bank of Korea Governor Lee Chang-yong warned that won-denominated stablecoins could complicate foreign exchange management and capital flow controls, adding friction to ongoing legislative debates over stablecoin issuance rules. 

Lawmakers remain divided over whether only banks should be allowed to issue won-pegged stablecoins or whether non-bank entities should be allowed under regulatory oversight. 

Magazine: Hong Kong stablecoins in Q1, BitConnect kidnapping arrests: Asia Express

A response posted to the US Securities and Exchange Commission’s Crypto Task Force page echoed concerns raised by Ripple that speculation alone should not automatically subject cryptocurrencies to federal securities laws, as lawmakers continue debating the CLARITY Act.

The response, written by digital asset regulation attorney Teresa Goody Guillen and published Monday as public input on the SEC’s website, argued that holding a “passive economic interest,” such as buying a token in hopes its price rises, should not, by itself, trigger securities regulation. Guillen wrote that digital assets should instead be assessed using a broader set of factors applied on a sliding scale.

“I agree with Ripple’s assertion that “[f]rameworks suggesting that a ‘passive economic interest’ alone could trigger securities laws mistakenly conflate speculation with investment rights [...],” Gullen said, citing prior academic work.

She added that her comments were not intended to set out a binding regulatory framework and do not reflect official SEC policy.

The letter is a response to Ripple’s Jan. 9 submission, which flagged multiple concerns in the existing market structure draft bill. It proposed that lawmakers should not consider the term “decentralization” as a governing legal metric, and that passive economic interests should not trigger securities laws, as they mistakenly conflate speculation with investor rights.

SEC Crypto Task Force letter of response to Ripple. Source: SEC.gov

SEC proposes new crypto asset classification

Separately, Guillen published a discussion draft for the “Digital Markets Restructure Act of 2026,” and has not been approved by leadership at the SEC or the Commodity Futures Trading Commission. The draft proposes classifying certain cryptocurrencies as “Digital Value Instruments” when they do not fit neatly into existing categories such as securities or commodities.

Cryptocurrencies would be deemed Digital Value Instruments if they exhibit at least three of five characteristics: free transferability, bearing a passive economic interest to holders, offering limited individual contractual rights to holders, holding a systemic dependency to the enterprise or protocol sponsor, or lacking the ability to discipline or replace the systems affecting the instrument’s value or operations.

SEC Crypto Task Force letter of response to Ripple. Source: SEC.gov

The draft also calls for risk-based jurisdictions for the SEC and the CFTC, federal preemptions for inconsistent state law application and safe harbor provisions to support innovation. 

The publication of the submissions comes ahead of a joint SEC–CFTC meeting scheduled for Thursday to discuss regulatory coordination on digital assets.

Initially set for Tuesday, the “harmonization” event was delayed by two days and will also feature a fireside chat with SEC Chair Paul Atkins and CFTC Chair Mike Selig.

The US Senate Agriculture Committee also delayed its markup for the crypto market structure bill after the US was hit by a severe winter storm.

Magazine: How crypto laws changed in 2025 — and how they’ll change in 2026

Trading 212, jedna z největších online investičních platforem v Evropě, umožnila britským maloobchodním zákazníkům obchodovat s kryptoměnami vázanými na burzovně obchodované poznámky (ETN) bez požadovaného povolení od britského finančního regulátora, podle Financial Times.

Crypto ETN se vrátily na britský maloobchodní trh v říjnu 2025 poté, co Finanční úřad (FCA) zrušil zákaz uložený v roce 2021. Produkty, které sledují cenu digitálních aktiv, jako je Bitcoin (BTC), jsou strukturovány jako dluhopisy a vyžadují specifické regulační schválení, aby mohly být prodávány běžným investorům.