Crypto
crypto
Yaël Bizouati-Kennedy

White House’s long-awaited digital assets report fails to boost bitcoin’s price

Six months after President Trump’s executive order established a working group to create a regulatory framework for crypto, the White House finally released its 166-page report on digital assets this afternoon. Despite its length, it gave very few details on the bitcoin strategic reserve, an issue most insiders are focused on.

The report also failed to boost bitcoin’s price or the overall crypto space. All assets were largely down following its release. 

The report did clarify that there will be two entities: a bitcoin reserve and a  “digital assets” stockpile, but fell short of mentioning which assets would be included in the latter.  The US government holds 198,000 bitcoin, according to Arkham Intel.

The report did answer some questions, such as which entity would take custody of the assets:

“The Reserve and the Stockpile will be administered by Treasury, which will establish an office to administer and maintain control of the associated custodial accounts.”

It explained that both entities will be funded by forfeited digital assets, yet also noted that these need to “satisfy statutory objectives,” which “will continue to be used for those objectives, including to compensate identifiable and verifiable victims of crimes, to support law enforcement operations, to be equitably shared with state and local law enforcement partners, and to fulfill other statutory forfeiture program requirements.”

Finally, the report says that bitcoin in the reserve “will generally not be sold” and that “Treasury and Commerce will develop strategies that could be used to acquire additional bitcoin,” but did not explain which “budget-neutral” tactics this would entail.

Alexander Blume, CEO of Two Prime, told Sherwood News that today’s report largely reiterated existing initiatives, adding that some seem disappointed about a lack of information about a bitcoin strategic reserve.

“I think the report reaffirms the administration’s prioritization of the industry and provides incremental clarity on how the branches of government can best proceed to constructive rulemaking,” he said. “This is not an earth-shattering report, but more of a standard, dull policy document. It’s the slow grind of government bureaucracy, not the bleeding edge of crypto tech.”

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Sage D. Young
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Hyperliquid is the “1,000 pound gorilla in the room” leading year-to-date market gains amid conflict in the Middle East

While the crypto industry has shed $564.3 billion in 2026, Hyperliquid’s native token has bucked the downtrend and jumped 54.8% year to date.

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Yaël Bizouati-Kennedy
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Bitcoin ETFs reverted to outflows and bitcoin suffered $192 million in liquidations in the past 24 hours.

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crypto
Sage D. Young

Payward, parent company of crypto exchange Kraken, puts plans for IPO on hold

Payward, crypto exchange Kraken’s parent company, has paused its plans for an initial public offering until market conditions improve, according to a report from CoinDesk that cited two people with knowledge of the matter. 

Since the firm announced in November its preparation for an IPO of its common stock, the total market capitalization of the crypto industry has shed around $652.2 billion, from $3.2 trillion to $2.5 trillion as of Wednesday, data from CoinGecko shows. 

The news comes two weeks after Kraken received approval for a master account from the Federal Reserve Bank of Kansas City, allowing the crypto exchange to connect to the Fed’s payment infrastructure used by traditional banks and credit unions. 

Last year, Kraken raised $800 million at a $20 billion valuation from institutional investors such as Jane Street and Citadel Securities.

Payward, parent of crypto exchange Kraken, has put its IPO plans on hold

Payward, parent of crypto exchange Kraken, has put its IPO plans on hold

The news comes two weeks after Kraken received approval for a master account from the Federal Reserve Bank of Kansas City, allowing the crypto exchange to connect to the Fed’s payment infrastructure used by traditional banks and credit unions. 

Last year, Kraken raised $800 million at a $20 billion valuation from institutional investors such as Jane Street and Citadel Securities.

crypto
Sage D. Young

SEC and CFTC issue new guidance on how securities laws apply to crypto assets

On Tuesday, the US Securities and Exchange Commission, together with the Commodity Futures Trading Commission, issued an interpretation clarifying how federal securities law applies to crypto assets, a first step toward developing a clearer regulatory framework. 

The interpretive guidance introduces a token taxonomy for different types of cryptocurrencies, with SEC Chairman Paul S. Atkins adding that “most crypto assets are not themselves securities.”

Examples of a digital commodity, “a crypto asset that is intrinsically linked to and derives its value from the programmatic operation of a crypto system that is ‘functional,’” include:

The guidance also includes definitions of digital collectibles (such as NFTs), stablecoins, digital tools, and digital securities (such as tokenized real-world assets and stocks).

This is a monumental step in the mainstream adoption of the industry and clears a hurdle in how crypto can operate going forward, according to David Pakman, head of venture investments at CoinFund. “This will allow new token designs with the confidence that their existence does not require registration with the SEC, etc.,” Pakman told Sherwood News.

Despite the clarification efforts from the two organizations, the market capitalization of the crypto industry has dropped about 2% in the last 24 hours as each of the tokens mentioned in the guidance are trading lower in the period, data from CoinGecko shows.

The joint agency action also complements congressional efforts to turn a crypto market structure framework into law. With the goal of providing regulations on the offer and sale of digital commodities, the CLARITY Act passed the House of Representatives last year and is now sitting in the Senate.

Yaël Bizouati-Kennedy
3/18/26
Citi analysts cut 12-month bitcoin projection to $112,000 from $143,000

The analysts’ bear-case scenario is $57,537, based on “recessionary macro-factors, especially weak equity markets,” which could cause ETF flows to stall.

Bitcoin ice carving

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