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New Fed Era Approaches: What Bitcoin Investors Should Expect Under Warsh

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New Fed Era Approaches: What Bitcoin Investors Should Expect Under Warsh

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Over the last week, Bitcoin has continued to move higher after modest gains pushed prices into the $80,000 zone for the first time since January. The leading cryptocurrency is now reporting an approximately 13% gain over the last month, following the bullish resurgence that began in early April.  Interestingly, the incoming chairman of the US Federal Reserve (Fed), Kevin Warsh, is set to take office by May 15. Given Bitcoin’s and other risk assets’ sensitivity to macro events, speculation continues to roll in about the asset’s future under the US monetary policy director.

Warsh: The Hawkish Policy Maker

In a report by crypto analysts, XWIN Research Japan, Fed Chair-elect Kevin Warsh presents an interesting policy combination for crypto users. The former Fed governor and member of George W Bush’s Economic Team is regarded as a Hawkish regulator focused on proactive inflation control. During his Senate hearing in late April, Warsh may have hinted that there would be no changes to this policy stance, after kicking against speculation that he has agreed to implement rate cuts following his appointment by President Donald Trump.

The incoming Federal Reserve Chairman stressed the independence of the apex bank in monetary policy decisions, despite the President’s pressure for interest rate cuts, which had sparked a year-long public spat with outgoing Chairman Jerome Powell. Bitcoin prices retraced to around $75,000 following Warsh’s statements, which doused hopes of lower interest rates that would encourage liquidity flows to risk assets, e.g., cryptocurrencies. 

According to XWIN Research Japan, Bitcoin has shown significant reactions to general macro policies in recent years. The premier cryptocurrency recorded an historic rally during the quantitative easing period between 2020 and 2021, while the ensuing liquidity-tightening era in 2022 triggered major price corrections. Notably, while Warsh’s statements reflect no urgency to cut interest rates, there is still considerable uncertainty, especially as other aspects of the prospective Fed Chair’s profile remain highly appealing to crypto investors.

Bitcoin
Source: CryptoQuant

Warsh: The Crypto Enthusiast And Bitcoin Fan 

During his Senatorial hearing, Warsh also commended the evolution of digital assets, which he described as “part of the fabric of our financial services.” Mandatory asset disclosures showed that the new Fed Chair maintains active engagement with the cryptocurrency industry, with multiple investments across various projects. 

In particular, XWIN Research Japan reports that Warsh describes Bitcoin as the “digital gold” for younger citizens, which could potentially serve as a regulatory benchmark for digital assets. However, he also expresses significant skepticism toward altcoins, some of which he described as “software pretending to be money.”

Analysts at XWIN predict that Warsh’s preferred hawkish approach may lead to short-term price pressure in Bitcoin. However, his crypto enthusiasm, understanding of Bitcoin, and documented opposition to CBDC development spell well for long-term institutional confidence.

Bitcoin
Total crypto market cap valued at $2.65 trillion on the daily chart | Source: TOTAL chart on Tradingview.com

Featured image from WSJ, chart from Tradingview

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This Finance CEO Is Picking Solana Over Bitcoin And Here’s His Reason Why

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This Finance CEO Is Picking Solana Over Bitcoin And Here’s His Reason Why

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Finance CEO Raoul Pal has expressed a clear preference for Solana over Bitcoin for reasons deeper than a simple asset comparison. The reasons for his latest crypto call go back to one of the crypto market’s biggest talking points: whether the next phase of the crypto industry will be led by Bitcoin’s store-of-value role or by high-speed networks built for mass activity.

Raoul Pal Picks Solana Over Bitcoin

Raoul Pal has never been short on comments relating to cryptocurrencies. However, his most recent Solana over Bitcoin preference came during one of the most closely watched moments from the recently concluded Consensus 2026 event in Miami. The choice was notable because Pal has always been associated with broad macro crypto commentary, and his market views often focus on liquidity cycles, network adoption, and price peaks.

While at the event, Pal said he would choose Solana if he had to pick between Solana and Bitcoin. This choice is mostly due to his belief of where the higher-growth opportunity sits as the crypto industry moves deeper into the AI era. 

Particularly, Pal linked the future of crypto to artificial intelligence and described crypto as the ‘Universal Basic Equity’ of the AI age.

Pal’s preference was attributed to Solana’s high throughput and low transaction costs, which could make it better suited for machine-to-machine microtransactions, AI-based activity, and fast DeFi interactions. Bitcoin, by comparison, functions mostly as a monetary asset, but it was not designed as a high-frequency execution layer for millions of small automated transactions.

SOLUSD currently trading at $93.6. Chart: TradingView

AI Agents Important To Pal’s Solana Preference

Pal also predicted that within five years, AI agents will constitute 60% of DeFi users, surpassing human users. This means that the DeFi niche could have three AI agents for every two human users. 

This idea gives more context to why Solana would appeal to Pal in a direct comparison with Bitcoin. AI agents would likely need networks that can process frequent, low-cost transactions, and this is a niche where Solana has been outperforming Ethereum in recent years.

The idea that Solana might one day outpace Bitcoin in terms of growth is highly unlikely at this point, but it fits a wider theme that dominated Consensus 2026. The conference was heavily focused on AI agents, DeFi, tokenization, stablecoins, and institutional crypto infrastructure, with major players from firms such as JPMorgan and Citigroup in attendance.

Arthur Hayes, Chief Investment Officer at Maelstrom, also offered an interesting take from the Consensus main stage. Hayes noted that crypto doesn’t need regulation and that it exists outside of the system, which is in contrast with the regulatory accommodation on display at the event.

Still on the AI front, Kevin O’Leary also noted at the event the importance of AI with the US’s competition with other countries, while Ripple CEO Brad Garlinghouse also said the company is not thinking about AI as a tool to reduce headcount.

Featured image from Bunq, chart from TradingView

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Bitcoin’s Cycle Evolution Is Here: Lower Volatility, Smarter Accumulation

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Bitcoin’s Cycle Evolution Is Here: Lower Volatility, Smarter Accumulation

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Bitcoin’s market cycle appears to be evolving, with lower volatility and more controlled price action replacing the extreme swings of previous years. Instead of sharp crashes and explosive rallies, the market now seems focused on longer accumulation phases and steadier growth.

Cycles Show Signs Of Structural Evolution

Bitcoin is entering a new era defined by volatility suppression. Crypto analyst Killa highlights that the days of wild, parabolic expansions and euphoric blow-off tops appear to be fading, replaced by more muted and controlled price action. As the asset matures, the explosive growth seen in previous cycles is giving way to a more institutionalized pace of expansion.

This shift in upside momentum inevitably changes the nature of market corrections. Future bottoms are likely to be less violent, moving away from deep capitulation wicks and sudden crashes. Instead, more structured and predictable drawdowns are expected, reflecting a market that is becoming less prone to chaotic deleveraging.

Bitcoin
Source: Chart from Killa on X

The MVRV pricing bands highlight this transition. Unlike previous cycles that aggressively pierced the highest overheated zones, this cycle has stayed well within the upper boundaries. Even during peak bullish phases, the market hasn’t fully stretched into those historical extremes, suggesting a significant change in how value is being realized.

Ultimately, Bitcoin may no longer need to hit the purple/green zones of extreme overvaluation to complete a cycle. By simply nearing these bands rather than overshooting them, the market is demonstrating a newfound equilibrium. This suggests a Great Moderation where both the peaks and troughs of the cycle are becoming permanently compressed.

Bitcoin Remains In Long-Term Accumulation Zone

The current market environment does not support an aggressively bearish stance. According to the analyst, the $65,000 region remains a high-conviction area for spot accumulation, and that perspective holds firm. We are likely navigating a period where patience is rewarded over panic.

We have entered an extended accumulation range, often referred to as the blue zone. This phase is characterized by price chop and occasional dips, providing specific windows to build positions. The analyst suggests this is a time for building structure rather than chasing immediate breakouts.

Historically, Bitcoin spends a significant amount of time consolidating at local lows before a major expansion. We are seeing that same time-based accumulation play out now, but with one key difference noted by the analyst: the downside depth is much shallower than in previous cycles.

In short, there is no need for extreme sentiment in either direction. This is a long-duration ranging phase designed to shake out the impatient. The analyst concludes that investors should use this time to accumulate methodically before the broader bull market resumes its upward trajectory.

Bitcoin
BTC trading at $80,274 on the 1D chart | Source: BTCUSDT on Tradingview.com

Featured image from Pexels, chart from Tradingview.com

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South Korea Confirms 22% Crypto Tax Goes Ahead in January 2027

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South Korea Confirms 22% Crypto Tax Goes Ahead in January 2027

South Korea’s Finance Ministry has confirmed that a long-delayed tax on crypto gains will take effect as scheduled in January 2027.

Moon Kyung-ho, director of the ministry’s income tax division, announced at an emergency parliamentary forum on virtual asset taxation held at the National Assembly Members’ Office Building in Seoul on Thursday, according to South Korea news outlet Edaily. The forum was hosted by Representative Park Soo-young of the People Power Party and the Korea Tax Policy Association.

“We will proceed with virtual asset taxation as scheduled in January next year,” Moon said in what appears to be the first public confirmation from the ministry that the crypto tax framework will move forward after multiple postponements.

Under the current Income Tax Act, profits generated through the transfer or lending of virtual assets will be categorized as “other income” beginning Jan. 1, 2027. Investors earning more than 2.5 million Korean won ($1,800) annually from crypto activities will face a 22% tax, including a 20% income tax and 2% local tax. The rule applies to an estimated 13.26 million investors.

Related: Bithumb wins temporary court stay on South Korea suspension: Report

South Korea prepares tax guidance

Moon said the National Tax Service is currently finalizing guidance on the new system and has held several working-level meetings with South Korea’s five major exchanges, including Dunamu (Upbit), Bithumb, Coinone, Korbit and Gopax, to prepare a draft notice.

He added that the notice would be published for legislative review during 2026. Speaking to reporters after the forum, Moon walked back his use of the word “soon,” clarifying that the notice would arrive sometime this year, not imminently.

Moon Kyung-ho at the National Assembly Members’ Office Building in Yeouido, Seoul. Source: Edaily.

South Korean regulators have delayed the crypto tax twice before, pushing the start date from 2025 to 2027 amid political disagreement and industry pushback over exchange readiness and the threshold level. More recently, the ruling People Power Party proposed a bill to scrap the tax altogether before its 2027 rollout.

Related: Samsung SDS wins deal to build South Korea’s blockchain securities system: Report

South Korea’s crypto industry pushes back on AML rules

As Cointelegraph reported, proposed changes to South Korea’s anti-money laundering (AML) rules have drawn sharp criticism from the country’s crypto industry. DAXA, an industry body representing 27 registered virtual asset service providers, warned that requiring exchanges to flag all overseas-linked transfers of 10 million won or more as suspicious would increase reported cases by 85 times, from around 63,000 last year to over 5.4 million, making compliance unworkable in practice.

The Financial Services Commission and Financial Intelligence Unit proposed the amendments on March 30, with a public comment period running through May 11 and final rules expected in July.

Magazine: South Korea gets rich from crypto… North Korea gets weapons

CLARITY Act: Banking Trade Groups Push For Yield Agreement Revision – Details

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CLARITY Act: Banking Trade Groups Push For Yield Agreement Revision – Details

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US banking trade groups have called for an amendment to the stablecoin yield compromise in the highly anticipated CLARITY Act. This statement comes ahead of an expected markup on the crypto legislation next week. After months of negotiations, legislators, crypto industry players, and US banks reached an agreement on how to adopt stablecoin yield under the incoming regulatory framework. 

In particular, the CLARITY Act will ban all forms of passive, deposit-like interest on stablecoins, effectively preventing competition with traditional bank savings. However, the bill would permit all forms of rewards tied to bona fide activities, including staking, transaction activity, or liquidity provision. Essentially, the aim is to promote a “buy and use” approach towards stablecoins, rather than “buy and hold.”

Banking Unions Move To Close Passive ‘Loopholes’

In an X post on May 8, independent reporter Eleanor Terrett shared a letter by the banking trade groups proposing changes to the stablecoin yield section in the CLARITY Act. The parties to this letter included the American Banking Association, Bank Policy Institute, Consumer Bankers Association, Financial Services Forum, Independent Community Bankers of America, and National Bankers Association

The proposed revisions were primarily aimed at communicating an absolute ban on passive interest and preventing any deposit flights from traditional financial institutions. As seen below, these included grammatical adjustments, particularly within Section 404(c)(1), where the unions proposed replacing the phrase “functional and economic equivalent” with “substantially similar” in defining passive deposit income yield and stablecoin-related yield mechanisms.

There is also a recommendation to completely omit subsection (3)(B), which they claim introduces an ambiguity that undermines the main objective of the compromise. However, it’s unlikely these recommendations will receive much attention, as lawmakers have largely shifted their focus to other aspects of the CLARITY Act. In particular, Terrett reports a Senate aide describing the efforts of trade groups as “pretty milquetoast.”

CLARITY Act Approaches Key Mark-Up Stage

In other developments, the US Senate Committee on Banking, Housing, and Urban Affairs is set to hold a markup session for the CLARITY Act on Thursday, May 14, at 10:30 AM EST, reported by Terrett in a separate post.

During this process, the committee members are expected to review the bill, debate proposed amendments, and vote on whether the legislation should advance to the full Senate for consideration. Following approval by the committee, the CLARITY Act must pass through a full Senate vote and subsequently secure approval in the House of Representatives before reaching the President’s desk to be signed into law.

CLARITY Act
Total crypto market cap valued at $2.65 trillion on the daily chart | Source: TOTAL chart on Tradingview.com

Featured image from Dreamstime, chart from Tradingview

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

What Happened in Crypto Legal News this Week

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What Happened in Crypto Legal News this Week

Alex Mashinsky will be representing himself as Celsius executive prepares for sentencing

On Wednesday, lawyers representing Alex Mashinsky moved to withdraw as attorneys in the case, saying that the former Celsius CEO would be “proceeding pro se” — representing himself in court. Mashinsky was sentenced to 12 years in prison for his role in fraud and price manipulation at the crypto lending platform.

Source: PACER

Roni Cohen-Pavon, Celsius’ former chief revenue officer, is scheduled to be sentenced on May 13 after pleading guilty in September 2023. On May 4, US prosecutors recommended that the judge consider Cohen-Pavon’s “substantial assistance” to the government at sentencing, signaling leniency.

Celsius, along with cryptocurrency exchange FTX, filed for bankruptcy in 2022 amid a crypto market downturn that saw the collapse of many companies.

Washington city passes ban on crypto kiosks, Iowa restricts activities

On Tuesday, the city council of Spokane Valley in Washington voted unanimously to approve an ordinance prohibiting virtual currency kiosks and ATMs. The ban, proposed in response to many residents being the victims of crypto-related scams, followed many other jurisdictions passing similar measures.

The ordinance imposes a $250 civil penalty for anyone in noncompliance, and gives officials the authority to revoke the business license of any operator found to be in violation. Entities hosting the kiosks and ATMs have 30 days to be in compliance.

Spokane Valley’s actions preceded Iowa Attorney General Brenna Bird announcing on Wednesday that the state would “establish rigorous oversight for crypto ATMs” in an effort to protect residents from scammers. The law, SF2296, adds crypto kiosks to Iowa’s financial regulatory framework, giving state authorities the ability to impose civil penalties and injunctions on operators.

US authorities request forfeiture of $10 million connected to former FTX CEO

In a Thursday filing in the US District Court for the Southern District of New York, prosecutors overseeing the criminal case against Sam “SBF” Bankman-Fried requested that $10 million in assets recently located be used toward the former FTX CEO‘s forfeiture.

SDNY US Attorney Jay Clayton filed a motion of forfeiture after authorities located $10 million in cash tied to SBF held in an account at Fiduciary Trust Company. According to Clayton, the funds represented “the return of the investment made by [Bankman-Fried] in Semafor.”

Following his conviction and sentence to 25 years in prison, Bankman-Fried was ordered to pay more than $11 billion in forfeiture as part of his role in defrauding FTX users and investors. Clayton said that the judgment “remains unpaid” amid SBF awaiting the result of an appeal.

LayerZero says it ‘made a mistake’ in $292 Million Kelp exploit

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LayerZero says it ‘made a mistake’ in $292 Million Kelp exploit

LayerZero said late Friday U.S. time that it “made a mistake” allowing its own verification infrastructure to secure high-value crypto assets in a vulnerable configuration, marking a notable shift in tone after weeks of blaming developer Kelp DAO for a $292 million hack tied to North Korean attackers.

The admission marks a notable shift after weeks of public finger-pointing between LayerZero and Kelp over responsibility for the April hack, which LayerZero had initially framed as an application-level configuration failure by Kelp.

“First things first: an overdue apology,” LayerZero wrote in a blog published Friday.

LayerZero initially blamed Kelp, arguing the protocol had chosen a risky “1-of-1” configuration in which only a single decentralized verifier network, or DVN, needed to approve cross-chain transfers, creating a single point of failure. A DVN is part of the infrastructure that verifies whether a transaction moving assets between blockchains is legitimate.

“We made a mistake by allowing our DVN to act as a 1/1 DVN for high-value transactions,” the company said. “We didn’t police what our DVN was securing, which created a risk we simply didn’t see. We own that.”

To counter this, LayerZero Labs said its DVN will no longer service 1/1 DVN configurations. Additionally, “all defaults on all pathways are being migrated to 5/5 where possible and no less than 3/3 on any chain where only 3 DVNs are available,” the blog said.

Cross-chain bridges act like digital transfer rails between otherwise separate blockchain networks, but have long been among crypto’s most vulnerable pieces of infrastructure.

LayerZero maintained that its underlying protocol was not compromised and reiterated that developers are ultimately responsible for configuring their own security assumptions.

“The LayerZero protocol remained unaffected,” the company said, attributing the exploit to an attack on internal RPC infrastructure used by the LayerZero Labs DVN, while external RPC providers were simultaneously hit with distributed denial-of-service attacks.

Additionally, Layer Zero said that three and a half years ago, one of its signers on our multisig used their multisig hardware wallet to perform a personal trade, intending to use their own personal hardware wallet. It is taking action against such moves and said, “This is obviously not ok.”

“This signer was removed from the multisig, wallets rotated, and we’ve since updated our security practices around signing devices, added localized anomaly detection software on each device, and created a custom-built multisig called OneSig.”

Competitors, including Chainlink, are using the fallout to win business from protocols rethinking their security providers.

Kelp has already moved its rsETH bridge to Chainlink’s competing Cross-Chain Interoperability Protocol, while Solv Protocol said this week it is migrating more than $700 million in tokenized bitcoin infrastructure away from LayerZero following a fresh security review.

CLARITY Can Bring Crypto Industry Back to US: Attorney

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CLARITY Can Bring Crypto Industry Back to US: Attorney

Passing the Digital Asset Market Clarity Act of 2025, also known as CLARITY, will help to reshore the crypto industry in the United States, according to Bill Hughes, the senior counsel and director of global regulatory matters at Consensys, a crypto infrastructure company. 

“The US dollar is the world’s largest fiat on-ramp for cryptocurrency, accounting for over $2.4 trillion in volume between July 2024 and June 2025,” Hughes said.

However, the vast majority of crypto trading volume takes place on exchanges based outside of the United States, Hughes said, adding that Binance alone accounted for over 38% of all centralized exchange trading volume in December 2025.

Coinbase was the only US-based exchange out of the 10 listed on Coingecko’s top 10 centralized exchanges report for 2025, and it only had a 6.1% market share. 

Top 10 centralized crypto exchanges by trading volume in 2025. Source: Coingecko

Passing the CLARITY Act would cement clear rules for the crypto industry in the US, formally ending years of regulatory uncertainty for the sector and encouraging projects to build in the US; however, time is running out for passing the bill, according to Hughes and other crypto industry executives.

Related: US senator says crypto market structure vote may happen by August

The window to pass the bill is closing due to midterms

The window to pass crypto market legislation is “unforgiving” due to the upcoming US midterm elections in November and the midterm campaign season preceding the elections, Hughes said. 

“The Senate has only weeks to move the bill before the August recess, after which the midterm election calendar takes over,” he said. 

If no progress is made on the bill, the next opportunity to pass a comprehensive crypto market regulatory framework may not occur until 2030, he warned.

The Senate Banking Committee has scheduled a markup for the bill on Thursday of the week following this publication. 

Speaking at the Consensus 2026 crypto industry conference in Miami, Florida, Brad Garlinghouse, the CEO of crypto software company Ripple Labs, warned that despite recent progress on the bill, its passage into law still isn’t guaranteed. 

A HarrisX poll found that a majority of those surveyed supported the CLARITY Act. Source: HarrisX

A poll published by HarrisX in May found that 52% of the 2,028 registered US voters surveyed supported passing the CLARITY Act.

“Support for the CLARITY Act crosses party lines,” according to HarrisX, which found that the bill had strong support in both the Democratic and Republican political parties.

Magazine: Will the CLARITY Act be good — or bad — for DeFi?

Designing the Future of Retail Checkout Customisation

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Designing the Future of Retail Checkout Customisation

At the Retail Technology Show, the conversation surrounding the evolution of the point-of-sale experience centered on a single fundamental concept: choice. Craig Bevan, UK&I Country Manager at 4POS, joined the discussion to explain how the company is moving beyond standard supplier ranges to provide retailers with truly tailor-made checkout solutions. Rather than offering minor adjustments to existing hardware, Bevan highlighted how 4POS designs checkout environments from a blank piece of paper to align perfectly with the specific customer journeys each retailer aims to provide.

This level of personalisation is becoming increasingly critical as retailers seek to simplify the checkout experience while expanding payment options. Bevan noted that because no single company can provide everything to everyone, 4POS operates with an agnostic approach, working closely with various partners to integrate the best available technologies. By acting as a bridge between diverse innovations, the firm is able to deliver a complete package that fits the unique requirements of a retailer’s brand and customer base.

A major driver of this current shift is the rapid advancement of AI within the retail space. Bevan explained that 4POS is actively preparing its clients for this transition by incorporating exciting new AI elements into their bespoke designs. By combining these emerging technologies into a unique format, retailers can offer a seamless and modern journey that stays ahead of shifting consumer expectations in the payments landscape.

Key Highlights from Craig Bevan:

  • Tailor-Made Design: Bevan discusses how 4POS differentiates itself by designing checkout solutions from scratch to meet the exact needs of a retailer’s specific customer journey.

  • The Agnostic Advantage: Why working with a diverse range of partners allows 4POS to take “the best of the rest” and package it into a unique, high-performance solution for clients.

  • The AI Drive: Insights into how 4POS is integrating various AI innovations to ensure retail clients are prepared for the next generation of automated and intelligent checkout experiences.

  • Prioritising Choice: A look at why offering flexibility and personalisation is the most effective way to help retailers simplify the checkout process while still catering to varied customer preferences.

BlackRock deepens tokenization push with new onchain fund offerings

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BlackRock deepens tokenization push with new onchain fund offerings

BlackRock (BK), the world’s largest asset manager, overseeing $14 trillion in assets, is deepening its push into tokenized finance with a pair of new filings tied to blockchain-based U.S. Treasury and money-market funds.

In a Friday filing with the U.S. Securities and Exchange Commission (SEC), the asset management giant proposed launching the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, a new fund that invests in cash, short-term U.S. Treasury securities, and overnight repurchase agreements backed by Treasuries.

The fund would issue “OnChain Shares” through a permissioned system connected to multiple public blockchains. Securitize Transfer Agent LLC will maintain the official ownership records for those tokenized shares. According to the filing, the transfer agent will use a permissioned framework tied to public blockchain networks, while maintaining offchain records linking wallet addresses to investor identities.

The filing did not disclose which blockchains the fund will initially support. Investors would face a $3 million minimum investment.

Separately, BlackRock also filed paperwork to create an onchain share class for its BlackRock Select Treasury Based Liquidity Fund, a traditional money-market fund with nearly $7 billion in assets under management.

That filing outlined how the fund’s transfer agent, BNY Mellon Investment Servicing, would maintain official ownership records on Ethereum using ERC-20 token standards. Blockchain records, combined with offchain identity systems linking wallets to investors, would serve as the official shareholder registry.

The filings deepen BlackRock’s push into tokenized finance, one of the fastest-growing areas of digital assets. Tokenization refers to creating blockchain-based representations of traditional financial assets such as funds, bonds or equities. Advocates say the technology can speed up settlement, enable round-the-clock trading and improve transparency.

The tokenized real-world asset market has grown more than 200% over the past year and now exceeds $30 billion, according to rwa.xyz data. A report by Boston Consulting Group and Ripple projected the market could reach $18.9 trillion by 2033.

BlackRock CEO Larry Fink has repeatedly backed tokenization as a way to modernize financial infrastructure. In 2024, the firm launched its first tokenized money-market fund, BUIDL, with Securitize (CEPT). The fund has since grown to roughly $2.5 billion in assets and is increasingly used across crypto markets as collateral for borrowing and leveraged trading.

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