U.S. crypto markets are positioning for renewed capital inflows as SEC Chairman Paul Atkins moves to replace enforcement pressure with defined rules, signaling a potential return of sidelined liquidity and domestic activity. US Crypto Markets Brace for Liquidity Surge as SEC Rulemaking Era Begins A shift in U.S. crypto oversight is taking shape. SEC Chairman […]
Littlepay, Google, and Go-Ahead Launch Global First for Prepaid Transit Passes in Digital Wallets
In a pioneering collaboration, payment processing specialist Littlepay has joined forces with Google and the Go-Ahead Group to introduce a new alternative to physical transit passes. Passengers travelling on Go-Ahead’s Brighton & Hove Buses can now purchase and utilise prepaid travel passes directly within their Google Wallet interface.
The system operates much like standard pay-as-you-go contactless payments, allowing users to simply tap their phone upon boarding. By removing the necessity to download operator-specific apps, search for QR codes, or print paper tickets, the initiative aims to make everyday travel simpler and highly convenient for passengers.
Scaling the CAATT model
This launch represents the very first deployment of Littlepay’s Card As Authority to Travel (CAATT) model specifically tailored for prepaid passes, with Go-Ahead executing the inaugural live use of this technology. When a passenger taps their device, Littlepay instantly links the digital wallet to the specific travel right, ensuring that no additional fares are charged while the prepaid pass remains valid.
The Go-Ahead network, which boasts a fleet of 5,000 vehicles and currently processes more than 45 million transactions annually, serves as an ideal environment to test and scale this payment infrastructure. The pilot project is actively expected to pave the way for a broader rollout across other Go-Ahead operators and the wider Littlepay ecosystem, demonstrating how local innovations can quickly scale globally.
Building upon Google Transit Insights
This latest development builds directly upon the earlier success of Google Transit Insights, a service that seamlessly integrates features traditionally found in a mobility app right into the digital payment wallet. Earlier in 2025, Go-Ahead completed a UK-wide rollout of Transit Insights, empowering passengers across the nation to access their journey and payment information seamlessly.
According to the partnering firms, integrating prepaid passes aligns with rapidly evolving consumer behaviours, as contactless payments and digital wallets become increasingly central to daily life. The partners also noted that this seamless integration between digital wallets, ecommerce platforms, and contactless travel paves the way for future enhancements, including support for concessionary travellers to verify their status and access discounted travel directly through the wallet.
Industry perspectives
Sarah McLaughlin, senior business development manager at Littlepay, highlighted the milestone achievement for the sector. She described the launch as a global first for public transport, demonstrating a future of digital travel that is simple, inclusive, and highly convenient.
Sean McLaughlin, group senior solutions manager at the Go-Ahead Group, noted that the extensible and low-friction solution developed alongside Littlepay and Google marks a highly positive step forward. He highlighted that the move shows the vast scope for further improvements against the backdrop of successful Open Loop transit payments.
Additionally, Jonathan Hill, head of transit partnerships at Google Wallet, emphasised the practical benefits for everyday commuters. He explained that enabling monthly ticket purchases adds a significant layer of convenience, effectively complementing the existing ability for users to securely track their pay-as-you-go spending and monitor their progress towards daily and weekly travel caps directly within the app
Strive (ASST) Accumulates 13,600 Bitcoin Despite $393 Million Loss In First Six Months As Public Company
Strive, Inc., the corporate treasury firm founded by Vivek Ramaswamy, reported that it amassed 13,628 bitcoin as of March 17, 2026, placing the company among the top 10 corporate holders globally.
The accumulation came in the roughly six months following Strive’s September 2025 public listing, even as the company posted a GAAP net loss of $393.6 million for the period ending December 31, 2025.
The bulk of Strive’s bitcoin holdings came from multiple sources. Initial private investment proceeds and stock exchange activity contributed 5,886 bitcoin, while the acquisition of Semler Scientific, Inc. added approximately 5,048 bitcoin, the company said.
Semler Scientific had built its own digital asset reserve prior to the acquisition. An additional 2,694 bitcoin came from capital markets activity, including public offerings of Strive’s Variable Rate Series A Perpetual Preferred Stock (“SATA”), follow-on offerings, and at-the-market issuances.
Strive’s losses
Strive’s financial statements highlighted the tension between aggressive asset accumulation and market volatility. The firm’s GAAP net loss largely stemmed from non-cash items. Unrealized losses on bitcoin holdings accounted for $194.5 million, or nearly 50 percent of the total GAAP deficit.
Impairment of goodwill and intangible assets tied to the Semler acquisition added $140.8 million, and transaction-related expenses contributed $12.4 million. Adjusted for these items, the company’s non-GAAP loss attributable to common shareholders narrowed to $208.2 million, or $4.73 per diluted share.
Management introduced a proprietary metric, “Bitcoin Yield,” to measure the performance of its digital asset portfolio. By that measure, Strive reported a 22.2 percent yield in Q4 2025 and 13.8 percent quarter-to-date through mid-March 2026, equating to bitcoin gains of 1,305 and 1,050 coins, respectively. In dollar terms, these gains translated to $114.3 million and $78.2 million over the same periods.
The company financed its bitcoin strategy largely through structured finance products. Strive raised $148.4 million in net proceeds from its initial SATA preferred stock offering in November 2025, priced at $80 per share.
A follow-on offering in January 2026 generated $109.2 million at $90 per share. Proceeds were used to retire a $20 million loan from Coinbase Credit Inc., assumed as part of the Semler acquisition, and to exchange preferred shares for $90 million of Semler’s convertible debt.
Strive’s acquisition of Semler Scientific also included an operating business now held under a wholly-owned subsidiary, Clinivanta, focused on preventative healthcare.
The company appointed Michelle Fox, formerly Chief Medical Officer of Teleflex, as CEO of Clinivanta in February 2026, signaling an intent to develop the business alongside its primary focus on bitcoin accumulation.
Chairman and CEO Matthew Cole framed the results as a validation of Strive’s structured finance approach. “The most important success in our first six months as a public company was cementing our foundation as a structured finance company laser-focused on digital credit,”
Cole said. He emphasized that the SATA instrument provides a liquid, scalable solution for investors seeking double-digit yield with minimal volatility, aligning with Strive’s strategy of balancing bitcoin accumulation with broader financial operations.
As of March 17, 2026, Strive held $83.7 million in cash and $50.4 million in fair value of STRC preferred stock.
Coinbase User IRS Block Petition Dismissed After Procedural Failure
A California court on Wednesday dismissed a Coinbase user’s attempt to block an IRS summons for his financial records, in at least the second such case in the past year to fail to reach trial.
Roger Metz filed a petition in the Northern District of California in May 2025 to quash an IRS summons ordering Coinbase to hand over his financial records in connection with an audit of his 2022 federal tax return.
His lawyers argued the summons violated his privacy rights, was overbroad and failed to meet basic administrative requirements.
Metz’s lawyers also contended that by the time the IRS issued the summons in 2024, he had already identified the error himself, filed an amended return, and paid the additional tax owed.
US District Judge Araceli Martínez-Olguín ruled against Metz on Wednesday, finding that he had failed to notify the required government officials of the petition within the 90-day window and dismissed the case on procedural grounds.
Under the Federal Rules of Civil Procedure, defendants must be formally notified of lawsuits to ensure they receive notice and the opportunity to respond. In this case, suing the federal government required notifying three parties within 90 days of filing: the local US Attorney for the district, the US Attorney General in Washington, D.C., and the specific agency being challenged.
Case dismissed over “insufficient service of process”
Metz acknowledged serving the US Attorney’s Office for the Northern District of California and the IRS, but admitted he did not notify the US Attorney General in Washington within the 90-day deadline, according to the court documents. Government lawyers argued it was sufficient grounds for dismissal.
“In his opposition brief, Metz does not offer any explanation for his failure to serve the United States within 90 days after filing his petition, much less that he had good cause,” Judge Martínez-Olguín said in her ruling.
“Dismissal of a case is proper when there is insufficient service of process,” she added.
The case was dismissed without prejudice, meaning Metz could file the same petition again at a later date.
Exchanges are required to share user data with tax agencies
Major crypto exchanges are legally required to collect user information and report the taxable income to the IRS, according to Miles Brooks, the director of tax strategy at tax software company CoinLedger.
Related: SEC Chair explains why NFTs fall outside of securities laws
The agency can also issue “John Doe summons,” which are used to identify large groups of unidentified taxpayers by legally compelling crypto exchanges to turn over records for customers within specific parameters, such as those who transacted $20,000 or more between 2016 and 2020.
In a related case last year, James Harper accused the IRS of violating his Fourth Amendment rights after the agency used a John Doe summons to collect his data from a crypto exchange. The Supreme Court declined to hear his case.
Magazine: Clarity Act risks repeat of Europe’s mistakes, crypto lawyer warns
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5 Ways The Fed’s Basel III Pivot Unlocks Institutional Bitcoin Custody
Today, the Federal Reserve Board released a trio of proposals to modernize the U.S. capital framework which, if adopted, could fundamentally alter the cost and accessibility of institutional Bitcoin services. While the 14-page Board memorandum focuses on the technicalities of the “Basel III Endgame” and “GSIB surcharges,” our analysis suggests the most significant development for corporate treasuries is hidden in the proposed recalibration of operational risk.
1. Shattering the “Toxic Asset” Capital Barrier
For years, the primary hurdle for corporations looking to hold Bitcoin through traditional banks has been the “advanced approaches” to capital requirements. These internal, model-based assessments often resulted in punitive capital hits for digital asset activities, effectively labeling them “toxic” on a bank’s balance sheet. Under previous interpretations of the Basel SCO60 standard, certain digital assets were hit with a 1,250% risk weight… This proposal seeks to move beyond those models by recommending the elimination of the advanced approaches entirely for Category I and II firms. In their place, the Fed proposes a single, “expanded risk-based approach” designed to be more consistent and risk-sensitive across all asset classes.
In practice, a 1,250% risk weight combined with an 8% minimum capital ratio creates a 100% capital requirement. This “dollar-for-dollar” mandate made bank intermediation uneconomic, functioning as a de facto prohibition rather than objective risk management. Today’s proposal recommends eliminating the advanced approaches entirely for Category I and II firms. In their place, the Fed is introducing a single, “expanded risk-based approach” designed to be more consistent and risk-sensitive.
2. The Massive “Custody Service” Win
Critically, the proposed framework for operational risk is designed to “appropriately reflect business activities,” specifically naming custody services as a key area for this recalibration. The Fed staff noted that certain elements of the previous framework resulted in “excessive requirements for traditional banking activities.”
If Bitcoin custody is treated under this broader service definition, it would allow Tier 1 banks to offer these services without the prohibitive capital overhead that has previously driven up fees for corporate clients. By ensuring that operational risk requirements for custody are better aligned with actual historical risk, the Fed is signaling a move away from using punitive weights as a normative judgment.
3. A 4.8% Liquidity Injection and G-SIB Indexing
Got it. Keeping your structure intact, here is the updated Section 3 with the technical refinements (G-SIB indexing and capital relief) and the original bullet formatting you preferred.
3. A 4.8% Liquidity Injection and G-SIB Indexing
Perhaps the most notable projection for institutional adoption is the estimated impact on bank balance sheets. According to the Board memo, the cumulative impact of these proposals—including revisions to stress testing—is projected by staff to decrease the aggregate common equity tier 1 (CET1) capital requirements for Category I and II firms by 4.8 percent.
This reduction provides the nation’s largest banks with the capital “breathing room” necessary to expand into new service lines. For a corporate treasurer, this means:
- Increased Competition: More Tier 1 banks will have the capacity to offer digital asset services without hitting capital ceilings.
- Lower Fees: Reduced capital burdens on banks typically translate to more competitive pricing for fee-based services like custody.
- G-SIB Indexing: By indexing surcharges to economic growth, the Fed prevents “bracket creep,” ensuring banks aren’t penalized simply because the market value of the Bitcoin they hold grows over time.
- Regulatory Predictability: Moving to a “single set of risk-based capital calculations” provides the standardized environment corporate boards require for long-term strategic allocations.
4. Streamlining Through a Single Standard
The proposal aims to “substantially simplify the framework” by subjecting firms to a single set of risk-based capital calculations. This is intended to reduce the “regulatory lottery” where different banks faced vastly different costs for the same custody service due to overlapping or conflicting rules. For a corporation, this could ensure that Bitcoin custody becomes a more transparent, standardized banking product that fits within existing Basel market-risk and operational-risk frameworks.
5. Reversing the “Non-Bank” Migration
The Fed staff explicitly noted that excessive capital requirements in previous years may have accelerated the migration of certain banking activities to unregulated “non-banks.” According to the memo, these proposed revisions are intended to “support on-balance sheet lending and services” by regulated banks, potentially reversing some of that migration.
By bringing activities like high-scale custody back into the regulated banking fold, the Fed appears to be providing the “safe and sound” institutional infrastructure that many corporations have sought. This shift suggests an acknowledgement that transparent and liquid assets—including Bitcoin—benefit from being housed within the oversight of the federal banking system.
Conclusion
The Fed’s proposal represents a significant step toward “increasing the efficiency of capital allocation” and “reducing burden” across the U.S. banking system. By modernizing the risk weights for custody and streamlining the overall capital framework, the Federal Reserve is proposing the removal of several structural barriers that have long separated Wall Street from the digital asset ecosystem. While the final impact will depend on the results of the 90-day public comment period, the path to institutional-grade, bank-provided Bitcoin services appears significantly clearer than it did yesterday.
Disclaimer: This content was prepared on behalf of Bitcoin For Corporations for informational purposes only. It reflects the author’s own analysis and opinion and should not be relied upon as investment advice. Nothing in this article constitutes an offer, invitation, or solicitation to purchase, sell, or subscribe for any security or financial product.
Major League Baseball signs prediction markets pacts with CFTC, Polymarket
The U.S. federal regulator of prediction markets has secured a formal information-sharing arrangement with Major League Baseball in the Commodity Futures Trading Commission’s first such deal with a professional sports governing body, according to a Thursday statement.
The “landmark” collaboration will allow the U.S. derivatives regulator to swap information with the organization that oversees professional baseball, even as the CFTC is still immersed in a legal debate with several U.S. state gaming regulators on who should have jurisdiction over bets on sporting events. The new memorandum of understanding will allow the federal agency to get a better handle on shielding the markets and their users from “fraud, manipulation, and other abuses,” according to a statement from CFTC Chairman Mike Selig.
“The MOU is a collaborative step towards promoting the integrity and resilience of the prediction markets relating to professional baseball,” he said.
“Protecting the integrity of the game on the field is our top priority,” MLB Commissioner Rob Manfred said in a Thursday statement. “By engaging in this community, we are able to work together to create clear boundaries with the goal of mitigating risk while providing fan engagement opportunities.
At the same time, popular platform Polymarket announced that MLB had named it the league’s official “exclusive prediction market exchange partner.”
The prediction markets — led by such companies as Polymarket and Kalshi — have erupted into sports, politics and other current events, leaving state and federal regulators trying to address their growing popularity. Though the CFTC had previously resisted the sector’s arrival and challenged some of its activity on legal grounds, the agency’s new management set by President Donald Trump embraced the technology.
To that end, Selig has been waging a rhetorical battle with state regulators, claiming that his agency’s authority supersedes the states’ reach on sports gambling.
Manfred told ESPN he saw the federal regulator having jurisdiction as marking the chief distinction that sets prediction-markets activity apart from state-based sports gambling regulations.
“The fact that you have a federal regulatory scheme makes our life a lot easier as opposed to … take for example, sports betting, where you’re going state by state,” he told the news outlet.
Innovate Finance Warns Bank of England Proposals Could Kill the GBP Stablecoin and Risk ‘Dollarisation’
Giving evidence to the House of Lords, Adam Jackson, chief strategy officer at Innovate Finance, outlined the critical growth opportunities and severe risks currently facing the UK stablecoin sector. In its formal submission, the industry body warned that under the current regulatory proposals put forward by the Bank of England, the UK will completely fail to launch a GBP stablecoin.
According to Innovate Finance, this regulatory failure could severely harm domestic economic growth, reduce broader productivity, and drastically increase the nation’s reliance on foreign currencies.
The looming threat of dollarisation
This mounting risk of foreign currency reliance has been dubbed ‘dollarisation’ by the industry body. During his session, Jackson highlighted the massive opportunities for a UK stablecoin industry to compete on the global stage, provide innovative services to UK businesses and markets, and firmly ensure a GBP presence within the wider global stablecoin ecosystem. However, he cautioned that the current regulatory trajectory actively undermines these national ambitions.
“The regulators’ proposals create the risk that: we will not have any GBP stablecoins; we will not have any global British stablecoin payments firms; US firms and the dollar will dominate,” Jackson stated.
He further stressed the chilling effect these proposals are already having on capital allocation. Jackson noted that the firms Innovate Finance works with simply would not invest in UK stablecoin services or products if the current proposals are officially introduced.
Breaking down the regulatory barriers
Innovate Finance specifically identified the top regulatory barriers created by the Bank of England’s current framework.
Chief among these concerns are the proposed holding limits for users. Although positioned by regulators as a mere “transitional measure,” Innovate Finance argues these limits will prove operationally complex and extremely expensive to implement. The body asserts that absolutely no one will invest in GBP stablecoins while these strict holding limits remain in force.
Furthermore, the stringent requirements surrounding backing assets are causing deep industry concern. The current mandate requires 40 per cent of a stablecoin’s backing assets to be held as unremunerated Bank of England deposits. According to Innovate Finance, this heavy requirement essentially renders existing stablecoin business models entirely unviable and globally uncompetitive.
Finally, the industry body pointed to the restrictive stance on institutional issuers. Jackson highlighted that under the current proposals, the Bank of England is maintaining an outright ban on UK commercial banks issuing stablecoins. Innovate Finance is firmly arguing that this ban should be lifted to foster a competitive and dynamic domestic digital asset market.
Celo Proposal Aims to Hand Browser Firm Opera 160M CELO to Cement Long-Term Stakeholder Role
Celo Core Co. has proposed transferring 160 million CELO to Opera, aiming to convert a high-performing partnership into a long-term, incentive-aligned network stake. Opera’s Minipay Success Spurs Celo’s Largest Governance Proposal Yet The proposal, published Thursday on the Celo Forum, outlines a one-time allocation from the protocol’s unreleased treasury to an Opera-controlled Safe, replacing recurring […]
Kraken Pro expands margin trading to 44 pairs in largest leverage expansion: Kraken
Kraken Pro has rolled out its largest single margin leverage expansion, adding support across 44 trading pairs including stablecoins, gold tokens, BTC and ETH regional pairs, mid-cap assets, and DeFi blue-chips.
Kraken Pro has expanded margin leverage across 44 trading pairs, marking the exchange’s largest single leverage expansion to date. The expansion spans four distinct asset categories: stablecoins, gold tokens, BTC and ETH regional pairs, mid-cap assets, and DeFi blue-chips. The rollout is designed to allow traders to size positions that better reflect their conviction without hitting leverage limits.
The expansion builds on Kraken’s recent push to grow its margin trading offerings. The exchange previously increased collateral currency options and added new margin pairs including MON and NIGHT, bringing the total number of available margin markets to over 240. The latest expansion reinforces Kraken Pro’s positioning as a platform for advanced traders seeking deeper leverage access across multiple asset classes.
Sources: Kraken Blog | Kraken Pro
This article was generated automatically by The Defiant’s AI news system from publicly available sources.
Bitcoin Price Falls Below $70,000 On Oil Spike, Fed Hold
Bitcoin price fell below the $70,000 level on Thursday, pressured by a surge in energy prices and a steady stance from the Federal Reserve that reinforced a stronger dollar and dampened appetite for risk assets.
The largest cryptocurrency traded near $69,500, extending losses from the prior session as crude oil markets spiked amid escalating conflict in the Middle East. Brent crude climbed above $114 per barrel, while Oman crude surged as high as $150, reflecting fears of supply disruptions after attacks on key energy infrastructure tied to tensions between Iran and Israel.
The macro shock rippled across markets. European natural gas futures jumped sharply, while Nasdaq-100 equity futures slipped, signaling broader weakness in risk assets. Bitcoin price declined roughly 4% in the 24-hour period, according to Bitcoin Magazine Pro data.
Pressure on crypto intensified after the Federal Reserve held its benchmark interest rate steady at 3.50%–3.75% following its March meeting.
While the decision was widely expected, policymakers struck a cautious tone as geopolitical risks and rising energy costs threaten to keep inflation elevated.
That shift has altered expectations for monetary policy. Market pricing now reflects limited chances of rate cuts in 2026, with some traders even assigning a small probability to further tightening. Higher-for-longer rates tend to weigh on assets like Bitcoin by increasing the appeal of yield-bearing instruments and strengthening the dollar.
Bitcoin price sell off
Bitcoin price price briefly climbed above $75,000 earlier this week before sliding sharply over the past few days to fall back below $70,000.
The sell-off extended beyond crypto. The S&P 500 and global equities declined, while gold also pulled back from recent highs despite ongoing conflict, suggesting investors are reducing exposure across multiple asset classes.
Geopolitical tensions remain the key driver. Iran’s reported attacks on regional energy infrastructure, including assets linked to Qatar’s liquefied natural gas exports, have raised concerns about supply disruptions.
At the same time, U.S. officials are weighing further military involvement to secure shipping routes through the Strait of Hormuz, a critical artery for global oil flows.
As long as energy prices remain elevated and central banks maintain a restrictive stance, Bitcoin price is likely to trade in line with broader macro conditions rather than idiosyncratic crypto catalysts.
The $70,000 level now stands as a key psychological threshold, with further downside risk if volatility in commodities and geopolitics persists.