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In a sweeping policy reversal, the Trump administration has ordered the disbandment of the National Cryptocurrency Enforcement Team (NCET), a key unit responsible for policing the crypto industry. A memo from Deputy Attorney General Todd Blanche, reviewed by ABC News , instructs federal prosecutors to stop targeting crypto exchanges, mixers, tumblers, and offline wallets for actions committed by end users or accidental violations of regulations. “The Department of Justice is not a digital assets regulator,” the memo states. The decision aligns with President Trump's broader pro-crypto stance, which includes instructing the SEC and CFTC to ease regulations and creating a digital assets reserve. Blanche sharply criticized the Biden administration’s crypto approach, labeling it as “regulation by prosecution” and “poorly executed.” According to the memo, DOJ efforts will now concentrate solely on individuals who use digital assets for serious criminal offenses, such as terrorism, drug trafficking, hacking, and organized crime. This signals a dramatic narrowing of the federal government’s enforcement scope in the crypto space. The policy shift could impact several major cases, including the prosecution of Tornado Cash and Avraham Eisenberg, both previously pursued by the Southern District of New York. Blanche’s memo suggests these cases, which targeted crypto platforms and traders for regulatory violations and manipulation, may no longer align with DOJ priorities. Blanche also took aim at the prior administration’s prosecution of Sam Bankman-Fried, suggesting the approach failed to account for crypto market fluctuations. He argued that calculating victim losses based on outdated crypto prices unfairly penalized defendants and prevented victims from reclaiming asset value gains. This move marks a significant change in federal crypto oversight, signaling a more laissez-faire approach under Trump. With enforcement efforts now focused only on overt criminal conduct, the broader crypto industry may face less scrutiny—but questions remain about investor protection and market integrity. In a sweeping policy reversal, the Trump administration has ordered the disbandment of the National Cryptocurrency Enforcement Team (NCET), a key unit responsible for policing the crypto industry. A memo from Deputy Attorney General Todd Blanche, reviewed by ABC News , instructs federal prosecutors to stop targeting crypto exchanges, mixers, tumblers, and offline wallets for actions committed by end users or accidental violations of regulations. “The Department of Justice is not a digital assets regulator,” the memo states. The decision aligns with President Trump's broader pro-crypto stance, which includes instructing the SEC and CFTC to ease regulations and creating a digital assets reserve. Blanche sharply criticized the Biden administration’s crypto approach, labeling it as “regulation by prosecution” and “poorly executed.” According to the memo, DOJ efforts will now concentrate solely on individuals who use digital assets for serious criminal offenses, such as terrorism, drug trafficking, hacking, and organized crime. This signals a dramatic narrowing of the federal government’s enforcement scope in the crypto space. The policy shift could impact several major cases, including the prosecution of Tornado Cash and Avraham Eisenberg, both previously pursued by the Southern District of New York. Blanche’s memo suggests these cases, which targeted crypto platforms and traders for regulatory violations and manipulation, may no longer align with DOJ priorities. Blanche also took aim at the prior administration’s prosecution of Sam Bankman-Fried, suggesting the approach failed to account for crypto market fluctuations. He argued that calculating victim losses based on outdated crypto prices unfairly penalized defendants and prevented victims from reclaiming asset value gains. This move marks a significant change in federal crypto oversight, signaling a more laissez-faire approach under Trump. With enforcement efforts now focused only on overt criminal conduct, the broader crypto industry may face less scrutiny—but questions remain about investor protection and market integrity.

Ripple is acquiring Hidden Road in a $1.25 billion deal, marking the second billion-dollar-plus acquisition involving a crypto company this year—following FTX’s $1 billion purchase of BlockFi. Ripple ( XRP ) is acquiring prime brokerage firm Hidden Road for $1.25 billion as part of its strategy to attract more institutional investors through a wider range of services. The deal will be primarily cash-based, along with a portion paid in XRP and Ripple stock. Marc Asch, the founder of Hidden Road, will continue to lead the brokerage under Ripple. “Ripple needs to make sure we have the infrastructure in place to appeal and expand to a larger segment of the biggest bulge bracket institutions,” CEO Brad Garlinghouse told Fortune. Garlinghouse told CNBC that he anticipates the deal will be finalized by the third quarter of 2025 at the latest. Brad Garlinghouse explained that the acquisition came about after Hidden Road faced growth challenges due to balance sheet constraints and began seeking external capital to scale. As part of the acquisition, Hidden Road will integrate Ripple’s stablecoin , RLUSD, into its offerings and may also utilize the XRP blockchain for more efficient transaction settlements. Ripple plans to invest billions into Hidden Road to scale its operations and meet the growing demand for prime brokerage services in the crypto market. Founded in 2018 by Marc Asch, Hidden Road has quickly become a major player in the crypto prime brokerage space, competing with the likes of FalconX and Coinbase Prime. The firm reported $3 trillion in fund transfers in 2024. Previously, it raised $50 million in a Series A funding round backed by Castle Island Ventures, Coinbase Ventures, and Citadel Securities.

SBI Holdings has refuted claims that it intends to sell a $100 million stake in its cryptocurrency trading subsidiary, B2C2. A report published by Bloomberg on April 8 claimed that SBI Financial Services, a unit of Japan’s SBI Holdings, was exploring a potential $100 million sale of a minority stake in its crypto market-making subsidiary B2C2. Citing anonymous sources familiar with the discussions, the article noted that SBI was in talks with several prospective buyers. However, according to Bloomberg, an SBI spokesperson denied the report, stating the company is not considering a sale. B2C2 also declined to comment on the matter. SBI Holdings initially acquired a minority stake in B2C2 in July 2020, investing $30 million to establish a strategic partnership aimed at enhancing its cryptocurrency services for millions of customers. By December 2020, SBI had fully acquired B2C2, positioning itself as the first major financial group to operate a digital asset dealing desk. Since the acquisition, B2C2 has expanded its presence in the cryptocurrency market. In August 2023, the firm acquired French market-making company Woorton, gaining regulatory licenses to operate within the European Union. This move was part of B2C2’s broader strategy to enhance its services and provide liquidity to institutional clients across Europe. SBI Holdings has been a significant player in the digital asset space, engaging in various initiatives to integrate cryptocurrencies into traditional financial services. The company has collaborated with blockchain firms and invested in multiple crypto-related projects, underscoring its commitment to the evolving digital economy.

A tumultuous week lies ahead, with global stock and commodity markets already reeling from Donald Trump’s trade war. Crypto market sentiment is deep in bearish territory as the selloff accelerates, and this could well continue over the coming week as March inflation data is released in the United States. Additionally, President Trump’s tariff policies are scheduled to take effect Wednesday, with China’s retaliatory measures following on Thursday. Responses to Trump’s reciprocal tariffs are likely to begin on Monday as nations across the globe figure out how to offset the impact. Fear is growing among Investors that Trump’s new tariffs would slow down US and global economic growth, and increase inflation. The minutes of Federal Reserve’s March Federal Open Market Committee meeting will be released on Wednesday, giving possible insights into the central bank’s next move. Thursday’s Consumer Price Index (CPI) report will also be closely eyed as investors gauge price pressures following the tariff announcements. Economists expect March inflation to remain unchanged after February’s steeper-than-expected decrease, but recession fears have been reignited. Thursday will also see data on initial jobless claims released, shedding light on labor markets in the United States. Friday will see the Producer Price Index (PPI) report released, highlighting wholesale price trends that can ultimately affect consumer prices. Preliminary consumer sentiment data is also released Friday, and this includes consumer price expectations, an indicator of future inflation trends. If global tariff tensions escalate or economic data disappoints, the selling pressure will likely continue throughout the week. It is also a big week for bank first-quarter earnings, with JPMorgan Chase, Wells Fargo, Bank of New York Mellon, Morgan Stanley, and BlackRock slated to report quarterly results. Crypto markets have seen one of the largest daily declines of the year, with a 9% slump in total capitalization. Around $250 billion has left the space in less than 24 hours, resulting in a fall to $2.5 trillion in total cap. Bitcoin fell 8% to just over $74,000 in its largest dump since March 11. Momentum remains bearish, and further losses are more likely than gains in the current economic outlook. Ethereum is at bear market lows, having fallen a whopping 18% to $1,450, its lowest level since October 2023. The altcoins are a sea of red this morning, with double-digit losses for XRP, Solana, Dogecoin, Cardano, Chainlink, and Stellar as the crypto exodus continues.

Crypto markets have dumped 10% in less than 24 hours as more than $240 billion exited the space. Meanwhile, stock market futures are down 15% in three days “like we are in a depression,” commented the Kobeissi letter on April 7. Oil prices are trading below $60, “like demand has collapsed,” gold prices are down $180 in two sessions, “like there’s a flight to cash,” and bond prices are skyrocketing, “like the economy has halted,” it added. “Sentiment is down to March 2020 levels like we are entering a lockdown. This is a mass flight to the sidelines.” Almost five years ago, in March 2020, crypto markets dumped almost 50% in around a week as the world went into lockdown. Fast-forward to 2025, and around half a trillion dollars—more than double the entire crypto market cap in March 2020—has left the space over the past month … and almost half of that has exited over the past 24 hours. “Bearish sentiment is arguably near its highest levels in history,” Kobeissi stated before adding that “Black Monday” has become the consensus view amid tariff uncertainty. “It would take a lot to not see at least short-term capitulation this week.” It added that today’s drop in US stock market futures puts S&P 500 futures down by 22% and in bear market territory. The US stock market has now erased an average of $400 billion per trading day for 32 straight days, it revealed. On Friday, investors were hopeful of signs of a trade deal this weekend. However, it was complete silence that occurred, “and markets hated it.” When Trump was questioned about the massive sell-off , he said, “Sometimes you have to take medicine.” Meanwhile, stock markets across Asia have opened with double-digit declines as trading resumed this Monday. Many of them hit “circuit breakers,” which are protection mechanisms to pause trading to prevent capitulation events. Economist and investor Raoul Pal called it “the delicious smell of peak fear on Sunday and Monday,” adding , “This too shall pass.” “I hope you are ready to look for spare cash under the sofa to add very, very soon. In a bull market, such opportunities are a gift.” However, few would agree with his bull market observation after such a violent sell-off, especially crypto investors.