The crypto industry may have fundamentally misunderstood the metaverse, according to Animoca Brands chairman Yat Siu, who argues that the next phase of virtual economies would arrive not through VR headsets or immersive digital worlds, but through fleets of AI agents transacting across blockchain networks behind the scenes.

Siu said the metaverse maybe coming to us rather than being a place that humans go to, during his keynote at Consensus Miami 2026.

For Animoca, this marked a distinct pivot from the pandemic-era vision of the metaverse it once championed, in which users were expected to spend increasing amounts of their social and economic lives in immersive virtual worlds.

Siu now says the more consequential shift may be AI systems operating in the physical world on behalf of humans, handling transactions, bookings, coordination and commerce in the background while blockchain networks function as the infrastructure connecting those agents.

Instead, Siu argued the next phase of the internet may revolve around AI systems operating continuously in the background of everyday life, handling tasks such as bookings, payments, scheduling, and online transactions on behalf of users.

He said consumers could eventually rely on dozens, or even hundreds, of AI agents to coordinate their digital activities, with blockchain networks serving as the financial and identity infrastructure connecting those systems.

“I think the point is that it’s going to be more agents than humans,” Siu said, predicting there could eventually be “50 to 100 billion agents roaming essentially on the internet.”

That shift, he argued, could also solve one of crypto’s longest-running problems: onboarding ordinary users.

While an estimated 700 million to 800 million people globally now own some form of cryptocurrency, Siu noted that fewer than 70 million actively use blockchain applications because crypto remains technically intimidating for mainstream consumers.

“My mom’s not going to be using MetaMask,” he said. “It’s hard for her.”

AI agents, however, may interact naturally with wallets, smart contracts, and decentralized finance systems because they operate directly through code, he argued.

Unlike humans, agents would not need traditional banking infrastructure and could transact autonomously on-chain.

“Blockchain technology is the ideal financial system for machines,” Siu said. “We, the humans, were basically the guinea pigs.”

The broader argument reflected a growing narrative within parts of the crypto industry that blockchain’s most scalable users may ultimately be autonomous software agents rather than humans.

In that framework, wallets, tokens, decentralized identity systems, and on-chain payments become machine infrastructure powering an emerging “agent economy.”

As part of that push, Animoca announced a $10 million investment initiative for developers building AI agent applications through its Animoca Minds platform.

If Siu’s vision materializes, the next major wave of blockchain adoption may not come from millions of new human users learning to navigate crypto wallets, but from billions of AI agents transacting autonomously with one another behind the scenes.

Bittrex has asked a U.S. federal court to overturn its $24 million settlement with the Securities and Exchange Commission after the regulator abandoned the crypto enforcement approach used against the exchange under the Biden administration.

According to a motion filed this week by attorneys representing Bittrex, the bankrupt crypto exchange has requested that the court vacate the earlier judgment and direct the SEC to return the $24 million penalty paid in 2023. 

The filing argues that the regulator no longer supports the legal theory used to pursue the case, after repeatedly stating under President Donald Trump’s administration that most crypto tokens do not qualify as securities.

Filed in federal court on Monday, the motion stated that the SEC has already dropped nearly all comparable enforcement actions and investigations involving crypto exchanges and token issuers. Bittrex’s legal team argued that continuing to enforce the settlement while abandoning similar cases would be unfair treatment.

“Two-and-a-half years after extracting a settlement from a bankrupt cryptocurrency exchange premised on the legal theory that the tokens that traded on the exchange were securities, the SEC has (a) conceded that its legal theory was wrong and those tokens were not securities, (b) acknowledged that its enforcement strategy was misguided from the start, and (c) dropped every similar case and investigation except this one,” Bittrex’s attorneys wrote in the filing.

SEC’s crypto reversal becomes central to Bittrex request

The SEC originally sued Bittrex during Joe Biden’s presidency, accusing the Seattle-based exchange of offering unregistered securities through crypto token trading services. Bittrex later agreed to settle the case for $24 million without admitting or denying the allegations.

Court records cited in the latest filing also pointed to a March request from the SEC seeking permission to transfer the $24 million to the U.S. Treasury Department for distribution to former Bittrex customers who allegedly suffered financial losses.

Bittrex’s attorneys have now asked the judge to stop the transfer process and return the funds before any distribution takes place.

Operations at the exchange were shut down shortly after the settlement, with Bittrex stating at the time that continuing business operations in the existing U.S. regulatory and economic environment was no longer economically viable.

Separate from the SEC case, Bittrex reached another settlement with the U.S. Treasury Department in 2022 over alleged sanctions violations involving countries including Iran, Cuba, and Syria. Treasury officials announced at the time that the exchange had agreed to pay roughly $29 million tied to what regulators described as apparent violations of sanctions and anti-money laundering rules.

Since Trump returned to office last year, SEC leadership has repeatedly pulled back from the agency’s earlier crypto enforcement campaign. The regulator has dismissed or paused several high-profile lawsuits against crypto companies, while senior officials have publicly stated that many digital assets fall outside securities laws.

Key Highlights

• Gold extended its rally for three consecutive sessions, holding above the $4,700 per ounce mark
• Diplomatic progress between Washington and Tehran is alleviating inflation concerns while pressuring crude prices downward
• The US dollar retreated to levels seen before the recent conflict, enhancing gold’s appeal
• Silver posted its largest single-session gain in weeks with a 6% surge on Wednesday
• Market participants are now eyeing Friday’s employment data for insights into Federal Reserve policy direction

The yellow metal has extended its upward trajectory for a third consecutive session as optimism surrounding potential diplomatic resolution between Washington and Tehran sent crude oil prices tumbling and reduced worries about persistent inflation.

Spot gold advanced 1% to reach $4,736.61 per ounce during Thursday trading. Meanwhile, US Gold Futures contracts for June delivery climbed 1.1% to settle at $4,746.86.

Wednesday witnessed gold’s most impressive single-session performance since the final days of March, with prices surging more than 3%. This substantial rally followed a sharp decline in crude oil prices triggered by encouraging reports of diplomatic advancement in US-Iran discussions.

According to reporting from Axios, the administration was nearing completion of a memorandum of understanding with Iranian officials to resolve the ongoing conflict. Tehran indicated it was evaluating the proposal, while President Donald Trump expressed confidence that Iranian leadership was interested in reaching an agreement.

Trump communicated via social media Wednesday that Washington would conclude its military operations and remove its blockade of the Strait of Hormuz, contingent upon Iranian compliance with specified conditions — though he acknowledged this might be “perhaps, a big assumption.”

Oil experienced a dramatic 7% decline on Wednesday before stabilizing Thursday as traders awaited additional details regarding the ongoing negotiations.

The Connection Between Energy Prices and Precious Metals

Decreasing energy costs diminish the probability of sustained inflation pressures. This development subsequently pressures US Treasury yields downward and undermines dollar strength, creating favorable conditions for gold prices.

Gold is denominated in dollars globally, meaning a softer greenback enhances affordability for international purchasers. Additionally, since gold generates no yield, declining interest rates improve its competitiveness relative to interest-bearing assets like government bonds.

“The potential easing in energy prices gives the Fed more room to cut rates, which is positive for gold,” analysts at ING said in a note.

The US Dollar Index declined 0.1% during Asian market hours Thursday, stabilizing near levels observed before the conflict erupted.

Prior to the recent rally, gold had declined 11% following the outbreak of US-Iran tensions in late February. The blockade of the Strait of Hormuz had propelled energy costs higher and intensified concerns that inflation would remain stubbornly elevated, forcing monetary policymakers to maintain restrictive interest rate policies for an extended period.

Federal Reserve Officials Maintain Vigilance on Price Pressures

Not all observers share the optimistic outlook. Chicago Federal Reserve President Austan Goolsbee and St. Louis Federal Reserve President Alberto Musalem both emphasized that inflation continues to exceed the central bank’s 2% objective.

Strategists at TD Securities cautioned that positive headlines surrounding peace negotiations are “extremely fragile to reversal” given that fundamental positions from both Washington and Tehran appear largely unchanged from previous negotiating rounds.

Silver advanced 1.9% to $78.79 per ounce Thursday, following Wednesday’s impressive 6.2% surge. Platinum registered modest gains, while copper traded relatively unchanged.

Market attention has now shifted to Friday’s US non-farm payrolls release. The employment figures could provide critical insights into whether the Federal Reserve will implement interest rate reductions during the remainder of the year.

Spot gold traded at $4,701.96 per ounce as of 1:59 p.m. Singapore time Thursday.

Bitcoin price rebounded back above $81,000 as investor risk-on sentiment improved after Iran signalled that it was reviewing a U.S. proposal to end the war between the two nations.

After falling over 2.3% from a 4-month high of $82,751 on Wednesday to an intraday low of $80,771, Bitcoin (BTC) price rebounded back above $81,500 at press time.

The bellwether reclaimed the $81K figure as oil prices continued to drop for the third straight day, as the U.S. and Iran made more progress toward a peace deal currently “under review” that aims to bring a permanent end to the war between the two nations and ease disruptions at the Strait of Hormuz.

Reports indicate that Iran is mulling over the peace deal presented by the U.S. through Pakistani intermediaries and is expected to provide a formal response within the coming days. The one-page memorandum of understanding includes a comprehensive framework for a ceasefire and the restoration of trade routes. However, it excludes sensitive discussions surrounding Iran’s nuclear program, which would reportedly take place at a later date.

Despite the growing optimism, U.S. President Donald Trump clarified that a deal has not yet been finalized, adding that the U.S. would continue with its attacks on Iran if it fails to comply with the proposed terms.

Crude oil prices, which have largely been affecting global market sentiment since the war began, fell for a third straight day on Thursday, boosting investor confidence in riskier assets. Notably, WTI crude futures fell toward $93 per barrel while Brent oil had fallen 1% to $100. 

Safe haven assets such as gold and silver have continued to show volatility as investors rotated capital away from traditional hedges and back into Bitcoin and other crypto assets. Gold price rose over 1.2% today, while silver gained nearly 4%.

The Coinbase premium fell to a negative reading, suggesting a slight cooling of demand from U.S. institutional buyers

Bitcoin price analysis 

On the daily chart, Bitcoin price has been trading within an ascending parallel channel pattern ever since late March. It has formed higher highs and higher lows consistently over the past several weeks.

The Supertrend has continued to remain green, a sign that the overall bullish momentum is still firmly in control. At the same time, the MACD lines have formed a positive crossover, which means that buying pressure is increasing in the short term.

Hence, the path of least resistance for Bitcoin lies above the current levels with bulls eyeing the $84,000 to $85,000 range as the next major target. On the contrary, $80,000 remains the psychological floor that must hold to prevent a deeper correction.

South Korean crypto exchange Upbit has added B3 to its Korean won market, giving local traders direct access to the Base-linked token. 

Trading was first scheduled for 13:45 KST on May 7, before Upbit moved the start time to 14:00 KST.

B3 is a layer-3 blockchain built on Base, the Ethereum layer-2 network developed with the OP Stack. The Upbit listing gives the token access to one of Asia’s most active retail crypto markets.

Exchange sets early trading limits

Upbit said deposits and withdrawals will only support B3 through the Base network. The exchange also asked users to confirm the contract address before sending funds. Deposits through unsupported networks may face a long refund process.

The exchange placed normal controls on early trading. Buy orders were restricted for about five minutes after launch. Upbit also limited low-price sell orders and restricted non-limit order types for about two hours.

Upbit warned, “If a certain level of liquidity is not secured after the commencement of deposit and withdrawal services, the start of trading support may be postponed.” The notice shows the exchange kept room to adjust trading if market depth was weak.

B3 joins recent Upbit listing wave

The listing comes after several Upbit market additions drove fresh attention to selected tokens. As crypto.news reported yesterday, Dogwifhat rose after Upbit added WIF trading pairs against KRW, BTC, and USDT on May 6. The report also noted that new listings can expose traders to fast price swings.

Earlier, crypto.news reported that Centrifuge jumped more than 180% after Upbit announced trading support. Another report said Internet Computer added about $100 million in market value after Upbit opened ICP trading against KRW, BTC, and USDT.

These cases show why new KRW pairs draw close market attention. They create direct local currency access and can bring sudden liquidity from South Korean retail traders.

OP Stack link adds market context

B3’s Base and OP Stack link also fits a wider infrastructure trend at Upbit. Crypto.news reported this week that Upbit partnered with Optimism to build GIWA Chain, an Ethereum layer-2 network using the OP Stack.

That report said GIWA Chain will let Upbit run its own infrastructure under Optimism’s self-managed enterprise setup. The exchange will operate its own sequencer, which controls transaction ordering and collects network fees.

The B3 listing is separate from GIWA Chain, but both relate to OP Stack-based blockchain activity. For traders, the listing places B3 inside South Korea’s won market while giving Base-linked layer-3 projects more visibility.

The Australian dollar continues to strengthen, pushing to fresh 2021–2022 highs, supported by a combination of the Reserve Bank of Australia’s tight monetary stance and a weaker US dollar. This week’s rate hike by the RBA has been a key driver, widening yield differentials and boosting demand for the Australian currency, which has reinforced the ongoing uptrend. Additional pressure on the US dollar came from weak labour data, including the ADP report, increasing expectations of a more accommodative Fed policy.

The current market structure suggests that both AUD/USD and AUD/CAD have broken out of recent consolidation ranges and are now advancing towards multi-year highs. Trading at these levels creates a decision zone where liquidity is being reallocated, with the market assessing whether prices can hold above extremes or fall back into prior ranges.

In the near term, the key event for markets will be the US Non-Farm Payrolls report, while other macro releases are likely to play a secondary role. The NFP reaction could significantly influence expectations for Fed policy and set the direction for the US dollar.

AUD/USD

AUD/USD is trading near yearly highs, maintaining bullish momentum after breaking out of its range. Dollar weakness combined with RBA policy support continues to favour further gains, with the current area acting as a key test for breakout confirmation.

From a technical perspective, continuation of the uptrend depends on the 0.7230 level holding as support. However, in the absence of fresh catalysts ahead of key data releases, a pullback towards 0.7130–0.7160 remains possible.

Key Events For AUD/USD:

• today at 15:30 (GMT+3): US initial jobless claims
• today at 17:00 (GMT+3): US construction spending
• today at 18:30 (GMT+3): Atlanta Fed GDPNow indicator

AUD/CAD

AUD/CAD reached a new yearly high yesterday at 0.9870 and still shows potential for a move towards 2021 extremes near 0.9990. If the upper boundary of the recent range turns into support, the bullish momentum could strengthen further.

At the same time, a slowdown at current levels could lead to a return back into the broken range, creating a false breakout scenario and opening the door for a corrective move.

Key Events For AUD/CAD:

• today at 13:00 (GMT+3): Canada leading economic indicators
• today at 23:30 (GMT+3): US Federal Reserve balance sheet
• tomorrow at 15:30 (GMT+3): Canada employment change

Overall, both currency pairs remain in a strong upward phase supported by fundamental drivers. The current resistance zone is a key decision area: a sustained breakout would open the way for further gains, while weak follow-through or stronger US data could trigger a return into prior ranges and a corrective pullback. Upcoming macroeconomic releases are likely to be the decisive catalyst for the next market move.

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In a case that has sharpened the ongoing debate over privacy tools in crypto, Keonne Rodriguez, a co‑founder of the Samourai Wallet project, has urged the community to help cover mounting legal costs after a federal court delivered prison sentences to him and his partner. Rodriguez received a five‑year term, while co‑founder William Lonergan Hill was sentenced to four years for their involvement in the cryptocurrency‑mixing service.

According to a filing from the U.S. attorney’s office, the pair were charged in April 2024 with conspiracy to commit money laundering and conspiracy to operate an unlicensed money transmitting business. They initially pleaded not guilty; in July 2025, they agreed to plead guilty to one count of operating an illegal money transmitter. The sentencing occurred on November 19 (the announcement did not specify a year in the filing text).

Rodriguez has since disclosed that the legal battle has financially wrecked him, estimating roughly $2 million in legal fees and a $250,000 fine levied by the sentencing judge. In a post on X, he described being “financially wiped out” and pleaded for assistance to cover debts incurred while defending himself and his project.

“We are entirely out of options. We need to pay off these legal bills and other debts accrued attempting to defend myself. We desperately need your help. Now.”

Supporters of Samourai Wallet and broader crypto‑privacy advocates have followed the case closely, arguing that founders of open‑source privacy tools should not shoulder liability for the actions of third‑party users. The prosecutions against Rodriguez, Hill, and Tornado Cash co‑founder Roman Storm have intensified the public debate over how to balance privacy rights with regulatory compliance.

Costs racked up over a long legal battle

The charges stemmed from allegations that the defendants conspired to launder money and to operate an unlicensed money‑transmitting business through their services. The defendants initially denied the charges, but in mid‑2025 they agreed to plead guilty to at least one count related to operating an illegal money transmitter. The unfolding timeline underscores the substantial legal exposure facing founders of tools designed to enable privacy and on‑chain analytics elsewhere in the ecosystem.

Industry observers note that criminal defense work in such high‑stakes cases can be profoundly costly, with defense expenses typically running into the millions depending on case complexity and the number of experts involved. Rodriguez’s fundraising appeal highlights the real financial pressures that can accompany crypto‑privacy litigation—even for developers who see their work as a public good.

Pardon prospects and political optics

The case has drawn attention beyond the courtroom. Former U.S. President Donald Trump indicated during prior discussions that he would consider reviewing Rodriguez’s case for a pardon. A petition on Change.org gathered signatures in support of a pardon, though observers caution that the political calculus around crypto‑privacy cases remains uncertain. As of the latest update, the petition had collected thousands of signatories, but Trump’s likelihood of granting a pardon remains a matter of speculation given the broader regulatory and political dynamics surrounding privacy tools and crypto enforcement.

Rodriguez has acknowledged the limited prospects for a presidential intervention, comparing his situation with other notable cases in the sector. He said that while there was some optimism during high‑profile crypto events, the reality now is that he will serve a full federal sentence without external influence or financial leverage.

The broader implication of the case continues to reverberate through the crypto community. Privacy‑preserving and open‑source tools occupy a nuanced space in the regulatory landscape, where advocacy efforts stress that developers should not be treated as accomplices for user behavior solely by virtue of releasing powerful software. As policymakers calibrate enforcement norms, readers should watch for updates on appeals, potential pardons, and any shifts in how courts handle open‑source privacy projects in the future.

What comes next could hinge on developments in the pardon discussion, potential appeals, and ongoing regulatory discourse surrounding privacy tools and compliant operation in the cryptocurrency space. Investors, users, and builders should remain attentive to how this high‑profile case shapes privacy‑tech risk, compliance expectations, and the viability of open‑source privacy initiatives in a tightening regulatory environment.