U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce has flagged a growing undervaluation of financial privacy within U.S. regulation, urging policymakers to move away from treating privacy-preserving technologies with suspicion. Speaking at Georgetown Law, Peirce framed privacy-enhancing technologies as legitimate components of the modern financial ecosystem, not solely as tools associated with illicit activity.

According to a transcript published on the SEC’s website, Peirce argued that safeguarding financial privacy does not stand in opposition to national security objectives. “Empowering government to identify, pursue, and punish the bad guys is important to the security of the nation and its people, but so too is empowering people to protect information about their lives, including their financial lives,” she said.

Peirce emphasized that privacy technologies can help individuals shield themselves from hackers, scammers, and other malicious actors, and should not be construed as an opening for broader surveillance. She also urged developers building privacy-enhancing technologies to engage with the SEC’s Crypto Task Force, particularly on tools that could support Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance requirements.

Key takeaways

• Privacy-preserving technologies are legitimate components of financial infrastructure and are not inherently tied to illicit activity.
• Protecting financial privacy does not conflict with national security objectives; both privacy protections and enforcement capabilities are necessary.
• Regulators are seeking constructive engagement with developers to align privacy innovations with KYC/AML obligations through the SEC Crypto Task Force.
• Global regulatory dynamics are evolving: the European Union is advancing MiCA and 2027 AML rules that could curb anonymous accounts and privacy-preserving cryptocurrencies.
• Industry activity in on-chain privacy tools—ranging from privacy-focused assets to private payment primitives for institutions—continues to shape compliance, licensing, and risk management considerations for firms operating in crypto markets.

Privacy in the regulatory mainstream and cross-border considerations

Peirce’s remarks situate privacy-enhancing technologies at the center of financial infrastructure discussions rather than at the periphery of enforcement. By highlighting that privacy and security can be complementary rather than mutually exclusive, she signals a regulatory posture that seeks to balance technology innovation with risk controls. The SEC’s framing appears to encourage a collaborative approach: privacy tools should not be viewed as antagonistic to regulatory objectives but as potential enablers of safer, more resilient markets when designed with compliance in mind.

Regulatory momentum and the EU policy landscape

The conversation about privacy in crypto is not limited to the United States. In the European Union, policymakers are integrating privacy considerations into a broader regulatory framework that aims to harmonize market integrity with consumer protections. MiCA (Markets in Crypto-Assets Regulation) and related AML policy developments are central to how privacy-preserving assets and tools will be treated across EU member states. Proposals under consideration could restrict anonymous accounts and limit support for privacy-focused cryptocurrencies, underscoring the cross-border regulatory risk for projects and institutions that rely on shielded transaction data or user anonymity features.

Legal experts warn that maintaining access to privacy-oriented digital assets remains a contentious and ongoing negotiation. Anja Blaj, a legal consultant at the European Crypto Initiative, described the ongoing struggle as a “constant battle” between the crypto industry and regulators over privacy policy and enforcement. This tension underscores the diverging regulatory trajectories that global firms must navigate when operating in multiple jurisdictions.

Industry developments and practical implications for compliance

Beyond policy debates, the market has seen tangible product developments aimed at enabling privacy without sacrificing onramp and oversight capabilities. For example, privacy-focused blockchain experiments and assets have attracted attention as firms seek to shield treasury movements, payment flows, or strategic trading data from competitors while preserving necessary auditability. In parallel, platforms have introduced privacy-enhanced features for institutional use, such as private payments or shielded transaction layers, designed to support regulated, compliant on-chain activity.

These developments illustrate a broader trend: institutions are pursuing privacy-aware architectures to reduce exposure to data leakage and profiling while remaining subject to KYC/AML, sanction screening, and licensing requirements. The implications for exchanges, custodians, banks, and other financial services providers include heightened emphasis on governance, data minimization, cryptographic risk assessments, and robust regulatory reporting capabilities. In this context, privacy technologies must be evaluated through the lens of risk management, policy alignment, and enforcement readiness.

Engagement, compliance, and the path forward

Peirce’s call for dialogue with the SEC Crypto Task Force points to a practical path for integrating privacy innovation with established compliance regimes. The task force serves as a channel for assessing how privacy-preserving tools can support or constrain KYC/AML objectives, licensing standards, and supervisory expectations. For crypto firms and financial institutions, this signals a need to document privacy-by-design approaches, establish auditable controls for data minimization and access, and maintain transparent governance around cryptographic privacy features.

Looking ahead, the regulatory landscape will continue to shape both product innovation and risk management. While privacy technologies can enhance user protections and resilience against crime, they also invite careful scrutiny to ensure that anonymity does not undermine anti-fraud measures or cross-border enforcement. For policymakers, the challenge lies in harmonizing privacy protections with the realities of global finance, while for market participants, the focus remains on building compliant, auditable privacy-enabled solutions that align with evolving licensing and oversight frameworks.

What comes next will hinge on ongoing rulemaking, enforcement actions, and collaborative efforts between regulators and industry players. Observers should monitor developments in MiCA and EU AML policy, the SEC’s ongoing Crypto Task Force initiatives, and cross-border regulatory formations that could influence the design and deployment of privacy-enhancing technologies in crypto markets.

A New York Bitcoin ownership lawsuit has triggered sharp legal criticism after plaintiffs sought control of 39,069 dormant wallets. The wallets reportedly hold about 3.7 million BTC, valued at nearly $286 billion. Ripple CTO Emeritus David Schwartz challenged the case and questioned its legal foundation.

Bitcoin Lawsuit Targets Dormant Wallets And Satoshi-Linked BTC

The lawsuit was filed by Noah Doe and two Wyoming-based companies, ABC Company and XYZ Company. They asked a New York court to award them control of inactive Bitcoin wallets. The filing claims the wallets qualify as abandoned property under New York law.

The plaintiffs argue they found a flaw that prevents the owners from using the wallets. They also reported the dormant addresses to the New York Police Department. Therefore, they say the wallets should receive treatment similar to lost property or unclaimed bank accounts.

The case filing includes addresses linked to Bitcoin creator Satoshi Nakamoto. It also names the 1Feex wallet connected to the Mt. Gox hack. That detail increased attention because the wallets hold major historical importance in the Bitcoin market.

Ripple’s David Schwartz Challenges Bitcoin Case Reasoning

David Schwartz criticized the lawsuit’s claim that New York has jurisdiction over the wallets. He said the argument relies on the idea that the property was found in New York. However, he described that reasoning as deeply flawed and legally weak.

Schwartz argued that Bitcoin wallets do not sit inside New York simply because someone reported them there. He said the case faces several major legal barriers. Moreover, he warned that a weak ruling could still create practical problems.

The Ripple executive said a favorable ruling for plaintiffs could affect future wallet movements. For example, funds moved to a United States exchange could face freeze requests. Plaintiffs could then claim those coins belong to them under the New York ruling.

BTC Ownership Debate Raises Wider Crypto Concerns

The lawsuit comes as old Bitcoin wallets continue to attract legal and technical debate. Many early wallets have stayed inactive for more than a decade. However, inactivity does not prove abandonment under standard ownership principles.

The filing also touches on one of Bitcoin’s most sensitive topics. Satoshi-linked BTC remains central to market history and public debate. Any legal attempt to control those coins would likely face strong challenges from the wider crypto community.

Schwartz warned that even a flawed ruling could cause damage without a timely challenge. He said courts sometimes treat old judgments differently after enough time passes. As a result, he urged serious attention before the case creates further legal risk.

Background Shows Growing Pressure Around Old Bitcoin Wallets

The case follows other debates about dormant Bitcoin holdings and possible protocol changes. Earlier, LayerTwo Labs CEO Paul Sztorc proposed a hard fork that drew attention to Satoshi’s BTC. The idea raised concerns before Sztorc later dismissed the seizure angle.

Old wallets remain difficult legal targets because blockchain ownership depends on private keys. Courts can issue orders, but networks do not transfer coins without valid signatures. Therefore, enforcement would likely depend on exchanges, custodians, and regulated platforms.

The New York case now places dormant Bitcoin ownership under a fresh spotlight. It also shows how legal claims can collide with blockchain design. For now, Schwartz’s criticism frames the lawsuit as a weak but potentially disruptive challenge.

US Securities and Exchange Commission (SEC) Commissioner Hester Peirce said financial privacy is becoming increasingly undervalued in US regulation, warning against treating privacy-preserving technologies with suspicion.

Speaking Wednesday at Georgetown Law, Peirce described privacy-enhancing technologies, including cryptographic tools, as legitimate components of modern financial infrastructure rather than tools primarily associated with criminal activity.

Peirce said that protecting financial privacy does not conflict with national security objectives.

“Empowering government to be able to identify, pursue, and punish the bad guys is important to the security of the nation and its people, but so too is empowering people to protect information about their lives, including their financial lives,” she said, according to a transcript published on the SEC’s website.

She added that privacy technologies can help individuals protect themselves from hackers, scammers and other malicious actors, and should not be viewed as “an opportunity for the government to watch more of what its citizens do.”

Peirce also encouraged developers building privacy-enhancing technologies to engage with the SEC’s Crypto Task Force, particularly on tools that could support Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance requirements.

Source: zooko

Related: Tor Project to lead Web3 crowdfunding to support internet freedom

Privacy returns to crypto spotlight

Privacy and privacy-preserving technologies have long been one of cryptocurrency’s core use cases, with projects like Monero and Zcash built around shielding transaction data and user identities.

The debate returned to the spotlight over the past year as regulators and developers clashed over the role of privacy tools in crypto. While advocates argue these technologies protect users from surveillance, hackers and data exploitation, critics have raised concerns about their potential use in illicit finance.

The debate has also been taken up in the European Union, where regulators and blockchain industry participants are weighing new AML rules scheduled to take effect in 2027. Under the framework, credit institutions and crypto asset service providers would be prohibited from maintaining anonymous accounts or supporting privacy-preserving cryptocurrencies.

Maintaining access to privacy-focused digital assets has been a “constant battle” between the crypto industry and regulators, according to Anja Blaj, a legal consultant at the European Crypto Initiative.

Growing interest in privacy-focused cryptocurrencies has helped drive Zcash prices sharply higher over the past year. Source: CoinMarketCap

At the same time, companies continue developing privacy-focused blockchain applications. Aptos unveiled a privacy-focused coin designed to help businesses transact onchain without exposing treasury movements, payment flows or trading strategies to competitors.

Polygon has also rolled out private stablecoin payments for institutions, positioning the feature as a way to support broader adoption of onchain transactions.

Related: Bitcoin developer launches privacy-focused Nostr VPN using public keys

Ethereum treasury firm Bit Digital (BTBT) made its first ether (ETH) purchase since the October crypto market peak, but it’s already underwater on its acquisition as crypto prices are pulling back again.

The company said it bought roughly 8,568 ether (ETH) for $20 million on May 11, at an average price of $2,334 per token.

As ETH is currently trading near $1,980, the latest acquisition is already sitting on an unrealized loss of roughly $3 million, having gone down more than 15% over the past few weeks.

CEO Sam Tabar said the “timing reflects our view that market conditions had reset to a level consistent with our thesis.” In March, he argued on X that ETH’s weakness reflected leverage unwinding rather than deteriorating fundamentals. He pointed to stablecoin settlement, tokenized assets and AI-related transactions as long-term demand drivers for the network.

Bit Digital’s move stands out as most digital asset treasury firms have scaled back or stopped with their crypto accumulation plans over the past months. Falling crypto prices and widening discounts between their stock prices and underlying crypto holdings have pushed several firms to conserve cash, scale back buying or even sell assets to pay off debt.

The New York-based firm pivoted toward an Ethereum-focused treasury strategy from its bitcoin BTC$73,749.36 miner roots last year. The company now positions itself as a “Strategic Asset Company” focused on ETH accumulation, AI infrastructure and acquisitions.

The latest purchase lifted the firm’s treasury holdings to about 158,462 ETH, worth about $313 million at current prices, with part of its ETH staked directly and another portion deployed through liquid staking products to maintain flexibility.

The company also owns a controlling stake in high-performance computing firm WhiteFiber (WYFI), closely tied to the red-hot AI infrastructure buildout.

Key Takeaways

• Benchmark more than doubled its MRVL price target to $275 from $130 while reaffirming its Buy recommendation
• Following Q1 earnings, MRVL stock experienced an initial after-hours rally before retreating 3–4%
• Shares have surged 208% year-over-year, 126% in the last six months, and 26% in the past month alone
• Analyst optimism centers on accelerated revenue projections for fiscal years 2027 and 2028 spanning multiple product categories
• A wave of Wall Street firms—including Deutsche Bank, BofA, KeyBanc, Cantor Fitzgerald, and TD Cowen—have upgraded their price targets

Marvell Technology (MRVL) has emerged as a focal point for Wall Street analysts this week. Benchmark’s Cody Acree made waves Wednesday by more than doubling his price objective to $275 from $130, maintaining his Buy recommendation on the semiconductor stock.

Marvell Technology, Inc., MRVL

This aggressive revision followed Marvell’s release of first-quarter results that aligned with consensus forecasts, accompanied by second-quarter guidance slightly exceeding analyst projections. MRVL is currently changing hands near $196.32, translating to a market capitalization approaching $171 billion.

While shares jumped in extended trading immediately following the announcement, enthusiasm cooled as investors processed the results, with the stock declining approximately 3% to 4% by session’s end. Benchmark characterized this retreat as a natural recalibration of valuation expectations rather than evidence of deteriorating fundamentals.

The semiconductor company’s shares had already experienced a remarkable rally heading into the earnings announcement. MRVL has climbed 26% in just thirty days, advanced 126% over half a year, and skyrocketed 208% across twelve months. Such explosive performance naturally elevates investor expectations.

Why Benchmark Sees Significantly Higher Upside

Benchmark’s bullish stance extends far beyond the quarterly results themselves. The firm’s optimism stems from Marvell’s comprehensive multi-year AI infrastructure roadmap, which provided unprecedented granularity on growth trajectories across interconnect technologies, switching platforms, custom silicon solutions, AECs, retimers, data center interconnect, and scale-up optics.

The analyst firm specifically highlighted Marvell’s fiscal 2028 revenue framework projecting $16.5 billion and its fiscal 2029 custom-silicon ambitions as the primary catalysts justifying the elevated price target. Company leadership emphasized that scale-up switching capabilities and emerging optical programs remain largely ahead of current financial models—suggesting substantial untapped potential.

Valuation concerns persist, however. Trading at a P/E multiple of 65, MRVL appears expensive by traditional metrics. InvestingPro data indicates the shares are currently overvalued compared to Fair Value estimates. Yet the company’s PEG ratio of 0.16 implies the valuation premium may be warranted if Marvell’s aggressive growth trajectory materializes.

Widespread Analyst Enthusiasm

Benchmark represents just one voice in a growing chorus of optimistic Wall Street analysts. Deutsche Bank noted a modest Q1 beat while emphasizing a robust 12% sequential increase embedded in Q2 guidance, primarily fueled by Data Center segment strength.

BofA Securities elevated its fiscal 2027 and 2028 revenue forecasts, emphasizing Marvell’s diversified exposure across multiple technology verticals. KeyBanc increased its price objective based on accelerating demand for optical interconnect solutions driven by data center expansion and AI infrastructure deployment.

Cantor Fitzgerald similarly boosted its target, spotlighting AI-optimized infrastructure components as a critical growth vector. TD Cowen joined the upgrade cycle, identifying networking as a pivotal revenue driver going forward.

The critical question confronting institutional investors centers on how much of the fiscal 2028 and 2029 growth narrative is already reflected in the current share price—and whether emerging opportunities in optics and switching can deliver additional upside surprises.

MRVL was most recently quoted at $196.94, declining 0.89% during regular trading hours.

Bitcoin has slipped out of the world’s top 10 assets by market capitalization, with its value down to about $1.09 trillion as U.S. tech giants in the “Magnificent Seven” power higher.

Bitcoin’s (BTC) slide down the asset leaderboard was flagged by CoinDesk, which posted that “$BTC drops out of the top 10 largest assets globally, with its market cap falling to $1.09T, behind gold, silver and every member of the Magnificent Seven.” Real‑time ranking site CompaniesMarketCap shows that puts bitcoin outside the top tier of global assets, after a period in 2025 and early 2026 where it had consistently jostled with mega‑cap tech firms and commodities for position.

From fifth‑largest asset to the second tier

This is not the first time bitcoin has moved dramatically up and down the global rankings.
In April 2025, for example, Yahoo Finance reported that bitcoin had become the fifth‑largest asset on earth with a market cap of about $1.86 trillion, overtaking Alphabet as its price broke above $94,000.

Other analyses, such as a piece on Coinfomania, noted that bitcoin later pushed past a $2 trillion market cap, briefly cementing its place as the fifth‑largest asset globally and putting it ahead of Google while trailing Nvidia. Even earlier, in early 2024, data collated by CryptoRank highlighted that bitcoin had cracked the top‑10 club by value, surpassing Berkshire Hathaway and JPMorgan to become the 10th‑largest asset at a market cap around $1.19 trillion.

What has changed over the last stretch is less that bitcoin has collapsed, and more that everything around it has inflated. As of the latest CompaniesMarketCap snapshot, aggregate global equity values top roughly $148 trillion, with the Magnificent Seven stocks alone approaching or exceeding $16 trillion in combined market cap and gold’s estimated capitalization near $30 trillion at record prices above $4,300 per ounce.

According to one recent analysis of the group on Investopedia, Nvidia, Microsoft, Apple, Alphabet, Amazon, Meta and Broadcom now dominate major equity indices, with the seven together worth around $16 trillion as of late August 2025.
Separate work comparing the Magnificent Seven to crypto markets by CoinGecko Research found that, over a five‑year window through mid‑2024, bitcoin and ether together represented less than 10% of the combined value of those seven tech giants.

On‑chain and macro‑focused outlets have made similar points when parsing bitcoin’s valuation against crisis backdrops. In March, newsletter outlet TFTC highlighted how bitcoin “barely moving, hovering around $67,000” with a roughly $1.09 trillion market cap during a sharp oil spike and global equity sell‑off suggested a form of emerging structural resilience, even as bitcoin’s rank versus tech stocks and commodities seesawed.

Put differently, bitcoin’s fall out of the top 10 club says as much about the Magnificent Seven’s continued melt‑up and gold’s blow‑off run as it does about crypto weakness. For long‑term holders who have watched bitcoin move from a curiosity to, at times, the fifth‑largest asset on earth, the more existential question is whether that $1 trillion market cap zone will keep acting as a floor—or whether the next macro shock knocks it down to a very different part of the table.

Asset manager VanEck has launched the first U.S. exchange-traded fund offering spot exposure to BNB, further expanding its crypto ETF offerings.

The VanEck BNB ETF, trading under the ticker VBNB, began trading with shares backed by BNB held in cold storage through custodian Anchorage Digital Bank, according to the company. The fund carries a sponsor fee of 0.39% and is listed on Nasdaq.

The ETF gives investors exposure to BNB through traditional brokerage accounts without requiring them to buy or store the token directly. BNB is the native token of BNB Chain and is used to pay network transaction fees across the blockchain ecosystem.

VanEck said BNB Chain processes more than 14 million transactions per day and supports over 2.5 million daily active users. The firm also cited Artemis data showing the network holds more than $16 billion in stablecoins and $3.6 billion in tokenized real-world assets.

The launch follows amended filings from VanEck and Grayscale tied to proposed spot BNB ETFs.

Spot bitcoin ETFs launched in the U.S. in January 2024, followed later by spot ether ETFs. These have since seen their total net assets surge to $86.45 billion and $11.6 billion respectively, according to SoSoValue data. ETFs for other altcoins including SOL, DOGE, HYPE, and XRP have since also been launched.

Super Micro Assists Taiwan in Smuggling Investigation

Super Micro Computer announced that its cooperation with Taiwanese authorities helped arrest three suspects linked to an AI server smuggling operation targeting China. The company also confirmed that officials stopped 50 servers from entering China through unauthorized channels.

The Super Micro AI server smuggling case involved servers that authorities said individuals deceptively acquired through an authorized reseller. Super Micro stated that it had followed a strict vetting process that exceeded regulatory compliance requirements before the products changed hands.

The investigation comes as US export controls continue to restrict advanced AI technology shipments to China. Super Micro builds AI servers powered by Nvidia chips, including GB200, B200, H200, and H100 systems. These products remain in high demand across global artificial intelligence markets.

Super Micro said it launched an internal investigation in April involving three individuals connected to an alleged conspiracy to violate export control rules. Taiwanese prosecutors later pursued detention requests against suspects accused of forging documents to move the servers into China.

Jensen Huang Urges Stronger Compliance Measures

Jensen Huang recently urged Super Micro to strengthen its compliance procedures following the smuggling allegations. Speaking in Taipei, Huang stated, “Ultimately Super Micro has to run their own company. I hope that they will enhance and improve their regulation compliance and avoid that from happening in the future.”

The Super Micro AI server smuggling investigation has increased attention on the responsibilities technology firms face under US export laws. Nvidia’s advanced AI chips have remained under restrictions designed to limit China’s access to high-performance computing technology.

At the same time, Chinese authorities have introduced measures aimed at reducing reliance on foreign semiconductor products. Those policies have intensified competition within the AI hardware sector and increased scrutiny around international technology trade.

The case also drew attention after US prosecutors charged Super Micro co-founder Yih-Shyan “Wally” Liaw in a separate investigation involving allegations of diverting Nvidia-powered servers to China. Liaw later resigned from the company’s board. Super Micro stated that authorities did not accuse the company itself of wrongdoing.

Investors’ Reaction to SMCI Shares

Investor sentiment improved after details of the Super Micro AI server smuggling investigation became public. Super Micro shares climbed more than 11% during Thursday trading, while Nvidia shares also moved higher.

Source: TradingView

Retail traders on Stocktwits showed bullish sentiment toward SMCI stock. Some investors pointed to improving company margins and its cooperation with regulators as positive signs for future performance.

SMCI shares have gained 44% since the start of the year, while Nvidia shares rose 14% during the same period. Semiconductor-related exchange-traded funds also posted strong gains over the past year as demand for AI infrastructure continued to grow.