SAN FRANCISCO, CA – Crypto isn’t just building faster payments rails. It may be building the financial system for non-humans.

As AI agents grow more autonomous, developers are already giving them crypto wallets, allowing software to hold assets, pay for services, trade tokens and even hire other agents. The technical pieces are falling into place. The legal ones are not.

At a recent panel at NEARCON 2026, Electric Capital’s Avichal Garg framed the moment as historically significant.

“What happens if there’s not a human behind it at all?” Garg asked. “It’s some piece of code that owns a wallet, executing code to make more money… How does liability work in that case? I actually don’t know.”

Crypto makes this possible in a way traditional finance cannot. Blockchains allow programmable money, instant settlement and global access. Pair that with AI agents capable of making decisions, and you get something new: software that can both think and transact.

Garg compared the shift to the creation of the limited liability corporation in the 19th century — a legal breakthrough that unlocked pooled capital and industrial-scale growth.

“The cost of participating in the economy has come down so far,” he said. “You’re talking about anybody in the world, with relatively little money, being able to create value.”

But enforcement remains unresolved.

“You can’t punish an AI,” Garg noted. “You can turn them off, but they don’t care.”

If autonomous agents begin trading, lending, hiring and scaling businesses onchain, lawmakers may face a foundational question: Who is liable when software with its own wallet acts independently?

Read more: Kraken’s co-CEO could trust AI with 100% of his crypto — Dragonfly’s Haseeb Qureshi isn’t convinced

Cryptocurrency markets are under pressure again, with traders reacting to broader AI-linked fears, lingering macro uncertainty and signs of waning institutional demand. Today, Feb. 24, total crypto market capitalization slipped 2.5%, currently hovering around $2.27 trillion.

Bitcoin (BTC) slid from about $66,000 on Monday morning, Feb. 23, to near $63,700 at press time, marking a 3% daily decline. BTC’s weekly losses are around 6%.

Ethereum (ETH) tracked BTC’s move, falling 3% to $1,840, and down 5.4% on the week.

Among the rest of the top-10 assets, most are seeing mild to moderate losses today. XRP is down 1.7% to $1.35, BNB lost 3.6% to about $585, and Solana (SOL) declined 3% to $77.

Figure Heloc (FIGR_HELOC) was the only top-10 large-cap in the green this morning, up 1.5%.

Oversold

Alex Thorn, head of firmwide research at Galaxy Digital, noted in an X post today that BTC is approaching all-time oversold territory, with weekly RSI readings lower than any moment outside the deepest bear markets, citing November-December 2018 and mid-2022 as rare comparable periods.

Wintermute analysts highlighted in another X post today that Bitcoin has repeatedly failed to break through the $70,000 mark in the past two weeks, while ETH dipped below the psychologically important $1,900 mark.

“Multiple times over the past decade, growth scares have triggered rotations that ultimately reversed as risk appetite returned and the market found its way back to momentum,” the analysts noted.

They added that thin liquidity with derivatives signals a lack of directional conviction. Some selective interest in altcoins from high-net-worth investors briefly emerged mid-week but quickly faded.

Big Movers and Liquidations

Looking at the top-100 assets by market cap, PIPPIN gained the most, up 6.6% to $0.77 on the day, while Monero (XMR) rose 3.4% to $325.

On the downside, Bitcoin Cash (BCH) led losses at 11% to $475.40, followed by NEXO, down 5.5% to $0.80.

According to CoinGlass data, around 137,000 traders were liquidated over the past 24 hours, with total losses of $412.9 million, where BTC accounted for $156.3 million and ETH for $131.7 million, while other altcoins accounted for $22.1 million.

ETFs and Macro Conditions

Spot Bitcoin ETFs saw $203.8 million in outflows on Monday, bringing cumulative assets to $80.7 billion. Ethereum ETFs recorded $49.4 million in outflows, with total net assets now at $10.4 billion, per SoSoValue data.

Macro conditions still feel shaky. Shares of IBM plunged about 13% on Monday, Feb. 23 — the stock’s steepest drop in more than 25 years. The selloff came after Anthropic said its Claude Code tool can automate COBOL modernization, the old-school language that still rakes in serious revenue for IBM.

Adding to the nervous mood, analysts at Citrini Research warned in a Feb. 22 note that rapid AI adoption could displace large numbers of white‑collar jobs, squeeze consumer spending, and put pressure on both financial and tech sectors.

In comments to investors on Monday, JPMorgan CEO Jamie Dimon drew comparisons between current credit and risk dynamics and those seen in the run‑up to the 2008 financial crisis, fueling more caution among investors.

Editor’s note: The GCC region is moving quickly from experimenting with Generative AI to embedding it across core business functions. Deloitte’s newly released survey of tax, finance and legal leaders shows a clear acceleration in GenAI adoption, driven by a demand for smarter research, decision support and quality assurance. As regional companies navigate data privacy, governance and implementation roadmaps, this editorial note highlights momentum and the remaining gaps that organizations must address to translate ambition into measurable outcomes.

Key points

• GenAI adoption is accelerating across tax, finance and legal functions in the GCC.
• Non-adoption fell from 52% in 2024 to 29% in 2025, with participation rising 47% year over year.
• Priorities have shifted toward research and analysis (41%) and quality improvement (38%).
• Only 18% are piloting GenAI, 9% are scaling, and 10% have enterprise-wide AI strategies and governance in place; 63% remain in pre-implementation.
• Automation remains a major opportunity, with 53% prioritizing automation; emphasis on research and data analysis (41%).

Why this matters

GenAI adoption in the GCC signals a shift from experimentation to strategic capability across tax, finance and legal functions. The findings underscore the importance of governance, robust operating models and workforce readiness to translate momentum into measurable business value and trusted, scalable deployment across enterprises. With rising confidence in AI’s long-term potential, organizations must balance speed with quality, risk controls and responsible governance to sustain momentum.

What to watch next

• Move from pilots to enterprise-wide AI strategies and governance frameworks.
• Strengthen governance, operating models and adoption roadmaps.
• Invest in data quality and capability development for deeper analytics.
• Monitor automation opportunities and balance between speed and quality.

Disclosure: The content below is a press release provided by the company/PR representative. It is published for informational purposes.

GCC Leaders Accelerate GenAI Adoption in Tax, Finance and Legal Functions

 A new Deloitte survey reveals rapid uptake across the region, alongside growing gaps in governance, strategy and implementation.

Dubai, UAE – 24 February, 2026: A new regional survey by Deloitte’s Tax & Legal business shows that organizations across the GCC are rapidly adopting Generative AI (GenAI) in tax, finance, and legal functions – but many are still struggling to move from experimentation to enterprise-wide impact.

Based on insights from senior tax and finance leaders across Saudi Arabia, the UAE, Qatar, and Kuwait, the survey shows rapid acceleration in GenAI adoption across the GCC. Non-adoption fell sharply from 52% in 2024 to 29% in 2025, while survey participation rose 47% year over year. The survey results indicate that GenAI has become a mainstream strategic priority for regional leadership teams.

While early adoption focused on basic productivity tasks such as email drafting, priorities have moved toward research and analysis (41%) and accuracy and quality improvement (38%). This reflects a transition from efficiency-led experimentation to more strategic value creation. At the same time, 93% of respondents expect AI to have a significant impact on their organizations, highlighting strong regional confidence in the technology’s long-term potential.

Yet despite this momentum, execution remains a key challenge. While 18% of organizations are actively piloting GenAI use cases, only 9% have begun scaling solutions, and just 10% report having enterprise-wide AI strategies and governance frameworks in place. More than 63% remain in pre-implementation stages, underscoring the need for clearer operating models, stronger governance, and structured adoption roadmaps to translate ambition into measurable outcomes.

Automation continues to be a major opportunity area, with 53% of respondents prioritizing automation, particularly in data validation and data reconciliation. However, leaders are increasingly emphasizing quality over speed, with research and data analysis accounting for 41% of current GenAI applications, signalling demand for deeper analytical support rather than simple task automation.

Implementation approaches vary widely across the region. While some organizations are adopting subscription-based or hybrid models, 38% say they are still exploring how to operationalize GenAI, reinforcing the need for advisory support to bridge strategy and execution.

Reflecting on the regional landscape, Muhammad Bahemia, Middle East Tax Leader at Deloitte, said: “The pace of Generative AI adoption across the GCC reflects a region that is both ambitious and pragmatic. Leaders clearly recognize the technology’s potential, but many are now confronting the harder question of how to scale it responsibly. Through our work across tax, finance, and legal functions, Deloitte is helping organizations translate innovation into disciplined execution; strengthening governance, building capabilities, and embedding AI in ways that deliver measurable value and enduring trust.”

Further commenting on the findings, Mohamed Serokh, Partner, at Deloitte Middle East, said: “What we’re seeing across the GCC is a clear shift from curiosity to action. Leaders recognize GenAI’s potential to fundamentally reshape tax, finance, and legal functions, particularly in research, analysis, and quality improvement. However, our survey also shows that many organizations are still navigating how to move from pilots to scalable impact. Success will depend on strong governance, capability development, and a disciplined approach to implementation.”

The survey concludes that while experimentation is widespread, the next phase for GCC organizations must focus on structured execution. Prioritizing high-impact use cases in research and tax analysis, strengthening governance frameworks, and investing in workforce readiness to support responsible, scaled adoption.

Explore the survey insights on this link.

© 2026 Deloitte & Touche (M.E.). All rights reserved.

In this press release references to “Deloitte” are references to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”) a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see deloitte.com/about for a detailed description of the legal structure of DTTL and its member firms. The information contained in this press release is correct at the time of going to press.

About Deloitte & Touche (M.E.) LLP

Deloitte & Touche (M.E.) LLP (“DME”) is the affiliate for the territories of the Middle East and Cyprus of Deloitte NSE LLP (“NSE”), a UK limited liability partnership and member firms of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”).

DME is a leading professional services organization established in the Middle East region with uninterrupted presence since 1926. DME’s presence in the Middle East region is established through its affiliated independent legal entities, which are licensed to operate and to provide services under the applicable laws and regulations of the relevant country. DME’s affiliates and related entities cannot oblige each other and/or DME, and when providing services, each affiliate and related entity engages directly and independently with its own clients and shall only be liable for its own acts or omissions and not those of any other affiliate.

DME provides services throughout 26 offices in 14 countries with more than 7,000 partners, directors and staff.

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Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firms and related entity is liable only for its own acts and omissions, and not those of each other. DTTL, NSE and DME do not provide services to clients. Please see www.deloitte.com/about to learn more.

Deloitte provides Audit & Assurance, Tax & Legal and Consulting and related services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Learn how Deloitte’s approximately 457,000 people worldwide make an impact that matters at www.deloitte.com.

Noora Cheikh

Eminence, Media & Digital Marketing Leader

Deloitte & Touche (M.E.)

ncheikh@deloitte.com | www.deloitte.com

Fluid DAO is considering a proposal to transfer all of the DeFi platform’s intellectual property into a Cayman Islands foundation, and to approve a $250,000 monthly grant to fund development and operations.

The proposal was submitted on Monday, Feb. 23, by DMH, the COO of Instadapp, the firm behind Fluid. It calls for the creation of the Fluid Foundation governed by DAO votes, a familiar corporate setup for crypto organizations.

Under the plan, “all Fluid Protocol smart contract code,” front-end interfaces, domains, trademarks and related assets would be transferred to the foundation. Once completed, the assets would “belong to the Foundation — not to any individual, company, or labs entity,” DMH wrote.

The foundation would have no owners and would operate through custodians and directors, according to the proposal. Its sole purpose would be to hold and steward the protocol’s intellectual property on behalf of the DAO.

“The Fluid team acts as custodians of the Foundation — not owners,” the proposal states, with FLUID token holders retaining “ultimate authority” through governance.

Control Stays with DAO

The proposal argues that a legal entity is needed as the protocol, which now has over $1 billion in total value locked (TVL), expands and engages with off-chain counterparties. A foundation structure would allow Fluid to meet “AML, KYC, banking, and regulatory requirements” without altering how token-based governance functions, the proposal argues.

Token holders would also retain the power to change foundation policy or shut it down entirely. The proposal says holders could “in an extreme case, dissolve the Foundation entirely through a governance vote.” DMH further elaborated in a response to a comment on the proposal:

To fund the structure, the DAO is being asked to approve a $250,000 monthly grant, or about $3 million a year from its treasury, which is funded by protocol revenue. The budget would cover engineering, infrastructure, security, business development and general operational costs, according to DMH.

‘Foundation Bears the Legal Costs’

Fluid operates a decentralized lending and borrowing protocol, as well as a swap interface. According to data from DefiLlama, that combination has brought Fluid roughly $1.2 billion in TVL and generated about $1.1 million in revenue in January. In August, the platform saw a record high revenue of $1.52 million. Taking Fluid’s best revenue month yet, the grant would consume around 16% of that monthly revenue.

If approved, legal work to transfer the IP is expected to be completed by mid-2026, with Cayman Islands counsel handling the process. The team also plans to move ownership of all EVM deployments under direct DAO governance.

Some raised concerns about liability if the foundation were sued. In response, DMH said that “if the foundation gets sued, the foundation itself bears the legal costs and any liability.”

Over the past 24 hours, FLUID slid 6% from around $2 to $1.88, but has since recovered to $1.96.

The Defiant reached out to Instadapp for comments on the proposal, but hasn’t heard back by press time.

Late last year, a fee-related dispute between the two main entities behind Aave — Aave Labs and Aave DAO — turned into a broader debate on how crypto organizations should be structured.

Tom Lee, founder of Fundstrat and Chairman of ether (ETH) treasury company Bitmine Immersion Technologies, has lost more on ETH using other people’s money than the $8 billion worth of losses suffered by FTX customers.

With 4,422,659 ETH purchased at an average $3,850 apiece, Lee’s company raised capital to buy the asset at over $2,000 more per coin than today’s price.

As a result, he’s lost $8.8 billion of his company’s assets.

At time of writing, ETH is trading at $1,843, down 60% over the past six months alone. Unfortunately, Bitmine Immersion has been buying tons of ETH over that bearish period — increasing losses for its investors at an alarming rate. 

Over the past six months, as ETH was declining 60%, Bitmine Immersion bought an extra 2,708,760 ETH. 

Those progressively disastrous additions increased the company’s losses from $4.8 billion to $8.8 billion.

Coinbase has opened stock and exchange-traded fund trading to all US users, allowing customers to buy and sell equities alongside crypto within the same app on a 24/5 basis. The rollout includes commission-free trading, fractional shares, and instant funding with USD or USDC. 

According to a company post on Tuesday, thousands of stocks are available to trade 24 hours a day, five days a week, with approximately 6,000 securities currently supported and plans to expand that number in the coming weeks.

Coinbase said it aims to introduce stock perpetual futures for non-US users through Coinbase Bermuda Ltd., subject to regulatory approval, and said it intends to offer tokenized equities in the future.

Today’s announcement comes on the heels of Coinbase expanding its prediction markets offering to all 50 US states last month through a partnership with Kalshi, allowing users to trade contracts tied to real-world events across sports, politics and culture. 

Brian Armstrong, CEO of Coinbase, posted the news today on X, writing “The everything exchange is growing.”

Related: WisdomTree gets SEC approval for round-the-clock trading of tokenized MMF

Tokenized equities gain traction from crypto platforms to Wall Street

Tokenized equities, blockchain-based representations of traditional shares, have emerged as a major theme in crypto over the past year.

In June, more than 60 tokenized stocks became available on crypto exchanges Kraken and Bybit, as well as on Solana-based DeFi platforms. The rollout, led by Backed Finance through its xStocks product, gave users blockchain-based exposure to major companies including Apple, Amazon, Tesla, Nvidia, Meta, Coinbase and Robinhood.

In October, fintech Robinhood expanded its own tokenization program on the Arbitrum blockchain, adding 80 new stock tokens and bringing its total to 493 tokenized assets.

While crypto-native and fintech platforms have led recent rollouts, interest in tokenized equities now extends to some of the world’s largest exchanges.

In September, Nasdaq filed with the US Securities and Exchange Commission (SEC) seeking approval to list tokenized equities, and in November, the exchange’s head of digital assets strategy, Matt Savarese, told CNBC that securing SEC approval to list tokenized versions of exchange-listed stocks is a top priority for the company.

In January, the New York Stock Exchange and its parent company, Intercontinental Exchange, announced plans to develop a platform for trading tokenized stocks and ETFs. The proposed system would support 24/7 trading and instant settlement by combining NYSE’s Pillar matching engine with blockchain-based post-trade infrastructure.

Coinbase also today announced a partnership with Yahoo Finance to enable users to move from researching an asset on Yahoo Finance to executing a trade on Coinbase with one click. Yahoo Finance will incorporate real-time information from Coinbase for asset discovery and tracking.

The US-based exchange said Coinbase One members can earn rewards on USDC (USDC) balances used for trading, and Yahoo Finance users will be offered a one-month trial of Coinbase One Basic as part of the partnership.

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