US President Donald Trump announced 13 appointees from the crypto, blockchain, AI, and technology sectors to his re-established Council of Advisors on Science and Technology (PCAST), a body revived by executive order in January 2025. The White House said the council would advise the president on matters involving science, technology, education, and innovation policy.

The administration signaled that the panel could ultimately expand to as many as 24 members, with many additional appointments expected in the near term.

Among those named were Meta CEO Mark Zuckerberg, Coinbase co-founder Fred Ehrsam, Nvidia CEO Jensen Huang, and Oracle chief technology officer Larry Ellison, illustrating a cross-section of social media, crypto, semiconductors, and enterprise software leadership on the panel.

The White House noted that the council will be co-chaired by White House AI and crypto czar David Sacks and Trump’s science adviser Michael Kratsios. The January executive order re-establishing PCAST assigns it the task of advising the President on science, technology, education, and innovation policy.

News of the appointments comes as the White House last week released a national AI framework, urging Congress to pass legislation that would preempt state-level rules in favor of a unified federal approach. In parallel, Trump has pressed Republicans to advance the SAVE America Act—legislation requiring proof of citizenship to register to vote, saying on March 8 that he “will not sign other bills” until it passes.

Key takeaways

• The reconstituted PCAST adds 13 members from crypto, AI, and broader tech sectors with potential to influence policy on innovation, regulation, and national strategy.
• High-profile names attached to the roster include Mark Zuckerberg, Fred Ehrsam, Jensen Huang, and Larry Ellison, underscoring a cross-industry reach into social platforms, crypto infrastructure, and enterprise tech.
• The council’s leadership is set to be co-chaired by David Sacks and Michael Kratsios, tying together White House AI strategy and science-oriented policy oversight.
• The appointment aligns with a broader White House push on AI governance and technology policy, coming shortly after the administration’s AI framework and amid ongoing crypto-market regulation debates in Congress.

A tech-forward advisory body and its potential influence

The expansion of PCAST signals more than a ceremonial lineup. By bringing together founders and executives with hands-on experience in platform design, digital assets, and advanced computing, the White House appears intent on shaping policy that could affect research funding, national quantum and AI initiatives, data privacy standards, and the coordination of federal tech programs across agencies.

David Sacks’ designation as a co-chair reflects the administration’s approach to integrate perspectives from both AI development and crypto policy circles. Michael Kratsios, who serves as Trump’s science adviser, complements that mix with a governance mindset focused on policy execution and regulatory clarity. In this arrangement, the council could become a sounding board for national strategies on emerging technologies, including how the U.S. competes with international peers in AI, cloud infrastructure, and digital assets infrastructure.

The membership itself reads like a snapshot of today’s technology leadership: a social media chief executive, a crypto infrastructure founder, a semiconductor and AI hardware chief, and an enterprise software veteran. While PCAST has historically concentrated on scientific and technical policy, the current lineup raises the potential for a more explicit bridge between innovation ecosystems and federal policy objectives.

Context: AI policy, frameworks, and the political timetable

Its emergence comes on the heels of the White House’s national AI framework, which calls for a cohesive federal approach to artificial intelligence governance. By emphasizing federal action, the administration is signaling that it intends to steer the discussion beyond uneven state-by-state regulation, a point of interest for developers, users, and investors navigating AI deployment timelines and risk management.

Meanwhile, the political calendar around crypto regulation remains contentious. The House previously passed a comprehensive digital asset market structure bill, known in policy circles as the CLARITY Act, in July 2025. The Senate, however, has faced recurring obstacles, including recesses and a government funding standoff, and progress has stalled on moving the measure through the upper chamber. The outlook for federal crypto law is further complicated by industry pushback on certain provisions and the balance lawmakers seek between consumer protection, market integrity, and innovation incentives.

The Senate Agriculture Committee did advance its version of the market structure bill in January, but a planned markup in the Senate Banking Committee—where securities-law implications are central—was postponed after Coinbase CEO Brian Armstrong indicated the bill did not align with the company’s views as written. As of midweek, no new date had been set for a Banking Committee markup, leaving the overall timeline uncertain. Industry concerns over how the framework would handle stablecoins and yields have contributed to the cautious pace surrounding legislative action.

Taken together, the PCAST appointments and the ongoing congressional debates map a broader moment for policy signals. Investors, developers, and users are watching how the White House’s staffing choices translate into concrete regulatory directions—particularly around AI governance, digital asset policy, and the interoperability of federal rules across federal agencies.

What to watch next in policy and markets

Looking ahead, several questions will shape the near-term crypto and tech policy landscape. First, how quickly will the White House fill out the remaining PCAST seats, and what subfields or sectors will be prioritized in those appointments? Second, will the AI framework influence legislative strategy in Congress, accelerating a more unified approach to technology regulation that could affect innovation pipelines and government procurement?

On the legislative front, the CLARITY Act saga offers a bellwether for how the Administration and Congress balance market structure clarity with industry concerns. If the Senate resumes movement and addresses securities considerations and stablecoin policy in a compatible form, it could set the stage for a federal framework that supersedes piecemeal state rules. Conversely, extended stalemate would maintain a degree of regulatory ambiguity that could impact capital flows and project timelines across the crypto and crypto-adjacent tech sectors.

For market participants and builders, the development underscores a potential shift in how federal policy-makers engage with crypto-native ecosystems. The inclusion of influential industry leaders on PCAST may foreshadow more active, policy-informed collaboration between government and industry—an environment where technical feasibility, consumer protection, and innovation incentives must be balanced in real time.

As the administration moves to fill out PCAST and Congress weighs next steps on market structure legislation, observers should monitor the administration’s public messaging, any future staffing announcements, and committee-level activity in the Senate. The coming weeks could reveal the degree to which this White House strategy translates into tangible policy shifts, regulatory clarity, and a clearer path for crypto and AI developers navigating the U.S. regulatory landscape.

Readers should stay tuned for updates on who joins PCAST in the coming months and how the council’s guidance might influence federal research funding, education policy, and enforcement priorities across science and technology domains.

TLDR

• The European Central Bank plans to publish Digital Euro technical standards by summer.
• The ECB will begin a 12-month pilot for the Digital Euro in the second half of 2027.
• Lawmakers could approve a full Digital Euro launch around 2029.
• Private banks will provide wallets while the ECB maintains the core infrastructure.
• The Reserve Bank of Australia estimates tokenization could deliver AUD $24 billion in annual efficiency gains.

The European Central Bank has outlined a clear path for its Digital Euro project and expects to publish technical standards by summer. Executive Board member Piero Cipollone confirmed the plan before European Union lawmakers and detailed the rollout process. Meanwhile, Australia’s central bank has projected AUD $24 billion in annual efficiency gains from tokenization efforts.

Digital Euro Framework and Pilot Roadmap

The ECB will release core technical standards for the Digital Euro by this summer. Cipollone said the framework will give banks and payment firms time to prepare their systems. He stressed that early coordination will support a smooth integration process.

The standards will allow terminals, wallets, and payment apps to include Digital Euro functionality before issuance. As a result, providers can embed features directly into payment infrastructure. Cipollone told lawmakers that “early alignment with industry participants is critical to ensuring a smooth rollout.”

The ECB has scheduled a 12-month pilot for the second half of 2027. The trial will test person-to-person transfers and point-of-sale payments in controlled settings. Licensed payment service providers will operate the pilot under central bank oversight.

The central bank will review both technical performance and user adoption during the pilot. If lawmakers approve the framework, the ECB targets a potential launch around 2029. Officials linked the timeline to infrastructure development and legislative coordination across the European Union.

The ECB has confirmed that it will not offer the Digital Euro directly to consumers. Instead, private banks and payment firms will provide wallets and customer services. The Digital Euro will function as a public infrastructure layer within the existing financial system.

Australia Advances Tokenization Strategy

The Reserve Bank of Australia has estimated that tokenization could deliver about AUD $24 billion in annual efficiency gains. Bloomberg reported that the figure equals roughly $16.7 billion in economic value. The projection highlights the growing focus on blockchain-based financial infrastructure.

Assistant Governor Brad Jones said stablecoins and bank-issued deposit tokens will play complementary roles. He stated that authorities are shifting toward practical deployment frameworks. The RBA has launched a digital sandbox to test new tokenized financial products.

The central bank has also expanded a working group focused on deposit tokens. Officials aim to integrate tokenized finance into the existing monetary system while maintaining oversight. The RBA said the initiative supports coordination between regulators and industry participants.

In Europe, the ECB continues to position central bank money as the anchor of the financial system. Cipollone said public money must retain its role as a tokenized asset, and stablecoins gain traction. The ECB’s Pontes initiative is testing cross-platform settlement of tokenized securities using central bank money.

The Appia roadmap outlines a longer-term plan for integrated tokenized markets across Europe. The Digital Euro will complement cash and bank deposits within that framework. Authorities confirmed that central bank-backed settlement remains central to these efforts.

The US has accused two China-based pharmaceutical firms of using crypto to sell fentanyl precursor chemicals to violent Mexican cartels distributing drugs across the US. 

Six defendants and two pharmaceutical firms, Shandong Believe Chemical Company and Shandong Ranhang Biotechnology Ltd, were indicted by an Ohio district court grand jury yesterday and charged with money laundering, international criminal financing, and terrorist financing. 

The firms allegedly presented themselves as legitimate pharmaceutical companies while marketing and selling various chemical products that are required in the production of fentanyl.

It’s alleged that drug traffickers accepted crypto as payment, and would send the funds to crypto wallets under the control of the accused entities and persons. 

Crypto under the control of the two firms would then be sent to agents, who would hold onto the funds until they could be converted into fiat currency and laundered through international banks. 

As part of the indictment, a sum of crypto from a Binance account with $26,000 worth of funds will be forfeited if the US manages to secure a conviction. 

Read more: World Cup games in Mexico at risk after crypto-laundering drug lord killed

The alleged buyer of these specific precursors is the Gulf Cartel (Cartel del Golfo). It’s one of Mexico’s oldest criminal organizations, dating back to the 1930s, and was designated a terrorist organization last year. 

The US claims the cartel deals in drug trafficking, kidnapping, extortion, human smuggling,  and “employs violence, including assassinations of civilians and government officials, to intimidate the public and control territory.”

US and China collaborated to achieve the fentanyl indictment

FBI director Kash Patel said yesterday’s indictment was the result of a “historic” collaborative investigation between the US and China’s Ministry of Public Security. 

He implied the indictments were helped by the FBI and Donald Trump visiting China last November, as Patel claimed the president’s negotiations with President Xi, “continues to pay dividends for America’s national security in the war on deadly narcotics.”

Read more: Crypto payments to China chemical suppliers fuel US fentanyl epidemic

Crypto analysis firm Elliptic has previously found that centralised crypto exchanges in Russia and Australia have been used to facilitate millions of dollars worth of funds that stem from China-based sellers of fentanyl precursors. 

It was able to trace $32 million worth of crypto, made up of bitcoin, Tron-based USDT, and Ethereum-based USDT, transferred as part of fentanyl precursor sales. 

Another alleged crypto money laundering operation, indicted by the US in 2024, allegedly worked with “Chinese underground money exchanges” and the Sinaloa Cartel to facilitate illicit funds connected to the drugs trade.

Fentanyl is a key contributor to opioid deaths in the US, and exports of the drug from China directly to the US were curtailed in 2019. However, by selling precursor chemicals instead, many companies can skirt regulations.

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TLDR:

• The memecoin market cap holds above $45B even as the Fear & Greed Index drops to a low of 10.
• Only 0.00009% of PumpFun tokens captured over 55% of FDMC, exposing extreme memecoin market concentration.
• OG memecoins like DOGE, PEPE, and BONK show stronger retention through utility, trust, and trading volume.
• Over 90% of memecoins launched in late 2025 and early 2026 have already lost liquidity and user interest.

Memecoins continue to struggle with user retention even as the total market cap holds above $45 billion. The Fear & Greed Index has fallen to 10, yet the sector remains structurally active.

Thousands of new tokens launch weekly, but the overwhelming majority collapse within weeks. The gap between surviving and failing projects keeps widening, pointing to deep retention problems across the memecoin space.

Weak Fundamentals Drive Rapid User Exits From New Tokens

Most new memecoins share a common failure pattern rooted in poor design. They launch with heavy hype, attract early buyers, then collapse once whale selling begins. That cycle has repeated consistently throughout late 2025 and into 2026.

Data from PumpFun shows only around 12 tokens, roughly 0.00009% of all launches, captured over 55% of fully diluted market cap.

The remaining thousands lost liquidity extremely fast. Users had little reason to stay once early momentum faded.

Crypto analyst Tanaka pointed this out directly on X, noting that whale concentration and full dependence on hype culture leave most tokens without a retention foundation. When there is no utility, no community incentive, and no roadmap, users simply move on to the next launch.

The numbers back this up clearly. Over 90% of memecoins launched in late 2025 and early 2026 have already died.

Tokens that once reached $1 to $2 billion in market cap are now sitting at tens of millions or have vanished entirely. That collapse rate reflects a market where retention was never prioritized.

Utility and Track Record Separate Survivors From Short-Term Projects

Established memecoins retain users far better because they offer more than speculation. FLOKI expanded into the Valhalla play-to-earn metaverse and operates across both BSC and Ethereum. That cross-chain utility gives holders a reason to stay engaged beyond price movement.

PEPE demonstrated strong user confidence by reclaiming a $1.7 billion market cap. It led a market recovery with a 20.5% daily gain on March 16, backed by a 287% volume surge to $790 million. That kind of organic volume reflects genuine user participation, not just short-term speculation.

BONK similarly retained its Solana user base, gaining 10% with a 228% trading volume spike to $131 million. Gemini’s decision to launch BONK perpetual contracts with 100x leverage further reinforced its credibility among active traders seeking longer-term exposure.

DOGE remains the clearest example of sustained retention, holding its position as the leading memecoin even in a weak market. Its potential integration with X Money adds a forward-looking narrative that newer tokens simply cannot compete with.

As Tanaka noted, OG memecoins continue to prove that brand trust, community depth, and utility pathways are what ultimately keep users from walking away.

Artificial intelligence agents will be deployed starting Wednesday by law enforcement agencies using analytical tools provided by TRM Labs, which added the new agents that are meant to allow investigators to use regular language to frame their searches.

The new investigative assistant is embedded in the TRM Forensics service that’s extended to law enforcement agencies, crypto businesses and financial firms, and it “translates natural language prompts into complex investigative actions,” TRM said in a press release. A user can request information about the flow of funds without needing highly technical inputs, speeding up the time-dependent process of chasing bad actors.

Last year, illicit crypto volume hit $158 billion, according to the analysis firm.

“What we’re seeing every day is that the caseload is growing faster than the workforce, and investigators are being asked to operate across dozens of blockchains, jurisdictions, and typologies simultaneously,” said Ari Redbord, head of legal and government affairs for TRM.

An AI tool on investigators’ side, he said, could help overcome “a sharp acceleration in AI-enabled fraud and scams,” which TRM data puts at a 500% increase “as criminal actors use automation, deepfakes and AI-driven tools to scale operations with speed and precision that simply didn’t exist before.”

Welcome to our institutional newsletter, Crypto Long & Short. This week:

• Ryan Kirkley on how crypto prediction markets can risk incentivizing manipulation and amplify misinformation at scale.
• Top headlines institutions should pay attention to by Francisco Rodrigues.
• Geodnet decoupling suggests fundamental re-rating in Chart of the Week.

Thanks for joining us!

-Alexandra Levis

Expert Insights

Prediction Markets Don’t Just Forecast Power – They Reshape It

By Ryan Kirkley, Co-Founder and CEO of Global Settlement Network

Prediction markets are often pitched as neutral forecasting tools: efficient ways to aggregate information and convert collective belief into a price. That case is not entirely wrong. The academic literature has long found that prediction markets can produce forecasts that outperform many conventional benchmarks. But as someone who believes in crypto’s role in modernizing market infrastructure, I think we should be honest about what the sector is building here. The crypto version of prediction markets is no longer just about forecasting. It is about financializing real-world instability.

That distinction matters. On Polymarket, for example, users can bridge assets from Ethereum, Solana, Bitcoin and other chains; those deposits are converted into USDC.e on Polygon, where fully backed yes/no positions trade and settle on-chain as tokenized claims. In other words, crypto does not merely host these markets. It gives them global reach, cross-chain funding and low-friction settlement. That is impressive market design. It is also exactly what makes the social risk larger.

Once you turn war, political violence, public disorder or institutional breakdown into tradable crypto instruments, you create new incentives for bad actors. The first is obvious: people with privileged information can try to monetize it. U.S. regulators have long recognized that not every event belongs inside a financial market. CFTC Regulation 40.11 bars event contracts involving terrorism, assassination and war, among other categories deemed contrary to the public interest. That is not anti-market moralizing. It is recognition that some contracts do more than reveal information; they can distort behavior around the underlying event.

The second problem is even more serious: prediction markets can reward people who are not just informed about an outcome, but capable of influencing it. Academic research has warned that when traders have outside incentives, or can take actions that affect the underlying event, information aggregation can break down. A market is supposed to measure probability. But when the market itself becomes a source of incentive, it starts to reshape the probability it claims to observe.

That concern is no longer theoretical. Reuters reported this month that markets on Iran strikes and Ayatollah Ali Khamenei’s ouster drew ethics and insider-trading scrutiny after unusually well-timed bets were flagged; in a separate report, Reuters noted that Polymarket removed bets on a nuclear explosion after public backlash. Even if only a small number of traders are acting on nonpublic information, the message to everyone else is corrosive: access, not insight, may be what gets rewarded.

There is a third risk, and it is deeply crypto-native: these platforms increasingly function as media engines as much as markets. Axios reported in February that prediction-market accounts were spreading false, misleading or context-free claims to millions on social media, turning market odds into viral narratives before facts were established. When screenshots of thin or sensational markets circulate as “truth,” bad actors do not need to influence the event itself. They only need to influence the information environment around it.

For advisors and allocators, the mistake is to treat every liquid market as legitimate simply because price discovery exists. Crypto has real work to do: modernizing settlement, improving transparency and making capital markets more programmable. But building the most efficient rails for speculating on war, regime change or civic breakdown is not financial innovation. It is moral hazard at internet scale. Prediction markets do not just forecast power. In their current crypto form, they reshape it by rewarding those most willing to exploit instability.

Headlines of the Week

Francisco Rodrigues

While this week has shown clear progress on the regulatory front, market anxiety coupled with AI disruption has started to affect the crypto industry.

Chart of the Week

Geodnet decoupling suggests potential fundamental re-rerating

Geodnet, a Decentralized Physical Infrastructure Network (DePIN) protocol providing high-precision positioning for Robotics and Physical AI, shows a clear fundamental decoupling. While its price has trended sideways alongside an underperforming DePIN index (down 3% relative to BTC, as per CoinDesk Data), monthly token burns have reached $500,000, currently neutralizing roughly 60–80% of new emissions. This divergence is driven by the growing data revenue from autonomous drone fleets and humanoid robot developers. As the network pivots from infrastructure build-out to a high-margin data layer for the machine economy, the current supply-demand imbalance suggests a potential fundamental re-rating.

Listen. Read. Watch. Engage.

Looking for more? Receive the latest crypto news from coindesk.com and market updates from coindesk.com/institutions.

Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc., CoinDesk Indices or its owners and affiliates.

Interactive Brokers now lets clients transfer supported crypto from external wallets into IBKR accounts without selling first, extending its low-fee, multi-asset platform push.

Interactive Brokers (NASDAQ: IBKR) launched a crypto portfolio transfer feature on Wednesday, allowing clients to move existing digital asset holdings from external wallets or platforms directly into their IBKR-linked crypto accounts — without selling first. According to a BusinessWire press release, eligible clients of Interactive Brokers LLC and Interactive Brokers (U.K.) Limited can now transfer Solana, Bitcoin, Ethereum, and other supported cryptocurrencies directly into accounts held at Paxos or zerohash, and manage them alongside stocks, options, futures, currencies, and bonds from a single interface.

CEO Milan Galik framed the announcement as a direct response to friction in the crypto trading experience. “Crypto investors should be able to access competitive crypto pricing and diversified investment opportunities without managing multiple accounts or liquidating their positions,” Galik said. “By enabling direct crypto portfolio transfers, we’re making it easy for traders to benefit from IBKR’s low-cost crypto trading and gain access to our full range of global markets within the same professional trading environment.”

The pricing angle is central to IBKR’s pitch. The brokerage charges commissions of 0.12% to 0.18% of trade value — with a minimum of $1.75 per order and no added spreads or markups — compared to fees of up to 2.00% or more on many retail crypto platforms, often with additional embedded costs. In a previous crypto.news story, IBKR launched 24/7 stablecoin account funding in January, enabling clients to deposit USDC and have it converted to USD almost instantly through zerohash, replacing cross-border wires that typically take one to three business days and carry fees of $25 to $50 per transaction.

Wednesday’s feature is part of a broader, deliberate build-out. IBKR began offering crypto trading in 2021 with Bitcoin and Ethereum, before adding Solana, XRP, and other tokens in subsequent years. In February 2026, the brokerage expanded further, adding Coinbase Derivatives perpetual-style futures contracts to its platform. Crypto custody is handled through two regulated partners — Paxos Trust Company, supervised by the New York Department of Financial Services, and zerohash, a FinCEN-registered money services business with a BitLicense from the NYDFS.

The move puts IBKR in increasingly direct competition with crypto-native exchanges for active traders, particularly those who want access to traditional markets alongside digital assets. That pressure is coming from both sides — a previous crypto.news story noted that Morgan Stanley plans to offer crypto trading on E-Trade in 2026, signaling that legacy brokerages are collectively accelerating their digital asset integrations.

Interactive Brokers serves individual investors, hedge funds, proprietary trading groups, financial advisors, and introducing brokers across more than 170 markets globally. The group is a member of the S&P 500. The firm has long differentiated itself on low costs and broad market access, and the portfolio transfer feature extends that model to users who currently hold crypto elsewhere but want lower trading costs and integrated access to traditional markets — without the tax and timing complications of liquidating to move.

“Perpetual-style crypto futures have become popular with traders because they provide long-dated exposure and greater flexibility,” Galik said at the February launch of Coinbase Derivatives contracts. The portfolio transfer feature now means those same traders can bring their existing crypto holdings onto the platform in a single step. As a previous crypto.news story noted, the stablecoin-funded account initiative earlier this year already pointed to a firm that views crypto infrastructure not as a bolt-on, but as a core part of its long-term platform strategy.

Ondo Finance has partnered with Franklin Templeton to tokenize five of the asset manager’s exchange-traded funds (ETFs). The deal marks the first time Templeton-managed ETFs are available on-chain, extending the $1.7 trillion asset manager’s blockchain footprint beyond its tokenized money market fund.

The five ETFs span a broad range of asset classes: the Franklin Focused Growth ETF (FFOG), an actively managed fund targeting innovative U.S. companies; the Franklin U.S. Large Cap Multifactor Index ETF (FLQL); the Franklin Responsibly Sourced Gold ETF (FGDL); the Franklin High Yield Corporate ETF (FLHY); and the Franklin Income Equity Focus ETF (INCE). The products will be available through Ondo’s Global Markets platform.

Under the arrangement, Franklin Templeton continues to manage the underlying ETFs while Ondo provides tokenization infrastructure and digital distribution. Ondo will acquire shares of the ETFs and issue blockchain-based tokens representing their economic exposure — tokens that do not grant direct ownership of the underlying shares but instead pass through returns to holders. That structure opens the door to DeFi use cases, such as on-chain collateralization, that are not available with traditional fund shares.

The tokenized ETFs will initially be available in Europe, Asia-Pacific, the Middle East, and Latin America, with U.S. availability contingent on further regulatory clarity around how third parties can distribute registered funds on-chain.

The structure bypasses the need for a brokerage account, targeting crypto-native investors who hold assets primarily in wallets and stablecoins. Liquidity will be supported by Ondo’s market makers, including during periods when traditional markets are closed, enabling around-the-clock trading.

The deal also represents a significant expansion for Ondo Global Markets, which launched in September 2025 with over 100 tokenized U.S. stocks and ETFs on Ethereum. Since then, the platform has grown into the largest tokenized securities platform by TVL, with over $700 million locked, according to DeFiLlama.

The Franklin Templeton tie-up adds a new dimension: rather than tokenizing individual equities, Ondo is now wrapping actively managed funds from a top-tier asset manager, offering diversified exposure through a single token.

Ondo’s Rapid Rise

Ondo Finance’s overall TVL stands at roughly $2.7 billion, according to DeFiLlama. The protocol first crossed $1 billion in March 2025 following the launch of Ondo Nexus, and broke through $2 billion less than a year later in January 2026. Ethereum remains the dominant network for Ondo’s tokenized assets, with Solana and BNB Chain accounting for smaller shares.

The platform also received a regulatory boost in late 2025, when the SEC closed a multi-year investigation into Ondo Finance without bringing charges.

The ONDO token is trading at approximately $0.26 with a market cap of about $1.2 billion, according to CoinGecko, down more than 85% from its all-time high of $2.14 in December 2024.

This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.

TLDR

• BlackRock CEO Larry Fink warned that oil prices near $150 could trigger a global recession.
• He said prolonged supply disruptions could keep oil prices above $100 for years.
• Fink stated that high energy costs would raise production and transport expenses worldwide.
• He explained that lower-income households would face greater pressure from rising fuel bills.
• Goldman Sachs raised the probability of a US recession to 30% due to oil-driven inflation risks.

BlackRock CEO Larry Fink warned that soaring oil markets could tip the world into recession. He said prolonged supply shocks could lift crude toward $150 per barrel. He outlined two economic paths based on how the Iran conflict develops.

Oil Prices Could Stay Above $100 for Years

Fink spoke on the BBC Big Boss Interview podcast on March 25. He said oil prices could climb sharply if tensions restrict supply and trade. He warned that crude near $150 would strain growth and fuel inflation.

He stated, “We could have years of oil prices above $100, closer to $150 oil.” He added that such levels would carry “profound implications in the economy.” He said high energy costs would likely trigger a global recession.

He explained that elevated fuel costs would raise transport and production expenses. As a result, businesses would face tighter margins and slower expansion. Lower-income households would also feel stronger pressure from higher energy bills.

He contrasted this outlook with a full de-escalation scenario. He said Iran’s reintegration into global markets could push oil toward $40 per barrel. He argued that increased supply would support growth and ease inflation pressures.

However, he warned that a partial resolution presents greater risks. He said Iran could still threaten trade routes and Gulf stability. In that case, oil prices could remain elevated for years.

He stressed that sustained prices near $150 would almost certainly lead to recession. He said energy costs at that level would ripple across sectors. He linked the outlook directly to supply disruptions and trade threats.

Goldman Sachs and JPMorgan Raise US Recession Odds

Other major financial institutions have also raised recession probabilities. Goldman Sachs increased its United States recession odds to 30%. The bank cited rising inflation tied to oil prices and weaker growth forecasts.

JPMorgan placed recession odds at 35%. The bank said markets may underestimate the economic drag from prolonged energy shocks. Both institutions connected their outlooks to persistent crude price strength.

Oil markets have shown volatility in recent weeks. Reports about ceasefire talks caused brief price declines on Wednesday. However, traders continued to track risks around key shipping lanes.

The Strait of Hormuz remains central to global energy flows. Any disruption there could tighten supply quickly. As tensions evolve, oil prices continue to respond to geopolitical signals.

Fink’s remarks add to the ongoing debate within financial circles. He tied recession risk directly to crude levels above $100 and approaching $150. His comments followed recent market swings linked to developments involving Iran.

He reiterated that a clear end to hostilities could lower oil prices sharply. Yet he maintained that unresolved threats would keep prices high. The interview aired on March 25 and detailed both economic scenarios.