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.

The crypto rally took a pit stop on Thursday while equities kept zooming higher.

Bitcoin BTC$81,437.09 traded at $80,945 in Asian hours, down 0.7% over 24 hours but still up 6.9% on the week. Ether (ETH) slipped 2% to $2,326, and DOGE$0.1115 was the major laggard, dropping 4.4% to $0.1106 after last week’s run took its 30-day return into the double digits.

XRP and BNB held steadier, with XRP at $1.41 and BNB up 1.3% to $643. Solana zoomed 6.1% on the week to $88.06.

The pullback came as global stock markets ripped to fresh records on U.S.-Iran ceasefire hopes, with reports indicating the two countries are working on a proposal to end the nearly 10-week conflict.

The MSCI All Country World Index advanced 0.3% and MSCI’s Asia gauge jumped 1.9% to a record, with Japan’s Nikkei 225 hitting an intraday high. South Korea passed Canada as the world’s seventh-largest equity market by value, with Softbank surging 18% and TSMC adding 3.3%. Wall Street gauges closed at all-time highs Wednesday with about 80% of S&P 500 companies beating earnings estimates, Bloomberg reported.

Brent crude held under $102 a barrel on speculation a US-Iran deal would help resume oil shipments through the Strait of Hormuz, while gold zoomed for a third straight day to $4,700 an ounce on Fed rate-cut bets and easing inflation expectations.

FxPro chief market analyst Alex Kuptsikevich said in a note that bitcoin’s next test sits at the 200-day moving average around $83,300. A moving average smooths out short-term volatility by averaging an asset’s price over a set period, and the 200-day version is among the most-watched long-term trend gauge among traders.

“A firm consolidation above this level would be a further sign of bullish dominance,” he wrote, adding that the first such sign came one month ago when bitcoin held above the 50-day moving average. He flagged that a short-term profit-taking phase is likely as bitcoin approaches $83,000, “allowing some of the gains to be taken.”

The structural backdrop continues to support the move. Tether’s market cap has grown by $5.9 billion over the past 60 days, per analyst Darkfost, reversing a $2 billion monthly outflow trend that ran through early 2026. Such issuances are considered to be a source of new capital entering the crypto market.

In other developments, Morgan Stanley signalled this week that US banks may eventually be able to hold bitcoin on their balance sheets despite current regulatory barriers, with the bank already running a bitcoin-based ETP and planning to launch spot crypto trading on its wealth platform later this year.

Western Union launched its own stablecoin, USDPT, on Solana to bypass traditional interbank settlement delays.

Elsewhere, BitMine added more than 100,000 ETH for the third straight week, taking its ether reserves to 5.18 million ETH worth roughly $13 billion, or 4.29% of total supply.

Swiss crypto bank AMINA has become the first FINMA-regulated lender to offer custody and trading support for Canton Coin.

According to AMINA, the new integration gives clients regulated access to the Canton Network, a blockchain built for capital markets activity such as tokenized assets, collateral management, repo transactions, and settlement. Digital Asset developed the network, while backers include the Depository Trust & Clearing Corporation, Visa, BitGo, Goldman Sachs, and Citadel.

Institutional investors using AMINA’s banking platform can now hold and trade Canton Coin without relying on crypto-native custodians or exchanges. The bank said the setup could support firms using Canton Network infrastructure for tokenization and financial settlement operations.

From Zug, Switzerland, AMINA has continued adding regulated crypto services across multiple jurisdictions over the past year. In November 2025, the bank received a Type 1 license uplift from Hong Kong’s Securities and Futures Commission, allowing its local subsidiary to provide crypto trading and custody services to institutional investors in the city. At the time, AMINA said Hong Kong had become one of Asia’s most active regulated crypto markets for professional investors and family offices.

Under the Hong Kong approval, AMINA expanded support for 13 digital assets, including Bitcoin, Ethereum, USD Coin, and Tether. Michael Benz, head of AMINA Hong Kong and APAC, said the regulatory clearance would help the bank meet institutional demand for regulated crypto access and tokenized financial products.

Canton pushes deeper into institutional markets

Canton Network has been building infrastructure tailored for traditional finance firms rather than retail crypto users.

Institutional activity around the network has increased in recent months. In April, BitGo expanded its Canton-related services to include trading and on-chain settlement after previously supporting custody functions alone.

S&P Dow Jones Indices also brought its US Treasury Index benchmark onto the Canton Network, allowing institutions to access benchmark fixed-income data through tokenized systems.

Competition in the institutional blockchain sector has intensified as regulated financial firms experiment with tokenized assets and settlement rails. R3’s Corda continues targeting banks and regulated markets through privacy-focused permissioned infrastructure, while Hyperledger Fabric has maintained adoption among financial institutions and enterprise firms running blockchain-based internal systems.

AMINA has also expanded its regulated digital asset footprint in Europe. Earlier in November 2025, Austria’s Financial Market Authority approved the bank’s Austrian subsidiary under the European Union’s MiCA framework, allowing it to offer crypto trading, custody, and portfolio management services across the European Economic Area.

Beyond geographic expansion, the bank has added institutional-focused products tied to Ripple’s RLUSD stablecoin, Polygon staking services, and USD Coin reward accounts as competition among regulated crypto banks continues to grow.

AE Coin and USD Universal have introduced a regulated stablecoin conversion framework in the UAE that enables near-instant exchange between UAE dirham and U.S. dollar-backed payment tokens for institutional use.

According to a March 7 announcement the system has been built with support from Al Maryah Community Bank and functions as a regulated settlement rail between the dirham-pegged AE Coin and the dollar-backed USDU. 

The companies said the infrastructure is intended to support liquidity management, treasury operations, and cross-border settlements within the UAE’s payment token framework.

Initial access to the conversion mechanism will be offered through regulated digital asset service providers Aquanow and Changer.ae, both of which operate under UAE regulatory oversight. USD Universal said USDU is regulated by the Financial Services Regulatory Authority in Abu Dhabi Global Market and is registered with the Central Bank of the UAE as a foreign payment token. AE Coin has separately received licensing approval from the UAE central bank.

Universal launched USDU in January as the first U.S. dollar-backed stablecoin registered under the UAE’s Payment Token Services Regulation framework for institutional and professional participants. Under current approvals, the token can be used for digital asset-related payments inside the UAE, although mainland retail payments remain outside the scope of the authorization.

Across the UAE, regulators and free zones have continued adding blockchain-based financial and business systems as the country competes to attract digital asset firms and Web3 companies.

Earlier this week, Ras Al Khaimah free zone Innovation City introduced a blockchain-powered business identity platform covering more than 1,000 registered companies. Dubai’s crypto regulator VARA has also continued approving firms operating in the sector. In February, Animoca Brands secured a Virtual Asset Service Provider license from VARA, while BitGo received a broker-dealer license in late 2025.

Institutional tokenization activity has also accelerated in Abu Dhabi. Earlier this year, Binance introduced tokenized stocks and exchange-traded funds from Ondo Global Markets after obtaining approvals in Abu Dhabi. The rollout included tokenized exposure tied to companies such as Apple Inc. and NVIDIA Corporation.

In March, VARA expanded its rulebook for crypto exchange-traded derivatives by introducing leverage restrictions, disclosure requirements, and suitability standards for licensed trading platforms offering the products. 

AE Coin and USD Universal said their conversion framework could later support trade finance and multi-currency settlement services through integrations with fintech firms focused on international payments.

Key Takeaways

• Matthew Sigel from VanEck projected Bitcoin reaching $1 million in a five-year timeframe during a CNBC appearance.
• The $1 million figure represents VanEck’s baseline scenario rather than an optimistic projection.
• Sigel drew parallels between Bitcoin’s adoption pattern and the gaming industry’s multigenerational growth.
• At interview time, Bitcoin was hovering near $81,000, showing year-to-date losses despite monthly gains.
• The executive highlighted Bitcoin’s strongest Nasdaq correlation in five years and minimal derivatives speculation as indicators of sustainable momentum.

Matthew Sigel, who leads digital assets research at VanEck, delivered a striking forecast this Wednesday: Bitcoin’s price could surge to $1 million over the next five years.

During his CNBC appearance, Sigel emphasized this projection isn’t merely aspirational — it represents VanEck’s fundamental outlook. “I believe a five-year horizon is achievable,” he stated, referencing demographic patterns and increasing engagement from younger market participants.

Bitcoin was valued around $81,000 when Sigel made these comments, reflecting negative yearly performance but positive movement over recent weeks.

To illustrate his perspective, Sigel compared Bitcoin’s trajectory to the gaming sector’s evolution. “Three decades back, video games were exclusively for children. Today, even Elon Musk is a gamer. People don’t abandon these habits. The same applies to Bitcoin.”

He continued: “We’re witnessing a megatrend, though the journey will include significant volatility.”

Factors Fueling Recent Price Momentum

Sigel identified two critical elements supporting Bitcoin’s latest upward movement. Initially, Bitcoin’s relationship with the Nasdaq index has hit its strongest point in half a decade, indicating synchronized movement with technology equities. Additionally, he observed that derivatives trading shows minimal excessive speculation, implying the advance stems from short position liquidation instead of aggressive leverage.

He referenced a central banking institution acquiring Bitcoin for reserve purposes as evidence of advancing mainstream acceptance, though the specific organization remained unnamed.

VanEck isn’t alone in forecasting seven-figure Bitcoin valuations. The previous month saw Bitwise’s Chief Investment Officer Matt Hougan issue an identical prediction. Coinciding with Sigel’s interview, Eric Trump — President Donald Trump’s son — similarly declared Bitcoin would exceed $1 million. Eric Trump helped establish American Bitcoin, a company focused on Bitcoin mining and treasury operations.

Other Seven-Figure Predictions

During 2024, VanEck’s CEO Jan Van Eck forecasted Bitcoin reaching $300,000. The current $1 million projection represents a substantial increase from that earlier estimate.

It’s important to recognize that several of these analysts maintain financial interests connected to Bitcoin’s valuation. VanEck manages Bitcoin-focused investment vehicles, and related entities profit from price appreciation.

Based on data from prediction marketplace Kalshi, probabilities stood approximately even regarding Bitcoin’s potential return to $100,000 during 2026.

Bitcoin was valued at $81,221 at 3:18 p.m. ET Wednesday.

The Trump brothers’ bitcoin mining venture cut its cost per coin by nearly a quarter in three months, going against industry trends.

American Bitcoin (ABTC) said in a Wednesday filing that its cost to mine one bitcoin fell to roughly $36,200 in the first quarter, a 23% drop from $46,900 in Q4 2025.

That puts it materially below the publicly listed miner average of around $80,000 per bitcoin in late 2025, as CoinDesk reported, and inside the band where mining at current bitcoin prices remains genuinely profitable rather than a managed loss.

The improvement came from spreading higher production volume across a stable fixed-cost base, plus what management called “continued energy pricing discipline.”

The Drumheller site in Alberta, which was switched on and began running miners in late March, added roughly 3.05 exahash of computing power, a measure of how many guesses per second the mining hardware can make to find new bitcoin. Total fleet capacity hit 28.1 exahash by quarter-end, with around 89,000 mining machines running.

As such, American Bitcoin posted an $81.8 million net loss for the quarter, with most of that driven by mark-to-market accounting on its bitcoin holdings as the price dropped roughly 22% over the period.

Revenue came in at $62.1 million versus $78.3 million in Q4 2025, reflecting a lower average revenue per coin mined of $76,000 versus $100,000.

Strip out the non-cash bitcoin revaluation, however, and the underlying mining business was profitable. The company added 1,620 bitcoin to its strategic reserve in the quarter, taking its holdings to roughly 7,021 BTC, a 30% increase in three months.

Of that, 817 came from mining and 803 from open-market treasury purchases. American Bitcoin is now the 16th largest publicly traded bitcoin holder globally.

What makes the quarter notable structurally is the contrast with the rest of the cohort. Public miners have collectively pivoted toward AI and high-performance computing, signing more than $70 billion in cumulative contracts and reducing their bitcoin treasuries by over 15,000 BTC since late 2024 to fund the transition.

ABTC shares were down about 1% in after-hours trading and remain nearly 90% below their September 2025 listing peak of around $1.25.

Bitcoin lenders may need to become more like traditional finance firms, not less, if they want institutional capital to keep flowing into the sector.

At Consensus 2026 in Miami, Alexander Blume, founder and CEO of institutional bitcoin lender Two Prime, argued that the next stage of crypto credit growth will depend less on decentralized finance experimentation and more on standardization, transparency, and risk management.

“The moment you start trying to explain how any of this stuff works, they’re just like, No… We’ll pay more. Don’t lose my money,” Blume said, referring to institutional borrowers evaluating crypto lending products that become difficult to defend during periods of market stress.

The comments reflected a broader post-2022 shift in crypto lending following the collapses of Celsius, Voyager, and BlockFi, when opaque leverage, aggressive rehypothecation, and weak risk controls triggered a wider credit crisis across the industry. In the years since, many institutional borrowers have moved away from complex DeFi structures in favor of products centered on transparent custody, standardized contracts, and clearly identifiable counterparties.

Across the panel, speakers repeatedly suggested that institutional finance and crypto-native finance remain fundamentally misaligned in their approaches to risk. While DeFi evolved around permissionless access, composability, and capital efficiency, institutions continue to prioritize predictability, legal accountability, and operational simplicity.

That tension was especially visible in the discussion around rehypothecation, the practice of reusing customer collateral to generate additional yield, which became one of the defining risks exposed during the 2022 lending collapse.

“The most important thing to ask… is where is your Bitcoin stored,” said Adam Reeds, co-founder and CEO of Ledn.

Jay Patel, co-founder and CEO of Lygos Finance, said borrowers increasingly need to “underwrite the lender” themselves before taking loans against their bitcoin holdings.

“The biggest point in my mind is definitely the rehypothecation piece,” Patel said.

Blume said institutional borrowers often reject crypto-native lending structures not because they oppose bitcoin, but because the operational complexity surrounding many DeFi systems remains difficult to justify to boards, shareholders, and risk committees.

At one point, Blume distilled the divide between crypto-native finance and institutional finance into a single observation.

“Our whole financial system is set up to have someone else to blame,” he said, arguing that institutional borrowers still prefer identifiable intermediaries, standardized processes, and legal accountability over fully autonomous financial systems.

For many lenders on stage, the future of crypto credit no longer appears tied to making finance more decentralized. Instead, it may depend on convincing institutional borrowers that bitcoin-backed lending can behave predictably enough to resemble the traditional system they already trust.