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VC in Latin America must throw out Silicon Valley’s playbook

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Thiago Rüdiger

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial.

The formulas that work well for venture capitalists investing in the United States — the blitzscaling mindset, the obsession with user growth over revenue, the eagerness to fund abstract infrastructure bets — simply don’t map onto Latin America, a region defined by macro instability and a consumer base that uses crypto out of necessity rather than ideology.

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Summary

  • Latin America isn’t Silicon Valley on a delay: Crypto adoption is driven by necessity — inflation, capital controls, remittances — not ideology or yield, so growth-at-all-costs models break fast.
  • Revenue, liquidity, and licenses beat hype: Winning startups control local rails, banking relationships, and regulatory access; community buzz and abstract network effects don’t survive real-world stress.
  • Scaling looks like logistics, not SaaS: Each new country is a new financial system, with political and macro risk baked in — VCs who don’t reprice that reality will keep misfiring.

The Silicon Valley playbook assumes two things: that capital is abundant, and that markets are homogenous. In Latin America, neither is true. Liquidity is thinner, operating costs are higher, and each major market has its own idiosyncratic rules, banks, tax environments, and political risks. VCs entering the region must unlearn the idea that a “regional rollout” is just a matter of translating the app and hiring a local general manager. Crypto companies here scale more like logistics companies than software startups.

If VCs from the United States want to fund projects in Latin America’s crypto scene, they must write a completely new investing thesis. That means funding revenue-first businesses, valuing regulatory licensing more than “community,” prioritizing teams who understand local corridors, and letting go of the idea that what works in San Francisco will work in São Paulo. Latin America’s crypto market is not a derivative of the U.S. market; it is its own ecosystem with its own constraints and opportunities. Investors who recognize that early will dominate the next decade.

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Latin America’s unique characteristics

The biggest mistake venture capitalists make when investing in Latin America is assuming the region is merely an earlier stage of the same market dynamics they understand in the United States. That assumption quietly shapes everything, from how they evaluate products to how they price risk… and it is wrong. 

In the United States, crypto adoption is often fueled by ideology, experimentation, and yield-chasing. Failure is tolerated. Switching costs are low. In Latin America, crypto adoption is more utilitarian than aspirational. People use blockchain technology to protect savings from inflation, access dollars, move money across borders, or navigate capital controls. These users are not early adopters in the typical Silicon Valley sense; they are economically constrained actors solving immediate problems.

This distinction matters because it breaks the growth-at-all-costs mindset. Latin American crypto users are pragmatic and price-sensitive. If a product is slow, expensive, unreliable, or confusing, it is abandoned immediately. There is no patience for onboarding funnels or roadmap promises. Products must work from day one, under stress, at a reasonable scale. So applying Valley-style growth models (subsidizing usage and deferring monetization) is a mistake.

The error compounds when investors treat Latin America as a downstream extension of U.S. crypto trends. Too many funds approach the region looking to localize whatever is hot in San Francisco: the next DeFi primitive, the next infrastructure layer, the next community-first protocol. 

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But Latin America is not waiting for imported innovation. It is already pioneering real-world crypto use cases under conditions far harsher than those faced by developed markets. In that sense, Latin America is a leading indicator, not a lagging one. Many of the problems crypto claims it will solve in the future are already present in the region today. 

Trust dynamics reinforce this divergence. In Silicon Valley’s online-native culture, Crypto Twitter still matters enormously. As does Discord. In Latin America, trust is built offline, through institutions, brands, customer support, regulatory standing, and physical presence. Users care less about slick community strategies and more about whether a product works during a currency crisis or a banking disruption.

The art of investing

The Silicon Valley model assumes abundant capital and forgiving markets; assumptions that simply do not hold in Latin America. That’s why revenue matters much earlier for startups in the region. Liquidity is thinner, fundraising cycles are longer, and macro shocks are frequent. A startup that fails to generate revenue early is very exposed. 

Scaling further exposes the limits of software-first thinking. In the United States, expanding regionally is largely a question of marketing spend and infrastructure. In Latin America, each new country is a new financial system. It involves new banks, new payment rails, new tax regimes, new FX controls, new regulators, and new political risks. Expanding jurisdictionally is like building a logistics corridor. Investors who expect SaaS-style expansion curves systematically misjudge timelines and execution risk.

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Liquidity is another axis where the Silicon Valley model fails. VCs tend to prioritize abstract network effects, assuming global scale will naturally translate into defensibility. In the Latin American crypto scene, the real bottleneck is liquidity fragmentation. Winning companies control local fiat on- and off-ramps and maintain strong banking relationships. Local liquidity, not global narratives, determines success.

Regulation completes the picture

U.S. crypto investors often celebrate regulatory gray zones as opportunities to move fast. In Latin America, regulatory arbitrage is not a viable long-term strategy. Regulation is fragmented, but unavoidable. Banking relationships, licenses, and compliance frameworks are competitive moats. Companies that “move fast and break things” often destroy their ability to operate at all. Investors who fail to value regulatory depth consistently underestimate what durability looks like in this market.

Finally, risk itself must be reframed. Silicon Valley underwriting models focus heavily on product-market fit and technical execution. In Latin America, risk is just as macro and political. Elections can trigger capital controls overnight. Banking partners can disappear. Regulatory frameworks can shift abruptly. Investors need to adapt their risk models to avoid mispricing outcomes. 

Investing in Latin America isn’t necessarily harder; it’s just different. Crypto adoption here is real, demand-driven, and already embedded in daily economic life in many places. Investors who insist on applying Silicon Valley’s playbook will continue to misunderstand the market. Those who shift their mindset will end up backing the companies with the right DNA.

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Thiago Rüdiger

Thiago Rüdiger

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Thiago Rüdiger is the CEO of the Tanssi Foundation, where he oversees ecosystem growth and decentralization for Tanssi’s modular blockchain infrastructure.

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What It Is and Agent-First Coding

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What It Is and Agent-First Coding

Google Antigravity is a new development environment designed specifically for the era of software built alongside autonomous AI agents. Unlike traditional IDEs, which integrate artificial intelligence as an auxiliary assistant, Antigravity introduces a fundamentally different paradigm: agent‑first development.

In this model, developers no longer interact solely with files and syntax. Instead, they collaborate with intelligent agents capable of planning, generating, refactoring, testing and maintaining entire software systems.

For frontend engineers, backend developers, full‑stack specialists, software architects and technical teams working with AI‑assisted workflows, understanding Google Antigravity is not optional. It represents an early signal of how modern engineering productivity is about to change.

This article explains what Google Antigravity is, how it works conceptually, how it differs from current AI‑enhanced IDEs, and why it could reshape software development over the coming years.

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What is Google Antigravity

Google Antigravity is an agent‑native integrated development environment built for collaboration with autonomous coding agents rather than traditional editor‑centric workflows.

Where environments such as VS Code or JetBrains products embed AI as contextual support layers, Antigravity positions agents as active participants across the entire development lifecycle.

This includes:

  • technical task planning
  • structured code generation
  • automated refactoring
  • assisted debugging
  • orchestration of complex workflows
  • continuous project maintenance

The result is a shift in abstraction level. Developers move from writing every component manually to supervising systems that co‑develop software alongside them.


What agent‑first development actually means

Agent‑first development describes a model in which AI agents operate as collaborators rather than passive assistants.

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In a traditional IDE workflow:

the developer writes → the AI suggests

In an agent‑first workflow:

the developer defines intent → the agent executes strategy

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This transition allows engineers to operate at a higher architectural level.

Instead of issuing narrow implementation commands such as:

“create a REST endpoint with validation”

Developers can express broader objectives like:

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“implement a complete authentication system compatible with the existing architecture”

The agent interprets repository structure, dependencies, conventions and constraints before generating coherent solutions.

This fundamentally changes how programmers interact with codebases.


Conceptual architecture behind Google Antigravity

Although Google has not yet published full technical documentation for Antigravity, its behaviour aligns with emerging agent‑native development environment architectures.

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These systems typically operate across several coordinated layers.

Intent interpretation layer

At this stage, the agent analyses:

  • natural‑language instructions
  • repository structure
  • active dependencies
  • project history
  • architectural conventions

This enables context‑aware execution rather than isolated code generation.

Planning layer

Before producing code, the agent structures an execution strategy.

Typical responsibilities include:

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  • decomposing complex tasks
  • identifying dependency conflicts
  • proposing structural improvements
  • estimating architectural impact

This reduces the risk of incremental inconsistencies common in manual workflows.

Execution layer

The agent then generates concrete artefacts such as:

  • new source files
  • refactored modules
  • automated test suites
  • migrations
  • technical documentation

All changes remain synchronised with the active repository context.

Validation layer

Finally, the system evaluates:

  • code coherence
  • module compatibility
  • architectural alignment
  • runtime stability assumptions

This moves development closer to a semi‑autonomous engineering model.


How Antigravity differs from traditional IDEs

Google Antigravity is not simply another editor enhanced with AI capabilities.

It represents a structural change in how developers interact with software systems.

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Key differences include the following.

From autocomplete to autonomous execution

Conventional IDEs suggest lines of code.

Antigravity executes complete implementation strategies.

From files to intent

Traditional editors operate at file level.

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Antigravity operates at goal level.

From reactive assistance to active collaboration

Most AI tools respond only when prompted.

Agent‑native environments participate continuously in solution design.

From incremental productivity gains to exponential workflow acceleration

Automating entire development segments transforms how quickly complex systems can evolve.

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This becomes especially relevant in large‑scale or fast‑moving projects.


Practical use cases for developers

Google Antigravity is designed to integrate naturally into modern engineering workflows where iteration speed is critical.

Several scenarios illustrate its immediate value.

Rapid prototyping

Developers can generate functional architectures in minutes rather than hours.

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This accelerates:

  • idea validation
  • technical experimentation
  • early product iteration

Legacy codebase refactoring

Agents can analyse internal dependencies and propose structural improvements across large repositories.

This is particularly useful in long‑lived enterprise projects.

Automated test generation

Testing remains one of the most persistent bottlenecks in professional development.

Agent‑native environments help maintain:

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  • continuous coverage
  • regression protection
  • incremental validation cycles

Living technical documentation

Agents can maintain documentation aligned with evolving codebases.

This significantly improves onboarding efficiency across engineering teams.


Comparison with other AI‑powered IDE environments

Google Antigravity enters an ecosystem that already includes tools such as Cursor, Copilot Workspace and emerging agent‑centric development platforms.

However, its positioning introduces important distinctions.

Compared with VS Code plus Copilot

Copilot enhances editing.

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Antigravity transforms execution workflows.

Compared with Cursor

Cursor improves contextual editing interactions.

Antigravity restructures the development model itself.

Compared with experimental autonomous coding systems

Many current agent tools operate as external orchestration layers.

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Antigravity integrates agents directly into the core environment.

This allows deeper architectural alignment and stronger repository awareness.


How Antigravity may reshape developer workflows

The most important impact of Antigravity is methodological rather than purely technical.

Developers shift from implementation‑centric roles towards supervision‑centric engineering.

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In practice, engineers increasingly act as:

  • system designers
  • agent supervisors
  • architectural strategists

This evolution enables smaller teams to deliver larger systems with fewer coordination bottlenecks.

It also encourages higher‑level thinking about structure, scalability and maintainability.


Strategic advantages for development teams

Adopting agent‑first environments can produce measurable improvements across engineering organisations.

Key advantages include:

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Reduced development time

Automating repetitive implementation tasks frees cognitive capacity for higher‑value problem solving.

Improved architectural consistency

Agents help maintain structural patterns across repositories.

Easier technical scalability

Complex structural changes can be planned and executed more reliably.

Faster experimentation cycles

Teams can validate architectural decisions without significant upfront implementation investment.

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These benefits are especially valuable in startup environments and innovation‑driven product teams.


Current limitations of agent‑native development environments

As with any emerging technology category, Antigravity introduces new challenges alongside its advantages.

Important considerations include:

Dependence on repository structure quality

Agents perform best when working within clearly organised projects.

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Continued need for human oversight

Autonomy does not replace engineering judgement.

Expert review remains essential.

Organisational adaptation requirements

Transitioning to agent‑first workflows requires a shift in team mental models.

This adjustment can take time in traditionally structured engineering organisations.

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Why Google Antigravity matters for the future of software development

Google rarely introduces developer tooling without a broader strategic trajectory.

Antigravity signals a shift from intelligent text editors towards collaborative engineering environments built around autonomous agents.

This transition implies:

  • shorter development cycles
  • reduced technical friction
  • increased experimentation capacity
  • new professional engineering skill profiles

Developers who understand this shift early gain a meaningful competitive advantage.

This is particularly true in environments where continuous innovation defines technical success.

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Conclusion

Google Antigravity represents one of the first serious attempts to design an IDE from the ground up for agent‑assisted software engineering.

Rather than adding artificial intelligence to existing workflows, it redefines the relationship between developers and code.

Working within agent‑first environments enables teams to operate at higher abstraction levels, accelerate iteration cycles and reduce repetitive implementation effort.

As software engineering moves towards collaborative human‑agent systems, Antigravity is not simply another tool.

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It is an early indicator of how professional development environments are likely to evolve over the coming years.


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The SEC’s latest crypto guidance still leaves too much unsaid

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The SEC’s latest crypto guidance still leaves too much unsaid

On Tuesday, March 19, the SEC issued joint guidance with the CFTC to “finally” provide clarity about how the securities laws apply to digital assets. On many issues, including staking and meme coins, the SEC’s new guidance is a welcome development and a marked improvement from the Gensler days. It also rightly acknowledges that the agency’s “regulation by enforcement” campaign under Chair Gensler had muddied compliance obligations and stifled the industry. But in important ways, the guidance stops short of the full course correction the crypto industry needs.

The biggest shortcoming is the SEC’s articulation of the Howey test for “investment contract” securities. All agree that most digital assets are not, on their own, investment contracts. Even the Gensler SEC (eventually) admitted as much, and the SEC’s new guidance reiterates that position. The key question, though, is when a digital asset is sold as part of an investment contract such that the sale becomes subject to the securities laws.

The statute provides the answer. As a matter of text, history and common sense, an “investment contract” means a contract – an express or implied agreement between the issuer and investor under which the issuer will deliver ongoing profits in return for the purchaser’s investment. Most digital assets are not investment contracts because they are not contracts. A digital asset can be the subject of an investment contract (like any other asset), but it can still be sold separately from the investment contract without implicating the securities laws. In the suits brought by Gensler, crypto companies vigorously defended that proper interpretation of the law.

Yet the SEC’s new guidance is silent about whether an investment contract requires contractual obligations. Instead, it says an investment contract travels with a digital asset (at least temporarily) when the “facts and circumstances” show the digital-asset developer “induc[ed] an investment of money in a common enterprise with representations or promises to undertake essential managerial efforts,” leading purchasers to “reasonably expect to derive profits.” That does not clearly confirm a clean break from the SEC’s former view that Howey eschews “contract law” and demands “a flexible application of the economic reality surrounding the offer, sale and entire scheme at issue, which may include a variety of promises, undertakings and corresponding expectations.”

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The Gensler SEC’s know-it-when-I-see-it approach to Howey was deeply problematic. It allowed the agency to piece together an “investment contract” from various public statements by digital-asset developers — tweets, white papers, and other marketing materials — even absent concrete promises by the issuers. And it failed to distinguish securities from collectibles like Beanie Babies and trading cards, the value of which depends heavily on their maker’s marketing and attempts to create scarcity. The SEC missed an important opportunity to clearly reject that approach and restore a key statutory dividing line between assets and securities — a contract.

The SEC can still fix this problem, but to do so, it will need to further clarify how the agency intends to apply Howey going forward — and to finally make a clean break with Gensler’s overbroad interpretation of the securities laws. For example, the Gensler SEC repeatedly cited various “widely distributed promotional statements” as a basis for pushing a digital asset into the realm of investment contracts. The SEC’s new guidance puts some guardrails on that approach by requiring a developer’s representations or promises to be “explicit and unambiguous,” to “contain sufficient details,” and to occur before the purchase of the digital asset. But even that improved approach leaves too much room for interpretation. It could be expansively applied by private plaintiffs, the courts or a future SEC. Rather than continue down the path Gensler trod, the SEC should make clear that mere public statements affecting value are insufficient and that promises and representations must be made in the context of the specific sale at issue — not strung together from whitepapers or social-media posts that many purchasers likely never considered.

The SEC also should clarify its approach to secondary-market trading. Helpfully, the agency now recognizes that digital assets are not investment contracts “in perpetuity” just because they once were “subject to” investment contracts. But the agency also says that digital assets remain “subject to” investment contracts traded on secondary markets (like exchanges) so long as purchasers “reasonably expect” issuers’ “representations and promises to remain connected” to the asset. The SEC says little about how to assess those reasonable expectations, providing only two “non-exclusive” examples of when an investment contract “separates” from a digital asset. And it says nothing about whether a secondary-market purchaser must have a contractual relationship with the token issuer. That leaves it unclear whether the SEC has really moved on from the Gensler-era view that investment contracts “travel with” or are “embodied” by crypto tokens.

Instead of those mixed messages, the SEC should impose meaningful restraints on the application of the securities laws to secondary-market transactions by adopting Judge Analisa Torres’s approach in Ripple. Judge Torres recognized that it is unreasonable to infer an investment contract in the context of “blind bid-ask” transactions — that is, transactions where the counterparties do not know each other’s identities (as is common in secondary-market trading). Because buyers have no idea whether their money goes to a token’s issuer or to some unknown third party, they can’t reasonably expect that the seller will use the buyers’ money to generate and deliver profits. The SEC should endorse Judge Torres’s analysis expressly.

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These are not academic quibbles. The current SEC might not read or enforce its new guidance in a manner that threatens the viability of the crypto industry in the United States. But by failing to clearly reject the excesses of the Gensler era, the SEC’s new guidance leaves the industry exposed to a future SEC that could leverage ambiguities in the SEC’s current guidance to resume regulation by enforcement. Private plaintiffs could try to do the same in lawsuits against key industry players (such as the leading exchanges). And in the meantime, the SEC’s interpretations could distort the securities-law baseline during negotiations over market-structure litigation.

The SEC invited comments on its guidance, and the industry should oblige. The SEC should get credit where credit is due. But the industry should not hesitate to highlight the lingering flaws and ambiguities in the agency’s approach and advocate for clear, meaningful, and permanent restraints to ensure regulatory clarity and stability. Simply giving the legal architecture of the last enforcement campaign a facelift is not enough.

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Bitcoin (BTC) hashrate falls as miners shift capital to AI infrastructure

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BTC Hash Rate YoY (Glassnode)

For the first time in six years, the bitcoin hashrate, the total computational power securing the network, fell during the first quarter. It is currently down around 4% year to date, hovering around 1 zettahash per second (ZH/s).

Over the past five years, the rate has surged from roughly 100 exahashes per second (EH/s), a 10-fold increase, according to Glassnode data. Each year, the metric rose during the first quarter and ended with strong full-year growth in excess of 10%. In 2022, the figure almost doubled.

BTC Hash Rate YoY (Glassnode)
BTC Hashrate YoY (Glassnode)

The AI Pivot

The shift in 2026 reflects changing economics across the bitcoin mining sector. With production costs near $90,000 per bitcoin and the spot price closer to $67,000, margins are negative. In response, many publicly listed miners are switching to artificial intelligence and high-performance computing infrastructure, where returns are higher and more predictable.

This transition is being funded through debt issuance and bitcoin sales, reducing reinvestment into bitcoin mining. As a result, hashrate growth is becoming more sensitive to the cryptocurrency’s price, with weaker prices likely to trigger further declines as smaller operators exit.

While a falling hashrate may raise concerns about network security, decentralization may matter more than absolute size. Publicly listed U.S. miners have accounted for over 40% of the global hash rate, and a reduction in their influence could lead to a more geographically distributed network. In that sense, the current shift may ultimately support decentralization.

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Despite the slowdown, CoinShares still forecasts hashrate growth to around 1.8 ZH/s by the end of 2026, conditional on bitcoin recovering toward $100,000.

Read More: End of bitcoin ‘HODL’: public miners going all-in on AI, signaling more BTC selling

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Steakhouse Financial front-end breach exposes users to phishing scam

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Steakhouse Financial front-end breach exposes users to phishing scam

DeFi risk curator Steakhouse Financial has been hacked and its website and app are now being used to host a phishing scam.

Steakhouse disclosed the breach Monday morning and warned that any new users interacting with the website or app are likely interacting with a malicious version implemented by the hackers. 

The attack appears to have affected just the front-end of operations, as Steakhouse assured users, “No deposits are at risk. No contracts are affected. All Steakhouse depositors are safe.”

A statement from the official Steakhouse Financial X account.

Read more: Fake Uniswap phishing ad on Google steals trader’s life savings

“We are working to restore the frontend as soon as possible,” the firm said. 

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Steakhouse co-founder, Sébastien Derivaux, warned crypto users to avoid the website until further notice.  

Various crypto firms offered alternative services and safety assurances for customers with funds at Steakhouse. 

Others found humor in the incident, with one user asking, “Does phishing on Steakhouse make this a surf and turf attack?”

At the time of writing, neither Steakhouse Financial or its CEO have shared any further updates on the incident.

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Steakhouse Financial housing a crypto drainer

Crypto security firm Blockaid claims that the Steakhouse attackers are utilizing code from one of the “largest active wallet drainer operations onchain” known as Angelferno, or Angel Drainer.

Read more: Fears of $27M Venus Protocol hack turn out to be phishing attack on power user

Earlier this month, AI crypto firm GAIB fell victim to a social engineering scheme that gave hackers access to its domain, where they implemented a copycat website kitted with Angelferno. 

Drainers work by stealing a user’s crypto after they sign a malicious transaction that gives hackers full access to withdraw their funds.

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Blockaid was able to help GAIB detect the malware, and the malicious site was gone in roughly seven hours, with no apparent user losses. 

Got a tip? Send us an email securely via Protos Leaks. For more informed news and investigations, follow us on XBluesky, and Google News, or subscribe to our YouTube channel.

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Bitcoin Hashrate falls 6%, US bond yields up 4%: Month in charts

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Bitcoin Hashrate falls 6%, US bond yields up 4%: Month in charts

This month, Bitcoin’s hashrate fell 6% after the US and Israel attacked Iran, highlighting Iran’s significant crypto mining activity.

Bitcoin price, meanwhile, remains lackluster. Higher 4% yields on US Treasury bonds have added pressure, and investors are seeking less risky prospects amid geopolitical tension.

Less appetite for crypto trading has proven problematic for Robinhood. The trading platform’s stock is down 16% on the month, and leadership has announced a stock buyback program. 

Prediction markets marked a record number of transactions, representing a more than 2,800% increase since this time last year. 

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Here’s March by the numbers:

Bitcoin lacks momentum as 4% US Treasury bond yields put pressure on price

Yields on five-year US Treasury bonds are up 4% in March, putting pressure on Bitcoin price. While showing some gains in mid March, the asset ended the month much where it started, around $67,000.

As per an analysis from Cointelegraph, fears of a drawn-out conflict between the US and Israel against Iran have led investors to cut out risk. A sell-off in bonds, along with a nine-month high of 4% in yields, suggests that traders are building cash positions.

Bitcoin hashrate falls nearly 6% after US and Israel attack Iran

On Feb. 28, the United States and Israel launched a joint special military operation in Iran called “Operation Epic Fury.” One month later, the Bitcoin (BTC) hashrate is down almost 6%.

Bloomberg crypto and digital assets strategist Dushyant Shahrawat said in a recent interview that Iran is one of the world’s largest Bitcoin miners, accounting for some 6-8% of global hashrate, and 70% of mining activities are conducted by the military. 

Disruptions to the country’s energy infrastructure and diversion of military priorities to defense have thus hit Iran’s ability to mine Bitcoin. 

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Prediction market transaction top 192 million

Transactions on prediction markets like Polymarket and Kalshi topped 192 million in March. That represents a 24% increase from last month and a 2,880% increase compared to the same time last year, according to Dune analytics. 

Related: Lawmakers push another bill to curb prediction market insider trading

Prediction markets are growing in popularity, but in the United States, they face state regulators who say they facilitate a form of gambling. At least 11 states have taken legal action against them.

On March 20, Carson City District Court Judge Jason Woodbury upheld a regulator’s move to temporarily ban prediction market Kalshi in Nevada. 

Arizona has brought criminal charges against Kalshi for allegedly “running an illegal gambling operation and taking bets on Arizona elections, both of which violate Arizona law.”

Other states like Utah and Pennsylvania are currently considering legislation that would bring prediction markets under state gambling or gaming laws. Kalshi says that it answers only to federal regulation under the Commodity Futures Exchange Commission (CFTC). 

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Euro-denominated stablecoins account for 85% of non-dollar volume

Stablecoins backed by the euro have emerged as a favorite alternative to assets backed by US dollars. Some 85% of non-dollar stablecoin volumes occur in euros, according to a March report from Dune.

While euro-denominated coins initially only represented some 50-70% of the non-dollar market, they began expanding significantly in 2024. Now they represent 85% of total transferred volume. Euro stablecoins are also dominant in regard to participation, with user share rising to over 78%.

Dune attributes this increase to more confidence in stablecoins among institutions, thanks in large part to the Markets in Crypto-Assets regulatory package (MiCA). 

Robinhood stock down 16% on month

Robinhood stock has decreased over 16% in March, from nearly $80 to $66 as of publishing time. 

The stock and crypto trading company’s share price has been struggling in recent months. Over the last six months, it dropped over 50%. Uncertainty over the regulation of new verticals like prediction markets and social trading, along with a collapse in crypto trading revenues are creating structural obstacles for the company.

Revenue from crypto transactions reportedly dropped 38% year-over-year as of Q4 2025. Crypto app volumes dropped 58%.

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To address the problem, Robinhood has approved a $1.5 billion share buyback program in March, which will execute over the next three years. 

Strategy’s Bitcoin holdings are 11% in the red

Amid a lackluster price action on the month, Strategy’s Bitcoin portfolio is at an 11% loss. The average cost of Bitcoin in its portfolio is $75,669. Bitcoin is trading around $67,800 at publishing time. 

Data collected March 30.

Still, the company has continued its regular Bitcoin purchases. It made two this month: one for 17,994 Bitcoin on March 9 and another for 22,337 Bitcoin on March 16, amounting to roughly $2.7 billion at publishing time.

The software company has financed most of its Bitcoin purchases through high-yield stock offerings, like Stretch (STRC). This allows the company to buy Bitcoin without diluting its MSTR common shares.

The company’s chair, Bitcoin bull Michael Saylor, said recently that 80% of STRC buyers are retail investors. “Retail investors prefer low-volatility, high-yield digital credit,” he said.

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