TLDR:

• Minnesota HF3642 would make it illegal for anyone to place or operate a crypto ATM in the state.
• The bill repeals Sections 53B.70–53B.75, erasing all existing kiosk licensing and compliance rules.
• New customers currently get full fraud refunds within 72 hours — a protection the ban would eliminate.
• Minnesota could become one of the first U.S. states to outright ban virtual currency kiosks entirely.

Virtual currency kiosks in Minnesota face a complete ban under proposed legislation introduced in the 2025–2026 session.

House File 3642 targets all crypto ATM operations in the state. The bill would prohibit any person from placing or operating a virtual currency kiosk in Minnesota.

It also seeks to repeal existing statutes that currently govern kiosk licensing, disclosures, transaction limits, refunds, and compliance requirements. This move marks a dramatic policy shift for the state.

What the Bill Proposes

Minnesota HF3642 introduces a straightforward and sweeping prohibition. Under the proposed Section 53B.691, no person may place or operate a virtual currency kiosk anywhere in Minnesota. The language of the bill leaves no room for exceptions or conditional approvals.

The bill also adds a new subdivision to Section 53B.69 to define terms specifically for the prohibition. This addition provides the legal framework needed to enforce the new ban effectively. It connects existing definitions in state law to the incoming restriction.

Beyond the ban itself, the legislation proposes a full repealer of Sections 53B.70 through 53B.75. These sections currently regulate kiosk operators through licensing, consumer disclosures, and transaction limits.

Their removal would erase the entire regulatory structure that governs crypto ATMs in the state today.

What Current Law Requires of Kiosk Operators

Under existing Minnesota statutes, virtual currency kiosk operators must follow strict disclosure rules. Before any transaction, operators must display all material risks on the kiosk screen for the customer to acknowledge.

These include warnings about price volatility, irreversible transactions, and potential fraud schemes.

Current law also requires operators to display a bold warning about scams. The warning specifically addresses fraudsters impersonating loved ones or government officials. It advises consumers that losses from fraudulent transactions cannot be recovered.

Transaction limits are also part of the existing framework. New customers face a maximum daily transaction limit of $2,000.

Existing customers, defined as those who have transacted for more than 72 hours, are subject to limits set by individual operators in line with federal law.

Refund Rules and Consumer Protections at Stake

Minnesota’s current law offers a refund pathway for new customers who fall victim to fraud. Under Section 53B.75, operators must refund the full transaction amount if a new customer was fraudulently induced.

The customer must contact the operator and a government or law enforcement agency within 14 days.

This protection applies strictly within the 72-hour new customer window. After that period, a customer transitions to “existing customer” status under Section 53B.69. At that point, the full refund obligation no longer applies.

If HF3642 passes, all of these consumer protections would be repealed along with the ban. There would be no licensed operators left to hold accountable, and no regulatory structure to enforce compliance.

Consumers who previously relied on these protections would lose that safety net entirely.

Industry and Regulatory Outlook

The bill’s passage would make Minnesota one of the few states to outright ban crypto ATM operations. Most states have moved toward regulation rather than prohibition. The trend across the country has been to tighten oversight, not eliminate it entirely.

For operators currently licensed in Minnesota, the bill represents a direct threat to existing business models. Many operators have invested in compliance infrastructure to meet the state’s existing requirements. A full ban would render that investment worthless.

The bill is now in the legislative process and has not yet been signed into law. Stakeholders across the crypto industry are expected to monitor its progress closely.

Its outcome could influence how other states approach virtual currency kiosk legislation going forward.

SPI pegs JPYSC and targets Q2 2026 launch, with 1:1 JPY backing under Japan’s Type III framework for institutional cross-border and treasury payments.

SBI Holdings and Startale Group announced the launch of JPYSC, a Japanese yen-denominated stablecoin designed for institutional finance and cross-border digital payments, according to an official press release.

The stablecoin will be issued by SBI Shinsei Trust Bank and operated under Japan’s trust bank system, making it the first stablecoin in the country backed by a trust bank. The structure is governed by Japan’s digital asset regulatory framework, according to the announcement.

JPYSC will be used for cross-border payments, treasury management, and tokenized asset settlements. The digital currency aims to enable financial institutions to transfer funds between international markets while linking traditional finance systems to blockchain infrastructure, the companies stated.

SBI VC Trade will serve as the principal distribution partner, while Startale Group will lead blockchain technology development. The stablecoin has been built for enterprise-grade performance to accommodate high-volume transactions and institutional settlement requirements, according to the release.

The target users include banks, financial companies, and large corporations. Several financial institutions and corporations have expressed interest in the project ahead of its official launch, the companies reported.

JPYSC operates under Japan’s Type III electronic payment instrument framework, a classification designed to ensure compliance with the country’s financial laws. The framework provides regulatory clarity and legal protections for institutions using the stablecoin, according to the announcement.

The developers stated the system was designed for global interoperability, connecting blockchain networks and traditional banking systems to allow businesses to integrate digital payment systems into existing financial infrastructure.

The project features a blue logo intended to represent trust and stability, with branding that emphasizes security, transparency, and global connectivity, the companies said.

The official launch is planned for the second quarter of 2026, subject to regulatory approvals. Authorities must complete their review process before market deployment, according to the announcement.

The partnership between SBI Holdings and Startale Group represents an effort to expand regulated digital finance infrastructure for blockchain-based financial products in Japan.

Bitcoin (CRYPTO: BTC) and gold are diverging in 2026, as persistent liquidity dynamics and shifts in risk appetite reshape how each asset behaves. Gold has surged roughly 153% since the start of 2024, while Bitcoin has retraced about 30% over the same period. Analysts attribute the split to a steady expansion of global money supply, a cooling appetite for high-beta tech equities, and a drift of capital from exchanges into self-custody. Taken together, these forces help explain why gold strengthens in a liquidity-driven environment while Bitcoin struggles to keep pace in a bear-market backdrop for risk assets.

Key takeaways

• Gold has outperformed Bitcoin since early 2024, rising about 153% versus a roughly 30% decline for BTC, signaling divergent responses to the same macro backdrop.
• Longer-term BTC trends have tracked money-supply growth (M2), but the strongest rallies historically occurred when liquidity growth aligned with surges in software and SaaS equities, highlighting the role of speculative appetite in crypto cycles.
• Tokenized exposure to hard assets is gaining traction: Binance launched 24/7 gold futures trading on January 5, with cumulative volumes approaching $35 billion and peak daily volume over $4 billion, underscoring demand for crypto-native hedges.
• Exchange liquidity has shifted lower as traders move assets into self-custody, with Binance’s combined BTC, ETH, XRP and major stablecoins portfolio value dipping to around $102 billion — the lowest since April 2025, reflecting a cautious operating environment.
• Historical patterns show that BTC’s price moves amplify or dampen with shifts in speculative sentiment, suggesting that today’s liquidity abundance coexists with a bear phase for risk assets, and a concurrent rise in gold demand as a hedge.

Tickers mentioned: $BTC, $ETH, $XRP

Sentiment: Bearish

Price impact: Negative. Bitcoin’s price trajectory has lagged gold’s gains amid a cautious, risk-off regime and thinning exchange liquidity.

Trading idea (Not Financial Advice): Hold. In a liquidity-driven regime where hard assets and tokenized hedges attract capital, patient positioning and prudent risk controls are advisable.

Market context: The 2026 environment features ample liquidity but mixed risk appetite, with money-supply growth supporting long-term upside while speculative fervor in tech equities drives volatile cycles. Tokenized gold activity on crypto venues reflects a broader search for hedges within digital assets, even as exchange balances shrink and self-custody gains traction.

Why it matters

The widening gap between gold and Bitcoin highlights a foundational question for crypto markets: where does investor value come from when macro liquidity remains supportive but risk sentiment downgrades exposure to high-beta assets? Gold’s performance, closely tied to money-supply expansion, reinforces gold’s status as a traditional hedge, even as investors explore novel ways to gain exposure to hard assets via crypto platforms.

For market participants, the move toward tokenized hedges signals a potential shift in cross-asset strategy. The crypto ecosystem is evolving from a pure beta bet on technology equities to a blended approach that seeks protection in assets with tangible, real-world demand. This may affect how liquidity pools behave in stress episodes and could influence choices around custody, settlement, and the role of exchanges in the overall ecosystem.

From a risk-management perspective, the decline in on-exchange reserves, coupled with continued demand for gold-linked products, suggests traders are recalibrating where and how they store value during periods of volatility. The dynamic also raises questions about regulatory intent and oversight as tokenized hedges gain traction, potentially shaping future liquidity provisions and market structure in crypto markets.

What to watch next

• Monitor January 2026 and subsequent data on gold futures trading on crypto venues, including cumulative volume and daily spikes, to assess whether tokenized gold remains a durable hedge amid ongoing volatility.
• Track Binance’s reserve metrics for BTC, ETH, XRP and other major assets to gauge shifts in exchange liquidity versus self-custody adoption, and what that implies for market depth.
• Follow updates to the broader money-supply indicators (M2) and related macro signals, as changes here are linked to long-horizon crypto trends and the relative performance of hard assets vs. digital assets.
• Watch commentary from macro strategists and market historians about the BTC–gold divergence, including any fresh empirical tests of liquidity-driven models and the role of speculative cycles in crypto markets.
• Observe any forthcoming data on tokenized asset products and exchange-venue innovations that could alter hedging strategies and liquidity channels within the crypto ecosystem.

Sources & verification

• Jurrien Timmer’s analysis on the relationship between gold, Bitcoin, and money-supply growth (as cited via his X post).
• CryptoQuant data on Binance gold futures volumes and the growth of tokenized gold trading activity.
• CryptoQuant data detailing Binance’s reserves for BTC, ETH, XRP and other major assets, including the trend to lower portfolio value.
• Historical references to the relationship between software/SaaS stock performance and BTC rallies in 2017–2018 and 2020–2021, contrasted with 2022 tech declines.

Liquidity, speculation, and the bitcoin-versus-gold dynamic in 2026

Bitcoin (CRYPTO: BTC) and gold are presenting divergent profiles as 2026 unfolds. Gold has surged about 153% since the start of 2024, while BTC has slipped roughly 30% over the same period. Analysts attribute the split to a widening global money supply, a cooling appetite for high-growth tech equities, and a drift of capital from exchanges into self-custody. Taken together, these forces help explain why gold strengthens in a liquidity-driven environment while Bitcoin struggles to keep pace in a bear-market backdrop for risk assets.

In a post on X, Fidelity director of global macro Jurrien Timmer highlighted gold as a classic hard-money asset that has tracked money-supply expansion closely, with pullbacks that attract short-term buyers. He noted that Bitcoin’s behavior follows broader liquidity trends over time, yet the strongest rallies tend to align with periods when liquidity growth is paired with rising software and SaaS equities — proxies for speculative appetite. The historical record shows that during 2017–2018 and again in 2020–2021, software stocks climbed roughly 58% and 93% year over year, and Bitcoin benefited from those liquidity-driven surges. Conversely, 2022 saw a sharp decline in software valuations and a deep dip for BTC even with money-supply levels remaining elevated.

These patterns imply that money-supply growth undergirds Bitcoin’s long-term trend, while the direction and speed of price moves are amplified by the degree of speculative fervor in technology equities. Timmer argues that today, liquidity remains ample while investor sentiment toward risk assets has shifted into a bear phase, helping gold and base-money exposure rally while BTC lags.

To illustrate the dynamic with on-chain behavior, data from CryptoQuant shows that Binance’s total portfolio value across BTC, ETH, XRP, and major ERC20 and TRC20 stablecoins has declined to roughly $102 billion — the lowest since April 2025, down from about $140 billion in August 2025. The drop, about $38 billion, is attributed to a combination of lower asset prices and user withdrawals into self-custody during periods of bearish volatility. The effect on liquidity is nuanced: fewer assets sit on exchanges at a moment when traders typically rely on vaults and cold storage to insulate positions. The practical takeaway is that near-term liquidity on centralized venues appears to be thinning, potentially widening bid-ask spreads and complicating quick entry or exit for large players.

Meanwhile, a notable shift in demand within crypto-native venues has materialized around tokenized gold. On January 5, Binance launched 24/7 gold futures trading, a move that CryptoQuant data shows has already amassed a cumulative volume near $35 billion, with more than $4 billion traded on the most active day. Weekly volumes hover around $4.7 billion, underscoring a growing interest in instrumenting traditional hedges inside crypto markets. The development follows a two-day gold correction that rallied the demand for tokenized exposure to hard assets. As the ecosystem experiments with cross-asset hedges, investors are watching whether tokenized gold can serve as a liquidity bridge in periods of market stress.

The net takeaway from these shifts is a portrait of an asset-class tug-of-war: Bitcoin retains exposure to the expansion and contraction of the money spigot, but its price action is increasingly contingent on the risk-on or risk-off temperament of the broader market. With speculative sentiment still meandering in the bear camp, gold’s safe-haven appeal, and the allure of hard-asset exposure within crypto venues, are likely to remain central themes for 2026.

BTC integration plans lift Citigroup’s 2026 crypto custody launch, driven by institutional demand and ETF flows.

Citigroup Inc., a banking institution with approximately $2.5 trillion in assets, has announced plans to develop infrastructure for integrating Bitcoin (BTC) into traditional financial systems, according to reports.

The bank intends to complete construction of the new infrastructure by the end of 2024, with Bitcoin services for institutional clients scheduled to launch in 2026, the company stated.

According to Bitcoin Magazine, Citigroup is developing systems designed to enable Bitcoin usage within traditional financial networks. The infrastructure aims to connect banking systems with Bitcoin operations and facilitate the cryptocurrency’s use in banking transactions.

The initiative represents an expansion of cryptocurrency services among major financial institutions as digital assets continue to gain traction in institutional markets.

Citigroup has not disclosed additional details regarding the scope of services or specific features of the planned infrastructure.

TLDR

• South Korea’s National Tax Service exposed a crypto wallet seed phrase in an official press release.
• Unknown actors used the leaked mnemonic to transfer 4 million PRTG tokens worth about $4.8 million.
• Blockchain data showed three inbound transfers followed by a single outbound transfer of the full balance.
• Professor Jaewoo Cho confirmed the theft and said the tokens were difficult to cash out.
• In a separate case, police found that 22 Bitcoin seized in 2021 had disappeared from a cold wallet.

South Korea’s National Tax Service exposed a crypto wallet seed phrase in an official press release and lost $4.8 million in seized tokens. The disclosure allowed unknown actors to access 4 million PRTG tokens and transfer the full balance. Authorities confirmed the incident after blockchain researchers traced the movements onchain.

South Korea National Tax Service Leak Exposes 4 Million PRTG tokens

South Korea’s National Tax Service published a press release about enforcement actions against tax delinquents, and it included an unmasked wallet mnemonic. The release showed an image of a Ledger cold wallet and a sheet displaying the full seed phrase. Local media outlets, including Naver and Chosun, reported that officials failed to blur the sensitive information.

Soon after publication, blockchain analysts linked the exposed phrase to an Ether address holding 4 million PRTG tokens. Onchain records show three inbound transfers totaling 4 million PRTG into the address. The data then shows one outbound transfer sending exactly 4 million PRTG to another wallet.

Associate professor Jaewoo Cho of Hansung University’s Blockchain Research Center reviewed the flows and confirmed the loss. He wrote on X, “We have confirmed that 4 million PRTG tokens, worth approximately $4.8 million, were stolen from the mnemonic that was leaked.” He also stated that “fortunately, the other exposed mnemonics do not seem likely to cause any major issues.”

Cho added that the stolen tokens were difficult to cash out, and he said “the actual damage is at a negligible level.” However, he confirmed that unknown parties controlled the wallet after the disclosure. The National Tax Service has not publicly detailed recovery efforts.

Bitcoin Custody Case in South Korea Deepens Scrutiny

In a separate case, South Korean police discovered that 22 Bitcoin seized in a 2021 hacking probe had disappeared. Investigators found the loss in February 2026 after reviewing cold wallet holdings stored in a Gangnam police vault. The missing Bitcoin had a market value of about $65,567 per coin at the time of reporting.

Authorities arrested two suspects on Thursday after tracing the wallet movements. Investigators determined that the coins were moved using a mnemonic phrase that police had never controlled. Officials confirmed that internal procedures failed to secure exclusive access to the seed phrase.

The incidents follow scrutiny over custody practices within public agencies. Regulators also continue a probe into Bithumb after a 620,000 BTC fat finger promotion error. The exchange briefly credited users with about $43 billion in non-existent Bitcoin before correcting the balances.

The Financial Services Commission extended its investigation after criticism over system oversight. Officials have not released final findings on the Bithumb case. Police continue to investigate the missing 22 Bitcoin and the circumstances surrounding the wallet control.

TLDR:

• The HFIA Act was enacted on December 18, 2025, mandating SEC action within 90 days of enactment.
  
• FPI directors and officers must file Section 16 reports electronically and in English by March 18, 2026.
  
• The SEC removed the blanket Section 16 exemption, replacing it with narrower short-swing and short-selling carve-outs.
  
• Ten percent beneficial owners of FPI equity securities are excluded from the new Section 16(a) reporting rules.

The HFIA Act has prompted the Securities and Exchange Commission to adopt final rule and form amendments under Section 16 of the Securities Exchange Act of 1934.

These changes require directors and officers of foreign private issuers to disclose their holdings and transactions in equity securities.

The rules take effect on March 18, 2026. This move follows the enactment of the Holding Foreign Insiders Accountable Act on December 18, 2025, bringing greater transparency to FPI insider activity.

SEC Revises Section 16 Rules for Foreign Private Issuers

The HFIA Act amended Section 16(a) of the Exchange Act to expand reporting requirements. Directors and officers of FPIs with equity securities registered under Section 12 are now subject to these rules.

However, the law excludes “10 percent holders” who beneficially own more than 10 percent of any class of FPI equity securities.

Under the revised rules, covered insiders must file Section 16 reports electronically and in English. This requirement marks a clear shift from prior exemptions that FPI insiders previously enjoyed.

As a result, the reporting process becomes more standardized and accessible to U.S. investors.

The SEC amended Rule 3a12-3(b) to remove the existing blanket exemption from Section 16 entirely. In its place, the rule now provides narrower exemptions. These cover only the Section 16(b) short-swing profit rules and the Section 16(c) short selling prohibition.

Additionally, Rule 16a-2 was updated to formally exclude 10 percent holders of FPI equity securities from Section 16(a) requirements.

This exclusion ensures that minority beneficial owners are not swept into the new reporting framework. The change also aligns the rule text with the statutory language of the HFIA Act itself.

Reporting Deadlines and Compliance Timeline Under the HFIA Act

The HFIA Act set a firm deadline for the SEC to act. The Commission was required to issue final regulations no later than 90 days after the December 18, 2025 enactment date. The SEC met that mandate by adopting these amendments ahead of the March 18, 2026 effective date.

Directors and officers of qualifying FPIs must begin filing Section 16 reports starting March 18, 2026. This date serves as both the statutory effective date and the compliance start point.

Covered insiders should therefore prepare their disclosure systems well before that deadline.

The rule changes also revise the relevant Section 16 report forms to reflect the new requirements. These form updates ensure that the reporting structure matches the amended statutory framework. Moreover, they provide clarity on what information FPI insiders must include in each filing.

The SEC’s action brings FPI insiders closer in line with domestic reporting standards. This regulatory alignment gives investors better visibility into the trading activity of foreign company insiders. It also strengthens the overall integrity of U.S. equity markets.

VET, HBAR, DOGE trade below $0.1 with neutral RSI as tax refund season sparks speculative March flows as cryptocurrencies continue to plummet.

As Bitcoin (BTC) faces resistance and major cryptocurrencies trade within established ranges, several low-priced digital assets are drawing attention from traders seeking potential gains in March, according to market analysis.

The cryptocurrency market is experiencing volatility following a difficult 2026, with the U.S. Internal Revenue Service’s tax refund season potentially creating buying pressure for lower-priced tokens, market observers noted.

VeChain (VET), despite underperforming in 2026, has been implementing a network upgrade since late 2025. The blockchain project faces a March 15 deadline for legacy node migration, which stems from the StarGate upgrade to its staking system. The asset’s relative strength index indicates neither overbought nor oversold conditions, according to technical analysis. Market participants are monitoring support and resistance levels around the migration deadline.

Hedera (HBAR) has reduced its year-to-date losses following a decline in early February and is currently trading near key price levels. The platform has positioned itself in real-world asset tokenization and recently announced that FedEx joined the Hedera Council. Technical analysts identified current price levels as critical thresholds, with movement below support potentially signaling further declines, while a break above resistance could indicate upward momentum.

Dogecoin (DOGE), the largest meme coin by market capitalization, has experienced significant volatility in 2026 alongside broader market trends. The approaching tax refund season could generate buying activity as some investors receive additional funds, market watchers suggested. Analysts noted that Dogecoin’s performance in March may depend on the price action of larger cryptocurrencies including Bitcoin and Ethereum, with stability in those assets potentially supporting interest in more volatile tokens.

All three cryptocurrencies are currently trading below $0.10, according to market data.

Solana’s SOL (SOL) is down 72% from its all-time high of $295 and well below the $188 level seen during its spot exchange-traded funds (ETFs) launch in October 2025. Since early December 2025, spot SOL ETF inflows have slowed while the price retraced sharply over four months. 

At the same time, Solana’s onchain volumes and revenue metrics continue to rank higher against competitors, raising questions on whether SOL’s longer-term price prospects tilt toward a return to its all-time high.

SOL ETF resilience aligns with network use

Spot SOL ETFs launched in late October 2025, drawing over $100 million in average net inflows during their first five weeks. Since December 2025, the weekly inflows have decreased, averaging $20 million to $25 million as SOL price slid to $86 in February 2026.

Across the four-month drawdown, the cumulative outflows total just $11.3 million over two weeks. Spot Bitcoin (BTC) and Ether (ETH) ETFs, by comparison, have logged four consecutive months of negative flows in the same period.

Solana’s network activity tells a different story than its price. Over the past 30 days, Solana processed $108 billion in decentralized exchange (DEX) volume, ahead of Ethereum’s $63.7 billion and Base’s $31.48 billion. Volumes in January reached $117 billion, exceeding those in December and November for the chain as well. The weekly averages since January 2025 have hovered near $20 billion to $25 billion.

In the last 24 hours, Solana generated $3.1 million in app revenue versus Ethereum’s $2.95 million. Active addresses stood at 2.17 million against 682,236, while chain fees reached $722,706 compared to Ethereum’s $356,438.

Solana’s RWA sector has also climbed to an all-time high of $1.71 billion, up 45% in 30 days, but Ether holds $15 billion of the $25.37 billion distributed asset value in that industry. 

Related: ETH’s next big move depends on daily close above $2.1K: Data

SOL support cluster and valuation gap

Crypto trader Scient noted two macro areas that may shape a potential bottom. The first is the 0.75 Fibonacci retracement zone of $60 to $70, a level associated with deeper pullbacks within larger uptrends.

The second is a weekly demand fair value gap (FVG) between $22 and $29, an area of prior liquidity imbalance that preceded the explosive rally to $200 from $25.

For now, the structure remains capped as the price holds below the weekly resistance of $120.

On the weekly chart, SOL has already tested the demand zone of $51 to $80, aligning with that retracement pocket, and may head for a recovery from its current price.

UTXO Realized Price Distribution (URPD) data adds context. Over 6% of the supply last moved within the current price cluster, creating a dense cost basis zone. The next significant concentration, above 3% of supply, sits between $20 and $30.

From a valuation standpoint, SOL is near a realized supply cluster, while the ETF positioning has not unwound, and DEX turnover leads other chains despite its lower total value locked (TVL). 

The price compression alongside consistent capital inflows and rising network use reveals a measurable gap between activity and valuation.

Whether that gap resolves through SOL’s price action depends on how the $51 to $80 level and the $120 resistance level interact with these factors over the coming months.

Related: Solana leads crypto recovery with 10% gain: Is $100 SOL price next?