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Dot-com crash lessons resurface: Is today’s market set to repeat?

Michael Saylor’s career has long been defined by high-stakes financial bets—first during the dot-com era, when MicroStrategy’s stock collapse wiped out billions of dollars of shareholder value in a single day, and now through Strategy’s latest phase as the most prominent corporate Bitcoin holder on Wall Street. Strategy (formerly MicroStrategy) currently holds 843,775 Bitcoin, according to the company’s public disclosures, and has become an influential reference point for firms experimenting with Bitcoin as a treasury reserve asset. But the debate surrounding Saylor’s model has shifted: attention is moving from simply whether to hold Bitcoin to how the position is funded, managed, and potentially reduced. Key takeaways Strategy has evolved from an accumulation-first posture into an active treasury framework that can involve selling Bitcoin to support other capital needs. Recent disclosures include the sale of 3,588 Bitcoin, described as the largest disposal since Strategy made Bitc...
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US Senators Clash Over CLARITY Act, Ethics Concerns Spur Vote

The US Senate is nearing a vote on the Digital Asset Market Clarity (CLARITY) Act, a market-structure bill backed by Republicans that would set new rules for digital-asset activity. But a vocal bloc of Senate Democrats and civil-society groups says the legislation is incomplete, arguing it fails to address ethics concerns tied to President Donald Trump’s financial relationships with parts of the crypto industry. At a press conference on Tuesday, Senators Chris Murphy, Jeff Merkley, and Chris Van Hollen—along with representatives for Americans for Financial Reform and Indivisible and actor Ben McKenzie—criticized the bill for what they characterized as “Trump’s crypto corruption.” The lawmakers argued that passing a new regulatory framework without curbing potential conflicts would effectively “protect” the President’s ability to influence the sector. Key takeaways Democratic senators Murphy, Merkley, and Van Hollen signaled they will not back the CLARITY Act unless ethics safeguards ...
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Velocity secures $38M to expand enterprise stablecoin treasury infrastructure

Velocity, a stablecoin treasury and settlement infrastructure provider, has raised $38 million in a Series A round as it seeks to deepen the plumbing enterprises need to use stablecoins for cross-border payments and finance operations. The deal brings the company’s total funding close to $50 million since it launched in 2025, according to Velocity. The round was led by Dragonfly and FirstMark, with participation from Activant Capital, Capital One Ventures, QED Investors, Coinbase Ventures, Wintermute Ventures and Ripple. Velocity said it will use the proceeds to expand its banking and payments network, create new products, and strengthen its regulatory capabilities. Key takeaways Velocity raised $38 million in Series A funding to scale stablecoin treasury and cross-border settlement infrastructure. Backers include Dragonfly and FirstMark, alongside strategic investment from firms such as Coinbase Ventures and Ripple. The company says its software connects stablecoin networks to b...
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US and UK Treasury plan shared rules for tokenization and stablecoins

The U.S. Department of the Treasury and the UK’s HM Treasury have released joint recommendations as part of a transatlantic working group aimed at coordinating financial-market oversight for digital assets—specifically stablecoins and tokenized finance. In a statement published Tuesday, the two agencies said they want to align regulatory expectations in ways that promote financial stability without creating unnecessary market distortions. The guidance also points toward cross-border testing for tokenized assets and closer coordination between U.S. regulators and the Bank of England on shared approaches to tokenized-asset rules. Key takeaways The U.S. and UK called for regulatory alignment around stablecoins, emphasizing requirements that avoid undermining cross-border competition. Stablecoins, under the joint framework, should be fully backed—at least on a one-to-one basis—by high-quality, liquid assets. For tokenized finance, the statement suggests authorities should consider a ...
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JCB Partners With Circle to Pilot Stablecoin Payments in Japan

Japan’s largest domestic card and payments network, JCB, has signed a memorandum of understanding with Circle to explore the use of USDC in cross-border payments and merchant transactions. The agreement focuses first on technical trials for internal fund transfers, while also testing whether stablecoin payments can work at retail locations for international visitors. JCB and Circle said the initial work will include a proof of concept for using USDC for JCB’s internal cross-border movement of funds. They will also evaluate stablecoin checkout options for merchants in Japan and examine technical approaches aimed at enabling interoperability across multiple blockchain networks. The partners did not outline a timeline for any commercial rollout. Key takeaways JCB and Circle will begin with a proof of concept for using USDC for JCB’s internal cross-border fund transfers. The memorandum also targets merchant payments in Japan for international visitors, alongside research into blockchai...
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UK Delays Capital Gains Tax Rules for Some Crypto Using “No Gain, No Loss”

The UK tax authority has announced plans to change how cryptocurrency lending and liquidity pool arrangements are taxed, moving toward a “no gain, no loss” treatment for certain disposals. The policy is designed to defer capital gains tax until a participant makes what HM Revenue & Customs (HMRC) calls an “economic disposal.” In a notice released on Monday, HMRC said the approach would apply starting April 6, 2027. The move is aimed at aligning tax outcomes with the underlying economics of crypto lending and decentralized liquidity arrangements, where investors may not realize a profit in the usual sense until they dispose of their crypto exposure. Key takeaways HMRC plans to apply a “no gain, no loss” approach to certain disposals tied to crypto loans and liquidity pools from April 6, 2027. The change is intended to defer capital gains tax on digital assets until an “economic disposal,” rather than taxing interim events. HMRC expects the update to affect around 700,000 indiv...
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CleanSpark Stock Soars 22% After $6.6B Georgia Data Center Deal

CleanSpark shares jumped sharply on Tuesday after the Bitcoin miner disclosed a long-term deal that ties up large-scale power and real-estate capacity for a new data center in Georgia. The company said it signed a 20-year triple-net lease for a 175-megawatt facility at its Sandersville, Georgia campus—one of the clearest examples yet of miners moving beyond pure block-reward economics and into broader digital infrastructure. The agreement, CleanSpark said, is expected to generate about $6.6 billion in contracted revenue over the initial 20-year term, with revenue rising to $11.6 billion if the tenant exercises two five-year extension options. The tenant will install computing infrastructure on-site, and phased deliveries are expected to start in the fourth quarter of 2027. Key takeaways CleanSpark announced a 20-year triple-net lease for a 175-megawatt data center at its Sandersville, Georgia campus. The company estimates $6.6 billion in contracted revenue over the initial term, po...
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