The Five Most Important Stories in Crypto Last Week

The Federal Reserve’s latest meeting revealed a historic split, with two presidents openly dissenting and four non‑voting members signaling zero cuts for 2026. This break from the traditional united front introduces volatile forward guidance and politicizes monetary policy, while the new Reserve Management Purchases program quietly adds $40 billion of Treasury bills each month to shore up liquidity. Investors now face a less predictable rate outlook, forcing risk‑adjusted strategies that account for potential rapid policy shifts.

In Washington, the market structure bill is gaining traction amid sharp partisan demands. Democrats are pushing stricter AML controls for DeFi protocols and clarifying stablecoin yield rules, aiming to prevent regulatory arbitrage while preserving legitimate decentralized services. Simultaneously, the Bitcoin treasury model is losing its sheen: 21 Capital’s $3.9 billion SPAC debut collapsed, and MSCI’s proposal to exclude firms holding over 50% of assets in Bitcoin threatens index inclusion for heavy‑crypto corporates like MicroStrategy. The combined pressure signals a market moving away from treasury‑driven hype toward more sustainable, compliance‑focused frameworks.

On the price front, bullish optimism has been tempered. Jeff Kendrick of Standard Chartered revised his 2025 target from $200 k to $100 k, acknowledging Bitcoin’s transition to a “normal asset” with muted volatility and diminished four‑year cycles. The sentiment shift coincides with the sentencing of Luna founder Do Kwon to 15 years, effectively closing the algorithmic stablecoin chapter that devastated investors in 2022. Together, these developments underscore a broader maturation of crypto: tighter regulation, realistic valuation expectations, and a decisive end to some of the most reckless narratives of the previous cycle.