An ECB working paper found DeFi governance remains highly concentrated, complicating efforts to identify who should fall under MiCA oversight. The European Central Bank published a working paper on March 26, finding that governance in four major DeFi protocols was heavily concentrated. The staff paper looks at Aave, MakerDAO, Ampleforth and Uniswap, and finds that while governance tokens are held across tens of thousands of addresses, the top 100 holders control more than 80% of the supply in each protocol. Based on holdings snapshots from November 2022 and May 2023, the authors found that a large share of governance tokens could be linked either to the protocols themselves or to centralized and decentralized exchanges, with Binance the largest identified centralized exchange holder across the four protocols. Read more
If betting markets are to be believed, the chances of former FTX CEO Sam Bankman-Fried getting a presidential pardon this year aren’t looking good. The chances of former FTX CEO Sam Bankman-Fried getting a pardon didn’t seem great this year, and a recent downtick on prediction markets shows that they aren’t getting any better. Both major prediction markets in the United States, Polymarket and Kalshi, have the likelihood of Bankman-Fried receiving a presidential pardon this year at 11% and 9%, respectively. Chances of a pardon have decreased 1% on Kalshi and 2% on Polymarket after a CNN interview on March 21 with Bankman-Fried’s parents, Joseph Bankman and Barbara Fried. In the interview, both explained why they’re challenging their son’s fraud conviction. Read more
Bitcoin grabbed downside liquidity as oil-supply pressure sent BTC price action below $66,500 to its lowest levels since March 9. Bitcoin (BTC) neared three-week lows into Friday’s Wall Street open amid reports of Iran closing the Strait of Hormuz oil route. Key points: Bitcoin reacts badly to fresh oil-supply threats ahead of Friday’s Wall Street open. Read more
Bitcoin long-term holders continued to expand their holdings, while increased withdrawal from exchanges flashed a classic supply shock warning. Bitcoin (BTC) dropped toward $67,000 during the European trading session on Friday despite an increase in long-term buying. Exchange withdrawals also increased to 16-month highs, suggesting reduced “immediate selling pressure,” a new analysis said. Key takeaways: Bitcoin withdrawals from exchanges increases, reducing BTC available for sale. Read more
AI deepfakes make trust crypto’s scarcest asset. Proof-of-humanity can become the currency powering finance, governance and markets in the imitation economy. Opinion by: Kirill Avery, founder and CEO of Alien AI-generated voices are already being used in ransom scams. Synthetic agents now trade, vote and interact on blockchain networks. In this environment, the greatest threat to crypto is no longer scalability or regulation; it is the collapse of trust. As deepfakes, bots and synthetic agents saturate every corner of the internet and as scams increased by 1,400% in 2025, authenticity is becoming a scarce resource. Read more