In crypto news, BlackRock is set to launch a Bitcoin exchange-traded product (ETP) in Europe following the success of its US spot Bitcoin ETF, which had $57 billion in net assets since its January 2024 launch. The European ETP is expected to be domiciled in Switzerland and is aimed to be marketed soon. Meanwhile, the Trump administration, represented by crypto czar David Sacks, is focusing on regulating stablecoins, particularly those backed by the US dollar, with the goal of bringing more stablecoin innovation onshore. Sacks highlighted the stablecoin market's potential to extend digital dollar dominance internationally. Additionally, the US SEC is reportedly scaling back its crypto unit as part of a leadership shake-up, which may include retroactive relief for certain token offerings. This comes in the wake of Commissioner Hester Peirce's comments on the agency's review of the security status of cryptocurrencies. The SEC's crypto unit restructuring indicates significant changes under the new administration.

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