David Sacks exits crypto role

Morgan Stanley filed for a spot bitcoin ETF with a 0.14% annual fee on Friday, undercutting Grayscale's 0.15% and BlackRock's 0.25%. If approved, it would be the first spot bitcoin ETF from a major U.S. bank and the first new entrant since January 2024. The NYSE listing notice came earlier this week, signaling an imminent launch. Read more →

David Sacks is stepping down as the US government's crypto and AI czar to join Trump's new tech council as co-chair of the President's Council of Advisors on Science and Technology (PCAST). During his 130-day tenure, the administration loosened crypto regulations and promised a Strategic Bitcoin Reserve, but the reserve was watered down to exclude new Bitcoin purchases. The CLARITY Act market structures bill remains stalled, and a required audit of crypto assets missed its April 2025 deadline by nearly a year. Bitcoin has fallen 34% since Sacks took the role. Read more →

Fannie Mae will accept bitcoin and USDC as collateral for mortgages, marking the first time the government-backed mortgage giant has embraced digital assets. Developed with Better Home & Finance and Coinbase, the product lets borrowers pledge crypto holdings without liquidating them. A separate overcollateralized loan funds the down payment, keeping the primary mortgage insulated from crypto price swings. Read more →

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