What has been happening this week in the world of blockchain and cryptocurrencies? Current events and background reports in our weekly review.
Selected articles of the week:
Crypto exchange Kraken has reached a historic milestone: its subsidiary Kraken Financial received a Limited Purpose Master Account from the Federal Reserve Bank of Kansas City – making it the first digital asset company to gain direct access to the Federal Reserve’s Fedwire payment system. In practical terms, Kraken can now settle dollar transactions without routing them through correspondent banks, significantly reducing costs and improving speed. The path to approval was long: the application was filed back in October 2020, with approval only granted this week. The account is a restricted variant without access to typical banking privileges such as the Discount Window or interest on reserves. The contrast with the rejection of Custodia Bank in early 2023 illustrates how fundamentally the regulatory climate in the US has shifted. Three major banking lobbies nevertheless voiced immediate opposition – arguing the approval was granted before final rulemaking was complete. Realistically, these institutions are simply trying to protect themselves from disruption.
Kraken Financial becomes the first crypto firm to gain a Fed Master Account, securing direct access to the Fedwire payment system.
Trump sharply warns banks against blocking the Clarity Act
The Digital Asset Market Clarity Act is stalled in the US Senate – and the American banking industry is a major contributing factor. At its core, the dispute centers on whether crypto exchanges should be allowed to offer yield on stablecoin holdings. The Genius Act, signed in July 2025, prohibits this for issuers but is silent on the role of intermediaries such as exchanges. Coinbase, for instance, already offers around 3.5 percent on USDC holdings – many times what US savings accounts yield at an average of below 0.4 percent. The banking lobby’s reasoning is revealing: the Bank Policy Institute warned that yield-bearing stablecoin products could drain up to 6.6 trillion dollars in deposits. Bank of America CEO Brian Moynihan put the risk at 30 to 35 percent of all bank deposits. In essence, the industry is admitting that its own products would not withstand open competition. US President Trump subsequently accused the banks of holding the legislation hostage and demanded its immediate passage. On Polymarket, the probability of passage stands at 72 percent.
Trump warns US banks against blocking his crypto agenda and calls for swift passage of the Clarity Act market structure law.
ICE takes stake in crypto exchange OKX
Intercontinental Exchange (ICE), the operator of the New York Stock Exchange and one of the largest exchange operators globally, has acquired a minority stake in crypto exchange OKX – at a valuation of 25 billion dollars. The partnership extends far beyond a mere capital investment: ICE receives a board seat at OKX, while OKX’s approximately 120 million users will gain access to ICE’s US futures markets and tokenized NYSE stocks. In return, OKX provides live pricing data for all listed cryptocurrencies. For OKX, the deal marks the conclusion of a remarkable transformation: as recently as February 2025, the exchange paid a 504 million dollar fine to the US Department of Justice before establishing a regulated US operation in San Jose in April 2025. The investment fits into a broader trend – market maker Citadel Securities invested 200 million dollars in Kraken in November 2025, and asset manager BlackRock is cooperating with the decentralized exchange Uniswap.
ICE invests in crypto exchange OKX at a $25 billion valuation – the NYSE parent company plans tokenized stocks.
Nasdaq seeks to offer prediction market options
US technology exchange Nasdaq has filed an application with the Securities and Exchange Commission (SEC) to offer so-called Outcome-Related Options on the Nasdaq 100 Index – products that function on the principle of prediction markets. Traders purchase contracts priced between 0.01 and 1.00 dollars, with the price reflecting market expectations. It is the first formal engagement by a major US exchange operator in this segment. The context: prediction markets have grown into a multi-billion dollar market. Platforms Kalshi and Polymarket achieved a combined monthly volume of approximately 18.4 billion dollars in February 2026 – the sixth consecutive record month. Crucially, Nasdaq intends to list the contracts as securities options under SEC oversight, rather than under the CFTC like existing providers. This would make them directly accessible to institutional investors and regulated retail brokers. Exchange operator Cboe Global Markets is also planning similar binary options on the S&P 500 but has not yet filed a formal application.
Nasdaq files for SEC approval for prediction market options on the Nasdaq 100 index, aiming to enter the booming prediction market sector.
a16z raises 2 billion USD for crypto fund
In addition: venture capital firm Andreessen Horowitz (a16z) is looking to raise approximately 2 billion dollars with its fifth dedicated crypto fund – with a closing planned by the end of the first half of 2026. The fund is significantly smaller than its predecessor Fund IV, which totaled 4.5 billion dollars in 2022. This reduction reflects a changed market environment: Bitcoin has lost roughly half its value since its all-time high in October 2025. The fund is once again led by Chris Dixon, who is pursuing shorter fundraising cycles and focusing exclusively on blockchain investments. Recent investments by a16z include 50 million dollars in the Solana staking protocol Jito, among others. The early funds delivered strong returns – Fund I from 2018 achieved a net DPI of 5.4x. In the broader competitive landscape, venture capital firm Paradigm is targeting 1.5 billion dollars but is expanding its focus to include AI and robotics. The North American VC market reached a volume of 280 billion dollars in 2025, an increase of 46 percent over the previous year. The majority of the funds previously allocated towards digital assets is now flowing into AI, though.
a16z plans a fifth crypto fund worth over 2 billion dollars. Chris Dixon focuses on shorter cycles and pure blockchain investments.
