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Inside Putin’s Crypto Cold War: How Russia Evaded Western Sanctions In 2025

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AI image generators are getting better by getting worse
Real ones will know that Mount Rainier looks too big in this image, but the re-creation of a Washington State ferry in this AI image is uncanny. This is The Stepback, a weekly newsletter brea...

Robinhood is constructing a “regional triangle” that unlocks the one thing US regulators won’t permit
Robinhood has spent the past few years trying to outgrow its meme-stock reputation, and the clearest sign that it is thinking differently now sits far from Menlo Park. In early December, the company s...

Brazil’s Largest Private Bank Advises 3% Bitcoin Allocation For Clients
Itaú Unibanco Holding SA, Latin America’s largest private bank, has advised clients to allocate up to 3% of their portfolios to Bitcoin for 2026. The bank framed the cryptocurrency not as a spe...

US banks just unlocked a loophole to profit from your crypto trades without holding the bag
On Dec. 9, the Office of the Comptroller of the Currency put out a press release with a very direct message for US banks: you are allowed to sit in the middle of crypto trades. In the memorably titled...

Abu Dhabi Courts Private Capital with Bain Tie-Up
The Abu Dhabi Investment Office (ADIO) has signed a strategic partnership with private investment firm Bain Capital to support Bain’s expansion in the emirate, linking the move to the launch of a ne...

Alpaca, GoTyme Bank Partner to Introduce Digital Assets Trading in the Philippines
GoTyme Bank, which claims to be one of the fastest-growing banks in the Philippines and a JV between the Gokongwei Group and Tyme Group, announced the launch of its cryptocurrency investment feature. ...

Crypto.com, LuLuFin Partner to Enhance Digital Assets Services in Middle East
Crypto.com and LuLu Financial Holdings (LuLuFin) have announced a strategic partnership to develop regulated digital asset capabilities across multiple markets, starting in the UAE. The collab will re...

Slab is the first MIDI controller built exclusively for Serato Studio
Music making is always better with hardware. Native Instruments and Ableton have had incredible success with their custom MIDI controllers that integrate with their DAWs (digital audio workstati...

CFTC’s Treasury Reform Paves Way for Crypto Market
The Commodity Futures Trading Commission (CFTC) is quietly laying the plumbing for a market structure where US Treasuries and cryptocurrencies could eventually live side-by-side. On December 12, th...

Bitcoin is failing its most important test, and an 11-month slide proves the “store of value” is broken right now
Bitcoin’s year is usually narrated through the dollar chart, a familiar frame that captured a chaotic fourth quarter where BTC whipsawed through a violent two-month range. Price climbed to roughly $...