Iran’s Sanctions-busting Crypto Ambitions Grow on Toll Payments
Legal
“As a fragile US-Iran ceasefire takes shape, Tehran has signaled that payments in digital currency should form part of any toll system for vessels passing through the Strait of Hormuz, the chokepoint through which around a fifth of the world’s oil normally flows. The logic is clear: tokens cannot be easily confiscated under sanctions. Crypto market participants say the plan appears all but unworkable through legitimate channels. Yet the demand has laid bare a sanctions-evasion infrastructure that is larger, and harder for Western enforcers to contain, than any single toll system. The Financial Times reported this week that Iran would demand payments in Bitcoin, citing a spokesperson for Iran’s oil exporters’ union. Bloomberg previously reported that operatives are seeking tolls in yuan or stablecoins, citing shipping industry participants.”
Source: Bloomberg
Scott Bessent Urges Congress to Pass Crypto Regulation Bill
Regulation
“US Treasury Secretary Scott Bessent said that Congress must pass a bill to create federal rules for digital assets, reiterating the push for rules that he says will ensure cryptocurrency development and investment remain anchored in the US. Bessent urged passage of a crypto market structure bill called the Clarity Act. 'The regulatory framework for digital asset markets is unclear,' Bessent said in an op-ed published in The Wall Street Journal on Wednesday (Apr 8), adding that this uncertainty had predictable consequences. 'A growing share of crypto development relocated to places with clear rules, such as Abu Dhabi and Singapore. Abroad, firms knew when and how to register, what standards to meet, and how to operate. The benefits of domiciling in the US rarely outweighed the risks,' Bessent wrote.”
Source: The Business Times
Former SEC, JPMorgan Exec Brett Redfearn Joins Securitize as President
Tokenization
“Securitize, the world's largest real-world tokenization platform, has appointed Brett Redfearn as its new president, the company said Thursday. Redfearn, who will simultaneously serve on the firm's board of directors, previously worked at the U.S. Securities and Exchange Commission and JPMorgan. The executive also briefly worked at Coinbase, according to his LinkedIn. 'As president, Redfearn will work with Securitize's leadership team to scale the company's regulated platform across issuance, trading, and fund administration, while driving engagement with regulators, exchanges, and institutional partners,' Securitize said in a statement. 'In his role as a member of the Board of Directors, he will also help guide the company's long-term strategy as tokenization becomes embedded in global market infrastructure.'”
Source: The Block
CME Bitcoin Futures Activity Slumps to 14-month Low as Basis Trade Unwind Drains Institutional Demand
Exchanges
“Average daily CME Bitcoin futures open interest fell to under $8 billion in March and $7.2 billion in early April, the lowest reading since February 2024. OI has also been declining for five consecutive months since November. Meanwhile, CME monthly volume also dropped to $163 billion in March, down nearly 50% from its January 2025 peak. One probable reason for these declines is the unwinding of the basis trade. The CME-spot ETF basis trade (buying spot ETFs, shorting CME futures, collecting the spread) was the primary driver of institutional CME positioning. The annualized basis compressed in recent months as BTC fell from its highs above $120,000 to under $70,000.”
Source: The Block
Prediction Market Regulator Sues 3 States As Kalshi Wins In New Jersey
Prediction Markets
“Blockchain-powered prediction markets, including decentralized platform Polymarket and CFTC-registered Kalshi, remain at the center of a sharpening jurisdictional clash between federal regulators and state authorities. On April 2, 2026, the Commodity Futures Trading Commission and Department of Justice filed three separate federal lawsuits against Arizona, Connecticut, and Illinois, naming the governors and other officials in their official capacities. A CFTC FAQ described the move as an 'unprecedented measure' required 'to protect the exclusive jurisdiction granted to the CFTC by Congress … from unprecedented overreach by some States.'”
Source: Forbes
