Crypto treasury firms are facing a $130 billion “value reckoning” as spot Bitcoin and Ethereum ETFs reshape how investors access digital assets. For years, Digital Asset Treasury (DAT) companies like MicroStrategy (now Strategy) and Metaplanet traded at hefty premiums because they offered one of the few regulated ways to gain Bitcoin exposure via corporate balance sheets.

The SEC’s Crypto Task Force has scheduled a public “Roundtable on Financial Surveillance and Privacy” at its Washington, D.C. headquarters. The session, led by Commissioner Hester Peirce, will gather regulators, technologists, market participants, and civil-liberties advocates to discuss how oversight should work in an on-chain world where transactions are transparent by default but users still expect some level of privacy.

Stablecoins are rapidly emerging as a serious competitor to traditional payment networks like Visa. Over the past month, the 30-day average stablecoin transaction volume has quietly surpassed Visa’s, signaling growing adoption of crypto payments and on-chain dollars.