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Browse historical Scribe issues, daily market notes, and editorial briefings.
Morgan Stanley’s 14-Basis-Point Bitcoin ETF Lands as Bitcoin’s Bid Thins Out
Morgan Stanley’s low-fee ETF filing makes bitcoin access look increasingly routine inside wealth channels, but the market underneath is less reassuring: ETF outflows rose, liquidations hit, miners are selling to fund an AI pivot, and the stablecoin bill is now stuck on who gets to pass through rewards.
Published
Mar 28, 2026
10 min read
USDC Rules, Bitcoin Exposure, and Wall Street’s Controlled Crypto Buildout
USDC’s repricing now looks less like a ban on stablecoin rewards than a fight over distribution. Bitcoin is still holding its range, but the demand underneath looks more conditional, while GameStop’s treasury trade shows how bitcoin ownership can turn into counterparty exposure. Across all three, Wall Street’s preferred form of tokenization is coming into focus: useful enough to connect markets, controlled enough to keep the key economics inside regulated hands.
Published
Mar 27, 2026
12 min read
Coinbase, Circle, and Binance Mark Crypto’s New Control Points
Coinbase’s latest break in the Clarity Act fight shows that stablecoin policy has turned into a battle over distribution economics, not basic legality. Add Circle’s USDC unfreeze, Mastercard and BitGo’s bank-friendly buildout, and Binance’s push to clean up token liquidity, and the pattern is clear: crypto keeps moving onchain while control keeps concentrating with intermediaries.
Published
Mar 26, 2026
11 min read
Circle’s Selloff, Bitcoin’s $69K Tape, and Who Still Gets Paid on Digital Dollars
Circle’s plunge looked less like a simple reaction to draft legislation than a repricing of stablecoin distribution economics. Add bitcoin’s macro-driven whipsaw and fresh signals from BNY Mellon and BlackRock, and the day comes into focus as a fight over intermediaries, payment infrastructure, and who still earns the spread.
Published
Mar 25, 2026
9 min read
Stablecoin Rules Narrow as Bitcoin’s Institutional Bid Becomes More Structured
Washington is drawing a clearer line around who can make stablecoin balances feel rewarding just as crypto’s other fault lines come back into view: a stablecoin that failed before reserve quality mattered, a $42 billion bitcoin buying channel built from securities issuance, and a liquidation burst that turned headlines into forced trades.
Published
Mar 24, 2026
11 min read
Bitcoin ETF Caps Lift, Fidelity Presses the SEC, and a Stablecoin Breaks at the Mint
A key limit on bitcoin and ether ETF options has disappeared, Fidelity argues that broker-dealer rules now matter more than custody talking points, and Resolv’s USR exploit shows how a stablecoin can fail even when reserves are technically still there.
Published
Mar 23, 2026
9 min read
Bitcoin Hedges, Clearer Collateral Rules, and the Cost of Running the Network
Bitcoin’s options market still looks uneasy even as the CFTC makes crypto assets easier to post in regulated derivatives systems. That split runs through the rest of the day: institutional integration keeps advancing while miners retrench and Strategy keeps converting market access into spot demand.
Published
Mar 22, 2026
9 min read
Bitcoin’s Guarded Rebound and Coinbase’s 24/7 Equity Derivatives Push
Bitcoin has bounced, but the more useful signal sits underneath: traders are still paying for protection, crypto venues are stretching into round-the-clock equity risk, and institutional buildout keeps advancing through routine corporate work.
Published
Mar 21, 2026
8 min read
Stablecoin Yield, Hyperliquid, and Coinbase’s Push for a 24/7 Trading Stack
A Senate compromise is getting more specific about who may monetize stablecoin reserves, while Hyperliquid and Coinbase show how crypto venues are turning always-open rails into broader trading infrastructure.
Published
Mar 20, 2026
11 min read