The U.S. Department of Justice has shuttered its National Cryptocurrency Enforcement Team (NCET), a unit created to police illicit crypto activity, according to a memo from Deputy Attorney General Todd Blanche.

Ripple will acquire prime brokerage firm Hidden Road for $1.25 billion, the company announced, marking one of the digital asset industry’s largest acquisitions to date.

BlackRock has chosen Anchorage Digital, the only federally chartered crypto bank in the U.S., to handle custody for a portion of its digital asset portfolio, the firms announced.

Top stories in the Crypto Roundup today:

• DOJ Shuts Down Crypto Enforcement Unit, Refocuses on Terrorism and Fraud Cases
• Ripple to Acquire Prime Broker Hidden Road for $1.25B
• BlackRock Taps Anchorage Digital for Crypto Custody

DOJ Shuts Down Crypto Enforcement Unit, Refocuses on Terrorism and Fraud Cases

The U.S. Department of Justice has shuttered its National Cryptocurrency Enforcement Team (NCET), a unit created to police illicit crypto activity, according to a memo from Deputy Attorney General Todd Blanche.

Going forward, digital asset-related investigations will be handled by U.S. attorneys’ offices across the country, with a focus on crimes tied to terrorism, drug trafficking, hacking, and organized crime. 

Prosecutors are being directed to close ongoing crypto cases that don’t align with the new priorities. The move marks a sharp turn away from the previous administration’s approach, which had leaned on criminal enforcement to shape policy in the fast-growing crypto industry. 

Instead, the DOJ memo says prosecutors should avoid charging exchanges or wallet services unless they can prove deliberate violations of the law. The Market Integrity and Major Frauds Unit will also stop all crypto enforcement.

Ripple to Acquire Prime Broker Hidden Road for $1.25B

Ripple will acquire prime brokerage firm Hidden Road for $1.25 billion, the company announced, marking one of the digital asset industry’s largest acquisitions to date.

Hidden Road clears more than $3 trillion annually in foreign exchange, derivatives, digital assets, and fixed income markets. The deal signals Ripple’s intent to deepen its role in institutional finance, particularly as the U.S. market shows signs of regulatory thaw.

Ripple plans to inject capital into Hidden Road to scale its prime brokerage and financing operations. The goal is to make Hidden Road the largest non-bank prime broker globally.

Hidden Road also plans to migrate post-trade operations to the XRP Ledger, aiming to cut settlement costs and highlight XRPL’s institutional DeFi capabilities.

BlackRock Taps Anchorage Digital for Crypto Custody

BlackRock has chosen Anchorage Digital, the only federally chartered crypto bank in the U.S., to handle custody for a portion of its digital asset portfolio, the firms announced.

Anchorage will provide crypto custody, staking, and settlement services, according to the firms. It already supports BlackRock’s $2 billion tokenized fund BUIDL, which is backed by short-term U.S. Treasurys. 

While Anchorage will handle part of the company’s crypto custody, Coinbase remains the custodian for the Bitcoin in BlackRock’s iShares Bitcoin Trust ETF.

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