The U.S. Treasury sanctioned Dubai-based crypto exchange Shelbit for allegedly facilitating a $4 billion Iran crypto sanctions evasion scheme linked to the IRGC — but the exchange was still processing funds even when its website was completely offline. The case exposes a structural gap between on-chain activity and enforcement response that has significant implications for compliance professionals and crypto market participants.

The Blockchain Association has filed an amicus brief at the Supreme Court backing Custodia Bank's challenge to the Federal Reserve's denial of a Fed master account — a case that could determine whether crypto-focused banks can access core U.S. payment infrastructure. The petition tests whether the Monetary Control Act's mandatory language leaves regional Fed banks any discretion to turn away eligible state-chartered institutions.

Goldman Sachs has agreed to acquire Neos Investments for up to $2.25 billion, adding three crypto income ETFs — including a Bitcoin fund with over $1 billion in assets — to its rapidly expanding Goldman Sachs crypto ETF platform. The deal, the firm's second major ETF acquisition in months, positions Goldman to challenge BlackRock in one of finance's fastest-growing product categories.