The Daily: White House group outlines roadmap for 'golden age of crypto,' Linea confirms snapshot taken for upcoming token airdrop, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Wednesday! Bitcoin is holding steady near $118,000 as traders expect the Federal Reserve to hold rates later today and eye Thursday's PCE data for signs of easing. Analysts see room for a breakout above $120,000 if inflation cools and crypto policy tailwinds strengthen.

In today's newsletter, President Trump's Working Group on Digital Asset Markets lays out a roadmap for a "golden age of crypto," Linea confirms a snapshot was taken for its upcoming token airdrop, Coinbase and JPMorgan team up to link Chase accounts to the crypto exchange, and more.

Meanwhile, Hyperliquid plans automated refunds for affected users following yesterday's API outage.

Let's get started.

White House group outlines roadmap for 'golden age of crypto'

The White House's Working Group on Digital Asset Markets released a fact sheet outlining recommendations to usher in a "golden age of crypto."

• Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Securities and Exchange Commission Chair Paul Atkins are among the group's members.
• The group specifically urged Congress to expand on the Digital Asset Market Clarity Act recently passed by the House. Senate Republicans have since released their own version that has some differences compared to their House counterparts.
• The officials also called on the Treasury Department and other banking agencies to swiftly implement the GENIUS Act, which President Trump recently signed into law to establish federal rules for stablecoins.
• Furthermore, the fact sheet emphasized the need to modernize crypto tax rules and reduce compliance burdens.
• A full report followed later in the day, offering more detail on the group's recommendations.
• The report said Trump's earlier proposals for a strategic bitcoin reserve and separate digital assets stockpile would be administered by the Treasury Department and that they would "be capitalized by forfeited digital assets."
• The report didn't detail next steps for the bitcoin reserve, but officials said it falls under a separate Trump executive order and that the Treasury's work on it is ongoing, with more details coming soon.

Linea confirms snapshot taken for upcoming token airdrop

Consensys-backed Ethereum Layer 2 network Linea confirmed it has taken the final snapshot for its upcoming LINEA token airdrop, with eligibility tied to its Voyage campaign and LXP points.

• The airdrop will distribute 9% of the total token supply to users who participated in the Voyage campaign and 1% to "strategic builders," including Linea-aligned dapps and communities, with Sybil filtering already completed.
• In total, 85% of the LINEA token supply (72 billion tokens) will be allocated to the ecosystem, 75% of which is designated for a long-term fund.
• The remaining 15% of the overall token supply will be held by Consensys, subject to a five-year lockup.

Coinbase and JPMorgan team up to link Chase accounts to crypto exchange

Coinbase and JPMorgan have teamed up to let Chase customers directly link their bank accounts to the exchange, convert reward points to USDC on Base starting in 2026, and fund crypto purchases with Chase cards from this fall.

• The deal gives Coinbase broader distribution across the bank's 80 million customers while letting JPMorgan integrate crypto features into its mainstream offerings.
• The partnership follows fresh regulatory guidance on crypto custody from the Fed, FDIC, and OCC, and reflects growing bank confidence in offering digital asset services.
• Coinbase said the points conversion marks the first time a major bank rewards program will allow redemption into a crypto asset, but warned that credit card purchases may be subject to cash-advance terms.

Kraken reportedly targets $500 million raise at $15 billion valuation

Crypto exchange Kraken is targeting a $500 million raise at a $15 billion valuation as it gears up for a 2026 IPO, after pulling in $1.5 billion in revenue last year, according to The Information.

• The prospective raise comes amid a broader reopening of crypto capital markets under the Trump administration, with firms like Grayscale, Gemini, BitGo, and Bullish also assessing IPOs, following Circle's blockbuster listing on the NYSE.
• However, the report did not specify a lead investor, timeline, or whether the round would include secondary sales.
• In March, Kraken announced a $1.5 billion acquisition of NinjaTrader, signaling a shift toward derivatives and institutional growth.

SEC approves in-kind redemptions for spot Bitcoin and Ethereum ETFs

The SEC approved in-kind redemptions for U.S. spot Bitcoin and Ethereum ETFs on Tuesday, aligning the crypto investment products with traditional fund structures and reducing costs for investors.

• The regulator granted accelerated approvals to Nasdaq, NYSE Arca, and Cboe BZX, clearing the way for firms like BlackRock, Fidelity, and Ark Invest to use in-kind processes — allowing their authorized participants to create and redeem ETF shares using the crypto assets rather than converting to cash.
• SEC Chairman Paul Atkins said, "It's a new day at the SEC," and the move is part of a broader push to create a fit-for-purpose crypto regulatory framework that deepens U.S. market structure.

In the next 24 hours

• U.S. jobless claims and PCE data are due at 8:30 a.m. ET on Thursday.
• The Bank of Japan has a press conference scheduled for 2:30 a.m.
• Optimism and 1inch are set for token unlocks.

Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.