SEP 9, 2026 · K2 CAPITAL MANAGEMENT

Daily Brief — September 09, 2026

Oil product flows out of the Strait of Hormuz have fallen to 35% of pre-war levels.

Oil product flows out of the Strait of Hormuz have fallen to 35% of pre-war levels.

Geopolitics

Iran / Hormuz↑ Escalating● Changed

Houthi forces attacked Saudi Aramco facilities in Jazan, Abha, and Najran, wounding more than 70 people and setting oil installations ablaze.
Iran threatened the U.S. with economic warfare and reported firing an advanced missile at U.S. warships.
Iranian state media reported the downing of a U.S. drone over Bandar Abbas, though the U.S. military has not confirmed the incident.
Iran announced plans to establish a new Gulf exclusion zone and conveyed specific conditions to the U.S. via intermediaries.
Oil product flows out of the Strait of Hormuz have fallen to 35% of pre-war levels, while crude oil flows are at 70%.
WTI crude rose to $92.43 and Brent to $97.07 following reports of the strike on the Jazan refinery.
The U.S. suspended Iran-related General License J-1 effective September 8.
The UK published legislation to implement tougher sanctions on Iran's nuclear program.

Current situation: The conflict is escalating beyond the Omani corridor into a wider regional war, marked by Houthi strikes on Saudi energy infrastructure and Iran's threat of economic warfare.

Israel / Lebanon / Hezbollah↑ Escalating● Changed

The UK government announced an import ban on goods and services linked to illegal Israeli settlements in the West Bank, accusing settlers of ethnic cleansing.
Israel responded to the UK sanctions by announcing the closure of the British consulate in East Jerusalem.
France and 11 other nations, including Canada, indicated they will sanction trade with Israeli West Bank settlements.
U.S. Ambassador to Israel Mike Huckabee stated the UK trade ban would lead to consequences from the United States.
Reports emerged that the UAE President warned Prime Minister Netanyahu about a major Hamas operation roughly 10 days before October 7, 2023; Netanyahu's office denied these reports.
Israeli troops shot dead two Palestinians during a village raid in the West Bank involving settlers.
A UN probe stated that certain Israeli actions in Syria may amount to war crimes.
Hezbollah-controlled Al-Manar TV reported a reporter and cameraman were wounded by Israeli strikes in Nabatiyeh.

Current situation: Diplomatic relations are deteriorating rapidly as a coalition of Western nations implements trade bans on settlement goods, triggering a severe retaliatory rupture between Israel and the UK.

Russia / Ukraine→ Stable● Changed

Russia launched a large-scale overnight attack on Kyiv and Chornomorsk port using dozens of missiles and 166 drones, killing two people and damaging residential buildings.
The strikes occurred immediately following the departure of U.S. peace negotiators and the end of a three-day pause in attacks ordered by Vladimir Putin.
Ukraine launched drone strikes hitting civilian infrastructure in Russia's Saratov region and killing one person in the Bryansk region.
The UK pledged £100 million for Ukraine's air defense this winter, specifically including Patriot missiles.
Ukraine's Prosecutor General, Ruslan Kravchenko, offered his resignation citing political conflicts.
Russia and North Korea opened their first road bridge spanning the Tumen river.
The Kremlin stated Russia remains open to solving the war through peaceful means.

Current situation: The conflict remains in a stable phase of high-intensity attrition, though the immediate resumption of strikes on Kyiv after diplomatic visits underscores the fragility of current peace probes.

China / Taiwan→ Stable● Changed

Japan deployed fighter jets to intercept Chinese spy aircraft over the East China Sea.
U.S. Treasury Secretary Scott Bessent stated that the U.S. "Iron Dome" would be irrelevant if China wins the artificial intelligence race.
U.S. Transportation Secretary Sean Duffy criticized Ford for its business ties to the Chinese auto industry, calling the use of Chinese technology "unacceptable."
A top U.S. diplomat in Taiwan warned that a conflict in the Taiwan Strait would impact the global economy more severely than World War II.
The U.S. Navy introduced the AIM-424 Malice air-to-air missile specifically to counter China's expanding airpower.
The European Union is demanding initial Chinese action to reduce the trade gap by early October.
Renault's Dacia brand will now manufacture a larger version of its Spring EV in Europe rather than importing it from China to avoid EU tariffs.
Army commanders from India and China held border talks on Sunday.
President Xi Jinping told UK official Andy Burnham that the two nations have more common interests than differences.
Russian Foreign Minister Lavrov indicated that Putin, Trump, and Xi may meet at APEC in November.

Current situation: While the U.S. is accelerating military and regulatory countermeasures against Chinese influence, diplomatic channels remain active with several high-level summits being planned.

US Politics / Trump↑ Escalating● Changed

Canada implemented retaliatory tariffs of up to 50% on hundreds of U.S. products, including steel, following U.S. trade actions.
President Trump announced that Canadian jet maker Bombardier is prohibited from selling planes in the U.S. unless it establishes domestic manufacturing.
President Trump described Canada's current exchange rate with the U.S. as "unacceptable."
Iceland summoned the U.S. ambassador in response to a "Stars and Stripes" map released by the administration.
President Trump claimed U.S. gas prices will drop to $2 per gallon once the U.S. "wins" the war with Iran.
A court ruled that the Pentagon has the authority to fire Journalists from Stars and Stripes.

Current situation: The administration's nationalist trade policy has triggered a direct retaliatory trade war with Canada, while provocative territorial claims continue to strain relations with Iceland.

NATO / Europe↑ Escalating● Changed

The EU offered Greenland €200 million over two years to strengthen ties amid U.S. pressure on the island, with plans to increase funding to €500 million by 2028.
Eleven NATO countries have begun Arctic military exercises involving approximately 400 personnel.
The EU and Canada are developing an "all-encompassing" strategic alliance covering trade, defense, and security in response to U.S. tariffs.
Germany's Interior Minister Alexander Dobrindt warned that Germany can and will strike back against those attacking its infrastructure.
The AfD achieved a significant electoral win in Germany, leaving Chancellor Merz shaken and complicating coalition talks.
The UK has entered talks to rejoin EU security missions.
Europe is preparing to purchase Patriot missile systems from the U.S. to shield Ukraine this winter.

Current situation: European security is fracturing internally due to the rise of far-right parties in Germany, while externally the EU is rapidly forging new strategic alliances with Canada and Greenland to hedge against U.S. volatility.

BRICS / Global South→ Stable● Changed

Russia reports that 90% of all transactions with BRICS countries are now conducted in national currencies.
President Putin is scheduled to hold bilateral talks with Indian Prime Minister Modi on Friday to discuss rare earth explorations.
The Iranian President is traveling to India this week for the BRICS summit.
Philippine President Ferdinand Marcos Jr. will attend the BRICS summit on September 12-13 to push for closer ties between BRICS and ASEAN.
Russia expressed support for inviting new countries to join various BRICS cooperation formats.
The Saudi-backed LIV Golf league has filed for bankruptcy protection.
Prime Minister Modi is seeking to expand the global reach of India's homegrown retail payment platform.

Current situation: BRICS is deepening financial integration through national currency usage and expanding its diplomatic reach into Southeast Asia ahead of the upcoming summit.

Other Geopolitics● Changed

Houthi forces launched ballistic missiles into southwest Saudi Arabia, injuring 73 people and targeting civilian and economic sites in Abha, Khamis Mushait, Najran, and Jazan.
North Korea and Russia opened their first cross-border road bridge.
South Korean Defense Minister Ahn reported that North Korea is strengthening DMZ fortifications to unprecedented levels.
Myanmar's military has intensified operations to retake areas containing Chinese projects.
Argentine President Javier Milei escalated claims to British overseas territories, and an Israeli company drilling for oil in the islands now faces criminal charges.
Kenyan President William Ruto revoked a century-old soda ash mining concession held by India's Tata Group.
The Democratic Republic of Congo plans to tighten state control over geological data used for mining exploration.
Philippine President Ferdinand Marcos Jr. appointed Manny Pacquiao to his cabinet to lead the government's anti-poverty agency.

Macroeconomics

Fed / US Monetary Policy→ Neutral● Changed

New York Fed data for August shows one-year inflation expectations remained steady at 3.6%, while three-year expectations declined slightly to 3.2% from 3.3% in July.
Five-year inflation expectations held steady at 3.0% in August.
The New York Fed reported that expectations for a rise in the unemployment rate in August were the highest since April 2020.
Treasury Secretary Scott Bessent stated that inflation expectations are currently stable or decreasing.
Goldman Sachs warned that AI capital expenditure is now the primary driver of rates, suggesting the Federal Reserve has limited control.

Current situation: The tightening bias remains the baseline, but new survey data showing deteriorating unemployment expectations and stable inflation is introducing a more complex internal debate regarding the necessity of a September hike.

BOJ / Japan↑ Tightening● Changed

Japan's Q2 GDP grew at an annualized rate of 1.4%, surpassing the preliminary estimate of 1.1%.
Kyodo reports the Bank of Japan plans to raise its benchmark rate to 1.25% at the September 17-18 meeting.
The yen surged to a seven-month high as investors bet on the upcoming rate hike, prompting a widespread unwinding of carry trades.
Five-year government bond auction demand was slightly weaker than the 12-month average as investors grew cautious ahead of the BOJ meeting.
Money stock M2 and M3 growth slowed in August to 2.0% and 1.2% year-over-year, respectively.

Current situation: The trajectory toward tightening has transitioned from a possibility to a near-certainty following strong GDP data and a dramatic yen rally, significantly impacting global carry trade positions.

US Economic Data↓ Deteriorating● Changed

NFIB Small Business Optimism for August fell to 98.7, missing the 99.3 estimate and declining from the previous 99.8.
The ISM Services Prices Paid Index rose 2.3 points in August to 72.6, the highest level since July 2022.
A Bank of America survey found that 49% of investors now expect stagflation over the next 12 months.
A Gallup survey indicates 45% of people rate the economy as poor, while only 19% rate it as good or excellent.
Consumer borrowing increased in July more than expected, featuring the largest advance in non-revolving credit in three years.
The New York Fed reported that more consumers saw a deterioration in household finances in August and expect conditions to worsen over the coming year.

Current situation: Economic conditions are deteriorating as small business optimism fades and consumers report worsening finances, all while leading indicators suggest a fresh burst of inflation.

European Economic Data↓ Deteriorating● Changed

Germany's July trade balance reached 21.3 billion euros, exceeding estimates of 15.8 billion euros, though monthly exports fell by 0.8%.
Germany's July imports saw a significant monthly decline of 5.7%.
France reported a July trade balance of -6.669 billion euros and a current account balance of -4.7 billion euros.
UK retail sales growth slowed to a four-month low in August.
France's Champagne output is projected to fall by nearly half from 2025 levels due to drought and extreme heat.
The UK government appointed Canada's chief statistician to lead the Office for National Statistics.

Current situation: Mixed trade data in Germany and deteriorating retail and agricultural yields in France and the UK suggest a softening economic environment, offsetting previous growth optimism.

China / EM Economic Data→ Stable● Changed

China's August exports grew 25% year-over-year, driven by high-tech goods and autos, resulting in a trade surplus of $119.09 billion.
Chinese passenger car sales dropped 23.7% year-over-year to 1.55 million units in August.
Japan's Q2 GDP was revised upward to 1.4% annualized, and July real wages rose 2.4%, the largest gain since 2021.
Japanese cash wage growth accelerated to 4.7% year-over-year in July, the highest since 1997.
South Africa's Q2 GDP grew 0.9% year-over-year, missing estimates of 1.2%.
Huawei Technologies is facing a racketeering trial in New York.

Current situation: China is increasingly relying on high-tech exports to offset a continuing collapse in domestic automotive demand, while Japan's economy shows strengthening wage and growth indicators.

Oil / Energy Markets↑ Rising● Changed

Brent crude rose to $98 per barrel following reports that Houthi attacks targeted energy facilities and utilities in southern Saudi Arabia.
Saudi Energy Ministry confirmed that attacks sparked fires at several sites and temporarily suspended some operations.
Goldman Sachs raised Brent and WTI price forecasts by $5 to $85 and $80 respectively for December 2026.
U.S. diesel prices are approaching a national average of $6 per gallon for the first time in history.
Vitol CEO Russell Hardy stated that approximately 10 million barrels per day of oil and products exit the Strait of Hormuz.
Natural gas prices in Europe have reached their highest levels in three years.

Current situation: Prices are trending higher as kinetic attacks on Saudi infrastructure compound existing shipping risks in the Hormuz corridor, driving U.S. diesel toward record highs.

Gold / Metals / Commodities→ Stable● Changed

LME three-month copper hit an all-time high of $14,617 per metric ton, driven by supply shortages and anticipated U.S. tariffs on refined metal.
Spot gold prices fluctuated near $4,400 before sliding to approximately $4,348 per ounce as inflation fears and Fed rate-hike bets capped upside.
China's central bank officially purchased 20 tonnes of gold in August.
Zimbabwe has banned the export of tungsten, contributing to a 10% rise in ALM.
Rio Tinto agreed to acquire the Aurukun bauxite project in northeast Australia from Glencore and Mitsubishi Development.
India's steel prices are expected to rise due to increased coking coal costs.

Current situation: Copper continues its historic breakout toward record highs, while gold remains volatile as geopolitical safe-haven demand clashes with inflationary concerns and hawkish U.S. monetary policy.

Agricultural Commodities↑ Rising● Changed

Wheat prices surged to their highest level in over a week due to concerns over prolonged Russian commitment to the war in Ukraine and Black Sea shipping disruptions.
Russia's grain harvest reached 113.5 million tons.
India has launched an unprecedented food safety crackdown, forcing the suspension of operations at various local and branded restaurants.

Current situation: Wheat markets are experiencing upward pressure as geopolitical instability in the Black Sea region threatens long-term grain shipment stability.

USD / FX / Currencies↓ Falling● Changed

The Japanese yen strengthened to a six-month high, dropping to approximately 153 per dollar as traders bet on a BOJ rate hike.
The Australian dollar reached a 13-year high against the New Zealand dollar.
The Euro held gains above 1.1600 amid prospects for ECB tightening.
The British Pound rose toward 1.3550 following pledges regarding UK fiscal discipline.
Goldman Sachs moved its forecast for an RBA rate hike forward to September from November.

Current situation: The U.S. dollar is under pressure as the yen surges and other major currencies rally on expectations of diverging global central bank policies.

US Fiscal / Debt / Credit↓ Deteriorating● Changed

US home-purchase agreements that fell through in July reached 14%, the highest rate since November 2023.
China's holdings of US Treasuries have fallen to their lowest level since 2008.
US consumer credit card debt has reached a new all-time high.
Treasury Secretary Bessent is expected to announce a US Treasury buyback operation of $5 billion to $6 billion to reduce long-term debt supply.
The UK recorded its highest bond sale yield since 1998, selling £4.25 billion in 30-year bonds at a 5.8168% yield.

Current situation: US credit conditions are weakening as household debt hits records and home contracts fail, while the Treasury attempts to manage long-term debt supply via aggressive buybacks.

Markets

US Indices↓ Risk-off● Changed

The Dow Jones closed down 1.2%, the S&P 500 fell 0.6% to 7,669.15, and the Nasdaq 100 eased 0.1%.
Over $350 billion in market value was erased from US stocks following the market open.
S&P 500 dividend yields reached a new all-time low of 1.04%.
Goldman Sachs projects S&P 500 earnings per share to increase between 24% and 31% in 2026.
Realized correlation across the S&P 500 over the last six months has dropped to 11, one of the lowest periods in 25 years.
Vanguard's S&P 500 ETF (VOO) has surpassed $1 trillion in assets under management.

Current situation: Momentum has shifted to risk-off as escalating Middle East tensions and oil-driven inflation risks triggered a massive sell-off, erasing hundreds of billions in value.

European / Asian Indices→ Neutral● Changed

South Korea's KOSPI advanced 2% on AI and chip optimism.
Japan's Nikkei dropped 1.53% to 65,385.91, while Nikkei futures later slipped an additional 0.4%.
Australia's ASX 200 ended a session 1% lower at 8,920.80 before advancing 0.3% to 8,951 in early next-session trade.
The Taiwan Stock Exchange scheduled an emergency meeting with over 10 major brokerages to discuss cybersecurity and market resilience.
Eurostoxx 50 futures fell 0.5% as Brent crude approached $100 per barrel.

Current situation: Regional performance is fragmented, with strong AI-driven gains in South Korea offsetting broader weakness in Japan and Europe driven by energy costs.

AI Chips / Semiconductors↑ Risk-on● Changed

Qualcomm and Amazon entered a multi-generation partnership for custom AI data center silicon, with Amazon receiving warrants for up to 25 million Qualcomm shares.
Samsung and TSMC both committed to using ASML's High NA extreme ultraviolet (EUV) lithography machines.
ASML and TSMC launched an initiative to replace 6-inch EUV photomasks with a 12-inch format.
Mistral AI raised €3 billion in a Samsung-led Series D round at a valuation exceeding €21 billion.
China's CXMT and YMTC reportedly secured enough ASML DUV tools to cover expansion plans for the next three years.
China introduced preliminary anti-dumping measures on Japanese chemicals used in semiconductor manufacturing.
Rigetti and D-Wave each signed pacts with the US government for $100 million to accelerate R&D.
AMD shares rose over 5%, returning to a price above $500.

Current situation: The sector is accelerating into a risk-on phase characterized by massive infrastructure partnerships and high-value funding rounds, despite escalating trade friction between China and Japan.

Big Tech→ Neutral● Changed

Meta launched "Muse," an AI personal assistant for task management and organization with free and paid tiers for US users.
Apple reportedly acquired Sonera, a company specializing in non-invasive brain signal sensors.
Amazon mandated banks for its first-ever sterling bond sale.
Google warned of lower quality search results in Europe as it revamps systems to avoid EU fines.
Tesla is preparing to deploy 1,000 Cybercabs.
The UK government announced it will force tech giants to prevent children from sharing nude images.
Palantir was awarded a contract by Britain's grid operator without a competitive bidding process.
Meta reportedly ran over 300 ads containing suspected child sexual abuse material this year.

Current situation: Sentiment is neutral as the rollout of new AI agents and hardware expansions are balanced against significant regulatory pressure and legal challenges in the UK and EU.

AI Companies↑ Risk-on● Changed

Mistral AI raised a record €3 billion at a valuation of over €21 billion, with some estimates placing the value above $24.3 billion.
Anthropic reportedly walked away from a $6 billion acquisition of AI startup Decart.
Anthropic is preparing to file for one of the largest IPOs in history, with some estimates suggesting a valuation over $1.75 trillion.
OpenAI launched ChatGPT Images 2.5 globally across desktop, mobile, and web.
OpenAI invested $5 million into independent research regarding the impact of generative AI on teenagers.
Palantir named Nebius as its preferred sovereign AI infrastructure partner.
Forus, an AI health company, raised $150 million at a $3 billion valuation.
Bankers for OpenAI and Anthropic are lobbying for investment-grade credit ratings post-IPO to lower borrowing costs.

Current situation: The industry is moving into a high-growth risk-on phase marked by record-breaking valuations and preparations for historic public offerings.

Defense / Aerospace↑ Risk-on● Changed

GE Aerospace agreed to acquire Consolidated Precision Products from Warburg Pincus and Berkshire Partners for $11.75 billion to resolve engine production bottlenecks.
German rocket manufacturer Isar Aerospace successfully reached orbit for the first time, marking the first such achievement from western European soil.
The Indian government provided initial approval for approximately $11 billion in proposed military purchases.
The US Navy is expected to soon unveil its decision regarding a next-generation fighter aircraft and has introduced the AIM-424 Malice air-to-air missile to counter Chinese airpower.
The Exploration Company Gmbh raised $450 million to develop Europe's first reusable space capsule and a new rocket engine.
Cerberus is nearing a £1 billion deal to acquire the Goodwin defense unit.
Rocket Lab unveiled a germanium-free space solar cell with 32% efficiency that is 40% lighter than previous versions.
The US National Transportation Safety Board recovered flight data and cockpit voice recorders from the Amazon Prime Air cargo plane that crashed at Miami International Airport.

Current situation: The sector is shifting toward risk-on as massive consolidation and successful European space milestones offset ongoing safety investigations into Boeing-linked assets.

Financials / Banks→ Neutral● Changed

EverBank is entering a $3.9 billion reverse merger with WaFd.
A former president of the Swiss Bankers’ Association was found guilty of paying $101 million in bribes.
Cinven raised €2.3 billion for its latest mid-sized deal fund, exceeding its initial target.
Abu Dhabi's financial hub issued nearly 2,000 new licenses and added approximately 5,000 workers in the first half of the year.
Bridgepoint Credit transferred €1.2 billion of loans from an older direct-lending fund into a new continuation vehicle.
A fund managed by Jefferies Financial Group filed a $500 million claim in a London court accusing Radiant World of falsifying iron ore invoices.
Goldman Sachs raised its price target for Robinhood to $142 from $124.

Current situation: Regional growth in Abu Dhabi and active private equity fundraising are balancing systemic headwinds and high-profile corruption trials in Switzerland.

Earnings / Corporate● Changed

Volkswagen is considering the sale of its Ducati motorcycle unit as part of a broader portfolio review, while Jaguar Land Rover plans to cut 4,000 jobs.
Novartis shares fell 10% following a third clinical trial setback in one week for its muscle-wasting disease treatment, del-desiran.
Boston Scientific announced it is unlikely to meet its 2026 sales and profit forecasts following a cyberattack.
Philip Morris updated its 2026 guidance, raising full-year adjusted EPS projections to between $8.35 and $8.50 from the previous range of $8.26 to $8.41.
Samsung is considering a buyback of preferred shares, which currently trade at a 26% discount compared to common shares.
Robinhood is reportedly underwriting its first IPO for Oura.
EasyJet is facing a $72 million lawsuit over abandoned aircraft linked to a sanctions dispute.

Current situation: Corporate activity is split between aggressive cost-cutting and portfolio pruning in the automotive sector and positive guidance revisions in consumer staples.

Nuclear / Energy Transition↑ Risk-on● Changed

The Trump administration is providing up to $1.9 billion in loans to restart a shuttered NextEra Energy nuclear plant in Iowa.
Holtec Nuclear is seeking to raise up to $900 million in a US IPO to meet power demands from data centers.
Canada's Trade Minister announced discussions to sell nuclear power technology and LNG to Poland.
The UK's Nuclear Liabilities Fund provided a $1 billion commitment to Brookfield Asset Management.
Thailand is considering a goal to generate 89% of its electricity from clean sources by 2050 and is allocating 50 billion baht for a rooftop solar scheme starting in mid-October.
South Korea has notified the IAEA of its intent to consult on safeguards for nuclear-powered submarines.
HGP plans to go public via a blank-check vehicle in a deal valuing the nuclear services firm at $1.2 billion.

Current situation: Momentum is accelerating rapidly as government loans and new IPOs signal a massive capital pivot toward nuclear energy to support AI infrastructure.

Bonds / Yields↓ Risk-off● Changed

The UK is expected to pay its highest borrowing costs on a debt sale since at least 1998.
US 3-Year Note sales saw a high yield rate of 4.474%, up from the previous 4.291%.
Japanese government bond yields declined across the curve, with the 10-year yield dropping to 2.895% and the 30-year yield falling to 3.960%.
Reliance Industries plans to raise as much as $1.3 billion via local-currency bonds as early as next week.
Treasury Secretary Bessent stated that the US is purchasing older, less liquid off-the-run securities via buybacks but cannot alter the equilibrium price of bonds.

Current situation: Risk-off sentiment is prevailing as the UK faces multi-decade borrowing highs and US Treasury yields continue to fluctuate amid high issuance volumes.

Crypto

Altcoins / DeFi↑ Bullish● Changed

Total tokenized asset holders exceeded 3.5 million for the first time, marking a 109% increase over the last 30 days.
Real World Asset (RWA) perpetuals open interest grew from negligible levels to over $4 billion this year.
The Robinhood Chain reported $900.4 million in Total Value Locked, $1.0 billion in stablecoin market capitalization, and weekly DEX volume of $10.4 billion two months after launch.
The Robinhood Chain generated $28.5 million in weekly app revenue.

Current situation: The sector is experiencing rapid fundamental expansion driven by the mass adoption of tokenized assets and the high performance of the Robinhood Chain.

Crypto Regulatory / Institutional↓ Bearish● Changed

Republicans expect the Crypto Clarity Act to fail in the Senate next week.
Robinhood agreed to take a minority stake in Crypto.com and its prediction market business.
BlackRock's IBIT ETF has attracted $3.7 billion in inflows this quarter, trending toward its largest quarterly intake since Q3 2020.
Gemini Digital Payments Singapore received a Major Payment Institution License from the Monetary Authority of Singapore.
Visa reported that crypto stablecoin cards are currently in "hypergrowth mode."
Reports indicate Iran is utilizing cryptocurrencies to circumvent international sanctions.
President Donald Trump’s special envoy, Steve Witkoff, earned $107 million in 2025 from a holding company linked to a crypto venture co-founded with Trump.

Current situation: Strong institutional adoption and product growth are being countered by a significant legislative setback for the Crypto Clarity Act in the U.S. Senate.

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