Here’s what happened in crypto today

Today in crypto, BlackRock is launching a European Bitcoin ETF; Trump’s administration plans to regulate stablecoins — prioritizing USD-backed assets — and the SEC is downsizing its crypto unit while considering retroactive relief for token offerings.

BlackRock to launch Bitcoin ETP in Europe — Report

BlackRock, the world’s largest asset manager, is preparing to launch a Bitcoin (BTC) exchange-traded product (ETP) in Europe, according to a Feb. 5 report by Bloomberg.

The move comes after BlackRock’s US spot Bitcoin exchange-traded fund (ETF), iShares Bitcoin Trust (IBIT), drew upward of $57 billion in net assets after launching in January 2024. BlackRock’s IBIT fund is America’s most popular spot Bitcoin ETF.

BlackRock’s European Bitcoin ETP will reportedly be domiciled in Switzerland. The asset manager plans to start marketing the fund as soon as this month, Bloomberg said, citing people familiar with the matter.

BlackRock is a top ETF issuer, with $4.4 trillion in assets under management (AUM) across its suite of ETPs. This would be BlackRock’s first Bitcoin ETP outside of North America, Bloomberg said.

US wants to bring stablecoins onshore, Trump’s crypto czar says

US President Donald Trump’s administration has confirmed plans to regulate and bring stablecoin innovation onshore, according to Trump’s crypto czar, David Sacks.

Stablecoins are one of the key areas of focus for the Trump administration, alongside Bitcoin BTCUSD adoption and blockchain development, Sacks said on CNBC’s Closing Bell Over Time on Feb. 4.

The stablecoin market “has already taken off but mostly offshore,” Sacks said, adding that the US now wants to “bring that innovation onshore.”

Stablecoins are a $227 billion industry, with 97% of its market comprising US-pegged stablecoins like Tether’s USDt USDTUSD. USDT alone accounts for more than 60% of the total stablecoin market capitalization, according to data from CoinGecko.

“I think the power of stablecoins is that it could extend the dollar’s dominance internationally and extend it online digitally,” Sacks said.

According to Trump’s crypto czar, stablecoins could create “potentially trillions of dollars” of new demand for US Treasurys, which could help support its debt and bring down long-term interest rates.

SEC starts scaling back crypto unit: NYT

The US Securities and Exchange Commission is starting to scale back its 50-staff crypto enforcement unit, with some of the lawyers assigned to other departments in the agency, The New York Times reported on Feb. 4, citing five people with knowledge of the matter.

One of the crypto unit’s top lawyers was also moved from the SEC’s enforcement arm, which some complained was an unfair demotion, some of the people told the Times.

An SEC spokesperson declined Cointelegraph’s request for comment.

The report came just hours after SEC Commissioner Hester Peirce said the agency was looking into the security status of crypto and could retroactively relieve token offerings.

It follows a larger leadership shakeup at the agency over the past few months, which has accelerated since President Donald Trump entered office on Jan. 20 — the same day former SEC Chair Gary Gensler resigned from the agency.

SEC acting chair Mark Uyeda has cleared the agency’s former top brass and, on Feb. 4, named some of the agency’s Crypto Task Force, which notably included the former policy director of crypto advocacy organization Coin Center, Landon Zinda.