Today in crypto, the industry’s biggest stories spanned layoffs, a key regulatory hire and markets.
Robinhood cut 10% of its workforce despite CEO Vlad Tenev saying the business “has never been stronger” and the CFTC hired a former SEC crypto adviser with a blockchain forensics background. Meanwhile, Bitcoin’s recovery remains tied to prospects for a US-Iran deal.
Robinhood cuts 10% of workforce as Tenev touts business strength
Stock and crypto trading platform Robinhood is cutting 10% of its workforce as it restructures its organization, a move the company said will improve efficiency.
Tenev told staff the company is reducing 10% of its full-time employees as part of “flattening” its org structure, according to a statement on X by Robinhood on Tuesday.
In an internal memo, Tenev said the company cannot “default to operating as a heavily-layered organization” if it wants to scale its mission, adding that Robinhood must “continuously raise” its performance bar.
The rationale mirrors explanations offered by major crypto companies such as US exchange Coinbase and Jack Dorsey’s Block, which have also linked layoffs this year to reducing management layers and improving efficiency.
Source: Robinhood Comms
Bitcoin recovery rests on US-Iran deal as momentum remains weak
Bitcoin’s continued recovery is hinged on a successful peace deal between the US and Iran as Swissblock shows on-chain metrics signal the cryptocurrency remains weak despite its recent recovery.
LVRG Research director Nick Ruck told Cointelegraph that despite Bitcoin (BTC) reclaiming $67,000 on Monday, its “momentum remains weak, with declining volume and stagnant on-chain metrics indicating that the recovery lacks conviction and could quickly fade.”
Swissblock said on Monday that Bitcoin’s price momentum, measuring the strength of its price movements, and on-balance volume (OBV), which measures buying and selling pressure, remain in a “weak momentum and participation regime.”
Price momentum and OBV remain at bear market lows. Source: Swissblock
Ruck said that if the peace deal between the US and Iran breaks down, the following geopolitical instability and potential oil shocks would see Bitcoin “face a volatile path” as geopolitical catalysts “continue to dominate crypto price action.”
US President Donald Trump said on Sunday that the US had completed a peace deal with Iran to end months of conflict, which is expected to be signed on Friday. Much of the deal remains unknown, but Trump said it would see the Strait of Hormuz reopen and the US lift its blockade.
CFTC hires SEC crypto task force adviser with blockchain forensics chops
The US Commodity Futures Trading Commission (CFTC) has hired a new chief data innovation officer with deep experience in blockchain forensics in what could be seen as the regulator’s move toward greater focus on the technology.
In a Monday notice, CFTC Chair Michael Selig said that Donald Battle, an adviser to the US Securities and Exchange Commission (SEC) crypto task force, would be the commission’s chief data innovation officer. Battle was appointed as an SEC crypto task force adviser in January 2025 with the incoming Trump administration, and previously worked as a blockchain data adviser for the CFTC and crypto enforcement specialist with the Treasury Department’s Financial Crimes Enforcement Network.
Selig cited Battle’s experience in “data science, blockchain forensics, programming interfaces, and cutting-edge AI solutions” among his reasons for his pick.
The appointment signaled the agency moving closer to addressing crypto regulation and enforcement at a time when Congress is seeking to overhaul the CFTC’s and SEC’s roles with a digital asset market structure bill, the CLARITY Act.
Source: CFTC on X.com