JPMorgan sees the spread of permissioned blockchains as a bigger structural risk to bitcoin than Strategy’s recent bitcoin sale, as tokenisation, payments and clearing could move off public networks. It said institutions prefer permissioned networks for privacy, compliance controls, governance and legal clarity. JPMorgan also cited BIS warnings, tokenised deposits, SWIFT projects and CBDC initiatives as reinforcing regulated paths, and said public chains may be left mainly with distribution and interoperability roles.

China\'s top court is reviewing trial standards for disputes involving cryptocurrencies, cross-border finance and artificial intelligence as it overhauls its framework for digital-economy cases. The move is seen as refining judicial criteria for recurring digital-asset disputes under an unchanged ban on crypto trading and mining. The court is also studying protection rules for AI-generated content and data rights. China has reiterated continued restrictions on crypto while accelerating expansion of the state-led digital yuan.