March 15, 2026 — The cryptocurrency sector faced a mix of political criticism, surging stablecoin demand, and a significant regulatory setback on March 15. Former UK Prime Minister Boris Johnson labeled Bitcoin a “Ponzi scheme,” the USDC stablecoin approached an $80 billion market capitalization, and a U.S. federal appeals court ended a crypto bank’s legal challenge against the Federal Reserve.
Former UK Leader’s Bitcoin Comments Spark Backlash
Boris Johnson, the former Prime Minister of the United Kingdom, drew sharp criticism from the cryptocurrency community after publishing an opinion article. In the piece, Johnson recounted a story of a friend who lost money in a fraudulent scheme, drawing a parallel to Bitcoin, which he called a “Ponzi scheme.”
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The article prompted immediate responses from industry figures. Michael Saylor, co-founder of Strategy, countered the claim, stating that a Ponzi scheme requires a central operator promising returns. Other responses on social media were overwhelmingly negative, with some executives mocking the comparison.
Pierre Rochard, CEO of The Bitcoin Bond Company, responded by sarcastically labeling the UK economy a Ponzi scheme. The incident highlights the ongoing political and perceptual challenges facing digital asset adoption among traditional financial and political figures.
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USDC Stablecoin Nears Record High
Meanwhile, the market capitalization of the USDC stablecoin surged toward a record $80 billion. Data from CoinMarketCap shows the circulating supply reached approximately $79.2 billion, surpassing its previous high from December of last year.
The stablecoin’s supply has expanded rapidly in recent weeks, rising from just over $70 billion in early February. One analyst linked the demand spike to capital movement in the Middle East.
Rami Al-Hashimi, a Dubai-based analyst, claimed over-the-counter trading desks in the region have struggled to meet demand for USDC. He suggested the surge reflects investors seeking to move funds from traditional markets, possibly linked to turmoil in local real estate.
Federal Court Rejects Custodia Bank’s Final Appeal
In a major regulatory development, the U.S. Court of Appeals for the Tenth Circuit rejected Custodia Bank’s final attempt to challenge the Federal Reserve’s authority. The court declined to hear the bank’s appeal in a 7-3 vote, effectively ending its five-year legal battle.
Custodia, a state-chartered crypto-focused bank, first applied for a Federal Reserve master account in October 2020. This account would grant direct access to the central bank’s payment system, eliminating the need for an intermediary bank.
The bank argued that the Monetary Control Act entitled it to a master account. Multiple courts have now ruled that the Federal Reserve retains discretion over granting such access. The ruling underscores the significant regulatory hurdles facing crypto-native banking institutions in the United States.
Regulatory Arena for Crypto Banking
The court’s decision arrives shortly after another crypto firm secured a master account. Kraken received approval from the Federal Reserve Bank of Kansas City earlier this month, becoming the first crypto platform to gain such access.
The contrasting outcomes for Custodia and Kraken highlight the complex and case-by-case nature of regulatory approval for digital asset firms. Industry observers note that the Federal Reserve’s cautious approach continues to shape the operational space for cryptocurrency businesses seeking traditional banking partnerships.
For further details on Federal Reserve master account requirements, you can review the official guidelines from the Board of Governors of the Federal Reserve System. Market capitalization data for stablecoins is publicly available from sources like CoinMarketCap.
The day’s events collectively illustrate the cryptocurrency industry’s ongoing navigation of public perception, market forces, and a stringent regulatory environment. The sector continues to evolve amid these multifaceted pressures.
This article was produced with AI assistance and reviewed by our editorial team for accuracy and quality.
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