Big Week for Crypto Policy Hits DC as Cos. Go After Massive US$17.52B Market

1. Matador Technologies Inc. has a consulting relationship with Street Smart an affiliate of Streetwise Reports. Street Smart Clients pay a monthly consulting fee between US$8,000 and US$20,000.
2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Matador Technologies Inc., NatGold Digital Ltd., Streamex, Osisko Development Corp., and Wheaton Precious Metals Corp.
3. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

This week is poised to be a pivotal one for cryptocurrency policy in Washington, as two important Senate committees gear up to advance legislation governing digital assets, according to a report by Sarah Wynn for The Block on January 7.

The Senate Agriculture Committee, which oversees the Commodity Futures Trading Commission (CFTC), is scheduled to hold a markup hearing on January 15, according to a committee spokesperson's email to The Block. This hearing coincides with Senate Banking Committee Chair Tim Scott, R-S.C., who also plans to conduct a markup hearing on the same day.

Lawmakers are revisiting efforts to pass a market structure bill that will shape the future of the crypto industry in the U.S., reviving legislative initiatives that stalled last year, Liz Napolitano wrote for CNBC on January 11. The Clarity Act aims to establish legislative guidelines for the multitrillion-dollar crypto market and major digital asset firms, potentially accelerating the adoption of blockchain technology and cryptocurrencies in the U.S. The bill seeks to clarify the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in regulating cryptocurrencies, as well as to create more precise token classifications. It also aims to define registration and compliance standards for a wide range of crypto brokerages, exchanges, and other entities, making it easier for them to operate within the U.S.

These guidelines could encourage more digital asset companies to establish operations in the U.S., stimulating the economy and boosting the crypto market, according to Summer Mersinger, CEO of the crypto trade group Blockchain Association, Napolitano reported.

"We've seen this massive movement of companies and activity back on shore because there is a friendly administration to crypto," Mersinger said. However, without a market structure law, "that could all go away, especially if there's a change to an unfriendly administration." Nonetheless, the bill's full implications for digital asset companies, crypto holders, and other investors will remain uncertain until the draft legislation's language is finalized.

Crypto advocates are eager for the bill to be enacted before the 2026 midterm elections, fearing that some of the industry's supporters might lose their seats in November, which could stall progress on Capitol Hill, Mersinger told CNBC.

"Congress has a lot of other priorities lined up for this year, so this is seen as a crucial window to push something through committee, onto the floor, and allow enough time to get it accomplished," Mersinger explained.

Value Established, Maintained by Computer Algorithms

In the 21st century, cryptocurrencies challenge the traditional notion of money as something inherently valuable — or at least tied to something of value, like gold — and as something issued and regulated by a trusted central authority, according to University of Birmingham Associate Professor of History Hiroki Shin in a September 5, 2025, piece for The Conversation.

Cryptocurrencies exist solely within the realm of blockchain technology. Their value is established and maintained not by central banks, but by intricate computer algorithms. Nonetheless, with strong backing from President Donald Trump, cryptocurrencies are experiencing a surge in popularity. This trend is likely to be bolstered by further deregulation, which means that requirements for transparency will be eased, and consumer protection safeguards will be weakened.

The rise in popularity has coincided with the U.S. government's apparent preference for weakening the dollar in international currency markets as a strategy to boost U.S. exports by lowering the prices of American goods abroad. These developments could lead to a significant transformation of the global monetary system. As the U.S. dollar depreciates and crypto regulations are relaxed, countries and investors worldwide may be tempted to diversify their assets and increase their cryptocurrency holdings.

A Shared Digital Ledger

But what exactly is a cryptocurrency? According to Fidelity Investments, it is "digital currency, meaning it runs on a virtual network and doesn't exist in physical form like paper money or coins." 

Cryptocurrencies are often developed using blockchain technology, which is a shared digital ledger that offers a secure system for recording and processing all transactions, Fidelity said.

"Many crypto analysts think cryptocurrencies are notable for two main reasons," the firm noted. "First, they can typically be transferred without using a third party, such as a bank. By contrast, popular peer-to-peer payment platforms, like Venmo, PayPal, or Zelle, require connections to bank accounts to run. Second, they are designed to be decentralized, meaning they're generally not backed, controlled, or owned by any government, central bank, or corporation. Instead, decentralized cryptocurrencies operate according to computer software that anyone with internet access can download and use to monitor and verify transactions."

The article continued, "The U.S. dollar, on the other hand, is backed by the U.S. government and regulated by the U.S. Federal Reserve."

How does it work? The "crypto" refers to the software codes that secure, or encrypt, cryptocurrency networks, enabling them to provide secure transactions and maintain decentralization, Fidelity said. Typically, a country's central bank is responsible for regulating its currency to ensure its value, while financial institutions, such as banks and credit card companies, help prevent fraud. Cryptocurrencies utilize encryption and blockchain technology to perform similar roles.

"When a transaction takes place, a network of computers running blockchain software verifies that the payment is possible between the parties involved and then executes it," the article said. "The blockchain also keeps a log of transactions to help ensure transparency within the network. To encourage people to verify blockchain transactions, those who verify transactions, called miners or validators, receive compensation when new transactions are added to a blockchain transaction log. Once a transaction is validated, recipients can access funds using their private key."

Today's Market

According to a piece published by Caleb & Brown Crypto Brokerage on July 23, 2025, from currencies and utility tokens to memecoins and gaming and entertainment tokens, there are almost 17,000 cryptocurrencies available in today's crypto market.

Bitcoin is the largest and was the first of its kind, the article said. Others include everything from Ethereum, founded by developer Vitalik Buterin in 2015, to memecoins like Dogecoin, created as a satirical commentary on the concept of cryptocurrency by former Adobe product manager Jackson Palmer in 2013.

The global cryptocurrency market was worth US$5.74 billion in 2024, according to Market Data Forecast. The global market is projected to reach US$17.52 billion by 2033 from US$6.5 billion in 2025, growing at a CAGR of 13.20% from 2025 to 2033.

"The cryptocurrency market is a rapidly changing sector worldwide and is majorly fueled by blockchain technology that supports over 90% of digital currencies worldwide," the report said. "According to the projections, more than 420 million people owned cryptocurrencies globally, with emerging markets playing a key role in adoption due to their demand for accessible financial solutions. Major blockchain networks like Ethereum now handle over 1.5 million transactions daily with increased activity in decentralized finance (DeFi) and digital asset trading."

And Then There's Tokenization

Tokenization involves utilizing the ledger to digitally symbolize the ownership of an asset — whether financial or otherwise — in a format that can be transferred, according to a report this year by the World Economic Forum.

By generating verifiably unique digital tokens that can be issued, stored, and traded on these ledgers, tokenization facilitates the exchange of information and value. In this context, a "token" signifies something of value, such as a claim on or a digitized version of a real or financial asset, which can be legally and operationally exchanged on a programmable ledger.

Tokenization has been a popular term among crypto enthusiasts for quite some time, with advocates asserting that blockchain-based assets will transform the foundational infrastructure of financial markets, Anirban Sen wrote for Reuters on July 23.

"The technology is seen as rapidly increasing in [the] coming years, especially in the U.S., helped by the passage of three new bills," the story noted. "President Donald Trump's administration has eased regulation of the broader crypto industry, paving the way for a boom in the valuation of companies in the sector and the rapid growth of crypto-related securities."

Last year, the trading volume of tokenized gold soared to over US$19 billion, surpassing many well-known gold ETFs, according to David Marsanic for Crypto.news. Tokenized assets are increasingly being viewed as a viable alternative to traditional investment options.

A recent study from CEX.io, released on July 8, indicates that tokenized gold has gained more popularity than several gold ETFs, Marsanic wrote. This trend aligns with a broader pattern where tokenized gold has consistently outperformed gold ETFs in trading volume growth for four consecutive quarters.

The CEX.io report suggests a shift in investment from traditional gold ETFs to tokenized gold assets, as highlighted by Marsanic. The report also noted that the increase in trading volume for tokenized gold is primarily driven by retail and crypto-savvy investors, while institutional investors continue to favor traditional gold ETFs.

The range of companies set to be affected by any central U.S. legislation governing cryptocurrencies is wide and includes the following.

Matador Technologies Inc.

In December 2025, Bitcoin ecosystem company Matador Technologies Inc. (MATA:TSX.V; MATAF:OTCQB) announced that it received approval for its final short-form base shelf prospectus from the Ontario Securities Commission. This shelf prospectus qualifies the distribution of up to CA$80 million in common shares, warrants, subscription receipts, debt securities, or units over a 25-month period.

The company stated that this milestone enhances Matador's capital markets strategy, providing the flexibility needed to achieve its long-term objective of maximizing Bitcoin per share.

"Obtaining the receipt for our CA$80 million base shelf prospectus is a critical step in maturing our capital structure," said Chief Executive Officer Deven Soni. "Along with our institutional infrastructure partnerships and existing credit facilities, this shelf prospectus gives us the speed and flexibility to access capital when it is most advantageous. We remain focused on increasing Bitcoin per share over time and continue to target a treasury balance of 1,000 Bitcoin by the end of 2026."

The completion of the shelf prospectus complements the company's recently closed US$100 million secured convertible note facility with ATW Partners, according to the release. Together, these financial tools provide Matador with the flexibility to continue its accelerated Bitcoin accumulation strategy.

Matador has demonstrated commitment to this strategy, having increased its Bitcoin holdings by approximately 767% from December 10, 2024, to December 22, 2025, the company noted. The CA$80 million shelf prospectus is intended to provide the company with potential access to capital for further Bitcoin purchases to meet its 2026 target of 1,000 Bitcoin, as well as for general corporate purposes.

"Bitcoin is a volatile asset, and navigating its cycles requires a long-term view and the ability to deploy capital in measured steps," said Chief Visionary Officer Mark Moss. "This prospectus ensures that Matador is positioned to act decisively to grow our treasury from our current position of approximately 175 bitcoin (and bitcoin equivalents) toward our targets, supporting our mandate to accumulate scarce assets for our shareholders."

On January 9, Matador said it had awarded a total of 631,818 restricted share units (RSUs) to select officers and consultants of the company under its omnibus equity incentive plan. These RSUs will vest over a 12-month period starting on January 8. The purpose of granting these RSUs is to retain and motivate the management team as the company advances its bitcoin-first strategy and capital markets goals.

According to a report by Crypto Briefing on November 11, Matador was number 91 on its Bitcoin 100 Ranking, which monitors corporate Bitcoin holdings.

Matador's long-term Bitcoin strategy, which includes acquiring up to 1,000 BTC by 2026, expanding to 6,000 BTC by 2027, and aiming to hold about 1% of Bitcoin's total supply, positions Matador among the top 20 corporate holders worldwide.

Matador's Bitcoin-focused strategy aligns with a broader trend where institutional investors increasingly view Bitcoin not just as a speculative asset but as a strategic treasury asset, according to a report for CoinCentral by Kelvin Munene on December 23.

Many companies are incorporating Bitcoin into their balance sheets as a hedge against inflation and to diversify their portfolios, the article stated. Bitcoin is also seen as a digital alternative to gold, offering protection against currency devaluation.

"The company is positioning itself as a forward-thinking player in the crypto space, signaling confidence to shareholders and attracting institutional investors looking for exposure to Bitcoin," Munene wrote.

¹About 21% is owned by management and insiders, including Founder and Director Donato Sferra, Vice President of Finance Geoff St. Clair, Director Richard Murphy, Chief Executive Officer Deven Soni, Director Tyler Evans (through UTXO Management, LLC and 210K Capital, LP), and Founder Trevor Koverko, among others. 

The rest is retail, and includes Hive Digital, Kitco Metals, Bitcoin Opportunity Fund, Arrington Capital, and Gold Fields Ltd.

It has about 107.11 million shares outstanding and has a market cap of CA$24 million. It trades in a 52-week range of CA$0.24 and CA$2.02.

Streamex Corp.

Streamex Corp.'s (STEX:NASDAQ) strategic plan for 2026 and beyond focuses on developing a multi-asset tokenization platform targeted at institutional investors. The company aims to broaden its offerings to include a variety of commodities and asset types beyond gold.

According to its December 2025 investor presentation, Streamex's technology infrastructure is designed to tokenize real-world assets (RWAs) with features such as fractional ownership, 24/7 trading, blockchain-based transparency, and instant settlement capabilities.

The GLDY token, currently in its pre-launch phase, is intended to be the company's first product. Future token launches outlined in the company's roadmap include silver with yield and tokenized royalty streams in 2026, followed by copper with yield in 2027 and oil and gas-based tokens from 2027 to 2028.

Streamex's broader business model involves token origination, platform sales, and both centralized and decentralized secondary trading. The company expects to generate revenue from tokenization, transaction fees, and distributions within its RWA platform. A visual model in the investor presentation illustrates this integrated framework, which is designed to scale with new asset classes and expand into new markets. The company's stated approach is to unlock the full potential of commodity assets by designing structured products that generate yield, enhance economic utility, and reduce inefficiencies typically associated with futures and options markets.

In a corporate update webinar on December 16, 2025, Streamex reviewed its 2025 achievements and outlined its strategic plan for 2026, including updates on the GLDY token launch. During the presentation, Co-Founder and CEO Henry McPhie, along with Co-Founder and Chairman Morgan Lekstrom, stated, "With the launch of GLDY, we are not simply tokenizing gold; we're fundamentally transforming how institutional investors can access yield-bearing precious metals."

The company reported a series of strategic initiatives completed in 2025, including the expansion of its leadership team with seasoned executives from organizations such as Wheaton Precious Metals Corp. (WPM:TSX; WPM:NYSE), Osisko Development Corp. (ODV:TSX.V), and BMO Global Asset Management. Streamex also bolstered its capital position, which management indicated would support efforts to scale the business through 2026.

Among the key developments highlighted was the pre-sale of the GLDY token, an institutional-grade digital asset backed by physical gold and designed to offer up to 4% annualized yield. Each token represents one fine Troy ounce of gold bullion, and the company announced a commitment of US$5 million as an anchor investment. GLDY was structured to be issued under Regulation D and made available only to accredited investors, with minimum subscriptions of US$200,000 for individuals and US$1 million for institutions.

Streamex also revealed the acquisition of a 9.9% equity stake in Empress Royalty Corp. (EMPR:TSX; EMPYF:OTCQB), a global precious metals royalty and streaming firm. This investment aligns with the company's broader strategy to expand its real-world asset tokenization platform. Institutional partnerships reported included an exclusive three-year agreement with Monetary Metals and a letter of intent with Simplify Asset Management to integrate GLDY into exchange-traded fund structures.

On October 17, 2025, Siebert Capital Markets analyst Brian Vieten began coverage of Streamex Corp. with a Buy rating and set a 12-month price target of US$11.00.

He reiterated his Buy rating on November 4, maintaining his 12-month price target at US$11. Vieten projected that Streamex could manage US$3 billion in gold-backed token assets by 2027, representing about 0.75% of the US$400 billion spot gold ETF market. His valuation was based on a 13x 2027 enterprise value to revenue multiple, with expected revenue of US$137 million.

GLDY, Streamex's tokenized gold product, was described in Vieten's report as a unique offering that combines up to 4% annualized yield with 24/7 liquidity and legal ownership. The yield is supported by a leasing arrangement with Monetary Metals, which Vieten identified as a U.S.-based firm with a decade-long operational history and no reported defaults. He noted that Streamex's exclusive partnership provided a significant competitive edge in yield-based gold tokenization. Vieten projected revenues of US$27 million in 2026 and US$137 million in 2027, with earnings per share forecasts of -US$0.04 and US$0.45, respectively. He concluded that Streamex was "laser-focused on bringing gold on-chain" and referred to the company as a "one of one" asset in the expanding digital commodities space.

Needham & Company analyst John Todaro also initiated coverage on Streamex on November 25, assigning a Buy rating and a US$12 price target. At the time of his report, Streamex shares were trading at approximately US$4.16.

Todaro identified the company as an early-stage opportunity to gain exposure to real-world asset tokenization, citing the GLDY token as a key differentiator in the digital gold market. Todaro highlighted GLDY's ability to provide income — up to 4% annualized yield in gold — contrasting it with traditional gold ETFs that typically do not produce yield. He projected that the product could scale from an initial US$100 million to more than US$1 billion in assets under management by the end of 2026.

The report pointed to Streamex's partnership with Monetary Metals as a growth enabler, supporting short- to mid-term lease structures ranging from six to twelve months.

Needham's forecast estimated US$20 million in revenue for fiscal 2026, US$140 million in 2027, and US$365 million in 2028, with a projected net income margin of 60% by 2027.

While noting that these figures were conservative, Todaro indicated revenue could exceed expectations if gold lease activity remained high and yield-on-assets was sustained. He concluded that GLDY offered material advantages over conventional gold exposure methods by providing income, fractional ownership, and blockchain-based transparency. Todaro wrote that Streamex was well-positioned to apply its model across additional commodities and standardized assets as institutional adoption increased.

¹About 46.61% of the company is owned by insiders and management, and about 8% is owned by institutions. The rest is retail.

Top shareholders include Legacy Wealth Management LLC with 4.98%, Donald Garlikov with 2.01%, Anthony Amato with 2.01%, The Vanguard Group Inc. with 0.89%, and Armistice Capital LLC with 0.57%, Refinitiv noted.

Its market cap is US$606 million with 260.12 million shares outstanding. It trades in a 52-week range of US$0.23 and US$14.11.

NatGold Digital Ltd.

NatGold Digital Ltd. is a private company with a platform that facilitates digital mining through blockchain tokenization.

NatGold's business model leverages blockchain technology to transform in-ground gold assets into digital tokens. The company has positioned itself at the intersection of three major global trends: record-high gold demand, exponential growth in ESG (Environmental, Social, and Governance) investing, and the rapid rise of digital asset tokenization.

At the core of this strategy is the NatGold Token, which represents one ounce of verified in-ground gold that eliminates traditional mining hurdles such as high extraction costs, permitting delays, and environmental disruption.

"We're not here to compete with gold," Founder Anthony Wile wrote in an opinion piece. "We don't need to extract gold from the earth to give it value. Nor do we need to waste vast energy resources to prove existence. We don't need vaults. We don't need miners. We don't need middlemen."

The tokens are backed by verified in-ground resources validated by geological standards, secured by the U.S.-regulated blockchain infrastructure, and digitally mined.

There is no diesel-powered machinery or environmental disruption, the company has said. Communities are included, not displaced — and the gold stays in the ground, untouched but fully verified.

"This isn't just technological innovation; it is a fundamental rethinking of monetary architecture and asset stewardship," NatGold said in a litepaper on its website. "By replacing extraction and vault dependence with digital monetization, nations and investors can create new revenue streams, fortify economic sovereignty, and support long-term environmental resilience, demonstrating that progress and protection can move forward without compromise."

According to NatGold, demand for the token is already surging. As of 11 am EST on January 12, a total of 15,396 individuals from 161 countries have reserved 118,451 NatGold Tokens for pre-market trading — representing more than US$355 million in gross demand based on the Baseline Intrinsic Value of US$3,001 at that time.

"NatGold transforms everything," Brian Hicks of Wealth Daily wrote in a contributed opinion piece for Streetwise Reports. "It unlocks the value of proven, unmined gold resources — and delivers it globally — without breaking ground."

What previously required decades now takes 60 days, with no earth moved, he said. "No diesel consumed. No ecosystems harmed. Not just gold without the hardship — gold without the wait. The gold stays underground. The value flows to you — instantly, cleanly, digitally. A token you can possess, exchange, and utilize just like Bitcoin . . . Only this time, it's not backed by blind faith. It's backed by gold — the most trusted asset in history."