SVB Ventures Newsletter No.23 - September 2025

 

SVB Ventures | Newsletter No. 23

 

🔸  Macro News 

✔ Vietnam Maintains Its Position in the Top 5 Countries with the Highest Crypto Adoption Worldwide

On September 3, 2025, Chainalysis released its annual Global Crypto Adoption Report, once again highlighting Vietnam’s strong presence in the digital asset space. Vietnam ranked 4th worldwide—after India, the U.S., and Pakistan, and ahead of Brazil—marking its fifth straight year in the top 5 since 2021. The rise from 5th in 2024 reflects growing domestic adoption, improved regulatory frameworks such as the Digital Technology Industry Law and the proposed national blockchain strategy, as well as rising user engagement through major events like GM Vietnam. Even when adjusted for population size, Vietnam remains among the top 10 globally, signaling widespread adoption across demographics. With Chainalysis recognized as one of the most trusted sources in the industry, this achievement not only reinforces Vietnam’s international standing but also underscores its role in driving Asia-Pacific’s rapid crypto adoption growth, where regional transaction volumes surged from $1.4 trillion to $2.36 trillion in the past year.

✔ Vietnam launches a pilot program for the digital asset market starting September 9, 2025.

Vietnam’s Resolution 05/2025/NQ-CP, effective September 9, 2025, launches a 5-year pilot for a regulated crypto asset market. It covers issuance, trading, service provision, and state oversight. Key points:

• Issuers: Must be Vietnamese LLCs or JSCs; assets backed by real-world value, excluding securities and fiat.

• Licensed providers: Require VND 10T charter capital, ≥65% institutional ownership (≥35% from banks, securities, funds, insurers, or tech firms); foreign ownership capped at 49%

• Leadership: CEO (≥2 years finance experience), CTO (≥5 years IT in finance), plus certified cybersecurity and securities staff.

• Compliance: Mandatory disclosures, AML/CTF, cybersecurity, and data protection; all transactions in VND.

• Investors: Domestic and foreign may trade only via licensed providers; off-system trades after 6 months may face penalties.

• Tech: IT systems must meet Level 4 security standards.

The pilot will run for 5 years and remain effective until replaced by updated legal frameworks.

Key Takeaways from Resolution 05/2025/NQ-CP on Crypto Assets in Vietnam for Individual Investors:

1. Right, not Obligation

• Investors have the right (not the obligation) to open accounts on licensed exchanges to buy/sell digital assets.
• Resolution 05, Article 7(1) states investors may open accounts at licensed service providers, but it’s not mandatory.

2. Scope: “In Vietnam”

• The resolution applies to activities conducted within Vietnam.
• Overseas Vietnamese (e.g., living abroad) are not subject to NQ05 but must follow the laws of their host country.
• However, the definition of “in Vietnam” is ambiguous (physical presence vs. Vietnamese IP address).

3. Centralized Exchanges (CEX) Under Regulation

• Licensed centralized exchanges are now the official gateways for trading.
• Vietnamese citizens are not forced to open an account, but if they want to trade, it must be on a licensed CEX.
• Two key milestones to watch:
• The time when the first exchange gets licensed.
• Six months after that — deadline when trading outside licensed exchanges becomes illegal.

4. Asset Custody

• Resolution defines “custody” only in relation to exchanges, not individual self-custody.
• Based on the Constitution (2013) and Civil Code (2015), individuals retain ownership rights (possession, use, disposal).
• Investors can still hold assets in their own wallets (e.g., hardware wallet, DeFi).
• DeFi remains in a gray area, but CEX are strictly regulated (partly due to FATF “grey list” pressure).

5. Taxation

• Tax rate set at 0.1% of transaction value when selling, similar to securities (Article 16, Circular 92/2015/TT-BTC).
• Example: Sell BTC worth 100M VND → pay 100,000 VND in tax.
• Tax is only effective once the Ministry of Finance issues guidance.
• No retroactive taxation for past transactions.
• Same applies to penalties: enforcement starts after guidance, not from the resolution’s release date.

6. Unclear Areas (Still Pending Clarification)

• Income sources outside trading: staking, farming, airdrops, DeFi activities → no clear tax framework yet.
• Derivatives (futures, options with crypto as underlying assets) → still undefined in regulation.
• Investors must wait for supplementary legal documents for clarity.

NQ05 legitimizes crypto trading in Vietnam while keeping regulations cautious. Investors should track licensing timelines, tax guidance, and updates for DeFi and derivatives.

🔸 Bitcoin News

✔ Sora Ventures Launches Asia’s First Bitcoin Treasury Fund, Plans to Buy $1 Billion in BTC Within 6 Months

Sora Ventures has launched Asia’s first Bitcoin treasury fund, announced at Taipei Blockchain Week, with $200 million in partner commitments and a target of $1 billion in Bitcoin purchases over the next six months. Unlike firms such as Japan’s Metaplanet, Hong Kong’s Moon Inc., Thailand’s DV8, and South Korea’s BitPlanet that hold Bitcoin directly, this fund pools institutional capital to support existing treasuries and expand globally. Building on Sora’s prior investments and acquisitions across Asia, the initiative seeks to unify fragmented regional efforts, strengthen Bitcoin’s role as a reserve asset, and position Asia as a major contender in institutional Bitcoin adoption, a space historically dominated by the U.S.

✔ London Exchange Lists First Bitcoin Staking ETP

DeFi Technologies’ subsidiary Valour has launched the world’s first Bitcoin staking ETP on the London Stock Exchange, offering institutions and professional investors 1.4% annual yield with shares backed 1:1 by Bitcoin in cold storage. Available in GBP and EUR, the product uses multiparty computation security and daily NAV transparency, with U.K. retail access to crypto ETNs opening on Oct. 8. While Bitcoin has no native staking, yields may come from mechanisms like Core Chain delegation, as seen in Valour’s French-listed ETP. The launch boosted DeFi Technologies’ stock by 5%, signaling growing institutional demand for regulated crypto investment products amid stronger U.K.–U.S. cooperation on digital asset regulation.

✔ Bitcoin’s $25 Trillion Shockwave? Deutsche Bank’s Bold Fed Prediction

Deutsche Bank has made headlines with a striking prediction that Bitcoin could eventually reach a $25 trillion market valuation, if it comes to be held by central banks in the same way gold is today. The report suggests that by 2030, monetary authorities might add Bitcoin to their reserves as a hedge against economic uncertainty and as part of a broader diversification strategy. This projection is based on gold’s existing role as a multi-trillion-dollar reserve asset and Bitcoin’s growing acceptance as “digital gold”. Analysts argue that institutional adoption, rising ETF inflows, and Bitcoin’s low correlation with traditional markets all strengthen the case for long-term integration into global finance. 

At the same time, given macroeconomic conditions, particularly U.S. Federal Reserve policy could accelerate demand for non-sovereign assets like Bitcoin if fiat currency confidence weakens. However, the $25 trillion scenario remains highly speculative. It assumes favorable regulatory frameworks, technological improvements in custody and settlement, and a willingness by central banks — traditionally conservative institutions — to embrace a still-volatile and politically controversial digital asset.

✔ Strive Snaps Up Semler Scientific in $1.42B All-Stock Deal — Boosting BTC Treasury to 10,900 Coins

Strive, the Dallas-based Bitcoin treasury and asset management company, has made a big move: acquiring Semler Scientific in an all-stock transaction valued at $1.42 billion, representing a massive 210% premium over Semler’s prior share price. While Semler is best known for its medical diagnostics business, the company turned heads in May 2024 when it pivoted into Bitcoin — ultimately amassing 5,021 BTC at a cost basis of $476M. Strive already held 5,886 BTC, worth around $665M. Post-merger, the combined entity will sit on a treasury of roughly 10,900 BTC, which would place it among the top 15 corporate Bitcoin holders worldwide.

Market response was muted, however. Semler stock didn’t climb all the way to the offer price, and Strive’s own stock dipped post-announcement, showing some investor hesitation. Still, in the broader digital asset treasury (DAT) space, the deal is a landmark — not only for its size but also as a rare stock-for-stock consolidation. This merger isn’t really about diagnostics. It’s about building one of the largest public corporate Bitcoin treasuries on the market — and a signal that Bitcoin balance sheets are fast becoming a competitive edge in corporate strategy.

✔ Tether Scoops Up ~$1B in Bitcoin as USDT Supply Climbs

Tether just made waves — it has added 8,888.889 BTC (~$1 billion) to its reserve treasury, according to on-chain data. With this purchase, its total Bitcoin reserve swells to nearly $10 billion. Simultaneously, the supply of USDT is creeping close to $175 billion, reflecting growing demand for stablecoins in the crypto markets. 

Tether is acting like a major BTC accumulator, which tightens available supply for other buyers. Big stablecoin players stacking Bitcoin is a strong signal of confidence in BTC’s long-term store-of-value role. If this trend continues, it could also influence BTC’s price narrative and investor psychology. That said, buying large BTC amounts carries risk — slippage, timing, and regulatory pressures all matter. But make no mistake: Tether just became one of the more formidable nameplate holders of Bitcoin in the space.

 ✔ UK Seizes 61,000 BTC in Record Case as Zhimin Qian Pleads Guilty

The UK has just closed in on one of the biggest Bitcoin stories ever. Zhimin Qian — also known as Yadi Zhang — pleaded guilty in a London court to laundering billions in fraud proceeds through Bitcoin. Authorities say she ran a massive investment scam in China between 2014 and 2017, funnelling the money into BTC and moving it offshore. When UK police raided her Hampstead property back in 2018, they uncovered a staggering 61,000 BTC. At today’s prices, that haul is worth more than £5 billion (~$6–7 billion) — making it the largest crypto seizure in UK history and among the largest worldwide.

Qian admitted to acquiring and holding criminal property in the form of Bitcoin from 2017 to 2024, while her associate, Jian Wen, has already been jailed for helping launder funds through property deals. With sentencing still pending, the UK courts now control one of the largest corporate-sized Bitcoin treasuries in the world — albeit involuntarily. Beyond the courtroom drama, this case highlights two truths: Bitcoin remains a magnet for both legitimate treasury strategies and criminal misuse, and even giant on-chain moves can ultimately be traced and seized. For the Bitcoin market, the bigger question is how — and when — UK authorities might choose to liquidate such a colossal stack.

🔸  Ethereum News

✔ Ethereum Foundation to sell $43 million in ETH via exchanges to fund research, grants and donations

On September 3, 2025, the Ethereum Foundation (EF) announced plans to sell 10,000 ETH (about $43M) via centralized exchanges to fund R&D, grants, and donations, after already depositing the funds to Kraken. This marks EF’s second public ETH sale in 2025, following a history of sales that often coincided with market tops, fueling community criticism. Despite holding over $950M in ETH and derivatives—enough to sustain operations for roughly four more years—EF’s decision to sell rather than leverage DeFi platforms like Aave, or use OTC or treasury partners such as BitMine and SharpLink, sparked debate. Supporters point to the transparency of EF’s treasury management, which has generated $2.78B from ETH sales over the past decade, while skeptics argue DeFi or OTC channels would better minimize market impact and preserve confidence in ETH as a treasury asset. The sale comes as EF undergoes restructuring after a late-2024 trust crisis, aiming to streamline operations and optimize spending.

✔ SWIFT’s New Ledger Could Reshape Ethereum’s Role in Global Settlements

SWIFT is developing a blockchain-based ledger with ConsenSys, aiming to link banks, tokenized deposits, and digital assets directly into its existing payment network. Given ConsenSys’ central role in the Ethereum ecosystem, this move has big implications for ETH. Will SWIFT’s system integrate smoothly with public chains like Ethereum, or operate as a closed, permissioned “walled garden”? If it’s the former, Ethereum could become the default settlement layer for tokenized assets, reinforcing its dominance in stablecoins, DeFi, and enterprise adoption. 

Ethereum’s smart contract flexibility means it could bridge SWIFT’s tokenized deposit system with DeFi liquidity, creating new interoperability opportunities. However, regulators may push SWIFT to limit such integrations, keeping tokenized assets within the traditional banking perimeter. SWIFT’s ledger could either accelerate Ethereum’s institutional adoption or restrict its reach by replacing stablecoin rails with tokenized bank deposits. For ETH holders, the outcome may determine whether Ethereum cements its role as global financial middleware — or finds itself competing with the world’s biggest settlement network.

✔ Fusaka Upgrade Set to Boost Ethereum Throughput: Gas Limit Raised to 60M

Ethereum developers have greenlit a major change in the upcoming Fusaka upgrade: raising the block gas limit to 60 million units, making it the third increase in 2025. The decision was confirmed during the All Core Devs Execution (ACDE) #221 meeting, with testnet activations expected in October and mainnet deployment to follow.

This boost is part of a broader scaling push: analysts expect ~33% improvement in Layer-1 throughput and ~133% increase in Layer-2 capacity by year-end, given the expanded capacity for blobs and rollups. While earlier this year Ethereum raised limits from ~36M → ~45M, the jump to 60M underscores how scaling remains central to the roadmap. 

However, the change is not without tradeoffs. Some community voices caution that aggressively increasing limits places heavier demand on node operators, which could strain smaller validators and risk centralization pressures. Under consensus rules, at least 50% of validators need to signal support before the new cap activates; currently ~17% have already done so.  Fusaka’s gas limit upgrade is a bold scaling step for Ethereum. If adopted smoothly, it could relieve congestion, lower fees, and supercharge rollup throughput — but the balance between performance and decentralization will be under close scrutiny.

✔ Imagen Network Moves to Accumulate ETH, Strengthen Its Blockchain Backbone

Imagen Network (IMAGE), the AI-driven decentralized social ecosystem, has announced a strategic plan to start acquiring Ethereum (ETH) to reinforce its project reserves. The idea is that by holding ETH as part of its treasury, Imagen can boost liquidity, stability, and long-term resilience for its infrastructure and development roadmap. 

This ETH accumulation is not simply financial—it’s also tactical. Imagen believes that having on-chain reserves in a leading smart contract chain will help it better support decentralized applications (dApps), creator tools, and seamless ecosystem interactions. In essence, ETH becomes both a strategic asset reserve and a connective infrastructure layer for its AI + blockchain vision. 

Ethereum remains the dominant host for tokenized assets, DeFi, and smart contracts. Imagen’s move signals confidence in ETH’s role as a foundational settlement and settlement collateral asset in Web3. However, execution risks remain—timing ETH purchases, managing price volatility, and tying a project’s financial health to ETH demand and market cycles. Imagen is making a meaningful bet on Ethereum — not just as infrastructure, but as treasury capital. This kind of corporate ETH accumulation supports the narrative of ETH as a strategic long-term asset, not just a protocol to build on.

🔸  Stablecoin

✔ Mega Matrix raises $2 billion for its stablecoin treasury strategy, prioritizing ENA.

On September 4, 2025, Mega Matrix filed a $2 billion securities registration (Form F-3) with the U.S. SEC to launch a Digital Asset Treasury (DAT) strategy focused on accumulating Ethena’s governance token ENA and other stablecoin governance assets. If approved, Mega Matrix would become one of the first Nasdaq-listed companies to operate a multibillion-dollar DAT, giving it both financial upside and governance influence in the stablecoin ecosystem. The move follows rising institutional interest in ENA, highlighted by Ethena’s $360 million fund backed by major investors and the launch of its U.S.-compliant USDtb stablecoin under the GENIUS Act. Industry experts view stablecoin governance tokens as “equity” in future digital monetary systems, and Mega Matrix’s initiative could mark a major step in legitimizing decentralized stablecoins

✔ The Fed schedules a conference on stablecoins and tokenization.

The U.S. Federal Reserve will hold its Payments Innovation Conference on October 21, 2025, focusing on stablecoins, tokenization, DeFi, and AI. The event, streamed publicly, signals Fed’s growing openness to crypto, highlighting stablecoins’ potential to improve payment efficiency and support U.S. dollar demand. Discussions will cover stablecoin use in payments, tokenizing traditional assets, DeFi integration, and AI applications. Recent policy shifts under the Trump administration eased restrictions on banks’ crypto participation, reducing “crypto debanking” risks. Fed officials emphasize that tokenization and DeFi can enhance monetary policy effectiveness while maintaining oversight. The stablecoin market has surged to $282–283B, with expectations to reach $500B by end of 2026, positioning it as a key pillar of global financial infrastructure.

✔ Stripe and Paradigm launch Tempo, a Layer-1 blockchain specialized for stablecoins.

Stripe and Paradigm have launched Tempo, a layer-1 blockchain focused on payments and stablecoins, currently in private testnet. Tempo aims to handle over 100,000 TPS with sub-second finality, supports stablecoin gas fees, integrates a neutral AMM, is EVM-compatible, and complies with regulations. From its testing phase, it has attracted major partners including OpenAI, Visa, Deutsche Bank, Shopify, Revolut, and DoorDash. Built as an independent blockchain, Tempo is permissionless, reduces reliance on Ethereum, supports its own stablecoin, and is optimized for global payments. This move continues Stripe’s strategy to build stablecoin infrastructure, following acquisitions of Bridge (2024) and Privy (2025) and integration with Base layer-2. Tempo aims to bring payments, remittances, tokenized deposits, and real-world financial services on-chain, while the global payment blockchain race heats up with projects from Google, Mastercard, Visa, and PayPal.

✔ Wyoming (US) Issues First State — Backed Stablecoin Frontier Stable Token

The Wyoming Stable Token Commission of the United States announced that Hedera has been selected as the candidate blockchain platform for Frontier Stable Token (FRNT), the first state-issued stablecoin it launched. FRNT is fully backed by U.S. dollars and short-term U.S. Treasury securities, with an additional 2% reserve. The proceeds will be used to support Wyoming’s education fund.

✔ Tether launches a dedicated stablecoin for the U.S. market.

Tether has formally unveiled plans for USAT, a U.S.-based stablecoin aimed at regaining ground in the American market. The token is slated to launch by the end of 2025, with issuance handled via Anchorage Digital Bank and reserve custody managed by Cantor Fitzgerald. The effort is aligned with the newly enacted GENIUS Act, under which USAT will be structured to comply with U.S. stablecoin regulation. 

To lead this push, Tether has tapped Bo Hines, a former White House digital assets advisor, as President and CEO of the U.S. division. Though Tether’s flagship USDT will continue to exist globally, it will remain classified as a “foreign” stablecoin under U.S. regulatory frameworks. 

This is a major strategic pivot. In recent years, Tether was largely absent from the U.S. retail stablecoin landscape; it now seeks a direct route back in under the banner of regulatory compliance. Rival issuers like Circle are already entrenched in the U.S., and this move places Tether in direct competition. Tether’s bet is audacious — launching a fully compliant U.S. stablecoin to break back into domestic crypto infrastructure under a regulated guise. The success of USAT may be a turning point in how stablecoin networks and regulations coexist in America.

✔ European Banks Rally to Launch Euro-Denominated Stablecoin Under MiCA Framework

A powerful consortium of 9 major European banks — including ING, UniCredit, CaixaBank, KBC, SEB, Raiffeisen Bank, DekaBank, Danske Bank, and Banca Sella — is forming a new Netherlands-based company to issue a euro-pegged stablecoin. The aim is to roll out the coin in the second half of 2026, under regulation via the EU’s MiCA (Markets in Crypto-Assets) regime, with oversight from the Dutch Central Bank as an e-money issuer.

The project is explicitly pitched as a European alternative to the dominance of U.S.-backed stablecoins. With euro-stablecoins presently accounting for a tiny fraction of the global stablecoin market (≈ €350 million vs. ~$300 billion total) the banks see this as a strategic move to reclaim payments infrastructure sovereignty.

In practical terms, the stablecoin will enable near-instant, low-cost cross-border payments and settlements, programmable money features, and settlement of tokenized assets — bridging traditional and blockchain rails. Individual banks in the consortium will be able to offer wallets, custody, and value-added services atop the stablecoin infrastructure.   

✔ China Launches Regulated Offshore Yuan Stablecoin in Kazakhstan

China-backed fintech firm AnchorX has launched AxCNH, the world’s first regulated offshore yuan-pegged stablecoin, in Kazakhstan, after securing a license from regulators there. The token went live on September 17 and is built on infrastructure from Conflux, a blockchain network with backing from Chinese authorities. 

The move is part of China’s broader strategy to promote the international use of the yuan, especially for cross-border trade, and to challenge the dominance of U.S. dollar–backed stablecoins in global crypto payments. While China has maintained strict controls over crypto domestically (e.g. banning trading), this represents a more cautious, experimental approach to using blockchain for payments abroad. 

However, success will hinge on adoption, regulatory reception, and whether AxCNH can integrate smoothly with existing crypto infrastructure. The stablecoin is currently permissioned, which may limit connectivity with public blockchains. Without wide interoperability and trust, it may struggle to displace established dollar-backed stablecoins.

✔ Cloudflare Launches NET Dollar — A Stablecoin Built for the “Agentic Web”

Cloudflare has introduced NET Dollar, a USD-pegged stablecoin designed specifically for the upcoming “agentic web” — a future internet where AI agents, robots, and smart devices transact autonomously.  Unlike traditional stablecoins geared toward human users, NET Dollar is built to serve machine-to-machine commerce: micro-transactions, embedded conditions, and near-instant settlement with programmability baked in. (Coin98) Each NET Dollar is backed 1:1 by USD reserves, maintaining stability and trust, while also being interoperable across different blockchains and ecosystems. 

If successful, NET Dollar could become a key ingredient in next-gen commerce — where payments are not passive, but self-aware and conditional. For crypto infrastructure, it raises the bar: stablecoin design isn’t just about yield or liquidity — it’s also about automation, interoperability, and machine-native finance.

✔ Visa Tests Stablecoin Prefunding to Supercharge Cross-Border Payments

Visa is launching a pilot program that allows businesses to fund international payments using stablecoins, sidestepping the need to pre-deposit cash in local accounts. This move aims to accelerate cross-border settlement and unlock working capital, by reducing the friction of holding fiat across multiple jurisdictions.

The timing is no coincidence: the U.S. recently passed the Genius Act, which established clearer regulatory guardrails for stablecoin issuers — a development Visa says has emboldened institutions to explore digital tokens in payment rails. The pilot will involve select banking and remittance partners, and Visa plans to scale the program next year. 

As Visa itself puts it, this isn’t about replacing existing systems — the goal is to integrate stablecoin infrastructure into its current network, turning stablecoins from crypto novelty into financial plumbing. Stablecoins may soon become mainstream infrastructure for treasury operations and payout flows.

🔸  ETF

✔ Ondo Launches Over 100 US Stocks and ETF Tokens on Ethereum and Plans to Support BNB Chain and Solana

Ondo Finance has launched Ondo Global Markets, offering over 100 tokenized U.S. stocks and ETFs on Ethereum, with BNB Chain and Solana support coming soon. The platform, available to eligible investors in APAC, Europe, Africa, and Latin America (excluding the U.S. and U.K.), allows 24/7 peer-to-peer trading. Ondo integrates with Block Street to enable lending, short-selling, and hedging. Users buy stock tokens using USDC, which is converted to Ondo’s stablecoin USDon for minting; selling burns the tokens and converts USDon back to USDC. On launch day, trading volume hit $26.4M, driven mainly by minting, and current AUM exceeds $26.5M, with SPDR S&P 500 ETF and iShares 20+ Year Treasury Bond ETF each surpassing $2M.

✔ BlackRock aims to bring ETFs and traditional assets onto the blockchain.

BlackRock is exploring on-chain tokenization of its ETFs, potentially including funds linked to real-world assets (RWA), while navigating legal constraints. The firm already has a strong presence in digital assets with iShares Bitcoin Trust and iShares Ethereum Trust, managing $55 billion and $12.7 billion respectively, both surpassing $10 billion AUM in under a year. Wall Street shows growing interest in tokenization: Fidelity has launched a blockchain version of a money market fund and plans its own stablecoin, Nasdaq seeks SEC approval to trade tokenized securities alongside traditional stocks, and Franklin Templeton is partnering with Binance on compliant tokenized securities. BlackRock’s BUIDL fund, the first tokenized fund to exceed $1 billion, now manages $2.2 billion across multiple blockchains. Despite enthusiasm, the tokenized securities and ETF market remains nascent, with total assets under $500 million for tokenized U.S. stocks and $29 billion for all tokenized assets, far smaller than traditional markets. While BlackRock CEO Larry Fink envisions a fully tokenized financial future, experts like Bloomberg’s Eric Balchunas caution that tokenization mainly improves back-office efficiency and is unlikely to shift mainstream investors from traditional ETFs in the near term.

✔ The SEC has once again delayed its decisions on multiple crypto ETF applications, including proposals for Ethereum staking ETFs as well as spot Solana and XRP ETFs. 

The U.S. SEC has extended review deadlines for multiple crypto ETF filings, including BlackRock’s iShares Ethereum Trust staking proposal and Franklin Templeton’s Ethereum staking, Solana, and XRP ETFs, with new decision dates ranging from late October to mid-November 2025. These delays, part of a broader backlog of at least 92 crypto ETF applications, reflect the SEC’s cautious but increasingly cooperative approach under new chair Paul Atkins, contrasting with the stricter stance under Gary Gensler. While staking ETH in ETFs is now viewed as legally compliant, approvals remain pending, and spot ETFs for Solana and XRP are still in the pipeline. Despite investor uncertainty, experts note that SEC delays typically precede approvals, suggesting that late 2025 to early 2026 could see a major wave of altcoin ETF launches, similar to previous Bitcoin and Ethereum ETF impacts.

✔ SEC Overhauls Listing Rules — Clearing the Path for Crypto Spot ETFs

The U.S. Securities and Exchange Commission (SEC) has approved sweeping changes to its listing framework, paving the way for a faster and more standardized route for spot cryptocurrency ETFs to hit major exchanges. Under the new rules, exchanges such as NYSE, Nasdaq, and Cboe can apply generic listing standards for commodity-based and crypto exchange-traded products (ETPs), removing the need for lengthy bespoke SEC reviews. This change cuts maximum approval timelines from nearly 240 days to just 75 days, provided the product meets certain objective conditions.

While the SEC majority framed the move as a win for efficiency and investor access, not all commissioners were aligned. Commissioner Caroline Crenshaw warned that fast-tracking digital asset ETPs may raise risks, with exchanges effectively “passing the buck” on oversight as these products proliferate. Nevertheless, the policy shift signals that the SEC is leaning toward facilitating regulated, transparent crypto investment vehicles rather than stonewalling them.

This is a watershed moment in U.S. crypto regulation. By lowering barriers and standardizing approvals, the SEC has unlocked a wave of potential spot ETFs — a move that could bring more institutional capital into digital assets while also intensifying the need for robust custody, surveillance, and disclosure standards.

🔸 Crypto Policies & Regulations 

✔ The SEC and CFTC give the green light for trading both spot crypto and futures in the U.S.

The SEC and CFTC issued a joint statement allowing registered U.S. exchanges—such as NSEs, DCMs, and FBOTs—to offer spot crypto trading, including leveraged products, resolving years of debate over whether crypto is a security or commodity. This opens the door for major exchanges like NYSE and Nasdaq to list Bitcoin, Ethereum, and other assets alongside traditional securities, potentially unlocking institutional and retail capital in a regulated environment. Regulators urged participants to engage directly and share pricing data to enhance oversight. While seen as a landmark for U.S. crypto adoption, experts warn that detailed rules on investor protection and dispute resolution remain necessary.

Two days later, the agencies signaled plans to jointly explore regulated crypto derivatives—including perpetuals, prediction markets, and DeFi products—aiming to keep trading and capital onshore. A Washington D.C. roundtable on September 29 will discuss 24/7 trading and DeFi integration, marking another step toward a fully regulated, around-the-clock U.S. crypto market..

✔ SEC Chairman: Most Tokens Are Not Securities, Clearing Legal Uncertainty for On — Chain Financing

Paul S. Atkins, Chairman of the U.S. Securities and Exchange Commission (SEC), detailed the “Project Crypto” reform initiative during the first OECD Global Financial Markets Roundtable. The initiative aims to provide regulatory clarity by determining which crypto assets qualify as securities, with most tokens expected to be excluded. It seeks to remove legal ambiguities around on-chain financing, enable super-apps to offer integrated functions like trading, lending, and staking under a unified regulatory framework, and expand custody options to give both investors and platforms greater flexibility and security in managing digital assets.

✔ U.S. Congress Proposes Bill Requiring Treasury to Develop Bitcoin Custody and Strategic Reserve Plan 

The U.S. House of Representatives has introduced H.R. 5166, a bill that not only addresses appropriations for fiscal year 2026 but also directs the Secretary of the Treasury to evaluate the establishment of a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile. Under the bill, the Treasury must submit a detailed report to Congress within 90 days of the legislation taking effect, assessing potential challenges, risks, and impacts on Treasury funds and the federal balance sheet. The report is expected to cover custody solutions for Bitcoin and other digital assets, including secure storage methods, interagency transfer protocols, and security measures to protect these holdings. By requiring a formal review and strategic plan, H.R. 5166 signals a growing interest in integrating digital assets into U.S. government financial infrastructure, exploring both the opportunities and safeguards necessary for responsible management of cryptocurrencies at a national level.

✔ U.S. Lawmakers Push SEC to Fast-Track Crypto 401(k) Access

Nine U.S. lawmakers have formally urged SEC Chair Paul Atkins to accelerate implementation of President Trump’s executive order that would open the door for cryptocurrencies to be included in 401(k) retirement plans. The letter emphasizes that the SEC should coordinate with the Department of Labor and adjust existing rules so that participant-directed plans may include digital assets, under the same guiding principles applied to alternative assets more broadly.

The move is framed as a push for fairness and inclusion: the lawmakers note that some 90 million Americans currently can’t access alternative assets via retirement accounts, and argue that enabling crypto options could help diversify portfolios and improve long-term returns. Under Trump’s August 2025 order on “Democratizing Access to Alternative Assets for 401(k) Investors,” the SEC and Labor were directed to facilitate access to alternative assets, with attention to existing accredited investor and qualified purchaser rules. 

The letter also points to the magnitude of potential capital flows: even a 1% allocation of the U.S.’s total 401(k) assets (approximately $9.3 trillion) into crypto could represent $93 billion in new inflows — far exceeding the approximately $60.6 billion that has flowed into spot Bitcoin ETFs since January 2024. In essence, this is a legislative nudge to the SEC: regulators are being pressed to move from rhetoric to action on integrating crypto into mainstream retirement infrastructure.

✔ SEC & CFTC Promise Regulatory Harmony in Crypto Oversight

The SEC and CFTC announced they will work more closely together, beginning with crypto markets, in a bid to cut down on duplication and regulatory conflicts. The pledge followed a joint roundtable in Washington, where SEC Chair Paul Atkins called it a “turning point” for U.S. financial oversight, declaring the era of competing rulebooks over.

The move comes as Washington shifts toward a more crypto-friendly stance under the Trump administration. Since early 2025, regulators have floated proposals for 24/7 market trading, exemptions for DeFi projects, and spot crypto listings on U.S. exchanges. The SEC has also dropped several enforcement cases against major firms, signaling a softer posture compared to the Gensler era. Industry voices welcomed the announcement but cautioned about the challenges ahead. Alex Urbelis of Ethereum Name Service noted that real harmonization may require congressional action, adding that balancing investor protection with innovation will remain difficult. SEC Commissioner Mark Uyeda echoed the need for modernized oversight, stressing that innovation rarely fits neatly into old securities-versus-commodities definitions.

Both agencies are now pursuing more innovation-friendly initiatives, with the SEC promising an “innovation exemption” for digital assets by year-end under Project Crypto, and the CFTC maintaining an active pace of enforcement and rulemaking. Acting CFTC Chair Caroline Pham said the two agencies’ past rivalry is behind them, insisting the commission remains “alive and well” despite criticism.

🔸  Other News 

✔ Nasdaq tightens oversight of companies implementing crypto treasury strategies.

Nasdaq is tightening oversight on public companies using Digital Asset Treasury (DAT) strategies, requiring shareholder votes and enhanced disclosure, with noncompliance potentially leading to delisting or trading suspension. The move aims to prevent firms from using crypto holdings to artificially inflate stock prices, protecting retail investors from risks of insider-like maneuvers by whales. Since early 2025, 124 U.S.-listed companies, including 94 on Nasdaq, have announced plans to raise over $133B for crypto purchases, following the DAT model popularized by Michael Saylor’s Strategy Bitcoin.

Past incidents, such as Windtree Therapeutics’ delisting after BNB treasury moves and SharpLink’s ETH-based buybacks raising liquidity concerns, highlight the risks.While DAT strategies can enhance corporate value and benefit from token appreciation, Nasdaq’s increased scrutiny underscores the need for transparency and caution as more publicly listed companies accumulate crypto assets.

✔ Nasdaq Submits Proposal to SEC to Launch Tokenized Securities Trading

Nasdaq submitted a proposal to the U.S. Securities and Exchange Commission (SEC) on Monday to amend trading rules, allowing securities issued in both traditional and tokenized forms to trade on its main board, including listed stocks and ETFs. The exchange clarified that eligible tokenized securities would be matched within the same order book and follow the same priority rules as their traditional counterparts, provided they carry “substantially the same rights.” If approved, U.S. investors could see the first token-settled securities transactions as early as Q3 2026

✔ WLFI Token Officially Launches on September 1st with an Initial Circulation of 24.67 Billion

World Liberty Financial officially launched the WLFI token on September 1, with an initial circulating supply of ~24.67 billion tokens (≈24.7% of total supply). Allocations included 10 billion for ecological funds, 7.78 billion to Alt5 Sigma, 2.88 billion for liquidity and marketing, and 4 billion for public offering users, while over 75 billion tokens remain locked. The launch increased the Trump family’s paper wealth by around $5 billion, likely making WLFI their most valuable asset, surpassing real estate holdings.

WLFI clarified that 47 million tokens previously “destroyed” were part of governance-approved token burning and are not slated for open-market sales; the remaining treasury tokens (~9.953 billion) are governed by community votes. On-chain activity showed World Liberty Financial blacklisting an address linked to Justin Sun and 60 million WLFI tokens being transferred to Binance. Sun responded that these were minor test deposits, not market trades, and called for the unfreezing of his tokens, warning that such actions could undermine investor confidence.

✔ Binance partners with Franklin Templeton as BNB hits a new all-time high.

Binance, the world’s largest cryptocurrency exchange, has announced a partnership with Franklin Templeton, the $1.6 trillion traditional asset manager, to develop digital asset and tokenized securities products aimed at providing more transparent, efficient, and accessible investment opportunities for both institutional and retail investors. This collaboration marks a significant step in bridging traditional finance (TradFi) and crypto, leveraging Franklin Templeton’s global asset management expertise and Binance’s trading infrastructure with over 280 million users. The news coincides with BNB, Binance’s native token, reaching an all-time high of $907.3, with a market cap approaching $126 billion. Franklin Templeton has previously tokenized its money market fund, FOBXX, across multiple blockchains, while Binance continues expanding services connecting TradFi and DeFi, reflecting the broader growth of tokenized real-world assets (RWA), which McKinsey predicts could reach $2 trillion by 2030. Experts from both firms emphasize blockchain as an opportunity to reshape finance, optimize asset management, and create global investment access, with concrete products expected to be announced later this year.

✔ eToro Brings Crypto Staking to U.S. Users 

Trading platform eToro has launched staking services for U.S. customers, kicking off with Ethereum (ETH), Cardano (ADA), and Solana (SOL). Users can now earn monthly staking rewards directly through the platform, with payouts varying by membership tier (Bronze through Diamond).

The move brings one of the largest global trading platforms deeper into the U.S. crypto market, making staking more accessible for retail investors who want to earn passive income without managing validator nodes or technical setups. eToro says additional assets could be added in the future as it expands its staking program. Staking services are becoming a major battleground for exchanges and brokerages. By offering easy access to PoS rewards, eToro is positioning itself to compete with Coinbase, Binance.US, and other players targeting the U.S. staking market.

✔ Wisconsin Proposes Bill to Exempt Crypto Firms from Money Transmitter Licensing

A new legislative proposal in Wisconsin — Assembly Bill 471 — aims to carve out major regulatory relief for crypto businesses and users. If passed, the bill would exempt certain digital-asset activities (including mining, staking, node operations, and blockchain software development) from needing money transmitter licenses administered by the Wisconsin Department of Financial Institutions.

Critically, the bill also stipulates that exchanges of digital assets would be exempt from licensing so long as the transactions do not involve conversion to fiat or movement into bank deposits. Moreover, it would protect the right of individuals to accept digital assets as payment or custody them via self-hosted wallets without state interference. The bill is sponsored by multiple Republican members in the State Assembly and Senate, and has already been referred to the Committee on Financial Institutions for further review.