Crypto regulation, legislation and public-policy developments.
Adrienne Harris is stepping down as NYDFS superintendent after four years, with Kaitlin Asrow named acting head effective Oct. 18. Harris’ tenure was marked by major influence on US crypto and stablecoin policy, as well as efforts to strengthen transatlantic regulatory cooperation.
Massachusetts’ Joint Revenue Committee will hold a hearing on a Republican-led bill to establish a state Bitcoin reserve. While Democrats’ supermajority makes passage unlikely, the proposal adds to a growing wave of state and federal efforts to treat Bitcoin as a strategic asset.
The U.S. faces a looming government shutdown that could stall progress on the Senate’s crypto market structure bill. Already delayed until October, the legislation risks being pushed back further as lawmakers focus on funding negotiations.
Crypto ETPs saw $812M in outflows last week, led by Bitcoin and Ether, but Solana funds gained $291M in inflows on ETF optimism. Analysts expect the next two weeks to be pivotal as the SEC prepares to decide on multiple altcoin ETF applications.
Poland’s parliament has advanced a sweeping crypto bill that introduces strict licensing requirements, fines of up to $2.8M, and potential prison terms. Critics warn the law could cripple the nation’s crypto industry, while President Nawrocki, who pledged to protect innovation, faces pressure to intervene.
The SEC is set to decide on 16 crypto ETF applications in October, covering altcoins such as Solana, XRP, and Dogecoin. Analysts call it “ETF month,” with approvals potentially sparking a new altcoin rally. Recent SEC rule changes also suggest an easier path for future crypto ETFs.
Bitchat downloads in Madagascar spiked amid nationwide protests over water and power cuts, echoing similar surges during unrest in Nepal and Indonesia. With limited internet access, the decentralized, encrypted app is emerging as a key communication tool during crises. Meanwhile, EU efforts to regulate encrypted messaging may further boost adoption of privacy-focused alternatives.
Kraken has raised $500M at a $15B valuation, further fueling speculation about a potential IPO. The move comes amid a wave of crypto firms going public, with Gemini, Circle, and others finding strong investor demand. Favorable U.S. regulations are helping pave the way for this new era of crypto IPOs.
The EU’s 19th sanctions package takes aim at cryptocurrency platforms for the first time, banning Russian crypto transactions amid fears of sanction evasion. At the same time, Ukraine is moving in the opposite direction, with lawmakers drafting a bill to establish a national Bitcoin reserve as part of its financial defense strategy.
France, Austria and Italy called for changes to Europe’s crypto framework, citing differences in supervision and cross-border risks.
Kraken has partnered with Trust Wallet to expand access to Backed’s tokenized equities, xStocks, across multiple blockchains. While the exchange claims a potential reach of 200 million users, regulatory restrictions mean availability will be limited in key markets such as the U.S., U.K., and Canada.
Coinbase CEO Brian Armstrong says the U.S. Digital Asset Market Clarity Act has unprecedented bipartisan backing, calling it a “freight train” set to reshape crypto regulation. Lawmakers are also pushing forward discussions on a Strategic Bitcoin Reserve, signaling a pivotal moment for digital assets in America.
A UK government petition calling for a pro-innovation blockchain and stablecoin strategy has gained traction after Coinbase urged its users to sign. The petition seeks stablecoin regulation, blockchain adoption in government, and a dedicated crypto policy leader. It has passed 5,000 signatures and needs 10,000 for an official response, with 100,000 triggering a parliamentary debate.
The Reserve Bank of India (RBI) is holding back on comprehensive crypto regulations, warning that formal rules could legitimize digital assets and create systemic risks. While India currently imposes a 30% tax on crypto gains and strict registration requirements for exchanges, it still leads the world in crypto adoption, according to Chainalysis. Despite strong adoption metrics, officials and industry leaders say India faces a paradox between rising interest and limited real-world usage.
The first-ever US Dogecoin ETF, the Rex-Osprey Doge ETF (DOJE), is set to begin trading on Thursday, marking a major milestone for memecoins in regulated markets. Dogecoin rallied nearly 13% ahead of the launch, while analysts note this ETF signals growing institutional interest in speculative digital assets. The SEC’s approval comes as dozens of other crypto ETF applications, including Solana and XRP, remain under review.
Backpack EU, which acquired the former FTX EU earlier this year, has launched a regulated perpetual futures platform in Europe after settling with Cyprus’ financial regulator and securing a MiFID II license. The firm, led by Solana developer Armani Ferrante, refunded former FTX EU customers before relaunching operations under CySEC oversight. With approvals in Europe, Dubai, and Japan, Backpack is pushing to expand as a global player in regulated crypto trading.
HSBC and ICBC are preparing to apply for stablecoin licenses under Hong Kong’s new regulatory regime, which took effect on Aug. 1. Reports suggest ICBC and Standard Chartered are likely to receive first-round approvals, giving them a head start. The licensing framework sets strict requirements for issuers, making unlicensed stablecoins illegal for retail investors. Regulators have also warned that speculation around the rollout increases the risk of fraud, urging investors to remain cautious.
The U.S. Senate has added a clause to its crypto bill clarifying that tokenized stocks remain classified as securities, ensuring they fit within existing financial frameworks. The Responsible Financial Innovation Act of 2025 also splits oversight between the SEC and CFTC, with votes expected in the coming months. Meanwhile, over 100 crypto firms, including Coinbase and Ripple, have urged lawmakers to protect developers and non-custodial service providers, warning that unclear rules are driving talent out of the U.S.