U.S. financial legislation, regulation, trade and administration policy affecting markets and crypto.
The SEC has suspended trading in QMMM Holdings until Oct. 13, citing concerns of potential stock manipulation linked to social media promotions. While QMMM recently pivoted to a crypto treasury model, analysts say the halt is focused on illegal trading activity, not its digital asset strategy. The move comes as regulators expand probes into the fast-growing crypto treasury trend on Wall Street.
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.
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.
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.
Trump-linked WLFI burned $1.43M worth of tokens after a $1M buyback funded by DeFi fees. The move, approved by governance vote, seeks to reduce supply and boost token stability. Despite this, WLFI remains down 38% from its peak, while the Trump family’s holdings are valued at around $5B.
Eric Trump says stablecoins could “save the US dollar,” pointing to his family’s USD1 token under World Liberty Financial. While supporters argue stablecoins may strengthen the dollar’s global reach, critics warn of conflicts of interest and financial stability risks tied to the Trump family’s direct involvement.
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.
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.
Dogecoin rose 4% to $0.26 despite another delay in the launch of the first US DOGE ETF. While the ETF has sparked debate about institutionalizing speculation, companies like CleanCore Solutions and Trump-linked Thumzup are pushing DOGE deeper into the institutional spotlight.
Metaverse-related NFT sales rose 27% in August, suggesting a possible revival of interest in virtual worlds. Platforms like Sandbox, Mocaverse, Otherside and Decentraland are focusing on infrastructure and creator tools, while new entrants such as Infinite Reality and Trump’s DTTM Operations continue to push forward with metaverse projects.
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 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.
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.
Litecoin’s playful feud with influencer Benjamin Cowen sparked fresh attention, with some traders even turning bullish on the asset. The timing aligns with growing institutional interest, as Grayscale and Canary Capital have both filed with the SEC to launch Litecoin ETFs in the U.S.
The Trump family launched two major crypto ventures in the same week. American Bitcoin went public on Nasdaq, while the World Liberty Financial (WLFI) token debuted on exchanges but has already dropped 30% since launch. A company tied to the Trumps holds nearly a quarter of WLFI, valued at $4.8 billion. Eric Trump’s stake in American Bitcoin is estimated at $548 million.
A global shift is underway as more people consider crypto for retirement planning. An Aviva survey found 27% of UK adults are open to holding crypto in their retirement funds, while in the US, President Trump signed an order allowing 401(k) plans to include Bitcoin and other cryptocurrencies.