U.S. crypto, financial markets and economic policy: the latest reporting from The Token Press.
Coinbase’s David Duong predicts that crypto treasury firms may soon engage in mergers and acquisitions as competition tightens. While share buybacks have become common, they don’t always guarantee success. With DATs holding billions in Bitcoin, Ether, and Solana, the next phase of the cycle could see fewer but stronger players dominating the landscape.
The Trump administration has withdrawn Brian Quintenz’s nomination to chair the CFTC, amid reports of pushback from Gemini founders Tyler and Cameron Winklevoss. The move leaves the CFTC without a permanent leader as Congress debates the Digital Asset Market Clarity Act, which could make the agency a key overseer of Bitcoin and Ethereum regulation.
The SEC’s Division of Investment Management has issued a no-action letter allowing advisers to use state trust companies as crypto custodians, marking an interim step toward custody rule modernization. While the move was praised by Commissioner Hester Peirce, Senator Cynthia Lummis, and industry analysts, Commissioner Caroline Crenshaw criticized it as bypassing formal rulemaking and disadvantaging federally chartered firms.
Dragonfly’s Rob Hadick says tokenized equities will reshape Wall Street but may not benefit Ethereum or the wider crypto ecosystem if institutions stick to private chains. The SEC is advancing tokenized stock discussions, but the sector remains nascent, with less than $1 billion in assets onchain.
Coinbase’s John D’Agostino says AI agents will need crypto, not outdated finance rails, to operate at scale in global markets. He argues Bitcoin is more than “digital gold” and predicts gradual, cautious institutional adoption rather than an instant wave.
Wisconsin lawmakers have introduced a bill that would exempt crypto mining, staking, and peer-to-peer digital asset transactions from money transmitter licensing. Backed by Republican sponsors, the measure still faces hurdles but could make Wisconsin one of the most crypto-friendly states in the US.
The Tuttle Capital Government Grift ETF (GRFT), designed to track the stock trades of US lawmakers and politically connected firms, could launch as soon as Friday. With Trump’s crypto-linked holdings possibly in scope and the SEC streamlining ETF approvals, the fund underscores the growing overlap between politics, traditional finance, and digital assets.
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.
Predictive Oncology (NASDAQ: POAI) has launched a $344M DePIN treasury centered on Aethir’s ATH token, becoming the first Nasdaq firm to adopt such a strategy. The move sent its stock up 70%, but analysts caution that market saturation in digital asset treasuries could limit long-term valuations.
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.
QNB’s adoption of JPMorgan’s Kinexys blockchain brings near-instant, round-the-clock US dollar payments to corporate clients, marking a big leap for blockchain in the Middle East. While JPMorgan’s $3 billion Kinexys volume is small compared to its $10 trillion in daily payments, the system represents a critical bridge between traditional banking and digital settlement infrastructure.
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.
OKX’s Haider Rafique warns that a U.S. Bitcoin strategic reserve could destabilize both BTC and the U.S. dollar. While advocates see it as a step toward Bitcoin becoming a global reserve currency, critics argue it risks market manipulation, liquidation pressure, and a broader loss of confidence in the dollar.
Ethereum is at the center of a new debate as analysts weigh whether Wall Street adoption could fuel the first crypto “supercycle.” While ETH proponents see institutional demand reshaping its market trajectory, skeptics caution that short-term risks and volatility could keep prices grounded.
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.