U.S. crypto, financial markets and economic policy: the latest reporting from The Token Press.
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.
Galaxy Digital’s Alex Thorn says the U.S. may announce a Strategic Bitcoin Reserve before the end of 2025, though some experts argue it could take longer. Advocates warn delays could leave the U.S. behind as countries like Kyrgyzstan and Indonesia push ahead with national Bitcoin strategies.
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.
Coinbase researchers say the era of “easy money” for crypto treasuries has ended, pushing firms into a competitive phase that could ultimately strengthen markets. They downplayed seasonal myths like the “September effect” and predicted Fed rate cuts would give crypto “room to run” into Q4.
Bitstamp has overtaken Robinhood in monthly crypto volumes for the first time since its $200M acquisition, posting $14.4B in trades against Robinhood’s $13.7B. The milestone highlights Bitstamp’s growing role in institutional markets, even as Robinhood joins the S&P 500 and expands its blockchain and derivatives products.
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.
CoinShares is set to go public in the United States through a $1.2 billion SPAC merger with Vine Hill Capital, allowing it to list on the Nasdaq Stock Market later in 2025. The European asset manager, which oversees $10 billion in assets and leads Europe’s crypto ETP market, aims to tap into the world’s largest investment market. Backed by a $50 million anchor investment, the deal is expected to accelerate CoinShares’ global expansion.
NFT sales volume fell to $91.9 million in the first week of September, the lowest since mid-June, according to CryptoSlam. Unique NFT buyers dropped 58% from June peaks, while sellers fell 43%, and average sale prices slid 30% in just two weeks. Despite the slowdown, total transactions remained high at 1.27 million. Earlier momentum in July and August was fueled by adoption drivers such as Coinbase’s Base network and cultural showcases like Ibiza’s permanent NFT art gallery.
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.
Ondo Finance, in partnership with Chainlink, has launched its Ondo Global Markets platform, bringing over 100 tokenized U.S. stocks and ETFs onchain. The platform, live on Ethereum, is currently available to non-U.S. investors and is being promoted as “Wall Street 2.0.”
Coinbase CEO Brian Armstrong says over 40% of the platform’s code is now AI-generated, with plans to raise that figure to 50% by October. The move highlights Coinbase’s strategy to integrate AI deeply into its operations while training its workforce to become “AI-Natives.”
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.