TL;DR<ul><li>The CFTC sent a new crypto-market regulatory action to White House review after the Senate failed to advance the CLARITY Act.</li><li>The action is still at the “prerule” stage, meaning no formal rule has been proposed.</li><li>The SEC separately introduced temporary relief for certain tokenized-stock trading platforms.</li><li>The CFTC also expanded no-action relief for qualifying passive trading software providers.</li><li>CFTC Chair Michael Selig and SEC Chair Paul Atkins have said their agencies can continue acting under existing authority.</li></ul>The U.S. Commodity Futures Trading Commission is moving ahead with crypto regulation after the <a href="https://coin360.com/news/clarity-act-stalls-sec-cftc-crypto-rules">Senate failed to advance the CLARITY Act</a>.A CFTC regulatory action covering crypto-asset transactions and markets entered White House review on September 17, 2026, signaling that the agency is preparing to use its existing legal authority while broader digital-asset legislation remains stalled.The action does not yet establish new crypto rules. It remains at an early stage of the federal rulemaking process.<h2>CFTC Crypto Market Rules Enter White House Review</h2>The <a href="https://www.reginfo.gov/public/do/eoDetails?rrid=1537870">regulatory action</a> is titled “Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets.”The Office of Information and Regulatory Affairs, or OIRA, received it on September 17.Its current status is:<ul><li>Agency: Commodity Futures Trading Commission</li><li>Stage: Prerule</li><li>Legal deadline: None</li><li>Economically significant: No</li></ul>A “prerule” designation means the CFTC has not yet issued a formal proposed rule for public comment.The filing also does not reveal the detailed requirements the CFTC may eventually propose for crypto exchanges, trading platforms, or digital assets.If the process moves forward, the draft would return to the CFTC after White House Office of Management and Budget review. The Commission could then vote on a proposal and open it for public comment before considering a final rule.That means the White House review is an early step, not the launch of a completed crypto regulatory framework.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>What Does “Not Economically Significant” Mean?</h2>OIRA lists the CFTC action as not economically significant.Under the standard referenced in the filing, an economically significant regulatory action generally has an annual economic effect of at least $100 million or materially affects areas such as:<ul><li>The broader economy</li><li>An industry sector</li><li>Competition</li><li>Employment</li><li>Productivity</li><li>Public health or safety</li><li>State, local, or tribal governments</li></ul>The classification does not indicate whether the crypto rules will be important to the industry. It refers to how the action is categorized for federal regulatory review.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>CFTC Plans to Use Existing Authority for Crypto Markets</h2>CFTC Chair Michael Selig had already outlined a potential regulatory path before the CLARITY Act stalled.At the CFTC's Innovation Advisory Committee conference on August 20, Selig said the agency could use its existing authority to build a crypto asset market regime.One option under consideration would allow existing CFTC registrants and currently unregistered crypto exchanges to operate as a type of designated contract market called a “crypto asset market.”Under that structure, platforms could potentially offer leveraged or margined crypto trading under CFTC oversight.After the Senate failed to advance the CLARITY Act, Selig said the CFTC was “locked in and ready to ship” its crypto-market rules.The message was clear: the agency does not plan to wait indefinitely for Congress before pursuing areas it believes are already within its statutory authority.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>SEC Also Moves Ahead Without New Crypto Legislation</h2>The Securities and Exchange Commission is taking a similar approach.SEC Chair Paul Atkins said the regulator would continue its digital-asset work “with or without legislation.”On September 17, the SEC issued an Innovation Exemption covering certain forms of tokenized-stock trading.The temporary framework provides conditional relief to qualifying Tokenized Securities Venues, or TSVs, from the Exchange Act definition of an “exchange.”It allows eligible venues to facilitate onchain trading of certain tokenized National Market System stocks through permissioned <a href="https://coin360.com/glossary/Automated-Market-Makers-AMMs">automated market makers</a> and liquidity pools.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>How the SEC Tokenized Stock Exemption Works</h2>The SEC's framework does not create unrestricted tokenized-stock trading.Qualifying venues must meet several conditions.Tokenized NMS stocks must provide holders with the same rights and privileges as the corresponding traditional shares.Other requirements include:<ul><li>Issuers must receive notice when unaffiliated third parties tokenize their shares.</li><li>Issuers must have an opportunity to object.</li><li>Smart contracts must be public and auditable.</li><li>Tokenized stocks must operate on a public, permissionless distributed ledger.</li><li>Trading must stop if the underlying stock is halted on its primary exchange.</li><li>Venues must publish disclosures about trading and affiliate activity.</li></ul>The exemption also provides conditional relief from the Exchange Act's definition of a “dealer” for certain liquidity providers supplying tokenized stocks to eligible pools.The relief is temporary and is scheduled to expire five years after publication while the SEC considers longer-term rules.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Coinbase Says Regulators Already Have Tools to Act</h2><a href="https://coin360.com/review/coinbase">Coinbase</a> CEO Brian Armstrong also argued that regulators could make progress without waiting for Congress.On September 15, Armstrong said the SEC and CFTC had “the tools they need to create clear rules under existing authority.”“So clarity is coming to crypto regardless,” Armstrong wrote.The statement reflects a broader shift following the CLARITY Act setback: regulatory agencies are increasingly relying on existing statutes, exemptions, guidance, and rulemaking rather than waiting for a comprehensive new law.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>CFTC Expands Relief for Passive Trading Software</h2>The CFTC took another separate action on September 17.Its Market Participants Division issued Staff Letter 26-25, expanding no-action relief for qualifying passive software providers.The relief may apply to software interfaces that allow users to view markets and send orders directly to registered derivatives firms.That can include some <a href="https://coin360.com/glossary/crypto-wallets">crypto wallet</a> interfaces.Qualifying software can connect users with:<ul><li>Registered <a href="https://coin360.com/glossary/futures-contract">futures</a> commission merchants</li><li>Introducing brokers</li><li>Designated contract markets</li></ul>Under the no-action position, eligible providers and related personnel would not face a staff recommendation for enforcement solely for failing to register as introducing brokers or associated persons, provided they meet the required conditions.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>What Passive Software Providers Can and Cannot Do</h2>The CFTC relief allows qualifying software providers to perform some commercial activities without automatically losing eligibility.For example, providers may:<ul><li>Market specific contracts</li><li>Display available markets</li><li>Allow users to submit orders</li><li>Receive transaction-based fees</li></ul>However, the software must remain passive.Providers cannot:<ul><li>Take custody of customer assets</li><li>Generate buy or sell signals</li><li>Control order routing</li><li>Control how trades are executed</li></ul>The relief also includes requirements covering risk disclosures, records, and applicable marketing rules.It is intended to remain available until the CFTC adopts more specific rules or guidance for software developers.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Three Separate Crypto Regulatory Actions</h2>The recent developments involve three different regulatory tracks:<ol><li>The CFTC crypto-market action: An early-stage proposal undergoing White House review.</li><li>The SEC Innovation Exemption: Temporary conditional relief for certain tokenized-stock trading arrangements.</li><li>CFTC Staff Letter 26-25: No-action relief for qualifying passive software providers.</li></ol>The distinction is important.The broader CFTC crypto market rules have not yet been formally proposed, while the SEC exemption and CFTC software relief are already agency actions with defined conditions.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>What Happens Next for U.S. Crypto Regulation?</h2>The Senate's failure to advance the CLARITY Act has not stopped federal regulators from moving forward with digital-asset policy.Instead, the SEC and CFTC are increasingly using the powers they say already exist under current law.For the CFTC's broader crypto-market regime, the immediate next step is the federal review process. Details about which crypto assets, exchanges, and trading activities could fall under the eventual framework remain undisclosed.The SEC's tokenized-stock exemption and the CFTC's passive-software relief, meanwhile, show how both agencies can make narrower changes without waiting for comprehensive legislation.The result is a two-track U.S. crypto regulatory environment: Congress continues debating a durable statutory framework, while federal agencies move ahead under existing authority.

CFTC robot bypasses stalled Congress with existing authority rules

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CFTC Crypto Market Rules Enter White House Review After CLARITY Act Setback

<h2>Filing Targets 24/5 Trading Across Major U.S. Equities</h2>TL;DR<ul><li>Coinbase Derivatives filed with the Commodity Futures Trading Commission on September 18, 2026, to list single-stock perpetual futures for U.S. traders.</li><li>The proposed products would provide 24/5 price exposure without stock ownership and remain pending regulatory approval.</li><li>Coinbase reportedly plans roughly 50 to 60 contracts, including Apple, Microsoft, Tesla and Nvidia, with a potential launch later in 2026.</li></ul><hr>Trade smarter on Jupiter, Solana’s leading DEX built for fast execution and deep liquidity.&nbsp;Swap tokens at competitive rates, route across multiple liquidity sources automatically, and access perpetuals, DCA, and advanced trading tools — all in one place!<div class="raw-html-embed"><div style="box-sizing: inherit; -webkit-tap-highlight-color: white; display: flex; align-items: center; justify-content: center;"><a href="https://jup.ag/?ref=g33ohytogabt" ref="noopener nofollow noreferrer" style="box-sizing: inherit; color: white; text-decoration: none; cursor: pointer; background-color: #4CAF50; padding: 5px 30px; text-align: center; font-size: 16px; margin: 5px 2px; border-radius: 5px;">Trade on Jupiter!</a></div></div><hr><a href="https://coin360.com/review/coinbase">Coinbase</a> is&nbsp;<a href="https://www.cftc.gov/IndustryOversight/IndustryFilings/TradingOrganizationProducts/64236">seeking</a> U.S. regulatory approval to offer single-stock&nbsp;<a href="https://coin360.com/glossary/perpetual-futures">perpetual futures</a>, filing through Coinbase&nbsp;<a href="https://coin360.com/glossary/derivatives">Derivatives</a> on September 18, 2026, for contracts that would give U.S. traders extended price exposure to individual equities without owning the underlying shares. The Commodity Futures Trading Commission classifies the proposed products as single-stock futures, and the contracts remain pending regulatory approval rather than approved for trading.Coinbase described the application as covering its “first set” of U.S. single-stock perpetuals. The company said the products would build on its existing U.S. perpetual-futures market by extending the structure to individual stocks. The proposed contracts are designed to provide 24/5 exposure, allowing traders to maintain positions across a broader trading window than standard U.S. cash-equity sessions while stopping short of the continuous trading associated with crypto spot markets.Perpetual futures differ from traditional futures because they do not have an expiration date. Traders can maintain positions indefinitely as long as applicable margin and funding requirements are met. The contracts track the price of an underlying asset but do not require the holder to purchase that asset directly.Holding a single-stock perpetual would therefore provide only price exposure. Traders would receive no shareholder rights, dividends or ownership in the underlying company, meaning a perpetual tied to Apple, Tesla, Microsoft or Nvidia would function as a derivative rather than as a shareholding.According to reports, Coinbase plans to initially offer perpetual futures tied to roughly 50 to 60 stocks. Apple, Microsoft, Tesla and Nvidia were specifically identified among the proposed underlying equities. The products could potentially begin trading later in 2026 if regulators approve the filing.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Coinbase Builds on Earlier Perpetual Futures Expansion</h2>The September filing extends Coinbase’s broader push into regulated derivatives. Earlier in 2026, Coinbase became the first U.S. exchange cleared to offer regulated crypto perpetual futures and later rolled out contracts carrying&nbsp;<a href="https://coin360.com/glossary/leverage">leverage</a> of up to 50x.That leverage figure applies to Coinbase’s previously launched crypto perpetual products, not automatically to the proposed single-stock contracts. Contract specifications and leverage limits for the new stock-linked products were not fully detailed in the source material.Coinbase already offers stock perpetual futures to eligible traders outside the United States. The company launched that product in March 2026 with contracts tracking major U.S. stocks and indexes, including Apple and Nvidia.At the time of that launch, Coinbase said the products were unavailable to U.S. persons but that it was working to expand the offering into additional regions. The latest filing represents its effort to extend the same general product category into the domestic market under U.S. regulatory oversight.Coinbase Derivatives also took an earlier regulatory step on September 1, 2026, when it filed a Form 1-N with the Securities and Exchange Commission to register as a national securities exchange for the purpose of offering security futures.The later CFTC application addresses the proposed products themselves, which the commodities regulator classifies as single-stock futures. Taken together, the two regulatory actions cover Coinbase Derivatives’ effort to establish the framework for offering security futures and seek clearance for specific single-stock perpetual contracts.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>U.S. Perpetual Futures Market Broadens</h2>Coinbase’s filing comes as perpetual-style derivatives gain a broader regulated foothold in the United States. The CFTC previously approved&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> perpetual futures for Kalshi, which later expanded into commodities including copper.Polymarket has also moved toward offering crypto perpetual futures, placing Coinbase’s proposal within a wider effort to bring perpetual-style products into U.S.-focused markets across crypto, commodities and individual equities.Coinbase’s proposed contracts would extend that structure specifically to publicly traded companies. Rather than transferring shares or creating shareholder status, the products would allow traders to take derivative positions linked to movements in individual stock prices.As of the filing, the single-stock perpetual futures had not been approved or launched for U.S. customers. The CFTC listing continued to show the proposed products as approval pending, with regulatory clearance required before trading can begin.This article has been refined and enhanced by ChatGPT.

Coinbase Derivative robot files perpetual futures application with US regulators

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Coinbase Seeks U.S. Approval for Single-Stock Perpetual Futures

<h2>Singapore Payments Firm Targets Merchant Growth and Regulated Stablecoin Expansion</h2>TL;DR<ul><li>Singapore-based dtcpay completed a $25 million Series A on September 18, 2026, after SBI Group joined as a strategic investor.</li><li>The company plans to use the funding to expand its merchant network, launch new enterprise and consumer products, upgrade infrastructure and enter more regulated markets.</li><li>dtcpay connects <a href="https://coin360.com/glossary/stablecoin">stablecoins</a> with traditional payment systems through real-time conversion, merchant terminals and payment cards.</li><li>SBI said the investment supports its effort to connect digital-asset infrastructure between Japan and Southeast Asia.</li></ul><hr>Trade smarter on Jupiter, Solana’s leading DEX built for fast execution and deep liquidity.&nbsp;Swap tokens at competitive rates, route across multiple liquidity sources automatically, and access perpetuals, DCA, and advanced trading tools — all in one place!<div class="raw-html-embed"><div style="box-sizing: inherit; -webkit-tap-highlight-color: white; display: flex; align-items: center; justify-content: center;"><a href="https://jup.ag/?ref=g33ohytogabt" ref="noopener nofollow noreferrer" style="box-sizing: inherit; color: white; text-decoration: none; cursor: pointer; background-color: #4CAF50; padding: 5px 30px; text-align: center; font-size: 16px; margin: 5px 2px; border-radius: 5px;">Trade on Jupiter!</a></div></div><hr>Singapore-headquartered payments company dtcpay <a href="https://www.prnewswire.com/apac/news-releases/dtcpay-welcomes-sbi-group-as-strategic-investor-extending-series-a-to-us25m-302881922.html">completed</a> a $25 million Series A on September 18, 2026, after adding Japan's SBI Group as a strategic investor.The financing gives the <a href="https://coin360.com/glossary/stablecoin">stablecoin</a> payments company fresh capital to expand its merchant network, develop new products, strengthen infrastructure and enter additional regulated markets.Vertex Ventures Southeast Asia &amp; India led the original $10 million tranche in April 2026.SBI Group later joined through SBI Ventures Asset Pte Ltd and the SBI-NTU-Kyobo Digital Innovation Fund, bringing the total Series A to $25 million.Genedant Capital and existing investor Kwee Liong Tek also participated.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>dtcpay Builds Stablecoin Payment Infrastructure</h2>Alice Liu and Band Zhao founded dtcpay to connect stablecoin payments with traditional financial services.The company allows businesses and individuals to:<ul><li>Accept stablecoins</li><li>Store digital assets</li><li>Convert stablecoins into fiat currencies</li><li>Make payments</li><li>Connect blockchain transactions with traditional payment networks</li></ul>dtcpay operates a real-time swap engine that settles transactions across stablecoins and fiat currencies.The company positions the system as an alternative to some traditional cross-border payment processes involving SWIFT and correspondent banks, which can include multiple intermediaries, fees and multi-day settlement times.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Merchants Can Accept Stablecoins at Physical Stores</h2>dtcpay also operates a Digital Payment Token point-of-sale system.The product allows merchants to accept stablecoin payments directly at physical locations.A WalletConnect integration extends the service to more than 700 wallets used by millions of consumers globally.Other parts of dtcpay's payment infrastructure include:<ul><li>Real-time stablecoin-to-fiat conversion</li><li>Merchant payment terminals</li><li>Digital-asset storage</li><li>Stablecoin settlement</li><li>Enterprise payment tools</li></ul>The company has also worked with <a href="https://coin360.com/coin/binance-coin-bnb">BNB</a> Chain on projects designed to bring stablecoin payments into everyday commerce.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Visa Card Connects Stablecoins With Fiat Payments</h2>dtcpay has partnered with Visa on a stablecoin-to-fiat Visa Infinite card.The company said the card supports spending across fiat currencies and stablecoins at more than 150 million merchant locations worldwide.Its merchant expansion has also reached physical businesses in Singapore.According to dtcpay, Metro became the first department store in Singapore to accept stablecoin payments using its infrastructure.Selected hospitality businesses, including Capella Singapore, have also introduced stablecoin payment functionality.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>dtcpay Plans Enterprise and Consumer Expansion</h2>dtcpay intends to use its Series A funding to expand both its products and geographic reach.During the remaining half of 2026, the company plans to launch:<ul><li>A redesigned business portal for enterprise customers</li><li>Additional consumer features in its app</li><li>Infrastructure upgrades</li><li>More merchant integrations</li></ul>dtcpay also plans to deepen relationships with global financial institutions and enter additional regulated markets.Founder and CEO Alice Liu said the financing was intended to accelerate expansion.<blockquote>“We did not raise this round to sustain what we have built. We raised it to fundamentally change how money moves across borders,” Liu said.</blockquote>She said SBI's experience across banking, securities, <a href="https://coin360.com/glossary/blockchain">blockchain</a> and digital assets strengthened dtcpay's expansion strategy.Liu described compliant stablecoin payments as “not a distant vision but an infrastructure being built right now.”She added that support from SBI, Kwee Liong Tek and Genedant Capital gives dtcpay “the capital, the network, and the momentum” to expand.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>dtcpay Chairman Says Next Stage Is About Scale</h2>Group Chairman Band Zhao said dtcpay's next priority is broader deployment.<blockquote>“The next chapter for dtcpay is about scale,” Zhao said.</blockquote>The company plans to strengthen its infrastructure, build more relationships with financial institutions and enter additional regulated markets.Zhao said dtcpay wants stablecoin payments to become easier for businesses and consumers while allowing value to move globally, instantly and compliantly.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>SBI Targets Japan-Southeast Asia Digital Asset Corridor</h2>SBI described its investment as more than a financial transaction.Eiichiro So, CEO of SBI Ven Capital, said dtcpay had made “decisive progress” toward becoming regulated payment infrastructure connecting traditional finance with stablecoins.SBI highlighted dtcpay's:<ul><li>Licensing strategy</li><li>User experience</li><li>Payment infrastructure</li><li>Products for institutions</li><li>Corporate services</li><li>Consumer products</li></ul>So said the investment represents the beginning of a strategic partnership.SBI also tied the deal to its broader effort to develop a digital-asset corridor between Japan and Southeast Asia using trusted and regulated financial infrastructure.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Genedant Backs Stablecoins for Everyday Payments</h2>Genedant Capital CEO Quek How Jiang said the firm sees dtcpay moving beyond specialist crypto payments.<blockquote>“dtcpay is building the regulated infrastructure that will bring stablecoin payments into everyday commerce,” Quek said.</blockquote>Genedant plans to support dtcpay through capital as well as its network of strategic investors, industry executives and institutional relationships.Existing investor Kwee Liong Tek also increased his commitment during the funding round.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Who Invested in dtcpay?</h2>The $25 million Series A brought together several investors with financial and technology backgrounds.Vertex Ventures Southeast Asia &amp; India is part of Vertex Holdings, a wholly owned subsidiary of Temasek Holdings.SBI Group, founded in 1999, operates businesses across:<ul><li>Banking</li><li>Securities</li><li>Insurance</li><li>Asset management</li><li>Digital assets</li><li>Private equity</li><li>Crypto-assets</li></ul>SBI Ven Capital, its Singapore subsidiary, is regulated by the Monetary Authority of Singapore.It manages the SBI-NTU-Kyobo Digital Innovation Fund involved in the dtcpay investment.The fund was established in 2022 by SBI Group, NTUitive and Kyobo Securities to invest in early-stage digital-transformation and digital-platform businesses across Southeast Asia.Genedant Capital is a Singapore-based fund manager licensed by the Monetary Authority of Singapore.It has more than $2 billion in assets under management and advisory and serves accredited investors including family offices and private-wealth clients.Its investments cover areas including:<ul><li>Deep tech</li><li>Healthcare</li><li>Biotechnology</li><li>Artificial intelligence</li><li>Digital infrastructure</li></ul><div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>dtcpay Expands Through Regulated Markets</h2>Licensing is a central part of dtcpay's growth strategy.The company holds a Major Payment Institution license from the Monetary Authority of Singapore and is authorized for six regulated payment services in the country.It also holds an Electronic Money Institution licence in Luxembourg, allowing it to provide regulated payment services across the European Economic Area.dtcpay says it additionally holds licenses or registrations in:<ul><li>Hong Kong</li><li>Australia</li><li>United States</li><li>Canada</li></ul>The company argues that its regulatory-first approach is important for attracting financial institutions and corporations that require licensed infrastructure before moving significant payment activity into stablecoins.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>dtcpay Targets Familiar Stablecoin Payments</h2>dtcpay's broader strategy is to make stablecoins work more like ordinary payment infrastructure.Instead of requiring merchants and customers to manually manage blockchain transfers, custody and asset conversions, the company aims to place those processes behind familiar payment interfaces.Users interact with payment terminals, cards, wallets and business platforms while dtcpay handles stablecoin conversion and settlement underneath.The company received Disruptor of the Year and Fintech of the Year at the 2025 Asia Fintech Awards.Liu also received Fintech Mentor of the Year at the 2025 SFF FinTech Excellence Awards.

dtcpay leads expansion in Singapore with new Series A funding

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SBI Group Backs dtcpay as $25 Million Series A Closes

<h2>Corporate accumulation drops sharply while ETF outflows and weaker capital flows add pressure</h2>TL;DR<ul><li>Corporate Bitcoin treasuries added about 5,900 BTC over the latest three-month period, far below the roughly 89,000 BTC bought in July 2025 alone.</li><li>Glassnode put the aggregate corporate treasury cost basis at $80,500, leaving the cohort underwater with Bitcoin trading below that level.</li><li>U.S. spot Bitcoin ETFs posted $462.7 million in five-day net outflows through Sept. 11 as realized capitalization also began declining.</li></ul><hr>Trade smarter on Jupiter, Solana’s leading DEX built for fast execution and deep liquidity.&nbsp;Swap tokens at competitive rates, route across multiple liquidity sources automatically, and access perpetuals, DCA, and advanced trading tools — all in one place!<div class="raw-html-embed"><div style="box-sizing: inherit; -webkit-tap-highlight-color: white; display: flex; align-items: center; justify-content: center;"><a href="https://jup.ag/?ref=g33ohytogabt" ref="noopener nofollow noreferrer" style="box-sizing: inherit; color: white; text-decoration: none; cursor: pointer; background-color: #4CAF50; padding: 5px 30px; text-align: center; font-size: 16px; margin: 5px 2px; border-radius: 5px;">Trade on Jupiter!</a></div></div><hr>Corporate&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> treasury companies have sharply reduced new purchases while their combined holdings remain underwater, with Glassnode&nbsp;<a href="https://studio.glassnode.com/charts/treasuries.FlowsNetCompanies?a=BTC">placing</a> the cohort’s average entry price at $80,500 and saying recent&nbsp;<a href="https://coin360.com/glossary/accumulation">accumulation</a> has fallen to about 5,900&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">BTC</a> over three months.Glassnode said the roughly 5,900 BTC acquired during the latest period amounted to less than 7% of the approximately 89,000 BTC that listed companies bought in July 2025 alone. Companies accumulated that larger amount while the&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin price</a> was above $100,000, making the recent slowdown notable even though the asset is now trading materially below those levels.A second account of the same three-month accumulation figure attributed the approximately 5,900 BTC total to Coinglass. Both sets of information pointed to the same broad reduction in corporate purchases, but the attribution attached to the figures differed and should be kept separate.<div class="raw-html-embed"><table style="border-collapse: collapse; width: 100%;"> <thead> <tr> <th style="border: 1px solid #fff; padding: 8px; text-align: left; color: #fff;">Metric</th> <th style="border: 1px solid #fff; padding: 8px; text-align: left; color: #fff;">Figure</th> <th style="border: 1px solid #fff; padding: 8px; text-align: left; color: #fff;">Comparison or status</th> </tr> </thead> <tbody> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Recent corporate BTC purchases</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">About 5,900 BTC over three months</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Less than 7% of July 2025 purchases</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">July 2025 corporate BTC purchases</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">About 89,000 BTC</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">More than 15 times the latest three-month total</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Change versus July 2025</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Roughly 93% lower</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Based on 5,900 BTC versus 89,000 BTC</td> </tr> </tbody> </table></div><div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>$80,500 cost basis becomes key threshold</h2>Glassnode said the Corporate Treasury Cost Basis, representing the aggregate average entry level for listed companies holding Bitcoin, stood at $80,500. That level was about 6% above spot when Glassnode made its assessment, leaving the cohort collectively at an unrealized loss.“Their average entry, the Corporate Treasury Cost Basis, sits at $80.5K, about 6% above spot, so the group as a whole is under water,” Glassnode said.Bitcoin made two attempts during 2026 to recover the corporate cost-basis level, according to Glassnode, but neither move resulted in a sustained hold above it. Glassnode said the level could act as overhead supply because holders approaching breakeven may become more willing to reduce exposure.“A buyer that has stopped buying and holds a paper loss is not support,” Glassnode said.Glassnode said a sustained move back above the average entry level would materially change the position of the group. “A reclaim of $80.5K would put the treasuries back in profit and remove one layer of overhead supply; until then their entry is one more ceiling.”The underwater status applies to the aggregate corporate cohort rather than every individual company. The supplied figures do not show broad corporate&nbsp;<a href="https://coin360.com/glossary/liquidation">liquidation</a> of existing Bitcoin holdings; they show a sharp reduction in new purchases alongside unrealized losses on average.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Strategy remains below the broader corporate cost basis</h2>Strategy remains a major exception to the aggregate treasury position because its reported average purchase price sits below the broader corporate benchmark.Strategy holds 845,050 BTC at a reported cost basis of $75,412 per BTC. That average is $5,088 below the $80,500 corporate treasury cost basis.Strategy most recently purchased 4,603 BTC at the end of August 2026, its first Bitcoin acquisition in two months. That purchase alone amounted to roughly 78% of the approximately 5,900 BTC cited as the entire recent corporate accumulation total.<div class="raw-html-embed"><table style="border-collapse: collapse; width: 100%;"> <thead> <tr> <th style="border: 1px solid #fff; padding: 8px; text-align: left; color: #fff;">Strategy metric</th> <th style="border: 1px solid #fff; padding: 8px; text-align: left; color: #fff;">Value</th> </tr> </thead> <tbody> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Bitcoin holdings</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">845,050 BTC</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Reported average cost basis</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">$75,412 per BTC</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Latest purchase</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">4,603 BTC</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Gap versus corporate treasury cost basis</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">$5,088 lower</td> </tr> </tbody> </table></div>Strategy’s position shows why the aggregate treasury cost basis should not be treated as the entry price of every listed holder. Its reported average remains below the broader benchmark even while Glassnode classifies the combined corporate cohort as underwater.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>ETF flows and realized capitalization weaken</h2>Institutional demand through U.S. spot Bitcoin ETFs also weakened during the period covered by the figures. The products recorded $462.7 million in net outflows across the five trading days through Sept. 11, 2026, reversing three consecutive weeks of net inflows.Glassnode characterized the ETF environment as a “market in waiting,” with buyer appetite sensitive to short-term Bitcoin price movements. The weakening ETF flows came as corporate treasury purchases were already running far below their earlier pace.Bitcoin’s realized capitalization also began declining as of Sept. 15, 2026, with the metric standing at approximately $1.069 trillion. The supplied explanation defines realized capitalization as the cumulative value of Bitcoin based on the price at which each unit of supply last moved onchain.Glassnode interpreted the decline as another sign that fresh capital entering Bitcoin had weakened. “A return to positive daily Realized Cap changes would say the buyers are back,” Glassnode said.Glassnode also outlined the opposite scenario: “a run of outflows while price sits under the mean would mean the range’s buyers have started to give up.”<div class="raw-html-embed"><table style="border-collapse: collapse; width: 100%;"> <thead> <tr> <th style="border: 1px solid #fff; padding: 8px; text-align: left; color: #fff;">Demand indicator</th> <th style="border: 1px solid #fff; padding: 8px; text-align: left; color: #fff;">Latest reading</th> <th style="border: 1px solid #fff; padding: 8px; text-align: left; color: #fff;">Timing</th> </tr> </thead> <tbody> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">U.S. spot Bitcoin ETF flows</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">$462.7 million net outflows</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Five trading days through Sept. 11, 2026</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Prior ETF trend</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Three consecutive weeks of net inflows</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Before the latest reversal</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Bitcoin realized capitalization</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Approximately $1.069 trillion</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Declining as of Sept. 15, 2026</td> </tr> </tbody> </table></div>The three demand indicators point in the same direction within the supplied data: corporate treasury purchases have slowed substantially, ETF flows recently turned negative, and realized capitalization has started declining.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Fed raises rates as liquidity backdrop tightens</h2>A separate macro development arrived on Sept. 16, 2026, when the U.S. Federal Reserve enacted its first interest-rate increase since July 2023.Related information accompanying the treasury coverage said the Federal Reserve unanimously raised its benchmark rate by 25 basis points to a target range of 3.75% to 4%. The rate move was presented as a potential start to renewed policy tightening and a more difficult liquidity environment for crypto markets.Corporate treasury conditions therefore entered Sept. 17, 2026, with listed-company accumulation sharply below its earlier pace, the aggregate cohort trading below its average entry level and additional institutional demand indicators showing weaker fresh capital.Glassnode’s $80,500 corporate treasury cost basis remains the central threshold in its framework. A sustained move above that level would return the aggregate cohort to profit, while continued trading below it would leave the group underwater as corporate buying remains subdued.This article has been refined and enhanced by ChatGPT.

Robot tracks underwater corporate treasuries below Glassnode cost basis threshold

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Corporate Bitcoin Treasuries Stay Underwater as Buying Slows

<h2>ZEC Gains as NU7 Vote Sharpens Debate Over Funding and Coinholder Control</h2>TL;DR<ul><li>Zcash holders voted 98.9% to retain Bitcoin-style halvings as part of decisions shaping the NU7 upgrade.</li><li>Participation reached a record 66% of the eligible pool, representing about 2.4 million ZEC.</li><li>ZEC traded as high as $1,488.99 amid whale accumulation, short liquidations and renewed interest in privacy-focused assets.</li><li>Paradigm co-founder Matt Huang supported Zcash's developer-funding model but argued that pure one-coin, one-vote governance could weaken long-term monetary predictability.</li><li>A separate vote delayed a proposed network sustainability mechanism until February 2031 despite advisory groups favoring earlier implementation.</li></ul><hr>Trade smarter on Jupiter, Solana’s leading DEX built for fast execution and deep liquidity.&nbsp;Swap tokens at competitive rates, route across multiple liquidity sources automatically, and access perpetuals, DCA, and advanced trading tools — all in one place!<div class="raw-html-embed"><div style="box-sizing: inherit; -webkit-tap-highlight-color: white; display: flex; align-items: center; justify-content: center;"><a href="https://jup.ag/?ref=g33ohytogabt" ref="noopener nofollow noreferrer" style="box-sizing: inherit; color: white; text-decoration: none; cursor: pointer; background-color: #4CAF50; padding: 5px 30px; text-align: center; font-size: 16px; margin: 5px 2px; border-radius: 5px;">Trade on Jupiter!</a></div></div><hr><a href="https://coin360.com/coin/zcash-zec">Zcash</a> rallied to new highs as holders voted overwhelmingly to preserve its Bitcoin-style halving schedule and decide several parameters for the upcoming <a href="https://z.cash/upgrade/nu7/">NU7 upgrade</a>.ZEC reached as high as $1,488.99 in the latest market snapshot, with the rally coinciding with whale accumulation, short liquidations and renewed demand for privacy-focused cryptocurrencies.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>NU7 Vote Draws Record Participation</h2>Voting participation reached 66% of the eligible ZEC pool, representing about 2.4 million ZEC.Eligibility was based on spendable shielded ZEC held in the Ironwood pool at block 3,459,350 on August 24, 2026.The system used one coin per vote, while encrypted ballots were divided into 16 unlinkable pieces to prevent public disclosure of individual voters or their holdings.Coinholders approved several major decisions:<ul><li>98.9% supported retaining Bitcoin-style halvings</li><li>Block time was set at 25 seconds</li><li>Immediate deprecation of the legacy Sprout pool was approved</li><li>NU7 functionality was limited to features completed by September 30, 2026</li></ul>A separate vote addressed a network sustainability mechanism that would recycle transaction fees to miners.Coinholders voted 96.6% to begin the mechanism in February 2031, while advisory groups favored starting it “as soon as possible.”Shielded Labs, Project Tachyon, Zcash Open Development Lab, the Zcash Foundation and Valar Group ultimately backed the later date, calling it “the most conservative interpretation of the results.”<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>ZEC Rally Accelerates</h2>ZEC traded around $1,467 after a 10% daily gain in one September 18 snapshot before reaching higher levels.Reported whale activity included approximately $18 million in ZEC accumulation by one large holder.Garret Jin also suffered a reported $26 million loss on a ZEC short position as prices climbed.Analyst Ali identified $1,400 as an important momentum level and $1,500 as nearby resistance, while presenting $1,800 as a possible year-end target. Those levels represented analyst scenarios rather than guaranteed price outcomes.The rally also coincided with Paradigm co-founder Matt Huang confirming that the investment firm held ZEC and describing Zcash as a “private complement to Bitcoin.”<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Paradigm Questions Pure Coinholder Governance</h2>Huang supported Zcash's developer-funding model but questioned relying entirely on one-token, one-vote governance.Zcash directs 20% of block rewards to its Dev Fund, which finances software development, security work and ecosystem public goods.Within that allocation:<ul><li>60% goes to a Lockbox</li><li>40% goes to Zcash Community Grants</li><li>The Lockbox was reported to contain about $37 million</li></ul>Huang called an inflation-funded developer mechanism “an elegant mechanism” for maintaining long-term public-goods funding.He added:<blockquote>“We think pure coinvoting governance introduces unpredictability that could limit long-term trust as a monetary asset.”</blockquote>His proposal was not to remove the Dev Fund, but to combine coinholder voting with other governance mechanisms.Naval Ravikant disagreed, comparing tokenholder authority with shareholders controlling a corporation.<blockquote>“Blockchains are markets, not democracies or aristocracies,” Ravikant said.</blockquote>Zcash Open Development Lab founder Josh Swihart broadly echoed concerns about governance while arguing that the network should first define clear outcomes before deciding how much funding they require.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Privacy Demand Supports Zcash Narrative</h2>Privacy advocates also connected ZEC's rally with growing concerns about blockchain surveillance.HashKey senior researcher Tim Sun said “the market is redefining the value of privacy,” while Logos contributor Roxana Nasoi argued that privacy can prevent publicly available financial information from making holders targets.Nasoi also linked growing institutional interest to the August 2026 launch of a Grayscale Zcash ETF, which she said created a new route for institutional exposure.Sun argued that artificial intelligence was lowering the cost of identifying blockchain addresses, counterparties and changes in holdings, strengthening demand for financial confidentiality.Aztec Labs CEO Joe Andrews similarly said:<blockquote>“The world is waking up to the need for on chain privacy.”</blockquote>The rally therefore brought together two separate Zcash narratives: greater demand for privacy technology and an increasingly consequential debate over how a privacy-focused monetary network should govern issuance, developer funding and future protocol changes.

Robot celebrates Zcash rally following successful NU7 governance vote outcome

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Zcash Rally Accelerates as Governance Vote Preserves Bitcoin-Style Halvings

<h2>Tokenized Stocks, Longer Trading Hours and Developer Relief Move Ahead Separately</h2>TL;DR<ul><li>The SEC created a five-year exemption for qualifying venues trading tokenized versions of U.S.-listed shares.</li><li>The agency separately examined longer securities-market trading hours as tokenization changes how markets operate.</li><li>The CFTC expanded conditional no-action treatment for software developers connecting users with regulated derivatives markets.</li><li>The actions followed the <a href="https://coin360.com/news/clarity-act-senate-vote-crypto-prices">Senate's failure to advance the CLARITY Act</a> but do not replace comprehensive federal legislation.</li></ul><hr>Trade smarter on Jupiter, Solana’s leading DEX built for fast execution and deep liquidity.&nbsp;Swap tokens at competitive rates, route across multiple liquidity sources automatically, and access perpetuals, DCA, and advanced trading tools — all in one place!<div class="raw-html-embed"><div style="box-sizing: inherit; -webkit-tap-highlight-color: white; display: flex; align-items: center; justify-content: center;"><a href="https://jup.ag/?ref=g33ohytogabt" ref="noopener nofollow noreferrer" style="box-sizing: inherit; color: white; text-decoration: none; cursor: pointer; background-color: #4CAF50; padding: 5px 30px; text-align: center; font-size: 16px; margin: 5px 2px; border-radius: 5px;">Trade on Jupiter!</a></div></div><hr>The SEC and CFTC advanced separate digital-asset and market-structure initiatives on September 17, 2026, days after the Senate failed to advance the CLARITY Act.The SEC introduced a temporary pathway for tokenized securities and separately considered longer trading hours. The CFTC, meanwhile, expanded regulatory relief for qualifying software developers connecting users with derivatives markets.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>SEC Creates Five-Year Tokenized Stock Exemption</h2>The SEC's <a href="https://www.sec.gov/newsroom/speeches-statements/peirce-slumber-number-innovation-exemption-statement-091726">Innovation Exemption</a> allows approved participants to trade <a href="https://coin360.com/glossary/blockchain">blockchain</a> representations of shares already listed on U.S. exchanges.The exemption runs until September 17, 2031, unless amended earlier.Tokenized shares remain securities and are intended to represent actual shares rather than synthetic copies. They should retain basic shareholder rights, including:<ul><li>Voting rights</li><li>Dividend rights</li><li>Rights to remaining assets during <a href="https://coin360.com/glossary/liquidation">liquidation</a></li></ul>Qualifying securities could trade outside conventional market hours, settle faster and potentially be held in eligible digital wallets.Participation remains permissioned. Operators and users must satisfy applicable regulatory and sanctions requirements.Companies can also block unrelated third parties from tokenizing their shares, while trading in a tokenized security must stop if the underlying stock is halted.Initial offerings and <a href="https://coin360.com/glossary/margin-trading">margin trading</a> are excluded.The SEC also imposed volume limits:<ul><li>Large U.S. stocks: Up to 75 symbols and 0.25% of the previous month's average daily volume</li><li>Less actively traded shares: Up to 250 symbols and 2.5% of average daily volume</li></ul>Operators must publish detailed information at least 30 days before launching.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Exemption Does Not Replace CLARITY Act</h2>The framework reflects a principle also contained in the <a href="https://coin360.com/news/clarity-act-stalls-sec-cftc-crypto-rules">stalled CLARITY Act</a>: putting an existing security on a blockchain does not change its legal status.However, the SEC action does not settle broader questions over which crypto assets fall under SEC or CFTC jurisdiction.It also does not create permanent rules for crypto exchanges, resolve the treatment of <a href="https://coin360.com/glossary/decentralised-finance">DeFi</a>, or address taxation.The separate Digital Asset Tax Certainty Act could affect how <a href="https://coin360.com/glossary/stablecoin">stablecoins</a> used to purchase tokenized securities are treated.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>SEC Considers Longer Trading Hours</h2>About an hour after announcing the exemption, the SEC held a Washington roundtable on expanding securities trading beyond conventional weekday sessions.Chairman Paul Atkins said longer hours could allow investors to respond faster to events.<blockquote>“We're moving of course to a new day — and night,” Atkins said.</blockquote>He also argued tokenization could support real-time inventory management, improve efficiency and reduce settlement failures.Commissioner Hester Peirce noted that “crypto markets certainly don't sleep,” but warned of possible wider spreads, increased volatility, technology risks and reduced human oversight during overnight periods.Atkins said he had asked SEC staff to consider how expanded access could be paired with safeguards against harmful market behavior.The extended-hours discussion remains separate from the tokenized-securities exemption.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>CFTC Expands Relief for Software Developers</h2>The CFTC separately <a href="https://www.theblock.co/news/regulation/2026-09-17-regulators-keep-moving-crypto-cftc-follows-sec-developer-friendly-no-action-stance-415425">issued</a> a no-action position covering qualifying software developers.Under specified conditions, the agency said it would not recommend enforcement action for failing to register as introducing brokers when developers simply connect users with designated contract markets.The approach expanded earlier relief involving <a href="https://coin360.com/review/phantom">Phantom</a>, which had sought to integrate derivatives trading into its software.Developers must satisfy requirements including disclosures and appropriate policies and procedures.A footnote indicated that the framework could apply beyond crypto-related software.Solana Policy Institute General Counsel Patrick Wilson said the move transformed Phantom-specific relief into “a framework that other software providers can build around.”Digital Chamber CEO Cody Carbone said it removed “a major regulatory ambiguity that's chilled software innovation in derivatives markets.”<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Agency Relief Remains Less Durable Than Legislation</h2>The SEC and CFTC actions provide regulatory pathways despite the CLARITY Act setback, but they remain different from enacted federal law.The SEC exemption applies specifically to qualifying tokenized-securities venues. Its trading-hours initiative examines securities-market operating schedules. The CFTC position addresses whether certain software developers face introducing-broker enforcement.CFTC Chair Michael Selig had previously discussed turning the earlier Phantom relief into formal rulemaking, but that process had not been completed by September 17.That leaves the current measures potentially easier for future commissions to modify than finalized regulations or legislation.For the crypto industry, the September actions showed that SEC and CFTC rulemaking could continue even with broader congressional market-structure legislation stalled, though the resulting framework remained narrower and less permanent than statutory reform.

Robot unlocks tokenized stock pathway under SEC exemption framework

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SEC, CFTC Advance Crypto Market Rules After CLARITY Act Setback

<h2>Deal Expands Ratings Company's Digital-Asset Strategy Into Smart-Contract Security</h2>TL;DR<ul><li>S&amp;P Global agreed to acquire OpenZeppelin to expand its digital-asset risk business into smart-contract and onchain security.</li><li>OpenZeppelin's libraries have supported more than $37 trillion in cumulative transfers, while its security work has identified over 10,000 vulnerabilities before production.</li><li>OpenZeppelin will remain a standalone business unit led by co-founder and CEO Demian Brener.</li><li>The deal follows S&amp;P Global's broader expansion across crypto market data, indices, tokenized benchmarks and digital-asset ratings.</li></ul><hr>Trade smarter on Jupiter, Solana’s leading DEX built for fast execution and deep liquidity.&nbsp;Swap tokens at competitive rates, route across multiple liquidity sources automatically, and access perpetuals, DCA, and advanced trading tools — all in one place!<div class="raw-html-embed"><div style="box-sizing: inherit; -webkit-tap-highlight-color: white; display: flex; align-items: center; justify-content: center;"><a href="https://jup.ag/?ref=g33ohytogabt" ref="noopener nofollow noreferrer" style="box-sizing: inherit; color: white; text-decoration: none; cursor: pointer; background-color: #4CAF50; padding: 5px 30px; text-align: center; font-size: 16px; margin: 5px 2px; border-radius: 5px;">Trade on Jupiter!</a></div></div><hr>S&amp;P Global <a href="https://www.prnewswire.com/news-releases/sp-global-announces-agreement-to-acquire-openzeppelin-302881958.html">agreed</a> on September 17, 2026, to acquire smart-contract security company OpenZeppelin, extending its digital-asset strategy from financial-risk analysis into the technology underlying onchain markets.Financial terms were not disclosed, and the transaction remains subject to closing conditions.The acquisition adds <a href="https://coin360.com/glossary/smart-contracts">smart contract</a> security to S&amp;P Global's existing work across <a href="https://coin360.com/glossary/stablecoin">stablecoin</a> assessments, <a href="https://coin360.com/glossary/decentralised-finance">DeFi</a> credit ratings, digital-asset indices and tokenized financial benchmarks.S&amp;P Global said the deal would help it develop “the next generation of onchain security assessments, benchmarks, and deliver essential intelligence as capital markets transition onchain.”<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>OpenZeppelin Adds Smart-Contract Security Expertise</h2>Founded in 2015, OpenZeppelin provides open-source smart-contract libraries, security assessments and secure-development services.Its libraries are widely used across stablecoins, tokenized funds and decentralized-finance applications.S&amp;P Global said contracts using OpenZeppelin libraries have supported more than $37 trillion in cumulative value transferred.That figure represents transfers processed through contracts using the libraries, not assets owned or managed by OpenZeppelin.The company has also completed more than 900 security engagements.Those reviews identified over 10,000 vulnerabilities before affected code entered production, according to S&amp;P Global.OpenZeppelin CEO Demian Brener said:<blockquote>“OpenZeppelin's standards, technology, and expertise already power the infrastructure behind the world's leading stablecoins, tokenized funds, DeFi protocols, and onchain markets.”</blockquote>He said joining S&amp;P Global would extend those capabilities to more traditional institutions, blockchain networks and DeFi protocols.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>OpenZeppelin Will Remain a Standalone Business</h2>OpenZeppelin will continue operating under its existing name after the acquisition closes.Co-founder and CEO Demian Brener will remain in charge, reporting to S&amp;P Global Ratings President Yann Le Pallec.Le Pallec said S&amp;P Global's digital-asset strategy focuses on bringing trusted data, benchmarks and transparent risk assessment into onchain markets.<blockquote>“As digital assets and tokenized markets continue to mature, OpenZeppelin's technology and expertise will complement our smart contract and onchain technology risk assessment capabilities,” he said.</blockquote>The acquisition expands S&amp;P Global's analysis beyond an issuer's financial condition.Smart-contract vulnerabilities can create technology risks even when an issuer has strong reserves or credit characteristics. OpenZeppelin gives S&amp;P Global tools to evaluate that additional layer of <a href="https://coin360.com/glossary/blockchain">blockchain</a> infrastructure.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Deal Builds on S&amp;P Global's Digital-Asset Expansion</h2>S&amp;P Global had already expanded its crypto business across several areas.Its work included stablecoin stability assessments and the first credit rating of a DeFi protocol, <a href="https://coin360.com/coin/sky-sky">Sky</a>.On September 14, 2026, S&amp;P Global also led a strategic investment that expanded crypto market-data company Kaiko's Series B to $110 million.BNP Paribas, Nasdaq Ventures, <a href="https://coin360.com/review/coinbase">Coinbase</a> Ventures and Royal Bank of Canada participated.Earlier in September, S&amp;P Dow Jones Indices and Kaiko launched a co-branded digital-asset index suite.The companies had also tokenized the iBoxx U.S. Treasuries Index in March 2026.Together, those initiatives expanded S&amp;P Global's digital-asset presence across:<ul><li>Market data</li><li>Crypto indices</li><li>Tokenized benchmarks</li><li>Credit ratings</li><li>Stablecoin assessments</li><li>Smart-contract security</li></ul>S&amp;P Global was described as a company valued at roughly $120 billion at the time.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>What the OpenZeppelin Acquisition Means</h2>The OpenZeppelin deal gives S&amp;P Global direct exposure to the security layer supporting onchain financial products.Rather than assessing only financial risks such as reserves, creditworthiness or market performance, S&amp;P Global would also gain expertise in evaluating the code used to issue and manage tokenized assets.OpenZeppelin, meanwhile, gains access to S&amp;P Global's institutional reach while retaining its brand and existing leadership.S&amp;P Global said the transaction is not expected to have a material effect on its financial results.If completed, the acquisition would connect two increasingly important parts of institutional digital assets: financial-risk assessment and the security of the smart contracts on which tokenized markets operate.

Robot secures smart contracts with S&P Global OpenZeppelin acquisition

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S&P Global Agrees to Acquire OpenZeppelin in Onchain Security Push

<h2>Institutional service will begin with major cryptocurrencies and stablecoins before expanding to tokenized assets</h2>TL;DR<ul><li>Deutsche Bank plans to launch digital-asset custody for European corporate and institutional clients before the end of 2026, subject to regulatory clearance.</li><li>The service will initially support Bitcoin, Ether, USDC, EURC and EURAU, with Deutsche Bank managing client wallets and private keys.</li><li>Deutsche Bank spokesperson Heinrich Frömsdorf said the bank expects to receive its MiCA-related custody license in October 2026.</li></ul><hr>Trade smarter on Jupiter, Solana’s leading DEX built for fast execution and deep liquidity.&nbsp;Swap tokens at competitive rates, route across multiple liquidity sources automatically, and access perpetuals, DCA, and advanced trading tools — all in one place!<div class="raw-html-embed"><div style="box-sizing: inherit; -webkit-tap-highlight-color: white; display: flex; align-items: center; justify-content: center;"><a href="https://jup.ag/?ref=g33ohytogabt" ref="noopener nofollow noreferrer" style="box-sizing: inherit; color: white; text-decoration: none; cursor: pointer; background-color: #4CAF50; padding: 5px 30px; text-align: center; font-size: 16px; margin: 5px 2px; border-radius: 5px;">Trade on Jupiter!</a></div></div><hr>Deutsche Bank&nbsp;<a href="https://www.db.com/news/detail/20260916-deutsche-bank-to-launch-digital-asset-custody-solution-for-institutional-and-corporate-clients?language_id=1">plans</a> to launch a digital-asset custody service for corporate and institutional clients in Europe before the end of 2026, subject to regulatory approval, with an expected October 2026 licensing milestone under the European Union’s Markets in Crypto-Assets Regulation, according to Deutsche Bank spokesperson Heinrich Frömsdorf.The bank announced the planned service on September 16, 2026. Deutsche Bank intends to begin serving its first clients after completing the applicable regulatory process, making the offering an announced but not yet operational custody product.Deutsche Bank plans to support five specifically identified digital assets at launch:&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a>,&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ether</a>, Circle’s&nbsp;<a href="https://coin360.com/coin/usd-coin-usdc">USDC</a>,&nbsp;<a href="https://coin360.com/coin/eurc-eurc">EURC</a> and AllUnity EUR, or EURAU. The bank also plans to add custody for tokenized financial instruments at a later stage and said the range of supported assets could expand depending on client demand and its product-approval, risk-management and regulatory processes.Deutsche Bank will manage clients’ digital-asset wallets and&nbsp;<a href="https://coin360.com/glossary/private-key">private keys</a> as part of the service. That structure will allow customers to hold digital assets and transfer them to third parties without having to build and maintain their own institutional custody infrastructure.The initial customer base is expected to include corporates, asset managers, hedge funds, custodians, brokers and sovereign institutions served through Deutsche Bank’s Corporate Bank and Investment Bank divisions.Gerald Podobnik, Co-Head of Corporate Bank at Deutsche Bank, said digital assets are “not a replacement for the traditional financial system” but a complement to existing market infrastructure.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Deutsche Bank outlines custody security architecture</h2>Deutsche Bank said the custody platform will use hardware-based key protection, multi-person approval processes, separate warm- and cold-storage environments, and backup and recovery controls. Selected external technology and infrastructure providers will also manage defined technical components of the system.The custody initiative has been under development for years. Deutsche Bank, founded in 1870, disclosed plans in 2023 to develop crypto custody through a partnership with Taurus after applying for a digital-asset custody license in Germany.September 2023 reporting also identified Taurus as Deutsche Bank’s partner for cryptocurrency custody services aimed at institutional clients. Later reporting about the planned 2026 launch identified Bitpanda and Taurus as participants in the project.Deutsche Bank’s broader digital-asset work has also included&nbsp;<a href="https://coin360.com/glossary/stablecoin">stablecoins</a>. Sabih Behzad, Deutsche Bank’s head of digital assets, said in June 2025 that the bank was considering entering the&nbsp;<a href="https://coin360.com/glossary/stablecoin">stablecoin</a> market, including potentially issuing its own token.The planned custody service will therefore begin with Bitcoin, Ether and selected stablecoins while maintaining a separate roadmap for tokenized financial instruments and possible additions to the supported asset range.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>MiCA shapes rollout as German banks expand crypto services</h2>MiCA reached full enforcement on July 1, 2026, forming the regulatory backdrop for Deutsche Bank’s planned European custody launch.Deutsche Bank is listed by the Financial Stability Board as a Global Systemically Important Bank and has been developing its crypto custody business as other large German financial institutions also move into regulated digital-asset services.Landesbank Baden-<a href="https://coin360.com/coin/wormhole-w">W</a>ürttemberg began offering crypto custody services in April 2024 after partnering with Austria-based Bitpanda for its institutional custody platform.DZ Bank said in December 2025 that it had received authorization from German regulator BaFin under MiCA to operate its meinKrypto platform.Deutsche Bank’s expected licensing milestone would place its planned service alongside those regulated German banking initiatives, while its own offering is designed for a broad institutional customer base and combines bank-managed private keys with external technology infrastructure.This article has been refined and enhanced by ChatGPT.

Deutsche Bank robot prepares crypto custody launch under MiCA framework

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Deutsche Bank Plans European Crypto Custody Launch Pending MiCA Approval

Robot holds SEC and CFTC regulatory documents outside Senate chamber

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CLARITY Act Setback Shifts Crypto Policy Toward Regulators and House Bills

<h2>Attackers Say Crypto-Heavy Customers Were Targeted Through Fraudulent Government Requests</h2>TL;DR<ul><li>Attackers calling themselves Iamnotavillain demanded 6,000 <a href="https://coin360.com/coin/monero-xmr">XMR</a>, worth roughly $3 million, after claiming to have data on about 680 Revolut customers.</li><li>Revolut said its core systems and customer funds were not compromised, describing the incident as a “sophisticated external impersonation scam.”</li><li>The attackers claimed they used a legitimate Italian government email channel to request customer records.</li><li>Crypto-heavy customers were allegedly targeted using blockchain analysis, increasing concerns about identity theft and physical attacks.</li></ul><hr>Trade smarter on Jupiter, Solana’s leading DEX built for fast execution and deep liquidity.&nbsp;Swap tokens at competitive rates, route across multiple liquidity sources automatically, and access perpetuals, DCA, and advanced trading tools — all in one place!<div class="raw-html-embed"><div style="box-sizing: inherit; -webkit-tap-highlight-color: white; display: flex; align-items: center; justify-content: center;"><a href="https://jup.ag/?ref=g33ohytogabt" ref="noopener nofollow noreferrer" style="box-sizing: inherit; color: white; text-decoration: none; cursor: pointer; background-color: #4CAF50; padding: 5px 30px; text-align: center; font-size: 16px; margin: 5px 2px; border-radius: 5px;">Trade on Jupiter!</a></div></div><hr>Attackers claiming responsibility for a <a href="https://coin360.com/news/revolut-data-breach-10000-btc-ransom">Revolut customer-data incident</a> demanded 6,000 <a href="https://coin360.com/coin/monero-xmr">Monero</a>, valued at roughly $3 million, after saying they obtained information on about 680 customers.Revolut said its core systems were not breached and customer funds were not compromised. Instead, the company said an unauthorized party submitted fraudulent information requests using an email account associated with a legitimate government agency.Revolut described the incident as a “sophisticated external impersonation scam.”<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Attackers Allegedly Posed as Italian Officials</h2>The group, calling itself Iamnotavillain, <a href="https://www.ft.com/content/d1f2c9bd-26ce-4e87-9da4-fe0238bd531d">told</a> Financial Times reporters that it posed as Italian law-enforcement officials for months.The attackers claimed Revolut responded to requests for specific customers, allowing them to collect information including:<ul><li>Names and home addresses</li><li>Dates of birth and phone numbers</li><li>Passport and driver's-license copies</li><li>Verification selfies and KYC records</li><li>Account IDs and IBANs</li><li>Bank statements</li><li>Fiat transfers</li><li>Crypto deposits and withdrawals</li><li>Transaction histories</li></ul>Revolut confirmed that fraudulent requests came through an email account linked to a legitimate government-agency domain but did not confirm the attackers' claim that they had hacked an Italian government email system.The requests allegedly used Italy's Posta Elettronica Certificata, or PEC, certified-email system.Valid domain credentials could show that messages originated from the government domain without proving that the person operating the account was an authorized official.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Crypto Users Were Allegedly Targeted</h2>Iamnotavillain said the victims were deliberately selected.The group claimed it used <a href="https://coin360.com/glossary/blockchain">blockchain</a> analysis to identify Revolut customers with substantial cryptocurrency activity before requesting their records by name.Reporting placed affected customers across 31 countries, with many in Switzerland and France.Onchain investigator ZachXBT <a href="https://t.me/investigations/363">said</a>:<blockquote>“While the incident is likely limited in size it seems to have been targeted at high net worth users.”</blockquote>Former Mt. Gox executive Mark Karpelès also said he was affected and shared a Revolut notification indicating that information involving <a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> transactions had been disclosed.Revolut characterized the number of affected customers as “limited” and did not confirm the attackers' estimate of roughly 680 files.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Attackers Demand 6,000 XMR</h2>Revolut disclosed the impersonation incident on September 12, 2026, saying it had blocked the fraudulent channel and notified the relevant government agency, regulators and law enforcement.On September 16, Iamnotavillain posted a public ultimatum demanding 6,000 XMR and giving Revolut 24 hours to respond.The group threatened to sell the customer records to other criminals if payment was not made.Reuters reported that Revolut had received no direct ransom demand or communication from the attackers at the time of its reporting.An earlier 10,000 BTC demand circulated through Telegram, but Iamnotavillain later said it came from an impersonator or former associate.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Leaked KYC Data Raises Physical-Security Risks</h2>The incident presents particular risks for crypto users because leaked identity information can potentially connect blockchain activity with real names and physical addresses.Chainalysis said violent crypto crimes are often premeditated, with victims potentially identified through leaked databases, social media, blockchain analysis or insider information.The firm estimated that more than $30 million had been stolen in violent “wrench attacks” by mid-2026, while noting that many incidents likely go unreported.CertiK data showed 52 verified physical crypto attacks during the first half of 2026, including 33 in France. Home invasions rose from one case in H1 2025 to 20 in H1 2026.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Revolut Incident Highlights Authentication Risk</h2>Revolut said the incident did not involve penetration of its core banking infrastructure.Instead, it exposed a different security weakness: attackers allegedly exploited a trusted channel used for official information requests.For centralized financial platforms holding extensive KYC and transaction records, that distinction matters.The incident showed that sensitive crypto customer data can be exposed without hackers directly breaching a company's core systems if attackers successfully impersonate trusted authorities and bypass the processes used to authenticate official requests.

Revolut robot discovers fraudulent government data request during breach investigation

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Revolut Data Breach Leads to 6,000 XMR Extortion Demand

Circle robot installs USDC token validator in institutional banking vault.

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Circle Launches Arc Mainnet With BlackRock, Visa and Institutional Validators

<h2>Bank Links ARB Forecast to Robinhood Chain, Tokenization and Arbitrum's Expanding Fee Model</h2>TL;DR<ul><li>Standard Chartered initiated coverage of <a href="https://coin360.com/coin/arbitrum-arb">Arbitrum</a> with a $10 ARB price target for end-2030, representing roughly 70-fold upside from its price at the time.</li><li>The bank expects external chains using Arbitrum technology to generate recurring revenue through the Arbitrum Expansion Program.</li><li>Robinhood Chain is the first major institutional example supporting that thesis, with Arbitrum receiving 10% of its net protocol revenue.</li><li>Slower tokenization, competing blockchains and ARB's limited direct value-accrual mechanism remain key risks.</li></ul><hr>Trade smarter on Jupiter, Solana’s leading DEX built for fast execution and deep liquidity.&nbsp;Swap tokens at competitive rates, route across multiple liquidity sources automatically, and access perpetuals, DCA, and advanced trading tools — all in one place!<div class="raw-html-embed"><div style="box-sizing: inherit; -webkit-tap-highlight-color: white; display: flex; align-items: center; justify-content: center;"><a href="https://jup.ag/?ref=g33ohytogabt" ref="noopener nofollow noreferrer" style="box-sizing: inherit; color: white; text-decoration: none; cursor: pointer; background-color: #4CAF50; padding: 5px 30px; text-align: center; font-size: 16px; margin: 5px 2px; border-radius: 5px;">Trade on Jupiter!</a></div></div><hr>Standard Chartered initiated coverage of <a href="https://coin360.com/coin/arbitrum-arb">Arbitrum</a>'s ARB token on September 15, 2026, setting a <a href="https://www.theblock.co/news/markets/2026-09-15-standard-chartered-sees-arbitrum-at-10-by-end-2030-up-70-fold-414821">$10 target</a> for the end of 2030.The target represented roughly 70-fold upside from ARB's price when the forecast was published.Geoff Kendrick, Standard Chartered's global head of digital-assets research, said the <a href="https://coin360.com/coin/ethereum-eth">Ethereum</a> Layer 2 could benefit as financial institutions move assets and infrastructure onchain.The bank projected:<ul><li>2026: $0.50</li><li>2027: $1.50</li><li>2028: $3.50</li><li>2029: $6.50</li><li>2030: $10</li></ul>Standard Chartered also projected <a href="https://coin360.com/coin/ethereum-eth">Ether</a> at $4,000 by end-2026 and $40,000 by end-2030, while its <a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> targets were $100,000 and $500,000, respectively.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Robinhood Chain Supports Arbitrum Revenue Thesis</h2>A central part of Standard Chartered's forecast is Arbitrum's ability to generate revenue from external networks using its technology.Under the Arbitrum Expansion Program, or AEP, Arbitrum receives 10% of net protocol revenue from participating chains.Kendrick said:<blockquote>“We see digital assets transitioning from a state where revenue is not yet relevant to one where revenue is critical – Arbitrum’s business model is heavily focused on revenue, and as such, the ARB token should benefit.”</blockquote>Robinhood Chain became a major example after launching with Arbitrum technology on July 1, 2026.Standard Chartered estimated Arbitrum could receive approximately $5 million in AEP fees during September at <a href="https://coin360.com/news/robinhood-chain-revenue-memecoin-trading">Robinhood Chain's prevailing revenue rate</a>.Robinhood Chain averaged about $2.8 million in daily fee revenue during the first two weeks of September. Arbitrum's total monthly revenue was running at more than five times its pre-launch level.Kendrick said Robinhood Chain's performance increased the probability that other traditional financial companies would choose Arbitrum infrastructure.The bank's valuation thesis therefore depends on both rising AEP revenue and investors potentially assigning ARB a higher valuation multiple.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Tokenization Could Expand Institutional Demand</h2>Tokenization forms another major part of the forecast.Standard Chartered projected that tokenized assets could increase from approximately $340 billion to $4 trillion by the end of 2028, including about $750 billion in tokenized equities.A separate measure cited alongside the forecast placed tokenized <a href="https://coin360.com/glossary/rwa-crypto-assets">real-world assets</a> at nearly $39 billion. The two figures covered different market definitions.The bank expects growth in tokenized securities and other financial assets to encourage banks, brokerages and financial institutions to operate their own <a href="https://coin360.com/glossary/blockchain">blockchain</a> networks.If those companies build using Arbitrum's technology, AEP fees could connect activity on external institutional chains to Arbitrum's revenue.The Depository Trust &amp; Clearing Corporation's work involving tokenized equities was also cited as part of that broader institutional trend.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Standard Chartered Identifies Key Risks</h2>The bank's $10 ARB forecast depends on several assumptions that may not materialize.Kendrick identified slower-than-expected tokenization and “more competition from alternate blockchains” as major risks.Competing networks could attract institutional deployments even if tokenization grows as projected.ARB's value-accrual structure is another concern. Higher Arbitrum ecosystem revenue does not automatically mean revenue flows directly to ARB holders.The forecast therefore assumes stronger network economics will eventually translate into a higher market valuation for the token.Regulatory uncertainty also remained a factor, including unresolved U.S. rules governing digital assets and tokenized securities and the stalled CLARITY Act.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>What Standard Chartered's ARB Forecast Depends On</h2>Standard Chartered's ARB call is a multiyear adoption and revenue thesis rather than a short-term price forecast.For its $10 end-2030 target to materialize, the bank's model assumes tokenization expands substantially, more financial institutions deploy Arbitrum-based chains, AEP revenue grows and ARB receives a higher valuation as the ecosystem's economics strengthen.Robinhood Chain provides an early example of that model, but its long-term success depends on whether additional institutional chains follow and whether growing Arbitrum revenue ultimately creates greater value for ARB itself.

Robot reviews Standard Chartered $10 target forecast for Arbitrum token

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Standard Chartered Sets $10 Arbitrum Target as Institutional Chain Revenue Grows

<h2>Two crypto businesses outline separate wind-down plans amid financial, security and compliance pressures</h2>TL;DR<ul><li>Balancer is asking BAL holders to approve an orderly protocol shutdown and distribute at least $9 million in treasury assets through token redemptions.</li><li>CoinEx announced it will close after nine years, citing weaker market conditions, declining liquidity and increasing security and compliance risks.</li><li>Both plans use extended withdrawal or redemption periods rather than immediate closures, with some final claims extending into 2028.</li></ul><hr>Trade smarter on Jupiter, Solana’s leading DEX built for fast execution and deep liquidity.&nbsp;Swap tokens at competitive rates, route across multiple liquidity sources automatically, and access perpetuals, DCA, and advanced trading tools — all in one place!<div class="raw-html-embed"><div style="box-sizing: inherit; -webkit-tap-highlight-color: white; display: flex; align-items: center; justify-content: center;"><a href="https://jup.ag/?ref=g33ohytogabt" ref="noopener nofollow noreferrer" style="box-sizing: inherit; color: white; text-decoration: none; cursor: pointer; background-color: #4CAF50; padding: 5px 30px; text-align: center; font-size: 16px; margin: 5px 2px; border-radius: 5px;">Trade on Jupiter!</a></div></div><hr><a href="https://coin360.com/coin/balancer-bal">Balancer</a> has proposed winding down its decentralized finance protocol and returning its remaining treasury to&nbsp;<a href="https://coin360.com/coin/balancer-bal">BAL</a> holders, while crypto exchange CoinEx separately announced that it will shut down after nine years of operation. Balancer’s plan remains subject to governance approval, with a Snapshot vote expected from September 25 through September 29, 2026, while CoinEx began its closure process on September 15, 2026.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Balancer Seeks Approval for an Orderly Protocol Wind-Down</h2>Balancer’s&nbsp;<a href="https://forum.balancer.fi/t/bip-xxx-orderly-winddown-of-balancer-and-distribution-of-the-treasury/7107">proposal</a> was posted by Marcus Hardt, a treasury council member and former Balancer Labs CEO, and would end new business development, move the protocol through a phased shutdown and close the&nbsp;<a href="https://coin360.com/coin/dao-maker-dao">DAO</a> as fully as possible from a legal and practical standpoint. The plan would cancel a previously approved BAL token buyback program and replace it with a direct redemption process that allows eligible holders to burn BAL and receive a proportional share of treasury assets.Balancer’s treasury currently contains at least $9 million worth of tokens. Assets would be distributed in kind rather than being converted into a single asset before distribution. Additional assets held in other DAO wallets and positions would first be identified and brought into the treasury inventory. BAL already held by the treasury generally would not participate in the redemption, although the proposal includes an exception involving tetuBAL, a liquid&nbsp;<a href="https://coin360.com/glossary/DeFi-Staking">staking</a> wrapper token.Hardt framed the proposal as the end result of an earlier attempt to put Balancer on a sustainable footing. “Balancer tried.” He said BAL holders had approved a restructuring plan in April 2026 designed to bring the protocol to profitability through a leaner operating model.Hardt summarized that earlier plan directly: “In April, token holders approved a plan to take the protocol to profitability on a restructured base: costs cut, emissions ended, the token model simplified, protocol revenue routed to the DAO, growth expected from v3.”Some parts of that restructuring effort gained traction, according to Hardt, but they did not produce sustained revenue growth. The proposed wind-down would therefore replace efforts to continue operating the protocol with a staged process focused on withdrawals and treasury distribution.If BAL holders approve the proposal, Balancer pools would move into withdrawals-only mode on October 30, 2026, while contributor notice would continue through October 31, 2026. Balancer has said nothing changes before the governance vote.The first treasury-redemption window would begin at the end of May 2027 and remain open for six months. Eligible BAL holders participating in that window would burn their tokens and receive their proportional share of the treasury.After that first window closes, participating addresses would receive a second-round&nbsp;<a href="https://coin360.com/glossary/airdrop">airdrop</a> within two months. That distribution would include unused wind-down funds, assets or revenues received after the initial distribution and shares corresponding to BAL that was not redeemed during the first window.A final sweep would occur six months later, distributing additional assets or inflows remaining after the earlier stages of the wind-down.The proposal follows a series of setbacks for Balancer. Balancer Labs, the protocol’s corporate entity, ceased operations roughly six months before the September proposal after citing fallout from an exploit.That exploit occurred on November 3, 2025, draining approximately $128 million from Balancer v2 pools across multiple&nbsp;<a href="https://coin360.com/glossary/blockchain">blockchain</a> networks. Balancer later moved through the restructuring approved the following spring before governance began considering a full protocol sunset.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>CoinEx Sets Withdrawal Deadlines as Exchange Prepares to Close</h2>CoinEx separately&nbsp;<a href="https://www.coinex.com/en/announcements/detail/53539656293908">announced</a> on September 15, 2026 that it would close after nine years of operation, citing a prolonged crypto market downturn, shrinking industry trading volume, deteriorating liquidity, higher regulatory requirements and increasing compliance costs.The Seychelles-based exchange stopped accepting new user registrations on the day of the announcement. Most exchange services are scheduled to end on September 29, 2026, while withdrawals will remain available until December 22, 2026.Assets left on CoinEx after regular exchange services end may be sold into&nbsp;<a href="https://coin360.com/coin/tether-usdt">USDT</a>. After the withdrawal deadline, remaining USDT will be transferred into independent custody.That custody arrangement will charge 5% of the original balance every month, creating an ongoing cost for users whose funds remain there. Customers whose assets enter independent custody will have until August 22, 2028 to submit custody claims.CoinEx Founder and CEO Haipo Yang said the closure followed a broader reassessment of the risks involved in continuing to operate the exchange. “After much reflection, I have come to accept a hard truth.”Yang identified security and compliance pressures as central to the decision. “The security and compliance risks of running a crypto exchange have become increasingly difficult to contain.”Yang said he had seriously considered selling CoinEx rather than closing it, but ultimately chose what he called a “clean ending.”Reflecting on the exchange’s history, Yang said: “Nine years, millions of users. I did not turn CoinEx into the ‘great’ exchange I once hoped it would become.”He said the shutdown would instead focus on returning customer assets and managing the departure of employees. “But I can give it a decent ending: making sure users can withdraw their assets in full, giving my employees a dignified farewell.”CoinEx said it had served users across more than 200 countries and regions during its operating history. The exchange had already exited the U.S. market in 2023 after a legal dispute with the New York attorney general, which accused CoinEx of operating without proper registration. CoinEx settled the lawsuit and left the U.S. market.Earlier in 2026, TRM Labs alleged that CoinEx had processed more than $3.8 billion in flows linked to Iranian entities since 2019. TRM Labs said the activity included flows linked to Nobitex and other sanctioned counterparties. The figure was an allegation by TRM Labs and not an admission by CoinEx.CoinEx characterized its shutdown as the cumulative result of weakening market conditions, falling volumes and liquidity, security exposure, greater regulatory requirements and rising compliance costs rather than as the result of a single hack or insolvency.This article has been refined and enhanced by ChatGPT.

Robot faces market liquidity challenges closing Balancer and CoinEx

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Balancer Proposes Shutdown as CoinEx Announces Closure After Nine Years

<h2>Ethics Fight Over Trump Crypto Interests Derails Procedural Vote</h2>TL;DR<ul><li>The Senate failed to advance the <a href="https://coin360.com/news/clarity-act-senate-vote">Digital Asset Market Clarity Act</a> on September 15, 2026.</li><li>The procedural motion required 60 votes but fell short after months of negotiations.</li><li>Democratic objections centered on ethics rules covering President Donald Trump’s crypto interests.</li><li>Banking, stablecoin, DeFi and national-security provisions also remained under dispute.</li><li>Bitcoin, Ethereum, Solana and XRP traded lower around the vote as Treasury yields rose ahead of a Federal Reserve decision.</li></ul><hr>Trade smarter on Jupiter, Solana’s leading DEX built for fast execution and deep liquidity.&nbsp;Swap tokens at competitive rates, route across multiple liquidity sources automatically, and access perpetuals, DCA, and advanced trading tools — all in one place!<div class="raw-html-embed"><div style="box-sizing: inherit; -webkit-tap-highlight-color: white; display: flex; align-items: center; justify-content: center;"><a href="https://jup.ag/?ref=g33ohytogabt" ref="noopener nofollow noreferrer" style="box-sizing: inherit; color: white; text-decoration: none; cursor: pointer; background-color: #4CAF50; padding: 5px 30px; text-align: center; font-size: 16px; margin: 5px 2px; border-radius: 5px;">Trade on Jupiter!</a></div></div><hr>The U.S. Senate failed on September 15, 2026, to advance the Digital Asset Market Clarity Act, halting an attempt to move the proposed federal crypto market structure framework into formal debate.The vote concerned cloture on the motion to proceed, not final passage of the legislation. The motion <a href="https://coin360.com/news/clarity-act-senate-vote-final-draft">required 60 votes</a>.A preliminary count during the vote showed 39 senators in favor and 36 against. A later <a href="https://x.com/Cointelegraph/status/2099950337616392528">completed tally</a> showed 49-50.Despite the conflicting counts, the outcome was clear: the legislation did not reach the threshold needed to advance.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>What Would the CLARITY Act Do?</h2>The legislation, H.R. 3633, is designed to establish a federal market structure for digital assets.It would create separate categories for:<ul><li>Digital commodities: Assets whose value is mainly tied to the use and operation of a <a href="https://coin360.com/glossary/blockchain">blockchain</a> network.</li><li>Digital securities: Assets linked to investment contracts or centralized development and control.</li></ul>Under the proposed framework:<ul><li>The Commodity Futures Trading Commission would oversee digital commodities.</li><li>The Securities and Exchange Commission would retain authority over digital securities.</li></ul>The House passed the bill in July 2025 by 294 votes to 134.The Senate Banking Committee later approved its version 15-9 on May 14, 2026.Even if the September cloture vote had succeeded, the CLARITY Act would not have immediately become law. Senators would still have needed to debate amendments, hold a final Senate vote and reconcile any differences with the House version.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Ethics Dispute Becomes Main Obstacle</h2>One of the biggest disputes involved restrictions on federal officials' crypto interests.Negotiations had stalled before the August 2026 recess as Democrats sought tighter ethics rules.The debate became particularly significant because President Donald Trump and his family had crypto-related businesses and reported financial interests, including holdings connected to <a href="https://coin360.com/coin/world-liberty-financial-worldlibertyfinancial-com-wlfi">World Liberty Financial</a> and the <a href="https://coin360.com/coin/official-trump-trump">TRUMP</a> memecoin.Those interests were valued in the hundreds of millions of dollars.Republicans released heavily revised legislative text on September 13 and 14 following negotiations with Democrats.Sen. Cynthia Lummis, R-Wyo., the bill's lead architect, said Democrats had secured 126 concessions and had written more than half of the 635-page bill.Republican negotiators likewise said the final version contained 126 substantive Democratic changes.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Revised Ethics Rules Fail to Win Democratic Support</h2>The updated text strengthened restrictions covering certain federal officials, judges and their spouses.Covered holdings would need to be:<ul><li>Divested, or</li><li>Placed in blind trusts</li></ul>Officials would also face limits on issuing or sponsoring certain crypto tokens.Another provision required public officials to divest a “significant financial interest” or place it in a blind trust.Republicans also expanded the role of state attorneys general in enforcement, another change requested by Democrats.However, Democrats argued that the ethics provisions remained too narrow.One concern was that the Justice Department would ultimately decide whether to pursue enforcement involving the president.Democrats submitted another counterproposal on Monday night seeking broader restrictions covering Trump's crypto interests and those of his children.The proposal included a requirement that officials holding a “very large interest in a crypto company” sell the position rather than simply place it in a blind trust.Lummis rejected the counterproposal before the vote and had described the Senate decision as “now or never” because of the shrinking legislative calendar.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Key Democrats Vote Against Advancing the Bill</h2>Several Democrats who had been viewed as possible supporters ultimately opposed the procedural motion.They included:<ul><li>Kirsten Gillibrand</li><li>Catherine Cortez Masto</li><li>Angela Alsobrooks</li><li>Cory Booker</li><li>Mark Warner</li></ul>Warner said lawmakers had made progress on several other disputes but had not resolved the ethics issue.<blockquote>“We got close to resolving some of the toughest outstanding issues around law enforcement and national security, but ultimately, the failure to <a href="https://coin360.com/glossary/wallet-address">address</a> this fundamental conflict of interest made it impossible for me to support moving forward,” Warner said. “That is why I voted no today.”</blockquote>Sen. Elizabeth Warren had also outlined what she viewed as gaps in the ethics provisions.Sen. Raphael Warnock opposed advancement without stronger rules addressing corruption concerns.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Republican Support Was Also Uncertain</h2>The bill did not have uniform Republican support either.Republicans held 53 Senate seats, so even unanimous GOP backing would have required at least seven additional votes.Another assessment indicated supporters effectively needed at least a dozen Democrats because several Republicans were uncertain or opposed.Sen. Susan Collins described the bill as a “moving target” and said she needed more time to study its more than 600 pages and recently added ethics rules.She also raised concerns about possible deposit losses at community banks.Collins became the seventh Republican identified as raising community-bank-related concerns.Sen. John Curtis supported cloture but said he would oppose final passage without further changes.Sen. John Cornyn was still considering his position before the Senate action.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Stablecoins and Banks Add Another Dispute</h2>Ethics was not the only unresolved issue.Banking groups objected to provisions affecting <a href="https://coin360.com/glossary/stablecoin">stablecoins</a> and crypto platforms offering yield or reward products.Banks argued that stablecoin rewards could compete with traditional deposits and reduce funding available for lending.Crypto industry representatives and White House officials disputed those concerns.Republicans revised the bill to address banking-industry objections, but banking groups continued opposing parts of the package.The final text also added provisions covering “non-decentralized finance protocols.”Updated language addressed circumstances under which such protocols could fall under CFTC oversight.Illicit-finance and national-security rules remained part of the negotiations as well.Warner said lawmakers had come close to resolving some of those issues before the ethics dispute prevented him from supporting advancement.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>SEC and CFTC Continue Acting Without Congress</h2>Federal regulators were already pursuing crypto policy separately.On March 17, the SEC and CFTC issued a joint interpretation classifying 16 crypto assets as digital commodities, including:<ul><li><a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a></li><li><a href="https://coin360.com/coin/ethereum-eth">Ethereum</a></li><li><a href="https://coin360.com/coin/solana-sol">Solana</a></li><li><a href="https://coin360.com/coin/xrp-xrp">XRP</a></li></ul>The CLARITY Act would go further by placing the regulatory structure into federal law rather than relying mainly on agency action.Crypto market analyst Ted Pillows said failure to advance the bill would push the process into 2027 and noted that the SEC and CFTC intended to continue issuing rules under existing authority.Grayscale likewise said regulators were continuing their digital-asset work.SEC Chair Paul Atkins urged lawmakers to advance legislation but said the agency would continue acting regardless.<blockquote>“But let me be equally clear: with or without that legislation, this Administration will deliver for American investors and technological innovators—which is immensely important to our markets and to those who participate in them,” Atkins said.</blockquote><div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Crypto Prices Fall Around Senate Vote</h2>Crypto markets moved lower around the Senate vote, although political developments were not the only source of pressure.Treasury yields were also rising ahead of the Federal Reserve's Wednesday decision.Bitcoin had approached $80,000 earlier in the week and reached roughly $79,600 on Monday as traders increased bets that lawmakers could reach a deal.Political uncertainty pushed Bitcoin below $77,000 before the vote. It later moved toward $76,000, while Ethereum fell below $2,400.U.S. equities were also declining as Treasury yields rose.Markets were pricing a high probability of a quarter-point Federal Reserve rate increase, creating another source of pressure.Because both developments occurred around the same time, the crypto sell-off cannot be attributed solely to the failed Senate vote.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>CLARITY Act Faces a Tighter Calendar</h2>The Senate could hold another procedural vote if lawmakers reached an agreement and leadership found enough floor time.However, the November 2026 midterm elections created a compressed legislative calendar.House action would also be necessary if the Senate eventually passed revised legislation.The House had canceled its final two weeks of September, pushing any subsequent House consideration until after the elections under the timetable described at the time.The failed vote therefore left the crypto industry without a comprehensive federal statute dividing market oversight between the SEC and CFTC.Agency rulemaking could continue independently, but the CLARITY Act was intended to give the framework greater permanence through legislation.The bill's next path depended on whether lawmakers could bridge remaining disputes over ethics, stablecoin rewards, banking, DeFi, national security and federal regulatory authority before the legislative calendar tightened further.

Robot stands outside Capitol as Senate blocks CLARITY Act

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Senate Blocks CLARITY Act as Crypto Market Pulls Back

<h2>Prosecutors Say Employees Used Confidential Listing Information to Trade Hyperliquid Perpetual Futures</h2>TL;DR<ul><li>Federal prosecutors charged two Robinhood engineers with commodities fraud and wire fraud over alleged trades made before Robinhood Crypto token listings were announced.</li><li>Prosecutors allege the employees used confidential listing information to trade perpetual futures on Hyperliquid and earned more than $50,000 each.</li><li>The case applies commodities law to alleged insider trading conducted through crypto derivatives rather than purchases of the underlying tokens.</li></ul><hr>Trade smarter on Jupiter, Solana’s leading DEX built for fast execution and deep liquidity.&nbsp;Swap tokens at competitive rates, route across multiple liquidity sources automatically, and access perpetuals, DCA, and advanced trading tools — all in one place!<div class="raw-html-embed"><div style="box-sizing: inherit; -webkit-tap-highlight-color: white; display: flex; align-items: center; justify-content: center;"><a href="https://jup.ag/?ref=g33ohytogabt" ref="noopener nofollow noreferrer" style="box-sizing: inherit; color: white; text-decoration: none; cursor: pointer; background-color: #4CAF50; padding: 5px 30px; text-align: center; font-size: 16px; margin: 5px 2px; border-radius: 5px;">Trade on Jupiter!</a></div></div><hr>Federal prosecutors on September 15, 2026,&nbsp;<a href="https://www.justice.gov/usao-sdny/pr/two-robinhood-employees-charged-fraud">charged</a> two Robinhood engineers with commodities fraud and wire fraud, alleging they used confidential information about upcoming Robinhood Crypto token listings to trade related&nbsp;<a href="https://coin360.com/glossary/perpetual-futures">perpetual futures</a> on&nbsp;<a href="https://coin360.com/review/hyperliquid">Hyperliquid</a> before the listings were publicly announced. Prosecutors allege each employee generated more than $50,000 from the scheme, which involved derivatives rather than direct purchases of the cryptocurrencies Robinhood planned to list.The defendants are Hefu Chai, 36, and Huaisong “Jerry” Xiang, 30, both Robinhood engineers. Each was charged with one count of commodities fraud under the Commodity Exchange Act and one count of wire fraud. Prosecutors allege their positions gave them access to confidential, nonpublic information identifying cryptocurrencies that Robinhood Crypto planned to list.According to prosecutors, Chai and Xiang misappropriated that information and used it “for their own benefit,” establishing positions in Hyperliquid perpetual futures before Robinhood publicly announced the relevant token listings. The alleged conduct occurred repeatedly between 2025 and 2026 rather than as a single trade.The alleged sequence centered on information obtained through the defendants’ employment. Prosecutors said the engineers learned that particular cryptocurrencies were scheduled for Robinhood Crypto listings, established related perpetual-futures positions before those announcements became public and then profited from subsequent market movements associated with the listings.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Perpetual Futures Put Commodities Law at Center of Case</h2>The choice of trading instrument is central to the charges. Prosecutors allege Chai and Xiang did not simply purchase cryptocurrencies ahead of Robinhood listings. Instead, they traded perpetual futures linked to those assets on Hyperliquid, allowing the government to bring a commodities-fraud charge alongside wire fraud.A perpetual future, commonly called a perp, allows a&nbsp;<a href="https://coin360.com/exchange/altcoin-trader">trader</a> to speculate on an asset’s price direction without necessarily owning the underlying asset. The contracts can permit&nbsp;<a href="https://coin360.com/glossary/leverage">leverage</a> and do not have an expiration date.Jamie McDonald, United States Attorney for the Southern District of New York, said, “Misappropriating confidential information to trade in the derivatives markets for personal benefit is illegal.”McDonald also said, “Today’s charges make clear that corporate insiders cannot evade the securities and commodities laws by trading based on misappropriated information in derivatives like perpetual futures, tokenized securities, or other similar financial instruments.”The government’s theory focuses on alleged misuse of confidential corporate information even though the information concerned Robinhood Crypto spot-token listings and the trades were expressed through derivatives elsewhere. Prosecutors are therefore pursuing the alleged conduct under the Commodity Exchange Act rather than limiting the case to direct trading in the underlying cryptocurrencies.Robinhood cooperated with the federal investigation. The allegations concern the personal conduct of the two employees rather than participation by Robinhood itself in the alleged scheme.The commodities-fraud count carries a maximum potential prison sentence of 10 years, while the wire-fraud count carries a maximum potential sentence of 20 years. Those figures are statutory maximums rather than predetermined sentences. Chai and Xiang have been charged but have not been described as convicted, as having pleaded guilty or as having admitted wrongdoing.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Earlier Crypto Listing Case Provides Enforcement Precedent</h2>Federal prosecutors previously brought a cryptocurrency insider-trading case in 2022, when the Justice Department charged three people in what authorities described at the time as the first cryptocurrency insider-trading tipping scheme.That case involved former&nbsp;<a href="https://coin360.com/review/coinbase">Coinbase</a> product manager Ishan Wahi, who was accused of sharing confidential information about upcoming token listings with his brother and a friend so they could trade before the information became public. Wahi later pleaded guilty to wire fraud conspiracy.The Robinhood case differs in the way prosecutors say the confidential information was monetized. The earlier matter involved trades in underlying cryptocurrencies, while Chai and Xiang are accused of using advance listing information to trade perpetual futures linked to those assets.McDonald’s reference to perpetual futures, tokenized securities and other similar financial instruments places the alleged conduct within a broader enforcement position: prosecutors contend that employees cannot avoid securities or commodities laws by shifting information-driven trades into a different financial instrument.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Separate Hyperliquid Trade Shows Scale of Leveraged Positions</h2>A separate Hyperliquid episode from October 2025 involved a trader who opened&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> and&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ether</a> short positions shortly before President Donald Trump announced 100% tariffs on China. The episode is unrelated to Chai, Xiang, Robinhood or the alleged listing scheme.That trader reportedly generated approximately $150 million to $200 million from the positions and was subsequently linked to former BitForex CEO Garrett Jin. Jin denied having insider information or connections to the Trump family.The Robinhood allegations involve a different scale and set of facts, with prosecutors accusing two employees of using information obtained through their employment to position in derivatives before corporate listing announcements. The alleged information source was Robinhood, while the trades themselves were made through Hyperliquid perpetual futures.The charges extend the listing-information issue across different parts of the crypto market: confidential decisions allegedly originated inside a U.S. brokerage business, while the positions used to monetize that information were placed on a decentralized derivatives venue. Prosecutors allege that the defendants’ informational advantage came from their Robinhood roles and was converted into trading gains before the listing information became public.This article has been refined and enhanced by ChatGPT.

Robot trades perpetual futures using confidential Robinhood Crypto listing data

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Robinhood Engineers Charged Over Alleged Crypto Listing Trades

<h2>Democratic Counterproposal, GOP Holdouts and Banking Objections Complicate Vote</h2>TL;DR<ul><li>The <a href="https://coin360.com/news/clarity-act-senate-vote-final-draft">CLARITY Act</a> entered a critical Senate vote with bipartisan support under pressure.</li><li>Senate Democrats submitted a new counterproposal shortly before the procedural vote.</li><li>Several Republican senators remained undecided or opposed to the current version.</li><li>Banking groups and 18 state attorneys general pushed for additional changes.</li><li>Crypto executives urged lawmakers to advance the bill, arguing that Democrats had already secured major concessions.</li></ul><hr>Trade smarter on Jupiter, Solana’s leading DEX built for fast execution and deep liquidity.&nbsp;Swap tokens at competitive rates, route across multiple liquidity sources automatically, and access perpetuals, DCA, and advanced trading tools — all in one place!<div class="raw-html-embed"><div style="box-sizing: inherit; -webkit-tap-highlight-color: white; display: flex; align-items: center; justify-content: center;"><a href="https://jup.ag/?ref=g33ohytogabt" ref="noopener nofollow noreferrer" style="box-sizing: inherit; color: white; text-decoration: none; cursor: pointer; background-color: #4CAF50; padding: 5px 30px; text-align: center; font-size: 16px; margin: 5px 2px; border-radius: 5px;">Trade on Jupiter!</a></div></div><hr>The CLARITY Act faced a much narrower path through the Senate on September 15, 2026, as lawmakers prepared for a key procedural vote.Republican leaders needed to keep most of their own conference together while also attracting enough Democratic support to reach the required threshold.At the same time, Senate Democrats submitted another counterproposal. Banking groups, Republican holdouts and state attorneys general were also pressing for changes to the bill.The vote would determine whether the Senate could begin formal consideration of the legislation. It was not a final vote on passage.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>CLARITY Act Needs 60 Votes to Advance</h2>The immediate challenge was reaching the 60 votes needed to proceed with debate.Republicans held 53 Senate seats, meaning they needed at least seven Democratic votes even if every Republican supported the measure.Several factors complicated that math.<div class="raw-html-embed"><table style="border-collapse: collapse; width: 100%;">
 <thead>
 <tr>
 <th style="border: 1px solid #fff; padding: 8px; text-align: left; color: #fff;">Metric</th>
 <th style="border: 1px solid #fff; padding: 8px; text-align: left; color: #fff;">Figure</th>
 <th style="border: 1px solid #fff; padding: 8px; text-align: left; color: #fff;">Significance</th>
 </tr>
 </thead>
 <tbody>
 <tr>
 <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Votes needed to advance</td>
 <td style="border: 1px solid #fff; padding: 8px; color: #fff;">60</td>
 <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Required to proceed to consideration</td>
 </tr>
 <tr>
 <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Republican Senate seats</td>
 <td style="border: 1px solid #fff; padding: 8px; color: #fff;">53</td>
 <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Republicans need Democratic support</td>
 </tr>
 <tr>
 <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Enactment probability</td>
 <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Below 20%</td>
 <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Down from about 34%</td>
 </tr>
 <tr>
 <td style="border: 1px solid #fff; padding: 8px; color: #fff;">State attorneys general opposing provisions</td>
 <td style="border: 1px solid #fff; padding: 8px; color: #fff;">18</td>
 <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Seek stronger state enforcement protections</td>
 </tr>
 <tr>
 <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Banking associations in joint letter</td>
 <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Eight</td>
 <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Want tighter limits on stablecoin rewards</td>
 </tr>
 <tr>
 <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Democratic principles cited by Faryar Shirzad</td>
 <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Seven</td>
 <td style="border: 1px solid #fff; padding: 8px; color: #fff;">He said the bill now satisfies them</td>
 </tr>
 <tr>
 <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Additional Democratic changes cited by Shirzad</td>
 <td style="border: 1px solid #fff; padding: 8px; color: #fff;">126</td>
 <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Used to argue Democrats shaped the legislation</td>
 </tr>
 <tr>
 <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Current bill length</td>
 <td style="border: 1px solid #fff; padding: 8px; color: #fff;">More than 600 pages</td>
 <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Senators were still reviewing the text</td>
 </tr>
 </tbody>
</table></div>Sens. Susan Collins and John Cornyn had not committed to supporting the legislation before the vote.Collins <a href="https://x.com/BrendanPedersen/status/2099791309208797195">raised</a> concerns that the bill could accelerate deposit outflows from community banks.Sen. John Curtis said he planned to support beginning debate but distinguished that procedural vote from his position on final passage.Curtis said he would not support the current version in a final vote.The White House increased outreach to Republican senators as leaders tried to prevent banking-related concerns from creating more defections.That left negotiators with two problems: preserving Republican support while attracting enough Democrats to reach 60 votes.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Democrats Submit New CLARITY Act Counterproposal</h2>Democratic senators met on the evening of September 14 in Senate Minority Leader Chuck Schumer's office.They agreed to prepare another proposal for Republican negotiators.By the following day, Democrats had delivered the counterproposal, according to three people familiar with the negotiations.The specific changes had not yet been made public.Sen. Mark Warner said Democratic negotiators made another offer because they believed the latest Republican package still did not resolve their concerns.Republican aides had described the package negotiated over the previous weekend as their “final” offer.Democrats nevertheless continued seeking amendments.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Ethics Rules Remain a Major Dispute</h2>One of the biggest unresolved issues involved financial-conflict restrictions for senior government officials.The latest Republican proposal included stronger ethics provisions, but Democratic Sen. Adam Schiff said they remained insufficient.Schiff said the measures “don't go far enough.”He argued that the provisions likely would not apply to the first family and would instead mainly cover federal employees.Schiff also said there were “just too many carveouts.”The dispute centered on who should be covered by the ethics restrictions and which exemptions should remain.Sen. Cynthia Lummis argued that Republicans and President Donald Trump had already agreed to extensive Democratic demands.<blockquote>“It's becoming clear that some Democrats simply won't get to yes, no matter what we put in the text,” Lummis said.</blockquote>She said Trump had accepted two ethics provisions requested by Democratic negotiators.Lummis added:<blockquote>“We've given you everything you’ve asked for, yet you keep holding the bill hostage, demanding more and more and more. It's beyond frustrating. There's nothing left to give.”</blockquote><div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>State Attorneys General Push Back on Federal Preemption</h2>The CLARITY Act also faced opposition from 18 state attorneys general.The bipartisan group was led by New York Attorney General Letitia James.They warned that parts of the legislation could reduce states' ability to:<ul><li>Investigate crypto fraud</li><li>Enforce investor-protection laws</li><li>Apply state registration requirements</li><li>Police misconduct involving digital-asset businesses</li></ul>Their concerns focused partly on provisions that could expand federal authority in ways that override state registration systems.The attorneys general asked Congress to preserve state powers over digital-asset enforcement.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Banks Raise Concerns About Stablecoin Rewards</h2>Banking groups raised a separate set of objections.Eight banking associations sent a joint letter on September 14 to Senate Majority Leader John Thune and Schumer.They argued that the Republican compromise did not do enough to protect banks from customers moving deposits into stablecoin products that offer rewards or yield.The current legislation contains a mechanism called a “Circuit Breaker.”It would give the U.S. Treasury Secretary additional authority to restrict stablecoin rewards if substantial deposit outflows from community banks occurred.Banking groups said the safeguard would come too late.<blockquote>“A safeguard that is only activated after substantial deposits have already flowed out is no safeguard at all,” the associations said.</blockquote>They want stronger language preventing stablecoin providers from making payments that function economically like interest on customer balances.These banking concerns overlap with Collins' objections and added more pressure on Republican senators.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Crypto Executives Push for the Bill to Advance</h2>Crypto executives made a final push for the Senate to move ahead with the legislation.<a href="https://coin360.com/review/coinbase">Coinbase</a> Chief Policy Officer Faryar Shirzad argued that Democrats had already secured significant changes to the bill.He said the current draft satisfies the seven principles Democratic senators previously outlined for digital-asset market-structure legislation.Those areas included:<ul><li>Regulatory jurisdiction</li><li>Issuer oversight</li><li>Illicit-finance safeguards</li><li>Conflicts of interest</li><li>Consumer protection</li></ul>Shirzad also said Democrats had secured 126 additional changes.<blockquote>“Democratic negotiators played a major role in getting it here,” Shirzad said. “They should vote for it.”</blockquote><a href="https://coin360.com/coin/xrp-xrp">Ripple</a> CEO Brad Garlinghouse also called for lawmakers to move the bill forward.<blockquote>“Perfect can't be the enemy of good,” Garlinghouse said.</blockquote>Crypto companies have pushed for federal legislation that creates clearer rules for digital-asset businesses and defines the responsibilities of U.S. regulators.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Political Concerns Add Another Layer</h2>The debate was not limited to the bill's regulatory provisions.Some House Democrats who previously supported crypto legislation had also raised concerns about political spending by crypto-industry-backed super PACs.They questioned whether those groups would support them in future elections despite their earlier votes for digital-asset legislation.That added an electoral dimension to the negotiations as lawmakers weighed both policy and political considerations.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>A Procedural Win Would Not End the Debate</h2>Even if the CLARITY Act cleared the procedural vote, that would only begin Senate consideration.It would not mean the bill had passed.Lawmakers could spend much of the remainder of September negotiating and voting on amendments covering areas such as:<ul><li>Ethics rules</li><li>Stablecoin rewards</li><li>Community-bank protections</li><li>State enforcement authority</li><li>Other contested provisions</li></ul>A separate final-passage vote would still be required.The bill's path therefore remained uncertain even if supporters reached the 60 votes needed to begin debate.Lummis warned that failing to advance the legislation would “drive the digital asset industry overseas, leave consumers vulnerable, and sideline American [crypto] leadership.”<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>What the Senate Vote Means for the CLARITY Act</h2>The September 15 procedural vote represented a major test for the CLARITY Act's bipartisan coalition.Republicans needed Democratic support because their 53-seat majority was not enough to reach the 60-vote threshold.At the same time, Republican holdouts, state attorneys general, banking groups and Democratic negotiators were all seeking different changes.The result was a narrower legislative path than supporters had expected earlier in the process.Even a successful procedural vote would only open the next stage of negotiations.The biggest unresolved issues remained ethics rules, stablecoin rewards, community-bank deposit concerns, state regulatory authority and the final balance of federal crypto oversight.

Robot addresses Senate floor amidst intense CLARITY Act vote debate

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CLARITY Act Senate Path Narrows as Bipartisan Support Frays

<h2>Bitcoin-free strategy gives XRP a major role alongside Ether and Solana</h2>TL;DR<ul><li>Grayscale introduced model portfolios that package its exchange-traded products into prebuilt digital-asset strategies for financial advisors.</li><li>The Bitcoin-free Next Gen strategy is heavily concentrated in Ether, XRP and Solana.</li><li>Advisors retain responsibility for suitability, implementation, execution and client reporting.</li></ul><hr>Trade smarter on Jupiter, Solana’s leading DEX built for fast execution and deep liquidity.&nbsp;Swap tokens at competitive rates, route across multiple liquidity sources automatically, and access perpetuals, DCA, and advanced trading tools — all in one place!<div class="raw-html-embed"><div style="box-sizing: inherit; -webkit-tap-highlight-color: white; display: flex; align-items: center; justify-content: center;"><a href="https://jup.ag/?ref=g33ohytogabt" ref="noopener nofollow noreferrer" style="box-sizing: inherit; color: white; text-decoration: none; cursor: pointer; background-color: #4CAF50; padding: 5px 30px; text-align: center; font-size: 16px; margin: 5px 2px; border-radius: 5px;">Trade on Jupiter!</a></div></div><hr>Grayscale&nbsp;<a href="https://x.com/Grayscale/status/2099508484974997514">launched</a> four model portfolios for financial advisors on September 14, 2026, extending its business from individual crypto investment products into preconstructed strategies that determine asset selection, portfolio weights and rebalancing methodology while leaving final client decisions with advisors.<figure class="image"><img alt="tweet-2099508484974997514.webp" src="https://cdn.coin360.com/tweet_2099508484974997514_521e299b57.webp"></figure>The strategies are Digital Assets Core Plus, Digital Assets Leaders, Digital Assets Next Gen and Digital Assets Infrastructure. Grayscale Advisors LLC will distribute the models to financial platforms, which may make them available to advisors for use in client portfolios. The models are recommendations rather than directly managed client accounts, allowing advisors and platforms to decide whether and how to implement the proposed allocations.Laurie Katz, Grayscale’s Global Head of Distribution, said the products were designed to simplify the process of building crypto allocations. “Advisors are increasingly looking for ways to bring digital assets into client portfolios without having to build and maintain allocations asset by asset.”Advisors retain full discretion over client allocations and remain responsible for suitability determinations, trade execution, implementation and reporting. The models can also be used alongside non-crypto investments rather than as complete client portfolios.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Four models target different parts of the digital-asset market</h2>Digital Assets Core Plus is intended as a broad foundational strategy combining established digital assets, including&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a>,&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ethereum</a>,&nbsp;<a href="https://coin360.com/coin/solana-sol">Solana</a> and&nbsp;<a href="https://coin360.com/coin/chainlink-link">Chainlink</a>. Digital Assets Leaders is designed to hold the five largest eligible digital assets available through Grayscale’s single-asset exchange-traded product lineup, meaning its composition can change as eligible assets move through market-cap rankings.Digital Assets Next Gen excludes Bitcoin and may hold up to 10 established or emerging crypto assets. As of August 31, 2026, the model held seven funds. Digital Assets Infrastructure targets protocols supporting areas such as&nbsp;<a href="https://coin360.com/glossary/smart-contracts">smart contracts</a>, tokenization and other&nbsp;<a href="https://coin360.com/glossary/blockchain">blockchain</a> applications.Grayscale applies market-cap weighting across the models, with larger qualifying assets generally receiving larger allocations subject to eligibility rules and a 40% maximum target weighting for a single asset. The portfolios are scheduled to rebalance quarterly, although market movements can push actual weights beyond target limits between rebalancing dates.Next Gen demonstrated that effect because&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ether</a> had risen above the stated target ceiling by the end of August. Its holdings were concentrated primarily in Ether,&nbsp;<a href="https://coin360.com/coin/xrp-xrp">XRP</a> and Solana:<div class="raw-html-embed"><table style="border-collapse: collapse; width: 100%;"> <thead> <tr> <th style="border: 1px solid #fff; padding: 8px; text-align: left; color: #fff;">Next Gen holding</th> <th style="border: 1px solid #fff; padding: 8px; text-align: left; color: #fff;">Portfolio weight</th> <th style="border: 1px solid #fff; padding: 8px; text-align: left; color: #fff;">Position</th> </tr> </thead> <tbody> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Ether</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">42.34%</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Largest&nbsp;allocation</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">XRP</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">26.11%</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Second-largest allocation</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Solana</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">21.09%</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Third-largest allocation</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Hyperliquid</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">5.76%</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Trading-focused blockchain exposure</td> </tr> </tbody> </table></div>Ether, XRP and Solana together accounted for approximately 89% of the model, leaving about 11% for Hyperliquid, Chainlink,&nbsp;<a href="https://coin360.com/coin/avalanche-avax">Avalanche</a> and&nbsp;<a href="https://coin360.com/coin/sui-sui">Sui</a>. Individual weights for Chainlink, Avalanche and Sui were not provided in the source information and are therefore not assigned here. The associated Grayscale Hyperliquid fund had listed in June 2026.The Next Gen model began its tracked performance period on July 27, 2026, and had generated a 30.69% net return since that date. The available performance period covered only about five weeks and largely reflected one strong August, leaving longer-period return fields unavailable at the time of the launch coverage.Grayscale had already been widening the pool of assets it could potentially use across its products. During January 2026, the company assessed 36 tokens for possible future investment products across categories including smart-contract platforms, financial applications, artificial intelligence, consumer projects, utilities and services.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Model access does not remove underlying product costs</h2>Grayscale does not charge recipients or their clients a separate advisory or model fee for using the portfolios. The investment products held inside the models still carry their own sponsor fees and other potential expenses, with the average fee of the underlying funds estimated at approximately 0.23%.Some models may also contain products sponsored by a Grayscale affiliate that collects sponsor fees and certain&nbsp;<a href="https://coin360.com/glossary/DeFi-Staking">staking</a>-related charges. Investors obtain exposure through exchange-traded products rather than by directly holding the cryptocurrencies, bringing additional considerations such as trading costs, tracking differences, custody arrangements and the trading-hour limits of traditional markets while crypto assets themselves trade continuously.Exchange-traded product shares can also trade at premiums or discounts to the value of their underlying crypto assets. An Investor.gov bulletin dated September 9, 2024, characterized spot Bitcoin and Ether products as exchange-traded commodity trusts rather than investment companies registered under the Investment Company Act of 1940 and described Bitcoin and Ether as highly speculative investments.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>XRP weighting stands out despite mixed fund performance</h2>XRP price was near $1.42 at the time of the September launch coverage and had risen roughly 5% on the day, while the asset ranked fifth by market value. The Grayscale XRP Trust ETF, however, was 38.51% below its launch price.The trust had also sold $180 million of tokens during the first half of 2026 at a realized loss, according to information cited from an August report. Across Next Gen more broadly, six of its seven funds were trading below their respective starting prices even though the overall model had posted a positive return over its much shorter tracked period.The model’s structure means its number of holdings does not translate into evenly distributed exposure. The bulk of its performance sensitivity rests with its largest positions, while Hyperliquid, Chainlink, Avalanche and Sui collectively make up a much smaller portion of the allocation.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Grayscale ties advisor strategy to broader diversification case</h2>Earlier in September 2026, Grayscale highlighted record U.S. household equity exposure while making a broader diversification case for digital assets. The company said Bitcoin’s 90-day correlation with the Nasdaq 100 had weakened while its relationship with gold had strengthened.Grayscale has also estimated that baby boomers and the Silent Generation collectively hold about $110 trillion in wealth. The company calculated that a hypothetical 2% reallocation of that pool into crypto would equal roughly $2.2 trillion, while explicitly presenting the figure as an illustrative scenario rather than a forecast.The new portfolio structure gives Grayscale a way to package several of its exchange-traded products into standardized allocation frameworks instead of requiring advisors to select, size and rebalance each crypto exposure individually. The advisor still determines whether a client should hold digital assets, how large that exposure should be and which model, if any, fits the client portfolio.This article has been refined and enhanced by ChatGPT.

Grayscale launches crypto model portfolios designed for financial advisors

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Grayscale Launches Crypto Model Portfolios for Financial Advisors

<h2>Crypto data provider plans to expand infrastructure for continuous and tokenized markets</h2>TL;DR<ul><li>S&amp;P Global led a strategic investment extending Kaiko’s existing Series B financing.</li><li>Kaiko plans to strengthen its market-data business and expand infrastructure for onchain capital markets.</li><li>Banks, market-infrastructure companies, investors and blockchain organizations joined the financing and a new industry working group.</li></ul><hr>Trade smarter on Jupiter, Solana’s leading DEX built for fast execution and deep liquidity.&nbsp;Swap tokens at competitive rates, route across multiple liquidity sources automatically, and access perpetuals, DCA, and advanced trading tools — all in one place!<div class="raw-html-embed"><div style="box-sizing: inherit; -webkit-tap-highlight-color: white; display: flex; align-items: center; justify-content: center;"><a href="https://jup.ag/?ref=g33ohytogabt" ref="noopener nofollow noreferrer" style="box-sizing: inherit; color: white; text-decoration: none; cursor: pointer; background-color: #4CAF50; padding: 5px 30px; text-align: center; font-size: 16px; margin: 5px 2px; border-radius: 5px;">Trade on Jupiter!</a></div></div><hr>S&amp;P Global led a strategic investment in crypto market-data provider Kaiko&nbsp;<a href="https://www.kaiko.com/news/sp-global-leads-strategic-investment-in-kaiko-extending-series-b-to-110-million">announced</a> on September 14, 2026, extending the company’s Series B financing to a total of $110 million as Kaiko expands data infrastructure for digital-asset and tokenized markets.Kaiko said the capital will be used to strengthen its core market-data business and broaden its infrastructure for onchain capital markets. The company has increasingly expanded beyond exchange-price feeds through institutional integrations, acquisitions and index products while maintaining a data footprint across more than 150 exchanges and&nbsp;<a href="https://coin360.com/glossary/blockchain">blockchain</a> protocols.“Digital asset markets operate 24/7, and the infrastructure supporting them must do the same,” Kaiko said.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Series B builds on earlier funding rounds</h2>Kaiko’s financing history includes several stages of institutional funding, with the latest investment structured as an extension of its existing Series B rather than a separate new round.<div class="raw-html-embed"><table style="border-collapse: collapse; width: 100%;"> <thead> <tr> <th style="border: 1px solid #fff; padding: 8px; text-align: left; color: #fff;">Timing</th> <th style="border: 1px solid #fff; padding: 8px; text-align: left; color: #fff;">Financing</th> <th style="border: 1px solid #fff; padding: 8px; text-align: left; color: #fff;">Investors and details</th> </tr> </thead> <tbody> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">2021</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">$24 million Series A</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Led by Anthemis and Underscore VC</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">May 2022</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Series B announced</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">The round became the basis for the later financing extension</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">June 2022</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">$53 million Series B</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Led by Eight Roads, with Revaia, Alven, Point Nine, Anthemis and Underscore participating</td> </tr> </tbody> </table></div>The earlier Series B reportedly tripled Kaiko’s valuation. A current valuation was not disclosed alongside the latest extension. The expanded round is now more than double its original size and approximately 4.6 times the size of the company’s Series A.S&amp;P Global was joined in the latest financing by BNP Paribas, Bpifrance, Broadridge, Canton Foundation,&nbsp;<a href="https://coin360.com/review/coinbase">Coinbase</a> Ventures, DRW Venture Capital, Nasdaq Ventures, Royal Bank of Canada,&nbsp;<a href="https://coin360.com/coin/stellar-lumens-xlm">Stellar</a> and Susquehanna Private Equity Investments. Existing shareholders Anthemis, Point Nine and Revaia also participated.The financing brings together participants from banking, financial-market infrastructure, investment firms and blockchain organizations as Kaiko develops data systems designed for digital markets that operate continuously and for capital-market activity moving onto blockchain infrastructure.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>S&amp;P Global expands existing relationship with Kaiko</h2>S&amp;P Global’s investment follows an existing commercial relationship between Kaiko and S&amp;P Dow Jones Indices. Earlier that month, the companies launched the S&amp;P Kaiko Digital Asset Indices, combining their crypto-index products into a co-branded index suite.Cathy Clay, S&amp;P Dow Jones Indices CEO, said the investment reflects S&amp;P Global’s expectations for the development of digital assets.“As digital assets accelerate, S&amp;P Global is investing for the future, and this investment underscores that conviction,” Clay said.The new investors are also joining a Strategic Industry Working Group chaired by Kaiko. The group will focus on data and infrastructure for tokenized markets, bringing participating financial institutions, market-infrastructure companies, investors and blockchain organizations into a coordinated forum around those systems.Kaiko said the broader financing strategy is aimed at supporting the development of continuous digital markets while expanding its product offering. The company’s stated use of funds centers on its market-data operations and infrastructure for onchain capital markets.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Kaiko expands institutional and onchain data footprint</h2>Founded in France in 2014, Kaiko had roughly 12 years of operating history by the time of the latest financing. Its expansion has included institutional integrations as well as acquisitions intended to broaden its onchain and digital-asset data capabilities.Kaiko integrated its data with institutional digital-asset infrastructure provider Taurus in 2025, making its pricing and liquidity information available through the Taurus platform.The company also expanded through the acquisition of&nbsp;<a href="https://coin360.com/glossary/decentralised-finance">DeFi</a> infrastructure provider Cometh and U.S. digital-asset data firm Amberdata. Those transactions broadened Kaiko’s exposure to DeFi, blockchain, derivatives and onchain data alongside its existing exchange-market data operations.The acquisitions, institutional integrations and S&amp;P Dow Jones Indices partnership preceded the latest financing and form part of Kaiko’s expansion from crypto market-data services toward a broader infrastructure offering for institutional digital-asset and tokenized markets.Kaiko has positioned continuous data availability as a central requirement for that strategy, with its latest financing directed toward systems intended to support markets that operate beyond conventional trading schedules.This article has been refined and enhanced by ChatGPT.

S&P Global leads $110 million Series B investment into Kaiko

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S&P Global Leads Kaiko Investment as Series B Reaches $110 Million

Senate faces pivotal vote on controversial CLARITY Act legislation

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CLARITY Act Faces Senate Vote as Final Draft Draws Broad Pushback

Strategy pauses Bitcoin acquisition to repurchase STRC preferred shares

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Corporate Crypto Treasury Strategies Split as Firms Buy, Hold and Exit

<h2>Fraudulent government-domain requests exposed customer records before the incident developed into an extortion campaign</h2>TL;DR<ul><li>Revolut confirmed an unauthorized customer-data disclosure after fraudulent requests came through a legitimate government domain.</li><li>Attackers were later reported to be demanding 10,000 BTC while threatening progressively larger releases of customer information.</li><li>Revolut said its internal systems were unaffected and customer funds remained safe.</li></ul><hr>Trade smarter on Jupiter, Solana’s leading DEX built for fast execution and deep liquidity.&nbsp;Swap tokens at competitive rates, route across multiple liquidity sources automatically, and access perpetuals, DCA, and advanced trading tools — all in one place!<div class="raw-html-embed"><div style="box-sizing: inherit; -webkit-tap-highlight-color: white; display: flex; align-items: center; justify-content: center;"><a href="https://jup.ag/?ref=g33ohytogabt" ref="noopener nofollow noreferrer" style="box-sizing: inherit; color: white; text-decoration: none; cursor: pointer; background-color: #4CAF50; padding: 5px 30px; text-align: center; font-size: 16px; margin: 5px 2px; border-radius: 5px;">Trade on Jupiter!</a></div></div><hr>Revolut’s customer-data breach escalated into an alleged extortion campaign by September 14, 2026, with attackers reportedly demanding 10,000&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">BTC</a> and threatening further disclosures after fraudulent government-domain requests caused the company to release sensitive customer information. Revolut&nbsp;<a href="https://techcrunch.com/2026/09/12/revolut-confirms-customer-data-breach-through-fake-government-requests/">confirmed</a> the underlying data exposure but characterized it as an “external impersonation scam,” saying its internal systems were not compromised and customer funds remained safe. The ransom demand, claimed high-profile victims and newly published material had not been confirmed by Revolut.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Fraudulent government-domain request passed Revolut checks</h2>The incident began around September 12, when Revolut disclosed that customer information had been released to an unauthorized party after fraudulent requests arrived from an email&nbsp;<a href="https://coin360.com/glossary/wallet-address">address</a> hosted on a legitimate government domain. The apparent impersonation allowed the requests to clear Revolut’s checks before the company recognized them as fraudulent. Revolut said a limited number of customers were affected. The company serves about 80 million customers across 30 countries, but that figure represents its total customer base rather than the number of people exposed.Revolut told affected customers that potentially disclosed information included dates of birth, postal addresses, email addresses, phone numbers and copies of identity documents, including passports and driving licenses. Verification selfies, account statements and transaction histories may also have been released. ZachXBT separately said additional exposed fields included IBANs, withdrawal records, occupations and transaction histories covering&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a>. Those additional categories were attributed to ZachXBT rather than included in Revolut’s own listed disclosure.ZachXBT&nbsp;<a href="https://t.me/investigations/363">assessed</a> the incident as limited in scale and apparently focused on high-net-worth users. Revolut did not state that wealthy customers or cryptocurrency holders were specifically targeted. The combination of identity documents, addresses, contact information and Bitcoin transaction records raised concerns because it could connect information about a person’s real-world identity with financial activity that would otherwise sit separately from those identity records.<figure class="image"><img alt="image.webp" src="https://cdn.coin360.com/image_80b9d0ed5f.webp"></figure>Revolut blocked the fraudulent sender’s address across its internal systems after identifying the scheme and contacted the government agency whose domain had been abused. The company also notified law enforcement, data-protection authorities and financial regulators and introduced precautionary protections for affected customers. Revolut contacted affected customers directly as part of its response.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Attackers threaten expanding customer-data releases</h2>By September 14, the incident had developed into an alleged extortion campaign. International Cyber Digest&nbsp;<a href="https://x.com/IntCyberDigest/status/2099197761769849060?s=20">said</a> attackers had begun releasing information purportedly linked to high-profile Revolut customers, including tennis player Shevchenko and Gamdom CEO Felix Romer. Revolut had not authenticated the newly leaked material or confirmed those individuals as victims. The appearance of a name in attacker-released material alone was not treated as proof that the person had been affected because threat actors may combine genuine, outdated, fabricated or separately obtained information.<figure class="image"><img alt="tweet-2099197761769849060.webp" src="https://cdn.coin360.com/tweet_2099197761769849060_23f46388a8.webp"></figure>Attackers were reportedly publishing customer passports and selfies while threatening progressively larger releases if Revolut refused to pay. A message attributed to the attacker said, “We’re gonna start releasing more and more data everyday until Revolut pays for leaking their customers.” The extortion effort therefore relied on continuing disclosure of customer information as&nbsp;<a href="https://coin360.com/glossary/leverage">leverage</a> rather than only threatening future publication.The 10,000 BTC ransom demand surfaced through a social-media claim on September 14. Revolut had not confirmed the demand, the attacker’s identity or the authenticity of the newly released records. The underlying unauthorized disclosure, however, had already been acknowledged by the company, creating a clear distinction between the confirmed impersonation incident and subsequent attacker-linked claims about the scale, identities involved and ransom.Mert warned on September 12 that exposure linking personal identities with crypto-related financial records could contribute to “home invasions and losing millions.” Mert argued that conventional identity-verification processes should be replaced where possible with privacy-preserving approaches, specifically calling for “<a href="https://coin360.com/coin/zksync-zk">ZK</a>-based KYC.” The supplied material also described&nbsp;<a href="https://coin360.com/glossary/zero-knowledge-proof">zero-knowledge proofs</a> as a potential way for institutions to verify required information without collecting or sharing more personal data than necessary.No documented downstream misuse beyond the claimed publication and extortion activity was established. The material did not establish that customer accounts had been drained or that the exposed information had already resulted in physical attacks. It did, however, identify targeted social engineering as a near-term concern because detailed KYC records and transaction information could provide attackers with enough personal context to craft more convincing impersonation or phishing attempts.This article has been refined and enhanced by ChatGPT.

Revolut identity records targeted in high-stakes cyber extortion demand

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Revolut Data Breach Escalates as Attackers Demand 10,000 BTC

<h2>Company disputes hackers’ white-hat claim after most funds are returned</h2>TL;DR<ul><li>Blockstream rejected the Liquid exploiters’ bounty demand and told them to return the remaining Bitcoin.</li><li>The exploit stemmed from a range-proof verification caching vulnerability in Elements, not compromised federation keys.</li><li>Liquid restored block production and transactions after deploying an emergency software update, while peg-outs remained disabled.</li></ul><hr>Trade smarter on Jupiter, Solana’s leading DEX built for fast execution and deep liquidity.&nbsp;Swap tokens at competitive rates, route across multiple liquidity sources automatically, and access perpetuals, DCA, and advanced trading tools — all in one place!<div class="raw-html-embed"><div style="box-sizing: inherit; -webkit-tap-highlight-color: white; display: flex; align-items: center; justify-content: center;"><a href="https://jup.ag/?ref=g33ohytogabt" ref="noopener nofollow noreferrer" style="box-sizing: inherit; color: white; text-decoration: none; cursor: pointer; background-color: #4CAF50; padding: 5px 30px; text-align: center; font-size: 16px; margin: 5px 2px; border-radius: 5px;">Trade on Jupiter!</a></div></div><hr>Blockstream on Sept. 11, 2026,&nbsp;<a href="https://x.com/Blockstream/status/2098281867908690394">rejected</a> payment terms demanded by the actors behind the&nbsp;<a href="https://coin360.com/news/liquid-network-4000-btc-elements-bug">Liquid Network exploit</a>, saying it would not pay for the return of stolen property as about 598.5&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">BTC</a> remained outstanding. Blockstream also rejected the actors’ description of their actions as white-hat security work and said it would work with law enforcement, exchanges, service providers and forensic specialists if the remaining funds were not returned.Blockstream said it had engaged with the exploiters in good faith while seeking recovery of the funds but refused their financial conditions. Its message was blunt: “Return the bitcoin.” The company said retaining assets and conditioning their return on compensation could not be treated as responsible disclosure.“Taking assets without authorization and withholding their return is a crime, not responsible disclosure. It is not white-hat activity. It is theft,” Blockstream said.<figure class="image"><img src="https://cdn.coin360.com/tweet_2098281867908690394_8b2d90ba22.webp" alt="tweet-2098281867908690394.webp"></figure>Blockstream also framed its refusal as a matter affecting open-source software developers more broadly. “We will not be a party to the precedent that open-source software developed for the good of the&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> community should subject its developers to paying a ransom that far exceeds their economic participation,” the company said.The company thanked the Bitcoin community for its support and said the exploiters could still resolve the dispute by voluntarily returning the assets. Blockstream warned that&nbsp;<a href="https://coin360.com/glossary/blockchain">blockchain</a> activity would remain traceable, saying: “Transactions do not disappear, and neither does the evidence they leave behind.”Blockstream added: “We will not pay for the return of stolen property. We will not abandon our users. The Bitcoin community will not stop pursuing the funds.”<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Exploit Created Unbacked LBTC Through Elements Vulnerability</h2><a href="https://coin360.com/exchange/liquid">Liquid</a>’s Sept. 8 incident findings&nbsp;<a href="https://x.com/Liquid_BTC/status/2097404704028545175">attributed</a> the exploit to a vulnerability involving the caching of range-proof verifications in Elements, the software underlying the Liquid Network. The flaw allowed unbacked LBTC to be created without corresponding Bitcoin held in reserve before the assets were converted into real BTC through Liquid’s withdrawal infrastructure.Liquid said network operators were not hacked and no keys were compromised. The distinction separates the incident from a direct compromise of federation signing infrastructure: the vulnerability allowed invalid LBTC to enter a process that ultimately resulted in valid Bitcoin withdrawals.<figure class="image"><img alt="tweet-2097404704028545175.webp" src="https://cdn.coin360.com/tweet_2097404704028545175_bae9f830b7.webp"></figure>The exploiter used SideSwap, a Liquid Network&nbsp;<a href="https://coin360.com/glossary/crypto-wallets">wallet</a> and trading platform, to move from the unbacked LBTC into BTC. SideSwap is a Liquid Federation member and holds a peg-out authorization key, allowing the illegitimate LBTC to be converted through what appeared to be a standard peg-out process.The chronology and principal figures were as follows:<div class="raw-html-embed"><table style="border-collapse: collapse; width: 100%;"> <thead> <tr> <th style="border: 1px solid #fff; padding: 8px; text-align: left; color: #fff;">Date or metric</th> <th style="border: 1px solid #fff; padding: 8px; text-align: left; color: #fff;">Figure</th> <th style="border: 1px solid #fff; padding: 8px; text-align: left; color: #fff;">Detail</th> </tr> </thead> <tbody> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Around Sept. 6, 2026</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Roughly 4,000 BTC</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Liquid paused operations after roughly the same amount of unbacked LBTC was created and converted into BTC.</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Incident-time valuation</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Approximately $320 million</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Approximate value assigned to the Bitcoin involved at the time.</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Sept. 7</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Approximately 3,400 BTC</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">The exploiter returned most of the Bitcoin after calling for the bug to be fixed first.</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Outstanding amount, rounded account</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">About 598 BTC</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">A separate supplied figure rounded the remaining balance to this amount.</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Sept. 9</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Elements v23.3.4</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Emergency software version deployed during recovery.</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Sept. 10</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Block production and transactions resumed</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Peg-outs remained disabled while recovery continued.</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Bounty demand</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">10%</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">The exploiter demanded compensation funded by Blockstream.</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Exploiter’s security-cost claim</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">$1.5 million, “maybe even 0”</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Claimed amount Blockstream had spent securing the assets.</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Exploiter’s asset-value claim</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">$5 billion</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Claimed amount of assets being secured.</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Threatened holder impact</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">15% loss</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Loss the exploiter claimed Liquid holders could face if the demand was rejected.</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Approximate recovery share</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">85%</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Calculated from the approximate returned and original Bitcoin amounts.</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Implied incident-time BTC value</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">About $80,000 per BTC</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Calculation using the approximate Bitcoin amount and contemporaneous valuation.</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Implied value of the retained balance</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Roughly $47.9 million</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Calculated on the same approximate valuation basis.</td> </tr> </tbody> </table></div>Before returning most of the funds, the exploiter posted an onchain message telling Blockstream to “fix the bug first” and said “most” of the Bitcoin would be returned afterward. The majority of the funds were subsequently sent back as the recovery process advanced.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Exploiter Demanded Bounty After Returning Most Funds</h2>A later OP_RETURN message demanded that Blockstream fund a bounty from its own money. Jan3 CEO and former Blockstream chief strategy officer Samson Mow publicly shared the message.<figure class="image"><img alt="tweet-2097785361342845125.webp" src="https://cdn.coin360.com/tweet_2097785361342845125_bbe8b5952f.webp"></figure>“You SHALL pay 10% using your own money as bug bounty or you will cause all your holders a 15% loss for your irresponsibility and stinginess,” the exploiter wrote.Blockstream rejected that framing, saying the retention of assets while demanding compensation amounted to theft rather than responsible security disclosure. The company’s objection covered both the financial demand and the principle of forcing open-source developers to personally fund the recovery of assets after an exploit.Recovery work continued independently of the dispute. Liquid initially restarted by producing empty&nbsp;<a href="https://coin360.com/glossary/blocks">blocks</a> while transactions and Bitcoin transfers remained suspended. Transactions later resumed as the network moved further through the recovery process, but peg-outs stayed disabled “while the final stage of recovery continues.”Restoring the BTC/LBTC reserve remained part of that process because the vulnerability had allowed unbacked LBTC to be converted into actual Bitcoin. Returning most of the withdrawn funds repaired most of that reserve deficit, but the retained balance prevented the recovery from being complete.Blockstream said failure to return the remaining Bitcoin would trigger broader recovery efforts involving law enforcement, centralized exchanges, service providers and blockchain-forensics specialists. The company said it would use the permanent transaction trail to pursue the funds and identify the responsible actors.This article has been refined and enhanced by ChatGPT.

Robot rejects Liquid exploit ransom for Blockstream recovery efforts

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Blockstream Rejects Liquid Exploit Ransom as Bitcoin Recovery Stalls

<h2>SEBI Pilot Brings DLT, Atomic Settlement and Smart-Contract Servicing to Corporate Debt</h2>TL;DR<ul><li>India’s SEBI has launched Demat 2.0, a pilot using distributed ledger technology for corporate bond issuance, holding and settlement.</li><li>Three issuers raised a combined INR 1,025 crore through tokenized bonds, with settlement linked to the Reserve Bank of India’s wholesale digital rupee.</li><li>The pilot begins with institutional issuance before expanding to secondary-market trading and retail access under SEBI’s Regulatory Sandbox.</li></ul><hr>Trade smarter on Jupiter, Solana’s leading DEX built for fast execution and deep liquidity.&nbsp;Swap tokens at competitive rates, route across multiple liquidity sources automatically, and access perpetuals, DCA, and advanced trading tools — all in one place!<div class="raw-html-embed"><div style="box-sizing: inherit; -webkit-tap-highlight-color: white; display: flex; align-items: center; justify-content: center;"><a href="https://jup.ag/?ref=g33ohytogabt" ref="noopener nofollow noreferrer" style="box-sizing: inherit; color: white; text-decoration: none; cursor: pointer; background-color: #4CAF50; padding: 5px 30px; text-align: center; font-size: 16px; margin: 5px 2px; border-radius: 5px;">Trade on Jupiter!</a></div></div><hr>India has begun tokenizing corporate bonds through SEBI’s Demat 2.0 pilot, combining distributed ledger technology with the Reserve Bank of India’s wholesale digital rupee to support issuance, ownership records and settlement. The initiative,&nbsp;<a href="https://www.sebi.gov.in/sebi_data/faqfiles/sep-2026/1789049630065.pdf">announced</a> by the Securities and Exchange Board of India on Sept. 10, 2026, had already processed corporate bond issuance from three companies and targets a market valued at roughly $620 billion.The information was published on Sept. 11, 2026. Demat 2.0 applies distributed ledger technology, or DLT, to securities infrastructure while keeping the underlying instruments within India’s regulated corporate bond framework. The securities are represented as native digital tokens on a distributed ledger controlled by depositories rather than being issued through an open, permissionless&nbsp;<a href="https://coin360.com/glossary/blockchain">blockchain</a>.Three issuers had raised a combined INR&nbsp;1,025 crore, valued at $107.2 million, through the pilot. REC Ltd., L&amp;T Ltd., also known as Larsen &amp; Toubro, and IIFL Finance completed the initial transactions as the program’s first phase focused on institutional issuance.<div class="raw-html-embed"><table style="border-collapse: collapse; width: 100%;"> <thead> <tr> <th style="border: 1px solid #fff; padding: 8px; text-align: left; color: #fff;">Issuer</th> <th style="border: 1px solid #fff; padding: 8px; text-align: left; color: #fff;">Issuance date</th> <th style="border: 1px solid #fff; padding: 8px; text-align: left; color: #fff;">Bond amount</th> <th style="border: 1px solid #fff; padding: 8px; text-align: left; color: #fff;">Dollar values stated</th> <th style="border: 1px solid #fff; padding: 8px; text-align: left; color: #fff;">Investors</th> </tr> </thead> <tbody> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">REC Ltd.</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Sept. 7, 2026</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">INR 500 crore</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">About $52.3 million and about $56 million</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">18</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">L&amp;T Ltd. / Larsen &amp; Toubro</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Sept. 9, 2026</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">INR 500 crore</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">—</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">4</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">IIFL Finance</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Sept. 9, 2026</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">INR 25 crore</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">About $2.6 million and about $2.8 million</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">1</td> </tr> </tbody> </table></div>REC, the state-owned power-sector lender, completed the first issuance under the pilot. L&amp;T followed with an issuance of the same rupee size but to a smaller investor group, while IIFL Finance completed the smallest of the first three transactions. The differing dollar figures attached to the REC and IIFL transactions reflect separate conversions of the same rupee-denominated issuance amounts rather than different bond sizes.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Tokenized Bonds Keep Existing Rights and Terms</h2>Demat 2.0 does not create a separate class of corporate debt. SEBI said bonds issued through the pilot retain the same ISIN and continue to carry the same issuer obligations, coupon, maturity, covenants, credit rating and investor rights as conventional dematerialized bonds. The securities therefore remain conventional corporate debt instruments even though their issuance, ownership records and settlement are handled through distributed-ledger infrastructure.The bonds also retain fixed interest rates and established maturity dates. Investors continue to use the demat-account structure already used for holding stocks and bonds, while the distributed ledger changes the infrastructure used to record and process the securities rather than replacing the economic terms of the instruments.Ownership records are maintained on a shared ledger accessible to authorized institutions. SEBI said: “On the shared ledger, the details of bondholder are visible to all authorized institutions at once, and payment in eINR reaches the bondholders' CBDC wallets on the due date.”The shared-ledger model allows authorized institutions to work from synchronized bondholder information rather than separate ownership records requiring reconciliation. Demat 2.0 is also designed to support bond servicing after issuance, including interest payments and redemptions through&nbsp;<a href="https://coin360.com/glossary/smart-contracts">smart contracts</a>.SEBI said the combination of digital issuance, shared ownership records, settlement and automated servicing could streamline the corporate bond lifecycle. “Taken together, these features are expected to make the issue, settlement, and servicing of corporate bonds faster, more efficient, and less error-prone,” SEBI said.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Wholesale Digital Rupee Connects the Cash and Bond Legs</h2>Demat 2.0 links the tokenized securities ledger to the Reserve Bank of India’s wholesale central bank digital currency through the central bank’s Unified Market Interface. That connection allows the bond and the money used to pay for it to settle as part of a coordinated transaction.The design supports atomic settlement, in which the securities leg and cash leg move together rather than through separate settlement processes. That structure is intended to reduce principal and settlement risk by preventing a buyer from transferring payment without receiving the bond, or a seller from transferring the bond without receiving payment.Settlement through the wholesale digital rupee can also accelerate the point at which issuers gain access to funds. SEBI said issuers could receive proceeds on the same day after bidding, compared with the usual two to three days under the existing process.Payments on the securities can continue through the same connected infrastructure after issuance. The reference to eINR reaching CBDC wallets on payment dates indicates that the system is designed to cover ongoing bond servicing as well as primary issuance and initial settlement.The framework keeps both sides of a transaction inside regulated infrastructure. The bond is represented on a depository-controlled distributed ledger, while the payment leg uses central-bank digital money rather than a privately issued digital asset.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Pilot Starts With Institutions Before Secondary Trading and Retail Access</h2>SEBI has organized Demat 2.0 as a three-stage pilot. The first phase centers on institutional issuance, which includes the completed transactions by REC, L&amp;T and IIFL Finance.Secondary-market trading is planned for a later stage, extending the distributed-ledger structure beyond primary issuance to transfers between investors after bonds have entered the market.Retail investor access is also scheduled for a subsequent phase. Those later stages are expected to operate under SEBI’s Regulatory Sandbox, allowing the regulator to test expanded use of the infrastructure within a controlled framework before broader deployment.The pilot therefore combines securities tokenization, regulated depository infrastructure, wholesale central bank digital currency and smart-contract servicing without changing the legal and economic characteristics of the underlying corporate bonds. Its initial deployment remains centered on institutional issuance, with secondary trading and retail participation planned as subsequent steps.This article has been refined and enhanced by ChatGPT.

Robot executes atomic settlement for SEBI Demat 2.0 bonds

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India Launches Demat 2.0 With Tokenized Bonds and Digital-Rupee Settlement

<h2>Company Resets Executive Rights Structure While Advancing Hong Kong Expansion</h2>TL;DR<ul><li>Metaplanet cut its Series 10 potential share pool after shareholders objected to the dilution created by its executive incentive structure.</li><li>The restructuring removes a large block of potential future shares, changes vesting terms and eliminates substantial warrant value.</li><li>Metaplanet also plans a Hong Kong subsidiary as part of its broader Bitcoin-centered financial-services strategy.</li></ul><hr>Trade smarter on Jupiter, Solana’s leading DEX built for fast execution and deep liquidity.&nbsp;Swap tokens at competitive rates, route across multiple liquidity sources automatically, and access perpetuals, DCA, and advanced trading tools — all in one place!<div class="raw-html-embed"><div style="box-sizing: inherit; -webkit-tap-highlight-color: white; display: flex; align-items: center; justify-content: center;"><a href="https://jup.ag/?ref=g33ohytogabt" ref="noopener nofollow noreferrer" style="box-sizing: inherit; color: white; text-decoration: none; cursor: pointer; background-color: #4CAF50; padding: 5px 30px; text-align: center; font-size: 16px; margin: 5px 2px; border-radius: 5px;">Trade on Jupiter!</a></div></div><hr>Metaplanet on Sept. 11, 2026,&nbsp;<a href="https://www.release.tdnet.info/inbs/ek/140120260911535363.pdf">announced</a> a 41% reduction in the potential shares attached to its Series 10 Stock Acquisition Rights after shareholder criticism of the executive incentive structure’s dilution. The company also revised exercise terms, scrapped a planned transfer of rights into an employee incentive vehicle and announced plans for a Hong Kong asset-management subsidiary.The Series 10 program was established in 2022 with an incentive pool equal to about 20% of Metaplanet’s fully diluted share capital. Rather than fixing management awards at a set number of shares, the structure allowed the absolute size of the pool to increase as Metaplanet’s capitalization and share count expanded.That mechanism became more consequential after 2024, when Metaplanet began raising capital through equity issuance and using the proceeds to acquire&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a>. As the company issued additional stock, the executive rights pool could expand alongside the share count, prompting complaints from investors who argued that the structure increased management’s potential equity exposure while diluting existing holders.Metaplanet formally fixed the enlarged Series 10 pool on Aug. 18, 2026, and acknowledged at the time that increasing the option pool “amplifies the dilution borne by existing shareholders.” Some shareholders subsequently sought cancellation of the additional potential shares created by the expansion.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Series 10 Pool Shrinks as Conversion Terms Are Reset</h2>The revised structure materially reduces the amount of equity that can be issued through future Series 10 exercises. The changes and related figures are summarized below.<div class="raw-html-embed"><table style="border-collapse: collapse; width: 100%;"> <thead> <tr> <th style="border: 1px solid #fff; padding: 8px; text-align: left; color: #fff;">Metric</th> <th style="border: 1px solid #fff; padding: 8px; text-align: left; color: #fff;">Earlier Structure</th> <th style="border: 1px solid #fff; padding: 8px; text-align: left; color: #fff;">Revised or Reported Figure</th> </tr> </thead> <tbody> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Series 10 potential share pool</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">About 319.464 million shares</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">188.19 million shares</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Potential shares removed</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">—</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Approximately 131.3 million shares</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Series 10 conversion ratio</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">1:696</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">1:410</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Warrant value eliminated</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">—</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">More than $220 million</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Bitcoin per fully diluted share</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">—</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Approximately 8.8% increase</td> </tr> </tbody> </table></div>Metaplanet CEO Simon Gerovich <a href="https://x.com/gerovich/status/2098379367021977651">said</a> the company would reset the conversion ratio to the level used before Metaplanet’s September 2025 international share offering. Gerovich said the amendment would “extinguish over $220 million of warrant value,” and added, “We never intended to incentivise non-accretive or modestly accretive dilution.”The amendment applies to future Series 10 exercises and does not reverse shares already issued through previous exercises. The pool had originally stood at about 46 million potential shares before expanding to roughly 319.5 million. Shareholders had sought cancellation of about 273 million additional potential shares created by that expansion.Metaplanet also abandoned a previously announced plan to transfer as many as 90,000 Series 10 rights into a long-term incentive vehicle for officers and employees. The company instead said it would work with a leading global compensation consultant to develop a new compensation framework.All remaining unvested rights will face additional exercise restrictions. One-third will become exercisable in 2029, another one-third in 2030 and the final one-third in 2031.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Gerovich Rights and Governance Questions Remain Part of the Dispute</h2>Gerovich recused himself from the board’s deliberations and vote on the Series 10 amendment because he personally holds Series 10 rights.Metaplanet&nbsp;<a href="https://coin360.com/news/bitcoin-treasury-strategy-strive-metaplanet">disclosed</a> on Aug. 31, 2026, that Gerovich had exercised rights to acquire 92,000 shares.A separate account states that Gerovich received 64 million shares through an Aug. 28, 2026, rights exercise under the earlier enlarged terms. Those shares will not be returned under the restructuring. The same account states that Gerovich retains rights to acquire another 49,128,000 shares.Matthew Sigel, VanEck’s head of digital asset research, called the amendment a “meaningful concession” and said it brought management’s incentives closer to shareholder interests.<div class="raw-html-embed"><blockquote class="twitter-tweet">Metaplanet responds substantively to investor concerns on executive comp; CEO forfeits $123M of controversial Series 10 comp. &gt;Cuts the controversial Series 10 award by 131M shares, or 41%, including ~79M from Simon Gerovich’s entitlement &gt;Pushes remaining exercises out to… <a href="https://t.co/2t0OYft5ok">https://t.co/2t0OYft5ok</a> <a href="https://t.co/a16CakAIKG">pic.twitter.com/a16CakAIKG</a>— matthew sigel, recovering CFA (@matthew_sigel) <a href="https://x.com/matthew_sigel/status/2098384288144097506?ref_src=twsrc%5Etfw">September 11, 2026</a></blockquote> <script async="" src="https://platform.x.com/widgets.js" charset="utf-8"></script> </div>Questions involving MMXX Ventures also remained part of the shareholder dispute. Investors had sought clarification about MMXX Ventures, its sales of Metaplanet shares and Gerovich’s personal economic interest in the Metaplanet shareholder. The latest announcement did not&nbsp;<a href="https://coin360.com/glossary/wallet-address">address</a> those questions.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Metaplanet Plans Hong Kong Asset-Management Subsidiary</h2>Metaplanet separately announced plans to establish Metaplanet Asset Management Asia Limited in Hong Kong later in September 2026.The subsidiary is expected to begin with $1 million in initial capital and trade Bitcoin, equities and credit products during Asian market hours. Metaplanet said the operation will form part of Project Nova, its effort to build a Bitcoin-centered financial platform spanning asset management, securities, capital markets and other financial services.The Hong Kong initiative follows Metaplanet’s June 2026 agreement to acquire Siiibo Securities for 2.1 billion yen, equivalent to about $13.1 million, as the company moved to establish a securities arm alongside its Bitcoin-focused operations.Metaplanet shares fell about 3.8% on Friday, Sept. 11, extending their decline across the preceding five trading days to roughly 15%.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>FAQ</h2>Why did Metaplanet change the Series 10 structure?Shareholders objected to dilution created as the executive rights pool expanded with the company’s share count.Do the amendments cancel shares already issued?No. The changes apply to future exercises and do not claw back previously issued shares.What happens to unvested Series 10 rights?They become exercisable gradually across three annual tranches.What is Project Nova?Metaplanet’s planned Bitcoin-centered platform covering asset management, securities, capital markets and other financial services.This article has been refined and enhanced by ChatGPT.

Robot trims Metaplanet Series 10 stock pool by 41 percent

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Metaplanet Cuts Series 10 Dilution 41% After Shareholder Backlash

<h2>Researchers cut a key Shor-algorithm circuit benchmark as post-quantum migration planning advances</h2>TL;DR<ul><li>Researchers sharply reduced the estimated quantum resources needed for a key cryptographic operation relevant to attacks on Bitcoin and Ethereum.</li><li>The work optimized elliptic-curve point addition used inside Shor’s algorithm, but it does not represent a complete or currently practical quantum attack.</li><li>Researchers and industry participants said the result strengthens the case for beginning post-quantum migration well before capable hardware exists.</li></ul><hr>Trade smarter on Jupiter, Solana’s leading DEX built for fast execution and deep liquidity.&nbsp;Swap tokens at competitive rates, route across multiple liquidity sources automatically, and access perpetuals, DCA, and advanced trading tools — all in one place!<div class="raw-html-embed"><div style="box-sizing: inherit; -webkit-tap-highlight-color: white; display: flex; align-items: center; justify-content: center;"><a href="https://jup.ag/?ref=g33ohytogabt" ref="noopener nofollow noreferrer" style="box-sizing: inherit; color: white; text-decoration: none; cursor: pointer; background-color: #4CAF50; padding: 5px 30px; text-align: center; font-size: 16px; margin: 5px 2px; border-radius: 5px;">Trade on Jupiter!</a></div></div><hr>Researchers&nbsp;<a href="https://www.coindesk.com/tech/2026/09/10/crypto-researchers-cut-bitcoin-and-ethereum-quantum-attack-estimate-by-50">disclosed</a> on September 10, 2026, a major reduction in the estimated&nbsp;<a href="https://coin360.com/glossary/quantum-computing">quantum</a>-computing resources needed for a key operation that could be used in a future attack against the cryptography protecting&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> and&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ethereum</a>. The optimized circuit targets elliptic-curve point addition on secp256k1, an operation repeatedly used inside Shor’s algorithm, while the researchers stressed that the work does not constitute a complete attack and does not show that existing quantum computers can break either network today.The work centers on the computational step that would help Shor’s algorithm derive a&nbsp;<a href="https://coin360.com/glossary/private-key">private key</a> from an exposed&nbsp;<a href="https://coin360.com/glossary/public-key">public key</a>. A sufficiently capable quantum computer using such an attack could calculate the corresponding private key and generate a valid digital signature as though it were the legitimate&nbsp;<a href="https://coin360.com/glossary/crypto-wallets">wallet</a> owner. Bitcoin and Ethereum both use secp256k1-based cryptography, making the optimization directly relevant to the security assumptions behind both networks.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Circuit optimization cuts the benchmark substantially</h2>Researchers measured efficiency using logical qubits, representing the circuit’s working-memory requirement, and Toffoli gates, representing a major component of the computational workload. They combined the two by multiplying them into a resource-cost score, with a lower score indicating a more efficient circuit.<div class="raw-html-embed"><table style="border-collapse: collapse; width: 100%;"> <thead> <tr> <th style="border: 1px solid #fff; padding: 8px; text-align: left; color: #fff;">Benchmark or design</th> <th style="border: 1px solid #fff; padding: 8px; text-align: left; color: #fff;">Logical qubits</th> <th style="border: 1px solid #fff; padding: 8px; text-align: left; color: #fff;">Toffoli gates</th> <th style="border: 1px solid #fff; padding: 8px; text-align: left; color: #fff;">Resource score</th> <th style="border: 1px solid #fff; padding: 8px; text-align: left; color: #fff;">Reported comparison</th> </tr> </thead> <tbody> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Headline optimized circuit</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">1,151</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Approximately 1.30 million</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">1.496 billion</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">More than 50% below Google Quantum AI’s benchmark</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Challenge starting point</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">—</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">—</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">10.75 billion</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Reduced by 86% during the optimization effort</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Google Quantum AI benchmark</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">—</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">—</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Roughly 3 billion</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Earlier published reference point</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">More Shor-aligned version</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">—</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">—</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Approximately 1.96 billion</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Adapted more closely to use inside Shor’s algorithm</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Later score optimization</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">—</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">—</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Approximately 1.26 billion</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Submitted after the paper’s cutoff</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Later gate-count optimization</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">—</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">952,707</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">—</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Lower computational workload</td> </tr> <tr> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Machine-size-optimized variant</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">813</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Higher computational workload</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">—</td> <td style="border: 1px solid #fff; padding: 8px; color: #fff;">Prioritized fewer logical qubits</td> </tr> </tbody> </table></div>Researchers cautioned that the comparison with <a href="https://coin360.com/news/bitcoin-quantum-threat-wallet-risk-migration">Google Quantum AI</a> is not perfectly like-for-like because the designs use different interfaces, circuit definitions and resource-accounting conventions. The Google benchmark therefore serves as numerical context rather than proof of formal circuit superiority. The narrower conclusion is that one important attack component can be implemented with substantially fewer logical quantum resources than the earlier published benchmark suggested.The public optimization effort ran for roughly two months, or about eight weeks, and generated more than 400 accepted submissions from over 100 participants. Contributors included researchers and developers affiliated with the Ethereum Foundation, Eigen Labs, StarkWare,&nbsp;<a href="https://coin360.com/coin/starknet-token-strk">Starknet</a> Foundation,&nbsp;<a href="https://coin360.com/coin/theta-theta">Theta</a> Labs, Brevis,&nbsp;<a href="https://coin360.com/coin/sei-sei">Sei</a> Labs and Trail of Bits, along with academic researchers.Eigen Labs launched ECDSA.Fail on May 30, 2026, after Google Quantum AI had made a verifier available for checking submitted circuits and calculating their resource costs. Google Quantum AI had published its own estimates in March 2026 and set 2029 as a target for migration toward post-quantum cryptography, while releasing a zero-knowledge proof showing that a qualifying circuit existed rather than publicly releasing the underlying circuit itself.Each successful ECDSA.Fail improvement became the baseline for later submissions. AI agents were used heavily for implementation, repeated testing and incremental optimization, while human researchers generally chose research directions and made larger architectural changes. The paper did not quantify how much of the total improvement came from humans compared with AI systems.The headline result used a July cutoff for challenge submissions, but researchers continued submitting improved designs afterward. Those later entries reduced either the overall resource score, the gate count or the logical-qubit requirement, demonstrating tradeoffs between minimizing machine size and minimizing computational workload.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Researchers stress that no practical attack exists today</h2>The logical-qubit figures do not represent the number of physical qubits a real machine would need. A practical fault-tolerant quantum computer would require substantially more physical qubits to create and maintain reliable logical qubits through error correction.The optimized circuits also do not account for physical quantum error correction, do not implement all of Shor’s algorithm and exclude some hardware-specific execution costs. No existing quantum computer can use the reported circuit to break Bitcoin or Ethereum today.Theta Labs CTO Jieyi Long, the paper’s lead author, said the timing issue lies in how long migration could take rather than in an immediate attack. “None of this is urgent because an attack is imminent. It is urgent because the remedy takes years and cannot be applied retroactively.”<a href="https://coin360.com/review/coinbase">Coinbase</a>’s Independent Advisory Board on Quantum Computing and&nbsp;<a href="https://coin360.com/glossary/blockchain">Blockchain</a> estimated in June 2026 that approximately 7 million&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">BTC</a> are held in addresses whose public keys are already visible onchain. The estimate includes bitcoin held in legacy&nbsp;<a href="https://coin360.com/glossary/wallet-address">address</a> formats as well as coins whose public keys became visible through address reuse. The advisory board also emphasized that no current quantum computer can break&nbsp;<a href="https://coin360.com/glossary/blockchain">blockchain</a> cryptography today.Ethereum is working toward full post-quantum security by December 2029 across its execution, consensus and data layers. The research therefore arrives while post-quantum migration planning is already underway across major blockchain infrastructure.StarkWare co-founder and CEO Eli Ben-Sasson said he had “butterflies” when researchers on his team first showed him the results. “Cutting the cost of breaking Bitcoin’s cryptography in half, in two months means that everyone should sit up and take notice.”Ben-Sasson also argued that improvements in attack algorithms should change assumptions about quantum-security timelines. “If the estimate of what it costs to break this cryptography is being cut in half, as it is in this paper, then every timeline anyone has quoted you for Q-Day needs to be cut too. You don’t get to keep the old comfortable number just because the computer isn’t built yet.”The researchers themselves used a narrower framing than Ben-Sasson’s timeline warning. Their findings show that one key cryptographic operation became more resource-efficient, while hardware development, error correction and implementation of the full algorithm remain separate requirements for any practical attack.Government investment in quantum hardware was also advancing during the same week. The U.S. Commerce Department finalized CHIPS Act awards worth up to $100 million each for Rigetti, D-Wave and Quantinuum while taking minority stakes in all three companies, representing potential commitments of up to approximately $300 million across the three firms.This article has been refined and enhanced by ChatGPT.

Robot optimizes secp256k1 quantum circuit benchmark for Google Quantum AI

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