Week 1 of October came in hot as US Congress grilled the SEC over deleted texts, Stripe rolled out a stablecoin-as-a-service platform, and Sweden floated the idea of a national Bitcoin reserve. If you blinked, you might have missed some big moves, so here’s your one-stop recap.
If you haven’t subscribed yet, now’s the perfect time to hit that button and stay updated on the latest crypto news!
House Republicans Probe Deleted SEC Texts Under Gensler
House Republicans have opened an investigation into deleted text messages from former SEC Chair Gary Gensler, citing transparency concerns. In a letter to current Chair Paul Atkins, lawmakers questioned findings from the agency’s Inspector General that revealed the SEC’s IT department erased Gensler’s texts between 2022 and 2023 due to poor data policies and ignored alerts. Critics argue the loss undermines accountability during Gensler’s leadership.
Lawmakers accused Gensler of double standards, noting the SEC fined firms over $400 million in 2023 for record-keeping violations while failing to preserve its own communications. Some deleted messages reportedly involved crypto enforcement actions, fueling industry skepticism and concerns over whether key decisions in high-profile cases can be fully reconstructed.
Other News Making Waves
- The SEC has granted no-action relief allowing advisers to use state trust companies for crypto custody, a move criticized by Commissioner Caroline Crenshaw as bypassing proper rulemaking and tilting advantages in the custody market. (More)
- Stripe has launched “Open Issuance,” a stablecoin-as-a-service platform powered by its Bridge acquisition, letting businesses issue customized tokens backed by BlackRock and Fidelity reserves. (More)
- Telegram founder Pavel Durov revealed that early Bitcoin purchases, not Telegram, finance his lifestyle. (More)
- The Trump administration has withdrawn Brian Quintenz’s nomination to chair the CFTC following tensions with the Winklevoss twins, leaving Caroline Pham as acting chair while Congress advances the Digital Asset Market Clarity Act. (More)
- The SEC issued a no-action letter for DoubleZero’s 2Z token, classifying it as a functional DePIN incentive rather than a security, with Commissioner Peirce stressing the agency’s limited scope. (More)
- SEC suspended QMMM Holdings trading for 10 days over suspected stock manipulation, after shares surged 1,700% on crypto treasury plans. (More)
- Citi integrated its Token Services with 24/7 USD Clearing, enabling instant blockchain-powered cross-border payments across Citi and non-Citi accounts. (More)
- Binance rolled out a white-label crypto-as-a-service platform for banks, brokerages, and exchanges, covering trading, liquidity, custody, and compliance. (More)
- OKX introduced OKX Pay, Singapore’s first stablecoin-powered scan-to-pay service, enabling USDT and USDC payments at GrabPay merchants. (More)
- Telegram CEO Pavel Durov said French intelligence pressured him to censor channels before Moldova’s elections, but he refused to block those that complied with the law. (More)
- A 71-year-old retiree in Kuala Terengganu lost RM525,000 in a crypto scam promoted via Facebook, after making seven transfers on false promises of $500,000 returns. (More)
- Former Binance CEO Changpeng Zhao marked one year since his U.S. prison release, praising Trump’s pro-crypto policies and the SEC’s regulatory shift under Paul Atkins. He celebrated record token rallies, while spotlighting his ventures Giggle Academy (More)
Around the World: Bold Moves and Regulations
- Swedish MPs Dennis Dioukarev and David Perez proposed a national Bitcoin reserve to hedge against inflation and geopolitical risks, urging the government to rule out a CBDC while highlighting Sweden’s growing crypto sector. (More)
- Thailand’s SEC is drafting rules to expand crypto ETFs beyond Bitcoin, enabling diversified funds backed by multiple digital assets, aiming to attract young investors and strengthen Thailand’s position as a regional crypto hub. (More)
- UK officials are debating whether to reimburse fraud victims only the original £640M instead of today’s $7.24B value of seized 61,000 BTC, sparking concerns over fairness and potential lengthy legal battles in the world’s largest-ever crypto confiscation. (More)
- Wisconsin’s Assembly Bill 471 seeks to exempt crypto mining, staking, and blockchain development from money transmitter licensing, while protecting self-hosted wallets. (More)
- Kazakhstan launched Alem Crypto Fund, its first government-backed digital asset reserve, to build long-term crypto holdings for state savings. (More)
Market Trends: Winners and Losers
Top 5 Gainers 📈
According to data from CoinGecko, these are the five biggest gainers of the week:
- DeAgentAI +375.40%, from $0.300706 to $1.43
- AtomOne +419.56%, from $0.209029 to $1.086
- Kled AI (+133.54%, from $0.02038529 to $0.04759525
- LOOK +223.61%, from $0.03437982 to $0.111190
- PunkStrategy +106.40%, from $0.070734 to $0.145987
Top 5 Losers 📉
According to data from CoinGecko, the five biggest losers of the week are:
- Fasttoken −54.91%, from $4.48 to $2.02
- Bless −32.29%, from $0.03510009 to $0.02376813
- MonbaseCoin −38.00%, from $0.488182 to $0.302725
- Boundless −38.53%, from $0.554456 to $0.340861
- STBL −25.31%, from $0.425046 to $0.317465
Project Spotlight
Swift & Chainlink Launch Blockchain Ledger to Connect Global Banks
Swift has launched a blockchain-based ledger in partnership with Chainlink, enabling banks to issue, transfer, and settle tokenized assets across public and private blockchains. Building on nearly a decade of collaboration, including Chainlink’s CCIP trials with UBS, Citi, and BNY Mellon, the system leverages Swift’s existing rails to bridge traditional finance and blockchain. By reducing adoption costs and simplifying compliance, it opens the door for institutions to explore tokenized securities, funds, and RWAs at scale.
Why It Matters:
This initiative bridges global banking with blockchain, lowering barriers to tokenization and positioning Swift and Chainlink as key players in the future of capital markets.
Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
If you want to read more market analyses like this one, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
