Today's crypto landscape is dominated by regulatory scrutiny, strategic maneuvers, and anticipation of potential market shifts. Senator Elizabeth Warren's probe into David Sacks' role in the Trump administration underscores the importance of ethical compliance in the intersection of government and the crypto industry. This investigation, in tandem with the UK FCA's solicitation of feedback on its proposed crypto standards, highlights the increasing global attention towards creating a regulated and transparent crypto environment.
Meanwhile, Forward Industries' plan to raise $4 billion to expand its Solana holdings signals a growing trend of companies integrating crypto into their treasury strategies. However, the immediate drop in the company's stock price following the announcement serves as a reminder of the market's volatility and the need for strategic risk management.
Institutionally, the CME Group's decision to launch futures options for Solana and XRP in 2025 indicates a growing acceptance and integration of crypto assets into traditional financial structures. This move, coupled with Ethereum's unveiled roadmap focusing on scaling, interoperability, and security, points to a maturing crypto ecosystem that is increasingly aligning with traditional financial systems.
As we navigate this evolving landscape, it's crucial for legal and financial professionals to stay informed, adaptable, and strategic. Understanding the regulatory shifts, market behavior, and institutional trends can provide valuable insights for navigating the complexities of the Web3 space.
The following article summaries have been sourced from Decrypt, CryptoSlate, NewsBTC, and Crypto Briefing. Each summary includes a direct link to the original source.
Senator Elizabeth Warren and other liberal lawmakers are investigating David Sacks, the AI and crypto advisor to the Trump administration, over potential ethics violations. The lawmakers are questioning whether Sacks has exceeded his 130-day limit as a temporary White House employee. They have requested a comprehensive record of Sacks' workdays and locations since his appointment in January, noting his dual role at the White House and his AI- and crypto-focused venture firm.
This inquiry follows a New York Times investigation that linked the Trump family's crypto platform to a UAE AI chip deal, which Sacks reportedly helped finalize. As a Special Government Employee, Sacks was allowed to continue his work at Craft Ventures, a venture firm investing heavily in AI and crypto companies, while shaping the White House's AI and crypto policy. This special allowance is granted only to temporary White House employees. Warren's inquiry is seeking clarity on Sacks' adherence to these rules, as any violation could raise further ethical concerns.
The UK's Financial Conduct Authority (FCA) is seeking feedback on its proposed standards for cryptocurrency firms, mirroring traditional finance rules. The measures aim to promote sound business practices, including operational resilience, systems and controls to combat financial crime, and rules on handling customer complaints. The FCA's executive director of payments and digital finance, David Geale, stated that while the proposals won't eliminate the risks of investing in crypto, they will help firms meet common standards, giving consumers a clearer idea of what to expect.
This consultation is part of a broader push to regulate the crypto sector starting from 2026, as the UK aims to rebuild its competitiveness while tightening oversight of a volatile industry. The proposed regulations include lighter requirements for crypto firms around senior managers and technology outsourcing, but stricter standards around sector-specific risks, such as cyber attacks. However, the UK's approach to crypto regulation has been criticized as disjointed and overly restrictive, with proposals such as a stablecoin ownership cap being deemed unnecessary by industry players like Coinbase.
Forward Industries, the largest publicly traded Solana treasury company, has filed to raise $4 billion through an at-the-market equity offering. The firm aims to expand its Solana (SOL) holdings with the raised funds. Following the announcement, Forward Industries' stock (FORD) fell by 8.2%. However, the proceeds from the equity offering could more than double the $3.1 billion currently held in Solana treasuries. In addition, DeFi Development Corp. has registered a preferred stock offering with the SEC, a move reminiscent of funding tactics used by Bitcoin treasury companies such as MicroStrategy.
The $4 billion raise by Forward Industries is comparable to Bitcoin treasury Strategy’s Stride preferred stock raise in July and is double the size of the Strife preferred stock offering the company conducted in May. The funds will be used for working capital, pursuit of its Solana token strategy, and the purchase of income-generating assets to grow its business. If the company manages to sell all the shares and invests the majority of the proceeds in buying Solana, it could more than double the amount of SOL held in treasuries. Currently, there is $3.1 billion in Solana treasuries, according to CoinGecko.
DeFi Development Corp.'s preferred stock offering mirrors the funding tactics used by Bitcoin treasury companies. The preliminary SEC registration indicates that the preferred shares will pay quarterly dividends at a fixed rate, but the rate has not been specified yet. The company has applied to list the Series C on Nasdaq Capital Markets but has not disclosed a ticker symbol. As of now, DeFi Development Corp.'s shares (DFDV) are trading at $17.40 on the NasdaqCM, which is about 4.3% lower than their previous close.
Forward Industries, a company heavily invested in Solana, has filed a $4 billion at-the-market (ATM) equity offering program with the US Securities and Exchange Commission. The company plans to use the proceeds from this program to fund general corporate needs such as working capital, strategic acquisitions, and expansion of its Solana treasury holdings. Following this announcement, shares of Forward Industries fell by 7% to $34 in early trading. Despite this, company executives view this move as a strategic way to unlock capital while reinforcing its balance sheet. Kyle Samani, chairman of the company board, stated that this offering gives Forward Industries a flexible and efficient mechanism to raise and methodically deploy capital in support of their Solana treasury strategy.
This move by Forward Industries aligns with the broader trend of companies integrating Solana into their treasury strategies. Data from the Strategic Solana Reserve tracker shows that corporate holdings of the token recently climbed to 17.17 million SOL, worth more than $4 billion, representing nearly 3% of Solana’s circulating supply. Michael Marcantonio, Galaxy’s head of DeFi, argued that several firms are turning to Solana treasuries as they could outperform their Bitcoin and Ethereum counterparts due to several structural advantages. He pointed out that Solana's higher volatility, staking yield, and relative undervaluation could provide opportunities for financial engineering and steady increase of net asset value over time.
Metaplanet, a Tokyo-based corporate Bitcoin treasury firm, is expanding its operations after successfully raising $1.4 billion in international capital. The company announced on September 17 that it has established a US subsidiary, Metaplanet Income Corp., to develop new revenue streams beyond its core treasury holdings. The new unit will offer a platform for derivatives and related income-generating activities, with proceeds supporting upcoming initiatives. The company aims to improve governance and risk oversight and ensure that Bitcoin operations provide a consistent cash flow.
In addition to its US expansion, Metaplanet has also launched a new subsidiary in Tokyo, Bitcoin Japan Inc., and secured the domain Bitcoin.jp. The domain, which was acquired from a private investor who held it for over a decade, will be the foundation for several initiatives, including Bitcoin Magazine Japan, the Bitcoin Japan Conference, and future product launches. The company plans to use the income streams from Bitcoin.jp to reinforce its treasury operations and fund new ventures. The domain will be booked as an intangible fixed asset and will be amortized according to accounting standards. The company's long-term ambition is to become the second-largest corporate holder of Bitcoin, behind Strategy (formerly MicroStrategy). To achieve this, the Japan-based company needs to acquire at least 33,000 more BTC.
Bitcoin's price climbed above $117,000 today, its highest level since early August, as traders anticipate the Federal Reserve's interest rate decision. The Federal Open Market Committee (FOMC) meeting's outcome will shape the risk landscape for the remainder of the year. The latest momentum has been driven by market expectations of a more lenient monetary policy. According to a Bitwise report, softer US inflation readings have led futures markets to fully price in a quarter-point rate cut, with a 93% chance that cumulative cuts will reach 75 basis points by year-end.
The prospect of looser conditions has invigorated crypto markets, with Bitwise noting a return to slightly bullish sentiment as risk appetite becomes more apparent. This is supported by blockchain analysis platform Santiment, which reported a surge in bullish optimism on social channels. Santiment also noted that bullish commentary now accounts for 64% of all crypto discussions, the highest "crowd greed" reading since July. Additionally, CryptoQuant analyst Axel Adler reported that approximately $9 billion worth of stablecoins have entered exchanges within the last 36 hours, indicating that traders are ready to act swiftly on the Fed's announcement.
Despite the current bullish positions, Santiment warned that markets often move against retail consensus, suggesting that excessive confidence could expose traders if the Fed makes an unexpected decision. Blockchain analysis firm Glassnode also noted that derivatives markets reflect the same tension, with options traders actively preparing for price swings. Timothy Misir, head of research at BRN, stated that Bitcoin is at a "hinge point," with a sustained push through $116,300 and $117,000 on Fed-driven liquidity potentially unlocking higher bands towards $120,000. However, he cautioned that the market remains vulnerable to sudden drops due to weak spot conviction, concentrated liquidation clusters, and heightened geopolitical risk.
Bitcoin is currently trading above $115K as the market anticipates the upcoming Federal Reserve meeting, which could potentially influence global markets in the months to come. Investors are preparing for possible policy changes, particularly concerning interest rates. Top analyst Axel Adler suggests that Bitcoin's price action reflects cautious optimism. Before the Federal Open Market Committee (FOMC) meeting, Bitcoin is moving within a narrow range of $114.6K–$117.1K, with its high/low levels gradually increasing. This trend suggests that buyers are slowly gaining control, despite the absence of a decisive breakout.
At present, Bitcoin is holding in the upper third of its range, but without a strong impulse before the Fed event. This suggests a market that is waiting for confirmation rather than aggressively speculating. Both traders and long-term investors are closely monitoring the situation, aware that the Fed's policy stance—whether a modest or aggressive cut—could trigger volatility across risk assets. Adler points out that bullish sentiment currently dominates the Bitcoin market, creating conditions that favor an upward breakout. The Advanced Sentiment sits at 68.8%, indicating that optimism is prevailing among traders and investors, with market psychology heavily leaning towards an expectation of higher prices.
Adler emphasizes that while the market remains in a consolidation range, bullish sentiment tilts the balance towards strength. When bullish sentiment rises to such elevated levels, it often signals that large participants are positioning themselves in anticipation of a breakout. Historically, similar sentiment dynamics have accompanied strong upward moves, especially when combined with supportive macroeconomic events. The Federal Reserve's decision on interest rates is seen as the key trigger that could unleash this next leg higher. Even amid ongoing uncertainty and inherent volatility, most analysts align with Adler’s perspective that Bitcoin and the broader crypto market are setting up for higher levels. If the Fed confirms a moderate rate cut, it could provide the spark that aligns technical structure, sentiment, and macro drivers in favor of Bitcoin’s continuation toward uncharted highs.
Bitcoin's price has surged past $115,000 after spending most of the past fortnight trading below this level. The leading cryptocurrency is now holding steady above $114,000, demonstrating renewed bullish momentum over the past week. Technical analysis indicates a hidden bullish divergence is forming with the recent price action, which could potentially drive Bitcoin to new price heights.
Crypto analyst CrypFlow's technical analysis of Bitcoin's weekly candlestick timeframe chart suggests that Bitcoin could be set to resume its journey to new all-time highs. The past week's close confirmed a higher price low in the weekly timeframe following the pullback that started after its August all-time high. This low is higher than June's low, which was below $100,000. However, while the price showed a higher low, the Relative Strength Index (RSI) posted a lower low in the same timeframe. This discrepancy between price and momentum creates a hidden bullish divergence, a technical pattern that suggests bullish continuation.
The stochastic RSI indicator on the weekly timeframe has just flipped bullish, although confirmation will depend on Bitcoin's performance in the upcoming sessions. The last time such a bullish flip occurred was in April, which preceded a Bitcoin run that resulted in bullish prices for seven consecutive weeks. A similar pattern could result in at least five more bullish weekly closes in the coming weeks. Meanwhile, upcoming macroeconomic events, such as the Federal Open Market Committee (FOMC) meeting, could introduce volatility into the crypto industry. Bitcoin is currently trading at $117,040, already demonstrating bullish continuation by being up by 9% from its September open.
Arthur Hayes, BitMEX co-founder, has suggested that the US Federal Reserve's potential move towards "yield curve control" (YCC) could trigger a surge in Bitcoin's value to $1 million. Hayes' comments come in the wake of economist Stephen Miran's confirmation to the Fed’s Board of Governors and a Bloomberg report discussing the possibility of the Fed actively managing long-term rates. Hayes believes that the Fed's "third mandate", which includes maintaining "moderate long-term interest rates", could lead to direct control of the yield curve, a move that could significantly impact Bitcoin's value.
YCC involves targeting specific yields on medium- or long-dated Treasuries and enforcing caps with unlimited buying if necessary. This strategy, which has been implemented in Japan since 2016 and briefly in Australia, aims to prevent disorderly jumps in long rates that could complicate debt service and risk transmission. Critics, however, view it as a form of financial repression with inflationary tail risks. Hayes has long linked this macroeconomic lever to a potential Bitcoin upside. He argues that if the Fed caps long-term yields while fiscal deficits remain wide, real yields are suppressed and fiat debasement accelerates, potentially directing marginal flows into hard-cap assets like Bitcoin.
The Bloomberg report did not suggest that YCC policy was imminent, but it did highlight how traders are re-evaluating duration risk in light of Miran's comments about "moderate long-term interest rates" and the political context surrounding the Fed. As the Fed prepares for its September meeting, with a rate cut widely anticipated, the debate over whether the institution will be pushed from guidance to control on the long end has moved into mainstream coverage. For Bitcoin, Hayes suggests that merely acknowledging this path could be the "trigger" for a significant increase in value.
Kalshi, a regulated prediction market platform, has announced the launch of KalshiEco Hub, a new initiative aimed at advancing prediction market innovation. The hub, which was announced via the company's social media channels, is a joint venture with Solana and Base, marking Kalshi's foray into blockchain-based prediction market development. The company has traditionally focused on prediction markets related to real-world events, such as political elections and economic indicators.
The collaboration combines Kalshi's regulatory expertise with Solana's blockchain infrastructure and Base's layer-2 scaling technology. Base, a product of Coinbase, is an Ethereum layer-2 network designed to reduce transaction costs and increase processing speed. The partnership aims to leverage blockchain technology to innovate and advance prediction markets.
CME Group, a Chicago-based derivatives exchange, has announced plans to launch futures options for Solana (SOL) and XRP on October 13, 2025. This addition will expand the exchange's current digital asset offerings, providing both institutional and retail traders with more tools to hedge positions and speculate on price movements for these two digital assets.
The upcoming futures options will be built on CME’s existing Solana and XRP futures contracts. All trading activities will be carried out through CME Globex, the exchange’s electronic trading platform. This move by CME Group signifies an increasing interest and investment in the cryptocurrency market, particularly in Solana and XRP.
Vitalik Buterin, the co-founder of Ethereum, recently outlined the platform's development roadmap at the Japan Dev Conference. The short-term goals focus on scaling solutions and increasing Layer 1 gas limits to improve transaction capacity. The roadmap also includes mid-term objectives that aim to enhance cross-Layer 2 interoperability and boost network responsiveness, thereby creating a more seamless user experience across different scaling solutions.
The long-term vision of Ethereum is to build a secure, simple, quantum-resistant, and formally verified minimalist network. This strategy is designed to future-proof the platform against emerging technological threats while preserving its core functionality. The unveiling of this roadmap comes at a time when Ethereum continues to vie with other blockchain platforms for market share in the smart contract and decentralized application space.
