In this week's crypto news, the CEO of BlackRock, Larry Fink, has expressed his belief that the world of crypto and tokenization is just getting started. Fink's comments highlight the growing interest in tokenization from major financial institutions and suggest that the future lies in tokenizing a wide range of assets. This would make asset trading faster, cheaper, and more accessible, benefiting investors by reducing fees and increasing efficiency. However, there are potential implications for Ethereum, which has been widely expected to be the platform for real-world asset tokenization. If BlackRock and other institutions develop their own platforms for this, it could impact Ethereum's prospects.
In regulatory news, the UK's Electoral Commission is set to update its stance on cryptocurrency-based political financing following reports of the first crypto donation to a major political party. The donation comes amidst efforts to attract funding from the cryptocurrency industry. However, the donation has sparked concerns about potential illicit campaign funding. Despite these concerns, crypto-based contributions do not violate existing UK electoral law.
In the US, California has become the first state to prohibit the forced liquidation of unclaimed cryptocurrency. The new law addresses a key issue in digital asset escheatment, where exchanges or custodians turn over dormant accounts under existing unclaimed property laws. This move could signal a shift towards more crypto-friendly regulations in the US.
Lastly, a Coinbase executive has reignited interest in a long-dormant Binance charity fund for Maltese cancer patients. The fund, which was initially worth $200,000 in BNB when it was donated in 2018, is now valued at approximately $36.5 million. However, the funds have been frozen for years due to legal and bureaucratic wrangling. This case highlights the complex legal issues that can arise in the crypto space, particularly when it comes to charitable donations.
Overall, these developments suggest that the crypto industry is continuing to mature, with growing interest from major financial institutions and evolving regulatory landscapes. However, as the Binance charity fund case shows, there are still complex legal and regulatory challenges to be addressed.
The following article summaries have been sourced from Decrypt, CryptoSlate, NewsBTC, and Crypto Briefing. Each summary includes a direct link to the original source.
Larry Fink, CEO of BlackRock, has expressed his belief that the world of crypto and tokenization is just getting started. In an interview with CNBC, Fink praised the role of Bitcoin ETFs in opening the door for mainstream investors and emphasized the potential of tokenization. He envisions a future where a variety of assets, including mutual funds, private credit, money markets, and even real-world assets, are issued as tokens. These tokens would settle near-instantly and have compliance rules built into them, dictating who can hold them, where they can move, and when they can trade. BlackRock is reportedly developing technology to facilitate this, aiming to reduce settlement frictions and record-keeping costs, and provide clients with 24/7 portability.
Fink's comments highlight the growing interest in tokenization from major financial institutions. He suggests that while ETFs are currently the main way investors are engaging with Bitcoin, the future lies in tokenizing a wide range of assets. This would make asset trading faster, cheaper, and more accessible, benefiting investors by reducing fees and increasing efficiency. However, there are potential implications for Ethereum, which has been widely expected to be the platform for real-world asset tokenization. If BlackRock and other institutions develop their own platforms for this, it could impact Ethereum's prospects. Despite this, Fink believes that the overall impact of bringing a large number of assets and asset types onto the blockchain will be more beneficial than detrimental.
In other crypto news, Bitcoin and other major cryptocurrencies have recovered following a sell-off, with Bitcoin up 1% at $112,000 and Ethereum up 3% at $4,100. Gold has hit a new all-time high of over $4,240. Elon Musk has made positive comments about Bitcoin's energy foundation, and MetaMask has announced a partnership with Polymarket to bring prediction markets into its wallet. Binance has pledged another $400 million to support those affected by last week's crash, and Japanese regulators are moving to ban crypto insider trading. New York City has created a Digital Assets and Blockchain Office, and a new Republican bill would codify Trump's executive order to allow regulated digital asset exposure in retirement plans. PayPal's stablecoin PYUSD has surged from $5 million to $452 million in just a month on Kamino, making it the fastest growing stablecoin in Sol and ETH DeFi.
A Coinbase executive, Conor Grogan, has reignited interest in a long-dormant Binance charity fund for Maltese cancer patients. The fund, which was initially worth $200,000 in BNB when it was donated in 2018, is now valued at approximately $36.5 million. However, the funds have been frozen for years due to legal and bureaucratic wrangling. Grogan has called for the funds to finally be transferred to and used in Malta, urging Maltese citizens to inform their government that the funds are accessible.
The fund's history is complex, tied to Malta's early adoption of cryptocurrency legislation and Binance's involvement in the island nation. In 2018, Malta introduced comprehensive cryptocurrency laws and attracted numerous crypto companies, including Binance, which pledged support for Malta's blockchain industry and announced a charitable donation plan for Maltese cancer patients. However, Malta's regulations proved restrictive, and in 2020, the Maltese Financial Services Authority stated that Binance was not licensed to operate in Malta. Amid political turmoil and allegations of corruption, Binance's pledged donation remained in limbo. The Malta Community Chest Fund Foundation (MCCFF), a government-run charity, accused Binance of failing to transfer the promised funds and attempting to move assets to the U.S., beyond the reach of Maltese courts. Binance denied any bad faith, stating that the move was a cost-saving measure.
The core dispute between the Binance Charity Foundation (BCF) and the MCCFF revolves around how the funds should be disbursed. Binance intended for the donations to go directly to cancer patients, with the MCCFF merely providing their information. The MCCFF refused, arguing it would not share patients’ personal data or force them to handle crypto wallets and token conversions. The case has since been adjourned, and no further updates have been provided. Despite the stalemate, the BCF maintains that the funds will be spent in Malta. Seven years after the initial donation, the funds remain untouched in the original wallet.
The UK's Electoral Commission is set to update its stance on cryptocurrency-based political financing following reports of the first crypto donation to a major political party. The regulator is currently reviewing its support to parties and monitoring their donation acceptance methods. The donation was made to Reform UK, led by Nigel Farage, although the value of the donation and the specific cryptocurrency used have not been disclosed. UK electoral law requires parties to inform the Electoral Commission if donations exceed £11,180 ($14,905). Despite the donation not being officially declared, the regulator had received prior notice from Reform about the contribution, and no rules were broken in its receipt.
The donation comes amidst Farage's efforts to attract funding from the cryptocurrency industry. He has pledged to reduce tax on crypto-derived capital gains from 24% to 10% and has declared himself a "champion" of the UK crypto industry. However, the donation has sparked concerns about potential illicit campaign funding. Susan Hawley, executive director of Spotlight on Corruption, warned that the UK could become vulnerable to interference from hostile foreign powers and organized crime gangs due to a lack of expertise in preventing anonymous crypto donations from illegal donors. Despite these concerns, crypto-based contributions do not violate existing UK electoral law. Simon Steeden, a Partner at London-based legal firm Bates Wells, explained that the law does not specifically consider cryptocurrency-based donations. However, donations over £500 ($663) must come from "permissible donors," generally based in the UK, and parties must reject donations if they cannot identify the donor.
In the second part of the saga of "The Big Bitcoin Short," a trader who allegedly shorted Bitcoin just before President Trump's tariff announcement and made between $160 and $200 million, has come under further scrutiny. The investigator who initially traced the wallets and proposed that the trader, Garrett Jin, might be part of a larger network, has now withdrawn from the case due to safety concerns. The investigator, known as Eye, had suggested that Jin's wallet might be a conduit for information from insiders to traders who could then position themselves favorably around policy timing. Eye also suggested that World Liberty Financial co-founders Zach Witkoff and Chase Herro, who are linked to Donald Trump Jr., might be involved.
Jin, however, has denied these allegations, stating that the capital belongs to his clients and that his team runs nodes and provides in-house insights. He also denied any connection with the Trump family. Jin criticized Binance co-founder Changpeng Zhao for amplifying Eye’s initial thread to a large audience. He maintained that his short was based on macro and technical calls rather than on nonpublic cues. Jin's history also came under scrutiny as he ran BitForex between 2017 and 2020, an exchange that went dark in February 2024 after millions of dollars moved out of hot wallets and users reported frozen balances. As of October 15, no U.S. market regulator or law-enforcement agency had announced an investigation or public inquiry into the October 11 trades.
California has become the first US state to prohibit the forced liquidation of unclaimed cryptocurrency, with Governor Gavin Newsom signing SB 822 into law on October 11. The new law updates the state's Unclaimed Property Law, requiring that dormant crypto turned over to the state be held as crypto rather than automatically converted to cash. This addresses a key issue in digital asset escheatment, where exchanges or custodians turn over dormant accounts under existing unclaimed property laws. Most states immediately liquidate the crypto and hold fiat currency instead. Under SB 822, California will hold unclaimed digital financial assets in kind, appoint licensed crypto custodians to manage them, and return the original asset to claimants, unless specific circumstances necessitate conversion to fiat.
The law applies to "digital financial assets" as defined by California Financial Code §3102(g), cryptocurrencies and stablecoins held by third-party custodians for California residents or accounts with a California nexus. The new rules apply to digital financial assets held by business associations or financial organizations acting as custodians for others. If a centralized exchange, hosted wallet provider, or other holder maintains an inactive California-nexus account beyond the dormancy period, it must transfer the asset itself to the State Controller rather than liquidating first. The law sets a three-year inactivity threshold for escheatment and requires holders to send pre-escheat notices 6 to 12 months before reporting. Once assets escheat, the Controller places them with custodians licensed by California’s Department of Financial Protection and Innovation.
Bitcoin miner Marathon Holdings (MARA) capitalized on the recent market crash by purchasing 400 BTC for approximately $46 million on October 13. This acquisition has increased MARA's Bitcoin treasury to 53,250 BTC, valued at over $6 billion at current prices. The company had previously disclosed 52,850 BTC on September 30 and strategically deployed capital during the market washout on October 10-11. MARA's ability to execute such tactical buys is attributed to its reported $5 billion in liquid assets during Q2, a flexibility that smaller operators often lack during volatile periods.
The company's decision to accumulate rather than sell during a depressed hashprice environment is a testament to its efficient operations and robust balance sheet. Hashprice, the US dollar-denominated revenue per unit of hashrate, has been on a decline since last year's halving and further deteriorated in October due to increased network difficulty and declining spot prices. This backdrop explains why MARA could add coins while other miners were managing liquidity defensively. When mining economics tighten, treasury decisions become a test of balance sheets as operators either have the cash reserves to ride through thin margins or must monetize production to cover operational expenses.
Recent disclosures from major miners reveal a split between opportunistic accumulators like MARA and routine monetizers that fund capital expenditures through steady Bitcoin sales. For instance, Riot Platforms produced 445 BTC in September and sold 465 BTC for roughly $52.6 million, financing operations and infrastructure expansion. Meanwhile, CleanSpark reported 629 BTC produced in September with 13,011 BTC held as of September 30, maintaining its inventory levels despite tightening profitability. This contrast in strategies, along with stronger balance sheets across major miners and selective accumulation from well-capitalized players like MARA, have altered the supply dynamics that typically accompany volatility events.
Independent technician Charting Guy (@ChartingGuy) has stated that despite a sharp pullback last week, the XRP monthly chart remains structurally constructive. He argues that the asset is not bearish at all. His latest one-month XRP/USD chart on Bitstamp, captured on Oct. 14, shows the price defending a major Fibonacci support cluster while repeatedly probing resistance at the prior all-time high. As of the current monthly candle, XRP is trading at $2.4477, down 14.0% month-to-date. The chart includes a 0.888 retracement band (approximately $2.96) that has acted as near-term resistance during this three-month range between roughly $2.10–$3.30.
Charting Guy's bullish extension framework is clear. Above the all-time high at $3.3170, the chart plots successive Fibonacci expansion targets at $8.2961, $13.3894, and $26.6304. These levels map a classic measured-move pathway for a trend continuation once the price achieves a decisive, high-timeframe close through the prior peak. The cycle roadmap remains intact as long as the monthly structure continues to hold above the 0.786 stack and eventually flips the ATH into support. The setup is binary and well-defined on the monthly timeframe: continued defense of $1.60–$1.80 keeps the uptrend’s higher-low structure intact, while a sustained break and close above $3.3170 would confirm the next leg toward the extension grid at $8.30, $13.39, and—at the cycle’s ambitious outer bound—the 1.618 marker near $26.63. For now, XRP remains range-bound beneath ATH but supported by the same zone that powered its last breakout.
Stripe's stablecoin division, Bridge, has joined the likes of Circle, Ripple, Paxos, and Coinbase in applying for a US national trust bank charter under the GENIUS Act. The act introduces federal oversight for stablecoin issuers, necessitating 100% cash or Treasury reserves and monthly public disclosures. This move could signal the onset of a 'Stablecoin Season,' where regulated issuers bridge the gap between traditional banking and blockchain payments. Best Wallet ($BEST) could potentially benefit from this shift, offering users secure custody, presale access, and up to 80% APY staking rewards.
The application for a national trust bank charter would allow Stripe to issue, redeem, and custody stablecoins directly under the Office of the Comptroller of the Currency (OCC), rather than managing multiple state-level money-transmitter licenses. This would place its entire stablecoin business under a federal framework, complete with 100% cash or Treasury-backed reserves and monthly public disclosures, as mandated by the GENIUS Act. Stablecoins, which already account for over $315B in circulating value, are being positioned as the regulated backbone of global payments.
Best Wallet Token ($BEST) is poised to play a significant role in this new landscape. As one of the fastest-growing Web3 wallets, it is designed to bridge the gap between regulated stablecoins and everyday users. Under the new GENIUS framework, stablecoins can integrate with traditional finance with clear oversight from the OCC. This opens up opportunities for direct settlement with banks, cross-chain interoperability, and compliant collateral for lending protocols. Best Wallet, built on Fireblocks’ MPC-CMP framework, offers users secure on-chain control without sacrificing usability. It provides a platform for storing tokens, buying into new crypto presales, staking assets, and soon, spending crypto cash through the Best Card. The $BEST token powers the entire ecosystem, offering reduced transaction fees, higher staking rewards, and early access to new token launches.
A recent analysis by R. Linda on TradingView indicates that the XRP price is facing a challenging resistance zone following its recent recovery. The crypto market continues to exhibit signs of instability after earlier liquidations, with both XRP and Bitcoin potentially moving into areas where another correction could occur. The analyst suggests that XRP's price movement is part of a larger correction phase that followed a significant sell-off. Despite some recovery, the movement appears weak, and a new drop could form if XRP fails to push above resistance.
R. Linda's analysis shows that XRP is forming a correction after a strong sell-off. The overall cryptocurrency market is slowly recovering after a period of heavy liquidation, but signs of weakness persist. Both Bitcoin and XRP are moving towards a zone of strong resistance, which could reintroduce selling pressure in the short term. As XRP approaches this level, the market could experience a slowdown or even a price drop. R. Linda warns that this resistance zone could trigger renewed selling as traders may opt to take profit instead of buying more, potentially leading to another decline and continuing the correction phase that started after the recent sell-off.
The analyst's chart shows that after two months of consolidation, the XRP price broke below the support of its trading range, confirming a structural breakdown. The price is now reacting to that move and is in the middle of a correction. XRP is currently testing the liquidity zone between $2.70 and $2.7266, which is an area where the price could face heavy resistance and possibly start another sell-off. The analyst identifies key resistance levels at $2.70 – $2.7266 and $2.8286, while the key support sits near $2.5050. A failure to stay above these resistance levels could trigger a quick drop toward support. R. Linda also highlights that a sharp rise without strong technical strength could result in a false breakout, meaning the price may briefly rise above resistance but quickly fall back down. If such a false breakout occurs, the XRP price could correct down toward the $2.5050 level again, making the current price zone risky for both new buyers and short-term traders. R. Linda advises traders to approach the current XRP rebound with caution, as the resistance zone remains a critical turning point. Unless XRP breaks above it with strength, another price crash could soon follow.
MegaETH, a Layer 2 project built on Ethereum, is reportedly planning a public initial coin offering (ICO) on Sonar, a platform developed by renowned cryptocurrency influencer Cobie, also known as Jordan Fish. The project's primary focus is on real-time transaction speeds, achieved through the use of specialized databases and parallel execution for efficient blockchain state management.
The project has been endorsed by notable figures in the Ethereum community, reflecting its potential to improve scalability within the ecosystem and attract developer interest. MegaETH's focus on high-performance features is in line with the growing interest in Layer 2 solutions that can match the speed of centralized exchanges while maintaining decentralization. Sonar, the platform hosting the ICO, is Cobie's tool for facilitating public token launches for emerging crypto projects, serving as a community-driven investment tool in the digital assets space.
Standard Chartered and OKX are collaborating to offer regulated institutional crypto trading in Europe. The partnership aims to integrate regulated bank custody with crypto trading infrastructure, providing institutional investors with a secure and compliant route to trade digital assets in Europe. The companies are expanding their existing collateral mirroring and custody partnership from the UAE into the European Economic Area (EEA). Since its launch in the UAE earlier this year, the program has amassed over $100 million in assets under custody.
The partnership allows clients to custody their assets with Standard Chartered while mirroring those holdings on OKX for real-time trading. This arrangement enables institutions to use assets as collateral without moving them from regulated bank custody. OKX’s MiCA license covers nine out of ten service categories, establishing the exchange as a regulated market operator in the EU. Both Standard Chartered and OKX have expressed commitment to ensuring the highest standards of security and compliance for their institutional clients in Europe.
Ripple, a leading blockchain company, has entered into a partnership with Absa Bank, one of Africa's prominent banks, to offer institutional-grade digital asset custody services. This collaboration is set to provide secure digital asset custody solutions in the South African market, further expanding Ripple's footprint in emerging markets. This follows Ripple's recent partnership with Bahrain FinTechBay, aimed at building secure digital asset ecosystems in the Middle East.
The African continent has witnessed a surge in the adoption of stablecoins for cross-border payments. In response to this trend, Ripple has been collaborating with platforms such as Chipper Cash, VALR, and Yellow Card to improve financial accessibility across the region. As South Africa's regulatory landscape evolves to accommodate digital asset infrastructure, Ripple continues to progress its blockchain solutions for payments, custody, and stablecoins.
