It’s been another big week in crypto, with central banks, regulators, and markets all making moves that could shape the months ahead. From record-setting rallies to new laws and fresh government experiments with digital assets, the markets are shifting fast.
Missed any or all of it? Here’s your full catch-up.
#1 Powell Hints at Rate Cuts but Stays Wary on Inflation
Jerome Powell’s final Jackson Hole speech as Fed Chair was cautious but telling. He noted the policy rate is now “100 basis points closer to neutral” than last year, leaving the door open for a rate cut. But Powell also warned that tariffs and tighter immigration policies are adding to inflation risks and straining the labour market.
“We will not allow a one-time increase in the price level to become an ongoing inflation problem,” he stressed, referencing the Fed’s delicate balancing act.
#2 Ethereum Hits New All-Time High, Flips Mastercard
Ethereum has smashed through its previous record, hitting a new all-time high above $4,878 after Fed Chair Powell signaled a possible rate cut. The rally has been powered by heavy inflows into spot Ethereum ETFs, now managing over $20 billion, and growing adoption by corporate treasuries. Nate Geraci put it simply: ether is being seen as the “backbone of future financial markets.”
The momentum also pushed ETH past Mastercard, making it the 22nd largest asset worldwide.
#3 Illinois Passes First-of-Its-Kind Crypto Bills
Illinois is stepping up against crypto fraud. Governor JB Pritzker has signed two new laws, the Digital Assets and Consumer Protection Act and the Digital Asset Kiosk Act, bringing tighter oversight for exchanges and crypto ATMs. The rules include mandatory registration, scam refunds, fee caps, and limits on transactions for new users.
With residents losing $272 million to scams in 2024, the state says these measures will protect consumers while still allowing innovation. Pritzker also hit out at Trump’s push for deregulation.
#4 CFTC Kicks Off Next ‘Crypto Sprint,’ Seeks Public Feedback
The US Commodity Futures Trading Commission (CFTC) has launched the next phase of its “crypto sprint”, asking the public to weigh in on spot crypto trading rules.
Acting chair Caroline Pham said, “The Administration has made it clear that enabling immediate trading of digital assets at the Federal level is a top priority.”
The sprint is part of a four-step agenda running alongside the SEC’s Project Crypto. Public comments close on October 20, with final rules expected in the last phase.
#5 EU Looks at Ethereum, Solana for Digital Euro
The European Union is rethinking how its digital euro should be built.
According to the Financial Times, officials are now looking at public blockchains like Ethereum and Solana, a big shift from earlier plans for a private network. The change comes after the U.S. passed the Genius Act, fueling a surge in dollar-pegged stablecoins. The European Central Bank said it is exploring “different technologies – both centralised and decentralised.” A digital euro on public chains would also open the door to DeFi integration across Europe.
#6 Kanye’s YZY Token Soars 1,400%, Then Crashes 74%
Kanye West’s YZY token delivered the kind of chaos memecoins are known for.
Launched on Solana, it spiked 1,400% to $3 within an hour, then crashed 74% to $0.77 in less than a day. While over 56,000 wallets jumped in, the real winners were just 13 traders who walked away with $24.5 million in profits. Blockchain data shows insiders controlled 94% of supply at launch, with one multisig wallet holding 87%. For most investors, the hype ended in heavy losses.
#7 Cynthia Lummis Targets Thanksgiving for U.S. Crypto Bill
Sen. Cynthia Lummis is racing the clock to deliver America’s long-awaited crypto market structure bill. Speaking at the SALT Wyoming Blockchain Symposium, she said Congress aims to get legislation to the president’s desk before Thanksgiving. The draft, backed by Tim Scott and other Republicans, promises clearer rules separating digital asset securities from commodities.
But while Lummis is betting on bipartisan support, opposition from Democrats like Elizabeth Warren could slow the push. For now, the spotlight is firmly on the Senate.
#8 China Eyes Yuan-Pegged Stablecoins
China is preparing to enter the stablecoin race and this time, the yuan is at the center. Reports state that the State Council will review a roadmap later this month for yuan-backed stablecoins, marking a sharp turn from Beijing’s 2021 crypto ban. Hong Kong will drive offshore issuance under its new Stablecoins Ordinance, while Shanghai takes charge of domestic trials.
The plan aims to cut reliance on the U.S. dollar and push the yuan deeper into global finance, where its share still lags below 3%.
#9 Philippines Plans 10,000 National Bitcoin Reserve
The Philippines may soon treat Bitcoin as national wealth. A new bill from lawmaker Migz Villafuerte proposes building a 10,000 BTC reserve, with the central bank buying 2,000 coins each year for five years. The holdings, worth about $1.15 billion today, would be locked for at least 20 years and only used to pay off government debt.
Supporters call it protection against inflation and peso weakness, while critics warn the money could be better spent on schools, healthcare, or infrastructure.
#10 SEC Chair: Most Crypto Tokens Don’t Qualify as Securities
SEC Chair Paul Atkins says the agency is rethinking how it looks at digital assets. Speaking at the Wyoming Blockchain Symposium, Atkins stressed that “very few…tokens are securities” and called for rules that adapt to the industry’s growth.
He unveiled Project Crypto, a set of initiatives aimed at clear standards, safe harbors for token launches, and updated custody rules. Backed by Congress’ CLARITY Act and Trump’s pro-crypto agenda, Washington wants to reset how crypto is regulated.
In the Spotlight
Here’s a few quick hits you shouldn’t miss!
Kroll Faces Class Action After FTX Breach: FTX creditors accuse claims agent Kroll of poor security and reliance on email, leaving users open to phishing scams and financial losses. Plaintiffs demand stricter safeguards.
Crypto IPOs Build $15B Pipeline in U.S.: Circle and Bullish already listed, Gemini and Figure filed with Ripple’s backing, while Bloomberg names Circle and Coreweave among 2025’s standout IPO performers.
Wyoming Launches First State-Backed Stablecoin FRNT: The token is fully backed, overcollateralized, and live across seven blockchains, with Kraken and Rain set to bring it directly to consumers.
Bullish Raises $1.15B IPO Entirely in Stablecoins: The exchange’s public debut was fully settled in tokens from Circle, Paxos, PayPal, Ripple, and others, marking a first for U.S. markets.
ALT5 Sigma Denies SEC Probe After $1.5B Trump Deal: The firm rejected reports linking exec Jon Isaac to an investigation, but shares still tumbled over 10% and slid further after-hours.
What’s Next for Crypto?
Major shifts to expect ahead
- U.S. policy window opens: With Powell softening his tone and Congress racing on market-structure bills, the next few months could finally bring real clarity on how crypto is regulated in America.
- Ethereum steps into the spotlight: Fresh highs, record ETF inflows and corporate treasury interest are pushing ETH closer to becoming core infrastructure for both Wall Street and governments testing digital money.
- Stablecoins go mainstream: Wyoming’s state-backed token and Bullish’s IPO settled fully in stablecoins show how far they’ve come. Banks will feel the heat as cheaper, faster payments win ground.
- Global rules tighten: From Illinois’ new consumer protections to China’s yuan-backed pilot, regulators everywhere are drawing lines. After the Kroll lawsuit, security and compliance will only get louder.
- Asian governments test Bitcoin reserves: The Philippines’ plan for a 10,000 BTC reserve sets an interesting precedent. If it moves forward, other countries in the region may follow with their own experiments.
Markets, regulators, and institutions are reshaping the space. We’ll bring you the key headlines in our next digest.
