Crypto doesn’t slow down even when politics, markets, and regulators throw hurdles in the way.
This week showed just how much the industry is juggling at once: delays in Washington, bold plays in Asia, and fresh battles over regulation. The next phase of crypto is being written.
Here are the moves you don’t want to miss.
#1 U.S. Shutdown Puts Spot Crypto ETF Timeline Into Question
The U.S. government shutdown that began October 1 is spilling into crypto’s biggest story: spot ETF approvals. Fox Business journalist Eleanor Terrett explained why these funds, unlike some ETFs, require active SEC approval under the 1933 Act. T
hat makes them vulnerable to delays while the agency scales back operations. Legal expert Bill Morgan said essential functions may continue but warned progress could slow. Still, he left room for late-October approvals if Washington reopens in time. As he put it: “Crypto never fails to surprise.”
#2 Ripple CTO David Schwartz Steps Down
Ripple’s Chief Technology Officer David Schwartz is stepping back after more than 13 years at the company, but he isn’t walking away. A key figure in building the XRP Ledger, Schwartz announced he will retire from daily responsibilities at the end of this year to spend more time with family and hobbies.
Instead, he will join Ripple’s board of directors as CTO Emeritus. Ripple CEO Brad Garlinghouse praised him as “a true OG in crypto” who shaped the company’s vision.
#3 25,000 Gather in Singapore for TOKEN2049
TOKEN2049 Singapore kicked off with a record 25,000 attendees, making it the world’s largest crypto conference and a clear sign of growing global adoption. Day 1 saw fresh moves from Maelstrom, KuCoin, and MEXC, while Day 2 shifted focus to Indonesia’s licensed exchange CFX, Alpaca’s instant stock tokenization, and Citrea’s Bitcoin mainnet plans.
With regulation, tokenization, and decentralized tools dominating the agenda, TOKEN2049 showed how crypto is moving from hype to real-world infrastructure shaping finance in 2025.
Also Read: OKX Unveils Three-Phase X Layer Roadmap at TOKEN2049 Singapore
#4 Gensler Under Fire as Year of SEC Messages Wiped
House Republicans have opened an investigation into the deletion of nearly a year of SEC Chair Gary Gensler’s text messages, lost after a 2023 phone reset. Lawmakers point out the irony: while the SEC fined Wall Street over $400 million for poor recordkeeping, its own chief’s device was wiped weeks past the official cutoff.
An inspector general report confirmed the texts included “substantive, mission-related” exchanges, not just scheduling notes. The episode raises sharp questions about transparency and accountability at the regulator.
Don’t Miss This: How Is Trump’s SEC Chair Paul Atkins Crypto Approach Different from Gensler?
#5 SEC Freezes QMMM After 1,000% Crypto Stock Surge
The U.S. SEC has suspended trading in QMMM Holdings after its stock jumped nearly 1,000% in less than three weeks. The digital advertising firm recently announced plans to build a $100 million crypto treasury with Bitcoin, Ethereum, and Solana -sending shares soaring from $11 to over $200.
Regulators say the rally may have been fueled by anonymous social media posts pushing the stock. Trading is halted until October 10, a clear sign the SEC is tightening its watch on hype-driven crypto moves.
#6 2Z Token Gets Rare No-Action Letter From SEC
The SEC has given a rare No-Action Letter to DoubleZero, confirming its 2Z token will not be treated as a security. This marks the first clear regulatory nod for DePIN projects, where tokens are earned for services like bandwidth, storage, or energy instead of speculation.
Commissioner Hester Peirce backed the move, saying these tokens “do not meet the criteria of the Howey Test.” For DoubleZero, it’s a green light after months of engagement and a milestone for U.S. crypto regulation.
#7 Coinbase’s OCC Bid Puts Custody and Stablecoins in Focus
Coinbase has applied for a National Trust Company Charter from the U.S. OCC, but the exchange is clear: “We have no intention of becoming a bank.” The charter doesn’t allow deposits or lending, but it would give Coinbase more authority over custody, stablecoin reserves, and payments.
With USDC adoption rising and new federal rules putting the OCC in charge of stablecoins, the move signals Coinbase’s bigger play – cementing itself as the key bridge between crypto and traditional finance.
#8 REX-Osprey Files 21 Spot Altcoin ETFs With U.S. SEC
The rush for spot crypto ETFs isn’t slowing down. REX Shares and Osprey Funds have filed 21 new applications with the U.S. SEC, covering altcoins like NEAR, SUI, CRO, ADA, and TRX. Many of these filings include staking options, pointing to growing institutional appetite beyond Bitcoin and Ethereum.
Defiance has also joined the push, submitting nearly 50 leveraged ETF proposals, including spot Bitcoin and Ethereum funds. But with SEC deadlines pushed back by the U.S. government shutdown, approvals remain on hold.
#9 White House Drops Brian Quintenz as CFTC Chair Pick
The White House has withdrawn Brian Quintenz’s nomination to lead the CFTC, cutting short what seemed like an easy path for the former commissioner and a16z policy head. His bid collapsed after a public fallout with Cameron and Tyler Winklevoss, Gemini founders, who he accused of blocking his confirmation.
Quintenz even shared private texts, saying Trump “might have been misled.” With his exit, the administration is now considering other names, including Josh Sterling, Michael Selig, and Tyler Williams, for the powerful regulatory post.
#10 Cardano Teams Up with NEAR as Intents Go Live
Cardano founder Charles Hoskinson has praised NEAR Intents as the “future of crypto” after a new partnership between Cardano and NEAR Protocol went live. The collaboration lets ADA holders swap across 20+ blockchains and more than 100 assets – including BTC, ETH, SOL, USDC and USDT – without depending on bridges.
Built on NEAR’s chain abstraction model, Intents aim to remove complexity, unify liquidity and enable AI-ready, privacy-focused transactions. For Cardano, it’s a big step toward broader cross-chain reach.
In the Spotlight
Here’s a few quick hits you shouldn’t miss!
Brazil’s Wasted Energy Fuels Green Mining Boom: With wind and solar power going unused, crypto miners are striking deals to tap surplus electricity. From Tether to Bitmain, firms see Brazil as the next hub for sustainable mining.
Thailand Plans Crypto ETFs Beyond Bitcoin by 2026: The SEC is drafting rules to let local funds list spot crypto ETFs covering multiple assets, expanding beyond Bitcoin as part of the country’s push to become a regional digital hub.
SEC Clears Path for State Trusts to Hold Crypto: A new no-action letter lets investment advisers use state-chartered trust companies as qualified custodians for Bitcoin, Ethereum, and other assets – a move hailed as long-awaited regulatory clarity.
Walmart’s OnePay to Add Bitcoin, Ether This Year: The retail giant’s fintech app will soon let users trade, store, and spend crypto, with Zerohash powering custody and payments that link digital assets directly to everyday Walmart shopping.
Pavel Durov Says Bitcoin, Not Telegram, Funds His Lifestyle: The Telegram CEO revealed he bought thousands of BTC in 2013 at $700, calling Bitcoin the reason he can “stay afloat” while predicting it will one day reach $1 million.
What’s Next for Crypto?
Major shifts to expect ahead
- ETF delays highlight how much U.S. politics can shape global crypto timelines.
- Regulatory signals remain fragmented, with clarity coming in patches not consensus.
- Emerging markets are setting the pace as Asia and Latin America take the lead.
- Institutional appetite is broadening beyond Bitcoin and Ethereum into altcoin products.
- Crypto is embedding into everyday finance, moving from speculation to real utility.
The noise is constant, but the patterns are there – we’ll be back to connect the dots again next week.
