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Policy
Policy and regulation. Every Le Coin piece tagged Policy, newest first, Learning Hub dives included.
Analysis
Prediction markets favor a Democratic House, putting crypto's Washington gains in play
How the 2026 midterms and the 2028 election could shape U.S. digital-asset rules: the stalled Clarity Act, crypto PAC money, candidate records and scenarios, with Kalshi odds as a reference point.
Protocols & Policy
State securities regulators urge SEC to withdraw its crypto offering rule
NASAA's Oct. 20 comment letter says the SEC's proposed Regulation Crypto Assets lacks investor protections and exceeds the agency's power to override state law.
Protocols & Policy
Circle shareholder sues Trump over $2 billion in UAE-linked crypto deals
The suit, brought on Circle's behalf, alleges the deals broke the Constitution's ban on taking payments from foreign governments; Circle says it did not start the case, and World Liberty calls the claims without merit.
Protocols & Policy
X hides Polymarket's account from users in India
X's own account data lists India as the one country where Polymarket's account is withheld; what prompted it is not public.
Protocols & Policy
Irish central bank fines Coinbase's e-money arm €3.25 million over customer-money safeguards
The Central Bank of Ireland says Coinbase Ireland Limited let the account meant to protect customer funds run short for lengthy periods; Coinbase Ireland admitted the breaches, and the fine awaits High Court confirmation.
Protocols & Policy
UK regulator asks how crypto rules apply to code-run finance apps
The FCA has opened a consultation on guidance for regulated firms that use decentralised finance, covering operational resilience and money-laundering controls. It is a draft for comment, not new rules.
Protocols & Policy
France asks Europe to tighten crypto rules for stablecoins and trading platforms
France's finance ministry, market regulator and central bank want the EU's MiCA review to police stablecoins issued inside and outside Europe, bar services on non-compliant coins and put DeFi risk on identifiable firms. These are proposals, not law.
Protocols & Policy
Bank regulator sets stablecoin rules that take effect January 18
The OCC's final GENIUS Act rule tells banks and would-be issuers how to run a dollar stablecoin, drops a proposed test on yield payments through partners, and leaves money-laundering rules and the application window for later.
Protocols & Policy
Malaysia's central bank moves bond settlement onto round-the-clock digital rails
Bank Negara Malaysia's new SSDS+ platform records tokenised bonds and sukuk on a shared ledger and links to a 24/7 payment system that settles in central bank money, though no issue has been announced on it yet.
Protocols & Policy
Utah sues Kalshi and Susquehanna, calling its contracts illegal gambling
After winning in federal court, Utah's attorney general has taken Kalshi and its trading partners to state court, seeking an injunction and the return of fees.
Protocols & Policy
Banks and crypto firms split on stablecoin copies in Treasury comments
Bank groups want Treasury's GENIUS Act rule to stop wrapped stablecoins from slipping past it; crypto and payments firms want bridging judged by what holders actually own.
Protocols & Policy
Microsoft, Alphabet and Goldman Sachs join objectors to tokenized stock copies
The ICE and OKX venue's Oct. 19 notice lists 16 companies refusing tokenized versions of their shares, up from nine four days earlier. All seven new names were on its planned menu.
Protocols & Policy
Switzerland approves its first bitcoin ETF, a fund that holds the coins
FINMA cleared a Swiss retail fund that invests directly in bitcoin, a different wrapper from the crypto ETPs that Swiss exchanges already admit, and waived its diversification rules for bitcoin only.
Protocols & Policy
Ramp seeks a crypto custody charter as bankers sue to block such charters
The spend-management company has applied to the OCC for a national trust bank. Community bankers want a judge to throw out the rule behind those charters.
Protocols & Policy
CFTC says CME's own volumes sink its suit over crypto perpetuals
CME is suing its regulator to have crypto perpetuals treated as swaps. The CFTC's reply says CME's crypto futures volumes rose after the policy, so CME has no injury to sue over.
Protocols & Policy
Hyperliquid-backed group urges SEC to adopt its crypto token-sale rules, with five changes
The Hyperliquid Policy Center backs the SEC's proposed token-offering rules but says they leave open whether those tokens can trade on onchain protocols. Comments close Oct. 20.
Markets
Nine companies block tokenized copies of their shares before launch
The SEC's tokenized-stock exemption gives issuers 30 days to object, and the objection list at the ICE and OKX venue grew from one to nine in 11 days, the venue's notices show.
Protocols & Policy
Cobo will charge 2% monthly on coins left in its closing app
Cobo is shutting its Cobo Wallet app on Dec. 1 (UTC+8), 11 a.m. ET Nov. 30, and says users who miss the Nov. 30 withdrawal deadline will be deemed to have agreed to a monthly fee.
Protocols & Policy
Japan's three megabanks finish a joint yen stablecoin payments test
SMBC, Mizuho and MUFG say a July trial confirmed that several banks can issue one yen stablecoin together and use it for cross-border company payments.
Protocols & Policy
Australia's ASIC proposes custody, trading and capital rules for crypto platforms
Consultation Paper 392 sets out draft standards for platforms that will need licenses when Australia's digital asset law starts on April 8, 2027. Comments close Nov. 27. Treasury separately released draft crypto tax-reporting law.
Protocols & Policy
Sweden's Riksbank asks lawmakers to prepare for a possible digital krona
In a letter dated Oct. 7 and published Oct. 15, Sweden's central bank told parliament's finance committee it should start a public inquiry into the laws a digital krona would need, citing security, the digital euro and stablecoins.
Protocols & Policy
EU banking regulator names USDC first significant e-money token
The European Banking Authority will take over parts of the supervision of Circle's EU issuer from France's ACPR from Nov. 12, under MiCA's rules for significant tokens.
Protocols & Policy
Brooklyn prosecutors and FBI dismantle crypto scam network aimed at Russian speakers
The Brooklyn DA's Virtual Currency Unit says it seized or disrupted 241 scam domains and 112 servers behind an investment fraud that stole an estimated tens of millions of dollars.
Protocols & Policy
Coins.ph says Philippine central bank ordered tighter controls; peso deposits shut
The Philippine crypto exchange says the Bangko Sentral ng Pilipinas directed it to improve internal controls, that peso cash-ins over InstaPay and PESONet are paused, and that user funds are safe.
Markets
Bank-backed Qivalis says it won Dutch e-money licence for euro stablecoin
Qivalis said on Oct. 14 that De Nederlandsche Bank has authorised it as an electronic money institution, a step it needs to issue a bank-backed euro token. Qivalis says issuance is planned to begin within the next months, subject to MiCA requirements and publication of its white paper.
Protocols & Policy
Perpetuals.com files notice for 24/7 tokenized-stock venue under SEC exemption
A 34-page notice published Oct. 14 says Kephas Corp., a Perpetuals.com subsidiary, plans to trade tokenized NMS stock against USDC in permissioned AMM pools on its own Ethereum-compatible Layer 2. No trading has started, and no stocks, tokenizers or liquidity providers are named yet.
Protocols & Policy
Polygon Labs completes Coinme purchase, gaining 37 U.S. money-transmitter licences
Polygon Labs says it has closed its acquisition of Coinme, a U.S.-licensed crypto payments company, months after the Q2 2026 target it set in January, when it priced the Coinme and Sequence deals together at more than $250 million, a week after state regulators ordered Coinme to pay $2.5 million and approved the change of control.
Markets
Kraken parent Payward signs deal to buy Lithuania's Saldo Bank
Payward said Oct. 14 it signed a definitive agreement to acquire Saldo Finance Oy, owner of Lithuania-licensed Saldo Bank UAB. Closing is expected in 2027, subject to regulatory approvals; terms were not disclosed.
Protocols & Policy
Cboe BZX opens a generic path for options on multi-crypto trusts
A Sept. 29 filing the SEC published on Oct. 13 lets Cboe BZX list options on commodity-based trusts that hold more than one crypto asset, under the same style of generic criteria Cboe Options already uses, once each coin clears a $700 million supply-value test and a surveillance-sharing hook.
Protocols & Policy
Amber scraps WhaleFin deal; Hong Kong exchange licence bid to be withdrawn
In a 6-K filed Oct. 14, Nasdaq-listed Amber International says WhaleFin Markets will no longer pursue its pending SFC application for Type 1 and Type 7 licences to run a virtual asset trading platform, and its planned purchase of WhaleFin HK will not proceed.
Protocols & Policy
OCC says all nine largest banks had debanking policies, crypto among targets
The Office of the Comptroller of the Currency's final debanking report, released Oct. 14, says JPMorgan Chase, Bank of America and seven other large national banks restricted lawful sectors from 2020 to September 2025. Digital-asset firms were one of six sectors named. The report imposes no new rule.
Protocols & Policy
CFTC opens comment on rules for leveraged retail crypto trading
An advanced notice of proposed rulemaking published in the Federal Register on Oct. 13 asks how Dodd-Frank's retail commodity provision should cover leveraged, margined or financed crypto trades, with comments due Dec. 14, 2026.
Protocols & Policy
NFL tells Supreme Court Kalshi's sports contracts are not swaps, backing New Jersey
In an Oct. 8 amicus brief in Flaherty v. KalshiEX, No. 26-299, the National Football League asks the justices to hear New Jersey's appeal and side with the Sixth and Ninth Circuits, which held that sports event contracts fall outside the federal definition of a swap.
Protocols & Policy
Kraken says it has full market approval from Dubai's crypto regulator
Kraken's parent Payward says Dubai's Virtual Assets Regulatory Authority gave it Full Market Approval, and VARA's public register shows an active licence for Payward FZCO, issued Oct. 6, for two activities.
Markets
UK court rules Chinese law governs claims to more than 61,000 seized bitcoin
A London judge ruled on Oct. 12 that Chinese law governs whether victims of Zhimin Qian's fraud own any of the bitcoin police seized, and left the content of Chinese law, and so the outcome of the claims, to a later stage.
Protocols & Policy
Bank of Korea governor says won-stablecoin issuers will be bank-led, with banks holding 50% plus one, 'as agreed'
Governor Shin Hyun-song told lawmakers on Oct. 12 that won-stablecoin issuance would start with bank-led groups, as had been agreed, according to NATV's broadcast of the hearing, nine months after Korea's financial regulator said issuer ownership was undecided.
Protocols & Policy
Kalshi and Polymarket US self-certify new contracts without prior CFTC approval
Kalshi self-certified a stock-index future with no expiry date and Polymarket US self-certified yes-or-no contracts on drug prices and food-stamp enrollment, so each exchange attests its contract complies with the law and the CFTC can step in only after the filing.
Protocols & Policy
FinCEN withdraws pending crypto reporting proposals on unhosted wallets and mixers
Two Federal Register notices published Oct. 6 withdraw a December 2020 plan covering transactions involving unhosted wallets and an October 2023 plan aimed at international cryptocurrency mixing.
Evening brief · Thu. Oct. 22, 4:26 p.m. ET
Evening brief: Ireland fines Coinbase's EU arm, Robinhood says Dubai approved it
The Central Bank of Ireland fined Coinbase Ireland Limited €3,252,618 over customer-money safeguards, Robinhood said it received Dubai authorization for a 2027 launch, and a Circle shareholder sued Trump and World Liberty.
Evening brief · Tue. Oct. 20, 4:27 p.m. ET
Evening brief: FINMA approves Switzerland's first bitcoin ETF, Strive closes $630 million preferred sale, bitcoin ends 0.86% above Monday
FINMA approves Switzerland’s first exchange-traded fund that holds bitcoin directly.
Morning brief · Thu. Oct. 22, 7:18 a.m. ET
Morning brief: Bitcoin funds take in $524.8 million as Starknet holders back a post-quantum study
Starknet holders back research into a separate post-quantum chain.
Evening brief · Wed. Oct. 21, 4:31 p.m. ET
Evening brief: OCC finalizes its GENIUS Act stablecoin rule, Standard Chartered agrees to buy Zodia Custody, bitcoin ends 2.36% above Tuesday
The OCC finishes its GENIUS Act rule for stablecoin issuers, effective Jan. 18, 2027.
Morning brief · Wed. Oct. 21, 9:36 a.m. ET
Morning brief: Malaysia's central bank opens a tokenized bond depository as solana's Alpenglow upgrade nears
Bank Negara Malaysia launches SSDS+ for tokenized bonds and sukuk.
Morning brief · Tue. Oct. 20, 6:35 a.m. ET
Morning brief: JPMorgan's asset arm gives bitcoin a long-term forecast
JPMorgan’s asset manager gives bitcoin its first long-term return forecast.
Evening brief · Mon. Oct. 19, 6:18 p.m. ET
Evening brief: JPMorgan lists JPM Coin on Ethereum, Mesh and Visa plan wallet spending, bitcoin ends 0.36% above Friday
JPMorgan lists its JPM Coin deposit token as issued on Ethereum, not only Base.
Morning brief · Mon. Oct. 19, 8:01 a.m. ET
Morning brief: the CFTC's casino-style carve-out takes effect, SEC crypto-offering comments close Tuesday, and Cipher Digital closes $850 million of convertible notes
The CFTC’s casino-style carve-out takes effect today, and comments on it and the event-contract proposal are due Nov. 18.
Evening brief · Fri. Oct. 16, 4:36 p.m. ET
Evening brief: CFTC event-contract rules set for Monday, bitcoin slips 0.98%, Schwab opens crypto to all eligible clients
CFTC’s event-contract proposal and casino-style rule set for Monday’s Federal Register.
Morning brief · Fri. Oct. 16, 9:14 a.m. ET
Morning brief: MSCI lists Strategy for possible index deletion, a judge keeps Gemini's $5 million CFTC order, and Strive prices $630 million of preferred stock
MSCI names Strategy and Metaplanet among five companies it may delete under its new screen.
Evening brief · Thu. Oct. 15, 4:45 p.m. ET
Evening brief: PPI jumps 1.3%, bitcoin up 0.69%, stablecoin rails advance
Visa Direct moves USDC prefunding from pilot to production, with Inyo Global first.
Evening brief · Wed. Oct. 14, 4:29 p.m. ET
Evening brief: September CPI at +0.6% m/m sinks bitcoin 1.71% and crypto equities, Cipher prices its $850 million convert, and the EBA tags USDC as the EU's first significant e-money token
EBA classifies Circle’s USDC as the EU’s first significant e-money token under MiCA.
Morning brief · Wed. Oct. 14, 8:00 a.m. ET
Morning brief: spot ether ETFs end a 10-day, $782.8 million outflow run, Strive files for a $500 million daily-dividend preferred, and Consensys exits SharpLink before CPI
Strive files a $500 million, 15% preferred to buy bitcoin.
Evening brief · Tue. Oct. 13, 4:29 p.m. ET
Evening brief: Strategy sets preferred-dividend start dates ahead of the Oct. 28 vote, and Cipher Digital proposes an $850 million convert
Strategy sets preferred-dividend start dates; voting closes Oct. 27.
Morning brief · Wed. Oct. 7, 8:00 a.m. ET
Morning brief: bitcoin, ether and solana lower overnight, and the Fed's minutes at 2 p.m. ET
The SEC’s order on 3x bitcoin and ether funds is in today’s Federal Register.
Morning brief · Tue. Oct. 13, 8:00 a.m. ET
Morning brief: Kospi falls 5.5%, the CFTC crypto ANPRM comment clock opens through Dec. 14, and spot ether ETFs log a 10th outflow day
CFTC crypto ANPRM publishes; Dec. 14 comment clock is live.
Morning brief · Mon. Oct. 12, 8:54 a.m. ET
Morning brief: bitcoin, ether and solana rise into Columbus Day, and the CFTC proposes treating event contracts as swaps
CFTC proposes event contracts as swaps.
Learning Hub · Stablecoins
Tether's USDT: what backs the dollar token and who can redeem it
Tether says each USDT is redeemable for one dollar, and BDO checked its reserves as of June 30, 2026, but only verified customers can redeem.
Learning Hub · Wallets & custody
Wallets and custody, explained: who holds the keys
A plain guide to how crypto keys are made and stored, the difference between holding them yourself and using a custodian, and the US rules for custodians, including one that is still only a proposal.
Learning Hub · Prediction markets
Polymarket and Kalshi side by side: how two prediction markets work
Both sell contracts that pay a fixed amount if an event happens, but they differ on who records trades, who decides outcomes and how the CFTC oversees them.
Learning Hub · Stablecoins
USDC
USDC is a dollar token issued by Circle Internet Financial, LLC, and runs on many blockchains.
Newest first.