This article is reprinted with permission from Wu Says Real, author: Wu Says Blockchain, copyright belongs to the original author.
- U.S. SEC Chairman: Plans to officially implement "Innovation Exemption" by the end of the year
U.S. SEC Chairman Paul Atkins stated that the plan is to officially launch the "Innovation Exemption" rule-making process by the end of this year or early 2026 to encourage companies to develop digital assets and related technologies in the U.S. Atkins mentioned at an event in New York that although the government shutdown has hindered the SEC's rule-making process, this exemption remains a top priority. He emphasized that regulatory measures over the past few years have stifled the development of the crypto industry, and the SEC is now shifting towards supporting innovation. He also praised Congress for making progress on stablecoin legislation, stating that the implementation of the GENIUS Act will drive structural reform in the U.S. crypto market.
- Luxembourg Sovereign Wealth Fund (FSIL) has invested 1% of its assets in Bitcoin ETF
Luxembourg's Finance Minister Gilles Roth stated in a parliamentary budget speech that the country's intergenerational sovereign wealth fund (FSIL) has invested 1% of its assets in a Bitcoin ETF, becoming the first national fund in the Eurozone to invest in Bitcoin. According to the new investment framework passed in July this year, FSIL can allocate up to 15% of its assets to alternative investments, including private equity, real estate, and crypto assets. The fund was established in 2014, with total assets of approximately $730 million, primarily investing in high-quality bonds.
- Bank of England plans to introduce "exception clauses" for stablecoin holding limits
The Bank of England (BoE) is considering introducing "exception clauses" in its proposed regulatory framework for stablecoins to make flexible adjustments in response to industry opposition. The preliminary plan sets a holding limit for individuals at £10,000 to £20,000, while for businesses it may be £10 million, with some crypto trading platforms potentially exempted if they need to hold large amounts of stablecoins. The central bank also plans to allow the use of stablecoins as settlement assets in its experimental "digital securities sandbox." Insiders revealed that these "exception clauses" and exemption mechanisms have not yet been finalized, and relevant details are still under negotiation.
- S&P launches Digital Markets 50 Crypto Index
S&P has launched a new crypto index: the Digital Markets 50 Index, which will provide diversified exposure. The S&P Crypto Index tracks the performance of a range of cryptocurrencies, including BTC and ETH, aiming to bring transparency to this unique asset class. Major covered coins also include ADA, LINK, AAVE, DOT, SOL, and XRP.
- IBIT's market capitalization is about to reach $100 billion, making it BlackRock's most profitable ETF to date
Asset management giant BlackRock's Bitcoin exchange-traded fund IBIT is just a step away from a market capitalization of $100 billion. Based on its current assets under management, IBIT has become BlackRock's most profitable ETF, with profits far exceeding expectations.
- Grayscale announces it is the first issuer in the U.S. to enable staking features in spot crypto ETPs
Grayscale announced that its Ethereum spot ETF (ETH) and Ethereum Trust ETF (ETHE) have become the first crypto spot trading products (ETPs) listed in the U.S. to support staking features. Additionally, Grayscale Solana Trust (GSOL) has also enabled staking, and if approved for regulatory upgrade to ETP, it will become one of the first Solana spot products to support staking.
Grayscale-managed ETH spot ETFs continued to stake 272,000 ETH (worth $1.21 billion) on Wednesday, having deposited a total of 304,000 ETH into staking since being allowed to do so. Currently, a total of 489,000 ETH is waiting to enter staking, with Grayscale holding the majority of the coins waiting for staking to take effect. In contrast, more ETH is exiting staking than entering, with a total of 2.427 million ETH currently queued for withdrawal from staking.
- Coinbase announces crypto staking launch in New York
Coinbase announced the launch of crypto staking in New York, allowing users to stake Ethereum, Solana, Cosmos, Cardano, Avalanche, Polygon, Polkadot, and others, with Cosmos expected to have an annualized yield of over 16%, and Ethereum around 1.9%. Coinbase stated that it is advancing the launch under clear state regulations. Its staking service currently covers 46 states, excluding California, New Jersey, Maryland, and Wisconsin. This move follows the resignation of former New York Department of Financial Services Director Adrienne Harris, who reached a $100 million settlement with Coinbase in 2023 over compliance and monitoring deficiencies.
- Coinbase L2 Base is hiring "Token and Governance Research Specialist"
Coinbase's Ethereum Layer 2 Base has posted a job opening for a "Token & Governance Research Specialist," responsible for developing potential token goals, phased governance roadmaps, drafting the "Base Charter," designing on-chain voting and legislative processes, and collaborating with technical, legal, and community teams to promote decentralization. The position is part of the business operations and strategy team, and recruitment is now live. Previously, Base head Jesse Pollak and Coinbase co-founder Brian Armstrong stated they are exploring the issuance of a Base network token but have no definite plans yet.
Additionally, Coinbase announced that its app now supports DEX (decentralized exchange) trading functionality for U.S. users outside of New York. This feature allows users to trade newly launched tokens on the Base network instantly, without waiting for the listing process. Users can trade directly using their Coinbase account balance or USDC, with all network fees covered by Coinbase.
- Binance Japan partners with PayPay
Binance Japan announced a capital and business partnership with Japan's cashless payment giant PayPay, with the latter acquiring a 40% stake in Binance Japan. The two parties will jointly develop new financial services that integrate crypto assets and payment functions, including supporting the purchase of cryptocurrencies with PayPay balance within the Binance Japan App, as well as direct withdrawals to PayPay accounts after selling crypto assets.
- Ethereum Foundation establishes "Privacy Cluster" to advance full-stack privacy technology and applications
The Ethereum Foundation announced it will expand its investment in privacy technology by establishing a "Privacy Cluster" coordinated by Igor Barinov, consisting of 47 researchers and engineers focused on the development and deployment of full-stack privacy technology. This cluster integrates the results of the PSE team supported by the foundation since 2018, which has launched over 50 open-source privacy projects, including Semaphore, MACI, zkEmail, and TLSNotary. Current key projects include: Private Reads/Writes and Private Proving for low-cost privacy transactions and verification, zkID and privacy identity tools focusing on selective disclosure of identity, IPTF (Institutional Privacy Task Force) aimed at institutional needs, and Kohaku for building privacy wallets and SDKs.
Key Financing Events
BTC Development completes $253 million IPO financing
Life insurance company Meanwhile, priced in BTC, completes $82 million financing
DDC Enterprise completes $124 million equity financing to advance its Bitcoin reserve strategy
Stablecoin payment startup Coinflow announces completion of $25 million Series A financing
TransCrypts announces completion of $15 million seed round financing, led by Pantera Capital
Anthea announces completion of $22 million Series A financing, led by Yunfeng Financial Group
Multi-chain trading infrastructure LAB announces completion of $5 million financing
Block Street completes $11.5 million financing, led by Hack VC
DePIN project Grass on Solana announces completion of $10 million transition round financing
Crunch Lab announces completion of $5 million strategic financing to support its development of a decentralized AI intelligence layer
Decentralized mapping project Bee Maps announces completion of $32 million financing
Related: DappRadar: Total Value Locked (TVL) in DeFi reaches a new high of $237 billion, daily active wallets down 22% in the third quarter
Original article: “Wu Says Weekly Selection: U.S. to Implement Crypto 'Innovation Exemption' by Year-End, Grayscale Launches ETP Staking, S&P Releases Crypto Index and Top 10 News”
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