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Crypto Assets Can be Part of Diversified Portfolio, Japan’s Finance Minister Kato Says

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Japan’s Finance Minister Katsunobu Kato said on Monday that cryptocurrencies can be part of a diversified portfolio.

“Crypto assets have risks surrounding high volatility, but through building an appropriate investment environment, they could be part of diversified investments,” Kato said while speaking at an event in Tokyo, according to Bloomberg.

The minister added that the government has been trying to ensure that innovation isn’t stifled by excessive regulation.

Kato’s comments are particularly notable in the context of Japan’s debt-to-GDP ratio exceeding 200%, which raises concerns about imminent financial repression and potential depreciation of the yen.

Financial repression involves policies aimed at reducing government debt burdens through measures such as inflation, low or negative real interest rates, currency depreciation and capital controls.

These policies tend to erode returns on traditional fixed-income and cash holdings, thereby boosting the appeal of alternative investments, such as cryptocurrencies, which offer real returns and diversification.

Read more: Bitcoin Chalks Out Lower Price High After Powell, Ether Prints Doji at Lifetime Peak



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Tokenized Real World Assets at ATH With $400T Tradfi Potential
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Tokenized Real World Assets at ATH With $400T Tradfi Potential

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Tokenized real-world assets may eventually represent trillions of dollars worth of traditional finance assets in a multichain future, according to Animoca.

“The estimated $400 trillion addressable TradFi market underscores the potential growth runway for RWA tokenization,” said researchers Andrew Ho and Ming Ruan in an August research paper from Web3 digital property firm Animoca Brands.

The researchers found that the tokenized real-world asset (RWA) sector is just a small fraction ($26 billion) of the total addressable market currently, which is over $400 trillion. These asset classes include private credit, treasury debt, commodities, stocks, alternative funds and global bonds. 

There is currently “a strategic race to build full-stack, integrated platforms” by large asset managers, and long-term value will accrue to those who can “control asset lifecycle,” the researchers said.

Size of TradFi addressable asset market is 16,000 times larger than the current onchain market. Source: Animoca. 

RWA value hits an all-time high

The nascent RWA tokenization market is currently at an all-time high of $26.5 billion, having grown 70% since the beginning of this year, according to industry tracker RWA.xyz.

This is “signaling clear momentum and rising institutional confidence,” the researchers said. 

Total RWA value at ATH. Source: RWA.xyz

The current RWA landscape is dominated by two categories: private credit and US Treasurys, and together, they account for almost 90% of tokenized market value.

Related: Centrifuge tops $1B TVL as institutions drive tokenized RWA boom: CEO

RWA future is multichain, not just Ethereum

Ethereum is the market leader for RWA tokenization with a 55% market share, including stablecoins, and $156 billion in onchain value. 

When Ethereum layer-2 networks such as ZKsync Era, Polygon and Arbitrum are included, that share grows to 76%, according to RWA.xyz.

“Its leading position is likely due to its security, liquidity, and the largest ecosystem of developers and DeFi applications,” the researchers said. 

The growth of the RWA tokenization could drive further demand for related crypto assets such as Ether (ETH), which hit an all-time high on Sunday, and oracle provider Chainlink (LINK), both of which have seen gains outpace the wider crypto market in recent weeks. 

The researchers said that RWA tokenization activity is “unfolding across a multichain ecosystem encompassing public and private blockchains,” adding that Ethereum’s current lead is being challenged by “high-performance and purpose-built networks, indicating that interoperability will be key to success.” 

Animoca Brands launched its own tokenized RWA marketplace called NUVA earlier this month.

Magazine: ETH ‘god candle,’ $6K next? Coinbase tightens security: Hodler’s Digest



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Head of IRS Crypto Work Exits as U.S. Tax Changes Loom For Digital Assets

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The head of the U.S. Internal Revenue Service’s digital assets unit, Trish Turner, is leaving her post for the private sector just as new tax policies are set to potentially bring in a wave of crypto work for the agency.

As she departs, it’s unclear who will be running the office that’s been leading the tax agency’s crypto work as a major shift in U.S. digital assets taxation is on the horizon. Turner’s exit comes after the IRS set several new rules and forms in motion to direct taxation requirements for individual crypto investors and their brokers. And the departure comes after two other top officials on crypto work, Seth Wilks and Raj Mukherjee, already left through the Trump administration’s budget-slashing campaign earlier this year.

The tax arm of the Treasury Department is poised to experience a massive influx of crypto-sector filings while it’s also weathering deep budget and staffing cuts in excess of 20,000 employees. IRS staffing — long a target of Republican lawmakers — has experienced a long-term decline from about 113,000 three decades ago to about 76,000 at a recent count.

One of the major crypto changes at the IRS was the new 1099-DA form that millions of investors will be receiving from their crypto brokers. About 3 million taxpayers have previously disclosed they had crypto transactions — a number that’s likely much higher in reality, setting up a potential glut of newly disclosed crypto taxpayers as the policies come online. The IRS didn’t respond to questions about Turner’s departure and who will take over.

“Digital assets have shifted from a niche issue to a core focus for global regulators, and I am proud to have helped lay the foundation for oversight in this fast-changing space,” Turner said in a statement to CoinDesk. “Now, I’m excited to be moving to the other side of the table to help taxpayers, businesses, and institutions understand their obligations and navigate those same rules with confidence.”

Among the private-sector roles she’s taking on, Turner will be tax director at the firm CryptoTaxGirl, a tax business that specializes in crypto transactions, and will also do work with the UK firm Asset Reality, she said.

Laura Walter, CTG’s founder, said in a statement that Turner’s arrival will help “ensure our clients receive the highest level of guidance, protection, and confidence in their filings.”

For years, crypto investors and businesses have struggled through U.S. tax uncertainties, with no third-party documentation to make their tax-filing requirements clear. So a large segment of digital assets holders have skipped their crypto tax calculations in past years, further muddying the water for the IRS.

Because the new 1099-DA forms will be flowing from crypto investors’ accounts at such firms as Coinbase and Kraken early next year, those recipients will be under increased pressure to work out and disclose their tax positions. But one IRS rule that sought to treat certain decentralized finance (DeFi) platforms as brokers was overturned by Congress in April, leaving treatment of that corner of the crypto sector on less certain ground.Read More: The Coming Crypto Tax Bomb



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Wealthy Asian Investors Seek Digital Assets
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Wealthy Asian Investors Seek Digital Assets

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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Wealth managers in Asia have noticed a surge in demand for crypto assets as mainstream adoption and broader regulatory shifts drive prices to new highs. A recent report shared that wealthy Asian investors are seeking to grow their digital asset portfolios.

High-Net-Worth Investors Bet On Crypto

Wealthy Asian families and family offices are reportedly planning to increase their cryptocurrency investments amid the bullish market, mainstream adoption, and positive regulatory developments in multiple jurisdictions, including the US and Hong Kong.

In a Thursday report, Reuters revealed that high-net-worth Asian investors are seeking more exposure to crypto assets, with wealth managers receiving more inquiries, crypto funds seeing an increase in demand, and exchanges’ trading volumes surging.

Jason Huang, founder of NextGen Digital Venture, told the news media outlet that they had raised over $100 million in just a few months for a new long-short crypto equity fund launched in May.

He noted that the response from Limited Partners (LPs) that represent high-net-worth individuals “has been encouraging,” adding that his firm’s investors, which are mainly family offices and fintech entrepreneurs, recognize the “growing role of digital assets in diversified portfolios.”

Swiss investment bank UBS said that some overseas Chinese family offices are looking to raise their crypto exposure to approximately 5% of their portfolio. Lu Zijie, head of wealth management at UBS China, shared that many second and third-generation members of multiple family offices are starting to learn about digital assets and how to participate.

Meanwhile, some wealth managers highlighted a mindset shift among Asian clients over the last few years, moving from a small allocation to embracing the crypto sector as a “must-have” in their portfolios. Reportedly, investors are increasingly treating Bitcoin as a “portfolio diversifier” to protect themselves against macro uncertainties due to its low correlation with stocks and bonds.

Zann Kwan, CIO at Singapore-based Revo Digital Family Office, affirmed that family offices “started to dip their feet” into spot Bitcoin exchange-traded funds (ETFs) last year following the approval of the crypto-based investment products in the US. “Now they have begun to learn the difference of holding a token directly,” he added.

Asia’s Market Gains Momentum

Reuters noted that the surging interest of Asian high-net-worth investors follows the recent market rally, which saw Bitcoin hit a new all-time high (ATH) of $124,128 last week, as well as positive regulatory developments, including the enactment of the GENIUS Act in the US and the passage of Hong Kong’s stablecoin legislation.

Cryptocurrency exchanges have also benefited from the increase in trading demand, with the number of registered users at Hong Kong’s HashKey exchange surging 85% year-on-year (YoY) by August.

As reported by Bitcoinist, Hong Kong’s new stablecoin framework has sparked a frenzy of fundraising activity among fintech firms, raising around $1.5 billion via share placements to invest in stablecoins, blockchain payment systems, and digital assets.

South Korea, Malaysia, Thailand, and the Philippines are also experiencing high interest in Asian-pegged stablecoins despite authorities’ concerns of capital outflows, while Japan and China explore launching their stablecoins.

Meanwhile, the broader stablecoin push has seen investors shift from US big tech stocks to crypto-related equities. Recent data revealed that South Korean individuals investing in overseas stocks have shifted from US big tech equities to crypto-linked stocks over the past two months, with increasing interest in stablecoin-related companies.

Bitcoin (BTC) trades at $112,340 in the one-week chart. Source: BTCUSDT on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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Treasury seeks public input on detection of illicit activity in digital assets
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Treasury seeks public input on detection of illicit activity in digital assets

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The United States Department of the Treasury is seeking public feedback on innovative methods and tools for detecting illicit activity in the digital assets industry.

Summary

  • U.S. Treasury has asked for public comments on tools used to detect and monitor illicit activity in the digital assets ecosystem.
  • The public have until October 17, 2025 to share their input as required under the GENIUS Act.

The U.S. Treasury said in a press release that interested members of the public have an opportunity to provide comments on the techniques or strategies that regulated institutions use to detect and mitigate illicit finance risks in the crypto space. 

Focus areas of the public input will be on four key aspects of the ecosystem. These are: application programming interfaces, digital identity verification, artificial intelligence, and blockchain technology use and monitoring.

Why public input?

The notice fulfills a requirement under GENIUS Act, the landmark U.S. stablecoin law President Donald Trump signed into law in July 2025. According to the government agency, the public have 60 days from the date of publishing the request for comment notice in the Federal Register to give their input, with this deadline set for October 17, 2025.

Public feedback on this matter helps the administration’s quest for policy that supports responsible growth and use of cryptocurrencies. Treasury’s move aligns with Trump’s executive order on “Strengthening American Leadership in Digital Financial Technology,” signed on January 23, 2025.

“Today’s request for comment fulfills Treasury’s obligation pursuant to section 9(a) of the GENIUS Act, which creates a comprehensive regulatory framework for stablecoin issuers in the United States. The GENIUS Act and E.O. 14178 together promote U.S. leadership in digital assets and bolster U.S. national security,” the U.S. Treasury noted.

The GENIUS Act requires the Treasury to use feedback from the public input to inform its research on aspects such as effectiveness of tools, costs involved, privacy features, and the cybersecurity risks of the tools.

In the cryptocurrency and blockchain security and analytics ecosystem, platforms such as Chainalysis and TRM Labs have become critical components with tools to detect and alert on potential threats and risks.



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Cbdt Contemplates If India Needs New Virtual Digital Assets Law
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CBDT Contemplates If India Needs New Virtual Digital Assets Law

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India’s top tax authority, the Central Board of Direct Taxes (CBDT), has begun extensive consultations with cryptocurrency exchanges and industry participants to assess if a new digital asset law is needed. 

As per a report from the Economic Times, the CBDT has asked crypto players if India requires a fresh law for Virtual Digital Assets (VDAs). And if a new law is needed, the CBDT also wants to know which regulator should oversee it. Options include SEBI, RBI, MeitY, or FIU-IND.

The agency is also probing how much Indian crypto trading has moved offshore, particularly to hubs like Dubai. It also wants to understand why traders are leaving India. The initiative indicates that the government might be rethinking its stringent approach to taxing and regulating cryptos. 

India Crypto Tax Concerns

At present, crypto gains face a steep 30% flat tax with no loss set-off, plus a 1% TDS on every trade. Industry players say this has crippled liquidity and pushed volumes abroad. The Indian government admitted it currently lacks a real-time system to track income from cryptocurrency transactions, even after collecting over ₹700 crore in taxes in two years.

CBDT is now asking whether this 1% TDS is too high, and what the ideal rate should be. Further, the agency is deliberating whether disparate TDS norms should be adopted for retail traders, institutions, and market makers.

The survey also addresses operational concerns, such as checking counterparties’ domicile, correctly valuing VDAs, and dealing with peer-to-peer transactions. CBDT has also asked whether Indian exchanges are ready to comply with the OECD’s global crypto reporting framework (CARF), designed to prevent tax evasion across borders.

Expert Opinions and Outlook

Interestingly, some Indian exchanges have started offering futures and options trading, where TDS is lower, but there’s still no legal clarity on derivatives, offshore transactions, or even the precise definition of “VDA.”

Purushottam Anand, Founder of crypto law firm Crypto Legal, said India will likely bring in a complete VDA regulation. He also stated that the government is doing a thorough examination of VDAs this year, based on global issues such as G20 papers and recent legislative studies. Anand stressed that India feels that any rule or ban will be most effective when implemented with strong international collaboration.

Experts believe this consultation could be the first step toward a comprehensive VDA law. According to legal experts, global consensus today is moving towards regulation, not bans. With advanced markets embracing crypto as a legitimate asset class, there’s hope that India may ease taxes and set clearer rules to retain traders.

Also Read: AKTU Becomes 1st Indian Uni to Use Blockchain for 50K Degrees



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Bitcoin Shakes Off Market Chaos as Traders Pile Into Even Riskier Assets: Analysis

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In brief

  • Bitcoin holds steady near $102,000 as Fed maintains rates at 4.25-4.50%, with oil prices jumping above $78
  • Meme coins SPX6900 and Fartcoin surge 15% and 13% respectively, seemingly immune to macro factors.
  • Technical indicators show bullish momentum building for meme coins while major cryptos consolidate

Bitcoin and the broader crypto market displayed remarkable resilience Monday as oil prices fell near 6% after touching a five-month high following U.S. airstrikes against Iran over the weekend and the fears of Iran closing the Strait of Ormuz.

The S&P 500 rose to 6,006 points today, gaining 0.52% from the previous session, hovering just over the psychologically important 6,000 level first breached earlier this month. The Federal Reserve held rates steady for the fourth meeting in a row at 4.25%-4.5%, maintaining its wait-and-see approach amid uncertainty about tariff impacts and Middle East tensions.

Gold sits near $3,388 per oz as investors hedge their bets while oil’s sizable dip today removes one inflation concern from the Fed’s radar and shows markets don’t really see a global escalation at least in the short term.



But this is crypto, and while institutions might tread carefully deciding where to invest, retail traders pile into high-risk, high-reward meme coins that seem immune to macroeconomic factors.

Bitcoin and Ethereum: The majors mark time

Bitcoin has gained 2.35% in the past 24 hours to trade at $102,044, bouncing sharply from the weekend’s panic episode that took the prices to lows near $99,000. The move represents a critical test of the psychologically important $100,000 level that has captivated market participants, strengthening its position as a solid support stop.

Bitcoin trading data. Image: TradingView

The Relative Strength Index at 58 indicates mild bullish momentum without approaching overbought territory (above 70). This “goldilocks” reading suggests Bitcoin has room to run higher without triggering immediate profit-taking. The RSI measures whether an asset is overbought (above 70) or oversold (below 30). Think of it as the market’s temperature gauge. When RSI drops below 30, it often signals that sellers have exhausted themselves, setting up potential rebounds.

Bitcoin currently trades above its 50-week EMA (approximately $86,000 based on the chart) but faces resistance from multiple timeframe convergences. The expanding gap between the average price of Bitcoin over the last 500 weeks and 200-week EMA typically indicates sustained buying pressure, which traders typically interpret as bullish for medium-term holders.

Key Levels for Bitcoin are quite close because the coin has been trading sideways for a while:

  • Immediate support: $100,000 (psychological level and options concentration)
  • Strong support: $86,000 (50-week EMA zone)
  • Immediate resistance: $107,000 (recent rejection point)
  • Strong resistance: $110,000 (approach to all-time high territory)

Ethereum’s weekly chart tells a more constructive story, with the second-largest cryptocurrency trading at $2,285 after a major price jump in April. The technical setup suggests accumulation beneath resistance.

Ethereum trading data. Image: TradingView

The RSI at 47 sits in neutral territory, indicating neither overbought nor oversold conditions. This middling reading often precedes directional moves, as it shows the market has digested recent gains without excessive selling pressure. Traders view sub-50 RSI during uptrends as potential buying opportunities.

More notably, the ADX at 22 remains below the trend confirmation level of 25, suggesting Ethereum is consolidating rather than trending. This low ADX reading after a strong move typically indicates accumulation before the next leg higher, particularly when price holds above key moving averages.

Both the 50-day EMA ($2,480) and 200-day EMA ($2,093) frame the current price action. Current price action is trading around $2,245, far below the 20/50 EMA cluster near $2,480–$2,525. The fact that ETH bounced precisely off the 200-day EMA shows this long-term moving average acted as a magnet for buyers. It’s worth noting that institutional algorithms often target these levels.

Key Levels:

  • Immediate support: $2,200 (50-week EMA)
  • Strong support: $1,800 (200-week EMA)
  • Immediate resistance: $2,600 (recent rejection zone)
  • Strong resistance: $3,000 (psychological level)

SPX6900: Meme momentum building

SPX6900 trading data. Image: TradingView

The 24-hour chart for the meme coin SPX6900 exploded with a double digit gain to $1.35 before correcting to its current $1.35. That’s enough for a 14.5% spike since yesterday’s dip, showcasing the raw power of meme coin momentum when conditions align.

The RSI at 44 might seem bearish at first glance, but context is key. After a violent selloff, this recovery from oversold conditions (below 30) represents a momentum shift. In other words, yes, people are selling a lot, but not as much as a few days before, which means there are less sellers in play and a recovery could be starting.

However, the ADX at 36 signals a strong trending environment. Readings above 25 confirm trend strength, while above 35 indicates powerful directional movement. This is typical of volatile meme coins that trend hard in both directions. The bearish trend is still in play, but the lower ADX in comparison to previous days may signal exhaustion from bears.

Price action shows that bears were able to put prices below the EMA50 (the average of the last 50 days) but the momentum only lasted a few days and the price is recovering. The successful defense of sub-$1.00 levels prevented a deeper correction and attracted fresh buying interest, and rejected the scenario of a potential death cross in the near future. So, you can breathe for now—whatever that means for meme coin traders.

Key Levels:

  • Immediate support: $1.10 (breakout retest level)
  • Strong support: $0.93 (recent bounce zone)
  • Immediate resistance: $1.50 (round number resistance)
  • Strong resistance: $1.77 (all-time high)

Fartcoin: Technical bounce meets whale interest

Fartcoin trading data. Image: TradingView

Despite its correction, Fartcoin is showing remarkable strength with a 13% surge from yesterday’s low to $1.10, driven by a combination of technical factors and on-chain dynamics that suggest more upside ahead.

The RSI at 38 shows a sharp recovery from oversold conditions. This is still bear territory, but shows momentum improving from extreme lows without yet reaching neutral (50). This could be a sort of a “sweet spot” where risk/reward favors longs—the selling has exhausted while buying interest returns. For even more copium, the coin also hasn’t dropped below the average price of the last 200 days.

The ADX at 19 sits below the 25 trend threshold. This low reading after a sharp decline often marks accumulation zones where smart money positions before the next trending move. Combined with the price bounce, it suggests a trend reversal could be developing but is not yet confirmed.

The successful bounce from $0.90 support demonstrates buying interest at key technical levels known as “Fibonacci levels,” These are basically natural price zones that form between the lowest and highest point of a price movement. So, in other words, bears are struggling to take prices below that zone.

Key Levels:

  • Immediate support: $0.95 (psychological level)
  • Strong support: $0.90 (78.6% Fibonacci/proven bounce zone)
  • Immediate resistance: $1.10 (EMA50)
  • Strong resistance: $1.3-1.4 (major resistance cluster)

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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Tokenized Assets ‘Expand Participation in Equity’ and Bring Wall Street On-Chain: Exodus

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The tokenization industry has gained momentum at breakneck speed.

New use cases are continually emerging, with Boston Consulting Group projecting that the total size of this nascent sector could reach $16 trillion by 2030.

Others believe it might take a little extra time. McKinsey recently forecast that the market capitalization of tokenized assets will hit $2 trillion by the end of the decade—and potentially $4 trillion in a bullish scenario. That would eclipse the current value of all cryptocurrencies and stablecoins in circulation.

“Blockchain technology has the ability to expand participation in equity markets,” Colin Closser, investor relations manager at Exodus, told Decrypt. The self-custodial crypto platform made headlines last year when it became the first U.S. company to tokenize its common stock on the Algorand blockchain.

The shares are now listed on the premier NYSE American stock exchange—and at the time, executives shared hopes that this would elevate the company’s corporate profile, all while supercharging liquidity.

“By virtue of Exodus trading on the NYSE American stock exchange, blockchain-based finance stands alongside America’s premier traditional markets, which reflects well on both systems,” Closser said.

Why tokenization?

Asset managers are drawn to tokenization because of the tangible benefits it brings. Whereas trades could only once take place during strict business hours and never on weekends, blockchains pave the way for 24/7 transactions. Settlement used to take up to two business days, but is now completed in minutes.

Tokenization also helps drive down the costs associated with issuing and trading equities by up to 50%—automating and streamlining backroom processes.

But one of the biggest benefits tokenization can bring regards liquidity, especially when it comes to assets once considered as difficult to buy and sell easily.

The Chartered Alternative Investment Analyst Association recently argued that a rise in fractional ownership could also tear down barriers to entry, making fine wines and real estate more affordable for a broader cross-section of consumers.

Meanwhile, analysts at Citi believe that the financial sector is barely “scratching the surface” of tokenization’s use cases. Ryan Rugg, Head of Digital Assets for Citi’s Treasury and Trade Solutions, argued that the programmability achieved by smart contracts will prove to be especially transformative—supercharging productively by enabling payments to be released automatically whenever pre-agreed conditions are met.

Innovation in action

Looking forward, the potential use cases for tokenization extend far beyond stocks. Other asset classes that can benefit from this approach include bonds, commodities and a slew of other alternative investments. All of this will help expand participation in equity markets.

“When U.S. regulations allow on-chain stock trading to flourish, blockchain’s technological underpinnings will upgrade equity markets with 24/7 trading and near-instant settlement,” Closser told Decrypt. “These features are expected by blockchain users, who could in turn gain access to the world of equity ownership.”

“At Exodus, we’ve always harnessed the power of blockchain to democratize finance for consumers,” he added, noting that, “Exodus’ pioneering Common Stock Token on Algorand, followed by Exodus’ uplisting to the NYSE American, is no exception.”

Exodus marked a milestone in January when it rang the NYSE opening bell—symbolizing how “crypto and traditional markets are coming together to create a more open, transparent and lasting financial system,” Closser said.

Of course, challenges lie ahead in the ongoing push to take tokenization mainstream. Regulatory clarity is a key sticking point, though progress is being made, with the U.S. Securities and Exchange Commission’s Crypto Task Force hosting a roundtable last month to discuss the technical standards and safeguards needed for this industry to flourish.

For this sector to achieve its full potential, careful thought also needs to be paid to infrastructure, with transactions taking place on blockchains that can scale in line with institutional demand.

Recent State Street research indicated that 70% of respondents to a recent poll are willing to transfer assets between traditional custodial environments and tokenized platforms. Not only does this show there’s healthy demand, said State Street’s analysts—it’s a sign that digital and traditional assets will co-exist “for years to come.”

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Arizona reconsiders Bitcoin reserve plan using forfeited digital assets
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Arizona reconsiders Bitcoin reserve plan using forfeited digital assets

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Arizona lawmakers have voted to revive a bill that would expand the state’s forfeiture laws to include digital assets and establish a new Bitcoin reserve fund.

Following a June 19 motion in the Senate, House Bill 2324 is headed back to the Arizona House of Representatives for reconsideration. 

The measure, which had previously failed to pass the House on May 7, was brought back after a narrow 16-14 Senate vote. 

Republican Senator Janae Shamp, one of the lawmakers who initially voted against the bill, filed the motion to reconsider. 

It must now secure a majority vote from the 60-member House, where Republicans hold 33 seats, after which it will proceed to Governor Katie Hobbs’ desk for potential approval.

What is HB 2324?

HB 2324 proposes the creation of a “Bitcoin and Digital Assets Reserve Fund” to manage assets seized through criminal forfeiture. It updates Arizona’s existing forfeiture laws to formally include digital assets such as cryptocurrencies, expanding legal definitions to cover virtual currencies and other digital-only items with economic value.

The bill outlines new procedures for law enforcement agencies to seize, access, and store digital assets, including requirements to use secure, state-approved digital wallets.

Under the proposed allocation system, the first $300,000 worth of forfeited digital assets would be directed to the Attorney General’s office. Any remaining value would be split, 50% to the Attorney General, 25% to the state’s general fund, and 25% to the newly established reserve fund.

HB 2324 also clarifies regulations governing property forfeiture by adding protections for innocent owners and establishing limits on when other property types, such as vehicles, may be seized. 

Supporters of the bill argue the changes are needed to keep pace with the growing role of digital assets in criminal investigations and economic activity.

HB 2324 differs significantly from House Bill 2749, which Governor Hobbs signed into law on the same day the former was initially rejected.

HB 2749 allows the state to claim digital assets that have remained unclaimed for at least three years. These assets must be transferred to the Arizona Department of Revenue in their original digital form.

Unlike HB 2324, HB 2749 does not deal with criminal forfeiture or law enforcement procedures. Instead, it establishes a regulatory process for identifying and managing abandoned assets, along with a reserve fund that may receive staking rewards or airdrops. 

Importantly, HB 2749 prohibits the use of taxpayer money, focusing only on assets already in state possession due to abandonment.

Both bills involve the creation of a “Bitcoin and Digital Assets Reserve Fund,” but the funding mechanisms and purposes differ. 

HB 2749’s fund is sourced from unclaimed property and is subject to legislative appropriation, while HB 2324’s version is tied to seized assets from criminal proceedings.

Arizona is not the only state taking steps toward integrating digital assets into public finance. Earlier this year, New Hampshire passed House Bill 302, becoming the first U.S. state to authorize its treasurer to invest up to 10% of public funds in Bitcoin and other qualifying digital assets with a market cap of over $500 billion.



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Lending deposits on top DeFi protocols (Artemis)
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Crypto Lenders Hold Nearly $60B of Assets as New Wave of DeFi Adoption Sweeps In: Report

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There’s a quiet transformation underway in decentralized finance (DeFi).

While DeFi’s previous bull market was driven by eye-watering—and dubious—yields and speculative frenzy, the current growth has been powered by the sector becoming a backend financial layer for user-facing apps and increasing institutional participation, according to a Wednesday report by analytics firm Artemis and on-chain yield platform Vaults.fyi.

The total value locked (TVL) on top DeFi lending protocols—including Aave, Euler, Spark and Morpho—has surged past $50 billion and approaching $60 billion, growing 60% over the past year, the report showed. This growth has been driven by rapid institutionalization and increasingly sophisticated risk management tools.

“These are not merely yield platforms; they are evolving into modular financial networks undergoing rapid institutionalization,” the authors said.

Lending deposits on top DeFi protocols (Artemis)

The ‘DeFi mullet’

One of the key trend recently the report highlighted is user-facing applications quietly embedding DeFi infrastructure in the backend to offer yield or loans. These features are abstracted away from users creating a more seamless experience, a trend often called the “DeFi mullet:” fintech front-end, DeFi backend, the report said.

Coinbase users, for instance, can borrow against their bitcoin

holdings powered by DeFi lender Morpho’s backend infrastructure. More than $300 million in loans have already originated via this integration as of this month, the report pointed out.

Bitget Wallet’s integration with lending protocol Aave offers a 5% yield on USDC and USDT holdings across chains without leaving the crypto wallet app. PayPal is also doing something similar with its PYUSD stablecoin, offering yields near 3.7% to PayPal and Venmo wallet users, albeit without the DeFi element.

The report said crypto-friendly fintech firms with large user bases, such as Robinhood or Revolut, may also adopt this strategy and offer services like stablecoin credit lines and asset-backed loans through DeFi markets, creating new fee-based revenue streams.

Tokenized RWAs in DeFi

Increasingly, DeFi protocols are introducing use cases for tokenized versions of traditional instruments such as U.S. Treasuries and credit funds, also known as real-world assets (RWA).

These tokenized assets can serve as collateral, earn yield directly or be bundled into more complex strategies.

Read more: Tokenized Apollo Credit Fund Makes DeFi Debut With Levered-Yield Strategy by Securitize, Gauntlet

Tokenization of investment strategies is also becoming popular. Pendle, a protocol that lets users split yield streams from principal, now manages over $4 billion in total value locked, much of it in tokenized stablecoin yield products.

Meanwhile, Ethena’s sUSDe and similar yield-bearing tokens have introduced products that deliver returns above 8% through strategies like cash-and-carry trades, all while abstracting away the operational burden for the end user.

Rise of on-chain asset managers

A less visible but critical trend highlighted in the report is the rise of crypto-native asset managers. Firms like Gauntlet, Re7 and Steakhouse Financial allocate capital across DeFi ecosystems using professionally managed strategies, resembling the role of traditional asset managers.

These players are deeply embedded in DeFi protocol governance, fine-tune risk parameters and deploy capital across a range of structured yield products, tokenized real-world assets (RWAs) and modular lending markets.

The report noted that the sector’s capital under management has grown fourfold since January—from $1 billion to over $4 billion.

Read more: Crypto for Advisors: DeFi Yields, the Revival



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