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Zcash Outshines Bitcoin with 102% Gain
Crypto Trends

Zcash Outshines Bitcoin with 102% Gain

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  • Still down 98% 
  • Delistings and security concerns

Privacy-focused cryptocurrency Zcash (ZEC) has managed to substantially outshine Bitcoin (BTC) this September, with the ZEC/BTC pair surging by more than 100%. 

ZEC has managed to break a multi-year downtrend against the leading cryptocurrency while few were paying attention. 

At press time, Zcash is changing hands at $68.81 after hitting a six-month high. 

Following the recent surge, the privacy coin is now on the verge of reclaiming its spot within the top 100. 

Still down 98% 

However, it is worth noting that ZEC is still down a whopping 98% from its record high of $3,191 that was reached back in October 2016. 

Back then, there was a speculative frenzy surrounding the token due to market excitement for privacy coins and zero-knowledge proofs, which make it possible to conduct private transactions.  

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The following day, the price of the token plunged by 72%, with the meme coin leaving the top 100. 

Delistings and security concerns

In 2024, Zcash faced a wave of delistings on numerous exchanges alongside fellow privacy coin Monero (XMR) due to heightening regulatory pressure. Earlier this year, Binance, the world’s leading cryptocurrency exchange, also indicated that it could delist ZEC, which sparked backlash within the community. 

The token has also faced significant security concerns. Back in September 2023, a single mining pool managed to seize control of more than 50% of the hashrate. This could have potentially lead to 51% attacks. 



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Historic Kimono Brand Changes Name To ‘Bitcoin Japan’ In Rebranding Move

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According to reports, a long-running Japanese kimono and textiles maker will formally rename itself “Bitcoin Japan” at a shareholders meeting set for November 11 as it begins to hold Bitcoin on its balance sheet.

The company also plans to adopt “Bitcoin Japan Corporation” as its English name and said it will focus on crypto treasury operations. Some of these moves were announced in a company release this week.

Company Rebrands To Signal New Focus

Bakkt’s June agreement to buy a controlling stake in the business helped trigger the shift. Reports have disclosed that Phillip Lord, president of Bakkt International, will take the CEO job at the newly named firm, and Akshay Naheta, co-chief executive officer of Bakkt Holdings, will become chairman of the board.

The company stated the new leadership will better align directors and shareholders and said it aims at medium- to long-term improvement in corporate value.

Bakkt Holdings has finalized the acquisition of the domain https://t.co/AVELNw1uzx, strengthening our presence in Japan with a premier web address.

👉 Read the full press release : https://t.co/XxHU3hm1Rf pic.twitter.com/Jon5t2iYnw

— Bakkt (@Bakkt) September 22, 2025

The Change Comes After Struggling Results

Marusho Hotta is no startup. Founded in 1861, it opened one of Japan’s first kimono wholesale stores in 1894 and listed on the Tokyo Exchange in 1974.

Yet the company has struggled in recent years. Based on reports, Marusho Hotta logged a net income of minus 407 million yen ($2,724,400) for its most recent fiscal period.

Other textile players have also reported losses: Kitabo recorded a net loss of $785,000 for FY2024, even as it plans to buy about $5.4 million worth of Bitcoin as it moves into crypto and real-world asset ventures.

BTCUSD trading at $113,998 on the 24-hour chart: TradingView

Textile Firms Shift Into Bitcoin

A number of Japanese companies in the fashion and textile sectors have announced plans to buy Bitcoin or offer crypto-related services.

Reports note that Metaplanet has amassed enough Bitcoin to rank among the global top five corporate Bitcoin treasuries.

Loyalty firm Remixpoint, game maker Gumi, and retailer ANAP are other recent examples that have said they will add Bitcoin to their corporate strategies.

A Company Reinventing Its Identity

This is more than a name swap. For an organization founded in 1861 to become Bitcoin Japan signals a striking corporate pivot.

Whether the plan restores profitability or simply changes the company’s public image remains to be seen. The market will watch how shareholders react on November 11 and whether other traditional firms follow with larger Bitcoin treasuries.

Featured image from KKDay, chart from TradingView

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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Bitcoin Staking Debuts on Ethereum Layer-2 Starknet With STRK Incentives

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In brief

  • Starknet began letting users stake Bitcoin on Tuesday.
  • The network pays out rewards in Starknet’s STRK.
  • The Starknet Foundation is distributing 100 million in STRK incentives.

Bitcoin became a core part of Starknet’s ecosystem on Tuesday, as the Ethereum layer-2 network began using the asset as a way to secure itself, according to a press release.

Starknet users can now participate in the process of validating transactions by delegating Bitcoin to the network in order to earn rewards, StarkWare, the network’s developers, said. Previously, Starknet users could only stake its native STRK token.

The company also said that RE7, a London-based investment firm, is building a Bitcoin-denominated yield product on Starknet. The Starknet Foundation is planning on using 100 million STRK to encourage Bitcoin-related activity on the network, StarkWare added.

If Bitcoin has a flaw, it’s that the asset is being “too much hodled,” StarkWare co-founder and CEO Eli Ben-Sasson told Decrypt, using a misspelling of “hold” that’s emerged as rallying cry for steadfast cryptocurrency investors in recent years.



Ben-Sasson said that Bitcoin is “pristine capital,” but the asset’s use has been limited so far within the realm of decentralized finance, or DeFi, because centralized exchanges have historically had superior scale, good user experiences, and dirt-cheap prices.

As Bitcoin’s use in borrowing becomes more commonplace, Ben-Sasson said that Starknet is “perfectly aligned to make Starknet the financialization layer and the execution layer for Bitcoin,” a scenario that Ben-Sasson thinks will be winner-takes-most.

This year, crypto exchange Coinbase has leaned into a service that connects its customers with the lending protocol Morpho on its Ethereum layer-2 network Base. Nearly $1 billion worth of loans have originated through the arrangement, according to a Dune dashboard.

StarkWare emphasized that Bitcoin staking on Starknet does not require users to relinquish custody of their assets, arguing that its approach doesn’t make security tradeoffs.

Although StarkWare is positioning Starknet as a Bitcoin layer-2, the network’s staking feature has design elements that don’t fully align with Bitcoin maximalists, who often believe that all other cryptocurrencies are inferior and should be viewed as “shitcoins.”

Those that stake Bitcoin on Starknet receive STRK, Starknet’s native token, as a reward, for example. Other projects trying to bring programmability to Bitcoin, such as GOAT Network, pay out rewards primarily in Bitcoin but still use a native token for incentives as well.

As of Monday, STRK had a market capitalization of $498 million, according to crypto data provider CoinGecko. The asset’s price had fallen 74% over the past year to $0.122. In 2024, STRK hit an all-time high of $4.41, one month after its debut.

The Israeli-based firm said last June that it was raising $1 million to enter the Bitcoin-scaling space. At the time, it came out in support of restoring the OP_CAT, a command within Bitcoin’s programming language that some think could unlock innovation.

Starknet uses a specific zero-knowledge proof system that Ben-Sasson introduced in 2018. Ethereum co-founder Vitalik Buterin has said the form of advanced cryptography could be key to balancing privacy against regulatory compliance.

Ben-Sasson said that he’s been interested in using zero-knowledge proofs to scale Bitcoin since he discovered it in 2013, but Ethereum was the easiest blockchain to start with.

“I think there’s a much higher need for this stuff on the Bitcoin side,” he said. “We’re not leaving Ethereum, but definitely our main goal in 2025 and 2026 is to service Bitcoin the best possible way that we can.”

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Crypto ETFs Suffer Worst Streak Since Launch as Bitcoin and Ethereum Record Heavy Outflows

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Bitcoin and Ethereum ETFs experienced their worst weekly stretch since debut, as risk appetite declined and investors de-risked heading into quarter-end.

U.S. spot Bitcoin ETFs saw approximately $902.5 million in net outflows for the week of Sept. 22–26, ending a four-week inflow streak. Ethereum ETFs lost about $795.6 million, marking their largest weekly redemptions since launch.

The outflows were uneven: Fidelity’s FBTC led BTC outflows, while BlackRock’s IBIT and Invesco’s BTCO defied the trend with $173.8 million and $10 million of inflows, respectively. On the ETH side, several issuers experienced large single-day withdrawals, showing how quickly flows can reverse when macro risk increases.

Macro Headwinds Keep Buyers Cautious

The reversal came as traders weighed new U.S. tariff announcements and lingering uncertainty about the Fed’s rate cuts ahead of key inflation data. Those headlines revived fears of a growth and liquidity squeeze, driving a quick reset across risk assets.

Bitcoin briefly slipped below pivotal support intraday before rebounding, while Ethereum mirrored the move with a shallow bounce. Despite the week’s pain, September still shows net inflows for Bitcoin ETFs ($2.57B), a notable improvement from August’s outflows, evidence that institutional adoption remains intact.

For now, the market’s message is clear: without a more dovish macro backdrop or cleaner inflation prints, allocators may remain selective, trimming core BTC/ETH exposure when it is strong and adding only on clear confirmations.

BTC’s price trends to the upside on low timeframes. Source: BTCUSD on Tradingview

Alternative Crypto ETFs Take Spotlight Over Bitcoin and Ethereum

Beneath the headline of redemptions, some desks report rotations toward thematic or alternative crypto ETFs (e.g., Solana, XRP) as allocators seek uncorrelated catalysts.

That discussion overlaps with speculation about a potential BlackRock XRP spot ETF, with market models suggesting $4–$8B of first-year inflows if such a product were filed and approved. Although no filing has been confirmed, XRP’s quick settlement times and low fees keep it on institutions’ radar.

Nevertheless, the week’s outflows serve as a reminder: macro factors outweigh micro in the short term. As October progresses, focus on whether BTC funds resume steady inflows, if ETH redemptions decrease, and how upcoming inflation data influences Fed expectations.

Until these factors align positively, volatility will remain high, and ETF flow reports will continue to be the best real-time indicators of institutional confidence.

Cover image from ChatGPT, BTCUSD chart from Tradingview

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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Bitcoin Whale Awakens After 12 Years to Move $44 Million in BTC

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In brief

  • An old address holding 400 Bitcoin worth over $44 million has moved their “digital gold.”
  • The coins had sat in the digital wallet since November 2013. Bitcoin is up 16,000% since then.
  • A growing number of “Satoshi-era” investors have moved their Bitcoin in recent months with BTC steadily above $100K.

Another long-term Bitcoin investor is back in action and making moves.

Data from Arkham Intelligence shows that an address holding over $44 million in digital coins made a transaction after 12 years of dormancy.

Sunday was the first time the 400 Bitcoin had been touched since they arrived in the digital wallet in November 2013— just four years after the oldest blockchain came to life.



Back then, the price of Bitcoin stood at around $720, according to CoinGecko. It’s now trading for over $114,000—a nearly 16,000% rise. As is often the case, it’s unclear who owns the wallet, as such personally identifying information isn’t included on the blockchain.

Back in 2013, the lowest price the oldest cryptocurrency touched was a mere $13. It soared to over $1,132 by the end of the year. 

Old addresses holding such large amounts of Bitcoin likely belong to miners—people or companies—who started minting new coins during the digital asset’s early years.

Back then, new coins could be produced using desktop computers. But now in the increasingly industrialized Bitcoin mining world, companies use warehouses full of computers to process transactions on the crypto network. 

A number of big, long-term Bitcoin holders—known as “whales”—have started moving coins this year as the cryptocurrency dubbed “digital gold” trades comfortably above $100,000. Such moves have, in the past, spooked markets, as traders largely interpret such reactivations of old wallets as an intention to sell off the stash.

At the moment, market sentiment on Bitcoin has once again flipped bullish, with users on Myriad—a prediction market developed by Decrypt’s parent company Dastan—now favoring a move to $125K over a drop to $105K at nearly 58%. Those odds had dropped as low as 29% just yesterday.

Back in July, a whale sold more than 80,000 Bitcoin—over $9 billion at the time—after holding the coins for 14 years. Analysts were initially puzzled, but institutional crypto firm Galaxy later revealed it had executed the sale for the unidentified Satoshi-era investor.

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Bitcoin Rockets 4% Amid Massive $442 Million Whale Move
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Bitcoin Rockets 4% Amid Massive $442 Million Whale Move

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  • Bitcoin sees 140% volume surge as whales activate
  • BTC holds above $110,000

The Bitcoin ecosystem has witnessed renewed momentum as trading activities soared dramatically over the last day. 

On Monday, September 29, on-chain tracking platform Whale Alert identified a massive Bitcoin transfer involving over 3,900 BTC, according to its latest X posts.

Further data revealed that the large BTC transfers were executed via unidentified wallet addresses in two separate transactions. Together, the transfers amounted to more than $442 million.

Notably, these transactions have raised eyebrows across the crypto community, coming at a time when investor sentiment suddenly shifted, driving crypto asset prices sharply upward.

Bitcoin sees 140% volume surge as whales activate

Following the move, Bitcoin not only posted strong daily gains, rebounding above the $113,000 mark, but also recorded a massive 140% surge in trading volume over the last 24 hours.

While the large transactions coincided with the market’s positive momentum, it appears that rising whale activity has contributed to the asset’s price recovery, though the mysterious nature of both transfers makes it difficult to confirm whether they were buy attempts or sell-offs.

Historically, large and unidentified BTC transfers like these are often traced to institutional redistribution activities or moves by high-net-worth investors.

With multiple significant BTC transactions spotted among firms such as BlackRock and Strategy today, it appears that whales are actively positioning ahead of what could be a major market event.

BTC holds above $110,000

After days of trading deep in the red and falling below $110,000, confidence seems to be returning as Bitcoin now holds well above that level, trading at $113,856 at the time of writing.

Source: CoinMarketCap

With trading volume rocketing 140% and price gains reaching 4%, analysts predict Bitcoin is heading toward resistance between $113,500 and $114,000, potentially setting the stage for a strong start to the new month.



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Woman Pleads Guilty to $7 Billion Bitcoin Fraud Scheme in UK

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In brief

  • Zhimin Qian pleaded guilty to criminal acquiring and possessing criminal property and awaits sentencing.
  • She defrauded 128,000 Chinese individuals, ultimately turning illegally obtained funds into Bitcoin.
  • That Bitcoin was seized between 2018-2021 and is now valued around $7 billion.

Chinese national Zhimin Qian pleaded guilty to acquiring and possessing criminal property of 61,000 Bitcoin, now valued just shy of $7 billion, in a UK court on Monday. 

The conviction follows a seven-year investigation into international money laundering where it was discovered that Qian, who also goes by Yadi Zhang, organized a large-scale fraudulent investment scheme that defrauded 128,000 individuals. 

“Today’s guilty plea marks the culmination of years of dedicated investigation by the Met’s Economic Crime teams and our partners,” Will Lyne, The Met’s head of economic and cybercrime command, said in a statement.



“This is one of the largest money laundering cases in UK history and among the highest-value cryptocurrency cases globally,” he added “I am extremely proud of the team.”

Qian conducted the scheme between 2014-2017, defrauding individuals and ultimately turning the illegally obtained funds into Bitcoin. In 2018, she fled China and entered the UK with false documentation and later attempted to launder the money through property purchases and with the help of a conspirator, Jian Wen. 

The Met was able to seize 61,000 Bitcoin between 2018 and 2021 in what it now calls the world’s largest crypto seizure. Wen was convicted of money laundering last year, and was ordered to pay more than $3 million for her role. She was sentenced to more than six years in prison.

Civil proceedings for the recovered funds are now ongoing, but a UK-based legal partner recently told Decrypt it will be a “considerable challenge” for Chinese investors to demonstrate legitimate proprietary claims to the funds. 

“Bitcoin and other cryptocurrencies are increasingly being used by organized criminals to disguise and transfer assets, so that fraudsters may enjoy the benefits of their criminal conduct,” said Crown Prosecution Services Deputy Chief Crown Prosecutor Robin Weyell, in a statement. 

“The CPS is committed to working closely with law enforcement and investigatory authorities, to bring to justice individuals and companies who engage in laundering criminal proceeds of a cryptocurrency fraud,” she added. 

Qian was remanded into custody and will be sentenced at a later date following her guilty plea. 

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SEC Halts Trading of Bitcoin, Ethereum Treasury Firm QMMM After 2,000% Stock Surge

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In brief

  • Digital advertising firm QMMM Holdings announced that it was buying Bitcoin, Ethereum, and Solana earlier this month.
  • The company’s stock has skyrocketed by more than 2,100% over the last month amid the crypto pivot.
  • The SEC has now halted trading of the stock, and alleges that there may be manipulation at play.

The Securities and Exchange Commission has halted trading of a company after its stock boomed by over 2,000% following a recently announced crypto treasury pivot.

Digital advertising firm QMMM Holdings earlier this month announced a plan to buy Bitcoin, Ethereum, and Solana—causing an explosion in the price of its stock. In September alone, its price has risen by more than 2,100%, according to Yahoo Finance data, finishing Friday at a price of $119.40. 

But Wall Street’s biggest regulator said Monday that it was suspending trading of the security until October 10 as it investigates “potential manipulation” of the stock.



“The Commission temporarily suspended trading in the securities of QMMM because of potential manipulation in the securities of QMMM effectuated through recommendations, made to investors by unknown persons via social media to purchase the securities of QMMM, which appear to be designed to artificially inflate the price and volume of the securities of QMMM,” the statement from the SEC read. 

Decrypt reached out to the SEC and QMMM Holdings for comment, but did not immediately receive a response from either party.

Hong Kong-based QMMM Holdings said at the start of the month that its treasury will initially start with $100 million worth of cryptocurrency. 

The SEC’s announcement comes as regulators pay closer attention to digital asset treasuries—companies that buy cryptocurrency with spare cash. Last week, the Wall Street Journal reported that the SEC and the Financial Industry Regulatory Authority, or FINRA, had contacted companies after identifying unusual trading activity. 

A number of companies have bought cryptocurrencies like Bitcoin, Ethereum, and Solana to get better returns for shareholders. Such firms have often seen their share prices soar—albeit sometimes briefly—after announcing crypto treasury pivots.

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Bitcoin Turns Bullish 3 Reasons Why $120K Could Be Next
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Bitcoin Turns Bullish 3 Reasons Why $120K Could Be Next

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Key takeaways:

  • Clearer digital asset regulation, highlighted by this week’s high-profile SEC–CFTC roundtable, could strengthen investor confidence.

  • A temporary resolution of the looming US government shutdown may ease risk aversion and boost Bitcoin price.

  • Labor market data and Strategic Bitcoin Reserve expectations could fuel renewed momentum toward the $120,000 level.

Bitcoin (BTC) reclaimed the $114,000 mark on Monday, recouping part of the losses from the previous week. Interestingly, this rebound came despite heavy outflows from the spot Bitcoin exchange-traded funds (ETFs), prompting investors to question whether the rally is sustainable and what catalysts might drive Bitcoin toward the $120,000 level.

Spot Bitcoin ETFs daily net flows, USD. Source: Farside Investors

Roughly $900 million flowed out of US-listed spot Bitcoin ETFs last week, sparking moderate concern among traders, especially as long-term whales sold 3.4 million BTC. According to Glassnode, about 90% of the coins moved showed profit-taking for the third time in this cycle, increasing the likelihood of “a cooling phase ahead.”

SEC-CFTC joint roundtable, US government shutdown and labor market data

Three events scheduled for this week could shift investor sentiment toward Bitcoin, starting with a joint roundtable on digital asset regulation hosted by the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). SEC Chair Paul Atkins is set to open the event on Monday.

The event in Washington, D.C., is designed to bring greater regulatory clarity to jurisdictional tests, listings, and exchange oversight. Panelists include Jeff Sprecher, CEO of ICE-NYSE, Adena Friedman, CEO of Nasdaq, and Terry Duffy, CEO of CME Group, along with executives from leading crypto-focused firms and representatives from JPMorgan, Bank of America, and Citadel.

US government shutdown odds for 2025 at Polymarket. Source: Polymarket

Another potential catalyst for Bitcoin’s price is the looming risk of a US government shutdown on Oct. 1. US President Donald Trump has scheduled a meeting with congressional leaders on Monday to try to avert the crisis. Without action from Congress, thousands of federal employees could be furloughed, and numerous services, including small-business grant programs, would be disrupted.

Bitcoin’s price has historically reacted negatively when traders become more risk-averse. About $1.7 trillion in “discretionary” spending that funds agency operations is set to expire at the end of the fiscal year on Tuesday. The House of Representatives narrowly approved a bill on Sept. 19 to fund government agencies through Nov. 21, leaving final approval now in the Senate’s hands.

The next major factor that could unlock a Bitcoin rally to $120,000 is the US job market data, the Federal Reserve’s top focus following core inflation that matched market expectations at 2.9% in August. The US Bureau of Labor Statistics is scheduled to release the JOLTS survey of job openings on Tuesday, followed by the nonfarm payroll report on Friday.

Signs of weakness in the labor market could steer investors toward assets viewed as safer, such as gold and short-term government bonds.

Related: Poland advances strict crypto bill, sparking public backlash

US Strategic Bitcoin Reserves  hopes create a psychological support

Another reason Bitcoin has managed to hold the $109,000 level is optimism surrounding plans for a United States Strategic Bitcoin Reserve. Jan3 founder Samson Mow recently noted that the Trump administration is “pushing forward” budget-neutral strategies to acquire Bitcoin. Some analysts also highlight the possibility of a reevaluation of the US Treasury’s gold reserves.

Countries with the highest gold reserves. Source: Bloomberg

By repricing gold’s official value from the $42.22 level set by Congress in 1973, the US Treasury could potentially unlock nearly $1 trillion in credit, though US Treasury Secretary Scott Bessent has dismissed speculation of such a move. Even so, analysts remain confident in the government’s ability to successfully launch a Strategic Bitcoin Reserve in the coming months.

Key drivers that could push Bitcoin above $120,000 include clearer regulation across the digital asset industry, a temporary agreement to avert a looming US government shutdown, and reduced risks reflected in upcoming US job market data. Meanwhile, even the possibility of the US Treasury adding Bitcoin to its reserves provides a psychological support level for the market if those broader events turn unfavorable.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.



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New York City’s ‘Bitcoin Mayor’ Eric Adams Drops Out of Race for Reelection

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In brief

  • New York City’s ‘Bitcoin Mayor’ Eric Adams has dropped out of the race for re-election.
  • Adams had publicly tied his image to crypto, from Bitcoin paychecks to calls for BitLicense reform, and many other initiatives.
  • His withdrawal follows legal troubles and questions about whether crypto can anchor political identity.

Eric Adams, mayor of New York City, ended his reelection campaign Sunday evening after a term marked by both controversy and his stature as one of the country’s most visible crypto-friendly politicians.

Over the course of his tenure, the self-described ‘Bitcoin Mayor’ had made crypto a key component of his public image: from taking paychecks in Bitcoin three years ago, to calling for the removal of the city’s BitLicense requirements, as well as pitching ways to make New York the “crypto capital” of the world. He also supported integrating blockchain technology into city systems from education to record-keeping.

Yet his efforts often stalled it the face of regulatory limits and political controversies. Almost a year ago, Adams was indicted on federal criminal charges with allegations of his connection to illegal foreign donations for his campaign.

“[…] some remain unsure of me after the unfortunate events surrounding my federal case,” Adams said at one point in his announcement video. “I was wrongfully charged because I fought for this city.”

Crypto’s shifting political tides

While Adams’ exit was shaped by legal battles and low polling, observers say the decision also shows the difficulty of using digital assets as a plank for political identity.

“Adams’ departure is largely symbolic. New York loses a visible crypto advocate, but the industry’s political traction has already been shifting toward states like Texas, Wyoming, and Florida where pro-innovation policies are taking hold,” Mayuko Hamazaki, principal at Willspire Capital, told Decrypt.

Adams’ withdrawal from the mayoral race “reflects his own controversies more than crypto itself,” Hamazaki added. “Politicians can still align with digital assets effectively, but success depends on broader credibility and policy agendas, not just a crypto-friendly stance.”

Others pointed to the crypto industry’s broader inroads into national policy.

“This is a New York story, not a crypto story,” Matt Mudano, co-founder and CEO of Bitcoin-native platform Arch Network, told Decrypt.

While Adams’ was “a loud supporter of crypto adoption,” his withdrawal “had more to do with his own personal controversies and doesn’t change the underlying trend: crypto is becoming more mainstream in U.S. policy,” Mudano said, adding that with “sustained, bipartisan work on broader market rules,” the wider perception of the crypto industry will be shaped by “national wins, not one mayoral race.”

Elsewhere in the U.S., politicians have incorporated crypto into their campaign platforms, such as Ian Calderon in California, who is running for governor with proposals to add Bitcoin to the state’s balance sheet and allow crypto payments for public programs.

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