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Chainlink's LINK Rallies 12% to New 2025 High Amid Token Buyback, Broader Crypto Rally
Crypto Trends

Chainlink's LINK Rallies 12% to New 2025 High Amid Token Buyback, Broader Crypto Rally

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Oracle network Chainlink's (LINK) native token sharply rebounded with the broader crypto market following Federal Reserve Chair Jerome Powell's dovish remarks in Jackson Hole, Wyoming.

LINK rallied 12% over the past 24 hours, hitting $27.8, its strongest price since December. Bitcoin (BTC) appreciated 3.5% during the same period, while the broad-market CoinDesk 20 index jumped 6.5%.

In protocol-specific news, Chainlink obtained two major security certifications this week: ISO 27001 and a SOC 2 Type 1 attestation, marking a first for a blockchain oracle platform. The audits, carried out by Deloitte, covered Chainlink’s price feeds, proof-of-reserve services and the Cross-Chain Interoperability Protocol (CCIP).

The oracle provider says the move strengthens trust in its data services and can bolster adoption among banks, asset issuers and decentralized finance protocols.

Further supporting the rally, the Chainlink Reserve, which periodically purchases LINK tokens on the open market using protocol revenues, bought 41,000 tokens on Thursday, worth roughly $1 million at that time. That brought total holdings to 150,778 tokens, around $4.1 million at current prices.

Technical analysis
  • Support Levels: Substantial defense established at $24.15 with high-volume confirmation, according to CoinDesk Research's technical analysis data.
  • Resistance Penetration: Systematic advancement through $25.00, $25.50, and $26.00 levels with volume validation from institutional participants.
  • Trading Volume Analysis: Exceptional 12.84 million volume surge during breakout phase, representing five times the 24-hour average of 2.44 million units.
  • Consolidation Patterns: Extended tight range consolidation around $24.70-$25.10 preceding explosive institutional-driven breakout.
  • Momentum Indicators: Sustained upward trajectory with measured advance characteristics and institutional accumulation signals from corporate treasury operations.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.



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Coinbase, Strategy Lead Crypto Stock Rebound as Bitcoin and Ethereum Soar

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In brief

  • Shares of crypto companies rose in price alongside digital assets and major stock indices.
  • The price surge comes after Federal Reserve Jerome Powell indicated that the central bank could cut rates next month.
  • Bitcoin and Ethereum were also trading higher on Friday, with ETH and altcoins leading the charge.

Crypto-focused company stocks rose Friday alongside digital coins following a more dovish-than-expected speech from Federal Reserve Chairman Jerome Powell. 

Nasdaq-listed Coinbase (COIN) spiked and was recently trading more than 6% higher on the day at $319. Meanwhile, Bitcoin treasury and software firm Strategy—MSTR—was up by nearly 65 to $354. Both had been trading down in recent days, but COIN is now in the green over the past week while MSTR remains slightly down during the span.

And Circle, which debuted on the New York Stock Exchange in May in a blockbuster IPO, jumped higher. The stablecoin giant was recently priced 6% higher over the past day, currently at $140, but had shown a 9% leap earlier in the morning.

Elsewhere, leading Bitcoin miners, CleanSpark (CLSK) and Riot Platforms (RIOT) rose by 5% and nearly 9% on the day, respectively, to nearly $10 and above $13.

Crypto treasuries like SharpLink and BitMine Immersion—which focus on buying and holding Ethereum, the second biggest digital coin—both jumped by more than 12%, hitting nearly $20 and $54.

Broadly, stocks are up on the day, with The Dow Jones Industrial Average climbing higher by 880 points, or nearly 2%, touching a new high. Meanwhile, the S&P 500 climbed 1.45%, and the Nasdaq rose by 1.6%.



The rise in equities comes as leading cryptocurrencies Bitcoin and Ethereum also jump. Bitcoin was recently priced at $116,318, up 3% in the hour after Jerome Powell spoke, CoinGecko data shows. Ethereum spiked higher by nearly 8% in one hour. The coin was recently trading for $4,740, about $130 away from its all-time high mark from 2021.

Over the past day, Bitcoin and Ethereum were up 3% and nearly 12%, respectively. 

An interest rate cut would likely help cryptocurrency and tech stocks. Both assets have typically done well in the past in a low interest rate environment, as traders are more drawn to risk assets.

U.S. President Donald Trump has been pressuring Powell to cut rates, frequently insulting the Fed chair on Truth Social and even threatening to fire or even sue him. 

The Fed started aggressively raising rates in 2022 in an attempt to control 40-year high inflation brought on by COVID-19. The central bank then started cutting borrowing costs again last year as the economy cooled.

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CRYPTO PUMPS AFTER JEROME POWELL SPEECH, ETH CLOSE TO ATH, ALTS & MEMES PUMP
Crypto Trends

CRYPTO PUMPS AFTER JEROME POWELL SPEECH, ETH CLOSE TO ATH, ALTS & MEMES PUMP

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CRYPTO PUMPS AFTER JEROME POWELL SPEECH, ETH CLOSE TO ATH, ALTS & MEMES PUMP

BTC slips on hawkish fed, Jackson Hole today. BTC ETFs hit 5-day losing streak. ETH poised for meteoric growth: JP Morgan. Hayes predicts $20k ETH this cycle. 27% of DATs now trade with mNAV below 1. CFTC launches ‘Crypto Sprint Initiative’. Eric Trump to visit Japan for crypto push. Wont target non-criminal intent crypto devs: DoJ. MetaMask launches mUSD stablecoin. EU accelerates plans for Euro stablecoins. China family offices allocating 5% to crypto: UBS. Japan’s SBI expands into tokenised stock trading. Ripple, SBI to launch RLUSD in Japan. India mulls crypto tax changes. Australia orders Binance audit.



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Best Crypto to Buy as Allianz Says Bitcoin is 'Credible Store of Value'
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Best Crypto to Buy as Allianz Says Bitcoin is ‘Credible Store of Value’

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

There’s no hiding the fact that Bitcoin’s performance over the past few years has turned even its most ardent critics into full-time believers.

The latest example is Allianz, a $2.5T asset manager, whose new report titled ‘Bitcoin and Cryptocurrency: The Future of Finance’ dubs Bitcoin a credible store of value.

What makes this even more striking is that back in 2019, Allianz explicitly advised against holding any crypto investments, citing regulatory uncertainty and volatility concerns.

Keep reading to discover not only the reasons Allianz now cites for Bitcoin’s impressive run so far, but also the factors fueling its explosive future.

We’ll also discuss how you can make the most of this brewing rally by loading up on the best cryptos to buy now.

Top Reasons Behind Allianz’s Bitcoin U-Turn

One of the biggest reasons behind Allianz now recognizing Bitcoin as a legitimate financial vehicle is the massive surge in institutional adoption.

The report notes how corporate treasuries (think Strategy, Metaplanet, and the like) have actually outpaced ETFs in Bitcoin purchases over the past few quarters.

In fact, public companies alone have scooped up over 240K $BTC since April.

Additionally, Allianz highlighted the following key factors fueling Bitcoin’s rise:

  • Federal Reserve Chairman Jerome Powell acknowledging Bitcoin as a digital counterpart to gold.
  • The growth of regulated exchanges like Coinbase, institutional custodians like Fidelity Digital Assets, and government-approved Bitcoin ETFs that have bridged the gap between TradFi and crypto.
  • Bitcoin’s 0.12 correlation with the S&P 500 and (-0.04) correlation with gold, which positions it as a strong diversification asset in traditional portfolios.

Allianz also pointed out that the growing trend of real-world asset tokenization and increasing DeFi adoption will ‘substantially expand crypto’s total addressable market.’

And as a final word of confidence, Allianz noted that ‘barring any unforeseen calamity or global collapse due to technological flaws,’ Bitcoin is on track to become a permanent pillar of the global financial system.

All in all, with big money players now openly legitimizing Bitcoin, this is the perfect time to fuel up your portfolio – not just with $BTC, but also with low-cap altcoins that could not only ride alongside Bitcoin, but even outperform it in terms of raw gains.

1. Bitcoin Hyper ($HYPER) – New Bitcoin Layer 2 Bringing Web3 Compatibility to the Network

Bitcoin Hyper ($HYPER) is one of the best altcoins to buy now not just because it’s tied to Bitcoin, but because of its potentially revolutionary mission: to turbocharge the Bitcoin ecosystem with Solana-like performance.

$HYPER is building a next-gen Layer 2 solution for Bitcoin that integrates with the Solana Virtual Machine (SVM), delivering lightning-fast speeds, ultra-low fees, and full Web3 compatibility to an otherwise slow and non-programmable Bitcoin blockchain.

To put it in perspective, Bitcoin currently processes just 7 transactions per second. This is nearly 400x slower than the likes of Solana and Ethereum, which handle up to 3,000.

Even worse, Bitcoin developers cannot natively build smart contracts or decentralized applications on the network.

$HYPER changes all that. Its SVM-powered Web3 environment will make Bitcoin’s biggest pain points a thing of the past.

Through its decentralized, non-custodial canonical bridge, holders will be able to convert their Layer 1 $BTC into Layer 2 $BTC – tokens fully compatible with $HYPER’s Web3 ecosystem.

This opens the door to a wide range of use cases, including DeFi trading, NFT platforms, blockchain gaming, lending, staking, DAOs, and governance.

According to our Bitcoin Hyper price prediction, the token can rocket nearly 2,400% by the end of 2025, potentially hitting a high of $0.32.

Join the tribe by buying $HYPER for just $0.012775 apiece. The project is currently in presale, where it has already gathered over $11.2M.

Visit Bitcoin Hyper’s official website for more information.

2. Best Wallet Token ($BEST) – Powering a Secure and Easy-to-Use Crypto Wallet

Bitcoin and altcoin growth has also sparked massive surges in related sectors, including the crypto wallet market, which is expanding at a whopping 31.9% CAGR.

If you’re looking to ride this growth, one smart move could be allocating a portion of your portfolio to Best Wallet Token ($BEST).

It’s a new cryptocurrency powering Best Wallet, a free crypto wallet that combine top-tier security with never-before-seen convenience.

For starters, it’s a non-custodial crypto wallet, meaning only you hold the private keys, keeping your funds safe from unauthorized access.

On top of that, Best Wallet integrates cutting-edge multi-factor authentication options (including biometric login), phishing and hack protection, and rock-solid encryption technology.

But what really sets Best Wallet apart is its internal vetting team, which verifies the legitimacy of every token they put up for sale on the app, helping you avoid scams and rug pulls.

Even better, the app’s Presale Aggregator section is a true game-changer. It lets you buy the best crypto presales from directly within the app, so you don’t have to spend extra time tackling external sites.

Also, it’s worth noting that buying $BEST will unlock an entirely new tier of exclusive benefits, including:

  • Early-bird access to new meme coins in presale
  • Staking rewards, currently yielding 90%
  • Reduced trading and gas fees
  • Voting rights on key platform decisions

Want in? Grab $BEST while it’s still in presale. Early investors have already poured in over $15M, and each token is selling for just $0.025515.

For more information, check out $BEST’s official website.

3. Solana ($SOL) – A Major Crypto That Could Outperform Bitcoin in the Next Rally

As mentioned earlier, a Bitcoin rally often spills over into other mainstream cryptos like Solana ($SOL), which can actually deliver even better returns than Bitcoin itself.

And this isn’t just hearsay; the numbers back it up. Since the beginning of April, Solana has gained over 80-90%, while Bitcoin managed only about 50%. That’s clear evidence that in a strong uptrend, $SOL can outpace $BTC.

Adding to the momentum is the high likelihood of a Solana ETF approval in 2025.

According to Polymarket, one of the most widely used prediction platforms, the odds of the SEC greenlighting a Solana ETF this year stand at an astonishing 99%+.

An ETF would be hugely positive for Solana’s price, as it would open the doors to greater institutional participation, boost liquidity, and cement its legitimacy alongside Bitcoin and Ethereum.

On the charts, Solana looks just as solid:

  • Its current rally is bouncing from a major support zone, the same one that fueled its 170% surge in August 2024.
  • At the same time, the token continues to respect a strong upward-sloping trendline (highlighted in blue in the chart above).

This powerful confluence of support and momentum suggests $SOL is well-positioned to target the magical $300 mark in the coming months.

Wrapping Up

Allianz’s latest U-turn on Bitcoin, now calling it a credible store of value, is a telling sign that the world’s largest hedge funds and institutional players are warming up to crypto like never before.

If you want to ride this momentum, and potentially even outpace Bitcoin’s returns itself, consider loading up on low-cap, high-potential tokens like Bitcoin Hyper ($HYPER) and Best Wallet Token ($BEST).

And for those who’d like to keep things a little ‘safer,’ adding a bit of Solana ($SOL) to your portfolio could strike the perfect balance.

That said, please keep in mind that none of the above is financial advice. The crypto market remains highly unpredictable, so kindly do your own research before investing.

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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Turkish Crypto Trading App Midas Raises $80M In Latest Push
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Turkish Crypto Trading App Midas Raises $80M in Latest Push

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Midas, Turkey’s leading investment and crypto trading platform, has raised $80 million in its Series B funding round. This is the largest investment ever for a Turkish fintech company, with the firm’s total funding now exceeding $140 million.

According to the announcement, the funding round was led by QED Investors and included new backers like the International Finance Corporation (IFC), HSG, QuantumLight, Spice Expeditions LP, and George Rzepecki. Existing investors such as Spark Capital, Portage Ventures, Bek Ventures, and Nigel Morris also participated.

Founded in 2020, Midas gained popularity during COVID lockdowns and later when inflation in Turkey pushed people toward investing in stocks. The app now serves 3.5 million investors, offering access to U.S. stocks, mutual funds, and cryptocurrencies, as well as stocks listed on Borsa Istanbul.

This funding round brings Midas close to unicorn status. Can Gemici, the company’s head of strategy, said it will probably become a unicorn in the next funding round.

Midas’ Expansion Plans

Midas intends to use the fresh capital to extend its product offerings, which include derivatives, warrants, European stocks, and corporate accounts.

The platform is also expanding its offerings for more experienced investors, including margin investing, advanced analytics, and derivatives trading. Starting in September, U.S. options trading will be available with free real-time data and competitive pricing. 

At the same time, Midas is strengthening its security and infrastructure to ensure a safe and reliable investing experience.

Also Read: Ethereum Dev Freed After 24-Hour Detention in Turkey





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Apple Patches Zero-Click Exploit Threatening Crypto Users
Crypto Trends

Apple Patches Zero-Click Exploit Threatening Crypto Users

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Apple is urging users to immediately update their devices to patch a zero-click vulnerability that allowed attackers to compromise iPhones, iPads and Macs, a flaw posing heightened risks for cryptocurrency holders.

In a Thursday advisory, Apple said the image processing vulnerability allowed sophisticated actors to compromise Apple devices. The vulnerability disclosure page notes that it was fixed as part of the macOS Sonoma 14.7.8, macOS Ventura 13.7.8, iPadOS 17.7.10, macOS Sequoia 15.6.1, iOS 18.6.2 and iPadOS 18.6.2 updates.

“Apple is aware of a report that this issue may have been exploited in an extremely sophisticated attack against specific targeted individuals,” the company said.

Cybersecurity experts warned the flaw is particularly dangerous for those in crypto, since they are significantly more exposed to cyberattacks. Access to crypto-integrated systems directly leads to financial gains through irreversible transactions for the attacker, resulting in highly motivated actors targeting this category.

Juliano Rizzo, founder and CEO at cybersecurity firm Coinspect, told Cointelegraph that this is a zero-click vulnerability that does not require user interaction and “an attachment delivered via iMessage can be processed automatically and lead to device compromise.” Attackers could potentially leverage access to the device to reach wallet data.

Related: Bitcoiner loses $91M in social engineering attack: ZachXBT

Apple vulnerability details

The vulnerability affects Apple’s Image I/O framework, which allows applications to read and write most image file formats. Due to improper implementation, processing a malicious image allows for out-of-bounds memory write access.

In other words, attackers can leverage this vulnerability to write to areas of a device’s memory that should be inaccessible. Such an issue, in the hands of a particularly sophisticated attacker, can compromise device security by allowing attackers to execute code on targeted devices.

A device’s memory holds all the programs currently being executed, including critical ones. Being able to write to memory outside the authorized scope allows attackers to alter how other programs operate and execute their own instructions.

Related: Ethereum core dev’s crypto wallet drained by malicious AI extension

Advice for crypto holders

Rizzo advised high-value targets who used vulnerable devices for key storage or signing to migrate to new wallet keys if there is any sign of compromise or “if there’s any evidence of targeting” on the device storing the credentials:

“The exact steps depend on the attack specifics, but the key is to stay calm, document a clear plan, and start by securing primary accounts (email, cloud) that attackers could exploit for password resets or further access. Patching is critical, but waiting for updates to finish should never delay immediate account lockdown.”

For average individuals, Rizzo noted that “checking system logs could in theory show anomalies, but in practice this data is hard to interpret.” He said that vendors like Apple are well-positioned to detect exploitation and contact victims directly.

Magazine: Coinbase hack shows the law probably won’t protect you: Here’s why



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Crypto Scam Sites Make Up a Fifth of ASIC’s Two-Year Takedown

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In brief

  • ASIC has removed more than 14,000 scam and phishing websites in two years, with crypto scams making up about 20%.
  • The regulator will now target fraudulent ads on social media platforms such as Facebook and Instagram.
  • Investment scams cost Australians nearly $1 billion in 2024, with tactics like “AI washing” emerging as new threats.

Australia’s securities regulator has taken down more than 14,000 scam and phishing websites over the past two years, with crypto schemes accounting for about one-fifth of the total, it said Thursday.

ASIC said it will expand its investment scam website takedown capability to include social media advertisements, in efforts to protect Australian consumers from increasingly sophisticated online fraud schemes. Roughly 3,015 crypto scam websites have been removed, the regulator said.

“ASIC could play a more active role in highlighting the differences between unregulated trading platforms (where investors are much more exposed to scam activities and bad actors) and regulated instruments,” Bridget Nichols, chief commercial officer at Australian crypto asset manager Monochrome, told Decrypt.



The regulator continues removing an average of 130 malicious sites weekly, it said, with the expanded powers aimed at disrupting scammers who use platforms like Facebook and Instagram to direct victims to fraudulent investment sites, according to the statement.

Regulated instruments provide “standard protections for investors,” including disclosures, custody rules, and conflict management, Nichols added.

Investment scams remain the most financially damaging type of fraud affecting Australians, with victims losing $945 million to these schemes in 2024 alone. 

“Expanding our investment scam takedown capability to social media ads will help safeguard Australian consumers,” ASIC Deputy Chair Sarah Court said in a statement.

ASIC identified five prominent trends in online investment fraud over the past six months with

“AI washing” is emerging as a key tactic where scammers falsely claim their trading bots use artificial intelligence to generate guaranteed returns, exploiting public interest in the technology.

Scammers are deploying slick website templates and third-party tools like live trading charts, alongside fake news with AI-generated celebrity endorsements and “cloaking” tactics to evade detection.

“ASIC’s traditional toolkit—investigations, court actions, administrative actions—are important, but they can’t combat the scourge of online scams on their own,” Court said.

The crypto enforcement component comes as the assets face increased regulatory scrutiny in the country.

Earlier this month, ASIC charged four Victorian men, including a former barrister, with money laundering offenses linked to moving proceeds from large-scale investment scams to crypto  exchanges.

Australia’s financial intelligence agency last month declared crypto a top threat in financial crime crackdown, calling  it the “most ambitious overhaul of Australia’s anti-money laundering laws in a generation.”

Security vulnerabilities plague the wider crypto ecosystem, with Mitchell Amador, CEO of Immunefi, telling Decrypt, “This year, if we just look at the first half, we’re on track to lose about 3.6–4% of the entire sector’s assets to hacks, which is insane.”

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Ripple Helps Build Real-Time Crypto Crime Response System

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

Ripple has signed on as a founding member of the Beacon network, a system built to spot and stop crypto theft as it happens.

It’s a move that puts a big-name company behind a new, automated method for tracking stolen funds. Short answer: it tries to catch criminals before they cash out.

Beacon Offers Real-Time Alerts

According to TRM Labs, the Beacon network watches flagged addresses and follows funds as they move from wallet to wallet and across different blockchains.

The system sends real-time alerts to exchanges and financial firms when suspicious coins approach points where they might be cashed out.

That means transfers can be noticed 24/7, and alerts arrive before funds leave an exchange. It’s not just a fancy tracker; it is made to act as an early warning system for companies that can freeze assets quickly.

Ripple is proud to be a founding member of @trmlabs’ Beacon Network — a first-of-its-kind real-time crypto crime response network.

Working with industry & law enforcement, Beacon helps stop illicit funds before they exit the blockchain.

Learn more: https://t.co/6Yp7IpY6Dd https://t.co/EQ0b9yFkks

— Ripple (@Ripple) August 20, 2025

Major Exchanges Join In

Reports have disclosed that several major platforms are already on board. Ripple, the San Francisco-based payments firm, sits alongside OKX, Crypto.com, and Anchorage Digital as inaugural members.

TRM Labs also secured cooperation from Binance, Coinbase, and Kraken to share the real-time status of flagged addresses. The more firms that share information, the harder it becomes for launderers to slip through the gaps.

This kind of cooperation speeds up investigations and gives law enforcement a better shot at recovering stolen coins.

Total crypto market cap currently at $3.81 trillion. Chart: TradingView

Real-World Pressure Test: The Bybit Heist

According to reports about the February hack on Bybit, a gang tied to North Korea’s Lazarus Group made off with about $1.5 billion.

That case shows why Beacon’s approach matters. Hackers used cross-chain tactics and quick movement to wash funds.

When time is on the side of the thieves, freezing assets later often comes too late. Beacon aims to change that by alerting exchanges while the trail is still fresh.

Gaps Remain Around Stablecoins

Not everyone is a participant yet. TRM Labs did not list stablecoin issuers Tether and Circle among the initial collaborators. That’s important because stablecoins move a lot of stolen value and can be the vehicle for quick exits.

If major stablecoin issuers don’t link into the system, criminals may still find ways to route funds through liquidity pools and corners of the market that aren’t watching. This is a weakness Beacon will need to close if it wants real effectiveness.

Featured image from Unsplash, 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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UK Cracks Down: $9.3B Ruble-Backed Crypto Network Linked to Russia Sanctioned
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$9.3B Ruble-Backed Crypto Network Linked to Russia Sanctioned

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The United Kingdom has introduced new sanctions targeting Kyrgyzstan’s financial sector and cryptocurrency operations allegedly tied to Russia’s efforts to bypass Western restrictions.

The measures include actions against banks, exchanges, and individuals accused of facilitating a ruble-backed stablecoin network that processed billions of dollars in transactions.

According to a statement from the UK government, the blacklisted entities are linked to a $9.3 billion stablecoin known as A7A5, which was designed to replicate the ruble on blockchain platforms.

Officials claim the network was a direct attempt to mitigate the impact of sanctions imposed on Moscow following its invasion of Ukraine. The new measures build upon more than 2,700 existing UK sanctions on Russia and mirror steps taken by the United States earlier this month.

Crypto Exchanges and Stablecoin Network Under Scrutiny

Among those sanctioned was the Capital Bank of Central Asia and its director, Kantemir Chalbayev, who the UK says played a role in financing goods for Russia’s military.

Two Kyrgyz-based crypto exchanges, Grinex and Meer, were also placed on the sanctions list. Authorities allege these platforms were central to transactions involving the A7A5 stablecoin, which moved $9.3 billion worth of value within four months.

In addition, several entities and individuals tied to the network’s infrastructure were named, including Luxembourg-based Altair Holding, CJSC Tengricoin, Old Vector, and A7A5 director Leonid Shumakov.

UK Sanctions Minister Stephen Doughty emphasized that the measures were aimed at stopping Moscow from turning to alternative financial systems: “If the Kremlin thinks they can hide their attempts to soften the blow of our sanctions by laundering transactions through crypto networks, they are mistaken.”

Grinex, one of the sanctioned exchanges, has been widely described as a successor to Garantex, a Russian-linked exchange previously targeted by regulators. Earlier this year, Tether froze $27 million in USDT linked to Garantex after US authorities accused the platform of facilitating illicit transactions.

Kyrgyzstan’s Response and Broader Implications

The announcement drew an immediate response from Kyrgyz President Sadyr Japarov, who criticized the UK’s decision and warned against politicizing the country’s banking sector. Japarov stated that none of Kyrgyzstan’s 21 banks were engaged in helping Russia evade sanctions.

To limit exposure, he explained that only the state-owned Keremet Bank is authorized to process transactions involving the Russian ruble. Keremet, however, was sanctioned by the US earlier this year for its role in handling Russian trade payments.

Japarov also stressed Kyrgyzstan’s commitment to honoring international agreements, stating: “I will not allow the interests of our citizens and the trade and economic development of the country to be reduced to nothing.”

The latest sanctions highlight the growing focus on crypto-financial networks as tools used to bypass restrictions. Western governments have increasingly scrutinized stablecoins and exchanges operating outside traditional banking channels, with both the US and UK arguing that such platforms could weaken the effectiveness of global sanctions regimes.

The global digital currency market cap valuation. | Source: TradingView.com

Featured image created with DALL-E, 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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CFTC Opens Next Phase of Crypto Sprint, Seeks Public Input on Broader Rules

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In brief

  • Acting chair Caroline Pham said Thursday the sprint expands to custody, leveraged retail trading, and consumer protections, with feedback due October 20.
  • The initiative is part of a four-phase process that began August 1, running alongside the SEC’s Project Crypto.
  • Observers told Decrypt the U.S. is shifting from enforcement to enablement, positioning itself to set global standards in digital asset markets.

The Commodity Futures Trading Commission is proceeding with the third phase of its “crypto sprint,” a series of accelerated rulemaking efforts designed to implement recommendations from the President’s Working Group on Digital Asset Markets.

“The Administration has made it clear that enabling immediate trading of digital assets at the Federal level is a top priority,” acting CFTC chair Caroline Pham wrote in a statement on Thursday.

The CFTC’s latest sprint expands beyond spot crypto trading to address all remaining recommendations from the working group’s report on strengthening American leadership in technologies such as crypto and digital assets.



The CFTC appears to be “trying to lay a regulatory bedrock by seeking to establish a unified, federal-level spot market for crypto assets,” Andrew Rossow, a public affairs attorney and CEO of AR Media Consulting, told Decrypt.

“It begins to address this state-by-state fragmentation and long-time occupancy of this grey zone,” Rossow said, adding that he thinks the moves are made as part of a “federal legitimacy strategy” to create “foundational reform.”

Still, retail investors would “most likely benefit from heightened protections,” once the “federal handcuffs” are lifted to restore trust in a space “long tarnished by poor oversight,” he added.

What’s it all about

The report seeks to provide a unified federal framework for digital asset markets, addressing gaps in market structure, custody, stablecoin regulation, and anti-money laundering standards.

Remaining sprints are expected to tackle unresolved issues around DeFi oversight, banking access, tax clarity, and inter-agency coordination.

Thursday’s announced sprint is the third in a four-part series. The first, on August 1, laid the framework. The second, on August 4, launched the spot trading initiative. 

The latest expands to broader rulemaking, while a forthcoming fourth sprint is expected to translate stakeholder feedback into formal rules and supervisory guidance.

“The U.S. is asserting control over digital dollars and setting the standards others may follow,” Ray Youssef, CEO of crypto messaging and P2P trading app NoOnes, told Decrypt. “Countries that once hesitated may be pushed to adopt similar frameworks or risk falling behind in the race to modernize finance.”

The CFTC has set an October 20 deadline for comments on the broader set of recommendations. The federal agency did not immediately respond to Decrypt’s request for comments.

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