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Federal

Coinbase’s (COIN) Bitcoin-Backed Loans Surpass $1B as Exchange Prepares to Lift Borrowing Cap
Crypto Trends

Applies for National Trust Charter for Federal Oversight

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Coinbase (COIN) said on Friday it has applied for a national trust charter with the U.S. Office of the Comptroller of the Currency (OCC), a move that would put the firm under federal regulatory oversight if approved.

The charter would allow Coinbase to build on its existing custody business by offering services such as payments and settlement, without seeking a charter as a full-service bank.

“Coinbase has no intention of becoming a bank,” Greg Tusar, vice president of institutional product at Coinbase, said in a blog post. “It is our firm belief that clear rules and the trust of our regulators and customers enable Coinbase to confidently innovate while ensuring proper oversight and security.”

Today, the U.S. crypto exchange’s main regulated custody service is run through Coinbase Custody Trust Company (CCTC), which is licensed under New York state’s BitLicense regime. That framework, introduced in 2015, was one of the earliest state-level regulatory models for crypto in the U.S.

A federal trust charter would give the company more flexibility to launch new financial services such as crypto payments without needing state-by-state approvals.

Coinbase’s move follows a slew of crypto companies, including Circle, Ripple and Paxos, applying for federal supervision this year.

Read More: U.S. SEC Takes Preliminary Step to Expand Universe of Crypto Custody to State Trusts



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Coinbase Shareholders Greenlit To Proceed With Lawsuit By Federal Judge

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A federal judge has granted Coinbase (COIN) shareholders the opportunity to move forward with a narrowed lawsuit against the US-based cryptocurrency exchange, alleging that the company concealed alleged “business risks,” including the possibility of being sued by the Securities and Exchange Commission (SEC). 

Claims Against Coinbase

The ruling, issued by US District Judge Brian Martinotti in Newark, New Jersey, comes as a response to claims that Coinbase misled investors regarding its regulatory standing and the safety of their assets. The Judge rejected requests from the crypto exchange executives and directors to dismiss the lawsuit entirely. 

The shareholders contend that the company misrepresented the likelihood of an SEC lawsuit regarding its operations as an unregistered securities exchange, leading them to believe that such an action was improbable. 

They also argue that Coinbase failed to disclose the alleged risks associated with asset loss in the event of a bankruptcy filing. The judge pointed out that while shareholders could not base their claims solely on “group pleading,” they can pursue claims that provide detailed allegations against specific parties. 

Martinotti emphasized that claims grounded in particularized allegations must be allowed to proceed, stating, “Where plaintiffs have appropriately provided defendant-by-defendant particularity, the claims must remain.”

Shareholder Legal Teams Remain Silent 

The ruling, which spans 59 pages, does not outline which specific statements were dismissed due to the group pleading issue, as neither party identified those in their arguments. 

As Reuters reported, Martinotti noted in a footnote that “Judges are not like pigs, hunting for truffles buried in briefs,” highlighting the importance of clarity in legal documentation.

The proposed class action suit is spearheaded by the Swedish pension fund Sjunde AP-Fonden and encompasses Coinbase shareholders from April 14, 2021, to June 5, 2023. 

In February, the Securities and Exchange Commission had concluded its lawsuit against the exchange as regulatory scrutiny on the cryptocurrency industry began to ease under the Trump administration.

Others, such as Uniswap, Robinhood, and Kraken, have also had their lawsuits dismissed by the regulator this year. Trump’s appointment of Paul Atkins as the new chair has been a positive development, providing clear regulatory frameworks and collaborations to boost the adoption and usage of cryptocurrency in the country. 

At the time of writing, neither Coinbase nor its shareholders’ legal representatives have commented on the judge’s ruling. It remains to be seen what actions the firm will take and whether its executives will issue an official comment. 

The 1-hour chart shows COIN’s valuation trending upwards. Source: COIN on TradingView.com

Despite the judge’s decision, the exchange’s stock, which trades on the Nasdaq under the ticker symbol COIN, surged towards $347 on Wednesday, marking gains of almost 12%. This aligns with the broader crypto market recovery, led by Bitcoin (BTC), which is approaching record highs. 

Featured image from DALL-E, chart from TradingView.com 

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Federal Workers Are Being Told to Blame Democrats for the Shutdown
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Federal Workers Are Being Told to Blame Democrats for the Shutdown

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At the Department of Housing and Urban Development, employees were instructed to set an out-of-office message that reads, “The federal government’s spending authority expired at 11:59 on Tuesday, September 30, 2025, therefore, most HUD programs have been temporarily interrupted, and most HUD employees have been told they cannot work…We regret any inconvenience the government lapse of appropriations may cause.”

On the agency’s website however, a pop-up window announces, “The Radical Left in Congress shut down the government. HUD will use available resources to help Americans in need.” The same language appears on a red banner at the top of the website, as well as in a pop-up with the same banner in the agency’s internal system for employees, hud@work.

“You can’t click anything without these annoying pop-ups. Every single click to get to a time card or HRConnect,” says a HUD employee who asked to remain anonymous because they aren’t authorized to speak to the press. “It’s fucking nuts.”

HUD did not respond to a request for comment.

The website for the Department of Justice (DOJ) also includes a banner stating, “Democrats have shut down the government. Department of Justice websites are not currently regularly updated.”

The DOJ did not respond to a request for comment.

In the lead up to the shutdown, employees across government received emails from agency leaders containing similar sentiments to those in the SBA email. An email from HUD’s deputy secretary Andrew Hughes on the evening of September 30 included the subject line, “Far Left Gov Shutdown Imminent” and included instructions for HUD employees during the shutdown. An email received by employees at the Department of the Interior (DOI), with a signature from Secretary Doug Burgum, read, “President Trump opposes a government shutdown, and strongly supports the enactment of HR 5371, which is a clean Continuing Resolution to fund the government through November 21, and already passed the US House of Representatives. Unfortunately, Democrats are blocking this Continuing Resolution in the US Senate due to unrelated policy demands.”

A nearly identical email was sent out to employees at the Small Business Administration (SBA) from the email associated with the Chief Human Capital Officer (CHCO).

“The tone of the language is very antagonistic and partisan in a way we don’t expect from formal messaging from agency leaders,” says Moynihan. “If you had a federal employee who emailed their colleagues blaming president Trump for the shut down, they’d be pursued for a Hatch Act violation and probably fired in the meantime.”

In a memo posted on X that appeared to be sent to the heads of executive departments and agencies, Russell Vought, the head of the Office of Management and Budget (OMB), alleged that the government was shutting down due to “insane policy demands” from Democrats.

Leah Feiger contributed reporting.



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Bitcoin (BTC) Traders Buy More Downside Protection After Federal Reserve Rate Cut: Deribit
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Bitcoin (BTC) Traders Buy More Downside Protection After Federal Reserve Rate Cut: Deribit

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Bitcoin BTC$115,802.96 traders continue to eye downside volatility, hedging their bullish exposure despite recent positive signals, such as the Federal Reserve’s rate cut, crypto derivatives exchange Deribit’s CEO Luuk Strijers told CoinDesk.

Earlier this week, the U.S. Fed cut interest rates by 25 basis points and signaled an additional 50 basis points of easing expected by year-end. The Securities and Exchange Commission (SEC) unveiled a new generic listing standard for crypto ETFs, which is set to accelerate the approval process.

Meanwhile, Deribit’s DVOL index, which measures the 30-day implied volatility, remains subdued at around 24%, the lowest in two years.

Historically, bullish sentiment is strong in such situations, causing call options – bets on price increases in BTC – to become more expensive than put options, which provide insurance against price declines. However, on Deribit, put options continue to trade at a premium across all time frames.

“Skew across all time frames remains flat to negative,” Strijers explained. “We continue to see demand for puts to hedge downside exposure, while call overwriting flows are pressuring the topside.” Deribit is the world’s largest crypto options exchange, accounting for over 80% of the global activity.

Options skew measures the implied volatility difference between call and put options for a given expiration. A negative skew indicates bearish sentiment, with investors expecting a price drop; a positive skew reflects bullish expectations.

BTC options skew is negative across all time frames. (Amberdata/Deribit)

Currently, the seven, 30, 60, and 90 day skews are slightly negative, with the 180 day skew neutral, according to data source Amberdata.

This indicates persistent concerns about a possible BTC correction.

Investors buying puts may be concerned that the Fed’s easing was already factored into the market ahead of the decision and that a deteriorating economic outlook could reduce demand for riskier assets, such as bitcoin.

“After the Fed’s decision, some of the earlier optimism has faded. The market now seems to be waiting for the next catalyst — whether macro or crypto-specific — to break the stalemate and push option positioning out of its current balance between caution and optimism,” Strijers said.

Sidrah Fariq, global head of retail sales and business development at Deribit, said the persistent put bias represents market maturity.

“In some sense, BTC options are behaving more like S&P index options – a sign of maturity, but also of market caution,” Fariq said.

Additionally, traders writing covered calls – selling call options against their spot holdings to collect premium – which may be contributing to the put bias, particularly in longer-dated options. This strategy generates additional income but can cap upside potential.

Covered call has emerged as a popular strategy among BTC, ETH and XRP traders in recent years.



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Sentiment signals could spark the next rally
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Will the Federal Reserve interest rate cut boost Bitcoin?

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Bitcoin rallied and moved above $115,000 last week as expectations of Federal Reserve interest rate cuts rose and as exchange-traded inflows jumped by over $2.3 billion. 

At last check on Sunday, Sept. 14, the top cryptocurrency was down 0.5% for the day. See below.

Source: CoinGecko

Summary

  • Bitcoin price has rallied ahead of the Federal Reserve interest rate decision.
  • Economists expect the bank to cut interest rates by 0.25%.
  • While BTC price may jump, the rising wedge pattern points to a dive.

Federal Reserve to cut interest rates

The most significant macro tailwind this week will be the Federal Open Market Committee (FOMC) interest rate decision on Wednesday. 

Kalshi and Polymarket odds of a 25 basis point cut stand at almost 100%. Similarly, the CME FedWatch Tool confirms this view.

In theory, the start of the Federal Reserve interest rate cuts should be bullish for Bitcoin (BTC) and the crypto market. Historically, these assets have thrived in the era of easy money policies but struggle when the Fed tightens. 

For example, Bitcoin price jumped to a record high during the pandemic as the Fed slashed rates and then crashed to below $16,000 as the bank hiked in 2022. 

Fueling the bullish case is that the rate cut is coming towards the fourth quarter, which is usually its best-performing ones. CoinGlass data shows that the average Bitcoin return in Q4 since 2013 is over 84%.

However, there is a risk that the Fed cut will not boost Bitcoin for two main reasons. First, the rate cut has already been priced in, which would make it a sell-the-news opportunity. This risk will be elevated if the Fed delivers a hawkish cut.

Bitcoin price has formed a risky pattern

BTC price chart | Source: crypto.news

The other main risk is that the Bitcoin price has formed a nearly-perfect rising wedge pattern on the weekly chart. This pattern consists of two ascending and converging trendlines. With this convergence happening, there is a risk that a breakdown will happen soon. 

The other technical risk is that oscillators like the Relative Strength Index and the MACD have formed a bearish divergence pattern. This pattern occurs when the asset price has a downward trajectory despite being rising. 

As such, while the Fed cut is highly bullish for Bitcoin and the crypto market, there is also a risk of a potential pullback when it happens.



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Former Cred Execs Sentenced to Federal Prison For $150M Crypto Fraud

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A federal judge on Friday handed prison terms totaling nearly eight years to two former executives at failed crypto lender Cred, whose actions fueled one of crypto’s worst investor losses.

Legal experts told Decrypt that the sentences establish new precedents for executive accountability in crypto fraud cases.

Daniel Schatt, former CEO and co-founder of Cred LLC, received 52 months in federal prison, while the firm’s Chief Financial Officer Joseph Podulka was sentenced to 36 months.

Senior U.S. District Judge William Alsup handed down the sentences after both men pleaded guilty in May to wire fraud conspiracy charges.

The executives misled customers about Cred’s financial health while secretly funneling 80% of customer assets into high-risk microloans to Chinese gamers through an affiliated company.



When the scheme collapsed during 2020’s crypto market crash, more than 440,000 customers lost $140 million, now worth over $1 billion at current prices.

Ishita Sharma, a blockchain and crypto lawyer and managing partner at Fathom Legal, told Decrypt that federal sentencing patterns in crypto fraud cases now clearly differentiate based on several key factors.

“Schatt’s 52-month sentence is shorter than Sam Bankman-Fried’s 25 years but longer than several plea-based cases,” Sharma noted.

She said the sentences show courts weigh “loss amount, role in offense, and acceptance of responsibility,” with the 16-month gap between CEO and CFO reflecting “leadership hierarchy and culpability levels.”

“Courts must balance individual circumstances with sending clear signals to the market,” Sharma said, noting that guilty pleas reduce exposure but sentences must still reflect “the severity of betraying customer trust in an emerging industry.”

During a March 18, 2020 public session, Schatt told customers Cred was “operating normally” despite knowing the company faced a liquidity crisis.

The company lost an additional $9 million to a crypto scam and suffered further losses when Chief Capital Officer James Alexander allegedly appropriated approximately 255 BTC before being terminated.

Sharma said the Cred case reflects broader enforcement trends where “courts increasingly consider the reputational damage to the entire crypto sector when sentencing individual executives.”

She told Decrypt that judges now weigh whether sentences “properly deter similar misconduct while maintaining proportionality to the specific harm caused.”

For crypto platforms steering through regulatory uncertainty, Sharma said proactive disclosure is vital, urging a “‘regulation-by-analogy’ approach” that borrows from securities, banking, and commodities law.

“The key lesson from Cred is that opacity in gray zones invites aggressive enforcement—companies should over-disclose rather than exploit regulatory gaps,” she said.

Both men will begin serving their terms on October 28, followed by three years of supervised release. A restitution hearing is scheduled for October 7.

In addition to prison time, Judge Alsup ordered each man to pay $25,000 fines and serve three years of supervised release.

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Cred Llc Leaders Sentenced In Federal Crypto Fraud Case
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Cred LLC Leaders Sentenced in Federal Crypto Fraud Case

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Two former executives of San Francisco-based crypto lender Cred LLC have been indicted in relation to the company’s November 2020 collapse. Daniel Schat and Joseph Podulka were collectively sentenced to 88 months in prison for the wire fraud conspiracy.  

As per the U.S. Attorney’s Office, Northern District of California’s press release, Daniel Schatt, the company’s Co-Founder and CEO, was sentenced on Friday to 52 months in federal prison, while Joseph Podulka, the Chief Financial Officer, received 36 months. The two, along with former Chief Capital Officer James Alexander, were charged last year.

Schatt and Podulka were accused of conspiring to present an incomplete and misleading, positive portrayal of Cred’s business while failing to disclose information about Cred’s business challenges and risks. U.S. Attorney Craig Missakian said the executives’ scheme seriously harmed Cred’s customers and warned that fraud targeting crypto investors will not be tolerated.

The Conspiracy and Impact

Cred allowed customers to deposit cryptocurrency to earn interest and also offered loans using crypto as collateral. However, the business model relied heavily on two risky arrangements.

Prosecutors explained that Cred secretly relied on a Chinese company, linked to one of its co-founders, to generate interest. This company used customer funds to make short-term, high-interest loans to gamers in China. At the same time, Cred used a third-party hedging firm to protect against crypto market fluctuations. 

When the COVID-19 pandemic hit in March 2020 and Bitcoin prices dropped, both arrangements failed. The hedging partner forced Cred to liquidate its positions, and the Chinese company said it could not repay tens of millions of dollars. Cred’s finances collapsed, but instead of warning customers, Schatt and Podulka assured the public the company was “operating normally.”

In November 2020, Cred filed for bankruptcy. More than 6,000 customers and investors 

filed claims of around $140 million in losses, which prosecutors said would now be worth over $1 billion given current crypto prices. Authorities said the executives misled investors and customers in an attempt to cover up the company’s failure.

Along with prison sentences, Schatt and Podulka each received three years of supervised release and were fined $25,000. A separate hearing in October 2025 will determine how much restitution they must repay.

The defendants will start their prison sentences on October 28, 2025, and a restitution hearing is scheduled for October 7, 2025.

Also Read: Unicoin Counters SEC Fraud Lawsuit, Seeks Dismissal in NY Court



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The White House Apparently Ordered Federal Workers to Roll Out Grok ‘ASAP’
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The White House Apparently Ordered Federal Workers to Roll Out Grok ‘ASAP’

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The White House appears to have instructed leaders at the General Services Administration (GSA) to add xAI’s Grok chatbot to a list of approved vendors “ASAP,” according to an email sent by agency leadership earlier this week, which WIRED obtained.

“Team: Grok/xAI needs to go back on the schedule ASAP per the WH,” states the email, sent by Josh Gruenbaum, the commissioner of the Federal Acquisition Service. “Can someone get with Carahsoft on this immediately and please confirm?” Carahsoft is a major government contractor that resells technology from third-party firms.

“Should be all of their products we had previously (3 & 4),” the email continued, seemingly referring to Grok 3 and Grok 4. The subject line of the email was “xAI add Grok-4.”

Sources say Carahsoft’s contract was modified to include xAI earlier this week. Grok 3 and Grok 4 both currently appear on GSA Advantage (an online marketplace for government agencies to buy products and services) as of Friday morning. Now, following some internal reviews, any government agency can roll Grok out to federal workers.

The White House and GSA did not respond to a request for comment from WIRED.

The email comes after a planned partnership with xAI fell apart earlier this summer following Grok’s widespread praise for Hitler and the spouting of other antisemitic beliefs on X, WIRED previously reported.

In June, employees from xAI met with GSA leadership for a two-hour brainstorming session to discuss how xAI’s Grok chatbot could be used by the government. Federal workers were surprised to see their leaders press for a contract with a company marketing an uncensored chatbot with a history of erratic behavior. In early July, Grok, which is integrated into Elon Musk’s social platform X, seemingly went off the rails and started praising Hitler. GSA leadership took Grok off the Multiple Award Schedule, which is GSA’s long-term government contracting platform, according to sources at the agency. When GSA announced buzzy partnerships with OpenAI, Anthropic, and Google earlier this month, xAI wasn’t mentioned at all.

xAI is Elon Musk’s artificial intelligence startup. Musk, who also helms the social network X in addition to a number of other companies, played a crucial role in President Donald Trump’s so-called Department of Government Efficiency (DOGE). He stepped back from his public-facing role at DOGE this spring, following a massive fight with the president. A number of his associates continue to work in government pushing DOGE’s cost-cutting and AI-first agenda.



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‘Nothing Scary’ About Crypto, Federal Reserve Governor Says

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In brief

  • Federal Reserve Governor Christopher Waller said stablecoins have the potential to improve retail and cross-border payments.
  • He acknowledged some fear and skepticism toward innovation in payments.
  • The Fed is researching tokenization, he said.

Using cryptocurrencies to facilitate ordinary payments should be no more intimidating than swiping a debit card, Federal Reserve Governor Christopher Waller said on Tuesday.

“There is nothing to be afraid of when thinking about using smart contracts, tokenization, or distributed ledgers in everyday transactions,” he said in a speech at the Wyoming Blockchain Symposium in Teton Village, Wyoming. “This is simply new technology.”

Waller described stablecoins as a continuation of advancements in payments, pointing to the early days of physical cards that lacked magnetic strips or chips. Stablecoins have evolved from their original purpose, he acknowledged, but “have the potential to improve retail and cross-border payments,” while also making it easier to access the U.S. dollar globally.

“As the stablecoin market matured, firms found that the properties of stablecoins using distributed ledger technology—including 24/7 availability, fast transferability, and their freely circulating nature—could be attractive for other use cases as well,” he said.



Waller, who was appointed during U.S. President Donald Trump’s first term, told The Wall Street Journal last month that he would accept a role as Fed Chair if asked. He also dissented from the central bank’s decision to hold rates steady in July for a fifth straight meeting, calling for a quarter-percentage-point rate cut alongside governor Michelle Bowman.

On Tuesday, Bowman gave her own address at the Wyoming confab, saying “you don’t need a tech background to appreciate the opportunity that blockchain provides to the financial system.”

 

Waller recognized on Wednesday that some have “been fearful or skeptical of innovation” in the payments space, but he underscored that “there is nothing scary” about crypto transactions just because they take place within the realm of decentralized finance.

The GENIUS Act’s passage created a federal framework for stablecoin issuers, and Waller said that this could help dollar-pegged tokens “reach their full potential” in the U.S.

Although his comments were geared toward private-sector innovation, Waller’s remarks follow the debut of Wyoming’s stablecoin earlier this week. Revenue generated from the token’s reserve is expected to go toward the state’s school foundation fund.

The Fed has played a role in supporting payments technology by providing infrastructure for clearing and settlement to financial institutions. That has been the case since the central bank’s early days, Waller noted.

As stablecoins become ingrained in the financial world, Waller said the Fed is conducting research on tokenization, smart contracts, and artificial intelligence in payments. Although conservatives have warned against the dangers of a dollar-pegged token issued by the Fed, Waller did not explicitly reference Central Bank Digital Currencies.

“It is important to understand trends in payments technology so that we can continue to support private sector firms that leverage our infrastructures, as well as understand whether emerging technologies could provide opportunities to improve our existing platforms and services,” he said.

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Federal Reserve Governor Calls For Regulators To Embrace Crypto

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Federal Reserve (Fed) Governor Michelle Bowman is urging US regulators to abandon their “overly cautious mind-set” regarding cryptocurrencies, blockchain technology, and artificial intelligence (AI). 

Speaking at the Wyoming Blockchain Symposium, Bowman emphasized the need for a proactive approach to adapt to emerging technologies, marking a departure from the more conservative stance of previous regulatory bodies.

Bowman Advocates For Flexible Oversight 

Bowman, who was nominated to the Federal Reserve Board by President Donald Trump in 2018 and appointed as Vice Chair for Supervision earlier this year, stated, “Despite this past inertia, change is coming.” 

She underscored the importance of choosing to embrace this change and creating a regulatory framework that is both reliable and efficient. “We must ensure safety and soundness while incorporating the benefits of speed and efficiency,” she asserted. 

The choice is clear from a regulator’s perspective: we can either stand still and let new technology bypass the traditional banking system or help shape its future.

A key topic in her address was the recently passed GENIUS Act, which regulates stablecoins. This legislation, signed into law by President Trump, has positioned stablecoins at the forefront of discussions about the future of the financial system. 

According to Bowman, dollar-pegged cryptocurrencies have the potential to disrupt traditional payment infrastructures while offering new opportunities for the banking sector.

In addition to discussing stablecoin regulation, Bowman revealed that she is working on plans to adjust banks’ regulatory commitments according to their size and complexity. 

Fed’s Discontinuation Of Crypto Oversight Program

The Federal Reserve also disclosed last week the discontinuation of its “novel activities” supervision program, which was designed to monitor banks’ interactions with the cryptocurrency and fintech sectors. 

This program, launched in 2023, faced criticism for imposing significant restrictions on banks engaging with digital assets. The Fed has determined that such specialized oversight is no longer necessary, citing an improved understanding of the risks involved and how banks can effectively manage these challenges.

As reported by Bitcoinist, the central bank’s move is part of a broader effort to align with President Donald Trump’s vision of making America the “crypto capital of the world.” 

By incorporating digital asset oversight into its conventional bank supervision framework, the Federal Reserve aims to foster an environment that supports innovation in the financial sector.

Speculation about Bowman’s future role has also emerged, with her name mentioned as a potential successor to current Fed Chair Jerome Powell when his term concludes in May 2026. However, during a recent Bloomberg interview, she deflected questions about her aspirations for that position.

Governor Bowman’s remarks and the regulatory changes she advocates reflect a pivotal moment for the US financial landscape, as regulators seek to balance innovation with the need for safety and stability in the banking system.

The daily chart shows the total crypto market cap at $3.76 trillion. Source: TOTAL on TradingView.com

Featured image from DALL-E, 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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