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What Happens to Crypto if Government Shutdown Lingers
NFT Gaming

What Happens to Crypto if Government Shutdown Lingers

by admin October 4, 2025



The U.S. government shut down this past Wednesday, furloughing any federal employees deemed non-essential and forcing the rest to work without pay (though they should receive backpay when the government is formally funded again). If the government reopens within the next few weeks, it shouldn’t have too much of an effect on D.C.’s crypto policymaking. The longer the shutdown stretches, however, the more delayed crypto efforts will be.

You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions.

The narrative

The government shut down on Wednesday, and at least as of press time, Democrats and Republicans do not appear to be close to a deal to reopen it.

Why it matters

As discussed in last week’s newsletter, the immediate effects of the shutdown are pretty straightforward: Market structure legislation will likely be delayed, federal agencies’ rulemaking will probably be delayed, and new spot crypto exchange-traded funds will not launch as many hoped in the coming days.

If the shutdown is just a few days — or potentially as long as two weeks — these efforts should resume pretty seamlessly. If the shutdown goes beyond that, the picture becomes much muddier.

Breaking it down

The longest U.S. government shutdown in history took place between December 2018 and January 2019, during President Donald Trump’s first term. At the time, Democrats controlled the House of Representatives while Republicans controlled the Senate. This latest shutdown is only a few days old as of press time, and could last just a few days or may stretch on further.

Perhaps the most immediate and tangible effect of the government shutdown on crypto issues is on exchange-traded funds. The Securities and Exchange Commission was expected to allow ETFs tracking the prices of assets like Solana SOL$225.07 and LTC$118.36 to launch this past week. While there was some movement last week and Monday, the clock ran out before all of the final paperwork could be pushed through, and the issuers have not yet been able to launch.

The SEC was able to finalize a pair of no-action letters prior to the shutdown as well. Other agencies, like the IRS, were similarly able to publish interim guidance prior to the shutdown.

Ron Hammond, head of Policy and Advocacy at Wintermute, told CoinDesk that, “It can’t be understated how busy the crypto policy developments have been.”

With the shutdown, policymakers are in limbo around these types of regulatory actions, he said.

On the legislative front, one individual familiar with the dynamics in Washington, D.C. said that they do not expect the timeline for market structure legislation to change much should the shutdown end within the next two weeks or so. While lawmakers are looking to hold a possible markup — a hearing where lawmakers debate bills before potentially voting to advance them to the full Senate (or House) — by Oct. 20, 2025, this seems unlikely, regardless of when the shutdown ends, given they are still working on the text of the bill.

Another individual familiar with these dynamics said an additional complicating factor for lawmakers and their staffers is the fact that the regulatory agencies they might consult with are currently furloughed, so the lawmakers writing the market structure bill won’t be able to receive feedback or answers to any questions they might have for these federal regulators.

Hammond said that December “is still feasible” for moving legislation through Congress at the moment.

“The longer this shutdown drags on, the more partisan bitterness seeps into the necessary bipartisan discourse on important topics like crypto market structure,” Hammond said. “Still, this shutdown drama isn’t affecting our calculus on odds of market structure legislation chances of passing being more probable than not before the 2026 election ramps up.”

Hammond said he was watching to see if a markup in the Senate Banking and Agriculture Committees by Thanksgiving.

This week

  • There are no hearings or events being held by lawmakers this week around crypto.

If you’ve got thoughts or questions on what I should discuss next week or any other feedback you’d like to share, feel free to email me at nik@coindesk.com or find me on Bluesky @nikhileshde.bsky.social.

You can also join the group conversation on Telegram.

See ya’ll next week!



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October 4, 2025 0 comments
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Government Shutdown Delays Sec Decision On Canary Litecoin Etf
Crypto Trends

Government Shutdown Delays SEC Decision on Canary Litecoin ETF

by admin October 3, 2025



The U.S. Securities and Exchange Commission (SEC) missed its October 2 deadline to decide on Canary Capital’s proposed spot Litecoin (LTC) exchange-traded fund (ETF), leaving investors and the crypto market uncertain. The agency has not issued any public comment explaining the delay.

Earlier this year, the SEC asked firms to withdraw their 19b-4 filings, which had been used for exchange rule changes, in favor of S-1 registration statements for ETF approval. Canary withdrew its 19b-4 application on September 25, following the SEC’s instructions. 

FOX News reporter Eleanor Terrett noted, “Since the generic listing standard went into effect and the agency asked issuers and partner exchanges to withdraw their 19b-4s, I’m told the deadlines technically no longer matter.”

Analysts say this regulatory shift makes the old 19b-4 deadlines less relevant, but it adds uncertainty to the approval process for crypto ETFs, which are already under increased scrutiny.

Government shutdown complicates approval

The SEC outlined in August that during a federal government shutdown, it would “not review and approve applications for registration.” 

This includes new financial products, self-regulatory organization rule changes, and accelerated registration statements. While the SEC continues to operate with limited staff, this has slowed the review of new ETF applications, including Canary’s Litecoin proposal.

Litecoin market update

Litecoin is currently trading at $116.51, down 2.41% in the last 24 hours. It is ranked #19 by market capitalization, which stands at $8.89 billion, up 2.25% for the day. Its 24-hour trading volume is $1.15 billion, down 13.47%, as per CoinMarketCap data.

Broader crypto ETF landscape

Canary’s ETF is just one of several altcoin funds being reviewed in the U.S., with proposals for Solana, XRP, Avalanche, Cardano, Chainlink, and Dogecoin also in the works. Meanwhile, Bitcoin and Ethereum spot ETFs have already drawn over $74 billion, showing that institutional investors remain heavily interested in crypto.

Top asset managers like Fidelity, Franklin Templeton, and Bitwise have submitted updated S-1 filings for spot Solana ETFs, some featuring staking options. Analysts expect the SEC could give approval to some of these ETFs by mid-October.

The SEC’s delay highlights the challenges of crypto regulation in the U.S., where procedural changes and limited staffing during a government shutdown leave issuers and investors waiting for clarity.

Also Read: 21Shares SUI and Polkadot ETFs Near SEC Approval After DTCC Listing



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October 3, 2025 0 comments
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Government Workers Say Their Out-of-Office Replies Were Forcibly Changed to Blame Democrats for Shutdown
Product Reviews

Government Workers Say Their Out-of-Office Replies Were Forcibly Changed to Blame Democrats for Shutdown

by admin October 3, 2025


On Wednesday, the first day of the US government shutdown, employees at the Department of Education (DOE) set their automatic out-of-office email responses to inform recipients that they would be unable to respond until after the shutdown. Hours later, many DOE employees realized their response message had been altered to contain partisan language without their consent. The automatic reply now blamed Senate Democrats for the entire shutdown.

It’s not clear who made the change to email accounts, which was first posted about on Bluesky by journalist Marisa Kabas. “It’s disturbing,” says a DOE employee who asked to remain anonymous because they were not authorized to speak to the press. Some employees changed their responses back to the more neutral language, only to have it changed yet again to the partisan response, multiple sources tell WIRED.

As government employees began to log off in preparation for a shutdown, many agencies sent out guidance, including suggested language for their out-of-office message. While some agencies offered employees neutral language, simply explaining they would not be able to reply until the shutdown concluded, employees at the Small Business Administration and, according to sources and screenshots reviewed by WIRED, the Department of Labor, received suggested language that blamed Democrats for the shutdown.

At the DOE, human resources sent employees standard language ahead of the shutdown, and many employees used this as their OOO text. Originally, the suggested language given to DOE employees read, “Thank you for your email. There is a temporary shutdown of the US government due to a lapse in appropriations. I will respond to your message as soon as possible after the temporary shutdown ends. Please visit Ed.gov for the latest information on the Department’s operational status.” Many employees set this neutral language as their OOO status.

The new, changed message reads:

“Thank you for contacting me. On September 19, 2025, the House of Representatives passed HR 5371, a clean continuing resolution. Unfortunately, Democrat Senators are blocking passage of HR 5371 in the Senate which has led to a lapse in appropriations. Due to the lapse in appropriations I am currently in furlough status. I will respond to emails once government functions resume.”



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October 3, 2025 0 comments
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Tesla Hikes Prices After the Government Cash Grinds to a Halt
Product Reviews

Tesla Hikes Prices After the Government Cash Grinds to a Halt

by admin October 2, 2025



Tesla raised the lease prices for its most popular electric vehicles on Wednesday, according to figures posted to the company’s website. The change comes after the federal EV tax credit, which was $7,500 for new vehicles and leases and $4,000 for used vehicles, expired on Tuesday.

Tesla’s model Y lease has jumped from between $479 and $529 per month to between $529 and $599 per month, Jalopnik points out. And Model 3 lease prices went from between $349 and $699 per month to between $429 and $759 per month.

Tesla still sells more EVs in the U.S. than any other company, but Elon Musk’s market share has eroded in recent years. Tesla accounted for over 80% of all EV sales back in 2017, at the dawn of President Donald Trump’s first term. But that’s down to just 38% this past August, according to CNBC.

Musk has built his empire on companies that rely on massive government funding, through contracts, loans, subsidies, and tax credits, according to the Washington Post, which recently tallied it all at $38 billion. But Musk, as head of the so-called Department of Government Efficiency (DOGE) until just a few months ago, did his best to dismantle the federal government without personally harming a single thing that benefited him financially.

The sole exception was the expiration of the EV tax credit, which Republicans worked hard to kill with Trump’s “One Big Beautiful Bill,” which passed in July. The tax credit was originally not scheduled to end until 2032 under the Inflation Reduction Act, which was passed under President Joe Biden and a Democratic-controlled Congress in 2022.

JPMorgan has previously estimated that the loss of the EV tax credit will cost Tesla about $1.2 billion per year. But it will take some time to see just how much of a dent is made by the EV tax credit going away. Tesla has already been suffering immensely, due in large part to Musk getting intimately involved in presidential politics.

Musk endorsed President Trump in July 2024 and spent over $270 million to get him elected. And the billionaire’s far-right politics caused the Tesla brand to suffer with liberal drivers, the people who used to support electric vehicles and Musk the most fervently. Musk’s two Nazi-style salutes on the day President Trump was inaugurated for a second time didn’t help his popularity with left-leaning car consumers.

A protester holds a sign that reads “Musk is a Nazi” at a protest on Feb. 17, 2025 in San Diego, California. Photo: Gizmodo / Matt Novak

Musk became the world’s richest person again this week after some brief competition from Larry Ellison. The Tesla CEO is now worth $500 billion, according to a new estimate by Forbes, becoming the first person in the history of the world to reach that milestone.

Tesla didn’t respond to questions emailed on Wednesday. Gizmodo will update this article if we hear back, though we’re not counting on it. Musk got rid of the company’s press relations team in 2020.



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October 2, 2025 0 comments
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Decrypt logo
Crypto Trends

What the Government Shutdown Means for Pending Crypto ETFs

by admin October 2, 2025



In brief

  • SEC decisions on applications for spot altcoin ETFs are on hold during the government closure.
  • Analysts have been expecting the agency to approve Solana funds early this month.
  • The regulator is weighing more than 90 applications for funds tracking different cryptos, combinations of tokens and digital asset strategies.

Investors expecting U.S. Securities and Exchange Commission approvals for a range of exchange-traded funds tracking various altcoins will have to wait longer, as the partial government shutdown lingers.

The regulator said that it would “not review and approve applications” for products or provide other “non-emergency support to registrants” during the closure, as outlined in a contingency operations plan highlighted on its website.

The SEC is currently reviewing more than 90 applications for ETFs based on the spot price of various altcoins, combinations of tokens, and different digital asset strategies, with Bloomberg fund analysts predicting that likely approvals, beginning with Solana-focused products, will be announced in early October.

“Crypto ETF approval season has officially arrived!” quipped Bloomberg Senior ETF analyst Eric Balchunas in a Tuesday post.

Issuers from the traditional finance and digital asset worlds have also proposed funds based on XRP, Cardano, Litecoin, and Dogecoin, among others.

Now, the October timeline seems increasingly unlikely as Senate Republicans and Democrats try to resolve a budget impasse.



As of late Wednesday, both sides were entrenched with budget proposals from each failing to muster enough votes to override a filibuster.

In the interim, government agencies have had to scale back their everyday activities. The SEC noted that it would have limited personnel “until further notice.”

In a Twitter post on Wednesday, Nate Geraci, co-founder of trade group the ETF Institute, wrote that the “shutdown would definitely impact the launch of new spot crypto ETFs.”

“ETF Cryptober might be on hold for a bit,” he added.

Looks like a prolonged government shutdown would definitely impact the launch of new spot crypto ETFs…

ETF Cryptober might be on hold for a bit.

From SEC’s “Operations Plan Under a Lapse in Appropriations & Government Shutdown”… pic.twitter.com/Z6gY1bJbUt

— Nate Geraci (@NateGeraci) October 1, 2025

The raft of filings over the past 18 months comes as issuers from both traditional finance and crypto look to address surging demand for digital asset-focused products, following the dramatic success of spot Bitcoin and Ethereum funds.

The 11 BTC funds now manage about $150 billion in assets (AUM), according to data analytics platform CoinGlass with BlackRock’s iShares Bitcoin Trust, the fastest growing ETF in the industry’s 32-year history, accounting for more than half the total. Ethereum funds’ AUM now surpasses $22 billion.

Solana, the sixth-largest crypto with a market capitalization of more than $118 billion, was recently trading above $222, up more than 6% amid a wider upswing in crypto prices on Wednesday, as investors seemed largely untroubled by the budget impasse or looked to crypto as a safe-haven asset.

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October 2, 2025 0 comments
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Can the government shutdown have a significant effect on the crypto space?
GameFi Guides

Can the government shutdown have a significant effect on the crypto space?

by admin October 1, 2025



The U.S. government is facing a shutdown due to the inability of Republicans and Democrats to agree on the budget. Various sources evaluate the probability of a shutdown as high. If it happens, a shutdown may have multiple repercussions. Among other implications, it could bring more uncertainty to the crypto market and slow the pace of crypto regulation.

Summary

  • U.S. President Donald Trump and Vice President JD Vance warn about a highly probable shutdown starting on Oct. 1.
  • In the event of a shutdown, the government stops publishing employment and inflation data, making it harder for traders to time the market. Experts predict market volatility.
  • The Clarity Act passage will be delayed, while the SEC will halt working on rulemaking for the crypto sector and won’t be able to review applications for spot crypto ETFs.

Probability of shutdown

Uncompromising disagreement on healthcare spending between the GOP and Democrats delayed budget finalization. On Sept. 29, Vice President JD Vance said that the government is “headed for a shutdown.” Earlier, President Donald Trump warned that Americans would likely “end up with a closed country for a period of time.” JD Vance accused Democrats, saying:

“You don’t put a gun to the American people’s head and say, unless you do exactly what Senate and House Democrats want you to do, we are going to shut down your government. I think we are headed to a shutdown because the Democrats won’t do the right thing.”

The Democratic Senate minority leader, Chuck Schumer, is mirroring Vance’s claims, stating that “it’s up to Republicans whether they want to shut down or not.”

Government funding expires in hours and where are House Republicans?

They canceled votes and went on vacation.

Republicans own this shutdown.

— Democrats (@TheDemocrats) September 30, 2025

This rigidness of both parties left little space for possible agreement. As of Sep. 30, 89% of voters on Polymarket believed the U.S. government would go through a shutdown before the year-end.

Government funding expires in hours and where are House Republicans?

They canceled votes and went on vacation.

Republicans own this shutdown.

— Democrats (@TheDemocrats) September 30, 2025

Possible implications for the economy 

Shutdowns furlough public workers, put government contractors at risk, and block state agencies from doing their jobs. Given that the U.S. is already going through a shaky period, a shutdown may bring more harm than usual.

The harm level depends on the economy’s health at the time of the shutdown and the shutdown’s length. The latest shutdown, which took place during Trump’s first presidential tenure in December 2018 and January 2019, was the longest one. It lasted 35 days and saw the biggest consumer sentiment decline. 

The drop in consumer sentiment indicates that people are not comfortable spending their money on nonessential goods, which generally undermines economic growth and hinders business conditions.

What’s at stake for the crypto community?

Government shutdowns don’t usually affect the markets that much. However, it has an indirect impact, and the crypto space may take a soft hit. TV personality and author Jim Cramer said to CNBC, addressing the possible market impact of a shutdown:

“I’m not worried about most of this stuff. My biggest fear is that a shutdown will delay important pieces of economic data, making life more difficult for the Federal Reserve and potentially postponing their plans to cut interest rates.”

There are several ways the looming shutdown may impact the crypto space:

  • It will hinder data collection for investors.
  • It will stop the government from passing the much-anticipated CLARITY Act.
  • It will block the SEC’s work on rulemaking in the crypto space and approval of spot crypto ETFs.

Traders will not have key metrics from the Federal Reserve, such as inflation and unemployment rates, available. They will have to trade without factoring this data in.

Government funding expires in hours and where are House Republicans?

They canceled votes and went on vacation.

Republicans own this shutdown.

— Democrats (@TheDemocrats) September 30, 2025

The CLARITY Act, the market structure bill aimed at setting clear rules for various types of cryptocurrencies, was set to be signed into law before Thanksgiving. The possibility of a shutdown brings uncertainty about whether the act will be passed that soon or even this year.

Finally, a shutdown will hinder the work of the Securities and Exchange Commission, slowing the realization of Project Crypto. Recently, SEC Chair Paul Atkins outlined the main directions of the agency aimed at regulating the crypto space and facilitating innovation in the U.S.

He talked about the upcoming innovation exemption that will let crypto businesses launch freely without being “torpedoed” by bureaucratic burdens. On top of that, Atkins said the SEC is going to do a lot of work related to rulemaking in the crypto space. Evidently, if a shutdown takes place, this work gets delayed. The same goes for reviewing and approving crypto spot ETFs, which usually galvanize trading when they get approved.

The latest shutdown implications

The latest shutdown took place in 2018-2019 due to disagreement between Democrats and Republicans over funding for the wall on the southern border. It was the longest and one of the most destructive. It affected 800,000 public workers. Half of them were furloughed, while others continued to work without pay. The 2018-2019 shutdown saw consumer sentiment declining by 7 points.

As for crypto, Bitcoin’s price was crumbling ahead of the shutdown in November, going from $6,400 to $3,200 in a single month. However, when the shutdown started, the price rebounded to more than $4,000. When the shutdown ended, Bitcoin’s price was above $3,500.

In general, it is safe to say that the biggest decline took place weeks before the shutdown itself. This September, the last two weeks were harsh for the crypto market. Soon, we will learn if this was a repetition of the past shutdown’s price action.





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October 1, 2025 0 comments
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Rally Stalls Amid Looming U.S. Government Shutdown
Crypto Trends

Rally Stalls Amid Looming U.S. Government Shutdown

by admin September 30, 2025



The bounce in crypto markets mostly stalled on Tuesday with the U.S. government on track to shut down at midnight Eastern time.

Bitcoin BTC$114,477.21 — after earlier having slid about 2% from overnight highs near $115,000 – managed a late afternoon rally to $114,300, up marginally from 24 hours ago. Ether ETH$4,170.25 traded just above $4,100, sliding 1.3% during the same period.

Most tokens in the broad-market benchmark CoinDesk 20 Index posted declines, with AVAX$30.05, Uniswap UNI$7.6933 and NEAR$2.6247 leading losses.

A check on traditional markets showed gold climbing another 0.5% to $3,850, extending its record-breaking run, while the Nasdaq and S&P 500 equity indexes also saw late rallies to move into positive territory just minutes ahead of the close.

Most market participants are in wait-and-see mode as the U.S. government seems headed toward a certain shutdown of uncertain length.

When the government shuts down, all non-essential activities under the executive branch will halt, which will likely include any of the Securities and Exchange Commission, Commodity Futures Trading Commission and federal bank regulators’ ongoing efforts to create new rules for the crypto industry.

While the shutdown won’t have an effect on people’s ability to file comments for open rulemaking efforts, it’s unlikely anyone at these agencies will be tasked to read the feedback. This halt may also affect ongoing efforts by companies to list and trade exchange-traded funds tied to cryptocurrencies like solana SOL$209.52 and LTC$106.99, CoinDesk reported earlier Tuesday.

Congress’ work on crypto market structure legislation will be delayed. The Senate Banking Committee already postponed a tentatively planned markup — a hearing to debate provisions on the bill — on its market structure draft from Tuesday to later in October. The Senate Agriculture Committee has not published any draft legislation. The Senate Finance Committee, however, still intends to hold a hearing on Wednesday to examine crypto tax issues.

Shutdown leaves BTC fragile, Bitfinex warns

A shutdown would also halt the release of key economic indicators such as jobs data and CPI inflation reports that could amplify volatility across asset classes, including cryptos, Bitfinex analysts warned in a report.

Data delays could complicate the Federal Reserve’s monetary policy decisions with ripple effects echoing across rates markets, the report noted. Global investors have already been cutting U.S. exposure, a trend which a protracted shutdown could accelerate, the report said.

“For markets, the immediate risk is confidence erosion and data blind spots, rather than systemic financial instability,” Bitfinex analysts said about the potential shutdown.

Zooming out, BTC is still in a corrective phase since the Fed’s interest rate cut in September, which turned out to be a “buy the rumor, sell the news event,” Bitfinex analysts said.

The report noted that unlike previous cycles, this one has unfolded in three distinct multi-month surges, each capped by widespread profit-taking.

Bitcoin realized profit shows three distinct peaks through this market cycle. (Bitfinex/Glassnode)

“At every cyclical peak, more than 90 percent of coins moved were transacted in profit, a clear signal of widespread distribution,” the analysts wrote.

Having just stepped back from the third such peak, Bitfinex analysts see probabilities tilting toward further consolidation.

“Deep political polarisation, rising fiscal deficits and a fragile global economy leave markets more sensitive to shocks,” they added.



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September 30, 2025 0 comments
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CEO of EA, home to studios like Maxis and Bioware, claims company's values will "remain unchanged" following sale to Saudi government, investment firms
Game Reviews

CEO of EA, home to studios like Maxis and Bioware, claims company’s values will “remain unchanged” following sale to Saudi government, investment firms

by admin September 29, 2025


Electronic Arts CEO Andrew Wilson has stated that the company’s values will remain unchanged following a $50bn buyout from the Saudi Arabian Public Investment Fund, Silver Lake, and Jared Kushner’s Affinity Partners.

In a statement posted to the Electronic Arts website and titled “Exciting News About Our Future”, Wilson attempted to reassure staff at EA that the future was bright for EA in the wake of the buyout.

He said: “This moment is a recognition of your creativity, your innovation, and your passion. You have built some of the world’s most iconic IP, created stories that have inspired global communities, and helped shape culture through interactive experiences. Everything we have achieved – and everything that lies ahead – is because of you.

Watch the Battlefield 6 multiplayer trailer here.Watch on YouTube

“We are entering a new era of opportunity. This is one of the largest and most significant investments ever made in the entertainment industry. Our new partners bring deep experience across sports, gaming, and entertainment. They are committed with conviction to EA – they believe in our people, our leadership, and the long-term vision we are now building together.

“Our mission at EA to – Inspire The World To Play – continues to guide everything we do. Our values and our commitment to players and fans around the world remain unchanged. With continued rigor and operational excellence, we can amplify the creativity of our teams, accelerate innovation, and pursue transformative opportunities that position EA to lead the future of entertainment. Together, we’ll create experiences that are bold, expressive, and deeply connected to inspire generations of players around the world.”

These values are of particular note. Among EA’s developers stand both Bioware and Maxis Studios, creators of Mass Effect and The Sims respectively. These series are not only popular, but quite outwardly LGBT-positive, featuring same-sex relationships. One of the new private owners – the Saudi Arabian government – continues to keep same-sex relationships illegal.

It’s worth noting that SNK, following its acquisition by the Saudi Arabian Public Investment Fund, attempted to reassure the world that its creative input would not be changed as a result. SNK’s next game Fatal Fury: City of the Wolves would then feature Cristiano Ronaldo and Salvatore Ganacci – celebrities that featured heavily in Saudi Arabian events.

The statement from Andrew Wilson continues: “I am excited to continue as CEO, working alongside our leadership team to advance our strategy. United by our vision, we will deliver experiences that transcend platforms and empower players everywhere to create worlds, characters, and stories that are bold, interactive, and deeply connected.”



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September 29, 2025 0 comments
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U.S. Congress (Jesse Hamilton/CoinDesk)
NFT Gaming

What Would a Government Shutdown Mean for Crypto?

by admin September 28, 2025



Some of crypto’s momentum in Washington D.C. has stalled, a situation that may become worse if the U.S. government shuts down next week.

You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions.

The narrative

The U.S. government seems headed toward a shutdown. While that won’t directly affect crypto, the reverberations from the government shutting down will affect policymaking in the crypto world.

Why it matters

There are three major questions right now when it comes to market structure legislation: Will Congress pass a bill; when might Congress pass a bill; and how will a government shutdown affect this process?

Beyond just Congress, a shutdown might affect regulators’ rulemaking efforts, though that may not be as big an issue at the moment (depending, of course, on how long the shutdown lasts).

Breaking it down

Congress has until Sept. 30, 2025 — in other words, Tuesday — to pass a budget bill, or at least a continuing resolution that would keep funding the government. Republicans control the White House, House of Representatives and Senate, but they still need some Democrat support to move a budget bill. Senate Minority Leader Chuck Schumer and House Minority Leader Hakeem Jefferies seemed set to meet and negotiate with President Donald Trump, but Trump canceled the meeting earlier this week. And on Friday, Punchbowl News reported that the House of Representatives’ leadership might not bring the body back into session at all until the Senate passes a bill.

A shutdown will likely slow down progress on crypto market structure legislation. The chances of market structure making it through Congress and to the president’s desk this year are already growing slim even without the looming shutdown threat, according to multiple people I spoke to this week. A planned markup hearing for the Senate Banking Committee’s draft bill was pushed from its tentative Sept. 30 date to late October, and the Senate Agriculture Committee has yet to publish any draft legislation. Any bill addressing market structure would need support from both committees before it moved to the overall Senate and then the House of Representatives.

The individuals said they still expected to see progress next year, if Congress isn’t able to move the market structure bill through the Senate and House before Dec. 31.

These chances, however, grow more slim in the face of a shutdown. Locking up the federal government is often remedied with quick, short-term spending deals that only push the drama a few weeks or months further down the road and promise future congressional tie-ups.

If the government does shut down, the Senate committees may have to push back plans for a markup, said Blockchain Association Senior Director of Government Relations Jessica Martinez.

“While there has been good faith negotiation on both sides, a shutdown would stall critical progress on crypto policy,” she said in a statement. “Despite a possible delay, our leaders in Congress are committed to getting bipartisan market structure legislation across the finish line.”

Kristin Smith, the president of the Solana Policy Institute, said she was optimistic that the legislation would continue to receive bipartisan attention, saying that a shutdown would be a “setback, but it’s clear [lawmakers] remain committed” to passing a market structure bill.

Senator Kirsten Gillibrand (D-N.Y.), speaking at CoinDesk’s Policy and Regulation event earlier this month, has already tried to tamp down expectations that Congress had to act by the end of September, a deadline previously set by Senate Banking Committee Chair Tim Scott.

“I don’t want to put an artificial deadline on anything, because we’re in the middle of negotiations about whether we’re going to have a bipartisan budget,” she said. “The most important issue that Congress has to deal with right now is the fiscal cliff on September 30. That is a much more important deadline that the entire country is relying on … I really urge you, please don’t give market structure an artificial deadline, because it is so important for this industry that we get this right and that we do it on a bipartisan basis.”

The bright spot for the crypto industry may come from the regulators. While the federal regulators — the Securities and Exchange Commission, Commodity Futures Trading Commission and Treasury Department entities — will all have to stop anything non-critical, a lot of the ongoing rulemaking efforts have already been set in motion. Some of these efforts are in the public comment phase.

Didier Lavallee, the CEO of Canadian firm Tetra Digital, said in a statement that a shutdown might affect SEC Chair Paul Atkins’ agenda “in the medium term,” but the momentum around crypto policymaking still enjoys bipartisan support.

“So while there may be short-term delays in policy timelines, it’s unlikely to fundamentally derail progress in the long run,” he said.

Monday

  • 17:00 UTC (1:00 p.m. ET) The SEC and CFTC are holding a joint roundtable on Sept. 29, 2025, to discuss ways of uniting their regulatory efforts.

Tuesday

  • Post-trial motions in the Department of Justice’s case against Roman Storm are due. As a reminder, Storm was convicted of conspiring to operate an unlicensed money transmitter last month, but the jury did not convict him of two other charges.

If you’ve got thoughts or questions on what I should discuss next week or any other feedback you’d like to share, feel free to email me at nik@coindesk.com or find me on Bluesky @nikhileshde.bsky.social.

You can also join the group conversation on Telegram.

See ya’ll next week!



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September 28, 2025 0 comments
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Ether (ETH) Dips Below $4K, BTC, XRP Slide as U.S. Government Shutdown Risks Mount
NFT Gaming

Ether (ETH) Dips Below $4K, BTC, XRP Slide as U.S. Government Shutdown Risks Mount

by admin September 25, 2025



ETH$4 009,26 led major cryptocurrencies lower during Thursday’s Asian trading hours, as odds of a U.S. government shutdown hit record highs on the decentralized betting platform Polymarket.

The price of Yes-side shares for the betting contract “U.S. government shutdown in 2025?” rose to 77%, the highest since the contract’s launch in January. Traders are essentially pricing a 77% probability that the U.S. Office of Personnel Management will announce a shutdown due to a lapse in appropriations by Dec. 31. Meanwhile, the likelihood of a shutdown by Oct. 1 stood at 63%.

According to media reports, the White House is preparing for large-scale job cuts in the event of a shutdown. On Wednesday, the Office of Management and Budget issued a memo asking agencies to prepare plans for staff reductions and furloughs if a spending bill is not passed next week.

The government is reportedly expected to run out of money by the end of September. To prevent the resulting shutdown, Congress must either approve a short-term funding measure, known as a continuing resolution, or pass 12 full-year funding bills. Since lawmakers won’t finish the full-year bills before the deadline, a temporary funding stopgap is needed.

More importantly, to reach the 60-vote threshold needed to pass funding bills, support from both parties is usually necessary.

BTC, ETH under pressure

Ether fell over 3% in Asia, almost testing $4,000 for the first time Aug. 8, with BTC$111 642,89 falling over 1% to under $112,000. Other major tokens such as XRP$2,8586, SOL$204,35 and DOGE$0.2340 fell by 2.6% to 3%. Solana’s SOL appeared set to break below $200.

The CoinDesk 20 Index was down 2% at 3,940 points. Meanwhile, futures tied to the S&P 500 and Nasdaq, traded flat to positive.

Although the exact cause of the cautious crypto market sentiment was not clear at the time of writing, growing concerns about a potential government shutdown may have contributed to the risk-averse mood among investors.

Furthermore, overnight comments from San Francisco Fed President Mary Daly reiterated her support for further rate cuts, but declined to provide a timeline, instead stressing data dependence, which may have hurt sentiment.

The Fed cut rates by 25 basis points on Sept. 17 while hinting at two more rate cuts by the year’s end. Since then, policymakers, including Chairman Jerome Powell, have signaled a cautious approach to future rate cuts.

Seven Fed officials, including the New York Fed’s Williams, are scheduled to speak on Thursday. Meanwhile, traders are awaiting Friday’s PCE data, the Fed’s preferred measure of inflation.

“If inflation pressures appear contained, markets may interpret this as room for further Fed cuts, providing liquidity tailwinds into Q4. That could be the catalyst for BTC to attempt a long-anticipated breakout,” the market insights team at Singapore-based QCP Capital said.



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September 25, 2025 0 comments
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