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Oversight

Coinbase’s (COIN) Bitcoin-Backed Loans Surpass $1B as Exchange Prepares to Lift Borrowing Cap
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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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Bank Of England Signals New Framework For Stablecoin Oversight
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Bank of England signals new framework for stablecoin oversight

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The Bank of England (BoE) has signaled plans to introduce a new regulatory framework for stablecoins. 

In an article published on October 1, Governor Andrew Bailey said the UK should “reap the benefits” of the technology, while ensuring safeguards comparable to those applied to traditional money, arguing that consumers need risk prevention, as stablecoin use grows.

From caution to proposed regulation

In a Financial Times article, Bailey said that it would be “wrong to be against stablecoins as a matter of principle.” 

This reflects a shift in tone from previous caution toward a structured approach to digital assets. The BoE plans to publish a consultation paper in the coming months to set out details for what Bailey described as an “advanced regime for stablecoins.”

Treating stablecoins like traditional money

Bailey explained that stablecoins differ from cryptocurrencies like Bitcoin because they are pegged to official currency rather than relying on market value alone. He argued that physical money and digital assets could co-exist in a financial system that looks different from today, with banks and stablecoins both issuing money and non-banks taking on more credit provision.

He added that while stablecoins would not replace bank money, widely used UK-issued stablecoins should be granted access to central bank accounts at the BoE. 

This would give them a similar status to commercial bank deposits, with regulation focused on depositor protection and financial stability. Bailey stressed that such changes would need careful consideration before implementation.

Implications for the UK financial system

Regulatory clarity could provide stablecoin issuers with a defined path into the UK’s financial infrastructure. Bailey emphasized the need to balance innovation with financial stability, noting that regulation would need to address risks such as asset backing and operational resilience. If implemented, the framework could allow stablecoins to function alongside existing payment systems and banking services.

The upcoming consultation paper will set out how stablecoins could be integrated into the UK financial system under clear oversight. Its outcome will indicate how the UK positions itself in relation to digital asset regulation among G7 economies.

Also read: IG Secures UK Crypto License for In-House Trading Services



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Lost Texts Spur Oversight Inquiry Into Former SEC Chair Gary Gensler

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In brief

  • House Republicans have informed current SEC Chair Paul Atkins that they’re investigating the loss of nearly a year of text messages from former Chair Gary Gensler’s smartphone.
  • Last month, the Office of the Inspector General report found IT staff failures and poor policies led to the permanent deletion of messages from October 2022 through September 2023.
  • Coinbase CLO Paul Grewal tweeted that a district court has ordered all parties to appear on October 8 to address the deletion of the texts.

Nearly a year of text messages from former Securities and Exchange Commission Chair Gary Gensler were permanently deleted due to agency errors, prompting House Republicans to launch an oversight investigation into regulatory lapses.

Four Republican committee chairs, including House Financial Services Committee Chairman French Hill, informed current SEC Chair Paul Atkins that Congress is investigating the loss of Gensler’s communications from October 2022 through September 2023, spanning the agency’s most aggressive enforcement push against crypto firms, in a letter sent Tuesday.

“It appears that former Chair Gensler held companies to a standard that his own agency did not meet,” the letter says, noting the SEC collected over $400 million in fiscal year 2023 alone from firms for recordkeeping violations.

Gensler’s smartphone stopped syncing with the agency’s device management system on July 6, 2023, though it “otherwise functioned normally and was used regularly, according to the Office of the Inspector General report released last month.

Despite repeated warnings flagging the device as inactive every two weeks, IT staff took no action for 62 days, the lawmakers’ letter pointed out.

The House letter notes that while former Chair Gensler’s staff claimed he “usually texted for administrative reasons,” the IG review found “multiple instances of substantive, mission-related communications between Gensler, his staff, his fellow Commissioners, and other senior officials.

“The district court just ordered everyone to appear on October 8 to address the destruction of documents by the Gensler @SECGov as detailed by its own inspector general,” Coinbase CLO Paul Grewal tweeted on Tuesday. “We appreciate the Court’s attention to this matter.”

The district court just ordered everyone to appear on October 8 to address the destruction of documents by the Gensler @SECGov as detailed by its own inspector general. We appreciate the Court’s attention to this matter. pic.twitter.com/g5J1i8VLjq

— paulgrewal.eth (@iampaulgrewal) September 30, 2025

Gensler’s crypto crackdown

The missing communications span a period when Gensler launched an industry-wide regulatory assault following FTX’s November 2022 collapse.

Under his leadership, the SEC insisted the crypto industry’s business model was “built on non-compliance,” with Gensler declaring in a June 2023 CNBC interview, “we don’t need more digital currency” beyond the U.S. dollar.

He compared the crypto sector to “the 1920s before federal securities laws were put in place,” calling participants “hucksters, fraudsters, scam artists” running “Ponzi schemes.”

The agency authorized over 100 enforcement actions against crypto firms during this period, targeting major exchanges including Coinbase, Kraken, and Binance.

Last month, through a third-party research firm, History Associates, Coinbase requested sanctions against the SEC, calling the agency’s “destroy-and-delay approach to records” cause for “irreparable harm.”

In 2013, while Gensler served as Chair of the Commodity Futures Trading Commission, that agency’s Inspector General criticized him for conducting official business through his personal email account, the letter pointed out.

Republicans are now coordinating with the Inspector General to examine whether other senior officials’ communications were similarly lost and whether the agency’s internal controls adequately protect federal records.

The SEC has undergone a transformation under the Donald Trump administration, with the President appointing Paul Atkins, a crypto advocate and former SEC commissioner, to replace Gensler.

Atkins was confirmed in April and has launched “Project Crypto,” a sweeping initiative to relax regulations on digital assets.

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SEC, CFTC Pledge Closer Cooperation, ‘Harmonization’ on Crypto and Market Oversight

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In brief

  • The SEC and CFTC leadership have called for “harmonization” after years of overlap and conflict.
  • The push comes amid rapid changes in U.S. crypto policy under the Trump administration.
  • Officials stressed cooperation, not consolidation, as the crypto industry pushes for clarity.

The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) said Monday they will work more closely together, beginning with crypto markets, in an effort to reduce duplication and regulatory conflict.

The pledge came after a joint regulatory roundtable in Washington, D.C., and marks what leaders described as a turning point for American financial oversight.

“For too long, the SEC and CFTC have operated in parallel lanes, too often in conflict with one another, leaving the American public to bear the costs of duplication, delay, and uncertainty. That era is behind us,” SEC Chair Paul Atkins said in prepared remarks. “We are charting a new course, one that will solidify America’s position as the world’s financial leader.”

Alex Urbelis, general counsel and chief information security officer at Ethereum Name Service told Decrypt the lack of clarity and duelling rulebooks had stalled blockchain innovation in the US for many years now, but cautioned that achieving greater harmonisation between the two regulators wouldn’t necessarily be easy.

“Collaboration between market regulators is an excellent sound bite for crypto, but requires real work and likely the will of Congress to remove statutory overlaps,” Urbelis said, adding that, “The balance of investor protection and promoting innovation isn’t easy, and will always be a game of push and pull despite the best regulatory intentions.”

Crypto policy shifts

The announcement follows a shift in Washington’s posture toward crypto markets over the past year, with the return of the Trump administration pushing regulators to ease restrictions on digital assets.

Since early 2025, the SEC and CFTC have floated proposals to expand market trading hours to a 24/7 schedule, introduce regulatory exemptions for decentralized finance projects, and allow spot crypto assets to trade directly on U.S. exchanges. At the same time, the SEC has dismissed multiple enforcement actions against crypto firms, including Kraken, Cumberland and ConsenSys, signaling a broader pivot away from the aggressive crackdown that defined the Gensler era.

SEC Commissioner Mark Uyeda additionally emphasized the need for clearer lines of oversight as markets evolve. “Innovation rarely respects jurisdictional lines and often does not fit neatly into the statutory distinctions between ‘securities’ and ‘commodities’ written decades ago,” he said.



“Today, we have an opportunity to avoid the mistakes of the past and instead, together, build a regulatory architecture that evolves with our markets — not against them.”

The SEC has previously pledged to implement an “innovation exemption” for certain digital assets by year’s end as part of “Project Crypto,” an SEC initiative to lower regulatory burdens.

CFTC Acting Chair Caroline Pham echoed the call for collaboration, while pushing back on criticism of her agency’s work. “In recent years, the dynamic between our agencies could be described as one of competition rather than collaboration. That is not what this Administration wants. It is not what we want,” she said. “The CFTC is alive and well, and there needs to be no more FUD about what’s happening on the other side of town.”

Meanwhile, the CFTC under Pham has  increased its pace of enforcement and rulemaking actions, which she highlighted as proof the commission remains fully engaged.

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EU Eyes Boost to Pensions, Crypto Oversight Before 2026

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In brief

  • The plan includes auto-enrolment pensions, tax incentives, and steps toward market integration.
  • Oversight changes could give ESMA a role in supervising crypto and cross-border infrastructures.
  • The push follows warnings on stalled reforms and comes amid debate over the digital euro.

The European Union is preparing a year-end push to expand pension savings and tighten oversight of markets, with plans that could hand its Paris watchdog new authority over crypto firms.

Speaking at the Eurofi Forum in Copenhagen on Thursday, Financial Services Commissioner Maria Luís Albuquerque said the package will cover pension auto-enrolment, tax incentives for savings, and steps to cut cross-border barriers in trading, alongside a debate over shifting key supervisory powers to the European Securities and Markets Authority.

“We are looking at possible centralized supervision of certain market infrastructures, such as central counterparties, central securities depositories, and trading venues,” Albuquerque said during the forum. “We also see the benefit of more centralized supervision for new and rapidly evolving areas where supervisory capacities need to be  up to the task, such as Crypto Asset Service Providers.”



Dubbed the EU’s Savings and Investments Union, the initiative is presented as a long-term project to mobilize household wealth and enhance Europe’s financial autonomy by integrating fragmented markets and expanding retail participation.

Any transfer of powers to ESMA, meanwhile, “would not sideline national authorities,” but instead create a framework for joint oversight that could better manage cross-border risks and ensure consistent enforcement across the bloc, Albuquerque stressed.

Albuquerque’s remarks follow a statement from former European Central Bank President Mario Draghi, who warned Tuesday that Europe was “failing to match the speed” of global financial change, a critique that has fueled pressure on Brussels to accelerate long-stalled efforts to deepen its capital markets.

The debate over pensions and market reform coincides with Europe’s efforts to design a digital euro, as officials weigh whether to issue it on public blockchains like Ethereum or Solana. 

This comes amid the U.S.’s leapfrogging other jurisdictions with its first stablecoin law, raising questions about the euro’s competitiveness in global finance.

While Albuquerque did not weigh in on the digital euro debate, she argued that Europe’s competitiveness rests on building deeper capital markets and stronger pension systems that channel long-term savings into the economy.

“Pensions, by their very nature, are long-term. That is why they are such powerful drivers of capital market development,” she said. Albuquerque said she sees Europe’s plan creating “a virtuous cycle of investment, where our citizens can invest in their own futures and in the future of our economy.”

Representatives for the commission did not immediately return Decrypt’s request for comments.

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FCA crypto proposal seeks full UK oversight for firms by 2026
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FCA crypto proposal seeks full UK oversight for firms by 2026

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FCA crypto proposals aim to bring digital asset firms under full UK oversight by 2026, spelling out provisions for governance, resilience, and crime prevention. The regulator says the framework mirrors traditional finance rules but will be adapted to reflect crypto’s unique risks.

Summary

  • FCA plans full UK oversight of crypto firms by 2026, adapting TradFi rules for governance, resilience and crime prevention.
  • Proposals include extending the Senior Managers Regime, applying Consumer Duty, and allowing disputes at the Financial Ombudsman.
  • The regulator aims to balance innovation with consumer protection and test the industry’s readiness for stricter oversight.

On September 17, the Financial Conduct Authority announced its proposal for comprehensive cryptoasset regulation, publishing a detailed consultation paper that maps how existing financial rules will be adapted to govern the digital asset sector.

The proposal outlines the application of the FCA Handbook to crypto firms, targeting key areas including operational resilience, financial crime prevention, and senior management accountability.

According to the announcement, the move follows HM Treasury’s draft legislation from April 2025 that legally expands the FCA’s remit to oversee new regulated activities like operating trading platforms, custody, and staking. The regulator is now seeking industry feedback by October and November deadlines, with a final framework slated for 2026.

A closer look at what the FCA is proposing

The FCA’s consultation paper laid out several proposals that show how the financial watchdog intends to bring crypto firms more firmly under regulatory oversight. A central pillar is the full application of the Senior Managers and Certification Regime, which will impose clear accountability on individuals leading crypto firms, a direct response to the industry’s historical opacity.

Firms will also be expected to meet stringent operational resilience standards, mandating robust systems to withstand cyberattacks, outages, and other operational shocks that have previously led to significant consumer losses.

The FCA has also opened a crucial debate on applying its flagship Consumer Duty to crypto activities. This would legally obligate firms to deliver good outcomes for retail customers, a potentially transformative shift from the current caveat emptor environment.

Tied to this is a consultation on integrating cryptoasset disputes into the Financial Ombudsman Service, which would provide a formal, independent redress mechanism for the first time. The FCA itself acknowledges that the inherent volatility of cryptoassets will remain, but these measures aim to insulate consumers from poor business practices and outright fraud.

“We want to develop a sustainable and competitive crypto sector – balancing innovation, market integrity and trust. Our proposals won’t remove the risks of investing in crypto, but they will help firms meet common standards so consumers have a better idea of what to expect,” David Geale, FCA’s executive director of payments and digital finance, said.

The coming consultation period will be a critical test, revealing whether the industry is prepared to operate with the rigor of traditional finance or if it will resist the very structures it has long claimed to seek.



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France, Austria and Italy Urge Stronger EU Oversight of Crypto Markets Under MiCA

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Market watchdogs in France, Austria and Italy want the European Union to tighten its approach to crypto regulation, warning that uneven enforcement of the bloc’s landmark MiCA legislation could leave investors exposed to risks that aren’t covered by the rules.

In a joint statement, France’s Autorité des Marchés Financiers (AMF), Austria’s Finanzmarktaufsichtsbehörde (FMA) and Italy’s Consob said the first months of MiCA’s rollout revealed “major differences” in how national supervisors apply the law. Without changes, they argued, firms may shop around for lenient jurisdictions, undermining both investor protection and Europe’s competitiveness in digital assets.

The regulators set out four proposals. Chief among them is handing direct supervision of the largest crypto-asset service providers to the European Securities and Markets Authority (ESMA). They also want to close loopholes allowing EU intermediaries to route orders to offshore platforms not bound by MiCA, a practice that leaves investors without regulatory safeguards.

The authorities also called for mandatory, independent cybersecurity audits before firms receive or renew MiCA licenses, citing the sector’s high exposure to hacks. Finally, they proposed a centralized filing system for token white papers to simplify cross-border offerings and ensure legal clarity.

While MiCA was designed to harmonize crypto oversight across the EU, the three regulators say swift adjustments are needed to align with international standards set by the Financial Stability Board and IOSCO. Without them, they caution, national regulators may be forced into emergency measures that risk fracturing Europe’s digital asset market.



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Binance Taps Compliance Veteran for APAC Role as Australia Tightens Oversight

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In brief

  • Binance has appointed SB Seker as Head of Asia-Pacific on Monday, who brings over 20 years of legal and regulatory experience.
  • The hiring comes weeks after AUSTRAC ordered Binance Australia to undergo an independent audit, citing “serious concerns” about anti-money laundering controls vulnerable to illicit money flows.
  • Industry experts view the appointment as a compliance strategy reinforcement and a signal to regulators that Binance is serious about meeting APAC standards.

Binance has appointed compliance veteran SB Seker as its new Head of Asia-Pacific, as the world’s largest crypto exchange seeks to navigate regulatory headwinds in the region.

The appointment comes just two weeks after AUSTRAC ordered Binance’s Australian arm to undergo an independent audit, citing “serious concerns” relating to anti-money laundering controls that could expose the platform to illicit money flows.

Industry experts have viewed the move as both strategic and timely, given the exchange’s ongoing compliance challenges in Australia.



James Volpe, founding director of Melbourne-based Web3 education firm uCubed, told Decrypt that “SB Seker’s background positions him as someone consistently brought into complex environments to strengthen compliance and regulatory frameworks.”

“For Binance, the appointment reinforces its compliance strategy while also signalling to regulators and users that it is serious about meeting standards in APAC,” he said.

Seker brings over 20 years of cross-sector experience, including roles as a litigator in Australia and a central banking lawyer at the Monetary Authority of Singapore. 

Most recently, he served as Senior Vice President at Crypto.com Group, overseeing global product development and regulatory matters.

Last month, AUSTRAC ordered Binance Australia to nominate external auditors after finding inadequate independent reviews and high staff turnover, with 18 days remaining to comply.

“AUSTRAC’s move is significant, sending a message that crypto exchanges must be held to the same standards of responsibility and compliance as traditional financial institutions, setting a precedent for closer scrutiny across the industry,” Volpe explained.

Joni Pirovich, founder of Australian crypto specialist law firm b’das*l, told Decrypt that “the appointment of an independent auditor is a serious but early step.”

She said AUSTRAC has “a range of tools to deal with findings from the auditor,” including directing Binance to remedy systems, enforcement action, further audits, imposing registration restrictions, and “in the worst case, to suspend or revoke the registration.”

“The hire of Seker could well mean that Binance recognizes the skills and experience needed for best cooperation with AUSTRAC and the auditor, and a best-case outcome,” Pirovich added.

In his new role, Seker will oversee regional operations and drive market adoption across APAC while strengthening engagement with policymakers. 

“I’m truly excited to join Binance to help shape a sustainable, innovative, and compliant future for the digital-asset ecosystem across the region,” Seker said in a statement on Sunday.

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Concord's Failure Led To Increased Oversight, Says Sony Exec
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Concord’s Failure Led To Increased Oversight, Says Sony Exec

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In 2024, Sony shut down its live-service shooter Concord after only two weeks, as it became one the publisher’s most prominent failures. According to Sony Interactive Entertainment chief executive of studio business Hermen Hulst, the biggest lesson from Concord was that more oversight is needed during the development process.

“We have since put in place much more rigorous and more frequent testing in very many different ways,” Hulst told Financial Times. “The advantage of every failure … is that people now understand how necessary that [oversight] is.”

Hulst went on to explain that he wants Sony’s PlayStation studios to make big swings when conceiving future franchises. However, he would also like to catch the failures before they launch.

“I don’t want teams to always play it safe,” noted Hulst. “But I would like for us, when we fail, to fail early and cheaply.”

Following Concord’s demise, Sony subsequently re-committed to live-service titles. Regarding future titles in that genre, Hulst downplayed the importance of how many live-service games are available and said, “What is important to me is having a diverse set of player experiences and a set of communities.”

One of Sony’s next live-service launches is slated to be Marathon, the new game by Bungie. That title has already drawn unfavorable comparisons to Concord, and it was delayed indefinitely in June. Since then, reports have emerged that Bungie is losing its independence to PlayStation Studios. Last week, Bungie’s longtime boss Pete Parsons announced his departure from the company after two decades.

Marathon is expected to be released before the end of Sony’s fiscal year, which runs through March 31, 2026.



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