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SEC No-Action Letter Creates Opening for More Firms to Serve as Crypto Custodians

by admin October 1, 2025



In brief

  • The SEC will not take enforcement actions against advisors and other entities for using state-chartered as crypto custodians.
  • This letter could lead to a potential opening for a greater number of organizations to serve as custodians for digital assets.
  • In July, Chair Paul Adkins unveiled “Project Crypto, an SEC initiative to dramatically lower regulatory burdens.

The U.S. Securities and Exchange Commission said in a letter on Tuesday that it did not plan to take action against registered investment advisors, issuers of crypto funds, and other entities for using state-chartered trusts to hold digital assets.

The updated guidance, a response from the SEC’s Division of Investment Management to a query filed by lawyers representing financial advisors, creates a potential opening for a greater number of organizations to serve as custodians for these assets, including affiliates of prominent crypto-focused firms such as Coinbase and Ripple.

“Based upon….your letter, the Division of Investment Management would not recommend enforcement action….against a Registered Adviser or Regulated Fund for treating a State Trust Company as a ‘bank’ related to placement and maintenance of Crypto Assets and Related Cash and/or Cash Equivalents,” the SEC letter said, as long as certain criteria are met both by the advisor and the trust.



The SEC letter offers the latest shift from the SEC’s less forgiving approach to crypto under former Chair Gary Gensler, who sought to limit the types of organizations that could custody digital assets.

In July, current Chair Paul Adkins unveiled “Project Crypto, an SEC initiative to dramatically lower regulatory burdens for the crypto industry and to accelerate the integration of digital assets within the traditional U.S. economy.

The Investment Advisers Act of 1940 requires that advisors maintain client assets with a bank, trust or other qualified custodian holding national fiduciary duties. Crypto supporters have used this legislation to enable a wider range of crypto initiatives.

The letter is not a formal rule or regulation and therefore has “no legal force or effect” or “alter or amend applicable law,” the SEC noted.

But the agency made advisors responsible for ensuring that a registered trust is authorized by relevant banking authorities to provide crypto custody services and has written policies and procedures to protect those assets, addressing such issues as private key management.

Custodial agreements that advisors sign should also ensure that the trust will not lend or otherwise use funds without a client’s consent, and that crypto assets “will be segregated from the State Trust Company’s assets.”

Trusts may serve as custodians, provided “the Registered Adviser determines that the use of the State Trust Company’s custody services is in the best interest of the RIA Client or Regulated Fund and its shareholders,” the SEC letter said.

The letter drew praise from Bloomberg ETF Analyst James Seyffart, who in an X post wrote it was “a textbook example of more clarity for the digital asset space.”

“Exactly the sort of thing the industry was asking for over the last few years,” he wrote. “And it keeps coming.”

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October 1, 2025 0 comments
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Chick-fil-A launching new restaurant that won’t serve anything they’re popular for

by admin September 26, 2025



Chick-fil-A is preparing to test a standalone restaurant that focuses entirely on drinks, but fans hoping for chicken sandwiches or waffle fries won’t find them on the menu.

The chain confirmed to Today that the new concept, called Daybright, will debut in the Greater Atlanta area in 2025 under its subsidiary Red Wagon Ventures. Instead of Chick-fil-A staples, the spinoff will serve beverages like specialty coffees, smoothies, and cold-pressed juices, along with a food menu that hasn’t yet been detailed.

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Customers will not be able to order traditional Chick-fil-A items like waffle fries or chicken nuggets at Daybright, as the brand is positioning it separately from its core restaurants.

Facebook: Chick-fil-A Central & McCordChick-fil-A waffle fries and Chick-fil-A sauce are a match made in heaven.

A new lane for Chick-fil-A

Red Wagon Ventures was formed to explore ideas beyond the main business. Its name references founder Truett Cathy’s childhood, when he used a red wagon to sell Coca-Cola in his neighborhood.

Daybright enters the market as fast-food chains expand into customizable drink offerings, a space long dominated by Starbucks. Earlier this year, McDonald’s beverage spinoff CosMc’s closed after less than two years in operation, though some of its specialty sodas will now appear in select McDonald’s restaurants.

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Chick-fil-A and McDonald’s aren’t the only major fast food chains to open spinoffs over the last few years, either. KFC, another popular chicken restaurant, opened its first ‘Saucy by KFC’ restaurant in December 2024, which focuses on different types of sauce to spruce up its chicken offerings.



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September 26, 2025 0 comments
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Remilia Launching Milady Social Media Network to Serve ‘4chan Diaspora’

by admin September 20, 2025



In brief

  • Remilia Corporation is launching a Milady-centric social network called RemiliaChat.
  • The rollout is beginning with RemiliaNET, a social identity layer launching Friday.
  • While aimed at fans of 4chan, RemiliaChat will have some level of content moderation.

The Milady gang thinks social media is broken, calling the community of fans the “diaspora of chan culture”—such as the notoriously edgy 4chan. To fix that, the NFT project’s creators are launching a social media network to rival X, with the first step coming via official Milady profiles.

RemiliaNET is an in-browser experience that will allow the community to track their Milady achievements and build up a “social credit score,” with a competitive leaderboard to boot. And the upcoming RemiliaChat, with no release date confirmed, looks to be a fully fledged social media platform with an algorithm-driven feed and chat function.

“Remilia’s goal has never been just to dominate crypto and NFTs. We plan to save the entire culture of the internet, and the world through it, in the same way we did for crypto. RemiliaChat is how we achieve this,” Remilia Corporation Chief of Staff Michael Dragovic told Decrypt. “RemiliaNET is the identity service layer of Remilia Chat. We’re launching it now prior to releasing full social features to begin the onboarding process.”

Two weeks ago, a mysterious countdown started on the Milady Cult website, sending its community into a frenzy of theories and self-referential memes—the latest being, “What did CULT mean by this?” As it ticked down to zero, an additional eight days were added to the clock in the wake of last week’s assassination of right-wing activist Charlie Kirk.

RemiliaNET profiles. Image: Remilia Corporation

On Friday, the clock finally finished, and it was revealed that what CULT meant was that RemiliaNET is now open for business.

Users of RemiliaNET will have the option of using one of the default Kagami-style profile pictures, or connecting their wallet to use an NFT profile picture from a wide array of Remilia and derivative collections—including Radbro, Aura, and Schizposters.

Most importantly, though, the platform will become the go-to spot for the Milady community to track their achievements, which translates to a “social credit score” used to place everyone upon a global leaderboard.

Achievements can already be unlocked via the Remilia Achievement Score page. Some of these can be collected by minting specific NFTs, playing on the Miladycraft Minecraft server, or participating in one of the project’s many alternate reality games.

The new system, Remilia Corporation says, however, will be much more seamless. Plus, the number of achievements is also set to expand with the launch of the site, with notifications prompting users when a new achievement is available.

In doing this, Dragovic—better known as Scorched Earth Policy—confirmed to Decrypt that RemiliaNET will act as a platform for users to “actively and knowingly” participate in “manipulation rounds.” This refers to periods where Milady’s CULT token is airdropped to users based on their achievements and rankings, although Dragovic added that rewards will not be limited to CULT tokens.

“RemiliaNET assigns a public ‘social credit score’ to every user that serves as multifactor sybil detection as well as cross-platform scoring, which will result in hidden incentive rewards,” Dragovic told Decrypt. “[It] will extend beyond direct token allocation into a general rewards ecosystem. These will be used to encourage user behaviors that maximize quality contribution and community distribution.”

Why RemiliaChat?

Friday’s launch of RemiliaNET is just the first step towards the creation of RemiliaChat, an ambitious Milady-infused attempt to disrupt the social media status quo. Remilia Corporation leader Charlotte Fang has been preparing the cult for this moment for years, forcing the core team to flicker through different platforms for communication.

“We’ve experimented with dozens of platforms in the past five years alone,” Dragovic said. “We’re definitely veterans of the internet, and we have quite a bit of experience with understanding what makes a platform work and what keeps that fire alive.”



As such, Dragovic said, the team has learned lessons from what they see as the downfall of Reddit, Discord, Twitter, and chan culture, especially 4chan. RemiliaChat will attempt to build on those failings to build a social media platform with a content feed, chat, and profiles. Specifically, RemiliaChat will look to reduce the pertinence of “slop” content via a custom algorithm, and emphasize anonymity and pseudonymity. 

It’s not just the team leading the Milady-sphere that is deeply rooted in internet culture; the entire community is a product of obsession with online spaces and disillusionment with the perceived degradation of society. 

“Remilia has been very much a product of the diaspora of chan culture,” Dragovic told Decrypt. “People are yearning for a new platform and a new space. RemeliaChat wants to be that. It wants to be the place where people go. It’s going to be one of the first and only platforms that’s designed around really hard online discourse principles.”

With a core community entrenched in online culture and a team dedicated to critiquing it, RemiliaChat hopes to become a new cultural hub for the cultivation of radical thought.

“Society’s most important discourse always occurs in iconic gathering places,” Dragovic said. “These places were our tribal campfires, our Athenian forums, our zones of intellectual exchange. And within them, always a core group of people coming together to develop the ideas of their time.”

“Our pivotal places now happen online,” he added. “Our iconic minds are anonymous posters.”

A free-for-all?

Milady, Remilia, and its surrounding communities have become a melting pot of ideas branching to the far corners of all wings of the political spectrum. However, many outsiders would likely characterize the group as far-right, with its tendencies to echo racist and other controversial sentiments.

In part, however, the group’s flirtation with fringe theories comes as part of Fang’s concept of “pre-cancelling” yourself. This has led to members leaning into shock humor or intentionally saying slurs under the intention of appearing punk, despite not necessarily agreeing with their own take.

As a result of this ethos, moderation on traditional social media platforms has become a problem for the community. RemiliaChat, to the dismay of its community, cannot be completely unmoderated as the spread of illegal and unethical content, such as child sexual abuse materials, may occur.

Remilia Corporation confirmed to Decrypt that it will have a moderation system in place, and claims to have been learning lessons on how to handle it through its previous projects.

“Our intention is to do as little moderation as possible in terms of content,” Dragovic told Decrypt. “Our belief is that 90% of moderation comes from the way you design the layout of your site. The site should itself steer the user into posting a certain way and creating a certain form of engagement.”

“We’ll intervene on the absolutely necessary parts,” he added, “like bad actors, illegal shit, and things that could get the FBI knocking on our door.”

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September 20, 2025 0 comments
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Crypto Firms Invited To Serve 40 Million Users

by admin September 15, 2025


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

Pakistan’s crypto regulator has formally invited large overseas exchanges and virtual asset service providers to apply for local licenses, opening a new chapter for the country’s crypto market.

According to PVARA, the call comes through an Expression of Interest process and it follows the passage of a new Virtual Assets Ordinance this year.

Pakistan: Expression Of Interest Launched

Based on reports, the Pakistan Virtual Asset Regulatory Authority (PVARA) is asking established crypto firms to submit EOIs if they want to operate in the country’s market.

The authority says it will accept applications from global exchanges and VASPs that meet the set rules. This move is intended to create a formal, supervised avenue for international players to serve local customers.

Eligibility And Compliance Rules

Reports have disclosed that applicants must already hold licenses in at least one recognized jurisdiction, such as the US, UK, EU, UAE or Singapore.

They are also expected to show strong anti-money laundering, counter-terrorism financing and KYC procedures as part of their submissions. PVARA has asked firms to provide company profiles, details of operations and security plans when they express interest.

As of today, the market cap of cryptocurrencies stood at $3.94 trillion. Chart: TradingView

Market Size And Numbers

Pakistan’s authorities estimate the country’s virtual-asset user base at about 40 million people, with annual trading volumes around $300 billion, figures that underline the scale of the opportunity and the challenge for regulators.

Those numbers are being cited by PVARA and several local outlets as part of the justification for bringing international exchanges into a supervised system.

Image: TechJuice

Regulatory Background And Timing

The Virtual Assets Ordinance, which set up PVARA, came into effect earlier this year and gives the new authority powers to license and oversee virtual asset activity across Pakistan.

Central bank and finance officials have said the regulations aim to align local rules with global standards advocated by groups such as the FATF. The move follows months of planning that included talks about a possible central bank digital currency pilot.

Industry observers say regulated entry could attract established exchanges and help protect consumers, while also making it harder for illicit activity to hide in unregulated channels.

At the same time, companies face compliance costs and the need to adapt to local rules. Some experts point out that passing rules is one thing; enforcing them is another.

The quality of oversight will decide whether the licensing program meets its aims.

Featured image from PlanetofHotels.com, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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September 15, 2025 0 comments
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