News linked to this event type.
cryptocurrency exchange OKX has announced the launch of OKX Money, a stablecoin savings and payment app, now available in parts of Latin America, Africa, South Asia, and the Middle East, offering up to 10% annualized yield on eligible USDG balances.Users can fund their accounts with over 50 supported currencies, with funds converted into USD-backed stablecoins, and can hold, send, and spend USDG, USDC, or USDT. The app supports both virtual and physical cards, and eligible USDG balances can earn yield without staking or lock-up requirements.OKX stated that the app will roll out gradually in accordance with regional requirements, with specific legal entities and regulatory frameworks varying by jurisdiction, and the initial launch markets have not yet been disclosed. Yields and eligibility conditions vary by region and user, and users can unlock higher yield tiers by meeting a 30-day average deposit threshold, reaching a 30-day spending amount, or upgrading their exchange VIP level. (Cointelegraph)
Odaily reports: Stablecoin payment infrastructure provider Rain has submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) to establish Rain National Trust Bank in New York. Once approved, the bank will be able to provide institutional clients with digital asset and USD fiduciary custody, as well as stablecoin reserve management services.Rain stated that Rain National Trust Bank may also issue and redeem USD-backed stablecoins in accordance with the GENIUS Act. Former Square Financial Services Chief Financial Officer Brandon Soto will serve as President and CEO of the proposed bank, subject to OCC review.The Independent Community Bankers of America (ICBA) sued the OCC on Friday, alleging that it allowed non-depository trust banks to conduct a wide range of non-fiduciary activities, exceeding its regulatory authority. The ICBA is asking the court to overturn the OCC's chartering rule introduced in March 2026 and Interpretive Letter 1176 from 2021, and to block the approval of more licenses based on those documents.The Crypto Council for Innovation said the lawsuit is intended to restrict innovation. The ICBA complaint states that the OCC has approved or conditionally approved at least 21 trust banks, of which at least 13 are cryptocurrency companies. (Cointelegraph)
Odaily Report: Liquid Capital founder Yi Lihua posted on X platform, stating: "Many projects lack contractual integrity — users deposit BTC and are not allowed to withdraw, investors' coins are arbitrarily deducted, and terms are forcibly modified. This is no different from robbery. It poses indiscriminate credibility risk to VCs, KOLs, and secondary investors. I strongly recommend that exchanges make project credibility a key evaluation metric. In traditional stock markets, companies involved in fraud face penalties or delisting rules."
Odaily News: U.S. Democratic Representative Don Davis of North Carolina introduced the "Ban on Betting on Your Own Election Act" on Monday, which seeks to prohibit candidates for federal office from trading contracts related to their own elections on prediction markets. Violators would face fines of $10,000 or 3 times the net trading profit, whichever is higher. The proposal stems from an earlier incident in which Davis's Republican campaign opponent, Laurie Buckhout, reached a settlement with a platform after trading contracts related to her own candidacy, paying a fine of slightly less than $2,600 and being suspended from using the platform for three years. Prediction market platforms had previously imposed their own restrictions on candidates trading contracts related to their own elections, and Davis hopes to write those restrictions into law; however, because the House and Senate are not scheduled to resume sessions until after the midterm elections, the proposal is almost impossible to implement during this election cycle.
According to Cointelegraph, the crypto political action committee Fairshake, backed by Coinbase, Ripple Labs, and Andreessen Horowitz, announced it will fund 32 House candidates in the 2026 U.S. midterm elections, including 19 Republicans and 13 Democrats. As an initial round, Fairshake will contribute $1 million each to the campaigns of six of these candidates, totaling $6 million. All 32 candidates previously voted in 2025 to advance the Digital Asset Market Clarity Act (CLARITY Act). The bill had earlier failed to pass a crucial procedural vote in the Senate, and its subsequent progress remains uncertain.
Odaily reports: The U.S. Commodity Futures Trading Commission (CFTC) on Monday initiated a rulemaking process aimed at establishing a unified federal regulatory framework for leveraged and margin spot trading of crypto assets for retail customers.The CFTC is considering establishing a new "Crypto Asset Market" registration category through two sets of rules: Regulation CTX and Regulation CAM. Qualifying crypto trading platforms would be able to offer leveraged and margin spot trading to retail users under CFTC oversight, subject to unified federal regulatory standards.This framework would provide an alternative compliance pathway for crypto exchanges currently operating under state-level licenses. However, the CFTC has made clear that without congressional authorization, the regulator cannot force all crypto asset trading onto CFTC-registered platforms.CFTC Chairman Michael Selig stated that this move is an important step toward continuing to make the United States the "crypto capital of the world," and said American investors need clearer rules, regulatory certainty, and consumer protection.Overall, the CFTC is attempting to use its existing authority to first establish a federal framework for retail crypto leveraged trading, rather than waiting for Congress to pass comprehensive market structure legislation. If ultimately implemented, U.S. crypto exchanges could for the first time gain a nationally unified regulatory pathway for retail leveraged spot trading, though the CFTC's mandatory jurisdiction over the entire crypto spot market still depends on congressional legislation.
Crypto Political Action Committee (Crypto PAC) Fairshake has released its midterm election House endorsement list, evaluating candidates based on their level of support for crypto policy.
On October 5, US FinCEN announced the withdrawal of the 2023 crypto mixer special measures and the 2020 non-custodial wallet proposal to eliminate the risk of suppressing legitimate activity and institutional compliance burdens.
ICBA alleges the OCC lacks regulatory safeguards in issuing banking charters to crypto companies. The crypto lobbying group CCI strongly backs the OCC, claiming the lawsuit aims to stifle financial innovation.
The U.S. Senate rejected the Clarity for Digital Assets Act, which aimed to expand the CFTC's authority, but CFTC Chair Michael Selig announced that it would execute the presidential directive to unilaterally introduce new regulatory rules in the absence of new legislation.
According to The Wall Street Journal, U.S. Commodity Futures Trading Commission (CFTC) Chairman Michael S. Selig announced on October 5 that the CFTC has formally proposed its first set of regulatory rules for the cryptocurrency market, aimed at promoting innovation and protecting investors. Previously, as Congress failed to pass legislation clarifying the federal legal status of crypto assets, the CFTC and the SEC turned to relying on existing statutory authority to take the lead in developing market structure rules. During the previous administration, the two major regulators primarily targeted crypto exchanges, custodians, and software developers through enforcement actions, prompting a large number of crypto companies to relocate overseas. The introduction of the new rules marks a significant shift in U.S. federal crypto regulation from a strategy of "enforcement instead of legislation" to "proactive rulemaking".
Odaily News: Former House Financial Services Committee Chairman @PatrickMcHenry believes that during the "lame duck" session following the midterm elections, as the political cycle comes to an end, the CLARITY Act is poised for passage. He stated, "They can deliver one last finished product here during the midterms." (CoinDesk)
Odaily News — Web3 security firm CertiK today officially released its Intel3D report, "The Rise of AI Employees: How Agentic AI Is Reshaping Cybersecurity, Anti-Money Laundering, and Compliance." The report notes that AI is transitioning from an assistive tool that helps analysts identify issues to a member of the working team capable of conducting investigations, making judgments, and executing remediation tasks within defined permissions. This shift is reshaping security and compliance processes across traditional finance and Web3, and is also raising new requirements for how enterprises supervise AI, define permission boundaries, and allocate responsibility.The report also cautions that model misjudgments, prompt injection, and adversaries' exploitation of AI may introduce new risks. As AI begins to hold and trade digital assets, its own behavior must also be subject to audit. CertiK recommends that enterprises establish governance mechanisms covering permission boundaries, human approval, decision records, and division of responsibilities, and conduct regular red-team testing; these mechanisms must be improved in tandem with AI's execution capabilities to support "AI employees" in continuously creating value for security and compliance work under supervision and accountability.
Odaily News — According to market sources, the U.S. Treasury Department has withdrawn its previous crypto regulatory proposal targeting unhosted wallets and convertible virtual currency (CVC) mixing services. The proposal had aimed to expand the scope of monitoring crypto transaction activity, including requiring financial institutions to collect and report information related to unhosted wallets and crypto mixing services. The withdrawal means the relevant monitoring rules will not be pursued for the time being.
Odaily reports: Grayscale's parent company DCG posted on X platform that last week the U.S. Securities and Exchange Commission (SEC) proposed reforming the accredited investor system, allowing certain investors to qualify for participation in private markets through examinations and other means. This measure was similar to a suggestion made by DCG founder Barry Silbert as early as 2011.It is reported that around 2011, while founding SecondMarket, Barry Silbert proposed that the SEC's "accredited investor" system mainly relies on income and net worth standards, but wealth level does not necessarily represent investment capability. Some high-net-worth individuals may not possess sufficient financial knowledge, while some ordinary investors should also have the opportunity to qualify for participation in private markets if they pass financial literacy tests set by regulators.
DCG, the parent company of Grayscale, posted on the X platform stating that last week the U.S. Securities and Exchange Commission (SEC) proposed reforms to the accredited investor framework, allowing certain investors to qualify for participation in private markets through mechanisms such as taking proficiency exams. This initiative echoes similar recommendations made by DCG founder Barry Silbert more than 15 years ago. According to reports, during the establishment of SecondMarket around 2011, Barry Silbert noted that the SEC's "accredited investor" regime primarily relies on income and net worth thresholds, but wealth does not necessarily equate to investment competency. While some high-net-worth individuals may lack adequate financial expertise, ordinary investors who pass financial literacy examinations administered by regulators should also be granted the opportunity to access private markets.
Odaily News — According to a recently published guide to European crypto trading platforms, Gate Europe has been named one of the European platforms suited for low-cost spot trading and EUR fiat on-ramp. The platform has obtained MiCA authorization from the Malta Financial Services Authority (MFSA), offers a standard spot trading fee of 0.1%, and supports EUR funding via SEPA bank transfers. In terms of user coverage, Gate Europe can accommodate the trading needs of users ranging from beginners to advanced traders, with strong suitability for spot trading users; in response to European users' asset migration needs, the platform also supports migration from USDT to USDC. BeInCrypto previously included Gate Europe in its guide to MiCA-licensed platforms, and continues to follow its regulatory progress and service capabilities in the European market.Currently, Gate Europe has taken the lead in obtaining the EU's Markets in Crypto-Assets Regulation (MiCA) license and a Payment Institution (PI) license, continuously strengthening its compliance foundation in the European market. Meanwhile, Gate Connect, Gate Card, and related support systems have completed PCI DSS v4.0.1 Level 1 compliance assessment. Against the backdrop of the full implementation of the MiCA regulatory framework and European users' growing attention to legal entities, scope of authorization, and fiat channels, Gate Europe is leveraging its compliance credentials to provide European users with a more comprehensive digital asset trading and fund services experience. (BeInCrypto)
Odaily News: On-chain detective ZachXBT posted on X that he once posed as a client to infiltrate a criminal group suspected of laundering money for the North Korea-backed hacker organization Lazarus Group, and assisted in freezing funds related to the 2025 Bybit attack.ZachXBT stated that after Bybit suffered a $1.5 billion attack in February 2025, he discovered that more than 15 accounts in public Telegram and Discord groups were seeking help processing transactions related to the stolen funds. He subsequently contacted one of the Telegram users using the alias "Jimmy Green" and built trust through multiple transactions. According to his disclosure, on March 6, 2025, he transferred $3.497 million in USDC to an Ethereum address for a USDC-to-TRON-chain USDT exchange transaction with the counterparty. The source of gas funds for that address can be traced back to the Bybit attack funds and was publicly flagged as a Bybit attack blacklisted address.ZachXBT said that in subsequent communications, the counterparty revealed that their team had been involved in processing the stolen Bybit funds and disclosed in advance that the funds would be moved across chains including Solana. By matching transaction timing, amounts, and on-chain data, he identified a wallet cluster involving more than $12 million in Bybit attack funds, with fund paths spanning multiple networks including BTC→ETH→SOL→TRON. Approximately 442,000 USDT was frozen by Tether, and the group also attempted to launder money through Uniswap liquidity pools and low-liquidity tokens. Additionally, the counterparty disclosed having helped other clients process approximately $3 million in fraudulent proceeds, and ZachXBT traced the related funds to wallets associated with the sanctioned Huione Guarantee.ZachXBT revealed that in this investigation, he initially invested $3.497 million and bore a loss risk of approximately 5% per transaction. The intelligence ultimately obtained was provided to relevant investigative agencies and law enforcement authorities at the earliest opportunity. Since 2022, he has assisted in freezing over $75 million in funds related to North Korea-linked incidents.
Odaily reports: NBA superstar LeBron James' $15 million annual endorsement deal with prediction market platform Polymarket has drawn public attention. There is currently no evidence that the partnership violates NBA rules. James is only an endorser, not an investor, and the partnership will focus on non-NBA markets such as soccer. Therefore, this is not a similar situation to the previous salary cap violation incident involving Los Angeles Clippers player Kawhi Leonard.However, this partnership highlights the increasingly complex commercial relationship between professional sports and prediction markets. The NBA can regulate player salaries, but it is difficult to constrain players' off-court business ties with related companies. Especially when players' own information may affect prediction market trading, how to distinguish legitimate endorsements from potential conflicts of interest has become a new challenge facing the league.Previously, the Clippers were found to have violated salary cap rules by arranging additional income for Leonard through companies affiliated with the team, and were fined $30 million, penalized with the loss of multiple future first-round draft picks, and had relevant personnel suspended. By contrast, James' partnership with Polymarket does not involve similar violations. But as the connections between players, teams, investors, and prediction market platforms deepen, the traditional boundaries of sports business are being tested. (The New York Times)
According to a press release from the Hong Kong Special Administrative Region Government, the Secretary for Financial Services and the Treasury, Edward Yiu, attended a policy briefing session for the Legislative Council Panel on Financial Affairs. Regarding the policy measures of the Department of Financial Services and the Treasury under Hong Kong’s first five-year plan, he stated that an ordinance amendment bill would be submitted later this year to establish a licensing regime for virtual asset trading, custody, advisory, and management services. Additionally, the Hong Kong Gold Central Clearing and Settlement System will officially launch in the first quarter of next year, and HKEX will publish the details of a new gold futures contract priced and physically settled in Renminbi within this year.