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Self-Custody Proposal Would Require RIAs to Clarify Bankruptcy Protections for Crypto Assets
Odaily News: A Fox Business crypto reporter posted on X that a self-custody proposal focuses on bankruptcy protections and would require registered investment advisers to sign written agreements with clients clarifying that adviser-self-custodied crypto assets will be treated as financial assets under Article 8 of the Uniform Commercial Code. The move may be intended to reduce the risk of clients losing crypto assets if an adviser becomes insolvent.
Some crypto asset issuances may be exempt from SEC registration; SEC formally proposes Regulation Crypto Assets
Odaily News: Fox Business crypto reporter posted on X platform that the U.S. Securities and Exchange Commission (SEC) has formally proposed Regulation Crypto Assets, establishing a new framework for crypto asset fundraising in the United States. The proposal would allow certain issuances to raise up to $5 million cumulatively over four years or up to $75 million annually without SEC registration; establish a conditional safe harbor for crypto assets after key management responsibilities of the issuer conclude; and exempt relevant issuances from certain state securities registration requirements. The proposal has now entered a 60-day comment period.
SEC Tokenization Innovation Exemption Further Delayed, Details Not Yet Disclosed
Odaily Odaily News: Fox Business crypto reporter posted on X platform, stating that according to a source familiar with the matter, the U.S. Securities and Exchange Commission's tokenization innovation exemption will be further delayed, and relevant details will remain undisclosed for now. The source noted that one possible reason is that the tokenization provisions in Section 10505 of the Clarity Act have been under repeated consultation among stakeholders, and any action taken by the SEC through the innovation exemption could affect the compromise plan for those provisions. This means that until the path forward for the Clarity Act becomes clearer, the exemption may remain on hold. The SEC still plans to hold a public meeting at 10 a.m. tomorrow, during which it intends to propose new rules and exemptions for fundraising transactions involving crypto assets, namely Regulation Crypto Assets.
The bill outlines rules for handling digital assets in the event of an exchange or custodian bankruptcy
Fox Business crypto journalist posted on platform X, stating that the bill specifies the rules for handling digital assets when an exchange or custodian becomes insolvent. This legislation helps ensure customer assets receive the same protections as traditional financial assets and remain the property of the customers, rather than becoming part of the company's bankruptcy estate. This could help prevent a repeat of situations like FTX.
a16z Leads Special’s Funding Round; Former DOGE Team Bets on AI-Driven M&A Cost Reduction
According to Tech in Asia, Special, an AI-powered M&A firm co-founded by Nate Cavanaugh and Justin Fox—both former staff members of the U.S. government’s Department of Government Efficiency (DOGE)—has announced a funding round of undisclosed amount, led by Andreessen Horowitz (a16z). Investors include Antonio Gracias, founder of Valor Equity Partners; Anthony Armstrong, former CFO of xAI; Brian Armstrong, CEO of Coinbase Global; and Shyam Sankar, CTO of Palantir Technologies. Special plans to acquire service-based businesses by automating workflows with AI to reduce costs, and has already reached an agreement to acquire a Texas-based healthcare company, which will be integrated into Figure Health—the company’s business line focused on aging populations.
Circle co-founder Neville resigns as director; CFO Fox-Geen may step down by year-end.
In an 8-K filing submitted on September 25, Circle Internet Group (NYSE: CRCL) disclosed that co-founder P. Sean Neville has resigned from the board of directors for personal reasons, effective immediately, reducing the board size from eight to seven members. On the same day, CFO Jeremy Fox-Geen notified the company of his intention to step down and will remain through the end of 2026 to assist with the transition; Circle has engaged executive search firms to find a successor. The company stated that neither departure was due to disagreements regarding the company's operations, policies, or practices.
7 U.S. Senate Democrats pledge bipartisan push to pass Clarity Act
Odaily reports: A Fox Business crypto reporter posted on X that 7 U.S. Senate Democrats, including Gillibrand, Mark Warner, Ruben Gallego, and Angela Alsobrooks, said they are committed to advancing the Clarity Act through bipartisan efforts. According to 3 people familiar with the matter, initial attempts are underway to restart bipartisan negotiations and assess both sides' willingness to return to the negotiating table before the end of the year to push for the bill's passage.
The U.S. House of Representatives Today Reviews Cryptocurrency Tax and Strategic Bitcoin Reserve Bills
Odaily News: A Fox Business crypto reporter posted on X that the U.S. House of Representatives will continue reviewing cryptocurrency-related bills today. At 10 AM Eastern Time, the Ways and Means Committee will review the cryptocurrency tax bill; the Financial Services Committee will review multiple bills, including the House Strategic Bitcoin Reserve bill proposed earlier this year by RepNickBegich.
Clarity Act Vote Fails but May Not Be Dead, John Kennedy Says It Could Wait for Lame-Duck Session
Odaily News: A Fox Business crypto reporter posted on X that U.S. Senator John Kennedy said he was "not surprised" by the failure of the Clarity Act vote, but does not believe the bill is dead. John Kennedy stated that Democratic colleagues understand the need to establish a crypto market structure that appears to have been intentionally designed, but the related work will have to wait until the lame-duck session.U.S. Senator Ted Cruz, citing the film The Princess Bride, said there is a big difference between the bill being "dead" and "mostly dead," and expressed hope that it can be brought back to life. Ted Cruz blamed Democrats for the failed vote, saying they are "playing politics" and driving crypto industry activity and jobs overseas.
Several Democratic senators involved in negotiating the Clarity Act voted against the bill, with attention on Alsobrooks' vote
According to Odaily, a Fox Business crypto reporter posted on X that several Democratic senators, including Gillibrand, Warner, Booker, Warnock, Gallego, and Cortez Masto, all voted against the Clarity Act. These senators had been involved in negotiations over the bill for months, and attention is now on Sen. Alsobrooks' vote.
Bipartisan negotiations appear to have suddenly ended, Clarity Act author @SenLummis calls on Democrats to support the bill
Odaily News: A Fox Business crypto reporter posted on X that Clarity Act author @SenLummis is lobbying for a vote, calling on Democrats to vote to advance the bill after Republicans made major concessions on ethics rules and other provisions. The reporter said that, according to their previous post, bipartisan negotiations appear to have suddenly ended.
AmericasCUs Supports Majority of Clarity Act, Calls for Strengthening Stablecoin Yield Provisions
Fox Business crypto journalist posted on X that former NCUA Chairman Rodney Hood stated last week that credit unions play an important role in modernizing the financial system. A few days later, AmericasCUs, along with credit union leagues in all 50 U.S. states, supported the vast majority of the Clarity Act. However, they echoed the banking industry's concerns regarding the bill's stablecoin yield provisions, urging senators to strengthen the language. These groups believe that the current Tillis-Alsobrooks compromise could still allow for "functionally passive" reward structures, potentially causing deposits to flow out of local credit unions.
U.S. FBI Joins Forces with Multiple Countries to Dismantle Several “Pig Butchering” Cryptocurrency Fraud Networks, Arresting 276 Suspects
According to Fox News, the U.S. Federal Bureau of Investigation (FBI), in collaboration with law enforcement agencies in Dubai, China, and Thailand, conducted a large-scale multinational joint operation that successfully dismantled at least nine overseas cryptocurrency scam centers and arrested 276 suspects, involving millions of dollars in illicit funds. In this operation, the U.S. District Court for the Southern District of California filed federal charges of wire fraud and money laundering against six suspects. Those charged include nationals from Myanmar and Indonesia, who operated scam organizations under names such as “Sanduo Group” and “Giant Company.” Dubai police arrested 275 suspects, while the Royal Thai Police apprehended one additional fugitive. These scam networks employed the “pig-butchering” scheme—building fake friendships or romantic relationships to gain victims’ trust, then luring them into transferring funds to fraudulent cryptocurrency investment platforms, after which the proceeds were laundered and transferred to criminal accounts. This operation aligns with the executive order signed by Trump on March 6, 2026, aimed at combating overseas criminal networks that exploit U.S. citizens. The FBI’s dedicated initiative, “Operation Level Up,” has notified approximately 9,000 victims and recovered roughly $562 million in losses for U.S. citizens. The FBI urges victims to report incidents through the Internet Crime Complaint Center (IC3).
SEC Releases Digital Asset FAQ, Clarifying the Scope of the Howey Test
According to a Fox Business crypto reporter on X, SEC staff has released a new FAQ explaining how the Commission's March digital asset interpretive guidance applies to token functionality, staking receipt tokens, and investment contracts.The guidance states that once a network is functional, services provided to maintain, improve, or develop the network generally do not constitute "essential managerial efforts" under the Howey Test. The FAQ reflects only staff views and does not carry the force of law.
Bipartisan negotiations appear to have suddenly ended, Clarity Act author @SenLummis calls on Democrats to support the bill
Odaily News: A Fox Business crypto reporter posted on X that Clarity Act author @SenLummis is lobbying for a vote, calling on Democrats to vote to advance the bill after Republicans made major concessions on ethics rules and other provisions. The reporter said that, according to their previous post, bipartisan negotiations appear to have suddenly ended.
Non-decentralized DeFi protocols will need to register with the CFTC, U.S. Senate Republicans release updated CLARITY Act text
Odaily reports: A Fox Business crypto reporter posted on X that U.S. Senate Republicans have released an updated text of the CLARITY Act following negotiations during the August recess. The ethics section appears unchanged, and the BRCA and stablecoin yield sections also remain the same. The updates include: requiring non-decentralized DeFi protocols to register with the U.S. Commodity Futures Trading Commission; limiting DeFi provisions to spot or cash digital commodity transactions, seemingly aimed at addressing tribes' concerns about blockchain-based prediction markets; and clarifying the authority of credit unions to conduct cryptocurrency business.
Recognizing digital assets' potential to drive economic growth, G20 commits to a clear path for responsible innovation
Odaily News: Fox Business crypto correspondent posted on X platform, stating that the G20 Chair's Statement released today by @SecScottBessent mentions digital assets. Finance ministers and central bank governors from the world's 20 largest economies recognized the potential of digital assets to support economic growth and committed to establishing a "clear path" for responsible innovation.The statement also called for improvements to cross-border payments, including extending the operating hours of systems used by banks and central banks for processing large-value or time-sensitive payments, promoting broader adoption of ISO 20022 — the global messaging standard used by banks — and simplifying the process for cross-border transfers of financial services data.Additionally, G20 members are awaiting the release of the Financial Stability Board's research findings on the cross-border impact of global stablecoins.
NVIDIA CEO Jensen Huang: AI Will Create Hundreds of Thousands of New Jobs, Driving Explosive Growth in Demand for Skilled Trades Workers
According to Fortune, NVIDIA CEO Jensen Huang stated in an interview with Fox Business that the AI wave will not destroy jobs but instead create hundreds of thousands of new positions. He specifically noted that with the massive construction of infrastructure such as semiconductor fabs and AI data centers, trades like electricians, plumbers, and technicians will see a surge in demand. Huang predicted this will be the "largest infrastructure buildout in human history." NVIDIA has already committed to providing up to $105 billion in financial support for a new OpenAI data center in Ohio. However, the U.S. faces a severe shortage of skilled trades workers, with an estimated 2.1 million trade positions expected to remain vacant by 2030. In response, Blackstone, Ford, Google, and other companies have jointly launched the "U.S. Skilled Trades Alliance," aiming to expand skills training across 30 states nationwide.
Trump plans to deploy $400 million in super PAC funds to support Republican candidates in the midterm elections
Odaily News: Citing sources, Fox News reporter Aishah Hasnie revealed that Trump will begin tapping into approximately $400 million from his personal super political action committee "MAGA Inc" to support Republicans facing competitive races in the November midterm elections this year.
Related news
Self-Custody Proposal Would Require RIAs to Clarify Bankruptcy Protections for Crypto Assets
Odaily News: A Fox Business crypto reporter posted on X that a self-custody proposal focuses on bankruptcy protections and would require registered investment advisers to sign written agreements with clients clarifying that adviser-self-custodied crypto assets will be treated as financial assets under Article 8 of the Uniform Commercial Code. The move may be intended to reduce the risk of clients losing crypto assets if an adviser becomes insolvent.
Circle co-founder Neville resigns as director; CFO Fox-Geen may step down by year-end.
In an 8-K filing submitted on September 25, Circle Internet Group (NYSE: CRCL) disclosed that co-founder P. Sean Neville has resigned from the board of directors for personal reasons, effective immediately, reducing the board size from eight to seven members. On the same day, CFO Jeremy Fox-Geen notified the company of his intention to step down and will remain through the end of 2026 to assist with the transition; Circle has engaged executive search firms to find a successor. The company stated that neither departure was due to disagreements regarding the company's operations, policies, or practices.
Circle Initiates CFO Transition Plan: Current CFO Jeremy Fox-Geen to Step Down at Year-End, Search for New CFO Underway
Odaily News: Circle Internet Group (NYSE: CRCL) announced that CFO Jeremy Fox-Geen has submitted his resignation, ending a tenure of more than five years. Under the company's arrangement, he will continue to serve as CFO until December 31, 2026, with an earlier handover if a successor is in place sooner; the company has engaged a leading executive search firm to commence an external search. Fox-Geen joined Circle in May 2021, during which he built the company's financial infrastructure and led its $1.2 billion NYSE IPO. In a statement, he said, "After completing multiple milestones, it is time to step down, take some time off, and move on to the next chapter."According to the disclosed separation agreement, he will receive $1.05 million in cash severance over 12 months, along with accelerated equity vesting; his annual salary is $500,000, with a 2026 annual incentive cap of 110% of his salary.Co-founder, Chairman, and CEO Jeremy Allaire stated that Fox-Geen brought strategic judgment and financial discipline to Circle through both periods of market turbulence and rapid growth, and the company expresses its gratitude. The CFO position continues to function normally, and financial governance remains unchanged during the transition period. In terms of market reaction, CRCL fell approximately 2.6% in after-hours trading on Friday.
Circle CFO Jeremy Fox-Geen plans to step down.
Circle Chief Financial Officer Jeremy Fox-Geen plans to step down after serving for more than five years, with an expected departure no later than the end of December. He may leave earlier if his successor assumes the role ahead of schedule. Circle has engaged an executive search firm to assist in finding a successor.
Blockchain Association CEO Summer Mersinger to Resign, Kristin Smith to Serve as Interim CEO
A Fox Business crypto reporter posted on X that Blockchain Association CEO Summer Mersinger will resign. Kristin Smith, who previously served as the organization's CEO and currently serves as President of the Solana Institute, will return to serve as interim CEO.
SEC Releases Digital Asset FAQ, Clarifying the Scope of the Howey Test
According to a Fox Business crypto reporter on X, SEC staff has released a new FAQ explaining how the Commission's March digital asset interpretive guidance applies to token functionality, staking receipt tokens, and investment contracts.The guidance states that once a network is functional, services provided to maintain, improve, or develop the network generally do not constitute "essential managerial efforts" under the Howey Test. The FAQ reflects only staff views and does not carry the force of law.