Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead. Grab a coffee and settle in—Binance is quietly making moves in a corner of Europe that might reshape how crypto operates across the continent. Crypto News of the Day: Binance’s Greek Gambit Is A Late Entry But With Big Ambitions Fortune reported that Binance has formally applied for the European Union’s pan-European MiCA license via its newly established Greek subsidiary, ...

Core Viewpoint - The Avalanche Policy Coalition proposes that U.S. regulators can effectively supervise crypto spot markets by extending existing regulations to include these new instruments, rather than creating a new regulatory framework [1]. Group 1: Regulatory Framework - The coalition's proposal aims to empower the SEC and CFTC to authorize regulated intermediaries to trade spot crypto [1]. - Crypto, while different from traditional financial instruments, still operates within an electronic trading framework that regulators and market participants are familiar with [2]. - The proposal consists of two stages, starting with exemptive relief, allowing regulated entities to trade spot crypto after certifying appropriate safeguards [3]. Group 2: Implementation Process - Under the exemptive relief approach, firms must file a certification with the SEC and CFTC detailing their policies and procedures for customer protection before trading [4]. - During the transitional phase, firms will be subject to regulatory examinations, enabling regulators to observe crypto trading within the existing market infrastructure [4].

Core Viewpoint - The recent turmoil surrounding a U.S. crypto market-structure bill has negatively impacted the stock prices of Coinbase Global Inc and Robinhood Markets Inc, raising concerns among investors about the future of crypto regulation in the U.S. [1][2] Group 1: Impact of the Draft Bill - Coinbase CEO Brian Armstrong criticized the latest Senate Banking Committee draft, stating it would effectively ban tokenized equities, impose extensive DeFi surveillance, and shift authority from the CFTC to the SEC, which he believes would harm the crypto market [2][7] - The Senate Banking Committee has paused the markup of the legislation, with Committee Chair Sen. Tim Scott indicating that discussions will continue, while industry leaders express disappointment over the legislative gridlock [3][5] - A Galaxy Research note suggests that the chances of a bipartisan bill being passed are only 25%, warning that failure could delay comprehensive regulation until 2027 [4] Group 2: Importance of the Bill for Coinbase - The market structure bill is critical for Coinbase as it will determine whether the company can operate under clear regulations or continue facing case-by-case enforcement challenges [6] - A more constructive version of the bill could clarify asset classifications, create licensed pathways for crypto exchanges, and reduce regulatory risks, potentially benefiting Coinbase's revenue streams [8] Group 3: Importance of the Bill for Robinhood - For Robinhood, the bill is essential for fully integrating crypto into its brokerage services, as a clear federal framework could harmonize regulations and allow for compliant pathways for staking and tokenized equities [9] - Robinhood CEO Vlad Tenev criticized the legislative gridlock, emphasizing the need for rules that protect consumers and foster innovation [5] Group 4: Stock Performance - On Thursday, Coinbase shares closed down 6.48% at $240.65, while Robinhood shares fell 7.79% to $111.97, although both companies saw slight recoveries in after-hours trading [13]

South Korea has upended nearly a decade of crypto policy by allowing listed companies and professional investors to place part of their balance sheets into digital assets. The shift stands in contrast to tightening rules in Japan and Hong Kong. Asia no longer appears aligned on crypto regulation, and the divergence is becoming clearer. For the first time since 2017, South Korea’s Financial Services Commission (FSC) has finalized South Korea crypto rules that allow public firms and licensed investors to a ...

Group 1: Regulatory Environment - U.S. crypto regulation is facing increased political scrutiny, with lawmakers and regulators shaping a volatile landscape for digital asset firms and investors [1] - Representative Maxine Waters is pressuring the SEC to hold an oversight hearing regarding its decision to drop several major crypto enforcement cases, which she describes as unprecedented [2][3] - The perceived rollback of crypto enforcement is becoming a significant issue in Washington, indicating that congressional oversight is back on the agenda [3] Group 2: State-Level Tax Implications - A proposed California ballot initiative, the 2026 Billionaire Tax Act, could impose a one-time 5% tax on net wealth exceeding $1 billion, including unrealized gains, raising concerns among crypto and tech leaders [4] - Industry leaders warn that this tax could lead to an exodus of high-net-worth individuals from California, disrupting startups and investment flows [5] - Critics argue that taxing unrealized gains could undermine the financial structure of private companies, potentially reshaping the geographic distribution of crypto capital in the U.S. [5] Group 3: Company-Specific Issues - Nasdaq-listed crypto firm ALT5 Sigma is under regulatory scrutiny due to its newly appointed auditor being barred from performing audits because of an expired license [6] - The firm replaced its previous auditor after failing to file third-quarter results on time, raising concerns about its financial reporting practices [6]

Core Insights - Stablecoin usage surged significantly in 2025, contributing to the growth of crypto payments and on-chain trading despite a cooling broader market [1] - U.S. policymakers are debating regulations on dollar-pegged digital tokens, with potential implications for global competitiveness, particularly against China [1][8][9] Group 1: Stablecoin Usage and Market Trends - Stablecoin adoption was driven by increased on-chain activity in trading, payments, and yield products, indicating a shift in user interaction with crypto wallets [2][7] - Monthly swap trading volume on Bitget Wallet exceeded $900 million, reflecting a 232% year-over-year increase [2] - On-chain derivatives activity accelerated, with monthly perpetual futures volume nearing $5 billion, marking a 291% increase from the previous year [3] Group 2: Payments and Wallet Utilization - Payments became a significant driver of wallet usage, with spending through Bitget Wallet's crypto-linked card rising more than sixfold since its launch in July [4] - Subscriptions to Bitget Wallet's yield products approached $200 million per quarter by late 2025, over ten times higher than at the beginning of the year [4] Group 3: Regulatory Environment and Competitive Landscape - Regulatory scrutiny in Washington is increasing as stablecoin adoption grows, with potential global implications [6][7] - Concerns were raised that restricting rewards or interest on U.S.-issued stablecoins could undermine their competitiveness, especially as China plans to pay interest on its digital yuan [8][9]

Core Insights - The crypto industry has gained significant political influence in 2023, raising concerns about potential backlash and new adversaries by 2026 [1] - Wall Street may emerge as a key opponent to the crypto sector, particularly in light of recent regulatory developments [2] Group 1: Wall Street's Position - Citadel Securities, a major Wall Street player, has expressed strong opposition to regulatory exemptions for the crypto industry, warning that such actions could undermine investor protections [3] - Traditional finance entities, including Nasdaq, are also urging the SEC to reconsider granting key exemptions to the crypto sector [4] Group 2: Legal Challenges - The DeFi Education Fund's executive director anticipates that traditional finance giants will likely pursue legal action against the crypto industry due to its recent regulatory successes [4] - The banking lobby has actively opposed certain provisions in crypto-related legislation, although the GENIUS Act passed Congress despite their efforts [5] Group 3: Internal Dynamics - The crypto industry has already successfully countered traditional finance's opposition this year, indicating its growing political clout [5] - There is a division within Wall Street regarding crypto, with some players recognizing the technology's potential to reduce costs and navigate regulatory landscapes [6]

Core Insights - The U.K. is set to implement new regulations for stablecoins in 2026, marking the first time these digital assets will be regulated under U.K. law [1][6] - The regulatory framework will consist of a proposed regime by the Bank of England for systemic stablecoins and new legislation categorizing crypto services as regulated financial activities [1] Regulatory Framework - The new regulations are not expected to significantly impact the use of stablecoins for crypto trading and decentralized finance [2] - An amendment to the Financial Services and Markets Act (FSMA) raises the regulatory standards for exchanges, particularly concerning the listing of low-quality tokens, but does not impose specific listing rules [2] Impact on Issuers - Large centralized stablecoins like USDT and USDC are expected to remain prevalent due to their popularity and stability [3] - Issuers aiming to integrate stablecoins into the traditional financial sector in the U.K. will need to enhance their compliance measures [3][4] Adoption and Compliance - The FSMA amendment differentiates between activities conducted within and outside the U.K., allowing Tether to issue USDT to British firms through offshore entities, but requiring registration with the Financial Conduct Authority for domestic operations [4] - The Bank of England's proposed regime is designed for future large-scale adoption of stablecoin payments, anticipating a GBP-denominated stablecoin of systemic importance [5][7] Future Outlook for Circle and Tether - The stablecoin market's growth has been driven by crypto and DeFi, but issuers are increasingly focusing on mainstream payment use cases for future adoption [8]

Sberbank is exploring crypto-secured lending as Russia’s financial sector accelerates its push into digital assets ahead of the country’s mid-2026 regulatory deadline. Deputy Chairman Anatoly Popov told TASS the bank stands ready to collaborate with regulators on developing infrastructure for such services, potentially expanding Russia’s crypto ecosystem beyond trading into collateralized finance. The announcement builds on Sberbank’s broader digital asset strategy, which has already produced over 160 t ...

Core Viewpoint - The Moscow Exchange and St. Petersburg Exchange are prepared to launch regulated cryptocurrency trading by mid-2026, contingent on the establishment of a legislative framework in Russia [1][2]. Group 1: Regulatory Framework - The Bank of Russia has set July 1, 2026, as the deadline for comprehensive cryptocurrency legislation development [1]. - The regulatory framework will differentiate access for qualified and non-qualified investors, with non-qualified investors facing stricter conditions [3]. - Non-qualified investors can only purchase liquid cryptocurrencies from a specified list, with annual purchases capped at 300,000 rubles (approximately $3,800) through a single intermediary [4]. Group 2: Investor Classification - Qualified investors will not have volume restrictions but must demonstrate an understanding of crypto risks through testing [4]. - Qualified investors are prohibited from purchasing anonymous tokens that conceal transaction data [4]. Group 3: Market Infrastructure - The Moscow Exchange is actively developing solutions to service the cryptocurrency market, while the St. Petersburg Exchange has the necessary technological infrastructure for trading and settlements [2]. - Major exchanges are involved in developing the cryptocurrency market and organizing the required infrastructure [3]. Group 4: Market Dynamics - Despite the development of trading infrastructure, Russian authorities maintain a ban on using cryptocurrencies for domestic payments, insisting that all payments must be made in rubles [5]. - The Bank of Russia initially advocated for a total ban on crypto exchanges and token trading, but this stance has shifted due to Western sanctions [6]. Group 5: Market Growth - Russia's crypto ecosystem has significantly expanded, with $376.3 billion in received crypto transactions from July 2024 to June 2025, making it Europe's largest crypto market by transaction volume, surpassing the UK's $273.2 billion [7].