Today's news tips:
1. The U.S. Treasury Department initiates the formulation of stablecoin regulatory rules under the GENIUS Act
2. Grayscale submitted a revised S-1 document to convert the Dogecoin Trust into an ETF, and Arca proposed to modify its Ethereum Trust
3. Crypto custody company BitGo disclosed in its IPO filing that its revenue in the first half of the year was $4.19 billion, a nearly fourfold year-on-year increase.
4. Trump's "Gold Card" is now open for registration. The individual version costs $1 million and the corporate version costs $2 million.
5. WLFI proposes a 100% repurchase and destruction of transaction fees
6. FTX will pay an additional $1.6 billion to creditors in the third bankruptcy distribution on September 30
7.Finary completes €25 million Series B funding round, led by PayPal Ventures
8. Coinbase helped Durant recover his locked account, sparking dissatisfaction in the crypto community. The CEO promised to improve the product.
Macro
The U.S. Treasury Department has launched the GENIUS Act to regulate stablecoins.
According to CoinDesk, the U.S. Treasury Department has officially launched the process of translating the GENIUS Act into stablecoin regulatory rules, opening a month-long public comment period. This advance notice of proposed rulemaking covers issues such as issuer restrictions, sanctions compliance, anti-money laundering, tax treatment, and federal-state regulatory coordination. The Treasury Department is requesting industry and public feedback on specific issues, including custody of reserve assets and regulation of stablecoins for overseas payments. The GENIUS Act is the first crypto legislation in the United States and will subsequently spur broader industry regulatory legislation.
Grayscale has filed an amended S-1 to convert its closed-end Dogecoin Trust into an exchange-traded fund (ETF). According to the filing, Grayscale will select Coinbase as the prime broker-dealer and custodian for the Dogecoin ETF. If approved, the ETF will trade on the NYSE Arca Exchange under the ticker symbol GDOG. Previously, the NYSE Arca Exchange had submitted an application to trade the Grayscale Dogecoin Trust.
Meanwhile, NYSE Arca has also submitted a proposal to amend the Grayscale Ethereum Trust ETF and its “mini” version so that they can trade under the recently approved “universal listing standard” that would reduce strict oversight by the U.S. SEC.
According to Reuters, cryptocurrency custodian BitGo's U.S. initial public offering (IPO) filing, filed on Friday, shows a near-quadruple increase in revenue for the first half of 2025. In the six months ending June 30, BitGo reported profit of $12.6 million on $4.19 billion in revenue, compared to $30.9 million in profit on $1.12 billion in the same period last year. BitGo plans to list on the New York Stock Exchange under the ticker symbol "BTGO." Goldman Sachs and Citigroup are the lead underwriters for the offering.
Hong Kong police received an ETH investment fraud case, with the victim losing HK$26.2 million
According to Hong Kong media outlet Oriental Daily, Hong Kong police received a report from a 75-year-old local man who claimed to have received a call from someone claiming to be a virtual currency investment expert, who offered high returns and persuaded him to invest in the virtual currency ETH. The victim subsequently deposited approximately HK$26.2 million worth of virtual currency into six accounts on 19 separate occasions between July 11 and September 9. Hong Kong police stated that the case has been classified as obtaining property by deception and is being handled by the Wan Chai District Criminal Investigation Team 9. No arrests have been made yet.
According to official information, Trump's "Gold Card" is now open for application, divided into personal gold card, platinum card and corporate gold card:
- Trump Gold Card: You can obtain US residency with the Trump Gold Card by paying a processing fee and depositing $1 million after review by the Department of Homeland Security.
- Trump Platinum Card: By paying a processing fee and depositing $5 million after review by the Department of Homeland Security, you can reside in the United States for up to 270 days without paying U.S. taxes on non-U.S. income.
- Trump Corporate Gold Card: Issued to corporate sponsors for one or more of their employees. When applying, corporate sponsors must pay a non-refundable processing fee for each employee. Corporate sponsors may apply for multiple employees at once. After the employee review is complete, a $2 million donation per employee is required to demonstrate that the employee will provide substantial benefit to the United States. The advantage of the Trump Corporate Gold Card is that corporate sponsors can discontinue sponsoring an employee and use the donation associated with the previous application as the basis for sponsoring a new employee without having to make another $2 million donation. The Trump Corporate Gold Card is subject to a small annual maintenance fee and transfer fee.
Earlier news reported that Trump launched a $5 million "Gold Card" plan to replace the EB-5 investment immigration program.
Viewpoint
Former SEC Chairman Gensler Says He's "Proud" of Cryptocurrency Law Enforcement
In an interview on Wednesday, former SEC Chairman Gary Gensler admitted he has no regrets about his approach to cryptocurrency enforcement during his four years at the agency. Gensler expressed "proud" of the correct decisions he made regarding digital assets during his tenure at the SEC and reiterated his view that cryptocurrencies are "highly speculative, extremely risky assets." Speaking about enforcement actions against cryptocurrency companies, Gensler stated, "We've always worked hard to ensure investor protection. However, we've also encountered many fraudsters during this time: look at Sam Bankman-Fried, he's not the only one."
Regarding the reopening of Notre Dame Cathedral, CZ tweeted that he had donated to the restoration of Notre Dame Cathedral in the early days, but he could not remember the exact amount. He hoped to help France become a safer country (even if it was just a little bit).
Project News
Binance to List ASTERUSDT and TRADOORUSDT Perpetual Contracts
According to Binance's announcement, Binance Futures will launch ASTERUSDT and TRADOORUSDT perpetual contracts on September 19th, offering up to 50x leverage. ASTER is the native token of the decentralized exchange Aster, while TRADOOR is the token of the Tradoor platform.
WLFI passed the 100% fee repurchase and destruction proposal
World Liberty Financial (WLFI), a crypto project backed by the Trump family, has passed a proposal to use all fees generated by the protocol's own liquidity to repurchase and permanently destroy WLFI tokens. Voting results showed that 99.84% of votes supported the proposal.
MetaMask to Launch In-Wallet Perpetual Contract Trading Functionality Through Hyperliquid
According to Solid Intel, MetaMask announced that it will launch in-wallet perpetual contract trading function through Hyperliquid.
FTX to pay creditors an additional $1.6 billion in third bankruptcy distribution on September 30
FTX will pay an additional $1.6 billion to creditors as part of the third distribution from its bankruptcy estate, starting September 30th. The bankruptcy plan, finalized in October 2024, will utilize over $15 billion in recovered assets. FTX's latest payments will be made to both the exchange's convenient and non-convenient categories. The convenient category generally refers to retail traders and small creditors, who make up the majority (up to 99%) of FTX's creditor base, while the non-convenient category involves larger or more complex claims.
FTX’s initial two distributions were intended to refund the exchange’s retail users approximately 120% of their balances at the time FTX declared bankruptcy in November 2022. Nonetheless, some former users expressed frustration with FTX’s bankruptcy proceedings, arguing that the cash payout from the FTX bankruptcy estate is worth far less than what their crypto assets would be worth today had they not been liquidated, given the market’s rebound since the pandemic-era bear market trough.
NBA star Kevin Durant's agent, Rich Kleiman, and Durant previously revealed that he helped Durant buy Bitcoin, but the Bitcoin was locked in the Coinbase account because he forgot the account password, which subsequently attracted market attention. Coinbase CEO Brian Armstrong quickly responded and said he had helped Durant restore the account.
However, this move sparked discontent within the crypto community, with some noting that their Coinbase accounts had been locked for years and still unrecovered – the same problem, but a completely different solution. In response, Brian Armstrong posted on the X platform, stating that Coinbase prioritizes providing better customer support on both ends and pledged to improve its products to minimize issues and provide a faster, higher-quality experience when support is needed.
Important data
Tether mints 1 billion USDT on the Ethereum network
According to Onchain Lens, Tether minted an additional 1 billion USDT on the Ethereum network four hours ago. Over the past eight days, Tether has minted a total of 5 billion USDT on the Ethereum network.
According to monitoring by on-chain analyst Ember, two addresses that received WLFI from WLFI's strategic reserve wallet on the day of listing transferred 644.3 billion $WLFI ($14.19 million) to Binance today.
On the day of the token's launch (September 1st), WLFI's strategic reserve wallet (0xA71) distributed 2 billion WLFI to 56 wallets, 35.714 million per wallet. Twenty-six of these wallets were exchange deposit addresses, and their WLFI was deposited into exchanges that same day. Another 30 on-chain wallets made their first moves today, after holding them for 20 days: two wallets transferred 644.3 billion WLFI (US$14.19 million) to Binance. These on-chain wallets now hold 1 billion WLFI (US$220 million).
According to SoSoValue data, yesterday (September 19, Eastern Time), the total net inflow of Bitcoin spot ETFs was US$223 million.
The Bitcoin spot ETF with the largest single-day net inflow yesterday was Blackrock ETF IBIT, with a single-day net inflow of US$246 million. Currently, the total net inflow of IBIT in history has reached US$60.645 billion.
The Bitcoin spot ETF with the largest single-day net outflow yesterday was the Grayscale ETF GBTC, with a single-day net outflow of US$23.4955 million. The current historical total net outflow of GBTC has reached US$24.079 billion.
As of press time, the total net asset value of the Bitcoin spot ETF was US$152.306 billion, the ETF net asset ratio (market value as a percentage of the total market value of Bitcoin) reached 6.63%, and the historical cumulative net inflow has reached US$57.717 billion.
According to SoSoValue data, yesterday (September 19, Eastern Time), the total net inflow of Ethereum spot ETF was US$47.7524 million.
The Ethereum spot ETF with the largest single-day net inflow yesterday was Blackrock's ETF ETHA, with a single-day net inflow of US$144 million. The current historical total net inflow of ETHA has reached US$13.399 billion.
The Ethereum spot ETF with the largest single-day net outflow yesterday was the Fidelity ETF FETH, with a single-day net outflow of US$53.3993 million. The current historical total net inflow of FETH has reached US$2.874 billion.
As of press time, the total net asset value of the Ethereum spot ETF was US$29.636 billion, the ETF net asset ratio (market value as a percentage of Ethereum's total market value) reached 5.51%, and the historical cumulative net inflow has reached US$13.920 billion.
Two whales sold PUMP they bought two months ago, making a combined profit of over $3 million.
According to Lookonchain monitoring, two smart whales are selling PUMP purchased two months ago to lock in profits:
- Address 6AkVuG sold 466.74 million PUMP (worth $3.27 million) 6 hours ago, making a profit of $1.96 million (+149%).
- Address 58teLV sold 272.24 million PUMP (worth $1.95 million) 11 hours ago, making a profit of $1.16 million (+133%).
Financing/Acquisition
YZi Labs invests in Ethena Labs to support the expansion of the USDe ecosystem
YZi Labs announced it has deepened its investment in Ethena Labs and will continue its strategic support for the development of the USDe ecosystem. USDe is the fastest-growing and third-largest dollar-denominated crypto asset in history, with over $13 billion in circulation. YZi Labs' support will drive the expansion of USDe's adoption across centralized and decentralized platforms, and will contribute to the development of new products: USDtb (a fiat-backed stablecoin) and Converge (an institutional settlement layer).
Finary Completes €25 Million Series B Funding, Led by PayPal Ventures
Finary, a wealth management platform, announced the completion of a €25 million Series B funding round led by PayPal Ventures, with participation from LocalGlobe, Hedosophia, Shapers, and existing investors Y Combinator and Speedinvest. Finary plans to leverage AI technology to create an automated and personalized wealth management platform. It will also launch new products such as brokerage accounts, investment accounts (PEAs), and retirement accounts (PERs), and expand into more European markets. Finary currently has over 600,000 users and aims to achieve profitability in the fourth quarter of 2024.
Faraday Future to Invest $41 Million in Qualigen via PIPE for Cryptocurrency Business
Faraday Future announced a strategic investment of $41 million in Qualigen Therapeutics, Inc. (NASDAQ: QLGN) through a private equity (PIPE) transaction, launching its cryptocurrency and Web3-related businesses. Following the completion of necessary shareholder approvals, QLGN is expected to rebrand as CXC10 and focus on its three growth engines: cryptocurrency and Web3 ecosystem development. The PIPE financing round was led by Faraday Future and its founder and global co-CEO, Jia Yueting, with participation from blockchain technology company SIGN Foundation. FF President Wang Jianjun also participated.
Faraday Future has agreed to invest approximately $30 million in QLGN at an effective price of $2.246 per share, subject to closing conditions, representing approximately 55% of QLGN's outstanding common stock. In addition, Jia Yueting plans to personally invest approximately $4 million, representing approximately 7% of QLGN's common stock. Jia Yueting has also agreed to a voluntary two-year lock-up period on his personal investment. Upon completion of the transaction, Jia Yueting will serve as QLGN's Chief Advisor, Wang Jianjun will be appointed Co-CEO of QLGN, and FF CFO Koti Meka will be appointed CFO.
Institutional holdings
BitMine received another 15,427 ETH from Galaxy, worth $68.98 million
According to Onchain Lens, Ethereum microstrategy firm BitMine acquired another 15,427 ETH from Galaxy, valued at $68.98 million. BitMine currently holds 2,141,445 ETH, valued at $9.57 billion.
