Key Facts

• Bitcoin steadies above $111,000: The crypto market traded sideways with Bitcoin holding over $111K and Ether around $4.3K, as traders awaited U.S. inflation data mid-week coindesk.com coindesk.com. Altcoins saw modest upticks (Dogecoin jumped ~7% to $0.23), reflecting cautious sentiment ahead of potential Fed rate cuts.
• Major corporate crypto moves: American Bitcoin (ABTC) – a Nasdaq-listed Bitcoin mining and treasury firm backed by Eric and Donald Trump Jr. – surged 83% then plunged on its debut, ending +34% at ~$9.26 amid multiple volatility halts decrypt.co decrypt.co. The Trump family’s crypto ventures (ABTC and the DeFi token WLFI) reportedly boosted their collective wealth by $1.3 billion this week cryptonews.com.au, though WLFI’s rollout was choppy (the token swung ±40% and froze some early investors’ funds).
• DeFi hacks and exploits spike: Nemo, a yield protocol on Sui, was hacked for $2.4 million in USDC on Sept 8 coindesk.com. The attacker bridged funds from Arbitrum to Ethereum, tanking Nemo’s total value locked by ~75%. Meanwhile, Swiss crypto platform SwissBorg lost ~$41 million in Solana (193k SOL) after a staking partner’s API was compromised cryptonews.com.au. SwissBorg pledged to fully reimburse affected users from its reserves cryptonews.com.au cryptonews.com.au. And in a massive software supply-chain attack, hackers backdoored popular NPM JavaScript libraries (billions of downloads) to target crypto wallets – yet stole only ~$50 total, as researchers caught and neutralized the malware in time cointelegraph.com cointelegraph.com. (“It’s like finding the keycard to Fort Knox and using it as a bookmark,” one analyst quipped of the hacker’s underwhelming haul cointelegraph.com.)
• NFT market pivots and setbacks: Top NFT marketplace OpenSea announced a new $1 million “NFT reserve” fund to acquire culturally significant NFTs cointelegraph.com, kicking off with the purchase of a CryptoPunk collectible cointelegraph.com. The move comes as NFT sales cooled to ~$92 million in the first week of September (down from $115M–$170M/month in mid-2025) cointelegraph.com and as multiple platforms – from Kraken and Bybit to GameStop – shuttered their NFT marketplaces due to waning volume cointelegraph.com. In the art world, Christie’s closed its dedicated digital art/NFT department, folding crypto art sales back into traditional categories amid a sustained market downturn cryptobriefing.com.
• Institutional adoption & tokenization: Legacy finance is embracing blockchain: Nasdaq filed a proposal with the SEC to offer trading of tokenized stocks on a parallel blockchain-based exchange, letting investors trade equity either via traditional means or on-chain with equal priority coindesk.com coindesk.com. In Europe, startup 21X launched the EU’s first fully regulated blockchain stock exchange on Sept 8, enabling real-time, on-chain settlement of tokenized securities and stablecoins – with plans to expand from 8am–5pm CET hours to 24/7 trading in the future 21x.eu 21x.eu. And in Africa, Johannesburg-based Altvest Capital announced a $210 million raise to buy Bitcoin (rebranding as “Africa Bitcoin Corp.”) – making it the first publicly listed African firm to adopt BTC as a treasury reserve asset coindesk.com coindesk.com.
• Regulatory shifts in the U.S.: Crypto-friendly reforms are underway. The SEC and CFTC issued a joint statement proposing that regulated U.S. exchanges be allowed to trade spot crypto assets directly, and even floated expanding traditional market hours to 24/7 to keep pace with crypto’s round-the-clock trading decrypt.co decrypt.co. U.S. lawmakers are pushing for clearer oversight: the Senate updated the Responsible Financial Innovation Act of 2025 to spur SEC–CFTC cooperation and end “turf wars” over crypto regulation calebandbrown.com. At the same time, the SEC’s latest agenda includes nearly 50% of new rule proposals aimed at easing crypto restrictions – a stark policy pivot under the pro-innovation stance of the second Trump administration calebandbrown.com.
• Broader adoption and outlook: The U.S. Federal Reserve announced it will host a Payments Innovation Summit on Oct. 21 to explore emerging technologies including stablecoins and tokenization in finance calebandbrown.com. Major investors remain bullish on crypto’s long-term trajectory: Fundstrat’s Tom Lee told CNBC that Bitcoin could reach $200,000 by late 2025 – roughly double current levels – if the Fed begins cutting interest rates, noting that “Bitcoin and Ethereum are super sensitive to monetary policy.” cryptonews.com.au cryptonews.com.au In the meantime, crypto investment flows showed a rotation into Bitcoin: Ether-based funds saw ~$912 million in outflows in early September while Bitcoin funds gained $524 million in inflows, suggesting some investors took profits on ETH’s summer rally (after it hit an all-time high ~$4,957 in late August) and moved into Bitcoin’s relative safety cointelegraph.com cointelegraph.com. Nonetheless, total crypto fund inflows in 2025 remain higher than last year, indicating overall sentiment is still positive despite short-term cooling cointelegraph.com cointelegraph.com.

Crypto Market Steadies as Investors Eye Macro Catalysts

Bitcoin held firm above the $110K–$111K range through September 8–9, extending a week of low-volatility consolidation coindesk.com. Analysts noted this calm in Bitcoin’s price comes as traders await U.S. inflation reports (Producer Price Index on Sept 10 and Consumer Price Index on Sept 11) that could influence Federal Reserve policy coindesk.com. “Cryptocurrencies have been trading at a subdued level as the Fed is conflicted over cutting rates amid stubborn inflation,” observed Jeff Mei, COO of BTSE, adding that higher-than-expected inflation could hurt crypto prices, while a downside surprise might spark a rally coindesk.com coindesk.com. Indeed, macro signals are in focus: a weaker U.S. jobs report earlier in the month already bolstered hopes for a Fed rate cut at the upcoming Sept 17 meeting, a prospect that tends to boost risk assets like crypto.

Ether (ETH) hovered around $4,300–$4,400, shy of its late-August peak near $4,957 (a new all-time high) cointelegraph.com. Despite Ethereum’s successful upgrades and price strength this summer, recent data show cooling demand from investors. Crypto funds saw “minor outflows” in early September, largely due to ETH investment products hemorrhaging money – “Ether funds saw the largest losses… shedding $912 million in a week” – even as Bitcoin funds attracted inflows of over $500 million in the same period cointelegraph.com cointelegraph.com. This suggests profit-taking near ETH’s highs and a rotation back into Bitcoin and other “hard” assets amid economic uncertainty cointelegraph.com cointelegraph.com. Ethereum’s on-chain activity also reflects a comedown: network fee revenue plunged 44% in August despite ETH’s price hitting record levels cointelegraph.com, partly because the March 2024 “Dencun” upgrade reduced Layer-2 transaction costs (cutting into fees that would have been burned as ETH) cointelegraph.com. Still, most analysts see Ethereum’s long-term fundamentals intact, with large holders continuing to accumulate and even stake their ETH. (Notably, an early ICO-era whale from 2015 just moved ~$645 million in ETH into a staking service calebandbrown.com.)

Altcoins were mixed, with Dogecoin (DOGE) making headlines by jumping ~7% to about $0.24 – one of the week’s stronger performances coindesk.com. Other majors like XRP (around $3.00, +2–3%) and Solana (SOL) (~$218, +5%) saw modest gains coindesk.com. A few smaller-cap tokens rallied on specific news: for instance, decentralized cloud project Aethir (ATH) spiked almost 80% on Sept 8 before cooling, as the Decentralized Physical Infrastructure (DePIN) sector drew fresh interest calebandbrown.com. Numeraire (NMR) rose ~28% after JPMorgan’s investment in its AI-driven trading platform calebandbrown.com, and Chainflip (FLIP) climbed 26% upon launching a native Bitcoin lending protocol in its cross-chain DeFi platform calebandbrown.com. Even as the market leaders paused, these moves underscore that pockets of the crypto market remain lively – particularly where real-world adoption or major backers are involved.

Meanwhile, crypto miners and treasuries continue to grow. In August, the combined market capitalization of publicly-listed Bitcoin mining companies reached a record $39 billion, as firms like Hut 8, Core Scientific and others expanded operations (even diversifying into AI computing) to capitalize on crypto’s resurgence calebandbrown.com. Large institutional buyers also kept accumulating Bitcoin: MicroStrategy – via its subsidiary now simply called “Strategy” – disclosed buying 6,003 more BTC recently, bringing its holdings to 638,460 BTC (worth over $73K per coin on average) calebandbrown.com. And El Salvador reaffirmed its commitment to Bitcoin by purchasing 21 more BTC to mark its August 2025 “Bitcoin Day”, bringing the nation’s reserve to 6,313 BTC (~$701 million) calebandbrown.com. These incremental buys, though small relative to daily trading volumes, signal confidence from long-term holders – from corporations to nation-states – that the crypto bull market has more room to run. In a striking vote of confidence, Fundstrat Global Advisors’ Tom Lee argued this week that “Bitcoin can easily get to $200,000” by the end of 2025 if monetary policy shifts course cryptonews.com.au cryptonews.com.au. His thesis: with inflation easing and recession fears simmering, the Fed could start cutting rates in coming months, which historically has “supercharged” Bitcoin and Ether. Whether such rosy forecasts pan out, the prevailing sentiment is that crypto’s macro outlook is improving compared to the restrictive environment of the past two years.

Trump-Backed Bitcoin Firm’s Wild Debut and Other Industry Moves

One of the week’s most buzzed-about events was the public trading debut of American Bitcoin (ticker: ABTC) – a crypto company backed by former U.S. President Donald Trump’s sons, Eric Trump and Donald Trump Jr.. American Bitcoin Corp. was formed via a merger of major mining firms (including Canada’s Hut 8 and Gryphon Digital Mining) and positions itself as both a Bitcoin mining operation and a corporate BTC holding vehicle decrypt.co decrypt.co. On its first trading day on Nasdaq (mid-week), ABTC’s stock lived up to crypto’s volatility: within minutes it skyrocketed from $7.59 to $13.93 (+83%), then swiftly retraced to around $9.26 decrypt.co decrypt.co. The frenzy triggered seven trading halts for volatility decrypt.co. Even after cooling off, ABTC closed over 30% higher on the day, and the company seized the momentum – filing to sell an additional $2.1 billion in stock to raise capital for more Bitcoin purchases and mining equipment decrypt.co decrypt.co.

The Trump family’s stake in these ventures has proven lucrative (at least on paper). Bloomberg estimates the Trumps’ collective net worth jumped by $1.3 billion this week thanks to American Bitcoin’s listing and the launch of World Liberty Financial (WLFI) cryptonews.com.au – a new DeFi token and crypto exchange tied to Trump allies. Eric Trump’s personal ABTC holdings alone are valued at over $500 million after the listing pop cryptonews.com.au. The WLFI token, which debuted a week earlier with a head-turning $30B implied valuation, contributed roughly $670 million (though most of those tokens remain locked) cryptonews.com.au cryptonews.com.au. WLFI’s rollout was bumpy – its price swung wildly, and prominent backers like Tron founder Justin Sun complained their tokens were “frozen” by the issuer cryptonews.com.au. By mid-week, WLFI was trading around $0.21, down ~36% from its initial peak cryptonews.com.au. Still, the Trumps’ deep dive into crypto – with a sitting U.S. president’s family directly owning crypto businesses – marks an unprecedented intertwining of political influence and the blockchain industry. It’s seen as both a sign of crypto’s growing legitimacy and a potential conflict-of-interest flashpoint for regulators cryptonews.com.au.

Beyond the Trumps, other corporate and institutional players are betting bigger on crypto. In Africa, Johannesburg-based Altvest Capital announced plans to raise $210 million and rebrand as Africa Bitcoin Corp., aiming to become the first publicly-traded African company to hold Bitcoin as a treasury asset coindesk.com. The CEO said this gives regional pension funds and investors a regulated equity vehicle to gain Bitcoin exposure coindesk.com – emulating MicroStrategy’s strategy. Over in Asia, crypto investment firm Sora Ventures is reportedly raising a $1 billion fund to support Bitcoin treasuries, targeting over $800 million in BTC purchases for Asian corporate balance sheets calebandbrown.com. And Spain’s BBVA bank expanded its digital asset custody partnership with Ripple, signaling ongoing enterprise interest in crypto services coindesk.com.

Meanwhile, crypto-focused public companies continue to grow in heft. August saw the market cap of listed crypto mining firms hit a record $39B calebandbrown.com, and the Bitcoin “treasury” trend (companies raising capital to buy BTC) prompted a response from stock exchanges. In fact, just days before Altvest’s announcement, Nasdaq tightened its listing rules for such crypto plays – now requiring shareholder approval before a company can issue new shares to finance large crypto asset purchases cryptobriefing.com cryptobriefing.com. Nasdaq warned that firms raising billions for Bitcoin without clear investor consent could face trading suspension cryptobriefing.com cryptobriefing.com. This move, aimed at protecting shareholders, might slow the MicroStrategy-style wave of crypto treasury accumulation. (Architect Partners counts 124 U.S.-listed companies that announced plans to raise a whopping $133 billion for crypto purchases in 2025, with 94 on Nasdaq cryptobriefing.com.) However, given crypto’s 2025 rally, many companies are still eager to leverage their stock for coin acquisitions – a dynamic likely to play out in boardrooms and annual meetings in the coming months.

DeFi Under Siege: Hacks, Exploits and Fallout

It was an eventful 48 hours in the DeFi world, for all the wrong reasons. On Monday Sept. 8, Nemo, a yield optimization protocol on the Sui blockchain, fell victim to a $2.4 million exploit coindesk.com. The attacker drained USD Coin (USDC) stablecoins by exploiting Nemo’s smart contracts, then bridged the loot from Sui’s Arbitrum network to Ethereum coindesk.com. The attack caused Nemo’s total value locked (TVL) to plummet from over $6 million to just ~$1.5 million as users rushed to withdraw funds coindesk.com. Nemo’s platform let users tokenize staked assets into principal and yield tokens for trading – an innovative DeFi concept, but one that proved insecure in practice. The hack underscores that despite progress in blockchain security, DeFi protocols remain vulnerable, a fact noted with some resignation in coverage: “Crypto price rallies come and go, but some things never change — hacks,” wrote CoinDesk coindesk.com.

The largest crypto heist of the week hit not a DeFi protocol per se, but a CeFi–DeFi bridge. SwissBorg, a Swiss digital asset wealth manager, disclosed that ~$41 million worth of Solana (roughly 193,000 SOL) was stolen on Sept. 8 via a breach in a third-party service cryptonews.com.au. Hackers exploited the API of SwissBorg’s staking partner, Kiln, which the platform used to generate yield for users. By manipulating Kiln’s API, attackers redirected a huge tranche of Solana intended for staking, siphoning it off before it reached the Solana network cryptonews.com.au. The incident affected SwissBorg’s Earn program users (under 1% of customers) and forced the company to suspend SOL yields. To its credit, SwissBorg responded quickly: the team froze the compromised pathways within hours and announced a recovery plan to fully reimburse all impacted users from SwissBorg’s own SOL reserves cryptonews.com.au cryptonews.com.au. SwissBorg is also working with security firms and white-hat hackers to try to recover the stolen funds cryptonews.com.au cryptonews.com.au. The episode sparked debate around outsourcing risk in crypto: some critics argue SwissBorg trusted an external API too much, while supporters praised its transparency and the swift promise to “make users whole.” Regardless, the hack is among the larger crypto thefts of 2025 and highlights the complex attack surfaces that arise when integrating third-party blockchain services.

A different kind of exploit – arguably the largest software supply-chain attack in crypto history – also unfolded around Sept. 8. Security researchers revealed that hackers breached the account of a widely-used NPM (Node Package Manager) developer and inserted malware into 18 popular JavaScript libraries frequented by crypto projects cointelegraph.com cointelegraph.com. In theory, this gave the attackers potential access to millions of users’ systems (any project that auto-updated these libraries could be infected). The malware was a “crypto-clipper”, designed to intercept and alter cryptocurrency addresses in transactions – meaning a user trying to send funds could unknowingly have their wallet address swapped for the hacker’s address cointelegraph.com. Alarm spread through the developer community; even hardware wallet maker Ledger’s CTO warned users to be “extremely careful” when confirming transactions cointelegraph.com. Astonishingly, however, the damage was minimal: by the time the breach was discovered and patched on Sept. 8, the attackers had netted less than $50 total from a handful of stray transactions cointelegraph.com cointelegraph.com. “You compromise an NPM developer whose packages get 2 billion downloads a week… untold riches await… You profit less than 50 bucks,” one security researcher mused, highlighting that the hacker either bungled the exploit or got cold feet cointelegraph.com cointelegraph.com. “It’s like finding the keycard to Fort Knox and using it as a bookmark,” echoed prominent white-hat hacker Samczsun on the missed opportunity cointelegraph.com. Lucky break or not, the incident is a wake-up call for the crypto industry – it reveals how a breach in open-source software dependencies can potentially infiltrate even well-protected crypto applications. Dozens of projects scrambled to audit their code; fortunately, major platforms like MetaMask, Phantom, Uniswap and others confirmed they were not using the compromised libraries and remained safe cointelegraph.com cointelegraph.com.

Not all DeFi victims were so fortunate. After struggling for two months post-hack, Ethereum Layer-2 project Kinto announced on Sept. 8 that it is shutting down permanently cryptonews.com.au. Kinto – a “modular” DeFi exchange that touted compliance features – suffered a $1.55 million exploit in July that allowed an attacker to mint fake tokens and drain its liquidity, crashing the value of its native token by 95% cryptonews.com.au cryptonews.com.au. The team tried to recover via a “Phoenix” plan (issuing new tokens and taking loans to refill liquidity), but those efforts failed, leaving Kinto with dwindling funds and no viable path forward cryptonews.com.au cryptonews.com.au. Its founder announced an orderly wind-down by Sept. 30, with remaining assets used to partially reimburse lenders and even a small personal contribution to cover some user debts cryptonews.com.au cryptonews.com.au. Kinto’s demise is a stark reminder that DeFi projects can collapse outright from exploits – not every team has the capital or backing to survive a major hack. By choosing to shut down rather than linger as a zombie project, Kinto’s team at least provided closure, but users and investors are left with losses. The broader takeaway: even as total value locked in DeFi has grown in 2025, security incidents continue to exact a heavy toll, and trust in protocol code remains paramount.

NFTs: OpenSea’s New Strategy Amid Market Slowdown

The once-red-hot NFT market has entered a period of recalibration, and the past days saw major moves reflecting that reality. OpenSea, the leading NFT marketplace, unveiled a novel initiative on Sept. 8: a “cultural NFT” reserve fund with an initial $1 million war chest to acquire significant digital art cointelegraph.com. OpenSea’s first purchase for the fund was CryptoPunk #5273 – part of the iconic 2017 collection that arguably kickstarted the profile-picture NFT craze cointelegraph.com cointelegraph.com. The company described its targets as “culturally relevant NFTs… works that have made an impact creatively, socially, or technologically,” according to CMO Adam Hollander cointelegraph.com cointelegraph.com. In other words, OpenSea is curating a collection of historic NFTs – a bit like a digital art museum – to celebrate and preserve NFT culture. The strategy also signals a pivot in OpenSea’s business: with trading volumes down, the marketplace (which even launched a token trading platform earlier this year cointelegraph.com) is diversifying into becoming a tastemaker and long-term holder of NFT art, rather than relying purely on peer-to-peer trading fees.

This shift comes as NFT sales and engagement have cooled significantly from their 2021–2022 highs. Data from CryptoSlam shows global NFT sales volume fell to ~$92 million in the first week of September, after ranging between $115M and $170M per week in July and August cointelegraph.com. The number of unique buyers has also slid, suggesting fewer newcomers are entering the NFT space than during the boom. Several crypto exchanges and even traditional companies that rushed to ride the NFT wave have pulled back. Notably, Kraken and Bybit shut down their NFT marketplaces, and GameStop – which launched an NFT platform during the hype – has also closed its NFT division cointelegraph.com. These closures point to overcapacity in the NFT marketplace sector and the difficulty of sustaining interest now that speculative fervor has cooled. OpenSea itself remains the market leader but faces competition from Blur and others, and has had to cut fees to retain users. The new reserve fund may help reinforce OpenSea’s brand as an NFT authority and pioneer.

In the traditional art world, a symbolic development underscored the NFT market’s downturn: Christie’s auction house disbanded its dedicated digital art team. As of end of August (publicized in early September), Christie’s closed “Christie’s 3.0” – its blockchain-powered NFT platform – and folded NFT sales back into its contemporary art department cryptobriefing.com cryptobriefing.com. They also let go of some staff, including the VP overseeing digital art. This is a notable reversal, given that Christie’s made headlines in March 2021 by auctioning Beeple’s NFT artwork for $69 million, effectively launching the mainstream NFT art craze. Christie’s new CEO decided to integrate crypto art into regular auctions of 20th/21st century art, indicating that NFTs will be treated just as another medium, not a separate category. The decision reflects the reality that NFT-specific sales have slowed and high-end collectors are more cautious. Christie’s move can be seen as right-sizing its approach – digital art isn’t going away, but the era when top auction houses ran separate NFT platforms (Christie’s 3.0, Sotheby’s Metaverse, etc.) may be passing. NFT artworks will still appear at auction, but likely as part of broader collections, and with more scrutiny on their provenance and lasting value in a subdued market.

Despite these challenges, there are still bright spots in NFT culture and collectibles. In sports, for example, a 1-of-1 Caitlin Clark “Kaboom” NFT basketball card sold for $175,000 on Sept. 8, reportedly a record for Panini’s blockchain platform and one of the priciest sports NFTs of the year sports.yahoo.com. The sale of an NFT featuring the star college athlete highlights that fans and collectors will pay top dollar for digital memorabilia of culturally significant figures. Additionally, some niche NFT projects are thriving – Pokémon-themed NFT trading cards recently caused an $85M surge in the CARDS token tied to that ecosystem cryptonews.com.au. These examples show that while the average NFT might have lost value, demand persists for rare and meaningful digital assets. The NFT space is arguably maturing: projects are focusing on utility and community (e.g. NFTs with gaming or exclusive access features) rather than pure speculation. As OpenSea’s new fund suggests, the industry is now concerned with identifying which NFTs will stand the test of time as culturally or historically important, even if the speculative frenzy has cooled.

Regulation and Innovation: Crypto Finds Allies in High Places

The regulatory landscape around blockchain took several notable turns during the period, mostly in a pro-innovation direction. In the United States, financial regulators and lawmakers appear to be embracing reforms to integrate crypto into the traditional system rather than fight it. On Sept. 8, the Nasdaq stock exchange made waves by formally filing with the SEC to launch a platform for tokenized stock trading coindesk.com. If approved, this would allow investors to trade stocks like Apple or Tesla on a blockchain ledger, with trades clearing instantly via smart contracts, parallel to the conventional market. Nasdaq’s proposal is essentially to give customers a choice: trade equities through the legacy system or via on-chain tokens that represent the same shares coindesk.com. Crucially, Nasdaq said blockchain-based trades would have “the same priority” as traditional trades coindesk.com and would still settle through the usual clearinghouse (DTCC) – meaning this is about efficiency and optionality, not bypassing regulations. The move is a major milestone in TradFi–crypto convergence: Nasdaq is one of the world’s largest stock exchanges, and its embrace of tokenization lends huge credibility to the idea of real-world assets on blockchain. As Nasdaq noted, tokenization of securities is a hotly competitive area – even fintech firms like Robinhood have begun offering stock tokens abroad coindesk.com, and other crypto exchanges (e.g. Bybit, Kraken, Gemini) have experimented with tokenized stocks coindesk.com. Nasdaq’s entry could accelerate regulatory approval and mainstream adoption of these products. It’s worth noting this initiative comes amid a broader push by big institutions (JPMorgan, Franklin Templeton, etc.) into blockchain-based settlement and tokenized assets in 2025.

U.S. regulators are also acknowledging the need to modernize market rules. In a historic joint effort, the SEC and CFTC chairs issued coordinated statements around Sept. 8–9 outlining a vision to harmonize regulations for crypto and traditional markets. One headline proposal is to allow spot trading of digital assets (like Bitcoin and Ether) on SEC-regulated national securities exchanges and CFTC-regulated commodity exchanges – a legal greenlight for stock exchanges to list crypto assets directly decrypt.co decrypt.co. Hand-in-hand with that, the agencies are considering extending trading hours for traditional assets. The SEC noted that U.S. stock markets’ 9:30–4:00 schedule looks antiquated when crypto trades 24/7 globally; they suggest certain markets could move toward round-the-clock trading to remain competitive decrypt.co decrypt.co. These proposals were spurred in part by a Trump Administration report in July that directed regulators to loosen restrictions on crypto trading and encourage financial “super-apps” offering stocks, crypto, derivatives, and more under one roof decrypt.co decrypt.co. SEC Chair Paul Atkins has been championing this concept, arguing that modern broker-dealers should be able to handle all asset types (securities or not) without cumbersome state-by-state licenses decrypt.co decrypt.co. The idea of 24/7 integrated markets is controversial – consumer advocates like Better Markets warn it could be “extremely dangerous,” giving unregulated crypto actors an edge and potentially increasing volatility across all markets decrypt.co decrypt.co. Still, the fact that the SEC and CFTC are jointly exploring it marks a dramatic shift from the previous administration’s stance. The two agencies even scheduled a joint public roundtable on Sept. 29 to discuss how to implement these ideas decrypt.co decrypt.co. This regulatory détente could end the long-running turf war between the SEC and CFTC over crypto oversight and instead foster a unified approach.

Supporting this trend, the U.S. Senate is moving forward on legislation to clarify crypto regulation. Senators from both parties introduced an updated version of the Responsible Financial Innovation Act (RFIA) of 2025, which among other things would form a joint SEC–CFTC advisory committee on digital assets and delineate their jurisdictions calebandbrown.com. The goal is to eliminate gaps and overlaps – for instance, the SEC would focus on tokens deemed securities, the CFTC on those deemed commodities, but they’d coordinate on defining which is which. This bill also encourages regulators to work with international counterparts to keep the U.S. competitive consumerfinancialserviceslawmonitor.com. While full passage is uncertain, it shows Congress is engaged on crypto market structure. Additionally, the SEC’s own rulemaking agenda published in early September signals a friendlier tone: nearly half of the SEC’s 20 proposed new rules are aimed at facilitating crypto innovation or reducing burdens on crypto firms calebandbrown.com. Reportedly, the SEC is even considering safe harbors for digital token sales and adjusting broker-dealer rules to accommodate crypto trading reuters.com reuters.com – actions that would have been unimaginable a couple years ago. This comes after the SEC, under new leadership, dropped high-profile lawsuits against major exchanges that were initiated under the prior administration reuters.com. Industry advocates view these developments as a much-needed thaw, potentially bringing more regulatory clarity that could spur investment and allow the U.S. to reclaim leadership in blockchain innovation.

Globally, other governments and institutions are also embracing blockchain. In Europe, as mentioned, the 21X exchange in Germany went live on Sept. 8 as a fully regulated DLT-based trading venue for stocks, bonds, and funds 21x.eu. It operates under a MiFID II license with oversight from BaFin (Germany’s regulator) and ESMA, showing that EU regulators are approving real blockchain market infrastructure. 21X’s launch partners include major TradFi names (e.g. SBI Digital, Circle providing USDC for settlement, and even Chainlink for on-chain price oracles) 21x.eu 21x.eu. The exchange boasted that it can settle trades atomically in seconds without needing centralized clearing, potentially cutting costs by >50% 21x.eu 21x.eu. It’s initially open during normal hours but plans to expand to 24/7, highlighting again the theme of merging crypto’s always-on nature with regulated markets 21x.eu 21x.eu.

On the government adoption front, central banks continue exploring CBDCs and blockchain-based data. For instance, Pakistan’s central bank (though outside our 8–9 Sep window) signaled it will soon pilot a digital currency and has drafted a law to regulate crypto assets reuters.com reuters.com. And in the U.S., it was revealed late August that the Commerce Department plans to publish official economic data (like GDP) on a blockchain to ensure immutability and broad access coincentral.com coincentral.com. This kind of initiative, along with the Federal Reserve’s upcoming Payments Innovation Conference focusing on stablecoins calebandbrown.com, suggests that even traditionally cautious entities are now actively evaluating blockchain for transparency and efficiency in finance and governance.

Bottom line: The first weeks of September 2025 have showcased a crypto industry that is simultaneously maturing and facing new tests. The market’s momentum has cooled from its frenzied peaks, revealing cracks in areas like DeFi security and NFT demand, yet institutional adoption has never been stronger. A year ago, headlines were dominated by enforcement actions and bearish sentiment; now we’re seeing major exchanges and government bodies bending toward blockchain integration. From Wall Street giants seeking to tokenize stocks, to policymakers rewriting rules for 24/7 crypto markets, to high-profile business figures tying their fortunes to Bitcoin – these developments signal that blockchain technology is firmly entrenched in the global financial conversation. Challenges remain (hacks, volatility, regulatory fine-tuning), but the trajectory from Sept 8–9’s news cycle is clear: crypto is moving from the margins to the mainstream, one headline at a time.

Sources: CoinDesk coindesk.com coindesk.com; Cointelegraph cointelegraph.com cointelegraph.com; Decrypt decrypt.co decrypt.co; CryptoNews cryptonews.com.au cryptonews.com.au; CryptoBriefing cryptobriefing.com; Reuters reuters.com; and others as cited above.