Natasha Cazenave von der ESMA sagt, dass tokenisierte Aktien zu „Missverständnissen bei den Anlegern“ führen könnten, aber die Regulierungsbehörde will die Technologie dennoch unterstützen.
US SEC, CFTC clear path for registered firms to trade spot crypto
- Top US regulators have jointly cleared a path for spot crypto trading.
- The move is a stark reversal from the previous, more skeptical administration.
- Registered exchanges are now invited to engage with the SEC and CFTC.
The floodgates to the heart of the American financial system have been thrown open.
In a landmark and coordinated move, the nation’s top markets watchdogs have given their official blessing for registered trading platforms to deal in spot crypto assets, a stark and powerful reversal that signals a new, pro-innovation era for the digital asset industry.
The joint statement from the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) on Tuesday is the clearest sign yet of the tectonic shift in Washington’s approach to cryptocurrency.
Under the previous administration, the industry was met with hesitation and skepticism.
Now, under regulators appointed by the avowedly pro-crypto President Donald Trump, a wide and clear path is being paved for digital assets to integrate into the existing financial system.
A coordinated push from the top
This is not a tentative step, but a coordinated sprint.
The agencies revealed that under the SEC’s “Project Crypto” and the CFTC’s ongoing “crypto sprint,” their leaders are actively pushing to fulfill President Trump’s mandate to establish the US as the world’s preeminent crypto hub.
The regulators declared their unified view that existing, regulated exchanges “are not prohibited from facilitating the trading of certain spot crypto asset products.”
This includes CFTC-registered designated contract markets (DCMs) and SEC-registered national securities exchanges (NSEs).
In a clear invitation to Wall Street, the agencies are now encouraging such entities to contact their staff to figure out how to move forward.
The philosophy behind the move was articulated by the leaders themselves.
“Market participants should have the freedom to choose where they trade spot crypto assets,” said SEC Chairman Paul Atkins in a statement.
His counterpart at the CFTC, Acting Chairman Caroline Pham, echoed this sentiment, calling the joint statement “the latest demonstration of our mutual objective of supporting growth and development in these markets, but it will not be the last.”
Clearing the path as Congress deliberates
While the statement did not detail which specific cryptocurrencies would be covered, referring only to “certain spot crypto asset products,” its intent is unmistakable.
The regulators are acting decisively, using their existing authorities to open the financial system to crypto now, even as Congress continues its slow and deliberate work on a more sweeping set of market rules.
This move also directly addresses one of the most persistent and problematic holes in US crypto oversight: the CFTC’s historical lack of clear authority to fully regulate the spot market, where the actual assets are changing hands.
By inviting registered firms to engage, the agencies are effectively building a regulatory bridge while the legislative foundation is still being laid.
The message to the financial world is clear: the era of waiting is over, and the time to build is now.
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Bitcoin spot market signals potential recovery rally
- BTC spot demand strengthens as dense accumulation signals durable support.
- Coinbase and Binance flows hint at liquidity shifts fueling upside momentum.
- Bitcoin must clear $113,650 resistance to confirm breakout or risk $100K retest.
Bitcoin’s (BTC) spot market is showing signs of a potential recovery, supported by on-chain data, exchange flows, and technical signals that point to strengthening buyer conviction.
Analysts suggest the latest developments could set the stage for a bullish breakout, though caution remains given September’s historically weak seasonality for the asset.
On-chain data highlights buyer conviction
Data from Glassnode reveals that Bitcoin’s Cost Basis Distribution (CBD) is diverging sharply from Ether (ETH).
The CBD, which tracks where significant amounts of supply have been accumulated or distributed, shows Bitcoin spot activity as notably denser compared to ETH.
Transactions are clustering tightly around recent price levels, an indication that buyers are accumulating with conviction.
Historically, such dense clustering in Bitcoin has provided more durable support than futures-driven momentum.
This suggests that the current market structure may be more resilient, with spot demand forming a foundation for potential upside.
Complementing this trend, long-term holder (LTH) spending has accelerated modestly in recent weeks.
The 14-day simple moving average (SMA) shows a gradual rise, pointing to some profit-taking.
However, activity remains within cycle norms and far below the peaks seen in October and November 2024, implying that the selling is measured rather than aggressive.
Exchange flows indicate liquidity shifts
Exchange flows are also reinforcing the recovery narrative.
A CryptoQuant quicktake highlighted that Coinbase recorded consistent net inflow spikes between August 25 and 31, following a period when its 30-day SMA netflow hit the lowest level since early 2023.
Historically, sharp reversals from multi-year troughs often signal liquidity regime shifts, either from settlement restructuring or increased preparations for higher activity.
At the same time, Binance saw its 30-day SMA netflow rise to its highest levels since July 2024, peaking on July 25 and August 25.
These levels have previously aligned with reaccumulation phases that precede new local highs.
The simultaneous trough at Coinbase and peak at Binance suggest meaningful reserve redistribution, potentially laying the groundwork for upward momentum in BTC.
Technical breakout levels in focus
Price action further supports the possibility of a recovery.
Bitcoin dipped to $107,300 on Monday, aligning closely with its short-term realized price, before rebounding sharply.
By Tuesday’s New York trading session, BTC had broken above Monday’s $109,900 high, signaling renewed resilience.
On shorter timeframes, such as the 15-minute and 1-hour charts, Bitcoin has registered a bullish break of structure.
On the 4-hour chart, the relative strength index (RSI) has climbed back above 50, reinforcing growing bullish momentum.
For the recovery to hold, Bitcoin must decisively clear resistance between $112,500 and $113,650.
A close above $113,650 would confirm a bullish daily breakout and invalidate the descending trendline that has capped price action for the past two weeks.
Such a move could unlock liquidity targets at $116,300, $117,500, and potentially $119,500.
However, if BTC fails to sustain momentum above $113,650, risks remain skewed to the downside.
A failed breakout could expose the cryptocurrency to declines toward the order block between $105,000 and $100,000.
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Figure Technology targets $526M in IPO amid crypto listing wave
- Figure aims to raise $526M in IPO, valuing the blockchain lender at $4.3B.
- IPO momentum grows as Gemini, Kraken, and Bullish drive the crypto listing wave.
- Figure shifts from lending roots to blockchain finance, boosting investor interest.
Blockchain-focused lender Figure Technology Solutions is preparing to raise $526 million through its upcoming initial public offering (IPO), according to regulatory filings submitted Tuesday and reported by Bloomberg Law.
The company intends to sell 21.5 million shares priced between $18 and $20 each, with 4.9 million shares expected to come from existing holders.
At the high end of the price range, the IPO would assign the company a valuation of roughly $4.3 billion.
Figure first signaled its public market ambitions last month when it filed confidentially with regulators, followed by a formal Securities and Exchange Commission (SEC) filing on August 18.
The latest filings suggest the company is targeting September 10 for its IPO pricing date.
The firm’s valuation has steadily increased since its 2021 Series D funding round, when it raised $200 million in a deal led by 10T Holdings that valued the company at $3.2 billion.
More recently, Figure reported financial momentum, with revenues reaching $191 million in the first half of 2025.
From consumer lending to blockchain infrastructure
While Figure is now recognized for its blockchain-driven financial products built on the Provenance Blockchain, the company originally focused on consumer lending.
Its first offering was a digitized home equity line of credit for US homeowners, before expanding into blockchain infrastructure designed to streamline lending, securitization, and related processes.
By leveraging blockchain technology, Figure has positioned itself at the intersection of traditional finance and decentralized systems, aiming to deliver faster, more transparent, and cost-effective financial solutions.
This pivot has helped the company differentiate itself from fintech rivals while attracting investor interest in its long-term growth prospects.
Crypto IPO momentum builds
Figure’s listing effort comes as more crypto and blockchain firms move toward the public markets during the ongoing bull market cycle.
On Tuesday, the crypto exchange Gemini also filed for an IPO, seeking to raise $317 million.
Rival exchange Kraken is rumored to be pursuing a $500 million raise at a valuation of around $15 billion, though reports suggest it may delay its public debut until 2026.
Meanwhile, several high-profile listings have already set a precedent this year.
In August, digital asset exchange operator Bullish launched its IPO with shares priced at $37, soaring as much as 218% on its first trading day.
Despite a pullback, Bullish still maintains a market capitalisation of roughly $9.6 billion, up from its IPO valuation of $4.8 billion.
Similarly, stablecoin issuer Circle completed an IPO that raised about $1.1 billion, with shares more than doubling on the first day of trading. The company now commands a market capitalization of approximately $30 billion.
Gemini, Cameron and Tyler Winklevoss’ crypto exchange also readying for its public debut, with the firm aiming to raise $317 million at a valuation of $2.2 billion.
Beyond traditional IPOs, the industry is exploring alternative routes.
A group of crypto executives recently launched Bitcoin Infrastructure Acquisition Corp, a Cayman Islands-based special purpose acquisition company (SPAC) targeting a $200 million raise through an IPO.
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Crypto Exchange Gemini seeks $2.2B valuation in IPO backed by Wall Street heavyweights
- Gemini plans Nasdaq listing under ticker GEMI with $317M raise.
- Winklevoss twins’ exchange pitches itself as regulation-friendly.
- IPO funds earmarked for tech upgrades, products, and debt reduction.
Gemini, the crypto exchange built by Cameron and Tyler Winklevoss, is gearing up for a public debut. The firm is looking to raise around $317 million through its IPO, which would put its valuation close to $2.2 billion.
The plan, outlined in fresh filings, calls for about 16.7 million shares to be sold at a price somewhere between $17 and $19 each. If the listing goes ahead, Gemini will trade on the Nasdaq under the ticker GEMI.
For the Winklevoss twins, who have long pitched themselves as steady hands in the often-chaotic world of digital assets, this marks a notable milestone.
Crypto markets remain unpredictable, but the past year has seen investors slowly wade back in. Gemini is hoping to seize that moment and see how much appetite there is for a crypto stock on Wall Street.
Gemini’s growth story and market position
The exchange, launched in 2014 by Cameron and Tyler Winklevoss, has long pitched itself as one of the industry’s more restrained operators.
It has leaned on a reputation for playing by the rules, aiming its services at both casual traders and the institutional crowd.
While competitors have often chased growth through riskier bets, Gemini built its brand around trust and oversight.
Its offerings now stretch beyond basic Bitcoin and Ethereum trading to include a crypto rewards credit card and staking services.
The strategy has delivered mixed results. Revenue climbed to $142 million last year on the back of stronger market activity, but the company still posted a net loss of $158 million in 2024 and losses have widened further in 2025.
To steady the business, Gemini says cash raised from the IPO will go toward new products, technology upgrades, and paying down debt.
Goldman Sachs, Citigroup, Morgan Stanley and Cantor Fitzgerald are leading the underwriting team, giving the deal heavyweight backing from Wall Street.
Optimism amid industry challenges
Analysts say Gemini’s IPO could be a key test of how much appetite remains for crypto-linked stocks after years of regulatory headaches and market swings.
An analyst with US Tiger Securities, noted that the timing looks favorable, pointing to recent debuts from Bullish and Circle as well as the rebound in crypto prices.
Supporters argue Gemini’s emphasis on regulation and its efforts to court institutional clients give it an edge in a sector where scrutiny from Washington has only intensified.
Still, concerns linger. Gemini is running steep losses and faces stiff competition in an industry where Coinbase continues to hold the lion’s share of trading activity.
The company has also had its share of regulatory headaches, among them, a dispute tied to the collapse of crypto lender Genesis and, more recently, a $5 million settlement with the Commodity Futures Trading Commission.
Those issues could weigh on how investors size up the deal.
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