Schlagwort: blockchain markets

• SEC Commissioner Hester Peirce says the regulator is ‘willing to work’ on tokenization.
• She has urged industry participants to come in and talk with the SEC.
• A key issue is how tokenized assets will interact with traditional securities.

In a powerful and welcoming signal to a crypto industry long starved of regulatory clarity, a top US securities regulator has extended a public olive branch, declaring that the Securities and Exchange Commission is open for business when it comes to the revolutionary technology of tokenization.

The move is a significant acknowledgment of a market that is already valued in the tens of billions and is projected to swell into the trillions.

Speaking virtually at the Digital Assets Summit in Singapore on Tuesday, Hester Peirce, a Republican commissioner at the SEC known for her supportive stance on the industry, delivered a clear and direct invitation.

An invitation to innovate

The message from the commissioner was unambiguous: the era of regulatory guesswork may be coming to an end. Instead of issuing enforcement actions, the agency is now inviting collaboration.

“We are willing to work with people who want to tokenise, we urge them to come talk to us,” said Peirce.

Her comments are a direct address to one of the most promising and practical sub-sectors of the crypto world.

Tokenization—the process of creating a blockchain-based digital representation of a real-world asset like a stock or a bond—is already being adopted by major financial institutions globally as a way to improve market liquidity and operational efficiency.

It represents a fundamental transformation in how assets are issued, traded, and managed.

The trillion-dollar question: navigating a new frontier

But Peirce’s invitation was not a blind green light; it came with a crucial and clear-eyed acknowledgment of the complex challenges that lie ahead.

The core issue, she explained, is untangling the relationship between a single security that can exist in multiple forms simultaneously—from traditional paper certificates to blockchain-based tokens.

“Some of the questions are how does a tokenized security interact with other iterations of the security and other forms of that security,” Peirce explained, emphasizing the need for a nuanced approach.

“Depending on how things are tokenized, it could be one of many different things.”

A market poised for explosive growth

The SEC’s newfound willingness to engage is a direct reflection of a market that is becoming too big to ignore.

According to data from RWA.xyz, the total on-chain tokenization market is already valued at 31 billion dollars, with 714 million dollars of that being tokenized stocks.

The future potential is even more staggering. A recent analysis by the global consulting firm McKinsey indicates that the market cap of all tokenized assets could explode to around 2 trillion dollars by 2030.

Peirce’s comments signal that at least some within the highest echelons of US regulation understand that this transformative shift is already underway.

Her invitation to the industry is a crucial first step in building a regulatory framework that can accommodate this new financial reality, a framework that will be essential if the market is to reach its multi-trillion-dollar potential.

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• SEC adopts generic standards, ending the need for individual 19b-4 filings.
• Crypto ETF issuers will now focus on S-1 reviews, possibly speeding up the ETF launch timelines.
• Altcoin ETFs face a six-month futures trading rule before approval.

The United States Securities and Exchange Commission (SEC) has taken a decisive step that could reshape the crypto ETF landscape.

The agency has asked issuers of spot cryptocurrency ETFs, including those tied to Litecoin, XRP, Solana, Cardano, and Dogecoin, to withdraw their pending 19b-4 filings.

🚨SCOOP: The @SECGov has asked issuers of $LTC, $XRP, $SOL, $ADA, and $DOGE ETFs to withdraw their 19b-4 filings following the approval of the generic listing standards, which replace the need for those filings. Am told withdrawals could start happening as soon as this week.

— Eleanor Terrett (@EleanorTerrett) September 29, 2025

Notably, the directive follows the Commission’s recent adoption of generic listing standards, which remove the need for each ETF to undergo a separate regulatory filing process.

Generic standards replace old rules

The shift to generic listing standards, approved on September 17, 2025, allows exchanges to list commodity-based exchange-traded products, including crypto ETFs, without filing individual 19b-4 forms.

The change eliminates a process that often slowed approvals and created uncertainty for fund managers and investors.

Instead, the SEC will require issuers to focus on their S-1 registration statements, which remain a key part of the approval process.

By cutting out the redundant filings, the Commission hopes to streamline procedures and bring crypto ETFs in line with the frameworks already in place for traditional commodities like gold and oil.

What this means for the prospective crypto ETF issuers

For issuers, the immediate effect is a more straightforward path to market.

They no longer need to prepare and wait for 19b-4 reviews, which previously carried deadlines stretching as long as 240 days.

The new system allows exchanges to rely on predefined criteria when listing ETFs, meaning approvals could come much faster, sometimes within days once S-1s are cleared.

This acceleration has prompted optimism in the market, with analysts suggesting that several products could move forward almost immediately.

At the same time, issuers are now in a race to ensure their S-1 filings meet the SEC’s standards, as speed and readiness will determine who is first to market under the new framework.

Timelines and conditions

The framework does not mean every crypto asset can qualify instantly.

One of the key requirements is that futures tied to the asset must have traded for at least six months on a CFTC-regulated exchange.

This condition ensures sufficient market maturity before related ETFs can launch.

For XRP, futures began trading on May 19, 2025, meaning the earliest possible ETF approval under the new standards would be November 19.

Other altcoins, including Litecoin (LTC), Solana (SOL), Cardano (ADA), and Dogecoin (DOGE), will need to meet the same futures trading requirement before qualifying.

This sets clear benchmarks for when new ETFs tied to these assets might realistically debut.

Market impact and risks

The SEC’s move is widely viewed as a milestone for the industry.

By positioning crypto ETFs alongside established commodity-based products, the agency is offering issuers and investors a clearer and more predictable path to market.

The change could boost institutional demand for altcoin exposure, reinforcing the narrative of digital assets moving deeper into mainstream finance.

However, uncertainties remain. Bloomberg analyst James Seyffart has warned that the looming US government shutdown could complicate the timing of approvals.

add in the potential for a government shut down and this can get wonk!

— James Seyffart (@JSeyff) September 29, 2025

Polymarket data currently suggests a high probability of a shutdown by October 1, a scenario that may disrupt the SEC’s ability to process filings.

Even without such disruptions, some analysts caution that the hype surrounding ETF approvals could lead to a short-term “sell-the-news” pullback once products go live.

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• Polkadot has opened voting on DOT-backed pUSD amid strong support and sharp criticism.
• The previous failed aUSD stablecoin project raises doubts over governance and technical trust.
• Polkadot founder Gavin Wood is pushing the stablecoin strategy to steady validator rewards.

The Polkadot community is weighing one of its most consequential proposals to date, a plan to launch a native stablecoin backed entirely by DOT tokens.

Known as pUSD, the project is being debated through an on-chain referendum that has quickly attracted strong interest, passionate support, and sharp criticism in equal measure.

Polkadot’s push for a native stablecoin

The proposal was introduced by Bryan Chen, co-founder and chief technology officer of Acala, through RFC-155.

The proposal aims to deploy a DOT-backed stablecoin on Polkadot’s Asset Hub, utilising the Honzon protocol.

For reference, Honzon previously powered Acala’s failed aUSD stablecoin, a connection that has fueled both technical optimism and community mistrust.

Chen has argued that Polkadot must have a native, decentralised stablecoin to reduce reliance on USDT and USDC, which dominate the ecosystem with a combined market share of more than $74 million.

Without such a move, Chen warned, the network risks losing liquidity and strategic advantages to competing chains that already feature their own native stablecoins.

At the time of writing, more than 74.6% of votes are cast in favour of the measure, though it has not yet reached the 79.7% approval threshold required for passage.

Over $5.6 million worth of DOT, amounting to more than 1.4 million tokens, has already been committed to the vote.

The vote remains open for another three weeks, ensuring that the outcome is far from certain.

Acala’s memories and community doubts

While the case for a DOT-backed stablecoin is clear to many, memories of Acala’s collapse in 2022 still hang over the debate.

Acala’s aUSD project was crippled after an exploit, leading to a loss of trust and financial damage that rippled across the ecosystem.

Critics argue that no one involved with Acala should be tasked with launching another stablecoin, no matter the technical merits of the underlying protocol.

Some of the network’s most vocal participants have voted against the measure, pointing to the risk of repeating past mistakes.

The group known as TheGlobedotters stated that Acala should never again be entrusted with a strategic project of this scale, while others stressed the need for strict oversight from Polkadot’s Technical Fellowship before any stablecoin could be deployed.

The White Rabbit, another community member, opposed the proposal but suggested they could support it under conditions that explicitly exclude Acala from development and guarantee robust governance safeguards.

Gavin Wood outlines the broader vision for Polkadot

Polkadot founder Gavin Wood has added weight to the conversation by articulating a wider strategy for stablecoins within the ecosystem.

Earlier this month, Wood argued that Polkadot must pursue multiple approaches, including fully collateralised native stablecoins and what he termed “stable-ish” assets designed to reduce, but not eliminate, DOT’s volatility.

Wood also highlighted validator incentives as a key consideration. He has floated the idea of paying validators directly in a DOT-backed stablecoin such as pUSD, instead of volatile DOT rewards.

This shift, Wood argued, would stabilise validator income, attract institutional participants, and strengthen the network’s long-term security model.

Under the design, DOT would be used as collateral, and PUSD would be minted against it with liquidation mechanisms ensuring the peg remains intact.

Supporters say this could solve a long-standing problem of validator earnings fluctuating sharply as DOT’s price swings.

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• IBIT surpasses Deribit with $38B in Bitcoin options open interest, reshaping crypto markets.
• Wall Street’s rise in Bitcoin options brings tighter spreads, deeper liquidity, and less volatility.
• Deribit, now owned by Coinbase, stays popular with crypto-native traders despite losing the top spot.

BlackRock’s iShares Bitcoin Trust has overtaken Coinbase’s Deribit as the leading platform for Bitcoin options, signaling a shift in the center of gravity for crypto trading from offshore hubs to Wall Street.

IBIT takes the lead

Open interest in options tied to the Nasdaq-listed iShares Bitcoin Trust (IBIT) reached nearly $38 billion, outpacing $32 billion on Deribit following Friday’s contract expiry, according to data from Bloomberg and Deribit.

This development marks a significant milestone.

Deribit, founded in 2016, had long dominated Bitcoin options activity and was widely seen as the go-to marketplace for crypto derivatives.

The change comes less than a year after IBIT introduced options in November, underscoring its rapid ascent.

With $84 billion in assets, IBIT is already the world’s largest Bitcoin exchange-traded fund.

The growth of its options market is reinforcing a feedback loop in which deeper liquidity drives legitimacy, attracting more inflows and further strengthening its position.

Wall Street’s growing role in Bitcoin markets

Market participants view the development as part of a broader structural shift in crypto markets.

George Mandres, senior trader at XBTO Trading, said in a Bloomberg report that Wall Street’s increasing participation in Bitcoin options brings “substantial capital and trading expertise.”

He argued that the presence of large financial institutions is contributing to tighter spreads, deeper liquidity, and greater efficiency across the market.

Mandres also suggested that the influence of traditional players could lead to a “volatility of volatility” dampening effect, making Bitcoin price swings less extreme.

As institutional investors weigh Bitcoin alongside traditional assets such as gold or major currencies, he sees the potential for a long-term decline in volatility.

Still, Mandres emphasized that the transition will not result in the complete centralization of liquidity in the US.

Instead, he anticipates the emergence of two parallel ecosystems: one centered around regulated traditional finance (TradFi) products like IBIT, and another in offshore and decentralized finance (DeFi) venues catering to higher-risk traders.

Deribit’s role and the offshore market

Despite losing its top ranking, Deribit remains a key player in Bitcoin derivatives markets.

Acquired by Coinbase for about $2.9 billion in August, the platform continues to attract crypto-native traders drawn to its flexibility and offshore operating model.

For years, Deribit was synonymous with leverage-driven crypto derivatives trading, shaping market dynamics through its dominance.

While IBIT’s rise underscores Wall Street’s growing footprint, Deribit’s continued popularity reflects the enduring demand for less-regulated environments and experimental financial products.

The shift in leadership highlights a fundamental transformation: Bitcoin derivatives are moving closer to the regulated core of the US financial system.

This evolution could reshape how both institutions and retail investors approach the asset class, balancing the appeal of stability and oversight against the appetite for risk and innovation.

As Bitcoin’s role in mainstream finance continues to evolve, the split between regulated and offshore markets may define the next phase of growth in digital assets.

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