gm 21/09

Summary
gm, The U.S. Treasury opened a 30-day comment period for implementing the GENIUS Act—the first major U.S. legislation focused on stablecoin regulation. Meanwhile, BitGo filed for a U.S. IPO with $90 billion in assets under custody, reflecting growing institutional confidence, while Ethereum developers scheduled the Fusaka upgrade for December 3, which will increase blob capacity to enhance network efficiency and reduce transaction fees. On the product front, Rex-Osprey's debut of XRP and Dogecoin ETFs marked a major milestone, with the XRP ETF bringing in nearly $38 million on its first day—the largest ETF launch of 2025—signaling strong demand for regulated altcoin investment products as the SEC streamlines commodity-based trust approval processes.

News Headlines
🔄 Ethereum's Peer-to-Peer Backbone Faces Open-Source Funding Gap

• Ethereum's peer-to-peer networking stack, libp2p, is encountering a significant funding gap as Shipyard, its primary maintainer, will stop supporting Go and JavaScript implementations by September 30, posing a potential risk to validator performance and network stability.
• Alternatives like the Tea Protocol aim to address funding issues through a blockchain-based model that incentivizes maintaining open-source dependencies, while MIT's Muriel Médard's mumP2P presents a potential replacement for libp2p that could significantly reduce network latency.

📈 Valour Launches Bitcoin Staking ETP on London Stock Exchange

• Valour Digital Securities has introduced its Bitcoin Physical Staking ETP on the London Stock Exchange, expanding from Germany's Xetra market, with the fully bitcoin-backed product (ticker: 1VBS) stored in cold storage by regulated custodian Copper.
• The ETP promises an estimated annual yield of 1.4% through Core Chain's Satoshi Plus consensus mechanism, with retail access scheduled to begin on October 8 when new Financial Conduct Authority guidelines take effect.

🤖 AI Now Way Better at Predicting Startup Success Than VCs

• A groundbreaking study from Oxford and Vela Research reveals that large language models (LLMs) like GPT-4o and DeepSeek-V3 dramatically outperformed traditional venture capitalists in predicting startup success, using a benchmark called VCBench.
• DeepSeek-V3 offered six times the precision of the market index in identifying successful startups, while GPT-4o achieved the highest scores overall, suggesting AI could transform early-stage investing by making it more meritocratic and less reliant on personal connections.

🔍 Less than 0.001% Chance MYX Trading Activity Was Organic: Report

• A report by Rena Labs and Insider.Cash analyzed over 9,200 minute-by-minute trading data points for the MYX token, finding 249 anomalies linked to illiquidity, volume spikes, price ratios, and trade intensity that suggest market manipulation.
• The analysis concluded there is less than a 0.001% probability that these trading patterns occurred naturally, with additional concerns raised by Bubblemaps regarding a recent MYX token airdrop potentially affected by a Sybil attack.

💰 WLFI Rises as Trump-Backed World Liberty Plans to Buy Back and Burn Tokens

• The WLFI token from Trump-backed World Liberty Financial is seeing a price increase after holders voted overwhelmingly (99.84%) to approve a proposal to buy back and burn tokens using fees earned from liquidity activities.
• The buyback program will utilize all fees generated by the protocol for purchasing WLFI tokens on the open market and permanently removing them from circulation, with the token's price already up 6% on the day and over 13% for the week.

Market Metrics

Fundraising & VC
No fundraising data today.

Regulatory
📱 X Takes Legal Action Against Crypto Scamming Network

• Social media platform X is pursuing legal action against banned users, including crypto scammers, who allegedly attempted to bribe employees to regain platform access.
• The scammers are reportedly connected to larger criminal organizations and a group identified as "The Com," which the FBI had previously warned about as a sophisticated cyber crime threat.

⚖️ Former SEC Chair Gensler Defends Crypto Enforcement Strategy

• Gary Gensler, former SEC chair, expressed no regrets about his regulation-by-enforcement approach to crypto during his 2021-2025 tenure, despite industry criticism.
• Gensler's comments come as the SEC undergoes significant policy shifts under new leadership, including the abandonment of numerous investigations and the assertion that "very few tokens are securities."

📊 SEC Approves New Standards for Crypto ETFs

• The SEC has approved general listing standards for commodity-based trust shares, eliminating the need for individual approval of each crypto ETP and paving the way for more diverse offerings.
• Following this regulatory shift, Grayscale launched its Crypto 5 ETF on NYSE Arca, with industry experts predicting a significant surge in diversified crypto investment products.

🏦 Institutional Demand Grows with New Crypto Treasuries and SEC Reforms

• Corporate cryptocurrency treasuries are expanding rapidly, with Helius Medical Technologies launching a $500 million initiative focused on Solana token and Standard Chartered's venture arm planning a $250 million digital asset investment fund for 2026.
• The SEC has issued new standards for spot crypto ETFs and approved the first multi-asset crypto ETP in the US, while a survey revealed that over 40% of Americans are interested in DeFi, indicating significant growth potential.

💳 Coinbase CEO Aims to Replace Banks with Crypto Super App

• Coinbase CEO Brian Armstrong announced plans to develop a crypto "super app" offering services like credit cards, payments, and Bitcoin rewards to compete with traditional banks.
• Armstrong criticized high transaction fees in traditional banking and defended Coinbase's recent initiative to allow users to lend USDC directly through the app as a modern alternative to banking.

Technical Analysis
Bitcoin - Bitcoin has broken through the floor of a rising trend channel in the short term. This indicates a slower rising rate at first, or the start of a more horizontal development. The currency has support at points 107700 and resistance at points 117600. Positive volume balance shows that volume is higher on days with rising prices than days with falling prices. This indicates increasing optimism among investors. RSI above 70 shows that the currency has strong positive momentum in the short term. Investors have steadily paid more to buy the currency, which indicates increasing optimism and that the price will continue to rise. However, particularly for big stocks, high RSI may be a sign that the stock is overbought and that there is a chance of a reaction downwards. The currency is overall assessed as technically positive for the short term.

Ethereum - Ethereum is within an approximate horizontal trend channel in the short term. This indicates that investors are uncertain and waiting for signals of further direction. A break upwards will be a positive signal, while a break downwards will be a negative signal. The currency is between support at points 4300 and resistance at points 4800. A definitive break through of one of these levels predicts the new direction. The currency is assessed as technically slightly positive for the short term.