Crypto News Round-Up — September 2025

Key developments in the crypto sector over the past day include major regulatory proposals, market infrastructure initiatives, and emerging threats. U.S. regulators unveiled broad plans that could reshape digital asset rules, while lawmakers debated a sweeping trading bill (Axios). Meanwhile, traditional exchanges and fund managers are moving into crypto, just as new North Korean scams struck the industry.

• SEC Unveils Crypto Agenda
• Senate Crypto Trading Bill Expands
• Nasdaq Pushes Tokenized Securities
• North Korean Recruitment Scams
• Ethereum ETF on the Horizon
• SEC and CFTC Joint Initiative

SEC Unveils Crypto Agenda

The U.S. Securities and Exchange Commission released a new rule-making agenda on Sept. 4 aimed at overhauling cryptocurrency regulations (Reuters). The proposals call for clearer definitions of digital asset offerings, new exemptions and safe harbors for token sales, and clarification of how crypto activities fit into existing broker-dealer frameworks. The agenda even contemplates permitting crypto assets to be traded on national securities exchanges and alternative trading systems – a major shift toward integrating crypto with traditional markets (Reuters).

SEC Chair Paul Atkins emphasized the need to encourage innovation while protecting investors. He noted that the new approach aligns with the current administration’s pro-crypto stance, in contrast to the stricter enforcement policies of the previous era. The plan also includes streamlining disclosure requirements and reducing certain compliance burdens for public companies, all designed to modernize financial rules and promote market efficiency in digital assets (Reuters).

• By establishing clearer rules and safe harbors, regulators hope to reduce uncertainty for crypto firms and investors (Reuters).
• Allowing crypto trading on regulated exchanges could dramatically expand access and liquidity for digital assets.
• The shift in policy tone may restore confidence among institutions wary of past regulatory crackdowns (Reuters).
• Lowering shareholder and disclosure burdens may encourage more companies to engage with blockchain projects.

Senate Crypto Trading Bill Expands

According to Axios, U.S. Senate Republicans have released a substantially expanded draft of a crypto trading regulation bill (Axios). The updated draft now runs 182 pages, up from an initial 35-page outline circulated in July. This longer version reportedly curtails broad regulatory discretion and explicitly divides oversight responsibilities between agencies. Key provisions under debate include how the SEC and CFTC will jointly oversee digital asset markets.

The legislative negotiations remain tense as stakeholders review the new language. Lawmakers hope the expanded bill can become bipartisan legislation to bring federal clarity to crypto trading. However, the size and scope of the draft indicate that achieving consensus may take time. The changes suggest Congress is moving toward a unified crypto trading law rather than piecemeal rules, but the final passage timeline is uncertain (Axios).

• Growing the bill from 35 to 182 pages suggests lawmakers are covering more contingencies and details (Axios).
• Explicitly limiting regulatory discretion could narrow agencies’ enforcement powers but would improve predictability.
• Defining SEC vs. CFTC roles in law may prevent jurisdictional conflicts over crypto assets.
• A comprehensive bill could unify U.S. crypto rules, but complexity raises the risk of delays or disagreements.

Nasdaq Pushes Tokenized Securities

Global stock exchange operator Nasdaq has reportedly been pursuing the launch of tokenized securities trading (Reuters). Under the plans, Nasdaq would use blockchain or similar distributed ledger technology to issue and trade tokenized versions of traditional assets like stocks and funds. This initiative is said to align with the SEC’s more crypto-friendly stance, as regulators update rules to allow greater integration of blockchain into capital markets (Reuters).

If implemented, Nasdaq’s tokenization effort could bridge digital assets and conventional finance. Institutional investors might be attracted to tokenized products for their efficiency and transparency. The information available suggests Nasdaq is actively exploring which assets to tokenize and how to list them. However, these efforts hinge on clear legal and custody frameworks to protect investors and ensure regulatory compliance.

• A major exchange listing tokenized securities would signal growing mainstream acceptance of blockchain technology (Reuters).
• Tokenization could enable fractional ownership and faster settlement of traditional assets.
• Success depends on regulators approving processes for custody and issuance of digital tokens (Reuters).
• If realized, this could open new capital and liquidity channels by blending crypto tech with familiar market infrastructure.

North Korean Recruitment Scams

Cybersecurity researchers have uncovered a new North Korean campaign targeting crypto industry workers (Reuters). In a scheme dubbed “Contagious Interview,” attackers impersonate recruiters on platforms like LinkedIn and Telegram. They post fake job listings and use bogus profiles to lure crypto employees into downloading malware or revealing wallet credentials. Victims often only realize the fraud after funds have been stolen.

This Reuters investigation found that such recruitment scams are part of a broader lucrative cybercrime effort by North Korea to fund its weapons programs. Last year, North Korean-linked hackers are estimated to have stolen at least $1.34 billion in cryptocurrency (www.reuters.com). Major firms, including Robinhood and Kraken, have been impersonated in these attacks. Security experts identified hundreds of targeted individuals in early 2025, suggesting the operation is only one facet of a much larger global campaign (Reuters).

• State-backed threat actors are increasingly eyeing crypto professionals, not just exchanges or blockchains.
• Fraudulent recruitment tactics highlight the need for individuals to verify job offers and download sources.
• The large sums stolen underscore the geopolitical stakes: stolen crypto may fund illicit programs (Reuters).
• Victims often only discover the scam when they can’t access their funds, emphasizing preventive caution.

Ethereum ETF on the Horizon

Market speculation has surged around reports that U.S. regulators may soon approve exchange-traded funds for Ethereum (Bloomberg). Firms like BlackRock, ARK Invest/21Shares, and others have filed applications for Ether-based ETFs, hoping to tap investor demand similar to existing Bitcoin funds. Industry commentary suggests SEC staff are recommending approval of at least one spot Ethereum ETF, riding on the success of Bitcoin products. Traders say anticipation of an ETH ETF has already influenced prices this week (Bloomberg).

An approved Ethereum ETF would allow traditional investors to gain exposure to Ether through regulated financial channels. This is expected to draw new capital into the cryptocurrency market, as it did when Bitcoin ETFs launched. Analysts note that such a fund could further legitimize Ethereum’s role in finance and may spur more institutional participation in decentralized finance projects (Bloomberg). However, markets await official announcements; for now, these developments underscore a continued easing of crypto-oriented investment rules.

• An ETF would make Ethereum accessible to wary institutional and retail investors via familiar brokerage accounts.
• Launching an ETH fund could distribute inflows beyond Bitcoin, potentially increasing overall crypto market stability.
• Regulatory approval signals growing acceptance of digital assets as a safe investment class (Bloomberg).
• Investors should note that, even in ETF form, Ethereum remains volatile and subject to changing market conditions.

SEC and CFTC Joint Initiative

The SEC and the U.S. Commodity Futures Trading Commission have announced a cooperative crypto oversight initiative (Reuters). The two agencies said they would coordinate their regulatory efforts on digital assets, focusing in particular on the treatment of leveraged or margined crypto products. By working together, the SEC and CFTC intend to issue unified guidance for listings of complex crypto-based instruments and ensure consistent investor protections across markets (Reuters).

This joint effort highlights regulators’ recognition of overlap in their jurisdictions over digital assets. Industry participants view it as a move toward clearer, harmonized rules rather than fragmented mandates. The agencies underscored that providing guidance on new crypto offerings is meant to reduce uncertainty for fund issuers, exchanges, and investors. A coordinated approach could accelerate the adoption of compliant products by setting shared standards for tone and enforcement (Reuters).

• A unified SEC-CFTC framework may prevent conflicting regulations and ease compliance for crypto businesses.
• Guidance on leveraged crypto trading can limit risky speculative products for retail investors.
• The joint announcement is seen as a sign that regulators are prioritizing clarity over turf wars (Reuters).
• Coordinated rules may boost confidence in more complex crypto offerings as the industry matures.

Heads up: cryptocurrency markets are highly volatile and rapidly evolving. This summary is meant for informational purposes and not as investment advice. Always do your own research (DYOR) before trading or investing in digital assets, and be aware of the risks.

Bottom Line

These developments reflect a crypto landscape in flux. On one hand, regulators and institutions are moving to legitimize digital assets—through clearer rules, new trading venues, and potential ETFs—suggesting growing mainstream acceptance. On the other hand, security threats and fast-changing policies mean uncertainty remains high. The bottom line: investors should stay informed as the industry evolves, but proceed cautiously and be prepared for volatility. New rules and products can bring opportunities, but the crypto market still requires careful risk management.