Bybit Pay has integrated with Mesh’s network of more than 300 wallets, exchanges and financial platforms, giving Bybit’s claimed 80 million users a direct way to spend or transfer assets held in their exchange accounts.

Bybit Pay removes a step from crypto payments

Bybit said in a Sept. 3 announcement that users can now access their exchange balances when checking out or adding funds on platforms powered by Mesh.

When Bybit Pay appears among the available payment methods, a customer can select it and use assets already held in a Bybit account. The process removes the need to withdraw funds to a separate wallet, convert them manually, or transfer them to another service before completing a transaction.

For businesses, the integration adds another payment source without requiring a separate connection to Bybit. Companies that already use Mesh can enable Bybit Pay through the same technical setup, allowing them to accept payments from eligible Bybit users.

Bybit described its customer base of 80 million as a potential market for participating merchants. The figure comes from the company and was not independently verified in the announcement.

Settlement settings form another part of the service. According to Bybit, Mesh’s programmable tools let businesses set how and when funds are settled in different markets. The announcement did not list the supported cryptocurrencies, settlement currencies, transaction fees, or geographic restrictions attached to the new option.

“People shouldn’t have to move their money to use it,” Mesh co-founder and CEO Bam Azizi said. “We bring the network to where the money already is.”

Sophie Chen, head of marketing at Bybit Card and Pay, said customers can use an asset held in their account while the receiving platform obtains its preferred asset. Such conversion and settlement functions can reduce the number of manual steps required when the payer and recipient want different currencies.

Bybit Pay is available to Mesh-connected businesses from Sept. 3, according to the exchange. Merchants must still choose to activate it before their customers can use the option.

Mesh connects more than 300 financial platforms

Mesh operates an infrastructure layer connecting wallets, crypto exchanges, and financial applications. Rather than requiring users to copy wallet addresses and arrange separate transfers, participating services can place supported accounts and payment choices inside their own interfaces.

The network covers more than 300 platforms, according to Mesh. Its tools support digital asset transfers, account connections, and payment settlement between participating services, although access to individual functions depends on the platform, asset, and market involved.

A similar model was used when CoinDCX added Mesh transfers in April 2024. The connection allowed CoinDCX customers to move assets from linked accounts without copying long wallet addresses, while transfers were initiated through an in-app menu.

PayPal Ventures had also invested $5 million in Mesh using the PYUSD stablecoin in January 2024. At the time, Mesh was developing services for payments, account aggregation, and trading across hundreds of connected platforms.

The company has since moved further into payment settlement. Merchants may receive a chosen stablecoin or fiat currency even when a customer pays with a different supported asset, depending on the configuration available through the service. Such arrangements place asset conversion behind the payment screen instead of requiring the customer to complete each step separately.

In May, Mesh also entered another public-sector use case when Bermuda adopted Stellar rails for government payments. The program coincided with an integration between Stellar and Mesh, which connected participating wallets and services to stablecoin settlement on the network.

Mesh funding has put payment infrastructure in focus

Mesh raised $75 million in a Series C funding round in January, bringing its total financing above $200 million and valuing the company at $1 billion.

Dragonfly Capital led the round, with Paradigm, Moderne Ventures, Coinbase Ventures, SBI Investment, and Liberty City Ventures also participating. The company said it would use the financing to extend its operations across Latin America, Asia, and Europe.

As crypto.news reported in January, Mesh led a week in which 14 crypto projects disclosed a combined $243.9 million in financing. The company was formerly known as Front Finance and had raised about $205 million in total at that point.

Investor interest continued in July, when Axios reported that Binance planned to lead another Mesh round at a valuation of as much as $2 billion. Neither company had formally announced or completed the reported deal when the funding talks emerged.

A transaction at the reported valuation would double the company’s January figure. The talks also included a direct connection to the exchange market because Binance, like Bybit, holds customer assets that could be used through payment tools if the relevant services are linked.

Mesh’s existing investors already include Coinbase Ventures and PayPal Ventures, giving the company financial ties to both crypto exchanges and a major payments group. Its latest integration adds Bybit’s customer accounts as another funding source across participating merchant and financial platforms.

U.S. users face separate tax and access questions

Bybit’s announcement described the Mesh connection as a global integration but did not state whether Bybit Pay would become available to customers in the United States. Access will depend on Bybit’s regional services, the location of each merchant, and the assets supported for a particular transaction.

For Americans who can access a supported crypto payment service, spending digital assets can carry a federal tax obligation even when the payment takes place directly from an exchange balance.

The Internal Revenue Service treats digital assets as property rather than currency for U.S. tax purposes. Its guidance says exchanging crypto for goods or services counts as a disposal, requiring the user to calculate any capital gain or loss from the asset’s cost basis and fair market value at the time of payment.

The IRS also requires taxpayers to report digital asset transactions even when they do not produce a taxable gain. Records should include the asset, transaction time, number of units, dollar value, and cost basis, according to the agency.

Broker reporting rules add another consideration. The IRS says certain custodial trading platforms, hosted wallet providers, and processors of digital asset payments fall within final reporting regulations. Gross-proceeds reporting began for covered transactions completed from Jan. 1, 2025, while basis reporting for certain transactions started on Jan. 1, 2026.

THAILAND

Thai businessmen sue Tether for freezing $42M in $61M pig butchering case

Two Thai businessmen have sued stablecoin issuer Tether in a New York district court, claiming it illegally froze $42.4 million in Tether USDt (USDT) in October, as part of a broader case tied to a pig butchering scheme.

The plaintiffs claimed that Tether illegally froze the $42 million without a warrant in October 2025, following an informal request from US Homeland Security Investigations.

Authorities in the Eastern District of North Carolina only issued a seizure warrant for the funds later in February 2026. The warrant directed the burn and reissuance of the tokens to a government wallet. 

While the plaintiffs didn’t dispute their involvement in the investment scam, the lawsuit tests the freezing authority of stablecoin issuers.

Thailand adopts crypto Travel Rule with self-custodial wallet checks

Thailand is tightening oversight of crypto transfers, including transactions involving self-custodial wallets, as it moves to align with global Anti-Money Laundering (AML) standards.

Thailand’s Securities and Exchange Commission (SEC) issued new Travel Rule regulations requiring digital asset operators to collect information about parties involved in crypto transfer.

The rules will take effect on Feb. 27, 2027.

Thailand SEC proposes retail access to regulated overseas crypto derivatives

Thailand’s Securities and Exchange Commission (SEC) has proposed allowing intermediaries to facilitate retail access to certain digital asset derivatives traded overseas. 

Under the proposal, eligible products would need to resemble crypto derivatives traded in Thailand, including their underlying assets, maturity, leverage and settlement methods. 

The products must also trade on an exchange that uses a central counterparty for clearing and is overseen by a regulator belonging to specified international regulatory or exchange groups. 

The consultation remains open until Sept. 30.

ASIA

Pencil Finance completes $1M onchain lending cycle for 6.6K students in Southeast Asia

Pencil Finance has completed a $1 million onchain student loan cycle, offering financing to 6,600 students in Southeast Asia who were underserved by traditional lenders.

Of the 6,600 students across 118 schools and universities in Southeast Asia, about 1,050 received direct funding. Pencil said the loans were designed for students underserved by traditional lenders, with 50% female borrowers and 93% stemming from lower-income households.

Pencil Finance claims this is the first-ever fully onchain lending cycle financing student loans transparently recorded on the blockchain network.

Asia crypto custody deals from Ripple and Coincheck

Ripple has partnered with digital asset infrastructure company SettleMint to offer financial institutions solutions for custody, issuance and management of tokenized assets across their full lifecycle.

Digital asset service provider Coincheck Group has also partnered with wallet infrastructure provider DFNS to build digital asset wallet technology and custody services in Japan.

SINGAPORE

Singapore weighs recognizing some foreign-issued stablecoins

The Monetary Authority of Singapore (MAS) is reconsidering its earlier restriction on stablecoins issued across multiple jurisdictions, proposing a route for some jointly issued tokens to qualify under its regulatory framework.

Under one proposal, stablecoins jointly issued by a Singapore issuer and a foreign issuer could be regulated under the framework and labeled “MAS-regulated stablecoins,” provided that the associated risks are sufficiently mitigated.

MAS is also considering recognizing a limited number of foreign-issued stablecoins regulated under comparable overseas frameworks, citing their potential use in cross-border wholesale transactions.

AUSTRALIA

Australia warns unlicensed crypto firms of fines up to 10% of annual turnover

Australian crypto companies relying on temporary regulatory relief have until Sept. 30 to apply for a financial services license or risk penalties, including fines reaching 10% of their annual turnover. 

The Australian Securities and Investments Commission (ASIC) said businesses requiring an Australian Financial Services license must apply for one or seek changes to an existing license before the deadline. 

ASIC has recorded more than 45 digital asset-related license applications to date. 

UAE

Standard Chartered launches spot Bitcoin and Ether trading in UAE

London-headquartered multinational bank Standard Chartered has launched spot Bitcoin and Ether trading for institutional clients in the United Arab Emirates (UAE).

The move makes Standard Chartered the first global bank to offer institutional digital asset trading in the region and the first Global Systemically Important Bank (G-SIB) with a similar offering, the bank said.

JAPAN

Japan’s Remixpoint dumps altcoins

Remixpoint, one of Japan’s largest corporate Bitcoin holders, sold all its altcoins, leaving about 1,506 BTC ($115 million) as its only cryptocurrency holding as it concentrates its crypto strategy around Bitcoin.

Remixpoint sold its Ether, Solana, XRP and Dogecoin holdings for a combined 878.8 million yen ($5.5 million), generating a 117.8 million yen ($736,000) gain, according to a Wednesday company disclosure.

The company recorded gains on its ETH, SOL and XRP sales but sold its DOGE holdings at a 3.26 million yen ($20,000) loss.

Japanese regulator seeks stablecoin tax exemption

Japan’s Financial Services Agency (FSA) submitted a request to exempt trust-type stablecoins from mandatory tax filings starting in fiscal year 2027.

Metaplanet moves 4,800 BTC worth $377M to Coinbase

The Japanese Bitcoin treasury company has transferred 10,270 BTC to Coinbase Prime this week, triggering speculation about the company selling its holdings.

Japan’s FSA Warns Hong Kong-Based IZAKA-YA Over Unregistered Services

Japan’s Financial Services Agency issued a formal warning to Hong Kong-based Izakaya Limited, alleging its cryptocurrency exchange services are unregistered.

SBI Holdings Takes 20% Stake in Indonesia’s Ajaib Group

Japan’s SBI Holdings will spend $270 million to acquire a 20% stake in Indonesian online brokerage Ajaib Group. The aim is to expand its crypto business across the region and to promote SBI’s yen stablecoin JPYSC.

HONG KONG

Hashkey joins DTCC working group as first Asian crypto service provider

Hashkey joined the Depository Trust & Clearing Corporation’s (DTCC) Digital Assets Advisory Services Industry Working Group as its first Asian digital asset service provider. 

Hashkey joins over 100 other global financial institutions including JPMorgan Chase, Goldman Sachs, Nasdaq and the New York Stock Exchange.

DTCC custodies $114 trillion in liquid assets, including stocks and exchange-traded funds. Its working group was formed to connect traditional finance with decentralized finance (DeFi) infrastructure. DTCC plans to launch access to tokenized securities in October.

Bitcoin Asia conference ‘subdued’

The mood at Bitcoin Asia in Hong Kong was subdued according to the South China Morning Post.

Despite a pep talk by Binance founder Changpeng Zhao who declared Bitcoin “will for sure become more important than gold” the bear market hangover was all too evident.

“Psychologically, I think this has been one of the hardest bear markets we’ve had, because this time it wasn’t just the price of bitcoin that took a hit,” said Brandon Green, CEO of conference organiser BTC, during his opening address.

“This time, the Bitcoiners’ ego also took a hit.”

OSL Group Reports 65.8% Revenue Surge

Hong Kong-based digital asset firm OSL Group reported a 65.8% revenue increase in its first-half financial results.

SFC warns Star Bridge Capital is unlicensed

Hong Kong’s Securities and Futures Commission has added Star Bridge Capital Group to its Alert List following forced liquidation anomalies and millions in trader losses.

KOREA

Mirae Asset lays out crypto, stablecoin, tokenization plans for Digital X

South Korean financial group Mirae Asset plans to build a 150 trillion won ($109 billion) digital asset business around Digital X, the crypto exchange formerly known as Korbit, according to The Korea Times.

The report said Digital X will focus on crypto, stablecoins, real-world assets and security token offerings, with plans to tokenize physical assets including gold, silver and electricity.

The expansion plans follow Mirae Asset Consulting’s acquisition of a 97.15% stake in Korbit in July for a cumulative 141.4 billion won. The exchange was subsequently rebranded as Digital X, marking the first time an affiliate of a South Korean financial group acquired control of a domestic crypto exchange.

Kalshi, the prediction-market platform, is reportedly looking to expand into energy derivatives with a West Texas Intermediate (WTI) crude oil perpetual futures contract that would never expire—potentially positioning it as the first oil-linked “perps” product to trade on a regulated US venue.

According to a person familiar with the matter cited by Bloomberg, Kalshi could file the product with the Commodity Futures Trading Commission (CFTC) as soon as next week. Reuters reports the contract would trade 24 hours a day, five days a week. Cointelegraph has reached out to Kalshi for comment.

Key takeaways

• Kalshi reportedly plans to file a WTI crude oil perpetual futures contract with the CFTC that would have no expiration date.
• If approved, it would be the first oil-linked perpetual futures product to trade on a regulated US exchange environment.
• The proposal would support near-continuous trading (24/5), reflecting ongoing regulatory debate over 24/7-style market structure.
• Kalshi’s derivatives push comes amid separate legal fights over how federal commodities rules interact with state gambling enforcement.

Why “perpetual” crude oil futures would matter

Perpetual futures—commonly shortened to “perps”—are derivatives that do not carry an expiration date. In practical terms, that structure can allow traders to hold positions indefinitely rather than rolling exposure into new contracts as maturity approaches.

If Kalshi’s WTI perpetual is approved, traders would gain a regulated venue for long-duration exposure to crude oil-linked price movements without the operational friction of frequent contract rollovers. The reported 24 hours a day, five days a week schedule would also reduce downtime relative to traditional futures market hours, which investors often cite as a key drawback for strategies that depend on continuous monitoring.

CFTC moves toward 24/7 and energy-linked perps

The report lands in the middle of an active regulatory review. In June, the CFTC sought public comments on extending standard futures contracts to 24/7 trading and on permitting perpetual contracts tied to physically delivered or storable energy commodities, including crude oil.

Those efforts have already produced friction. In July, the CFTC halted the self-certified listing of a CME Group contract intended to introduce 24/7 crude oil futures trading. The regulator said it was examining whether the product complied with federal commodities law.

Kalshi’s reported filing would place a new bet on the same broader agenda: how to structure continuously operating derivatives markets under existing commodities regulations. Should the CFTC approve a perpetual format for a storable, physically linked commodity like crude, it could effectively widen the set of instruments available to US traders while also testing the regulator’s willingness to treat perps as compatible with current statutory frameworks.

Regulatory spillover: other perpetual products and “onshore” arguments

Interest in perpetual derivatives is not limited to energy. Earlier coverage noted that Ondo Finance submitted comment letters to the SEC and CFTC on Aug. 24 urging regulators to bring stock-linked perpetual futures “onshore.” In those letters, Ondo argued that perpetual contracts tied to individual stocks could operate within the existing security futures framework without requiring entirely new rules.

While Kalshi’s proposal is specific to WTI crude oil rather than equities, the parallel underscores a common industry theme: market operators are pressing for clearer pathways to list perpetual derivatives in regulated markets rather than leaving them to offshore arrangements or fragmented venues.

Kalshi faces jurisdiction questions beyond derivatives design

Kalshi’s expansion into oil-linked perps also intersects with a different, ongoing dispute over jurisdiction and enforcement. The company’s prediction-market business has been dealing with questions about whether federal commodities law preempts state-level gambling enforcement against event contracts traded on CFTC-regulated exchanges.

On Tuesday, a Michigan state court issued a preliminary injunction barring Kalshi from offering sports-related event contracts in the state and ordered it to maintain geofencing that blocks Michigan residents. The legal battle continues at the federal level as well.

On Wednesday, New Jersey asked the US Supreme Court to address the jurisdictional dispute after federal appeals courts issued conflicting decisions in cases involving New Jersey and Nevada, Reuters reported.

Taken together, the filings described by Bloomberg and Reuters highlight two tracks of Kalshi’s current challenge: first, convincing regulators that new derivative structures—like perpetual oil-linked contracts and 24/5 trading—fit within commodities law; and second, navigating how state gambling restrictions apply when contracts are offered on CFTC-regulated platforms.

What to watch next

If Kalshi submits the WTI perpetual proposal as early as next week, the key question will be how the CFTC evaluates compliance for (1) a no-expiration perpetual structure tied to a storable energy commodity and (2) the market-hours approach for near-continuous trading. Traders and builders should watch the regulator’s response closely, since approval could set an important precedent for other energy-linked perps—while the outcome of Kalshi’s jurisdictional litigation could shape how far its broader prediction-market model can expand in the US.

Revolut has received conditional approval from the Office of the Comptroller of the Currency to form a U.S. national bank, with a 2027 launch, a $95 million capital injection and stablecoin service planned if regulators grant the remaining clearances.

Conditional approval moves Revolut closer to a 2027 launch

Revolut said on Sep. 3 that the OCC had conditionally approved its application to establish Revolut Bank US, N.A., taking the fintech through one stage of a process that began with its charter application in March.

Conditional approval does not allow the proposed bank to begin operating immediately. Revolut must satisfy the OCC’s conditions, secure deposit insurance from the Federal Deposit Insurance Corporation, and obtain approval from the Federal Reserve. The company will also need the OCC’s final authorization before opening the bank.

Planned for Stamford, Connecticut, the new entity would receive an initial capital contribution of about $95 million, according to the company. Revolut expects the operation to open in the first half of 2027 and employ about 160 people.

“We’re grateful for the OCC’s open and transparent dialogue throughout this process,” Revolut U.S. CEO Cetin Duransoy said. He added that the decision keeps Revolut “on track for a 2027 launch of our proposed national bank.”

Founder and group CEO Nik Storonsky described the decision as a foundation for offering Revolut’s full range of services in the United States. The company says it now serves more than 80 million customers globally.

Under its earlier U.S. banking plan, Revolut proposed serving customers who regularly use several currencies, including people with financial ties to Europe, Latin America and Asia. Duransoy previously said the company would rely on existing ATM networks instead of opening physical branches.

Revolut currently offers services to American customers through Lead Bank, an FDIC member. Receiving a final national charter would allow the fintech to provide covered banking products through its own U.S. bank rather than depend on a partner for the underlying accounts.

Revolut bank plans include deposits, credit and foreign exchange

Once authorized to operate, Revolut Bank US plans to offer checking accounts, credit cards, installment loans, and foreign exchange services. The company has also listed a stablecoin among the products expected from the proposed bank.

For U.S. customers, the charter would place eligible deposit accounts within the federal banking system. FDIC insurance, however, would apply to qualifying bank deposits rather than crypto assets or stablecoins, and coverage would depend on the proposed bank obtaining FDIC approval.

Revolut’s earlier product plan also included multicurrency deposits, investment accounts, stock trading and crypto trading. According to Reuters, business banking could follow the initial consumer launch, while mortgages are not part of the company’s first three-year plan.

The stablecoin proposal will face a separate federal rulebook. Under the GENIUS Act, which became law in July 2025, only permitted issuers may issue payment stablecoins in the United States. OCC proposals implementing the law cover reserves, redemptions, audits, risk controls, custody and supervision for issuers under the agency’s authority.

A national bank charter alone, therefore, would not settle every question around Revolut’s planned token. The issuer, structure, and launch conditions would need to comply with the stablecoin framework and any final regulations in force when the product reaches customers.

The planned U.S. token would add a crypto payment product to an institution also offering conventional deposits and credit. Revolut has not disclosed the stablecoin’s currency, network, reserve structure or planned release date.

Recent licenses have expanded Revolut’s regulated banking network

Outside the United States, Revolut spent 2026 adding banking and payments approvals in several markets. The company received banking licenses in the United Kingdom, Australia, and France, while its UAE business obtained a payments license.

In August, Revolut secured a French banking license, which created its second banking base in the European Union alongside Lithuania. The French entity is intended to support locally regulated deposits, lending, and savings products, beginning with customers in France before serving other Western European markets.

The French approval followed Revolut’s full U.K. banking license in March and its Australian banking authorization in July. During the same period, the company began operating as a bank in Mexico.

Revolut says it is also pursuing licenses in Brazil, Colombia, Peru, Argentina, and South Africa. The company’s expansion plan covers markets where it already has customers as well as countries where it wants to provide locally regulated lending and deposit services.

For crypto operations, the fintech holds authorization under the European Union’s Markets in Crypto-Assets framework through the Cyprus Securities and Exchange Commission. Dubai’s Virtual Assets Regulatory Authority also gave Revolut in-principle approval in July for services that could include crypto brokerage, exchange and asset management, subject to final authorization.

Revolut X, the company’s separate crypto trading platform, supports third-party AI assistant connections that can help customers examine portfolios, review market information and prepare trades. Revolut says customers retain control of the final order rather than allowing an outside assistant to execute it independently.

EURR gives Revolut an existing stablecoin product in Europe

Revolut has already entered the stablecoin market in Europe through EURR, a euro-backed token being distributed to eligible customers in Denmark, Poland and Portugal.

As crypto.news reported in August, EURR is issued by Bridge Building S.A., the Luxembourg entity of stablecoin infrastructure company Bridge, which Stripe acquired in 2025. Revolut Digital Assets Europe distributes the token through its regulated crypto service.

EURR is designed to maintain a value of €1 and initially operates on Ethereum. Bridge manages the token’s reserves under the European Union’s MiCA requirements, while Revolut plans to extend availability to other European Economic Area markets when its regulatory and operational preparations are complete.

Selected customers can move EURR to compatible external wallets, with access scheduled to increase as distribution and liquidity develop. Revolut has said additional networks and stablecoins linked to other national currencies are being considered, but it has not identified which currencies would follow the euro.

Senator Cynthia Lummis has backed the CLARITY Act as a way to extend Wyoming’s digital-asset model across the United States before a Sept. 15 Senate vote requiring 60 votes to advance.

Lummis presents Wyoming as a model for the CLARITY Act

Senator Cynthia Lummis said in an X post that Wyoming established rules for digital-asset businesses years before Congress began working on a federal market structure framework. The Wyoming Republican argued that the state’s experience shows lawmakers can regulate the industry while allowing companies to operate and raise money in the United States.

“Wyoming built a legal framework for digital asset companies years before Washington even started paying attention to digital assets, and we’ve proven it works,” Lummis said.

According to Lummis, the CLARITY Act follows the state’s approach by setting “clear rules that keep builders here” and applying them throughout the country. Her comments place business retention at the center of the bill’s case for passage as lawmakers debate whether federal uncertainty has pushed some crypto activity outside the United States.

Wyoming has enacted more than two dozen blockchain and digital-asset laws since 2018. State lawmakers created legal definitions for several forms of blockchain-based property and approved special-purpose depository institutions, commonly called SPDIs, to serve digital-asset companies under a state banking charter.

Unlike conventional banks, Wyoming SPDIs were designed to hold digital assets and provide related financial services under state supervision. The model gave crypto firms a defined legal route for custody and banking activities while federal agencies continued to apply existing securities, commodities, and banking laws on a case-by-case basis.

Federal adoption of a Wyoming-style system would not copy every state provision. The CLARITY Act deals with national trading, fundraising, disclosure and regulatory jurisdiction, while Wyoming’s laws cover state-chartered institutions and the legal treatment of digital property. Lummis has presented both frameworks as products of the same policy choice: writing specific rules before deciding whether a company has violated them.

CLARITY Act would divide SEC and CFTC authority

The CLARITY Act would create federal categories for digital assets and use those classifications to determine whether the Securities and Exchange Commission or the Commodity Futures Trading Commission has authority. Qualifying digital commodities would fall under the CFTC’s spot-market supervision, while the SEC would retain authority over assets and transactions that meet securities-law requirements.

Under the proposed framework, crypto exchanges, brokers, and dealers handling digital commodities would enter a federal registration system. Issuers of certain assets would also have to provide disclosures covering their operations, token ownership, and blockchain networks.

A May guide to the bill reported that the 257-page proposal contains six titles and uses a 20% control threshold when assessing whether a blockchain system has reached mature status. The test considers whether one person or a coordinated group controls enough of a network or its assets to influence its operation.

For US token issuers, the classification process could affect how they raise capital and whether secondary-market trading falls under SEC or CFTC rules. Investors could also receive different disclosures and customer protections depending on an asset’s category and the platform on which it trades.

The bill includes provisions for non-custodial software developers, wallet providers, and blockchain validators. Developers who publish or maintain software without controlling customer funds would not automatically face the registration duties imposed on exchanges or other centralized intermediaries.

As crypto.news previously covered, developer protections have remained part of the Senate dispute over decentralized finance and anti-money laundering controls. Lawmakers have debated how to protect people who write open-source software without creating an exemption for businesses that exercise control over transactions or customer assets.

Customer crypto would receive bankruptcy protection

Customer property in a failed crypto company represents another part of the proposed framework. Under the bill, digital assets held for customers would be treated as customer property in a Chapter 7 bankruptcy rather than becoming part of the failed company’s own estate.

Such treatment could help separate customer holdings from assets available to a company’s general creditors. The distinction matters when a platform enters liquidation because customers may otherwise have to pursue claims alongside unsecured creditors instead of recovering specifically identified assets held on their behalf.

The legislation links that protection to the way a company holds and records customer property. Custody arrangements, ownership records, and the terms accepted by users can affect how assets are handled in bankruptcy, leaving the statutory language and later agency rules important for US holders.

Wyoming’s framework addressed a related problem at the state level by defining control and ownership interests in digital assets. Lummis has cited that legal groundwork as evidence that lawmakers can write rules for crypto property without relying entirely on court decisions made after a company fails.

Alongside custody provisions, the CLARITY Act would impose disclosure and operating requirements on registered market participants. The SEC and CFTC would receive rulemaking assignments, requiring both agencies to write detailed standards after passage rather than putting every compliance requirement directly into the statute.

The CFTC’s prospective role would be especially large because the agency does not currently have general statutory authority over digital-commodity spot markets. Its existing remit focuses mainly on derivatives and enforcement against fraud or manipulation involving commodities.

Sept. 15 vote is a procedural test, not final passage

The House approved the CLARITY Act in July 2025 by a 294-134 vote, with 78 Democrats joining Republicans. In May 2026, the Senate Banking Committee advanced its portion of the legislation by a bipartisan 15-9 vote.

Senate Majority Leader John Thune later filed cloture on the motion to proceed, placing the bill in line for a procedural vote at 2:15 p.m. ET on Sept. 15. The motion needs support from 60 senators before the chamber can begin debate, consider amendments and move toward a final passage vote.

A recent Senate calendar analysis found that lawmakers will return from the August recess on Sept. 14 with 14 working days left before midterm campaigning limits the available legislative window. Even if cloture succeeds, senators could still change the text before voting on the full measure.

SEC Chair Paul Atkins said he expects the legislation to advance and wants it to reach President Donald Trump for his signature. Atkins’ support comes as the SEC develops separate digital-asset rules that can proceed without congressional approval.

Agency rulemaking, however, would not replace the Senate process. Congress can set permanent statutory boundaries between the SEC and CFTC, while rules adopted by either agency must remain within the authority already granted by federal law and can be revised by a future commission.

Changes in the Senate would also require the House to approve identical language before the legislation could reach the president. House leadership has canceled sessions during the second half of September ahead of the midterm election recess, leaving little time for the chamber to consider an amended Senate version during the month.

Coinbase has filed two SEC notice registrations dated Sept. 1 as it works to bring single-stock perpetual contracts to the United States through its regulated derivatives exchange and brokerage.

Coinbase said in a Sep. 3 post on X that it is working to offer single-stock perpetual contracts in the United States after submitting SEC notice registrations for two of its regulated derivatives businesses.

“We’re working to bring single stock perps to the US,” the company said.

The attached documents show that Coinbase Derivatives, LLC filed Form 1-N, while Coinbase Financial Markets, Inc. submitted Form BD-N. Both notices carry a Sept. 1 filing date.

According to the company, it plans to work with the Securities and Exchange Commission and the Commodity Futures Trading Commission as it brings more financial products into the U.S. market. Coinbase did not announce when trading could start or identify which listed companies could serve as the underlying assets.

Coinbase filings establish a dual SEC-CFTC route

Under SEC rules, Form 1-N allows an exchange regulated by the CFTC to register with the SEC for the sole purpose of trading security futures products. Coinbase Derivatives has operated as a CFTC-designated contract market since 2020, according to the company’s regulatory disclosures.

The SEC’s Form 1-N instructions state that the notice supplies the agency with information about the exchange’s ownership, operations, rules, trading systems and disciplinary procedures. Filing the document does not turn Coinbase Derivatives into a general-purpose stock exchange such as Nasdaq or the New York Stock Exchange.

For the brokerage side, SEC Form BD-N allows an eligible CFTC registrant to register as a broker-dealer solely for trading security futures. SEC rules require the applicant to be registered with the CFTC as either a futures commission merchant or an introducing broker and to hold membership in the National Futures Association or another qualifying association.

Coinbase Financial Markets is already registered as a futures commission merchant with the CFTC. Its new notice would support customer access to security futures listed through the affiliated Coinbase Derivatives exchange.

According to the CFTC, futures on individual securities and narrow-based stock indexes are classified as security futures products. Such contracts carry features of both securities and futures, placing them under the joint authority of the SEC and CFTC.

The two filings therefore cover distinct functions: Coinbase Derivatives would provide the market where contracts are listed, while Coinbase Financial Markets would serve as the regulated intermediary for customers. Neither document shown in the announcement contains contract terms nor confirms final clearance for a commercial rollout.

Single-stock perpetuals would extend an existing overseas product

Coinbase launched stock perpetual futures for eligible customers outside the United States in March, according to the company’s International Exchange announcement. U.S. persons were expressly barred from using the service.

The initial international selection provided synthetic exposure to Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla. Coinbase also listed contracts tied to the SPY and QQQ exchange-traded funds, which track the S&P 500 and Nasdaq-100, respectively.

According to Coinbase, the international single-stock contracts traded continuously, including during weekends, and initially offered leverage of up to 10 times. ETF perpetuals provided leverage of up to 20 times, while positions were settled in USDC and could be cross-margined with other spot and perpetual holdings.

Perpetual futures differ from standard futures because they have no fixed expiration date. Coinbase’s international products use a funding mechanism to keep contract prices near the value of their reference assets, allowing traders to maintain leveraged long or short exposure without purchasing the underlying shares.

Terms used outside the United States should not be treated as confirmed specifications for the proposed U.S. products. Coinbase has not said whether its domestic contracts would trade around the clock, settle in USDC, or carry the same leverage limits. The company also has not confirmed whether its first U.S. lineup would match the seven technology stocks offered internationally.

For American traders, the proposed contracts would provide derivatives exposure rather than ownership of the referenced shares. Coinbase’s international product description says stock perpetual holders do not receive shareholder rights associated with the underlying securities, such as voting rights.

Coinbase has expanded regulated derivatives access

The registration notices follow several additions to Coinbase’s derivatives business during 2026. In May, CFTC staff granted Coinbase Financial Markets regulatory relief connected to eligible U.S. institutions accessing certain derivatives listed on Deribit, the offshore platform Coinbase acquired.

In June, crypto.news reported US approval for Coinbase to provide access to global crypto perpetual futures. Chief Executive Brian Armstrong said at the time that years of regulatory work were needed to create a compliant route for U.S. customers into a market that had largely operated overseas.

Coinbase has also moved into additional national markets. On Sept. 2, the company launched 23 futures for eligible Canadian investors, covering perpetual and dated contracts tied to Bitcoin, Ether, Solana and 20 other crypto assets. Supported Canadian products offer leverage of up to 10 times.

Company market data showed Coinbase Derivatives with about $1.75 billion in 24-hour volume as of Sept. 3, compared with approximately $9.7 billion on Coinbase International Exchange. Coinbase’s figures cover each venue’s full derivatives activity and do not isolate trading in stock perpetuals.

Perpetual contracts remain contested in the US

Coinbase’s stock-product plan arrives while U.S. courts and regulators are still considering how some perpetual contracts should be classified. In June, CME Group sued the CFTC over the regulator’s treatment of crypto perpetuals offered through platforms including Coinbase and Kalshi.

According to CME’s complaint, perpetual contracts fit the definition of swaps under the Dodd-Frank Act and should not be regulated as ordinary futures. The exchange operator accused the CFTC of departing from its past approach and bypassing procedures required for swap products.

The CFTC rejected CME’s position and called the case “frivolous,” according to court coverage of the dispute. No final ruling has invalidated the regulator’s existing route for crypto perpetual contracts.

CFTC officials have separately identified leverage, funding-rate volatility, manipulation, and price convergence as possible risks in perpetual markets. In a June 2025 address, then-Acting Chair Caroline Pham said some commenters questioned whether contracts without an expiry could perform the risk-management and price-discovery roles associated with traditional futures.

Stock perpetuals can present additional trading-hour concerns because the contracts may remain active while the exchanges listing their reference shares are closed. Coinbase’s international risk disclosure warns that equity perpetuals involve liquidity, execution and price-volatility risks, particularly outside regular stock-market hours.

The Sept. 1 notices do not state whether the U.S. contracts would operate continuously or pause when the underlying equity markets close. Coinbase also has not disclosed proposed funding calculations, position limits, margin requirements, clearing arrangements or safeguards for periods when fresh stock prices are unavailable.

Paxos-issued USDG has launched natively on Mantle, adding the Ethereum layer-2 network to a stablecoin coalition with more than 150 partners.

USDG brings native stablecoin issuance to Mantle

Global Dollar Network said in its announcement on Sept. 3 that USDG is now available as one of the first stablecoins issued directly on Mantle, allowing the token to enter circulation without relying on a wrapped version created through a third-party bridge.

Built as an Ethereum layer-2 network, Mantle uses Ethereum-compatible infrastructure while processing transactions away from the base chain. Developers can therefore use existing Ethereum tools while benefiting from the network’s lower transaction costs and higher capacity, according to the announcement.

USDG will provide a dollar-linked settlement and liquidity asset for Mantle’s decentralized finance applications and tokenized investment products. Mantle said intended uses range from DeFi transactions to capital allocation by institutions, though access to individual products remains subject to each issuer’s terms and local regulations.

Native issuance also changes the technical path used to place the stablecoin on the network. Instead of holding a token on another blockchain and issuing a bridged representation, Paxos can create and redeem USDG directly on Mantle. Paxos says each token is redeemable one-to-one for U.S. dollars.

USDG is already issued on Ethereum, Solana, Ink, X Layer and Robinhood Chain. In February 2025, crypto.news covered its Solana expansion, which gave institutions access through Kraken and Anchorage Digital and added payment, remittance, and treasury-management use cases.

According to DefiLlama data, USDG had approximately $3.18 billion in market capitalization and ranked as the seventh-largest stablecoin. Global Dollar Network placed circulation closer to $3.5 billion in Thursday’s announcement, a difference that may result from the timing and methods used by the two sources.

Mantle joins USDG’s 150-partner network

Alongside the native launch, Mantle has joined the Global Dollar Network, a coalition built around the distribution and use of USDG. The group has more than 150 partners, including Kraken, Robinhood, Paxos, OKX, and Worldpay.

Global Dollar Network uses a reward-sharing structure under which participating companies can receive part of the income generated by assets backing USDG. The amount available to each participant depends on its role, activity and commercial agreement with the network.

For Mantle, partner status adds an economic layer to the stablecoin integration. The network can receive rewards tied to USDG adoption while developers obtain another dollar-linked asset for trading, lending, payments and settlement.

Paxos Digital Singapore issues USDG under the supervision from the Monetary Authority of Singapore. Within the European Union, Paxos Issuance Europe issues the token under the supervision of Finland’s Financial Supervisory Authority and in compliance with the Markets in Crypto-Assets Regulation.

Paxos publishes monthly reserve reports covering the assets backing USDG. The company says the stablecoin is fully backed by reserves and can be redeemed at par, while the Global Dollar Network distributes part of the reserve income to eligible business partners rather than automatically paying it to every token holder.

An earlier European rollout made USDG available through exchanges and custody companies including Kraken, Gate, SwissBorg and Zodia Custody. The MiCA-compliant launch gave Paxos separate regulated issuance arrangements for Singapore and the European Economic Area.

Mantle expands its tokenized asset business

Native USDG arrives as Mantle adds tokenized equities, exchange-traded funds, commodities, U.S. Treasuries and asset-backed credit products. The Mantle team placed its RWA total value locked at about $240 million, compared with roughly $22 million a year earlier.

Separate data from RWA.xyz showed $234.2 million in distributed real-world asset value on Mantle as of Wednesday, up 19% over the previous 30 days. The difference between that figure and other estimates can stem from reporting dates and whether a provider measures distributed asset value, DeFi deposits or the full value of tokenized products.

Mantle said its ecosystem contains more than 700 tokenized assets. Recent additions include SPCXx, a product linked to privately held SpaceX, and USPXx, which tracks Franklin Templeton’s U.S. Equity Index ETF. Token terms can differ, meaning a blockchain token may provide direct ownership, an issuer-backed claim or only price exposure to the referenced asset.

More recent Blockworks Research data placed Mantle’s tokenized assets at about $330 million and its stablecoin supply near $550 million, taking the combined total to approximately $880 million. The same dataset counted 985 distinct tokenized products, including stocks, commodities, Treasury-linked assets, funds and yield-bearing stablecoins.

As previously reported in August, USDT0 accounted for about $440 million, or close to 80% of Mantle’s stablecoin supply at the time. USDe followed with $57.93 million, while USDC held $34.15 million and conventional USDT represented $12.96 million.

Adding USDG gives Mantle another regulated dollar product alongside USDT0, Ethena’s USDe, Agora’s AUSD, Circle’s USDC, Aave’s GHO and World Liberty Financial’s USD1. Mantle has said it wants stablecoin liquidity to support active onchain strategies rather than leave tokenized assets unused after issuance.

One such product opened to DeFi users in August after an earlier version distributed through Bybit passed $200 million in assets under management. The non-custodial vault accepts USDC and USDT0 through Fluxion, with CIAN designing the strategy and Grove connecting deposits to yield generated through the Sky ecosystem.

U.S. rules affect access to Mantle’s tokenized products

For U.S. users, USDG’s dollar peg does not by itself confirm that every Mantle application, reward program or tokenized asset is legally available in the country. Eligibility depends on the issuer, distributor, product structure, platform terms, and applicable federal and state rules.

The distinction matters for Mantle’s equity-linked products. In a January 2026 statement, the U.S. Securities and Exchange Commission said a tokenized security remains a security when its ownership record is maintained partly or entirely through a crypto network. Moving an instrument onto a blockchain does not remove it from U.S. securities law.

Mantle’s tokenized products linked to SpaceX and Franklin Templeton’s U.S. Equity Index ETF therefore require separate review of their ownership rights and distribution limits. A token that follows an asset’s price may not give its holder shares, voting rights, dividends or a direct claim against the referenced company or fund.

USDG also enters Mantle while U.S. agencies prepare rules under the GENIUS Act, which became law in July 2025. The framework establishes reserve, redemption, disclosure and licensing requirements for approved payment-stablecoin issuers, including a pathway for foreign issuers from jurisdictions that U.S. authorities determine have comparable oversight.

Federal agencies had not completed all implementing rules by the statutory July 2026 deadline. The Office of the Comptroller of the Currency was targeting November for its final rule, while the law was scheduled to take effect on Jan. 18, 2027, or 120 days after regulators completed the required rules.

BitMEX co-founder Ben Delo has supplied £4 million ($5.4 million), or about 75%, of the £5.3 million raised by Reform UK during the second quarter of 2026.

Ben Delo supplied most of Reform UK’s Q2 funding

Electoral Commission records published on Sept. 3 showed that Delo made two cash donations to Reform UK in April, giving the party £1 million and £3 million in separate transactions.

Together, the contributions accounted for roughly three-quarters of the £5.3 million that Reform reported between April and June. The total was equivalent to about $7.1 million based on the exchange rate cited by Reuters, while Delo’s share was worth approximately $5.4 million.

Reform collected more private donations during the quarter than Britain’s governing Labour Party and the opposition Conservatives, Reuters reported. Labour received about £3.6 million, while the Conservatives raised £2.8 million.

Responding to the figures, Reform credited its funding to support from British business owners.

“We are delighted to be supported by successful British entrepreneurs as we continue to build for the next general election,” the party said in a statement cited by Reuters.

Delo, who co-founded the crypto derivatives exchange BitMEX, announced in 2026 that he was returning to the UK from Hong Kong. Reuters reported that he said he wanted to enter politics “to save Britain before decline becomes irreversible.”

Having donated another £4 million during the first quarter, Delo has now given Reform £8 million in 2026. In June, crypto.news reported that Delo and crypto investor Christopher Harborne had supplied £7 million of the party’s first-quarter total.

Reform raised £9.3 million in that period, according to Electoral Commission figures cited by Reuters. Delo contributed £4 million, while Harborne provided slightly more than £3 million.

Reform UK’s crypto-linked donations face scrutiny

Harborne, previously Reform’s largest financial backer, did not report a contribution to the party during the second quarter. The British-born investor lives in Thailand and holds a stake in stablecoin issuer Tether.

His absence followed the UK government’s plans to limit political donations from British citizens living abroad to £100,000 per year. Reuters reported that Harborne had registered to vote in the UK, although the proposed rules have placed renewed attention on how overseas donors qualify to fund domestic political parties.

Delo’s return to Britain could affect how the rules apply to his future contributions. The Guardian reported that Reform believes he meets UK donor requirements, which generally depend on a person appearing on an electoral register or meeting another permitted-donor category.

The party’s funding has also drawn attention because of its leader Nigel Farage’s financial links to Harborne and George Cottrell, another figure connected to the crypto sector.

A parliamentary inquiry is examining whether Farage failed to declare a £5 million personal gift from Harborne under House of Commons rules. Farage has said the money was an unconditional personal gift intended to pay for security and did not need to be entered in the parliamentary register.

Reform has also said the payment complied with the applicable rules. Political opponents have disputed that position, and Parliamentary Standards Commissioner Daniel Greenberg opened an investigation into the matter.

In July, Farage resigned as an MP and sought a new mandate from voters in Clacton while the inquiries remained active. He later returned to Parliament after winning 63.34% of the vote, or 22,239 ballots, in the resulting by-election.

His return allowed parliamentary officials to resume their examination of the £5 million payment and other support associated with Harborne and Cottrell. Farage has denied wrongdoing and said he complied with the relevant disclosure requirements.

UK lawmakers have questioned crypto political donations

Political funding linked to the digital asset industry has led some UK lawmakers to call for tighter donation controls. The debate has focused on whether crypto transactions make it harder for authorities to identify the original source of political funds, particularly when assets pass through several wallets or services.

In February, Labour MP Matt Western called for a temporary ban until the Electoral Commission produced statutory guidance. His proposal included source checks, the use of platforms registered with the Financial Conduct Authority, and restrictions on funds connected to crypto mixers.

As previously covered in February, Western warned in a letter to the government that the existing system lacked a clear national enforcement lead for political finance and foreign interference risks.

The government introduced a moratorium on political donations made in cryptocurrency in March, according to an earlier report covering the policy. Labour lawmakers later considered making the restriction permanent as questions continued over crypto-linked funding received by Farage and Reform.

Neither Delo’s second-quarter contributions nor Harborne’s earlier donations to Reform were reported as cryptocurrency transfers. Electoral Commission filings identified Delo’s April payments as cash donations, meaning the debate over crypto funding also covers the political role of wealthy people whose fortunes came from the digital asset industry.

Farage had previously positioned Reform as receptive to crypto. During the Bitcoin 2025 conference in Las Vegas, he announced that the party would accept digital asset donations, making it the first major Westminster party to adopt such a policy.

Trump pardoned Delo after his BitMEX conviction

Delo’s record in the United States provides a direct connection between Reform’s latest donor figures and American crypto enforcement. He was one of three BitMEX co-founders charged over the exchange’s failure to maintain an adequate anti-money laundering program.

The U.S. Department of Justice said Delo pleaded guilty in February 2022 to violating the Bank Secrecy Act. Prosecutors alleged that BitMEX had operated without the anti-money laundering controls required for a company serving customers in the United States.

Under his plea agreement, Delo accepted responsibility for failing to establish, implement, and maintain the required compliance program. A federal judge sentenced him to 30 months of probation, and he agreed to pay a $10 million criminal fine representing financial gains tied to the offense.

Arthur Hayes and Samuel Reed, the other BitMEX co-founders charged in the case, also pleaded guilty to Bank Secrecy Act violations. Each agreed to pay a $10 million fine, while former BitMEX executive Gregory Dwyer later entered a guilty plea and accepted a $150,000 penalty.

President Donald Trump granted full pardons to Delo, Hayes, and Reed in March 2025. The clemency ended the remaining federal consequences attached to their convictions but did not erase the fines they had already paid under their plea agreements.

The BitMEX pardons followed other clemency decisions involving people tied to the U.S. crypto industry. Trump had pardoned Silk Road founder Ross Ulbricht in January 2025 after Ulbricht served more than a decade of a life sentence.

Kraken parent Payward has partnered with SoFi in a deal that will bring SoFiUSD to Kraken and connect the crypto platform to SoFi’s 24/7 dollar settlement network.

Under the partnership, SoFi will use Kraken Prime as an additional source of digital asset liquidity, while Payward will join the SoFi Exchange Network (SEN) and gain access to SoFi’s business banking services.

The companies said qualified custody services could be added as the partnership expands, while Kraken’s institutional and business clients will gain access to SEN for round-the-clock US dollar settlement.

SoFiUSD, issued by SoFi Bank, is a dollar-backed stablecoin launched in 2026 for payments and settlement, with reserves held in cash and short-term US Treasurys.

Source: Payward

According to a Thursday blog post from Kraken, SoFi will route digital asset orders through Kraken Prime, which uses smart order routing to evaluate pricing and market depth across supported venues in real time and route orders based on where they can be filled most effectively.

SoFi has 15.8 million members and already offers crypto trading through its app. Kraken said routing those trades through Kraken Prime will give SoFi access to liquidity across multiple trading venues rather than relying on a single order book.

Related: Kraken parent Payward acquires Magic Labs’ wallet business

Payward expands traditional finance ties

The SoFi partnership follows a series of moves by Payward and Kraken to expand beyond crypto markets and build ties with traditional financial institutions.

Earlier this week, London Stock Exchange Group reportedly partnered with Payward to offer tokenized versions of leading UK equities through LSE 24, a new 24/5 trading venue set to launch in 2027. In August, Kraken added round-the-clock exposure to the S&P 500 through its funded trading program, with commodities expected to follow.

Kraken has also expanded into public markets through xStocks, the tokenized equities platform developed by Backed Finance, which Kraken acquired in early 2026. The exchange has since used the platform to offer eligible users exposure to shares tied to the SpaceX and Jersey Mike’s IPOs through tokenized equities and, in some cases, direct share allocations.

Source: Kraken

Payward’s push into traditional finance comes as the company prepares to go public, although its IPO plans have reportedly been pushed back several times.

The company confidentially submitted a draft registration statement to the US Securities and Exchange Commission in November 2025. However, reports indicate that the listing has been pushed to the second quarter of 2027 at the earliest.

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