Summer Mersinger, a former U.S. Commodity Futures Trading Commission (CFTC) commissioner, is stepping down as CEO of the Blockchain Association and will leave the advocacy group at the end of the year. The change comes after one of the organization’s top legislative priorities stalled in Congress, underscoring how quickly momentum in Washington can shift for crypto policy groups.

On Friday, the Blockchain Association said Mersinger will step down on Oct. 16, when Kristin Smith—who previously led the organization—returns as interim CEO. Mersinger joined the Blockchain Association in June 2025 after departing the CFTC three years ahead of the scheduled end of her second term as a commissioner.

Key takeaways

• The Blockchain Association announced a leadership transition: Summer Mersinger will exit as CEO on Oct. 16, with Kristin Smith returning as interim CEO.
• Mersinger’s tenure emphasized stablecoin-focused policy efforts, including the GENIUS Act, and efforts to improve regulatory clarity across the SEC and CFTC.
• One major legislative priority—tied to a Senate “clarity” effort for digital assets—failed to advance on a cloture motion, raising the likelihood of delay into later Congresses.
• The association did not publicly address what the leadership change could mean for its remaining 2027 policy strategy.

Leadership transition at the Blockchain Association

The Blockchain Association’s announcement sets a clear timeline for the organization’s top leadership. Mersinger will step down as CEO on Oct. 16, aligning with Kristin Smith’s return as interim CEO. The group also indicated that Mersinger will leave the organization by year’s end.

According to Mersinger, her move to the association was driven by a desire for clearer regulatory “rules of the road” and a unified policy voice in Washington. She joined the advocacy group after leaving the CFTC earlier than the completion of her second term, which many observers interpreted as a shift from regulator to policy advocate.

Stablecoins and regulatory clarity remain the headline of her tenure

In explaining Mersinger’s impact, the Blockchain Association pointed to her work advancing the “Guiding and Establishing National Innovation for US Stablecoins” framework—commonly referred to as the GENIUS Act. The organization also credited her with efforts aimed at improving regulatory clarity with both the Securities and Exchange Commission (SEC) and the CFTC.

The emphasis on stablecoin legislation is notable because stablecoin policy has been a recurring flashpoint for U.S. crypto regulation. For advocacy groups, stablecoins are often treated as a practical focal point: they are already widely used for payments, trading, and settlement, while lawmakers continue to debate how existing securities and commodities regimes should apply.

Importantly, the association’s statement did not limit itself to stablecoins alone; it suggested a broader goal of clarifying enforcement and compliance expectations across agencies. That matters to market participants because regulatory uncertainty can translate into higher compliance costs, delayed product launches, and shifting legal risk assessments—especially for firms operating at the boundary between securities-like activity and commodities-like activity.

The setback in Congress changes the political clock

While the Blockchain Association highlighted GENIUS Act progress, it did not mention another Senate effort that had been repeatedly urged by the organization: the Digital Asset Market Clarity Act, which had been under consideration in the Senate.

Previously, the Blockchain Association pushed lawmakers to support the measure, sharing calls for action through its social media channels. However, coverage noted that the bill failed to gain enough votes during a cloture motion earlier this month, according to the original reporting cited by Cointelegraph.

Experts expect that outcome to leave the legislation in limbo until 2027—an extended delay that can be consequential for an advocacy group’s strategy. Legislative priorities that do not clear procedural hurdles often lose momentum as attention moves to other issues or as new political dynamics take over. For stakeholders watching U.S. crypto regulation, it also suggests that near-term certainty may remain difficult to achieve even when industry support for a framework is visible.

The timing is especially relevant for leadership decisions. The association’s communications did not explicitly tie Mersinger’s departure to any single vote outcome, but the context is difficult to ignore: a major policy push appears to have stalled right as she is exiting.

What comes next for the group—and what to watch

The Blockchain Association did not immediately respond to questions about what Mersinger’s plans are beyond her departure, including any strategy for 2027. That leaves open a key question for members and observers: whether the organization will adjust its legislative priorities or shift its messaging focus as the political calendar extends.

With Kristin Smith stepping in as interim CEO, attention will likely turn to how the group reallocates its efforts—particularly whether it keeps pursuing the Senate clarity push or doubles down on alternative paths, such as agency-level rulemaking or narrower frameworks like stablecoins. For crypto industry participants, the leadership handoff may signal continuity in advocacy priorities, but the legislative calendar suggests that tangible progress may still depend on votes and procedural outcomes that can take months to overcome.

Readers should watch for any new statements from the association on its legislative roadmap after the cloture failure, along with signals from congressional leadership on whether any crypto-related bills can move without being trapped in extended procedural delays.

An XRP Ledger upgrade expected to activate Sept. 29 has been pushed back by at least 10 days after validator support briefly fell below the level required to turn it on.

The feature, called Batch, would let users submit up to eight transactions together. Its all-or-nothing option could let a buyer pay for a tokenized asset and receive it in one operation, preventing either side of the trade from completing alone.

RippleX’s head of engineering, Ayo Akinyele, previously told CoinDesk that projects were being built around Batch and that Ripple would share more about work with asset managers once the feature went live.

“Some projects are already being built with Batch in mind, so activation would allow that work to move closer to production,” he said. He did not name the partners or give launch dates.

The corrected upgrade, formally named BatchV1_1, regained support from 30 of 35 trusted validators on Sept. 25, according to the XRPL amendment dashboard. That started a fresh two-week countdown, putting its earliest activation at Oct. 9 around 14:46 UTC if support holds.

Privacy has become a practical concern in recent months as developers try to make cryptocurrencies useful for payroll, business payments and everyday spending. Ordinary bitcoin transactions permanently expose amounts and addresses, but once an address is linked to a company or person, other payments associated with it become easier to follow.

Ethereum is also reviewing a proposal for a shared private pool that would let people transfer ether and other tokens without publicly revealing payment details. Its authors cite payroll, treasury management and donations among the uses poorly served by fully public transactions.

How Zcash works

Zcash lets users choose between transparent payments, whose addresses and amounts are public, and shielded payments that encrypt those details. Its shielded pools held about 4.9 million ZEC on Friday, up 14% from July 30, according to CoinDesk calculations using ZecStats data. That represents roughly 29% of issued coins, worth about $7.8 billion following the rally.

Zcash recorded roughly 63,000 shielded transactions last week, its busiest week for private transfers since 2022 and fourth-highest on record. Across the network, reported transfer volume exceeded $23 billion, the largest weekly total since 2021 and second-highest in its history.

Zcash has attracted both investor money and attention amid those metrics. By early September, ZEC had gained more than 2,300% over the preceding year and crossed $1,000. It extended the rally above $1,600 on Wednesday.

Summer Mersinger, the former US Commodity Futures Trading Commission (CFTC) commissioner who led the Blockchain Association, will step down as chief executive as the advocacy group heads into its next chapter. The organization says Mersinger will leave the role on Oct. 16 and will depart the Blockchain Association at the end of the year.

In a move the group framed as a return to familiar leadership, Kristin Smith—Blockchain Association’s former CEO—will take over as interim CEO on Oct. 16 while continuing her existing position as president of the Solana Policy Institute.

Key takeaways

• Summer Mersinger will step down as CEO of the Blockchain Association on Oct. 16.
• Kristin Smith is set to return as interim CEO while remaining president of the Solana Policy Institute.
• The Blockchain Association cited progress on stablecoin policy, including work connected to the GENIUS Act.
• The group’s update did not mention a separate stablecoin/regulatory push in the Senate that failed to advance earlier this month.

Why the CEO transition is happening

The Blockchain Association said Mersinger’s departure follows a setback for one of the organization’s key legislative priorities in Congress. The group’s announcement indicates it sees the leadership change as timed with a period of renewed advocacy, starting with Smith’s interim return.

Mersinger joined the Blockchain Association in June 2025 after leaving the CFTC years earlier than the planned end of her second commissioner term. Her background at the regulator is a core part of the story: the association emphasized that she joined the industry effort to build a unified policy message in Washington.

“I came here from the CFTC because I believed this industry deserved clear rules of the road and a credible, unified voice making the case for them in Washington,” Mersinger said in remarks tied to her departure, according to the Blockchain Association’s announcement.

Legislative focus: GENIUS Act and broader “clarity” goals

In explaining her tenure, the Blockchain Association pointed to Mersinger’s efforts related to the Guiding and Establishing National Innovation for US Stablecoins (GENIUS Act). The organization also credited her work with achieving more regulatory clarity across both the Securities and Exchange Commission (SEC) and the CFTC.

That emphasis matters because US crypto policy remains fragmented between agencies and often depends on how lawmakers define stablecoins and other digital assets. For advocacy groups, demonstrating progress toward a workable regulatory framework—rather than only case-by-case enforcement—can shape how seriously Congress treats proposed bills and how businesses plan compliance strategies.

A Senate setback the association didn’t highlight

While the Blockchain Association highlighted stablecoin-related work around GENIUS, it did not reference a separate Senate measure it had previously urged lawmakers to support. In earlier outreach, the association pushed for the Digital Asset Market Clarity Act—a bill described in coverage as being under consideration in the Senate.

According to reporting linked in the original announcement’s context, the Senate failed to move the legislation forward. The measure was not able to secure enough votes in a cloture motion earlier this month, with expectations that it could remain stalled until later in the decade—potentially stretching into 2027.

The Blockchain Association did not provide immediate details on what the leadership change means for its plans for 2027, nor did it outline a replacement strategy for the stalled legislation in the information provided with this CEO update.

Leadership change and what to watch next

With Mersinger stepping down on Oct. 16 and Kristin Smith taking over as interim CEO, the next phase of the Blockchain Association’s legislative campaign may hinge on how it reframes its priorities after the Senate cloture result. Investors and builders watching US crypto regulation will want to pay close attention to whether the organization pivots to alternative bills, refines its approach to stablecoin definitions, or focuses more on agency-level guidance given the SEC/CFTC dynamics mentioned by the association.

For now, the key uncertainty is timeline: the stalled Senate effort suggests near-term momentum may be limited, even as internal leadership transitions prepare the advocacy group for the legislative calendar ahead. Readers should watch for updates on the association’s next set of targets in Congress and whether the “clarity” push remains centered on stablecoins—or broadens to other parts of the digital asset market.

The SEC Division of Corporation Finance released new crypto guidance on September 25 covering staking receipt tokens, wrapped assets, buybacks, and functional networks. The update explains how certain crypto activities may not create investment contracts under existing federal securities laws. However, the guidance represents staff views and does not create new legal requirements.

The latest FAQs clarify how SEC staff evaluates different crypto assets and network activities. The document focuses on whether specific actions involve ongoing managerial efforts linked to investment expectations. Therefore, the guidance highlights conditions that may affect how digital assets are treated under securities laws.

The SEC staff explained that some crypto assets can operate as digital tools rather than securities. The analysis also depends on each digital asset’s structure, purpose, and operation.

SEC Explains Staking Receipt Token Treatment Under Crypto Rules

The new guidance addresses staking receipt tokens issued through blockchain-based staking services. These tokens can represent ownership of underlying digital assets while allowing users to track their staking positions. Therefore, the SEC staff said some staking receipt tokens may function as digital commodities.

The guidance also explains that liquid staking providers may issue tokens connected to protocol-based systems. In these cases, the tokens can represent claims linked to staked assets rather than traditional investment contracts. However, the classification depends on the facts surrounding each network and token structure.

Additionally, the SEC staff noted that the agency has not approved or rejected the FAQ responses. Instead, the document provides staff interpretations based on current federal securities law principles. Therefore, crypto projects must still consider their individual operations and structures.

Functional Networks And Crypto Buybacks Receive Updated SEC Views

The SEC staff also guided when crypto networks may move beyond investment contract concerns. The analysis focuses on whether an issuer continues performing essential managerial activities for digital asset holders. Therefore, network development and maintenance alone may not always represent managerial efforts.

The guidance explains that functional networks can continue operating through security improvements, software updates, and community development. Moreover, these activities may support network operations without creating an investment contract. The SEC staff emphasized that decentralization can influence this evaluation.

Crypto buybacks also received attention in the updated FAQs. The staff explained that buybacks involving active networks may not automatically indicate issuer efforts that support an investment contract. However, buybacks promoted as generating returns could receive different consideration depending on the circumstances.

The SEC staff further noted that network functionality plays an important role in evaluating crypto activities. Before a network becomes functional, issuer actions may carry different legal implications. Therefore, project structures and promotional methods remain important factors.

SEC Reviews Crypto Marketing Statements And Platform Promotion Rules

The guidance also covers statements made by crypto companies when promoting their products and services. The SEC staff said general support for existing network utility does not automatically create an investment contract. Therefore, ordinary communications about network use may receive different treatment.

However, promotional statements can create concerns when they connect future issuer actions with expected financial returns. The SEC staff indicated that the details and context of each statement remain important. Consequently, crypto companies must consider how they present plans and developments.

The FAQs also address whether trading platforms automatically become crypto promoters. The SEC staff explained that platforms must meet the existing Securities Act definition of a promoter before receiving that classification. Therefore, operating a crypto marketplace alone does not determine promoter status.

The latest SEC guidance adds further clarity to ongoing discussions around digital assets and securities rules. It outlines how staking tokens, functional networks, buybacks, and promotions may receive different treatment. However, each crypto project requires separate evaluation based on its specific activities and structure.

Crypto’s boundary with traditional finance is getting thinner, and this week’s business developments show how both sides are converging on the same outcomes: faster payments, wider access to dollar-denominated assets, and settlement rails that can be used 24/7.

From Binance expanding its relationship with Circle to Canada’s largest banks testing tokenized deposits and the NYSE partnering with Blockchain.com on tokenized stocks, the thread tying these stories together is clear—stablecoins and tokenized real-world assets are becoming strategic battlegrounds for control over how money moves.

Key takeaways

• Binance is set to deepen its USDC push via a reported $100 million investment in Circle, alongside a five-year commercial agreement aimed at expanding USDC usage on the exchange.
• Canada’s six largest banks are exploring tokenized Canadian dollar deposits, framing them as programmable payment rails while keeping them legally tied to traditional deposits.
• Chainalysis data points to continued growth in cross-border stablecoin transfers—even as overall crypto market capitalization declines.
• The NYSE and Blockchain.com plan a regulatory-reviewed alternative trading system to bring tokenized US stocks and ETFs to crypto users.

Binance expands its Circle stake and USDC plan

Binance is increasing its exposure to stablecoin infrastructure through an expanded relationship with Circle. According to Cointelegraph’s report, the exchange is making a $100 million investment in Circle and signing a five-year agreement designed to broaden USDC adoption across Binance.

A Tuesday filing with the US Securities and Exchange Commission states that Circle issued Binance 1,237,011 shares of Class A common stock at $80.84 per share in a private placement dated Sept. 17. The purchase price was below Circle’s market price at the time before the deal closed, and the filing notes shares rose after the announcement.

The investment is paired with commercial terms: Circle will pay Binance a monthly incentive fee linked to the amount of USDC held through Binance’s Modular Smart Contract Wallet infrastructure. That structure matters because it aligns a major exchange’s product usage incentives with stablecoin circulation, rather than relying solely on trading activity.

Binance is subject to restrictions on selling, transferring, pledging, or otherwise disposing of the shares for up to two years, though the lockup may end earlier under certain termination provisions. Importantly for market observers, Binance retains voting rights during the restriction period.

Canadian banks explore tokenized deposits—without changing their legal nature

While stablecoins remain the most visible tokenized asset, banks are also exploring tokenization at the level of deposits. A joint initiative among Canada’s six largest banks is testing “tokenized Canadian dollar deposits,” a setup that could allow digital representations of bank deposits to move between participating institutions.

The project brings together Bank of Montreal, CIBC, National Bank of Canada, Royal Bank of Canada, Scotiabank and TD Bank Group. The first phase focuses on transfers between these banks, with potential connectivity to other digital asset networks later. As with most pilot efforts, the immediate value is operational: determining how tokenized representations can improve settlement speed and payment programmability in a controlled environment.

This effort follows guidance from Canada’s Office of the Superintendent of Financial Institutions. As noted by Cointelegraph, the office clarified on Sept. 10 that tokenized deposits are “not legally distinct from traditional deposits,” meaning the use of blockchain or other technology does not change their underlying legal treatment.

The distinction is also practical for risk framing. Unlike fiat-backed stablecoins, tokenized deposits remain liabilities of the issuing banks. The participating banks argue the model could enable faster, programmable payments, and that additional deposit-taking institutions may join later.

The legal and regulatory nuance is especially relevant as Canada develops stablecoin rules. The country’s framework applies to non-financial institution issuers, while regulated banks and credit unions fall outside its scope—an asymmetry that could shape which institutions pursue which tokenized products.

Stablecoin use keeps rising as broader crypto shrinks

Even as the wider crypto market struggles, stablecoins—particularly those used for cross-border movement—continue to show resilience. Cross-border stablecoin flows rose nearly 78% to $220.3 billion over the year through June, according to data cited from Chainalysis.

Chainalysis reports a 77.5% increase in cross-border stablecoin flows alongside a 37% decline in total crypto market capitalization, which fell to $2.1 trillion. The analytics firm also identified 4,708 new cross-border corridors carrying $2.64 billion. Still, the report emphasizes that the biggest corridors accounted for 96.1% of total value, suggesting growth is expanding the map, but liquidity and volume remain concentrated in established routes.

Chainalysis attributes much of the rise to transfers averaging about $3,000, a pattern it characterizes as more consistent with trade, remittances, and savings than speculative activity.

In commentary relayed in the coverage, Tether economist Philip Gradwell described the activity as having a “steady rhythm” typical of business use. StraitsX CEO Tianwei Liu pointed to demand for dollar access, inflation hedging, and alternatives to capital controls outside Asia.

Broader regulatory direction is also part of the backdrop. Coverage notes that the US passed the GENIUS Act in July 2025, while the EU’s MiCA framework and Hong Kong’s licensing regime have placed stablecoins under more formal oversight. For investors and builders, this matters because compliance clarity can reduce friction for payment partners and institutional-adjacent users—often a prerequisite for stablecoin-based services to scale.

NYSE and Blockchain.com move tokenized US stocks toward crypto rails

Stablecoin settlement and tokenized deposits are not the only areas seeing institutional momentum. In the United States, the NYSE is also working to bring traditional market assets closer to crypto trading infrastructure.

As reported by Cointelegraph, Blockchain.com and the New York Stock Exchange are teaming up to bring tokenized US stocks and exchange-traded funds to crypto users through a planned alternative trading system.

The companies signed a memorandum of understanding covering the digital ATS, which remains subject to regulatory approval. The agreement additionally includes a market-data partnership between Blockchain.com and Intercontinental Exchange’s ICE Data Services.

In the same coverage, TD Securities’ Reid Noch described the move as an effort to capture retail trading activity, particularly as tokenized markets could enable 24-hour and weekend trading. Talos’ Tanay Ved added that crypto venues are increasingly evolving into multi-asset platforms rather than purely crypto-native exchanges.

Demand indicators underline why these partnerships are gaining attention. The value of tokenized stocks has reached $3.14 billion, and the number of holders has increased 72% to 3.87 million, according to RWA.xyz, figures cited in the original report.

The plan also aligns with recent US regulatory developments. The coverage references the SEC’s introduction of a five-year Innovation Exemption for certain tokenized securities venues. It notes that eligible tokenized stocks must represent actual shares with the same economic and governance rights as their traditional counterparts—an important constraint that distinguishes tokenization that mirrors existing shareholder rights from models that only approximate them.

What to watch next is whether these initiatives converge into a clearer operating standard for tokenized money and assets—especially around interoperability, settlement finality, and regulatory approvals. If pilots progress as expected, the next phase may be less about proving the concept and more about who controls the rails: exchanges and stablecoin issuers, bank networks, or regulated market infrastructure working directly with crypto platforms.

Former Democratic congressman Tim Ryan has said the CLARITY Act could still pass this year if lawmakers resolve disputes that blocked a 49–50 Senate vote on Sep. 15.

Tim Ryan, a former U.S. Congressman and Shyft Policy Board Member, told crypto.news that lawmakers still have a path to an agreement if they return to negotiations and make concessions. The Senate rejected cloture on a motion to proceed to the Digital Asset Market CLARITY Act on Sep. 15, with 49 senators voting yes, 50 voting no, and one not voting. The motion needed 60 votes to advance the bill to debate; it was not a final vote on passage.

Ryan identified unresolved concerns about ethics, consumer protection, illicit finance and stablecoin rewards. In his view, support for clear crypto rules remains bipartisan, even though senators have yet to agree on the details. He said a deal could still be reached in the lame-duck session later this year if both sides are willing to compromise.

“I think there’s still a path,” Ryan said. “The legitimate concerns around ethics, consumer protection, illicit finance and stablecoin rewards need to be addressed.”

CLARITY Act talks could resume after the failed vote

Ryan’s assessment follows a statement from seven Senate Democrats who voted against cloture. As previously covered by crypto.news, the senators described the result as “not the end” of their work on the legislation and pledged to continue bipartisan talks. Their statement came on Sep. 16, one day after the vote.

For Ryan, the distinction between a procedural defeat and a final rejection matters. Senators voted on whether to take up the measure, leaving its provisions open to further negotiation. He said the outstanding issues need answers before the bill can secure enough support to move forward.

The proposed legislation would set federal rules for digital asset markets and divide responsibilities between the Securities and Exchange Commission and the Commodity Futures Trading Commission. Under the framework described in earlier CLARITY Act coverage, qualifying digital commodities and their spot markets would fall primarily under CFTC oversight, while securities-related activity would remain with the SEC. The bill would also set registration requirements for crypto trading platforms and other market participants.

Ryan tied the negotiations to decisions being made by American companies. Businesses hiring workers and committing capital, he said, need rules they can rely on beyond a change in administration. He also argued that jobs and investment are at stake in the congressional debate.

SEC and CFTC actions have limits, Ryan says

With the bill stalled, both regulators have taken steps under their existing powers. Ryan said the agencies can make meaningful progress, but he does not believe their actions alone can provide the lasting framework businesses and consumers need.

“Agency action helps, but companies making long-term investments need long-term certainty,” he said. “If you’re building a business, hiring people and investing capital, you need to know the rules are going to last beyond the next administration.”

On Sep. 17, the SEC granted temporary, conditional relief for certain venues trading tokenized U.S.-listed stocks through permissioned automated market makers and liquidity pools. The order lasts five years after publication and requires eligible stock tokens to give holders the same rights as equivalent traditional shares.

The SEC also placed limits on trading symbols and volume, required trading to stop when the underlying stock is halted, and sought public comment on the exemption. Its tokenized stock order concerns securities already within the SEC’s remit, rather than settling how every crypto asset should be regulated.

The CFTC’s Market Participants Division issued a separate no-action position that day for qualifying passive software providers. Subject to stated conditions, division staff will not recommend enforcement over a failure to register as an introducing broker, or as an associated person of one, when the software helps users trade with registered derivatives firms and markets. The CFTC developer relief applies to the activities covered by the letter; it does not change the underlying registration law.

The CFTC also submitted a proposed framework for crypto transactions and markets for White House review on Sep. 17. That submission begins a review process: the proposal would still need to return to the commission for a vote before publication and public comment. CFTC Chair Michael Selig had previously directed staff to examine what market rules the agency could establish using its existing authority.

Bitcoin, XRP and Solana remain part of the classification debate

Asked whether assets could face conflicting treatment, Ryan said uncertainty remains despite guidance from the two agencies. He pointed to Bitcoin, XRP and Solana as assets for which regulators have provided more clarity, while calling for Congress to establish consistent rules that businesses and consumers can use without resolving classification disputes through individual court cases.

The SEC’s March 17 interpretation, issued with CFTC guidance, listed Bitcoin, XRP and Solana among its examples of digital commodities. The SEC based that assessment on its understanding of the assets’ characteristics, terms and functions at the time. The interpretation also said a crypto asset that is not itself a security can be involved in a transaction subject to securities law, and that the agency may refine its views after public feedback.

For U.S. token holders and platforms, Ryan’s concern is how those distinctions apply when an asset is sold or traded. He said businesses and consumers should have consistent rules instead of having to litigate the treatment of assets case by case.

Update (Sept. 25, 10:20 pm UTC): This article has been updated to clarify Kristin Smith’s role with the Solana Policy Institute.

Summer Mersinger, formerly a commissioner with the US Commodity Futures Trading Commission (CFTC), will step down as CEO of the Blockchain Association and leave the advocacy organization at year’s end after one of the group’s legislative priorities faced a significant setback in Congress.

On Friday, the Blockchain Association (BA) announced that Mersinger would step down as CEO on Oct. 16, when the group’s former chief executive, Kristin Smith, would return to lead the organization as interim CEO in addition to her existing role as president of the Solana Policy Institute. Mersinger joined the Blockchain Association in June 2025 after leaving the CFTC three years before her second term as a commissioner was scheduled to end.

“I came here from the CFTC because I believed this industry deserved clear rules of the road and a credible, unified voice making the case for them in Washington,” said Mersinger on her departure from the BA.

The organization cited Mersinger’s efforts to advance the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, as well as helping to provide “regulatory clarity at the [Securities and Exchange Commission] and CFTC.” 

Notably, the organization did not mention the Digital Asset Market Clarity Act under consideration in the Senate, which the BA repeatedly pushed lawmakers to support. The bill failed to gain enough votes from Democrats and Republicans in a cloture motion earlier this month, which many experts expect will leave the legislation in limbo until 2027.

The Blockchain Association did not immediately respond to questions about Mersinger’s plans for 2027.

Related: CFTC issues warning over risky prediction market ‘mention’ contracts

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Strategy is asking shareholders to approve a structural change to how its preferred stock dividends are paid, moving four series—including STRC—from periodic distributions to daily dividend payments. The company says the switch would not alter the dividend rates or the total amount paid, only the timing and record-date mechanics.

According to an SEC filing released on Friday, Strategy’s board approved the proposal on Thursday and scheduled a virtual special meeting for Oct. 28. If approved, the company would make every calendar day a dividend record date, with dividends paid on the next business day. STRC would be the first to transition, with its initial daily dividend payment expected on Nov. 2.

Key takeaways

• Strategy plans to change four preferred stock series to daily dividend record dates without changing the stated dividend rates or total payout.
• Shareholders will vote on Oct. 28 during a virtual special meeting, following board approval disclosed in an SEC filing.
• STRC would move first; STRF, STRK, and STRD would follow in January, with first daily payments expected on Jan. 4.
• The schedule uses calendar-day record dates, unlike the business-day approach used by a prior “daily dividends” example in the market.
• Strategy’s CEO linked recent STRC volatility to leverage entering the market, saying the company is working to prevent similar unwind dynamics.

What Strategy is proposing to change

In the filing, Strategy states that it is seeking shareholder approval to amend the terms governing its four preferred stocks: STRC, STRF, STRK, and STRD. The proposal would shift dividends to a daily schedule while keeping the economics the same—specifically, Strategy emphasizes that it would not change dividend rates or the total amount paid.

Under the amended approach, each calendar day would become a dividend record date, with the payment made on the next business day. Strategy’s filings also outline the implementation timing: STRC would start the daily cadence first, while the other three series would transition later in the year.

Strategy further indicates that the amendments would take effect after it updates preferred stock certificates with the Delaware state authorities.

Timeline for STRC, STRF, STRK, and STRD

If shareholders approve the amendments, STRC would begin issuing dividends on a daily basis first. Strategy expects the initial daily dividend payment for STRC to arrive on Nov. 2.

The remaining series—STRF, STRK, and STRD—would follow in January. Strategy’s filing points to Jan. 4 as the expected first payment date under the daily dividend schedule for those securities.

Strategy’s daily-dividend shift follows Strive’s earlier move

Strategy’s proposal comes months after fellow Bitcoin-treasury company Strive became the first public company to adopt daily dividends for a preferred stock. According to earlier coverage and Strive’s announcements, Strive moved its SATA preferred stock to business-day dividend payments, setting the system to pay dividends every business day at a 13% annual rate starting June 16. Strive also reported it eliminated its outstanding debt in the first quarter.

Strategy’s plan is similar in spirit but different in mechanics. While Strive’s schedule is tied to business days, Strategy’s proposal would treat every calendar day as a dividend record date and then pay on the next business day. That distinction matters for investors because it affects how often new dividend entitlements can accrue and how dividends line up with weekends and holidays.

It also positions Strategy in an increasingly competitive landscape for yield-focused structures tied to Bitcoin treasury strategies, where timing of income distribution can become part of how investors assess convenience and cash flow patterns.

Why the change could matter for investors holding STRC

Strategy has marketed its preferred securities as part of its “digital credit” approach—preferred instruments intended to generate income within a capital structure connected to its Bitcoin treasury. STRC, described as a key component of that strategy, has been the subject of significant market attention this year due to volatility around its $100 stated amount.

As context for investors, Yahoo Finance data shows that in June, STRC fell sharply below its stated $100 level, reaching an intraday low of $71.25 on June 26.

In a recent appearance on Natalie Brunell’s Coin Stories podcast, Strategy CEO Phong Le attributed the decline to leverage building up in the STRC market more than the company anticipated. He described investors borrowing against Bitcoin at lower rates to buy STRC in order to capture the spread between borrowing costs and the preferred dividend yield. When Bitcoin fell, Le said, participants who borrowed against their holdings faced pressure to either add collateral or sell STRC, creating an unwind dynamic.

Le framed this as a lesson for future cycles—saying Strategy “did not expect the amount of leverage that came into the system”—and suggested the company is adjusting how it thinks about risk and investor behavior.

To reduce the odds of another similar unwind, Le said Strategy is aiming to maintain a strong US dollar reserve and has a policy that allows the company to repurchase STRC when it trades below its $100 stated amount. He also indicated an intent to attract more long-term holders, including institutional investors.

Since that June dip, STRC has reportedly recovered to around $98.41, close to Strategy’s stated goal of keeping the security within a $99 to $100 range. The preferred stock currently carries a 12% variable annual dividend rate.

What to watch next

Investors will likely focus on two near-term milestones: the Oct. 28 shareholder vote and the timing of the first daily dividend payments under the new calendar-day record-date system. Beyond logistics, the bigger question is whether moving to daily distributions meaningfully changes the trading and leverage dynamics that Strategy’s CEO said contributed to STRC’s earlier decline.

Polymarket has partnered with OpenWorlds to bring autonomous AI agents to prediction markets covering politics, sports, and thousands of other events.

According to OpenWorlds’ announcement and information shared with crypto.news, the AI lab is working with Polymarket to let agents handle steps that traders would otherwise perform themselves: finding an event market, assessing it, and making a trade. OpenWorlds describes its software as a way to run that process repeatedly across live markets.

The company says it is building personal trading agents for consumers and retail traders. Its proposed workflow gives an agent the ability to search across markets and act on its assessment, rather than presenting a list of possible trades for a person to execute manually. OpenWorlds also compares the process with the research and trading work carried out by investment firms.

How OpenWorlds agents would trade on Polymarket

OpenWorlds describes three linked tasks for its agents: discovery, evaluation, and trading. In practice, an agent searching Polymarket would need to identify a contract tied to a specific event before assessing the available information and deciding whether to take a position. The company says its system is designed to repeat that process as events and markets change.

Polymarket lists contracts tied to outcomes in politics, sports, and other subjects. Prices in those markets move as participants buy and sell positions before an event is resolved. OpenWorlds’ proposal places an automated trader in that existing process, with the agent carrying out the research and execution steps described by the company.

For a retail user, the degree of control given to an agent matters because finding a market and placing an order are different actions. OpenWorlds’ privacy policy says users own their wallets through their chosen wallet provider and that the company does not collect or store private keys. It also says its services may support delegated signing for AI operations.

The policy says OpenWorlds records agent configurations, action logs, and results. When a user enables an integration, requests and related data can be sent to a third-party market platform to execute actions and return results, according to the company. OpenWorlds also says it uses data from AI system activity to train and improve its models and platform features.

The partnership brings the agent workflow to a platform that has been changing how trading information reaches its applications. In September, Polymarket moved its main blockchain indexing system in-house. Vice President of Engineering Josh Stevens said the new setup could surface some onchain events up to 14 blocks, or about 28 seconds, faster, while Goldsky remained available as a backup. The indexing system update covers data behind trades, positions, and balances.

Polymarket integrations have expanded beyond its own app

Other companies have also built ways for users to reach Polymarket markets through separate products. In August, Fortune Protocol integrated Polymarket liquidity into Fortune Markets alongside Predict.fun. Its interface lets users compare liquidity, trading volume, and market probabilities, then choose an outcome and preview a position before trading.

OpenWorlds describes a different set of functions. Its announcement focuses on an agent that searches, evaluates and trades, while Fortune’s integration presents market information and a trading flow to the user. Both arrangements involve outside products interacting with prediction markets, but the companies describe different roles for their software.

Polymarket’s own technology work has also included automated execution tools. As covered in September, the company acquired DeFi infrastructure startup Brahma in March, adding programmable smart-account technology intended to support wallets, deposits, asset routing and redemption of prediction-market outcome tokens. Polymarket had also purchased the registered derivatives exchange QCEX and prediction-market data company Dome.

U.S. access depends on which Polymarket platform is used

For American traders, Polymarket’s international blockchain platform and its regulated U.S. operation are separate. Following a 2022 settlement with the Commodity Futures Trading Commission, Polymarket agreed to prevent U.S. customers from using its international operation. It later returned to the U.S. market through a CFTC-registered exchange it acquired. An August report on Polymarket’s midterm surveillance described the distinction between the two operations.

Polymarket’s global head of investigations and intelligence, Shana Bautista, told Reuters in August that the company combines machine learning, blockchain analytics and trade surveillance to identify unusual activity. Polymarket said it had referred more than 100 cases to law enforcement. Its monitoring work included preparations for trading tied to the U.S. midterm elections.

State rules present another question for U.S. access to event contracts. On Sep. 24, New York Attorney General Letitia James sued Polymarket over sports contracts, alleging that it offered gambling products without a state license and allowed users aged 18 to 20 onto its platform. The state is seeking to stop the alleged unlicensed activity, obtain customer restitution, and impose civil penalties. Polymarket can contest the allegations in court.

The New York petition cites contracts tied to sports outcomes, including a July baseball game between the Los Angeles Dodgers and New York Mets. State officials argue that federal oversight of event contracts does not remove New York’s authority over sports wagering. Prediction-market operators have argued in related cases that qualifying contracts traded on federally regulated exchanges fall under CFTC jurisdiction.