Crypto World
Japanese Yen, US Yields Pose Biggest Near-Term Bitcoin Risk: Analysts
Bitcoin (BTC) is heading into one of its most consequential weeks of the year so far, with the Federal Reserve announcing its September rate decision on Wednesday and the Bank of Japan following two days later.
Markets are pricing in roughly an 85% chance of a 25-basis-point Fed hike, and according to XWIN Japan, the real question isn’t whether rates move but how hawkish both central banks sound once they do.
Fed, BOJ, and a Trade Threat Collide
XWIN Japan laid out the scenario that worries it most: US yields and the yen rising together. Higher US rates tighten global liquidity, and a stronger yen risks speeding up the unwind of yen-funded carry trades, pushing investors to cut risk across stocks and crypto at once.
Brent crude has traded above $100, and the US 10-year yield has approached 5%, keeping inflation worries alive going into the decision. Once the meetings pass, XWIN wants traders watching US yields, USD/JPY, spot Bitcoin ETF flows, and underlying demand, since, according to them, that’s where the real test begins.
As CryptoPotato reported previously, the setup shifted fast, with August payrolls coming in at 162,000, triple what economists expected, and producer prices accelerating to an annual 5.4%. Last week’s CPI print confirmed headline inflation at 3.4%, and BTC reacted, sliding from about $82,400 to under $78,000 since Fed Chair Kevin Warsh’s Jackson Hole speech and the hot data that followed.
Tuesday brings its own catalyst too, a Senate cloture vote on the CLARITY Act that needs 60 votes to advance.
There’s a political wrinkle too, as a result of President Donald Trump threatening to stop trading with countries running a US trade deficit if the Fed didn’t cut rates, and markets are now leaning toward a hike instead, which is the opposite of what he wants.
Spot On Chain’s Hupzy called it “a binary macro catalyst with asymmetric cross-asset risk,” warning that a hike pressures non-yielding assets while a political bend raises questions about dollar credibility.
Price Action Still Choppy Heading In
BTC changed hands a few hundred bucks away from $78,000 at the last check, up slightly in 24 hours but down about 2.5% over one week, even as it still gained approximately 23% in the last 30 days. It is also nearly 39% below its all-time high of more than $126,000 from last October.
ETF flows, meanwhile, split in opposite directions, with spot Bitcoin funds shedding $462.73 million across four trading days last week, their first negative week since mid-August, while ETH ETFs kept gaining, capped by a $216.41 million Friday inflow as the world’s second-largest cryptocurrency touched an eight-month high.
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Crypto World
Filecoin (FIL) Rockets 25% to $1, Bitcoin (BTC) Maintains $77K as Big Week Begins: Market Watch
Bitcoin’s price dipped below $77,000 on Sunday but has managed to recover about a grand since that local low, and now sits closer to $78,000 ahead of what is expected to be its most important week this year.
Ripple’s XRP is trying to take down the $1.40 resistance once again, while ZEC has rebounded past $1,130. BTW is today’s top performer, surging by 36%, and it’s followed by FIL.
BTC Begins Crucial Week
Bitcoin entered the previous business week on the right foot, as it tried to overcome the $80,000 mark for the third or fourth time in the past 10 days. However, the bears were once again more persistent and didn’t allow it. Instead, the cryptocurrency started to lose value gradually and dipped to $77,600 by Wednesday.
It bounced to $79,600 twice on Thursday morning, but each attempt was halted, especially after the PPI data came out. More volatility was expected on Friday with the release of the CPI data, and it didn’t disappoint. Once the number came out, bitcoin went from over $77,000 to $76,000, before it shot up to $79,800 – all within just over an hour.
It was rejected at $80,000 once again and returned to its starting point at around $77,000. The weekend was less eventful, as usual, with BTC dipping to $76,400 yesterday and this morning. However, it has bounced to almost $78,000 as of press time as it begins arguably its most important week this year, with the Fed’s decision and the voting on the CLARITY Act.
Its market cap is back at $1.560 trillion, while its dominance over the alts is up to 59% on CMC.
FIL, BTW on a Roll
Ethereum has rebounded to over $2,500 today, while BNB remains north of $720. Ripple’s XRP is up by more than 3%, and it’s knocking on the $1.40 door. ZEC is up to $1,140 after a 5% increase, while XMR has slipped by almost 4% to $515.
The two top gainers from the 100 largest altcoins are BTW and FIL. The former has skyrocketed by more than 32% to $0.77, while the latter has tapped the $1.00 level after a 25% surge.
The cumulative market cap of all crypto assets has increased by 1% daily to $2.650 trillion on CMC.
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Bitcoin is entering the third week of September trading beneath important weekly support levels, with traders bracing for two closely watched US catalysts: a Federal Reserve interest-rate decision on Wednesday and a Senate procedural vote on the proposed CLARITY Act on Tuesday.
While macro expectations and policy headlines are driving near-term caution, market structure remains mixed. On the one hand, funding-related indicators point to an ongoing build-up of bullish leverage. On the other, Bitcoin’s latest weekly close failed to hold the technical thresholds that bulls had been defending.
Key takeaways
- CME Group’s FedWatch pricing has shifted toward another rate hike, with the probability of holding steady around 13.3% at the time of writing.
- The Senate is set to hold a procedural vote on the CLARITY Act Tuesday, a step that could send the bill to the floor if it clears.
- Crypto sentiment data from Santiment shows a notable drop in Bitcoin open interest in the week through Sept. 11, suggesting traders trimmed exposure ahead of volatility.
- CryptoQuant’s research highlights a return of positive aggregate funding rates since late May, indicating longs are increasingly paying shorts.
- Technically, Bitcoin closed below its 50-week EMA near $77,380, while RSI divergence remains a lingering bullish factor.
Fed decision becomes the main volatility trigger
For risk assets, Wednesday’s Fed outcome is the centerpiece. Multiple policy dynamics are converging: persistent inflation concerns, energy-driven price pressures, and ongoing debate within the central bank about whether rates should be raised.
According to CME Group’s FedWatch Tool, markets were pricing in a low likelihood of a pause. At the time of writing, the implied probability of rates staying at current levels was about 13.3%. Cointelegraph previously noted that markets had reacted differently to earlier decisions—especially around periods when Chair Kevin Warsh kept rates unchanged while some officials preferred a hike—setting up a backdrop where trader expectations can swing quickly.
The shift in pricing comes as inflation data did not deliver major upside surprises, but crude oil has remained a headwind. Markets reacted hawkishly despite the CPI and PPI prints, reflecting elevated energy costs and the sense that supply constraints may not be easing.
Commentary from The Kobeissi Letter emphasized how disruptions tied to key maritime routes could intensify the energy shock. In an X post cited by Cointelegraph, the account warned that roughly 30 million barrels per day may be unable to transit through certain routes, with additional risk flagged for the Bab el-Mandeb Strait. It also pointed to consumer inflation expectations rising, with gas prices and tariffs frequently referenced as contributors.
CLARITY Act vote turns into a near-term sentiment test
Alongside the Fed, US legislative progress on crypto regulation is on the calendar. Tuesday’s Senate procedural vote on the CLARITY Act could become a catalyst for speculative positioning because it determines whether the bill advances toward debate on the floor.
On Monday, Senate Republicans released what they described as their “last, best and final offer” for the Act’s text after bipartisan negotiations aimed at producing a clearer legal framework. Senator Cynthia Lummis, who released a 635-page updated proposal, said the bill was ready following a year of negotiations. She also highlighted ethics restrictions in the proposal and argued that a procedural “no” would oppose reforms and leave US digital-asset markets with insufficient protections.
The procedural step requires 60 votes to pass, with a vote scheduled for 2:15 pm on Tuesday. If the bill clears, it can move to the Senate floor for debate. If it fails, traders are likely to reassess the timeline for regulatory clarity—an uncertainty that can spill over into broader risk appetite.
Market expectations for passage remain cautious. On Polymarket, odds of the CLARITY Act being signed into law in 2026 were cited at about 34% at the time of reporting, with higher probabilities last seen earlier in August.
Derivatives positioning: traders de-risk before headlines
In the lead-up to Tuesday’s Senate vote and Wednesday’s Fed announcement, multiple analytics snapshots suggested traders were adjusting exposure rather than leaning aggressively into the next move.
According to Santiment’s analysis of open interest across exchanges, positioning had already shifted ahead of the two headline events. Santiment commented that the market appeared to have “already made its move,” pointing to the idea that derivatives participants had started preparing for volatility.
Specifically, Santiment data showed Bitcoin open interest in BTC terms falling 13.5% in the week through Sept. 11—down from about 321,497 BTC to roughly 278,151 BTC—followed by only a modest rebound. Over the same period, spot price was reported to have fallen about 5%. Santiment also stated that positioning sat around 20% below levels seen before the mid-August rally.
In practical terms, that matters because reduced open interest often limits how much leverage can amplify price swings. Still, a decline in open interest can also be consistent with traders waiting on confirmation from upcoming policy decisions.
Funding rates stay bullish as Bitcoin trades near $80,000
Even as traders trimmed derivatives exposure, onchain research pointed to continued improvement in sentiment reflected by funding rates. CryptoQuant argued that new signals in perpetual funding suggest bullish pressure building as BTC/USD trades near the $80,000 area.
CryptoQuant noted that aggregate funding rates have gradually risen since the end of May, after a period of negative funding that began in early March. Funding rates—driven by the balance of long and short demand—can reveal whether the market is paying to hold longs or shorts.
In the research cited by Cointelegraph, CryptoQuant described how bearish sentiment had prevailed during a “disbelief phase,” during which funding rates reflected one of the most bearish readings in Binance derivatives. It suggested that the buildup of shorts after a roughly -52% drawdown contributed to the rally seen in May.
CryptoQuant further observed that negative cumulative 30-day funding rates on Binance tended to line up with late-stage bear markets and with major corrections inside bull-market periods. This pattern-based framing is useful for traders, but it does not eliminate uncertainty—funding can remain bullish even if price action later fails to follow through.
Cointelegraph also previously reported concerns about the lack of spot-market participation in Bitcoin’s upside, implying that derivatives-led momentum may not always translate into sustained spot-driven uptrends.
Weekly structure weakens: support breaks under the 50-week EMA
Technical analysis remains the clearest immediate map for where risk may rise or fall. Bitcoin’s latest weekly close did not hold the levels bulls were watching.
As reported, Bitcoin ended the Sunday weekly close around $76,800 after failing to defend key support. Trader and analyst Rekt Capital said that $78,300 was necessary to hold at the weekly close. Failure to do so, he warned, could reopen the possibility of repeating the “failed breakout” pattern seen earlier in May.
Rekt Capital also pointed to a chart of lower highs, suggesting Bitcoin continues to preserve a longer-term bearish market structure. The weekly close was additionally below Bitcoin’s 50-week exponential moving average at about $77,380—a trend line that bulls typically want reclaimed as part of a more durable bullish shift.
Looking to the next technical level, Rekt Capital referenced the 21-week EMA near $72,270 as a potential line in the sand. He added that both the 21-week and 50-week EMAs often act as support in bull markets, and that losing them sustainably would be evidence that Bitcoin is not yet in a fully established bull cycle.
Despite these weaknesses, a bullish factor remains in the background: Bitcoin’s RSI kept higher lows through 2026, maintaining a “weekly bullish divergence” that some analysts treat as a supportive signal even when price temporarily dips.
What to watch next
With the Senate vote on the CLARITY Act and the Fed’s Wednesday rate decision approaching, traders may continue to reshape risk quickly—especially if derivatives positioning swings alongside any procedural or macro outcome. Beyond the headlines, investors should monitor whether Bitcoin can reclaim the 50-week EMA area and whether RSI divergence continues to hold as confirmation, or fades as support weakens.
You are one of three people who started the company in 2007. There aren’t that many founders leading Fortune 500 companies. How do you think the fact that you founded this company shapes how you lead it today?
The people that build companies tend to be more in the details, more decisive, bigger authority, …They tend to take bigger, bolder risks partly because they have the moral authority to. For example, I could—I wouldn’t—but I could change the name of the company because I came up with the name of the company. Somebody who is a professional manager, I don’t think they would ever dare change the name of their company. They would feel like it’s not theirs to change.
You’ve said that you think CEOs think about hiring wrong. Why is that?
Because I thought about hiring wrong…When I was starting Airbnb…Sam Altman…said hiring should be 50% of your job. I’m not even sure it was 50% of his job.
Has your thinking about the value of remote work shifted as we’ve gotten further from the pandemic?
I have a view that if your office policy’s is easy to explain, it might be wrong because it might be one size fits all.
You’re vocal about the fact that you think leaders don’t need to have regular one on one meetings with their direct reports.
I think it’s not only unnecessary, it’s probably inferior. And if you go through the list of great CEOs, almost none of them that I’m aware of do recurring one-on-ones…
Now you can get a hotel on Airbnb. Why?
I was ideologically against hotels. In fact, I think our first tag line was “forget hotels.” So why would I ever offer them? And so that was my party line for probably 10 years. In 2018, 2019 my stubbornness got the best of me and many of our customers told us that we want hotels. And ultimately I had to make a decision. You know if you’re a brand, just because your customer wants something doesn’t mean you sell it to them. You can decide no, go somewhere else…But we noticed there were three types of people. There are people that only book Airbnbs. There are people that only book hotels, but most people are willing to book both.
You’re building your own AI frontier lab separate from Airbnb. Why not build that within Airbnb and what will be the relationship between the two?
I thought about building inside of Airbnb….I like to think that our shareholders know what they get themselves into, and I never sold them on us being a frontier company and spending billions and billions of dollars of capital expenditure and then spending huge sums recruiting these engineers or these AI researchers….The benefit to Airbnb and to me is I’m gonna learn a lot about AI, but it’s also a totally different kind of culture. So I wanted to keep them separate.
You’re announcing a number of new initiatives around housing. People say Airbnb makes cities more expensive. What role do you want the company to play in making places more affordable?
I think Airbnb has been a place people pointed to over the last 15 years, especially the last decade…for reasons why cities are expensive. And so we have wanted to be part of the solution, not part of the problem.
We’re creating a $250 million fund to house the last dollar for projects. There’s about 750,000 homes in America development projects that are stalled because they don’t have the last dollar of completion … .We want to do something called the City Index. We want to open source data around cities, policies, the cost of living, permitting to basically show the cities that are most successful at lowering housing costs by having the best policies….We want to do the housing prize where we’re going to do a million dollar prize every year for five years for any company, private or or nonprofit that has ideas around technology that can make housing development easier.
Bitcoin (BTC) is starting the third week of September below key weekly support levels as traders eye volatility cues.
- The US Federal Reserve is expected to raise interest rates by 0.25% on Wednesday amid stubborn inflation and a mounting oil-price squeeze.
- The Senate will vote on whether to advance the crypto CLARITY Act on Tuesday — a key moment for market sentiment.
- Bitcoin finished last week below its 50-week moving average near $77,400, although a bullish RSI divergence continues to play out.
Fed’s Warsh seen hiking rates despite Trump pressure
The Federal Reserve takes the spotlight for risk-asset traders this week as Wednesday’s decision on interest rates dictates the mood.
On the back of high inflation and cautious words from chair Kevin Warsh, the Fed is widely expected to hike benchmark rates by 25 basis points to 3.75-4% despite several dissenting officials in favor of holding them at current levels. The setup echoes that of the Fed’s July rate decision, when Warsh held rates while several voices argued for a hike. Now, Warsh faces pressure from US president Donald Trump not only to avoid a hike but to enact rate cuts.
The latest data from the CME Group’s FedWatch Tool puts the odds of rates staying at their current levels at just 13.3% at the time of writing. A week ago, the implied probability of a rate pause was above 40%, but it pulled back in the face of recent inflation data and oil-price gains from escalation in the Middle East.
Fed target rate probability comparison for September FOMC meeting (screenshot). Source: CME Group
While the August print of the Consumer Price Index (CPI) and Producer Price Index (PPI) both avoided major upside surprises, markets reacted hawkishly as oil prices returned above $100 per barrel with no end to the supply crisis in sight.
CFDs on WTI crude oil one-day chart. Source: Cointelegraph/TradingView
Commenting, trading resource The Kobeissi Letter warned of the severity of the resulting energy shock, as 30 million barrels per day will be unable to transit through the Strait of Hormuz or Saudi Arabia’s East-West pipeline, with the Bab el-Mandeb Strait now also at risk.
“Even after accounting for some overlap between these routes, the scale of the potential disruption is enormous relative to the ~100 million barrel per day global oil market,” it wrote in a post on X.
Kobeissi noted increasing inflation expectations among US consumers, who saw price increases hitting 4.6% over the coming year — 1.1% more than their outlook at the start of 2026 — with gas prices and trade tariffs frequently referenced.
US consumer inflation expectations data. Source: The Kobeissi Letter on X.com
CLARITY Act rewrite faces crucial vote
On Tuesday, a day prior to the Fed decision, crypto markets will face their own reckoning as US officials debate the CLARITY Act.
On Monday, Senate Republicans released what they called their “last, best and final offer” for the text of the Act, part of bipartisan negotiations that seek to provide the industry with a clear legal framework in the US.
“After a year of intense daily bipartisan negotiations, this bill is ready,” Senator Cynthia Lummis, who released the 635-page updated proposal, said in an official release.
“President Trump voluntarily agreed to unprecedented ethics restrictions, holding every federally elected official, judge, and their spouses to some of the toughest ethics restrictions in US history.”
CLARITY now faces a procedural vote at 2:15 pm on Tuesday, requiring 60 votes to pass. Snap volatility could ensue on the back of the result. If the bill passes in its latest form, it can advance to the floor for Senate debate.
“A no vote on Tuesday means opposing real ethics reforms on politicians’ personal investments, handing American leadership in digital assets to our foreign competitors, and leaving Americans with zero protections in the digital asset markets,” Lummis added.
Speaking to podcast host Kyle Chasse on Saturday, crypto policy insider Tyler Williams, formerly a crypto adviser to US Treasury Secretary Scott Bessent, was upbeat about Tuesday’s prospects.
“What are the odds? I think they are better than they have ever been. We are closer — we are on the precipice of this becoming law,” he said.
Among Polymarket users, the odds of CLARITY being signed into law in 2026 remain low. At the time of writing, there was a mere 34% chance of that outcome. Higher odds were last seen at the start of August.
Betting odds for CLARITY Act passing into law. Source: Polymarket
Crypto traders de-risk in advance of CLARITY, Fed
The latest market analysis indicates that traders are removing risk prior to Tuesday’s and Wednesday’s headline events.
Examining changes in open interest (OI) across exchanges, crypto sentiment platform Santiment argued that markets are already prepared for volatility ahead of both the CLARITY Act vote and Fed interest-rate announcement.
“Everyone is watching Tuesday’s cloture vote and Wednesday’s Fed. The positioning data says the market already made its move,” it commented on Monday.
Santiment data shows that OI in BTC terms, calculated from USD-denominated OI divided by the BTC price, fell 13.5% in the week through Sept. 11, from 321,497 BTC to 278,151 BTC, subsequently rebounding only modestly. At the same time, spot price itself fell by 5%.
“Positioning sits about 20% below where it was before the mid-August rally,” Santiment added.
Bitcoin OI data. Source: Santiment
Funding rates repeat bullish trends
Funding rates continue to build bullish sentiment as BTC/USD trades near $80,000, new research from onchain analytics platform CryptoQuant argues.
Since the end of May, aggregate funding rates across exchanges have gradually increased, following the end of a negative-rate period that began in early March. Funding rates reflect the balance of long and short interest among traders.
“After a disbelief phase, during which funding rates reflected one of the most bearish sentiments ever seen in Binance derivatives, the buildup of shorts that followed a -52% drawdown ended up fueling May’s rally,” CryptoQuant commented in a blog post on Sunday.
“It’s particularly interesting to observe how this bearish consensus has consistently shown up whenever Bitcoin was nearing the end of a correction.”
CryptoQuant data shows that negative cumulative 30-day funding rates on Binance have accompanied the final stages of Bitcoin bear markets, as well as major corrections within bull markets.
Bitcoin 30-day summed funding rates (Binance). Source: CryptoQuant
Previously, Cointelegraph reported on the ongoing lack of spot-market participation in Bitcoin’s recent upside, with analysis warning that the derivatives-led market momentum was unlikely to last.
Bitcoin weekly support slips from bulls’ grasp
Bitcoin’s price failed to defend a key support level during Sunday’s weekly close, ending around $76,800.
Related: Here’s what happened in crypto today
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
In comments on Sunday, trader and analyst Rekt Capital reiterated that $78,300 was necessary to hold at the weekly close. Failure to do so, he warned, would open the path for Bitcoin to repeat its failed breakout from early May.
An accompanying chart shows BTC/USD continuing to form a pattern of lower highs, keeping the long-term bear-market structure intact.
BTC/USD one-week chart. Source: Rekt Capital on X.com
Bitcoin also closed below its 50-week exponential moving average (EMA) at $77,380, a trend line necessary to clear as part of a sustainable bullish trend change. Rekt Capital eyed the 21-week EMA at $72,270 as bulls’ next line in the sand.
“Both of these EMAs tend to act as support in a Bull Market. So if they can’t hold sustainably as support then that would be a confirmation of the trend not being in a full-blown Bull Cycle yet,” he told X followers.
The close nonetheless preserved a weekly bullish divergence on Bitcoin’s relative strength index (RSI), which continues to see higher lows through 2026.
BTC/USD one-week chart with 21, 50 EMA; RSI. Source: Cointelegraph/TradingView
Britain’s financial watchdog is weighing whether to lift tokenized gold out of the fund rulebook entirely, a move that could change how London’s bullion vaults are used.
The Financial Conduct Authority (FCA) will set out the idea on Monday, the Financial Times reported.
The FCA Wants London’s Gold to Stop Sitting Still
Tokenized gold gives a holder a blockchain claim on physical bars that an issuer stores in a vault.
Industry participants have told the FCA that uncertainty over whether tokenized gold would fall within the UK’s collective investment scheme (CIS) or alternative investment fund (AIF) rules could hinder its development. Both regimes restrict who can buy them.
Therefore, the regulator says it could work with the Treasury on a targeted exemption from that perimeter. Any carve-out would cover certain gold tokens or gold market infrastructure.
“Unlike shares or debt securities, which are already issued, traded and settled through mature electronic market infrastructures, tokenisation could make a traditionally physical and operationally complex asset easier to divide and transfer across digital markets,” it will say on Monday, according to the FT.
The stakes are national. The World Gold Council puts London’s share of global gold trading volumes near 70%. Meanwhile, China is building a rival bullion hub and chasing the same flows.
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Offshore Issuers Run the Market London Wants
Both leading gold tokens are issued outside the UK perimeter. Tether Gold (XAUT) backs $2.63 billion in distributed asset value, while Pax Gold (PAXG) backs $1.87 billion, according to RWA.xyz.
Activity is climbing on both. Monthly transfer volume reached $3.70 billion for XAUT and $1.61 billion for PAXG, up 10.91% and 14.10% over 30 days.
The FCA believes the move could unlock more of London’s bullion reserves for use as collateral. Meanwhile, the Bank will also consult later this year on whether to allow clearing houses to accept tokenized collateral.
It is also considering adding tokenised assets, including stablecoins, to its Sterling Monetary Framework, which provides funding to financial institutions.
FCA officials say no decisions have been made. Whether an exemption reaches retail buyers or stops at the wholesale desks that pledge collateral remains to be seen.
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Bitcoin rose 1.9% since midnight UTC while Nasdaq 100 index futures fell 1.65% on calls to slow AI development and crude gained almost 4% on a Saudi pipeline closure.
Robinhood CEO Vlad Tenev said public companies should not be able to veto tokenized stock products that create separate financial instruments without changing shareholder rights, issuer obligations, or a company’s official shareholder ledger.
The comments, posted on X, responded to criticism from AMC Entertainment CEO Adam Aron over Robinhood’s AMC-linked tokens and highlighted a dispute over the structure and rights associated with tokenized stock products.
This latest drama for Robinhood comes as the firm’s Layer-2 network approaches $1Bn in Total Value Locked (TVL) and the on-chain stablecoin market cap recently surpassed $1Bn.
How Has Tenev Responded to the Criticism from AMC?
Tenev said issuer consent depends on whether a tokenized product changes the rights attached to the underlying shares, creates new obligations for the company or its transfer agent, or replaces the authoritative shareholder record. Where those conditions apply, he said the issuer should be involved.
By contrast, Tenev said issuer consent should not be required when a product creates a separate financial instrument that holds or references freely transferable shares without changing the issuer’s rights, obligations or shareholder record. His position distinguishes a tokenized product from the underlying shares and focuses on the rights and obligations the product creates.
Tenev also compared the issue with existing financial instruments that can reference public shares, including options, unsponsored American depositary receipts, and structured products. His argument is that moving a product onchain should not itself give an issuer control over a separate instrument tied to freely transferable shares.
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The Stock Structure Robinhood Is Defending
Robinhood says its Stock Tokens use a third-party structure in which separately issued instruments are backed 1:1 by underlying shares. The products provide buyers with economic exposure to stocks and exchange-traded funds without placing token holders on an issuer’s shareholder register or changing the rights attached to the company’s stock.
That distinction is central to the disagreement with AMC. Aron criticized Robinhood’s AMC-linked offerings on Sept. 4, saying that AMC had no affiliation with the products and that he would ask securities counsel to review them.
Tenev’s subsequent comments outlined Robinhood’s response: products that leave shareholder rights, company obligations, and the official shareholder record unchanged should be treated differently from products that seek to alter those elements. These differing views focus on what token holders receive and how the instrument is structured.
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Is the Robinhood-AMC Dispute a Broader RWA Tokenization Problem?
The Robinhood-AMC dispute reflects a broader question for RWA tokenization: whether blockchain-based products linked to publicly traded shares should be treated as shares themselves or as separate financial products.
The answer can affect what rights buyers receive, whether they appear on a company’s shareholder record, and whether the issuer participates in the product.
The evidence describes several approaches to putting stock exposure on blockchains, including synthetic products, conventional shares held by custodians, and issuer-backed shares recorded directly on-chain.
Those approaches can confer different rights on buyers, making the product’s structure a central consideration rather than simply whether it uses blockchain technology.
Robinhood is interested in expanding its tokenized-stock model. A Bernstein projection cited in reporting estimated that Robinhood Chain could generate $160M in annual fees by 2028.
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The post Robinhood Vs. AMC: Vlad Tenev Responds to Tokenized Stock Criticism appeared first on Cryptonews.
BNK Investment & Securities has signed a strategic agreement with cultural-finance fintech EverTreasure to develop fractional investment and tokenized securities products tied to films, performances, musicals and artworks.
Summary
- BNK Investment & Securities and EverTreasure will jointly develop fractional investment and tokenized securities products tied to films, performances, musicals and artworks.
- BNK will handle securities issuance arrangements, distribution, investor recruitment and regulatory advice, while EverTreasure will source assets and provide blockchain and platform infrastructure.
- The companies plan to cooperate on asset due diligence, product structures, platform listings and marketing to institutional investors and high net worth clients.
- EverTreasure will use experience from its YEATU fractional investment platform to source cultural intellectual property and other assets for potential investment products.
- The partnership comes as South Korea prepares to introduce its formal tokenized securities framework in February 2027.
South Korea’s Yonhap News Agency reported on Sept. 14 that the two companies entered a memorandum of understanding covering the development, issuance and distribution of investment products backed by cultural content, with responsibilities divided between the brokerage and EverTreasure.
BNK Investment & Securities will handle the arrangement and distribution of tokenized securities, investor recruitment and advice on compliance with applicable regulations. EverTreasure will identify underlying assets, connect blockchain technology to the products and operate the supporting platform.
The companies plan to work together on due diligence for underlying assets and product structures before potential offerings reach investors. Their cooperation will extend to securing listings on distribution platforms and conducting joint marketing and investor relations activities for institutional investors and high-net-worth clients.
Overseas expansion is part of the agreement, with the companies planning to use their international entities and networks to pursue opportunities outside South Korea.
BNK tokenized securities plan targets cultural assets
The agreement gives BNK Investment & Securities another route into tokenized securities as South Korea prepares to put a formal legal and market structure around blockchain-based financial products.
Cultural assets identified under the partnership include films, performances, musicals and artworks. EverTreasure will be responsible for sourcing competitive assets that could form the basis of fractional or tokenized investment products, while BNK Investment & Securities will provide the securities-market infrastructure needed to bring eligible products to investors.
BNK Investment & Securities CEO Shin Myung-ho described the agreement as a starting point for connecting the value of different types of cultural content with financial products.
“This agreement is a meaningful starting point for providing investors with new investment opportunities by connecting the value of various cultural content with finance,” Shin said.
The brokerage plans to continue finding tokenized securities opportunities backed by competitive real-world assets and gradually expand the financial products and services it offers in the sector, according to the report.
BNK Investment & Securities has already been preparing infrastructure for this market. The brokerage is among the securities companies participating in Koscom’s joint tokenized-securities issuance platform project, which is being developed as financial firms prepare for South Korea’s new regulatory system.
The timing puts the EverTreasure partnership months before South Korea begins the first phase of its tokenized securities rollout in February 2027.
Crypto.news previously reported that the first phase will cover selected privately placed money market funds and bonds, unlisted stocks issued through trust structures and publicly offered fractional investment securities. The planned scope will later extend to other publicly offered securities.
EverTreasure brings YEATU fractional investment platform
EverTreasure is expected to contribute experience developed through YEATU, its fractional investment platform for art and cultural content.
The platform connects investors with projects involving artworks, performances, films and exhibitions. EverTreasure plans to use the content intellectual property sourcing capabilities and investor network built through YEATU to identify products for the BNK partnership.
YEATU says it has handled more than 260 million won in investments as of Dec. 31, 2025, with more than 10,000 members and 6,000 global investors registered on the platform. Its investment offerings cover cultural projects that can generate returns through structures established for individual assets or projects.
For institutional and professional investors, the company provides selected projects involving films, concerts, musicals and fine art. Its process can include due diligence, investment documentation, contract negotiations and monitoring after an investment has been made.
EverTreasure was founded in 2023 and has developed operations around cultural content, valuation and blockchain-based authentication. Its work with BNK will concentrate on finding suitable underlying assets and connecting them with the technical systems required for tokenized products.
The agreement gives both companies defined roles before a product reaches the distribution stage. Asset sourcing and blockchain integration will sit primarily with EverTreasure, while BNK will handle securities issuance arrangements, distribution and investor-facing functions within its regulated business.
South Korea is preparing tokenized securities for 2027
The partnership comes as South Korea moves from limited fractional investment structures toward a regulated market that can accommodate tokenized versions of conventional securities.
The National Assembly passed amendments to the Electronic Securities Act and Capital Markets Act in January 2026, creating the legal basis for securities ownership and issuance information to be recorded through distributed ledger technology.
South Korea has since set Feb. 4, 2027, as the effective date for the framework. The Financial Services Commission released a three-stage roadmap in September under which existing licensed financial companies can handle tokenized securities within the scope of their licenses.
The rules are particularly relevant to fractional investment businesses because investment-contract securities and fractional products will be incorporated into regulated issuance and distribution channels.
Regulators had spent months preparing the operating details. In May, the FSC was working on detailed tokenized securities rules covering issuance, trading, settlement and investor protection before the legal changes take effect.
Market infrastructure is being built at the same time. Samsung SDS won a contract to develop the Korea Securities Depository’s token securities platform, with the system expected to connect distributed-ledger records with the depository’s existing electronic securities infrastructure.
Planned functions include issuance records, circulation checks, rights management and real-time monitoring of token volumes. Completion is expected around the time the amended laws take effect in February.
Korean brokerages build tokenization infrastructure
Securities firms have started preparing their own systems and partnerships before the regulatory framework becomes operational.
Hanwha Investment & Securities recently completed a tokenized securities platform supporting Avalanche and Hyperledger Besu, according to a Sept. 7 report. Development began with blockchain technology company FairSquare Lab in 2025.
Hanwha has backed its infrastructure work with investments in companies operating across tokenization and blockchain markets. The brokerage holds a stake in Securitize and disclosed a 30 billion won investment in Digital Asset, the operator of the institutional-focused Canton Network, in July.
BNK Investment & Securities has taken a partnership-led approach as part of its preparations. In 2024, it signed an agreement with Koscom to cooperate on tokenized-securities platform development, joining brokerages including Kiwoom Securities, Daishin Securities, IBK Investment & Securities and Yuanta Securities that had entered similar arrangements with the financial technology company.
The EverTreasure agreement extends that work into the asset and product side of the market, with cultural intellectual property and other content forming the pool from which potential fractional and tokenized securities products can be developed.
Shin said BNK Investment & Securities intends to continue identifying tokenized-securities businesses using competitive real-world assets and expand its related financial products and services.
BEIJING — China on Monday pushed back on calls by U.S. AI executives for companies to slow down the development of the cutting-edge technology.
“Fear mongering, confrontation, competition will just disrupt [the] process of global AI governance,” Guo Jiakun, a spokesperson for China’s Foreign Ministry, said on Monday, per an English translation published by Reuters.
He was responding to a question about U.S. CEOs, including Anthropic’s Dario Amodei, OpenAI’s Sam Altman and Elon Musk, calling for the industry to slow down because of the dangers rapid advances in the technology pose.
China’s Minister of State Security, Chen Yixin, published an article on Sunday calling for the acceleration of construction of an AI security risk prevention and control system.
The field of AI has become “the main battleground for global technological competition and a new arena for strategic rivalry among major powers,” the minister said, adding there was a need for “healthy and orderly” development of the technology.
Closing the AI gap
AI-related stocks slumped on Monday, with SoftBank — one of the biggest investors in OpenAI — down 10% in Japan.
“Not building the technology deprives humanity of benefits or simply places AI in the hands of authoritarian powers, while building it too fast is reckless,” Amodei said in an essay published on Saturday.
He noted, however, that pacing would be limited by the lead that U.S. companies have over “authoritarian regimes, chiefly the Chinese Communist Party.”
“If we slow down by more than this amount, then (unpaced) CCP-associated projects will pull ahead, creating significant national security risk,” Amodei said.
U.S. President Donald Trump also warned against the U.S. losing any strategic advantage in the AI arms race. During a trip to Ireland, he rejected the AI bosses’ calls, saying, “Look, we’re leading China in AI… and, frankly I want to keep it that way because whoever wins AI, wins.”
At the weekend, President Xi Jinping said at the BRICS bloc summit in New Delhi that China will take the lead to help foster AI collaboration and development among developing countries.
Adoption of Chinese AI models is also gaining traction among Western companies as the capability have improved.
Revolut disclosed sensitive customer records to an unauthorized party after fraudulent data requests arrived from an email address on a legitimate government domain, the company confirmed on Saturday, September 12. The exposed material may include identity documents, verification selfies, account statements, and transaction histories containing Bitcoin activity.
Revolut told TechCrunch that a limited number of customers were affected and that its systems and customer funds remained unaffected. The incident raises privacy concerns because identity records and Bitcoin transaction histories may have been disclosed to an unauthorized party.
So what has happened? Someone impersonated a government agency using an address on that agency’s own domain, and the request cleared Revolut’s checks before it was identified as fraudulent. Customer information was disclosed during that period.
— Coin Bureau (@coinbureau) September 14, 2026
BREAKING: Revolut attackers demand 10,000 BTC ransom, threatening to leak stolen customer data.
The threat actors who allegedly tricked Revolut into handing over sensitive customer data by posing as a government are now publishing information belonging to high-profile clients.… https://t.co/kJi58fAHaa pic.twitter.com/5IIaCHHOYT
The notification Revolut emailed to affected customers listed birth dates, postal and email addresses, phone numbers, and copies of identity documents such as passports and driving licenses. Verification selfies, account statements, and transaction histories may also have been disclosed, the bank said.
Revolut said it blocked the sender’s address after detecting the scheme and alerted the government agency concerned, as well as law enforcement, data protection authorities, and financial regulators. A company spokesperson characterized the episode as an external impersonation scam and said the company’s systems and customer funds were unaffected.
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ZachXBT Flags Bitcoin Exposure
Crypto investigator ZachXBT publicized the notice in a Telegram post and added several items Revolut’s own notification did not list: IBANs, withdrawal records, occupations, and transaction history covering Bitcoin. He assessed the incident as limited in scale and aimed at high-net-worth users.
Revolut has not disclosed an exact number of affected customers. The company also has not stated that crypto holders or wealthy customers were specifically targeted, so the assessment of the apparent target group remains separate from Revolut’s primary disclosure.
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What’s Next for Revolut Users?
Bitcoin’s blockchain records transactions publicly, while personal details such as a passport or home address sit outside the network. Financial intermediaries can connect those different types of information through the records they collect. This incident illustrates the privacy concern when identity documents are disclosed alongside Bitcoin transaction histories.
Information that includes names, addresses, contact details, and transaction histories can create a more detailed picture of an affected customer than any one category of data alone. The reporting does not document a follow-on misuse of the information in this incident, but it highlights the sensitivity of records that link personal information with financial activity.
Revolut’s response included blocking the sender, notifying regulators, and contacting affected customers directly. The episode also focuses attention on how financial institutions assess requests that appear to come from government agencies and on the scope of information released when those requests are accepted as legitimate.
For crypto users who use Revolut or similar platforms, the incident is a reminder that crypto privacy can depend on how intermediaries handle identity documents, account records, and transaction histories. Revolut said customer funds remained safe, while the disclosure shows that fraud involving an apparently legitimate government-domain email can still expose sensitive customer data.
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The post Revolut Customer Records Exposed: Attackers Demand 10,000 BTC appeared first on Cryptonews.
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