Global crypto markets saw a flurry of political and corporate developments last week, underscoring how digital assets continue to intertwine with state policy, finance, and tech. Peruse this week’s edition of the weekly recap for crypto.news’ coverage of who President Trump picked to be the next Commodity Futures Trading Commission’s chair; Kyrgyzstan’s unveiling of a national stablecoin backed by its local currency; SpaceX and Strategy adding to Bitcoin exposure; and Kraken’s aggressive expansion. Lastly, WazirX and Bunni marked opposite ends of crypto’s risk spectrum — one rebounding from a historic hack, the other shuttering after an exploit. Summary Kyrgyzstan launched the KGST stablecoin after talks with Binance founder CZ. Trump nominated SEC lawyer Mike Selig to lead the Commodity Futures regulator. Coinbase’s $375M Echo deal and Kraken’s IPO progress highlighted key headlines. Trump selects SEC lawyer for CFTC leadership President Donald Trump formally nominated Securities and Exchange Commission lawyer Mike Selig to lead the Commodity Futures Trading Commission, replacing initial pick Brian Quintenz. White House Crypto Czar David Sacks confirmed the selection early Saturday and validated long-rumored reports that Selig was the administration’s preferred candidate. Kyrgyzstan debuts national currency stablecoin President Sadyr Japarov announced the rollout of KGST, a stablecoin pegged 1:1 to the som following discussions including Binance founder Changpeng Zhao. This launch follows an April agreement between Zhao and Kyrgyzstan’s National Investment Agency, which pledged cooperation on cryptocurrency and blockchain development. SpaceX executes major Bitcoin transfers Elon Musk’s space exploration company moved over $133 million in Bitcoin (BTC) and transferred 1,215 BTC to separate addresses, according to Arkham Intelligence. The transactions included movements of 300 BTC ($33 million) and 915 BTC ($100.7 million) to new wallets. Tether projects $15 billion annual profit The stablecoin issuer anticipates net profits approaching $15 billion in 2025. CEO Paolo Ardoino shared this outlook during an October 24 interview at the Plan B Forum in Lugano, Switzerland. JPMorgan enables crypto collateral lending The banking giant plans to permit institutional clients to pledge Bitcoin and Ethereum holdings as loan collateral by year’s end. The global program will reportedly use third-party custodians to safeguard pledged assets. Canada imposes record crypto platform fine Financial intelligence authorities levied a $126 million ($176.9 million Canadian) penalty against Cryptomus for multiple anti-money laundering violations linked to child exploitation, ransomware, and sanctions evasion. Vancouver-based Xeltox Enterprises Ltd., operating as Cryptomus, failed to file over 1,000 suspicious transaction reports and more than 1,500 large-value crypto transaction reports in July 2024 alone. Trump pardons former Binance CEO Trump pardoned Binance founder Changpeng Zhao, the richest man in crypto, who admitted to money-laundering violations that allowed terrorists and other criminals to move money on his platform. White House spokeswoman Karoline Leavitt stated the pardon showed Trump’s exercise of constitutional authority after prosecution by “the Biden administration in their war on cryptocurrency.” According to the New York Times, lawyers and lobbyists connected to the Trump administration advised Zhao. Meanwhile, Binance has business dealings with World Liberty Financial, the Trump family’s crypto firm. WazirX resumes operations after major hack The Indian cryptocurrency exchange will restart trading Oct. 24 with zero fees across all markets. This is nearly one year after hackers stole $234 million in one of crypto’s largest cyberattacks. Singapore court approval of the restructuring plan, backed by 95.7% of creditors, allowed reopening for 6.6 million users locked out since the July 2024 North Korea-linked attack. Bunni shuts down following exploit The decentralized exchange announced Wednesday that it is ceasing operations due to financial constraints, following an $8.4 million security breach. Platform developers stated insufficient resources exist for secure relaunch, with necessary audit and monitoring expenses requiring six to seven figures in capital they lack. Kraken revenue doubles ahead of IPO The cryptocurrency exchange generated $648 million in third-quarter revenue and represents 114% growth from the previous year’s corresponding period. This revenue calculation shows gross income under GAAP accounting minus trading costs as the company prepares for an anticipated 2026 public listing. Coinbase acquires fundraising platform The exchange purchased Echo, an on-chain fundraising platform, for approximately $375 million. Coinbase stated the deal addresses challenges where “founders often struggle to raise capital and individual investors don’t have the opportunity to invest in private token sales.” Strategy continues Bitcoin accumulation The corporate Bitcoin holder purchased 168 BTC at an average price of $112,051, bringing total holdings to 640,418 BTC valued at $71 billion. The company’s overall average acquisition price stands at approximately $74,010 per Bitcoin across all purchases.
