The cryptocurrency space continued to hum as regulatory cooperation dominated the conversation on digital asset adoption. There were also legal moves at the state level.
The headlines:
- The OCC shut down its 2022 Anchorage Digital consent order;
- Bullish settled its IPO with stablecoins;
- Fed Governor Christopher Waller allayed defi and stablecoin concerns;
- The CFTC and SEC unveiled their crypto-focused public comment events;
- SoFi partnered with Lightspark to enable support for the Bitcoin Lightning Network and Universal Money Address (UMA) functionality;
- Plus, Polkadot aimed at Wall Street with its new business division (More on that later);
- And much more!
As always, these are your decentralized diaries!
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Bitcoin is at $111k (as of 8/25/25)
Volatility dominated the markets as Bitcoin moved from a high of $117,377.39 to a low of $110,914.00 before settling at $111,491.04.
The altcoins are also in gray waters.
Ethereum (ETH) is at $4,6262.26, Solana (SOL) is at $497.33, Chainlink (LINK) is at $24.35, Avalanche (AVAX) is at $24.21, Uniswap (UNI) is at $10.21, and Polkadot 9DOT) is at $3.88.
The OCC Rescinded Anchorage Digital’s Consent Order
On August 21, the OCC announced the reversal of its 2022 consent order against Anchorage Digital, issued by the Biden Administration. Per the filing, the OCC determined that Anchorage Digital’s compliance framework doesn’t warrant further investigation.
Additionally, in a statement, Anchorage Digital CEO Nathan McCauley revealed that the events gave the federally chartered crypto bank a five-year advantage.
Bullish Settled its $1.15 Billion IPO with Stablecoins
Premier crypto exchange Bullish completed its $1.15 billion initial public offering using stablecoins. The exchange settled the transaction with USD- and EUR-denominated stablecoins.
Furthermore, the event is a first in U.S. IPO history. Bullish coordinated the process through Jefferies, which handled minting, conversion, and delivery. Most of the tokens are on the Solana blockchain.
Figure Filed for an IPO
Boutique blockchain-based lender Figure filed for an IPO on August 18. According to the SEC S-1 filing, the offering will list Figure’s class A common stock on the Nasdaq under the FIGR ticker symbol.
Subsequently, Figure aims to use the raised funds for general operations. The lending firm has yet to disclose any dividend plans.
A Fed Governor Allayed DeFi, Stablecoin Banker Fears
On August 20, at the Wyoming Blockchain Symposium 2025, Fed Governor Christopher Waller played down industry concerns about the DeFi and stablecoin sectors. Waller said the technologies are novel and that both segments will drive progress in the American payments industry.
Waller also indicated that deploying new technologies in finance isn’t new.
CME Group Partnered with FanDuel
Flutter Entertainment subsidiary FanDuel has teamed up with CME Group to launch a new type of betting platform. The ecosystem will enable users to wager on financial markets, including stocks, commodities, and economic indicators.
In addition, the platform will feature “event-based contracts” that allow users to place simple “yes” or “no” bets on outcomes tied to benchmarks including the S&P 500, Nasdaq-100, oil and gas prices, gold, cryptocurrencies, GDP, and CPI. Users can participate in wagers for as little as $1.
The CFTC Unveiled Several Crypto-Related Events
On the regulatory end, the CFTC ramped up its efforts to regulate crypto trading by launching a new phase of its “Crypto Sprint” initiative. In an August 21 announcement, acting Chairman Caroline D. Pham revealed that the agency will begin stakeholder engagements.
Moreover, the public has until October 20 to submit feedback. The CFTC will also publish all submissions on its website.
The SEC Unveiled Future Crypto Roadshow Event Plans
America’s top regulator is launching a new initiative called “Crypto Task Force: On the Road.” The program aims to expand the regulator’s outreach to the crypto community across the United States.
Moreover, the move builds on earlier roundtables held in Washington, D.C. It brings the conversation to several cities, including Berkeley, Boston, Dallas, Chicago, New York, Los Angeles, Cleveland, Scottsdale, and Ann Arbor. Those who can’t attend in person can submit written input.
There Are Two Crypto Laws in the State of Illinois
On August 18, in the Prairie State. Illinois Governor Pritzker signed two bills related to cryptocurrency into law. The Digital Assets and Consumer Protection Act (SB 1797) grants the Department of Financial and Professional Regulation expanded authority to supervise crypto companies and exchanges. The legislation requires entities to maintain adequate financial reserves and implement cybersecurity and compliance measures similar to traditional finance.
Additionally, the Digital Asset Kiosk Act (SB 2319) targets crypto ATM operators. The law has compulsory state registration requirements alongside customer support, compliance, and oversight by consumer protection officers. Furthermore, the legislation also caps transaction fees at 18% and restricts daily transaction volumes for new users to $2,500.
A Penn State Legislator Doesn’t Want Public Officers to Hold Crypto
On August 20, State Rep. Ben Waxman introduced a bill on the floor of the Pennsylvania State House of Representatives. HB1812 aims to prevent public officeholders from profiting from cryptocurrency-related activities while in office.
Additionally, the legislation also seeks to amend Title 65 of the Pennsylvania Consolidated Statutes. The amended rules will prevent public officers and their family members from engaging in cryptocurrency transactions exceeding $1,000 while in office and for one year after leaving office in the Keystone State.
SoFi Technologies Revealed Bitcoin Lightning and Universal Money Address Support
On August 19, boutique digital bank SoFi announced its partnership with blockchain infrastructure firm Lightspark to enable support for the Bitcoin Lightning Network and Universal Money Address functionality. The deployment will allow SoFi’s users to send money seamlessly at low cost.
Furthermore, transfers between the United States and Mexico will launch initially. International money transfer support for other countries is coming soon.
Polkadot Launched Its Capital Markets Business Unit
On August 19, web3-focused network Polkadot announced the Polkadot Capital Group. Polkadot aims to promote the integration of traditional finance and the cryptocurrency space through its subsidiary.
Moreover, the business unit will focus on utility in the DeFi, tokenization, and staking segments.
The Crypto Industry Mounted a Counteroffensive Against Banks Over the
GENIUS Act
Efforts by Wall Street banks to alter aspects of the GENIUS Act got pushed back by the crypto space. On August 19, several crypto lobby groups wrote to the leaders of the Senate Banking Committee.
They include the Blockchain Association and the Crypto Council for Innovation. In the document, the groups urged legislators to disregard requests by banking groups to rescind Section 16(d) of the GENIUS Act.
Section 16(d) allows state-chartered institutions to transmit money across state lines and enables nationwide token redemptions.
Crypto ETFs Continued to Shine
The digital asset space remained active. On August 22, following the XRP-SEC legal resolution, several asset managers submitted amended filings for XRP-focused ETFs.
They include Franklin Templeton, WisdomTree, 21Shares, CoinShares, Canary Capital, and Bitwise. Similarly, on August 22, VanEck filed for a JitoSOL-focused ETF.
