- Trump pardons Binance’s Changpeng Zhao, signaling a shift in U.S. stance toward crypto.
- JPMorgan to accept Bitcoin & Ether as collateral, integrating crypto into traditional finance.
- U.K. launches Bitcoin ETPs, marking a key milestone in crypto investment infrastructure.
The crypto market has seen a significant shift in the past week, with major events that could impact the future of digital assets. From high-profile pardons to institutional advancements, the world of crypto is gaining momentum in both legal and financial spaces. As global regulations continue to take shape and big financial institutions embrace crypto, the industry is steadily progressing toward broader acceptance.
Trump Pardons Binance’s Changpeng Zhao (CZ)
U.S. President Donald Trump pardoned Binance founder Changpeng “CZ” Zhao in full. This is after being prosecuted by the previous administration under which Zhao spent four months in prison and paid a huge amount of $50 million as a fine.
Trump described the case as a larger battle against cryptocurrency in the Biden administration. Zhao was thankful that the pardon was provided, and he promised to ensure that the U.S. becomes the world leader in cryptocurrency innovation. This action indicates the change in the attitude of Washington toward crypto, yet it has caused controversy.
Bitcoin and Ether Used as Collateral at JPMorgan
JPMorgan Chase is taking a huge step toward the integration of crypto into the traditional finance sector, soon offering Bitcoin and Ether in institutional clients as security on their loans. This new policy will be instituted before the year 2025 and will be accessible all over the world.
The relocation, whereby an intermediary custodian is employed to store the digital assets, indicates the increasing adoption of cryptocurrencies in the banking industry. With more institutions offering crypto-related services, such as Morgan Stanley and Fidelity broadening their range of offerings, it is an indication of a major change in the way banks perceive digital assets.
U.S. Government Focuses on Crypto Regulation
The U.S. government is also working to introduce more detailed regulatory frameworks on the digital assets. The nomination of Michael Selig by President Trump to head the Commodity Futures Trading Commission (CFTC) has been interpreted as a very important step towards influencing the regulation of crypto.
The energy provided by Selig and the CLARITY and GENIUS Acts can provide a badly needed clarity to crypto regulation. This comes after a push towards a more organized supervision with the SEC and CFTC sharing their ambitions on what they hope to achieve by the end of the year.
Bitcoin ETPs Now Live in the U.K.
The U.K. has made a big move to a wider adoption of crypto with the introduction of Bitcoin exchange-traded products (ETPs) on the London Stock Exchange. The iShares Bitcoin ETP (IBIT) by BlackRock is the first of its kind in the nation, after being barred by the Financial Conduct Authority (FCA) for over three years.
Bitcoin and Ethereum products are also listed by other companies like 21Shares, WisdomTree, and Bitwise. This is a significant advancement in the U.K. crypto market and makes it consistent with the emerging crypto investment infrastructure in Europe.
Russia Embraces Crypto for Global Trade
In a bid to evade financial sanctions, Russia has officially signed the use of cryptocurrencies in international trade. This was confirmed by the finance minister of the country, Anton Siluanov, who stated that the government intends to streamline cross-border transactions by relying on digital assets, but ones that is regulated by the government. This ruling shows how Russia is trying to adjust to an evolving financial environment, particularly with the continued global sanctions.
Crypto.com Seeks U.S. Trust Charter
Another major step by the exchange is that Crypto.Com has submitted a national trust charter application to the U.S. Office of the Comptroller of the Currency (OCC). With this filing, Crypto.com would be able to provide its services nationwide, not limited to state regulations. This action reflects the efforts of the company to work in a regulated environment, making it one step closer to the traditional financial institutions.
Other Notable Developments
The crypto space has also been rocked by several other important developments. On October 27, Hong Kong will first have a Solana ETF, and ChinaAMC will be running the fund. In the meantime, Polymarket is preparing to roll out its POLY token and airdrop, also alongside launching its U.S. application, and the SEC and CFTC are working on their year-end crypto regulation targets, although the government shutdown is slowing this process.
Considering these trends, it is evident that the crypto market is quickly becoming more institutionalized and regulated. Although these challenges exist, these events are still milestones in developing digital assets.
