1. The U.S. Treasury Department initiates rulemaking for Operation GENIUS
The U.S. Treasury Department has officially taken the next step toward translating the GENIUS Act into practical stablecoin regulations, launching an advance notice of proposed rulemaking to solicit public comment on enforcement, sanctions, taxation, and the roles of state and federal regulators. The comment window closes on October 20, 2025.
2. Michael Saylor: Reduced Bitcoin volatility is beneficial for large institutional investors, but will disappoint thrill seekers
Michael Saylor, Executive Chairman of Strategy, stated that with the accelerated entry of institutional investors, Bitcoin's declining volatility will make it "boring" for "thrill-seeking" retail investors, but this is a natural growth phase and a positive sign. He called the decade from 2025 to 2035 a "digital gold rush," during which a large number of new models and products will emerge, along with both mistakes and wealth creation.
3. FTX will distribute approximately $1.9 billion to creditors by September 30
Sunil, a representative for FTX creditors, stated that FTX will distribute approximately $1.9 billion to creditors by September 30th, funded from a disputed claims reserve. An additional $1.6 billion will be distributed to various creditor categories. Kraken has sent confirmation emails to users, and relevant accounts will be credited around September 30th.
4. Hong Kong police received an ETH investment fraud case, with the victim losing HK$26.2 million
Hong Kong police received a report from a 75-year-old local man who alleged he had received a call from someone claiming to be a virtual currency investment expert, who offered him high returns and persuaded him to invest in the virtual currency ETH. The victim subsequently deposited approximately HK$26.2 million worth of virtual currency into six accounts on 19 separate occasions between July 11 and September 9. Hong Kong police stated that the case has been classified as obtaining property by deception and is being handled by the Wan Chai District Criminal Investigation Team 9. No arrests have been made yet.
5.X reveals crypto fraud ring bribes to unblock accounts, involves "The Com" organization and initiates legal proceedings
Platform X has disclosed and cracked down on a bribery scheme targeting its employees. Some accounts, including those linked to crypto scams and platform manipulation, were blocked and attempted to bribe employees through intermediaries to restore their accounts. The individuals involved were active on platforms including Instagram, TikTok, YouTube, Minecraft, and Roblox, and were linked to criminal organizations including "The Com." Legal proceedings have been initiated, and Platform X stated it is cooperating with the investigation.
