Stay in the loop with our weekly crypto digest as we get you up to speed on the hottest trends and events in the crypto space.

Here’s what happened in crypto this week:

FCA Speeds Up Crypto Approvals As Applications Decline

The UK Financial Conduct Authority (FCA) has cut approval times for crypto registrations to just over five months, down from 17 months two years ago. Approval rates have also risen sharply to 45%, compared to under 15% previously.

Despite the faster process, applications have dropped from 46 in the year ending April 2023 to only 26 in April 2025. Officials attribute the decline to ongoing regulatory uncertainty.

The FCA noted that a comprehensive UK crypto framework, expected next year, may reshape the market and influence future submissions.

BitMine Amasses 2% Of ETH Supply, Unveils $365M Offering

BitMine Immersion Technologies revealed it holds 2,416,054 ETH, which accounts for more than 2% of Ethereum’s total supply and is valued at about $10.1 billion, making it the largest corporate holder of ETH.

Alongside the disclosure, BitMine launched a $365 million registered direct offering, pricing shares at $70 with warrants at $87.50. The fresh capital will support further ETH accumulation and expansion plans.

The move underscores growing institutional confidence in Ethereum, positioning BitMine as a dominant force in corporate crypto treasuries.

Vitalik Buterin, Coinbase Address Base Security Misconceptions

Ethereum co-founder Vitalik Buterin and Coinbase have moved to clarify concerns about the security of Base, Coinbase’s Layer-2 network. They stressed that Base leverages Ethereum’s underlying security and highlighted ongoing initiatives to enhance decentralization over time.

The clarification comes amid growing adoption of Base in the DeFi ecosystem, where questions around network security and governance have surfaced. By addressing these issues directly, Buterin and Coinbase aim to reassure developers and users.

Analysts say the move reflects Coinbase’s strategy to solidify Base as a trusted Layer-2 solution, balancing scalability with Ethereum’s security guarantees. This could further accelerate Base’s role in expanding DeFi accessibility and mainstream use.

Feds Charge Brothers In $8M Crypto Kidnapping Of Minnesota Family

Federal prosecutors have charged Texas brothers Raymond Christian Garcia, 23, and Isiah Angelo Garcia, 24, in an alleged $8 million cryptocurrency kidnapping of a Minnesota family.

The complaint asserts the brothers held the family hostage for nine hours at their home, armed with an AR-15 style rifle and shotgun, and forced the father to transfer crypto funds while also extracting a hard drive wallet from a remote cabin.

Their arrest in Texas followed surveillance, motel records, and forensic evidence. The case highlights the increasing intersection of violent crime and digital asset theft, raising concerns about crypto security and enforcement across state and federal lines.

SEC Commissioner Hester Peirce Urges Continued Blockchain Advocacy

SEC Commissioner Hester Peirce has called on regulators and industry participants to maintain strong advocacy for blockchain innovation. Known for her pro-crypto stance, Peirce emphasized that overly restrictive rules could stifle growth and limit the U.S. role in shaping the future of decentralized technology.

She argued that blockchain holds promise for improving transparency, efficiency, and financial inclusion, but warned that uncertainty in regulatory frameworks risks driving innovation overseas. Her remarks reflect ongoing tensions between fostering responsible oversight and encouraging experimentation.

Analysts say Peirce’s message underscores the need for balanced regulation as the U.S. races to keep pace with global adoption of digital assets. The call highlights her continued role as one of the most influential voices for crypto within the SEC.

U.S. Senate To Hold Hearing On Crypto Taxation October 1

The U.S. Senate Finance Committee has scheduled a hearing on October 1, 2025, titled “Examining the Taxation of Digital Assets.” Lawmakers aim to address the growing complexities of applying federal tax laws to cryptocurrencies as adoption widens.

Industry voices will play a key role, with Coinbase VP of Tax Lawrence Zlatkin and Coin Center’s Jason Somensatto set to testify. They are expected to highlight pain points for both individual investors and businesses navigating unclear rules.

The hearing will also explore potential reforms, including measures to simplify reporting, clarify taxable events, and ensure the U.S. remains competitive in digital asset innovation. Analysts say the session could shape future tax policy for crypto markets.

Shanghai Launches Digital Yuan Center To Boost Payments

Shanghai has unveiled a new Digital Yuan center to drive adoption of China’s CBDC and strengthen its role in global payments. The hub will focus on research, innovation, and partnerships to enhance cross-border transactions.

Officials say the initiative is part of Beijing’s broader push to expand the digital yuan’s influence in trade and finance, positioning it as a competitive tool in global commerce.

Analysts note the move could reduce reliance on Western payment networks while advancing China’s ambitions in digital finance.

The development underscores how CBDCs may reshape international settlement systems, with the digital yuan poised to play a central role in the future of cross-border payments.

Kraken Raises $500M At $15B Valuation Ahead Of IPO

Kraken has raised $500 million in fresh funding, giving the exchange a $15 billion valuation as it prepares for a 2026 IPO. The capital boost strengthens its financial position and signals investor confidence in its long-term growth.

The raise positions Kraken among the leading global exchanges moving toward public markets, underscoring its resilience in a volatile industry.

Analysts say the deal highlights renewed appetite for established crypto firms, even as regulatory scrutiny and market uncertainty persist.

The IPO, if successful, could mark one of the largest public listings in the sector and further legitimize digital assets on Wall Street.

WLFI Commits Treasury Liquidity Fees To Buybacks, Burns

Trump-backed WLFI has pledged to direct all treasury liquidity fees toward token buybacks and burns. The strategy is designed to reduce circulating supply and reinforce the token’s value over time.

The move highlights WLFI’s efforts to reward long-term holders while sending a strong signal of confidence to investors. By shrinking supply, the company aims to create deflationary pressure that could support price stability.

Analysts say the initiative reflects WLFI’s aggressive approach to building market trust as it expands globally, positioning itself as a major player in both fintech and crypto sectors.

KuCoin Appeals $14M Canadian Penalty Over AML Breach

KuCoin is challenging a $14 million penalty issued by Canadian regulators over alleged anti-money laundering violations. Authorities say the exchange failed to meet registration and reporting obligations required under Canadian law.

The appeal underscores growing friction between global crypto exchanges and regulators, particularly as compliance frameworks tighten in key jurisdictions. KuCoin has argued that the fine is disproportionate and is seeking to overturn the decision.

Analysts note the case could set an important precedent for how Canada enforces AML rules on international platforms. A ruling against KuCoin may push other exchanges to accelerate compliance efforts in the region.

Final Thoughts

So that’s it for this week!

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Have a fantastic week ahead!