S&P Global Leads Kaiko Funding Round as Financial Markets Move Onchain

S&P Global has led a strategic investment that expands Kaiko’s Series B funding round to $110 million, with participation from banks, exchanges and trading firms across traditional finance and the cryptocurrency sector. The investment highlights growing institutional interest in the infrastructure needed to support blockchain-based financial markets.

Financial Institutions Back Kaiko

Nasdaq and BNP Paribas are among the firms backing the expanded round, joining other participants from the banking, exchange and trading industries. The funding brings together companies with established roles in traditional markets and digital assets.

Kaiko provides market data and related infrastructure for digital-asset markets. Its services are used by financial institutions, crypto businesses and market participants seeking data on trading activity, liquidity and pricing.

Institutions Shift From Experiments to Infrastructure

The investment comes as financial institutions increasingly explore tokenization, in which traditional assets are represented and settled using blockchain technology. Rather than focusing solely on pilot projects, institutions are also funding the data, connectivity and market infrastructure required to operate these systems at scale.

Onchain markets can use blockchain networks to record ownership, facilitate settlement and support the trading of tokenized assets. However, their development depends on reliable market data and infrastructure that can connect existing financial systems with blockchain-based platforms.

Broader Significance for Digital-Asset Markets

The participation of S&P Global, Nasdaq and BNP Paribas signals continued convergence between traditional finance and the cryptocurrency industry. It also reflects the importance of independent data and analytics as digital-asset markets become more integrated with the broader financial system.

While the investment does not by itself guarantee a rapid transition to onchain markets, it provides further evidence that major financial firms are positioning themselves for the continued development of tokenized assets and blockchain-based trading infrastructure.

What Happened in Crypto Today: Key Market Developments

This daily overview highlights the latest developments shaping the cryptocurrency market, including Bitcoin price movements, blockchain activity, decentralized finance, Web3 and regulatory policy.

Bitcoin and Market Trends

Bitcoin remains a central focus for traders and investors, with price movements influenced by market sentiment, macroeconomic conditions, institutional activity and developments across the broader digital-asset sector.

Blockchain, DeFi and Web3

Developments in blockchain networks, decentralized finance and Web3 continue to affect how digital assets are used and governed. Key areas to monitor include network upgrades, protocol activity, token launches, security incidents and changes in user adoption.

Crypto Regulation

Regulatory decisions and policy announcements can have significant implications for cryptocurrency companies, exchanges and investors. Updates from governments and financial authorities remain an important part of the daily market news cycle.

Bitcoin Rebounds Toward $77,800 After Buyers Defend $76,370

Bitcoin recovered toward $77,800 after buyers stepped in near $76,370, reversing a sharp overnight decline. The rebound has improved the cryptocurrency’s short-term technical outlook, although it has not yet resolved the broader market uncertainty.

Buyers Reverse Overnight Decline

Bitcoin’s price fell sharply overnight before finding support around $76,370. Buyers then pushed the market higher, bringing bitcoin back near $77,800 and turning an otherwise weak session into a rapid recovery.

The move suggests that demand remains present at lower levels. However, the rebound alone does not establish a sustained trend reversal, particularly because bitcoin has yet to decisively break through key resistance areas.

Short-Term Momentum Improves

Technical indicators have strengthened following the recovery. Short-term momentum is beginning to accelerate, while longer-term moving averages remain positive. Together, those signals indicate that bitcoin’s broader trend has not significantly deteriorated despite the latest sell-off.

At the same time, the market structure remains unresolved. Bitcoin’s price action has improved, but traders are still waiting for a clear breakout or breakdown to determine the next significant direction.

Key Levels Remain in Focus

The $76,370 area now represents an important near-term support level after buyers defended it during the decline. Continued trading above that level could help preserve the improving technical picture, while a renewed break below it would weaken the recent recovery.

Bitcoin’s return toward $77,800 has therefore provided some relief, but the market remains at a decision point. A stronger move through resistance would be needed to confirm that the rebound has developed into a broader advance.

DoubleZero Brings Kalshi Election Data to Crypto Traders

DoubleZero is expanding access to Kalshi’s political markets, giving institutional and automated traders real-time election data ahead of the U.S. midterms. The move strengthens the link between prediction markets, trading infrastructure, and crypto-style market speculation.

The development comes as election betting activity continues to grow, creating fresh demand for fast, reliable political-market information. By making Kalshi data more accessible through DoubleZero, professional traders and automated systems can react faster to shifts in election probabilities and market sentiment.

That could benefit institutions, algorithmic traders, and data-driven platforms seeking another source of real-time signals. The risk is that political markets can move sharply on headlines, polls, court rulings, or campaign shocks, making speed an advantage but also increasing the danger of leverage-driven losses and emotional trading.

What This Means for Crypto

In plain English, prediction markets let participants trade contracts tied to real-world outcomes, such as who wins an election. The contract price reflects the market’s current estimate of that outcome, although it is not a guarantee and can be distorted by liquidity, sudden news, or concentrated bets.

For crypto traders and builders, the expansion highlights a broader opportunity: markets are increasingly being built around live data rather than traditional assets alone. It also raises familiar concerns around regulation, market manipulation, and whether automated systems can amplify political volatility faster than ordinary investors can respond.

Market Impact and Next Moves

The immediate sentiment is mixed. More institutional access could improve liquidity and make political markets more useful, but growing participation may also intensify price swings as algorithms compete to interpret every election headline.

The opportunity lies in better data infrastructure and the growing demand for event-based markets. The key risk is treating prediction-market prices as certainty; traders should remember that a crowded political trade can still unwind quickly when the narrative changes.

Election markets may be gaining influence, but speed is only an advantage when it is paired with disciplined risk control.

Crypto Groups Challenge Illinois Tax Before It Takes Effect

The Chamber of Digital Commerce and Blockchain Association are asking to block Illinois’ planned 0.2% tax on cryptocurrency activity. The groups argue the levy is unconstitutional and could saddle businesses with expensive, complicated compliance requirements before it takes effect in January.

The legal challenge follows an earlier lawsuit targeting the same measure, signaling that industry opposition is becoming a direct test of how far states can go when taxing digital-asset transactions. The dispute is not about the headline rate alone; it is about whether the tax’s structure creates an unreasonable burden for companies operating across highly fragmented crypto markets.

In plain English, the trade groups want a court to stop the tax before businesses must begin calculating and collecting it. A 0.2% charge may sound small, but repeated trading, transfers, or high-volume activity can turn a modest percentage into a significant operating cost. Traders could face higher expenses, while exchanges and crypto companies may need new systems to track transactions and prove compliance.

What This Means for Crypto

The case could become an important signal for other states considering crypto-specific taxes. A ruling against Illinois may discourage aggressive state-level measures, while a ruling in favor could encourage more jurisdictions to target digital-asset activity for revenue.

Market Impact and Next Moves

The immediate market impact is likely limited, but the sentiment is mixed: investors may welcome the challenge as a defense against costly regulation, while businesses must still prepare for the possibility that the tax survives. The biggest risks are legal uncertainty, higher compliance costs, and companies shifting activity to more crypto-friendly jurisdictions.

The broader opportunity is clarity. Until the court decides, crypto firms, traders, and investors should treat Illinois’ tax as an unresolved regulatory risk rather than a settled cost. The outcome could determine whether state crypto taxation becomes a manageable rule—or a blueprint for a much wider crackdown.

XRP Ledger Sets Transaction Record as 20 Wallets Account for 2,000 Payments

The XRP Ledger processed a record 3,254 transactions in a single ledger on Sept. 13, but more than half of those transactions were identical 1-drop payments sent by 20 wallets.

Record Set in Ledger 106,965,249

The record was recorded in ledger 106,965,249, which closed on Sunday with 3,254 transactions. The figure was highlighted by Hussein Zangana, community director at the XRP Ledger Foundation.

An XRP Ledger ledger is a validated record of transactions and other network activity. The latest record reflects the number of transactions included in one ledger close, rather than the total number processed over a longer period.

Small Payments Account for Most Activity

Approximately 2,000 of the transactions consisted of identical payments of 1 drop. A drop is the smallest unit of XRP, equal to 0.000001 XRP.

The payments were sent by 20 wallets, meaning a relatively small group of addresses generated most of the activity behind the record. The available information does not establish the purpose of the transfers or whether they were related to testing, operational activity or another use case.

Transaction Count Does Not Measure Value

The record highlights the distinction between transaction volume and transaction value on a blockchain. A high number of transactions can result from many small transfers and does not necessarily indicate a comparable increase in the amount of XRP moved.

The XRP Ledger has been designed to process transactions quickly and at low cost, allowing users and applications to submit small payments. However, individual ledger records can include a wide range of activity, from routine transfers to automated or network-related transactions.

Germany Reportedly Eyes 25% Crypto Tax From 2028

Germany’s Finance Ministry is reportedly considering a 25% tax on cryptocurrency gains, a major shift from rules that can make long-term crypto profits tax-free after a one-year holding period. The proposal could weaken one of Europe’s most attractive crypto tax advantages and force investors to rethink how long they hold digital assets.

The potential change would mark a sharp departure from Germany’s current treatment of crypto. Under existing rules, individuals may avoid taxes on certain crypto gains when assets are held for more than a year, creating a powerful incentive to hold rather than trade.

If introduced in 2028, the reported 25% rate would bring crypto taxation closer to the treatment of other investment gains. Short-term traders, high-turnover investors, and anyone relying on Germany’s long-term exemption would face the biggest impact, while the government could gain a new source of revenue and greater oversight of digital-asset activity.

What This Means for Crypto

In plain English, the proposal could turn Germany’s one-year holding strategy into a far less valuable advantage. Investors may still hold for the long term, but taxes would potentially apply even after the waiting period, depending on the final legislation and which assets or transactions it covers.

Traders would need to track purchase prices, sale prices, holding periods, and taxable events more carefully. Builders and crypto businesses could also face pressure if Germany becomes less attractive compared with jurisdictions offering clearer or lighter tax treatment.

Market Impact and Next Moves

The immediate sentiment is likely mixed. A tax proposal is not the same as enacted law, but the possibility of a 25% levy could trigger caution among German investors and encourage some capital or crypto activity to move elsewhere in Europe.

The biggest risks are regulatory uncertainty, rushed selling before any deadline, and confusion over whether the rules would apply to existing holdings. The opportunity is clarity: if Germany sets a predictable framework rather than an overly broad one, serious investors and compliant businesses may still remain in the market.

Until the proposal becomes law, Germany’s crypto tax advantage is still alive—but investors should not mistake today’s rules for a permanent promise.

Ripple’s RLUSD Supply Reaches Record $2.442 Billion, With Most Growth on Ethereum

Ripple’s RLUSD stablecoin reached a record circulating supply of approximately $2.442 billion this week, according to data from stablecoin trackers. Most of the increase recorded since July has occurred on Ethereum rather than the XRP Ledger.

RLUSD Supply Hits New High

DeFiLlama’s stablecoin dashboard showed about $2.42 billion worth of RLUSD in circulation, while other market data aggregators placed the total supply at approximately $2.442 billion.

The figures represent the total amount of RLUSD tokens circulating across supported blockchain networks. RLUSD is a dollar-pegged stablecoin issued by Ripple and designed for payments, trading and other digital-asset applications.

Ethereum Accounts for Most Recent Growth

Although RLUSD is closely associated with the XRP Ledger, most of the supply added since July was issued on Ethereum. The distribution highlights Ethereum’s continuing role as a major network for stablecoin issuance and decentralized finance activity.

The XRP Ledger remains part of RLUSD’s multichain infrastructure, but the latest supply expansion indicates that demand has been stronger on Ethereum during the period measured.

Multichain Distribution Shapes RLUSD’s Expansion

Tracking RLUSD across multiple networks provides a clearer view of how the stablecoin is being adopted. Growth on Ethereum may reflect the network’s broader ecosystem of exchanges, decentralized applications and liquidity venues, while issuance on the XRP Ledger supports Ripple’s payments-focused infrastructure.

RLUSD’s record supply does not, by itself, indicate how the tokens are being used or whether demand is evenly distributed across markets. Continued changes in network-level balances will help show where future growth is concentrated.

Albuquerque Passes Ordinance Banning Cryptocurrency ATMs

Albuquerque’s City Council has approved an ordinance prohibiting cryptocurrency ATMs and cashier-facilitated cryptocurrency transaction services within city limits, citing concerns about fraud and consumer protection.

Ordinance Targets Crypto Kiosks and In-Person Services

The measure, identified as O-26-49 and titled the “Virtual Currency Ordinance,” was passed on September 10. It bans the operation of cryptocurrency ATMs and services in which cashiers facilitate cryptocurrency transactions in Albuquerque.

Cryptocurrency ATMs, also known as Bitcoin ATMs, allow users to buy or sell digital assets using cash or payment cards. Consumer-protection agencies have warned that these machines can be used in scams because transactions are often difficult to reverse.

Councilor Cites Fraud Concerns

Councilor Stephanie W. Telles, a co-sponsor of the ordinance, said that 90% of cryptocurrency ATM and related transactions in Albuquerque were connected to fraud. The statement was presented as a key justification for the ban.

The ordinance reflects growing scrutiny of crypto kiosks by local authorities, particularly over their use in schemes that pressure victims to send cryptocurrency to fraudsters. Once completed, these transactions can be difficult to recover.

Local Restrictions on Cryptocurrency Services

Albuquerque’s action adds to a broader debate over how cities should regulate cryptocurrency-related businesses. While cryptocurrency itself remains available through online exchanges and other platforms, the ordinance specifically targets physical kiosks and cashier-assisted transaction services operating within the city.

FTX’s Washington Campaign Faces Renewed Scrutiny After Exchange Collapse

Before its collapse, cryptocurrency exchange FTX and several senior executives, including founder Sam Bankman-Fried, invested tens of millions of dollars in political activity, hired former government officials and supported legislation presented as a consumer-protection measure. The company’s influence in Washington has since fueled allegations that it was seeking regulatory capture.

FTX’s Push for a Larger Role in Policy

FTX and Bankman-Fried became prominent participants in U.S. policy debates surrounding digital-asset regulation. The exchange backed proposals aimed at establishing a clearer federal framework for cryptocurrency markets and promoted measures described as efforts to protect consumers and improve oversight.

The company also developed relationships with policymakers and brought in individuals with government experience. Those efforts increased FTX’s visibility in Washington as lawmakers and regulators considered how authority over digital-asset markets should be divided among federal agencies.

Critics Raise Regulatory-Capture Concerns

Some critics argued that FTX’s lobbying and political spending went beyond ordinary industry advocacy. They alleged that the company’s broader objective was to influence the rules governing cryptocurrency markets in ways that could strengthen its competitive position.

Regulatory capture generally refers to a situation in which an industry gains excessive influence over the agencies or lawmakers responsible for supervising it. However, allegations of regulatory capture involving FTX remain a matter of interpretation. Political donations, lobbying and the hiring of former officials do not, by themselves, establish that regulators were improperly controlled.

Collapse Changed the Context

FTX filed for bankruptcy in November 2022 after experiencing a rapid liquidity crisis. The collapse exposed serious problems involving the exchange’s finances and the handling of customer funds, prompting investigations and renewed calls for stricter oversight of the cryptocurrency sector.

Bankman-Fried was later convicted in the United States on fraud and conspiracy charges related to the exchange’s failure. The collapse also undermined FTX’s credibility as a participant in policy discussions and intensified scrutiny of the company’s efforts to shape cryptocurrency regulation before its downfall.

Digital Ruble Accounts Rise by Nearly 87,000 in 10 Days, Bank of Russia Says

Bank of Russia Governor Elvira Nabiullina said the digital ruble’s rollout had progressed smoothly, with the number of accounts increasing by nearly 87,000 over a 10-day period.

Users Show Interest in New Payment Instrument

Nabiullina attributed the increase largely to the novelty of the digital ruble and users’ interest in testing how the new form of money works.

The digital ruble is Russia’s central bank digital currency, issued and overseen by the Bank of Russia. Unlike cryptocurrencies, it is a centralized digital payment instrument backed by the country’s central bank.

Account Growth Reaches Record Level

The reported increase brought digital ruble accounts to a record level, according to the Bank of Russia governor. The figures indicate growing public engagement as authorities continue introducing the currency to users.

Nabiullina’s comments suggest that early adoption has been driven primarily by curiosity and the opportunity to experiment with the digital ruble’s payment features.

Court Slaps CFTC Over Kalshi Election-Bet Approval

Federal judges just told the CFTC to stand down on blocking Kalshi’s election contracts, handing the derivatives exchange a rare win against federal oversight. The D.C. Circuit denied the agency’s emergency bid to freeze a lower-court ruling that already green-lit the contracts, meaning traders can start betting on U.S. elections as soon as next week. The decision signals that courts may be more willing to rein in the CFTC when it stretches its “event contract” authority without clear statutory backing.

The fight began when Kalshi filed to list contracts that would pay out if a party wins control of Congress or the White House. The CFTC rejected the filing, arguing the contracts involved gaming and could be used for election manipulation. Kalshi sued, claiming the agency exceeded its powers under the Commodity Exchange Act. Last month a district judge agreed, ruling that the CFTC had no statutory right to block the contracts on those grounds and ordering the agency to let trading begin. The CFTC rushed to the appeals court asking for an emergency stay, warning of immediate harm to markets and public confidence. A three-judge panel heard arguments on September 19 and issued its one-page order denying the stay just thirteen days later.

The ruling leaves the district court’s decision intact for now, so Kalshi can launch the contracts while the CFTC continues its full appeal. That means election derivatives will hit the market before November, giving traders a new, regulated venue to express political views and hedge risk. The CFTC loses the immediate ability to stop the launch, but the underlying legal question—whether event contracts tied to elections are legal—remains open until the appeal finishes. Exchanges and prediction platforms gain breathing room; the agency’s authority over similar contracts looks narrower, at least until a final ruling.

In plain terms, the court told the CFTC it cannot simply say “no” to contracts it dislikes without stronger legal footing. The Commodity Exchange Act lets the agency police fraud and manipulation, but does not automatically give it veto power over any contract that touches politics. Until the appeal is decided, Kalshi’s election markets are live and legal; other platforms eyeing political or event-based derivatives now have precedent to cite if regulators push back.

The order shifts power away from the CFTC and toward exchanges and traders—at least for now. Election contracts create a new class of regulated political derivatives that could pull volume from offshore prediction sites and informal betting markets. If the CFTC loses the full appeal, it may try to push Congress for explicit authority over event contracts; if it wins, these markets could be shut down mid-winter. Exchanges gain a short-term product edge, but they also inherit compliance risk if later rulings tighten the rules. DeFi platforms offering similar binary outcomes on elections face an uneven field: they can point to Kalshi as proof that such products are legal, yet they still sit outside CFTC registration and remain targets for enforcement.

For traders and platforms, the message is clear: political-event derivatives just moved from legal gray zone to regulated green light, but the light could flip back to red once the appeals court issues its final word.

Court Halts Texas Crypto Mining Shutdown

A Texas appeals court just blocked a lower-court order that threatened to shutter an El Paso crypto-mining operation before the company could fight back. The ruling hands Envy Blockchain a temporary lifeline and signals that state courts may be reluctant to let local governments kill mining projects without due process.

Envy Blockchain, NV Landco 1 LLC, and Stephen DeCani filed an emergency mandamus petition after a district judge ordered them to stop operations following a dispute with the City of El Paso over zoning and noise complaints. The company argued the shutdown order was issued without proper notice or hearing, violating basic due-process protections. The Eighth Court of Appeals agreed to hear the emergency petition and, in a brief opinion, stayed the lower court’s order pending further review. That stay effectively freezes any enforcement action until the appeals court decides whether the shutdown was lawful.

The legal question was narrow but critical: whether a district court can shut down a lawful business before giving it a chance to defend itself. The appellate judges ruled that the shutdown order raised serious due-process concerns and that the harm to Envy outweighed any immediate public-nuisance claims. The City lost this round; Envy won breathing room. Practically, the mining facility stays online, its revenue stream intact, and the burden now shifts to the City to prove why operations should stop.

In plain English, the court said you cannot simply flip the switch on a crypto mine without a fair fight in court. That precedent matters because mining facilities often sit in regulatory gray zones where local officials are quick to act and slow to explain. The decision signals to other Texas municipalities that abrupt shutdowns will face appellate scrutiny, raising the cost and risk of aggressive enforcement.

For crypto markets the ruling is a small but telling win for infrastructure operators. It underscores that physical mining—energy contracts, land use, noise rules—remains subject to state and local law even when federal securities questions are absent. Exchanges and DeFi protocols that rely on Texas hash-rate face no direct change in token classification, yet any sustained legal uncertainty around physical plants can ripple into hash-price volatility and hosting-contract pricing. Traders watching U.S. regulatory arbitrage should note that state-level due-process fights may become the next front line after the SEC’s ETF and exchange battles cool.

Bottom line: today’s order keeps the lights on in El Paso, but it also warns miners that local power, not just federal oversight, can still unplug a facility overnight.

Court Orders CFTC to Justify Secret Kraft Subpoenas

Federal appeals court demands regulators explain why they hid evidence in a seven-year commodity probe. The decision forces the CFTC to defend its tactics or risk losing key enforcement powers. Markets are watching for signs that commodity regulators may face tighter judicial oversight.

The case began when Kraft and its spin-off Mondelēz challenged the CFTC’s enforcement action over alleged wheat futures manipulation. The companies accused the agency of withholding documents that could prove their trades were legitimate hedging, not manipulation. After years of lower-court fights, Kraft asked the Seventh Circuit to order the CFTC to turn over the records or drop the case. The appeals panel responded with a writ of mandamus, a rare judicial command telling the agency to justify its secrecy or face sanctions.

Judges ruled that the CFTC cannot simply claim “deliberative process privilege” without showing real harm to future enforcement. The court ordered the agency to produce a privilege log and appear for a hearing within thirty days. Failure to comply could result in dismissal of the enforcement action and potential sanctions against CFTC lawyers. This shifts power toward defendants who can now demand faster transparency in CFTC probes.

The ruling chips away at regulators’ ability to shield internal debates from discovery. Commodity firms gain leverage to test whether enforcement theories rest on solid evidence or internal speculation. Expect defense counsel to cite this precedent in future CFTC and SEC matters involving hidden analytical work product.

Traders and exchanges should view this as a modest check on agency discretion rather than a broad deregulation. Enforcement risk remains high, but the cost and timeline of investigations could rise if agencies must litigate privilege claims earlier. DeFi protocols and token issuers face indirect effects: if commodity regulators lose secrecy advantages, enforcement may slow, giving innovators more runway before facing subpoenas.

Defense wins like this remind markets that regulators operate under judicial guardrails, yet the core tension between rapid oversight and due-process rights is far from resolved.

Senate Vote Puts Crypto Policy in Focus

Crypto markets are heading into a potentially significant week as the U.S. Senate prepares to hold a key vote on Tuesday. The vote could provide greater clarity on the regulatory direction for digital assets, although the specific outcome and its market impact remain uncertain.

AI Concerns Add to Broader Market Uncertainty

At the same time, concerns about the development of increasingly autonomous “AI swarms” are prompting calls for a slowdown in artificial intelligence research and deployment. The debate has added to uncertainty across technology markets, with some analysts warning that AI-related stocks could face sharp declines if investor sentiment weakens.

Markets Await Developments

The Senate vote and renewed scrutiny of AI development are expected to remain key themes for investors this week. Crypto and technology markets may react to new policy signals, although the direction and scale of any moves will depend on subsequent developments.