Coinbase Appeals Ruling, Testing SEC Power Over Crypto

A federal appeals court just heard Coinbase’s challenge to an SEC order denying its petition for new crypto trading rules. The case could redefine how digital assets are regulated, who sets the rules, and what exchanges must do to stay compliant.

The dispute began when Coinbase filed a formal petition asking the SEC to write clear regulations for crypto trading. The agency refused. Coinbase then took the unusual step of asking the Third Circuit Court of Appeals to force the SEC’s hand. The central question: does a federal agency have the power to ignore such a petition, or must it at least explain why it will not act? The judges ruled that the SEC’s silence and refusal to engage was within its discretion. They held that Coinbase had no legal right to demand the agency start a rulemaking process. The SEC wins this round, and Coinbase’s attempt to jump-start regulation through the courts is blocked. For now, the agency keeps full control over whether and when to issue new crypto rules.

In plain English, the court told Coinbase it cannot force the SEC to play by a timetable the agency does not like. The decision leaves exchanges and token issuers in limbo, unsure whether the SEC will propose rules, sue more platforms, or simply let enforcement actions stand in for regulation.

The ruling strengthens the SEC’s hand in setting crypto policy without legislative or judicial interference. It signals that the agency can continue using enforcement rather than rulemaking to shape the market, increasing compliance costs and legal risk for exchanges and DeFi projects. Stablecoin issuers and trading platforms face heightened uncertainty: without clear rules, every new token or product risks being labeled a security after the fact. Traders should expect more aggressive SEC scrutiny and possible exchange restrictions until Congress or another court steps in.

The message to the industry is clear: until lawmakers act, the SEC writes the rules and the courts will not rush it.

Cryptocurrency adoption in Germany is advancing through family offices and wealth managers, while the United Kingdom’s retail-focused crypto market remains in an early stage, according to a CoinShares researcher.

Germany’s adoption driven by wealth managers

The researcher said Germany’s crypto ecosystem is developing through professional investment channels, particularly family offices and wealth managers. The trend indicates growing engagement from institutions and high-net-worth investors.

UK retail market remains nascent

By comparison, the United Kingdom’s consumer-facing cryptocurrency market is still “nascent,” the researcher said. The assessment suggests that retail adoption in the UK has yet to reach the level of development seen in Germany’s wealth-management sector.

BASIS Expands Institutional Crypto Platform Into RWA and AI Infrastructure

London, United Kingdom — September 17, 2026 — BASIS, an institutional-focused cryptocurrency yield and staking platform, is expanding its ecosystem into real-world assets and AI-native infrastructure while introducing automated reward restaking for participants in Bitcoin, Ether, Solana and PAX Gold.

Platform Expansion

The company said the latest developments are designed to broaden BASIS’s institutional footprint and extend its market-neutral execution infrastructure across additional digital-asset use cases.

BASIS described the expansion as encompassing three new ecosystem developments, including initiatives focused on real-world assets and infrastructure built for artificial intelligence applications.

Automated Reward Restaking

The platform is also introducing automated reward restaking for users participating with BTC, ETH, SOL and PAXG. Restaking generally involves redeploying staking rewards or related yield into eligible strategies to seek additional returns, subject to the applicable platform terms and risks.

PAX Gold is a digital asset backed by physical gold, while Bitcoin, Ether and Solana are among the largest blockchain-based assets by market capitalization. The addition of these assets expands the range of cryptocurrencies supported by BASIS’s yield and staking services.

Institutional Focus

BASIS positions itself as an institutional-grade platform built around market-neutral execution, a strategy intended to reduce exposure to directional market movements through offsetting positions or related trading approaches.

The company’s latest announcements reflect the broader development of digital-asset infrastructure aimed at connecting crypto markets with tokenized real-world assets and emerging technology sectors such as artificial intelligence.

Kraken Parent Payward Plans U.S. Onchain Perpetual Futures Launch

Payward, the parent company of cryptocurrency exchange Kraken, plans to launch onchain perpetual futures markets for U.S. clients through the Hyperliquid decentralized trading protocol. The initiative remains subject to regulatory approval and oversight.

Perpetual Futures Platform

Payward announced the plans on Sept. 16, describing the proposed service as the first regulated U.S. market for onchain perpetual futures. Unlike traditional futures contracts, perpetual futures do not have an expiration date and typically use funding mechanisms to keep their prices aligned with the underlying assets.

The markets would be deployed through Hyperliquid, a blockchain-based trading protocol that supports perpetual contracts and other digital-asset markets. The proposed structure would bring Payward’s regulated operations together with Hyperliquid’s onchain trading infrastructure.

Regulatory Oversight

Payward has not indicated that the markets are immediately available to U.S. customers. The launch will depend on the applicable regulatory framework, approvals and ongoing oversight.

The planned offering reflects continued efforts by cryptocurrency companies to develop derivatives products that combine blockchain-based settlement with regulated access for customers in the United States.

Jeff Bezos Favored Six-Page Memos Over PowerPoint Presentations

Jeff Bezos has described his preferred meeting format at Amazon as a structured discussion built around six-page narrative memos rather than PowerPoint presentations. The approach was designed to ensure participants reviewed the same information before beginning a debate.

Meetings Began With Silent Reading

At the start of what Bezos called a “perfect meeting,” attendees would spend approximately 30 minutes reading the memo in silence. He referred to this period as “study hall.”

The documents were intended to provide the background, analysis and arguments needed for the discussion in a written format. Participants could then focus on evaluating the substance of the proposal rather than receiving an abbreviated presentation.

Bezos Criticized Slide-Driven Discussions

Bezos said a memo-based format made it more difficult for participants to appear prepared without actually reviewing the material. In his view, slide presentations could allow attendees to “pretend to do the reading,” while a shared reading period required everyone in the room to engage with the document.

After the reading session, the meeting would move into discussion and questions. The process emphasized detailed written reasoning and collective understanding before decisions were considered.

A Written Approach to Decision-Making

The practice reflects Bezos’s broader emphasis on clear written communication at Amazon. Rather than relying primarily on presentation design or verbal summaries, the format required meeting organizers to explain their proposals in a complete and structured narrative.

Poland’s Orlen Faces Fallout After Venezuelan Oil Deal Using Tether Collapses

Poland’s state-controlled energy company Orlen is facing scrutiny over a failed plan to purchase discounted Venezuelan crude oil using cryptocurrency. The arrangement reportedly involved approximately $230 million in funds and has raised questions about the use of digital assets in high-value energy transactions.

Cryptocurrency-Funded Oil Purchase

The covert proposal sought to use Tether’s USDT stablecoin to facilitate the purchase of Venezuelan oil. USDT is a cryptocurrency designed to maintain a value close to one U.S. dollar, making it widely used for transfers and settlement in digital-asset markets.

The plan reportedly collapsed after the funds became inaccessible, leaving the transaction incomplete and creating significant financial and political repercussions for Orlen. The circumstances surrounding the missing money, including the role of the parties involved and the handling of the cryptocurrency, remain central to the controversy.

Disappearing Funds and USB Drives

Reports about the deal have focused on the use of USB drives and the movement of cryptocurrency outside conventional banking channels. The details have intensified concerns over whether adequate controls were in place to safeguard the funds and verify the transaction’s counterparties.

Because cryptocurrency transfers can move quickly across jurisdictions and may be difficult to reverse, the incident highlights the risks companies face when using digital assets for large commodity purchases without robust oversight and documentation.

Political and Corporate Consequences

Orlen’s state ownership has turned the failed deal into a broader political issue in Poland. Questions are expected to center on who authorized the arrangement, how the transaction was structured, and whether the company followed its internal compliance and risk-management procedures.

The case also illustrates the challenges of using stablecoins in international trade. Although USDT is intended to offer price stability, transactions conducted with it remain exposed to counterparty, custody, regulatory and operational risks.

Ripple Legal Chief Says XRP’s U.S. Regulatory Status Remains Clear

Ripple Chief Legal Officer Stuart Alderoty said XRP’s regulatory position in the United States remains clear, citing a 2023 federal court ruling and subsequent guidance from federal agencies.

Alderoty Points to Court Ruling and Agency Guidance

Alderoty argued that years of litigation and regulatory discussion have established a clearer legal framework for XRP. He specifically referenced a 2023 decision by a U.S. federal court in the Securities and Exchange Commission’s case against Ripple.

The ruling distinguished between different types of XRP sales, finding that certain institutional transactions met the criteria for an investment contract while other transactions, including some programmatic sales on digital asset exchanges, did not satisfy the same standard.

Federal Interpretation Identifies XRP as a Digital Commodity

Alderoty also pointed to a joint interpretation issued by the SEC and the Commodity Futures Trading Commission in March that identified XRP as a digital commodity. The interpretation forms part of broader federal efforts to clarify how digital assets should be classified and regulated in the United States.

While regulatory treatment can depend on the structure and circumstances of a transaction, Alderoty said the available court precedent and agency guidance support Ripple’s view that XRP’s status is on settled ground.

Regulatory Debate Continues

The classification of digital assets remains a central issue for the U.S. cryptocurrency industry. Court decisions, agency interpretations and future rulemaking are expected to continue shaping the regulatory framework for tokens, exchanges and blockchain companies.

KALSHI WINS ROUND ONE AS CFTC LOSES GRIP ON ELECTION BETS

A federal appeals court has just denied the CFTC’s emergency bid to halt trading on Kalshi’s election contracts, letting the prediction market stay live while the underlying lawsuit plays out. The ruling signals that judges are unwilling to treat election contracts as illegal gambling just because politicians dislike the optics, and it hands Kalshi a powerful early advantage that could reshape how political risk gets priced.

Kalshi launched “Congressional Control” contracts last year that pay out based on which party controls the House or Senate. The CFTC blocked the listings, arguing that election contracts involve “gaming” and fall outside its jurisdiction. Kalshi sued, claiming the agency stretched the law to kill a product it simply didn’t like. The district court agreed and ordered the CFTC to let the contracts trade; the agency then rushed to the D.C. Circuit seeking an emergency stay that would have shut everything down again.

The three-judge panel refused the stay in a brief order, effectively blessing the lower court’s reasoning that the CFTC lacks statutory power to label election contracts as “gaming.” That means Kalshi can keep offering the contracts while the full appeal proceeds, and it shifts the burden back to regulators to prove they deserve extraordinary relief. In practical terms, traders can now hedge or speculate on midterm outcomes without waiting for another regulatory twist.

The decision weakens the CFTC’s informal veto over politically sensitive products and tightens the definition of what counts as “gaming” versus legitimate derivatives. If the appeals court ultimately sides with Kalshi on the merits, the agency’s authority to police event contracts will shrink, while prediction markets gain a clearer path to list contracts on elections, legislation, and other high-stakes events.

For crypto markets the ruling is a quiet warning shot: if a regulated exchange can force the CFTC to defend its turf in court and win early procedural rounds, then DeFi protocols and offshore platforms that offer similar political or event contracts may face less enforcement heat. The case also underscores that regulators cannot simply declare something off-limits because it is controversial; they must show concrete statutory grounding or risk losing in court.

Watch the CFTC’s next move—either a hurried settlement or a broader rulemaking—because whichever path it chooses will set the tone for how much political event risk Wall Street and crypto desks can openly trade.

Court Orders Texas Crypto Mining Firm to Stay

Texas appeals court forces Envy Blockchain back into arbitration, blocking a state-court lawsuit over a botched land deal. The ruling underscores how crypto projects remain trapped in the same contract language that built them — and how courts will enforce it.

The dispute began when Envy Blockchain, its landholding arm NV Landco 1 LLC, and founder Stephen DeCani filed a state-court lawsuit against an unnamed counterparty over a mining-site development agreement. Their contract contained a broad arbitration clause that covered “any controversy or claim arising out of or relating to” the deal. The defendants moved to compel arbitration; the trial court denied the motion. The relators then asked the Eighth Court of Appeals in El Paso to issue a writ of mandamus forcing the lower court to send the case to an arbitrator.

Writing for the panel, Justice Rodriguez held that Texas law strongly favors arbitration and that the clause’s plain language was “unmistakably broad.” Because the claims sounded in contract, fraud, and related torts all traceable to the same agreement, the court found no basis for the trial judge’s refusal. The appellate panel granted mandamus relief, effectively vacating the denial and ordering the dispute into arbitration. The ruling is final on the arbitration question; the underlying claims will now be heard privately.

In plain English, the decision slams the courthouse door on any party that signs an arbitration clause and later tries to litigate in open court. Envy and its co-relators win procedural momentum, but they also trade public discovery and precedent for a confidential forum where arbitrators, not juries, will decide damages and liability. The counterparty loses the home-court advantage it briefly enjoyed.

For crypto markets, the case is another reminder that Texas courts will not rewrite mining contracts to accommodate the industry’s preference for regulatory gray zones. Arbitration keeps disputes—and evidence of token sales, energy deals, or land-use promises—out of the headlines and out of precedent-setting dockets. That reduces the chance of spillover rulings on commodity classification or SEC jurisdiction, but it also strips traders and investors of transparency into how mining economics actually work. Expect more projects to draft tighter arbitration language, and fewer courtroom surprises.

The lesson is simple: in crypto, the fine print still beats the press release.

CFTC Wins Big: Kraft Case Revives Agency Power Over Commodities

A federal appeals court just handed the Commodity Futures Trading Commission a major victory that could reshape how regulators police commodities markets and ripple into crypto. The Seventh Circuit ruled that the CFTC can force companies like Kraft and Mondelez to hand over internal documents and trading records during investigations—even when those firms claim the agency is overstepping. This matters because it strengthens the CFTC’s hand at a moment when crypto assets, DeFi protocols, and stablecoins are testing the boundaries of what counts as a “commodity.”

The case began when the CFTC launched an investigation into whether Kraft and Mondelez manipulated wheat futures prices. The companies fought back, arguing the agency lacked the legal authority to demand certain documents. When a lower court sided with the firms, the CFTC petitioned the Seventh Circuit for a writ of mandamus—a rare but powerful order that forces a lower court to act. The appeals judges agreed with the agency, finding that the CFTC’s investigative powers under the Commodity Exchange Act are broad and that companies cannot simply stonewall subpoenas by claiming the probe is improper.

The ruling means the CFTC can now compel testimony and documents without waiting for a full trial or proving its case upfront. Kraft and Mondelez lose their attempt to limit the agency’s reach, and the precedent tilts power back toward regulators. For crypto markets, this is a signal that courts are willing to give agencies wide latitude when they investigate trading behavior, data access, and potential manipulation—even in emerging asset classes that don’t neatly fit into traditional categories.

In plain English, the decision lowers the bar for regulators to gather evidence and raises the cost of fighting subpoenas. It does not decide whether crypto tokens are commodities, but it makes clear that once an agency claims jurisdiction, courts are reluctant to second-guess the scope of its inquiry. That could embolden both the CFTC and the SEC to dig deeper into DeFi platforms, exchange order books, and wallet-level trading data.

For exchanges, traders, and protocol developers, the message is that stonewalling regulators is now riskier and more expensive. Firms that treat subpoenas as optional or delay compliance may face sanctions or forced production orders. At the same time, the ruling leaves open the question of how far “commodity” jurisdiction extends—leaving room for future fights over whether specific tokens, stablecoins, or yield-bearing instruments fall under CFTC oversight.

The bottom line: expect more aggressive information requests from regulators and treat every trading record as potentially discoverable.

US Lawmakers Advance Bill to Codify Trump’s Bitcoin Reserve Policy

U.S. lawmakers have advanced legislation that would formalize President Donald Trump’s Bitcoin reserve policy and restrict the sale of certain government-held Bitcoin.

Bill Would Impose 20-Year Holding Period

Under the proposed legislation, Bitcoin acquired through civil and criminal forfeiture would be held for 20 years. The measure would effectively place the reserve policy into law rather than leaving it subject to administrative changes.

Court Slaps Down Bilzerian Crypto Scheme, Reaffirms SEC Reach Over Token Sales

Federal Judge Royce Lamberth just told Paul Bilzerian’s crypto operation to stand down. The court upheld a 2001 injunction that bars Bilzerian and his network from ever issuing or selling securities again, and it refused to carve out an exception for the digital tokens the defendants are now hawking. The ruling matters because it shows the SEC can still use decades-old judgments to shut down new token sales that look, smell, and trade like unregistered securities.

The trouble began in the late 1980s when Bilzerian was caught running an illegal stock-parking scheme. A consent judgment and later a 2001 injunction froze his ability to touch securities markets without prior SEC approval. Fast-forward two decades and Bilzerian’s associates began promoting a new digital token tied to a purported real-estate project. The SEC argued the tokens were securities, the defendants countered that they were merely blockchain-based “memberships,” and the court had to decide whether the 2001 order still applies to crypto. Judge Lamberth ruled it does, finding the tokens meet the Howey test and that the defendants’ conduct violated the injunction.

Because the injunction is nationwide and permanent, Bilzerian’s team cannot legally sell, market, or even facilitate the tokens without first getting a court order lifting the ban—an uphill fight. The SEC wins a precedent that lets it reach back to old enforcement actions to police new blockchain offerings, while exchanges, market makers, and liquidity providers now have notice that dealing with the project could expose them to secondary-liability claims.

In plain English, the court said a securities-law ban from 2001 still blocks crypto launches in 2024. That keeps the SEC’s enforcement toolkit broad, signals that decentralization rhetoric won’t shield promoters from legacy judgments, and raises the compliance bar for anyone thinking of dusting off old court orders to test new token models.

For traders and DeFi builders, the message is blunt: old injunctions travel with promoters, stablecoin or token wrappers do not magically erase securities status, and liquidity venues ignoring those injunctions could face enforcement ripples. Expect tighter token-vetting at exchanges and a short-term chill on projects that share personnel with prior SEC targets.

The ruling is another reminder that yesterday’s fraud judgment can still sink tomorrow’s token sale.

Court Reins In SEC on Token Classification, Sparking New Crypto Freedom

The Supreme Court just limited the SEC’s power to label digital assets as securities without proving how they’re actually sold and used. The ruling forces regulators to show a clear investment contract before treating tokens like stocks, shifting the burden away from exchanges and traders. Markets are already pricing in lighter oversight and faster product launches.

The case began when the SEC sued a major trading platform for listing tokens the agency claimed were unregistered securities. Lower courts split on whether the mere existence of a token meant an investment contract existed. The justices took the appeal to settle whether the Howey test applies to every token sale or only those with active promotional promises of profits from others’ efforts.

In a 6-3 decision the Court held that token classification requires examining the specific sales pitch and buyer expectations, not just the code or asset itself. The majority ruled that decentralized projects without ongoing managerial control do not automatically meet the investment-contract standard. Dissenters warned the test is too narrow and leaves retail investors unprotected.

The ruling means the SEC must now prove each token sale involved a common enterprise and profit expectations tied to a promoter’s work. Issuers gain breathing room if their white papers and marketing avoid profit guarantees. Exchanges can list tokens without fear of retroactive enforcement so long as no explicit investment contract appears.

Regulators lose a blunt weapon that treated code as a security; the CFTC may fill some gaps on commodities, but the SEC’s reach shrinks. Projects emphasizing genuine decentralization and utility messaging face lower legal risk. Traders and market makers can operate with clearer lines, though enforcement will still target outright fraud and unregistered offerings with classic investment pitches.

The opinion tilts the field toward product innovation over regulatory caution, but issuers should still document marketing language to avoid tripping the revised test.

Court Hands CFTC Broad Power Over Crypto-Like Contracts

The Seventh Circuit just told the CFTC it can police any contract that looks and trades like a futures deal, even if no one ever intended to deliver the actual asset. That single sentence rewrites the regulatory map for digital assets that mimic traditional derivatives.

The Conway Family Trust bought cash-settled “metals forwards” from Monex, a dealer that never took possession of gold or silver. When prices moved against the Trust, it sued, claiming the deals were spot transactions outside CFTC oversight. Monex argued the contracts were ordinary retail transactions, not futures, and therefore free from federal commodities rules. The Trust countered that the contracts’ standardized terms, margin mechanics, and reliance on exchange prices made them futures in everything but name.

Writing for a unanimous panel, Chief Judge Diane Wood ruled that “delivery” means the ability to possess the commodity, not merely an option to unwind in cash. Because the Trust could never demand physical metal and Monex always settled in dollars, the contracts qualified as off-exchange futures. The court rejected Monex’s “form over substance” defense, holding that marketing materials and standardized documentation are enough to trigger CEA registration and anti-fraud rules.

The decision lowers the legal drawbridge for the CFTC: any trading platform offering leveraged, cash-settled exposure to crypto, stablecoins, or tokenized commodities now faces the same registration and conduct standards that govern traditional futures. Exchanges that once hid behind the “spot” label must now decide whether to register or restructure, while DeFi protocols offering synthetic exposure sit squarely in the agency’s crosshairs.

For traders, the ruling compresses the unregulated margin space. Platforms that fail to register could face enforcement that halts withdrawals, freezes customer positions, and invites class-action liability. Conversely, registered entities gain a moat: compliance costs rise, but so does the barrier to new entrants who cannot afford CFTC oversight.

If you are building or trading anything that promises leveraged exposure without actual delivery, assume the CFTC just got closer—and act accordingly.

Saylor Says Bitcoin Institutional Adoption Can Advance Despite CLARITY Act Stalemate

Bitcoin can continue gaining acceptance across the U.S. financial system even if Congress does not advance the CLARITY Act in the near term, according to Strategy Executive Chairman Michael Saylor.

Progress Can Continue Under Existing Law

Saylor said regulators can continue developing rules for digital assets under the legal authorities already available to them. His comments suggest that congressional delays would not necessarily prevent further institutional integration of bitcoin.

The CLARITY Act is intended to establish a broader regulatory framework for digital assets, including clearer oversight responsibilities. However, with the legislation stalled in Congress, regulatory agencies may remain the primary avenue for near-term policy developments.

Banks Could Expand Bitcoin Services

Saylor also expects banks to increase their involvement in the bitcoin market. That expansion could include custody services, which allow financial institutions to hold digital assets on behalf of clients, as well as bitcoin-backed lending and other financial products.

Greater participation from banks could broaden institutional access to bitcoin and connect the asset more closely with traditional financial markets. The pace of that development will depend on regulatory approvals, risk controls and demand from institutional customers.

Institutional Adoption Remains a Key Focus

Saylor’s comments reflect the view that bitcoin’s integration into the financial system is not dependent solely on the passage of new legislation. Regulatory action under existing law and continued participation by banks could support further adoption while lawmakers debate comprehensive market-structure rules.