According to Crypto in America, the US Congress held a meeting on September 17th to advance legislation for a strategic Bitcoin reserve. Several Republican senators, including Senators Ted Cruz and Marsha Blackburn, attended the meeting, along with industry representatives such as MicroStrategy founder Michael Saylor. The BITCOIN Act, reintroduced by Senator Cynthia Lummis in March of this year, aims to include Bitcoin in the national strategic reserve asset, on par with gold, and requires the US government to acquire one million Bitcoins over the next five years. Hailey Miller, policy director at Digital Power Network, stated that participants reached a strong consensus on the necessity of a strategic Bitcoin reserve and that the next step will be to promote its inclusion in a broader policy framework. The proposal expands on President Trump's previous policy prohibiting the sale and seizure of Bitcoin. It is worth noting that this proposal remains controversial outside the cryptocurrency community, and Lummis himself admitted that it may take a long time to convince his colleagues in Congress.
▌The Federal Reserve cut interest rates by 25 basis points, in line with market expectations
The Federal Reserve cut its benchmark interest rate by 25 basis points to 4.00%-4.25%, in line with market expectations, resuming the pace of interest rate cuts that had been suspended since December last year.
Market
As of press time, according to Coingecko data:
BTC price is $116,457, up or down -0.2% in the past 24 hours;
ETH price is $4,590.26, up or down +2.0% in the past 24 hours;
BNB price is $988.96, up or down +3.6% in the past 24 hours;
+2.9%; The price of DOGE is $0.2812, with a 24-hour increase or decrease of +4.2%; The price of XRP is $3.07, with a 24-hour increase or decrease of +1.2%; The price of TRX is $0.3435, with a 24-hour increase or decrease of +0.4%; The price of WLFI is $0.2209, with a 24-hour fluctuation of -1.4%. The US SEC Approves Common Listing Standards for Commodity Trust Shares, Easing the Listing Process for Digital Asset ETFs. On September 17, the US Securities and Exchange Commission (SEC) announced that it had approved the three major national securities exchanges to adopt common listing standards for commodity-based trust shares (CBTSs), covering spot commodities, including digital assets. This means that exchange products that meet the requirements can be listed and traded directly without submitting individual rule amendment applications. SEC Chairman Paul Atkins stated that this move will enhance investor choice, promote innovation, and lower the barrier to entry for digital asset products in the US capital market. Jamie Selway, Director of the SEC's Division of Markets, added that the decision provides regulatory clarity and certainty to the investment community and ensures investor protection through a standardized regulatory framework. The SEC also approved the listing of Grayscale's Digital Large Cap Fund (based on the CoinDesk 5 Index) and the launch of options trading on an index related to the Chicago Board Options Exchange (Cboe) Bitcoin ETF. The U.S. Securities and Exchange Commission (SEC) issued an announcement expediting approval of the Chicago Board Options Exchange's (Cboe) proposed rule change, as amended by Amendment No. 2. The core of the new rule is to add afternoon settlement options to the Cboe Bitcoin US ETF Index (CBTX) and the Mini Cboe Bitcoin US ETF Index (MBTX), covering Friday expirations, non-standard expirations (including weekly and month-end expirations), and quarterly index expirations (QIX). The SEC emphasized in its announcement that this approval is a reasonable expansion of the existing afternoon-settled index options program, providing market participants with more flexible investment and hedging tools. The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have announced another delay in implementing new rules for private fund reporting forms (Form PF). This move is intended to support the Trump administration's comprehensive review of outstanding regulations and address market concerns about the complexity and rationale of the rules. Regulators stated that premature enforcement could result in additional costs for funds and investors, and therefore will delay implementation. The UK Financial Conduct Authority (FCA) has proposed bringing cryptocurrency firms under full regulation in the UK. The UK Financial Conduct Authority (FCA) has proposed bringing cryptocurrency firms under full regulation in its regulatory framework, promising a regime that mirrors traditional financial rules while tailoring them to the specific risks and characteristics of the digital asset market. The regulator said in a consultation document published on Wednesday that while the proposals reflect many of the requirements already applied to other financial firms – including operational resilience, senior management accountability, robust systems and controls, and financial crime prevention measures – the new cryptocurrency standards will be "modest." The FCA's goal is to protect consumers, reduce financial crime, and support growth, while ensuring UK firms remain competitive internationally. Feedback is expected in October and November, with final rules expected to be published in 2026 following further industry consultation on requirements for specific activities. Powell: There is no 'risk-free path' for monetary policy. Federal Reserve Chairman Powell noted that the Fed faces a difficult and unusual situation: a weakening labor market coupled with persistently high inflation. Typically, a weak labor market would necessitate lower interest rates, while rising inflation would require a tighter policy stance. Powell stated that monetary policy faces a "situation with two-sided risks and no risk-free path," a factor reflected in the range of views in the Fed's Summary of Quarterly Economic Projections. Blockchain Applications: Vitalik: Staking Means Defending the Blockchain, and Exit Mechanisms Need to Balance Flexibility and Chain Trust. During a community discussion on staking, Vitalik stated that staking means assuming the solemn responsibility of defending the blockchain, and that friction in the exit process is part of the protocol design. "If any percentage of its members could suddenly leave at any time, the military would not be able to function," Vitalik added. "This is not to say that the current design of the staking queue is perfect, but rather that simply reducing the constant value would significantly undermine the blockchain's credibility from the perspective of nodes that are not frequently online." New York financial regulators require banks to use blockchain analysis to combat illegal activity. The New York State Department of Financial Services (NYDFS) issued guidance on Wednesday requiring banks to use blockchain analysis to combat illicit activity. NYDFS Director of Supervision Adrienne Harris stated that as traditional banking institutions expand into virtual currency businesses, their compliance functions must adapt and introduce new tools and techniques to mitigate emerging risks. The guidance specifically emphasizes the importance of using blockchain analysis tools for risk screening of customer wallets and risk assessment of digital asset products. This requirement is intended to prevent illegal activities such as money laundering, terrorist financing, and sanctions evasion.
▌Bullish Receives BitLicense from New York State Department of Financial Services
Crypto trading platform Bullish has received a BitLicense from the New York State Department of Financial Services (NYDFS), a key regulatory approval that will allow the institution's digital asset platform to provide spot trading and custody services to New York clients.
▌Standard Chartered Bank Launches Tokenized Money Market Fund with Qatar National Bank and DMZ Finance
Qatar National Bank Group (QNB Group), Standard Chartered Bank and DMZ Finance announced the launch of the QCD Money Market Fund, a regulated tokenized money market fund, in the Dubai International Financial Centre (DIFC). The fund is sponsored and managed by Qatar National Bank Group (QNB Group), the largest bank in the Middle East and Africa, with underlying investments managed by DMZ Finance, which serves as co-sponsor and exclusive provider of tokenization infrastructure. Binance Wallet and Aspecta Partner to Launch BuildKey TGE Model Binance Wallet and Aspecta are collaborating on a BuildKey Token Offering (TGE) model. Users deposit BNB to earn BuildKeys (certificates of token allocation). These BuildKeys can be traded on Bonding Curve or redeemed for project tokens at a TGE. The first project utilizing Aspecta's BuildKey TGE model will be announced on Binance Wallet on September 18. Trump Places Statue of Himself Holding Bitcoin Outside the U.S. Capitol President Trump placed a golden statue of himself holding Bitcoin outside the U.S. Capitol. Kraken co-CEO reveals he once discarded a Bitcoin desktop computer, now potentially worth $300-400 million. Kraken co-CEO Sethi admitted to throwing away a batch of Bitcoin. In an interview at Fortune's Brainstorm Tech conference, he said, "A developer at my first company gave me a desktop computer loaded with Bitcoin he'd mined. That was in 2009, and I threw it away. Looking back, that Bitcoin could be worth $300-400 million today." CME to Launch Solana and XRP Futures Options The Chicago Mercantile Exchange (CME) will launch Solana and XRP futures options on October 13, 2025.
▌Metaplanet successfully raised $1.4 billion to purchase more Bitcoin
Golden Finance reported that according to The Bitcoin Historian, Metaplanet successfully raised $1.4 billion to purchase more Bitcoin, which is enough to purchase nearly 12,000 Bitcoins.
▌Forward Industries launched a $4 billion ATM plan to support Solana's treasury strategy
▌Forward Industries (FORD), the largest Solana treasury company, announced that it has submitted a $4 billion ATM plan to the U.S. SEC to fund its Solana financial strategy. The plan will be used for general corporate purposes, including the continued execution of the Solana strategy, the purchase of income-generating assets, and other capital expenditures. Previously, Forward Industries completed a $1.65 billion PIPE private placement led by Galaxy Digital, Jump Crypto, and Multicoin Capital, purchasing over 6.8 million Solana tokens, making it the world's largest publicly traded Solana financial company. DeFi Dev Corp increased its holdings by 62,745 Sols, bringing its total holdings to 2.095 million Solana tokens. Nasdaq-listed DeFi Dev Corp (DFDV) announced an increase of 62,745 Sols, bringing its total treasury holdings to 2,095,748 Solana tokens, valued at approximately $499 million as of September 16, 2025. Wormhole Releases W Token 2.0 Upgrade, Optimizing Token Unlocking Mechanism to Biweekly
On September 17th, Wormhole announced the W Token 2.0 upgrade plan, introducing three core changes: the establishment of the Wormhole Reserve strategic reserve pool, a 4% target base yield, and an optimized token unlocking mechanism from annual to biweekly. Wormhole 2.0 redefines returns. W holders who continuously contribute to governance will soon begin to receive more stable returns. While staking rewards are variable, holders can earn higher rewards by becoming active users of ecosystem applications. Returns will come from a combination of the existing token supply and protocol revenue. W will not introduce inflation. Regarding unlocking, starting October 3, 2025, the frequency of W unlocking will be shifted from annual, with significant fluctuations, to biweekly, providing a smoother and more predictable release. The new plan, which will take effect on October 3rd, aims to enhance ecosystem value accumulation and token market stability. Notably, the total supply of W tokens remains unchanged at 10 billion, with a current circulating supply of approximately 4.76 billion. Tether CEO: USDT Market Cap Exceeds $171 Billion, Setting a New Record. Paolo Ardoino, CEO of stablecoin issuer Tether, disclosed data on the X platform, stating that USDT's market capitalization has exceeded $171 billion, setting a new record. According to Coingecko data, USDT's current market capitalization has reached $171,015,303,284, with a 24-hour trading volume of $85,364,190,133. USDC Treasury minted 250 million USDC on Solana. According to Whale Alert, USDC Treasury minted 250 million USDC on Solana last night. Important Economic Developments: Federal Reserve FOMC Statement: Downside Risks to Employment Have Increased (previously stated that labor market conditions remain solid). Economic growth slowed in the first half of this year. Inflation rose but remained at a "slightly elevated" level. The Fed will maintain its current pace of balance sheet reduction. The Fed is focusing on both sides of its dual mandate.
▌Interpretation of the Federal Reserve’s dot plot: 9 officials expect two more rate cuts this year
The Federal Reserve’s dot plot shows that after the September interest rate decision, among the 19 officials, 1 official believed that interest rates should be raised once this year, 6 officials believed that there would be no more rate cuts this year (2 officials in June), 2 officials believed that interest rates should be cut by another 25 basis points this year, that is, one more rate cut (8 officials in June), 9 officials believed that interest rates should be cut by another 50 basis points in 2025, that is, two more rate cuts (2 officials in June), and 1 official believed that interest rates should be cut by another 125 basis points in 2025, that is, there will be at least two rate cuts of 50 basis points or more this year (0 officials in June). Powell: US inflation has risen recently but remains somewhat elevated. Federal Reserve Chairman Powell stated that the US unemployment rate remains low but has increased slightly, while job growth has slowed and downside risks to employment have increased. Job growth has slowed significantly, reflecting a decline in immigration and a lower labor force participation rate. The slowdown in US GDP growth primarily reflects a slowdown in consumer spending. US inflation has risen recently but remains somewhat elevated. Powell: This rate cut is a risk-management measure. The Federal Reserve cut interest rates by 25 basis points in September, a move supported by most Trump-appointed Fed officials. Only new governor Milan dissented, preferring a 50 basis point cut. At a press conference, Fed Chairman Powell described Wednesday's rate cut as a risk-management decision, adding that he did not see the need for a rapid adjustment in interest rates. Powell: Tariffs' Impact on Consumers So Far Minimal Federal Reserve Chairman Jerome Powell said on Wednesday that the impact of tariffs on consumer prices has been minimal so far, with costs primarily being absorbed by businesses in the middle of the supply chain. "Clearly, there's been some pass-through," Powell said at a press conference following the Fed's most recent policy meeting. Trading companies "will tell you they fully intend to pass on the (tariff) impact in a timely manner, but they're not doing so now." Is SUI the future of the decentralized web? Sui was launched in May 2023 by Mysten Labs, founded by former Meta engineers who worked on Facebook's Diem project (formerly Libra). It aims to provide a decentralized solution capable of processing large volumes of transactions with minimal latency. One of Sui's standout features is its parallel transaction processing. While other networks like Solana and Avalanche use similar technology, Sui stands out by reducing the complexity of coordination between validators. This streamlined approach makes the network more efficient and scalable, maintaining high throughput even under heavy traffic without the bottlenecks that often plague other blockchains. As part of this, Sui introduces an object-centric model. This not only allows for more granular transaction processing; it also allows digital assets to evolve and change over time, rather than remaining static. This makes the platform well-suited for applications involving non-fungible tokens (NFTs), GameFi, and decentralized finance (DeFi), where assets frequently require updating or modification. In contrast, blockchains like Solana and Avalanche are optimized for speed but lack this flexibility when handling dynamic data. From DeFi to gaming and supply chain management, Sui's architecture supports fast and efficient transactions, making it an attractive platform for developers looking to build on cutting-edge blockchains.
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