What happened this week in the world of blockchain and cryptocurrencies? The most relevant local and international events as well as appealing background reports in a concise and compact weekly review.
Selected articles of the week:
Last year, publicly listed companies like MicroStrategy accumulated billions in Bitcoin. The strategy is simple: companies borrow capital on favorable terms and use it to purchase Bitcoin, which they report on their balance sheets. More risk-tolerant players leverage their strengthened stock prices to raise additional debt for further Bitcoin purchases. Meanwhile, some companies are now applying the same tactic with Ethereum (ETH), the second-largest cryptocurrency. Their argument: Ethereum generates active yields and is considered institutionally viable. While skepticism about the sustainability of such strategies is growing, much depends on the specific corporate structure. In the short to medium term, the trend is likely to further boost leading crypto assets.
Numerous small US firms are hoarding Ether as a yield-generating asset – their holdings have surged to nearly USD 3.5 billion in a short time.
Crypto reform at the SEC
The U.S. Securities and Exchange Commission (SEC) has introduced a comprehensive roadmap for cryptocurrency regulation with “Project Crypto.” The goal is to apply existing securities laws more effectively to digital assets while simultaneously fostering innovation. The SEC does not plan to introduce new laws but rather relies on tailored exemptions and transitional regulations. A key element: crypto assets will no longer be classified strictly as securities or non-securities but instead evaluated based on a tiered risk model. Crypto exchanges will also be able to apply for a special ATS license – marking the first regulatory framework for spot trading in the U.S. Stablecoin issuers, custodians, and DeFi protocols may also be allowed to register under certain conditions without being fully subject to the requirements of traditional exchanges. The reform is seen as a major step toward legal clarity for crypto projects in the United States.
SEC introduces new crypto rules – clearer guidelines for tokens, exchanges, stablecoins, and DeFi. A milestone for the US crypto industry.
US bets on stablecoins
2025 marks a turning point for stablecoins: with the U.S. GENIUS Act, the regulatory landscape has shifted from uncertainty to clear, supportive frameworks. Following early experiments like USDT and the regulatory wake-up call triggered by Facebook’s Libra, jurisdictions like the EU, the United Kingdom, Hong Kong, and Singapore had already established stable regulations by 2023. The GENIUS Act – often referred to as the crypto industry’s “interstate highway” moment – now introduces the first comprehensive legal framework for payment stablecoins in the U.S. It defines strict requirements for reserves, transparency, and AML and KYC standards. The result: a boom in the stablecoin market, fueled by newly gained regulatory clarity.
Stablecoins surge to 274B USD market cap in 2025 as clear regulations like the GENIUS Act drive adoption and institutional engagement.
Ripple continues acquisition strategy
Ripple is driving its expansion through acquisitions and plans to acquire the Canadian payments platform Rail for 200 million U.S. dollars. The goal is to strengthen its own stablecoin RLUSD in global payments and unlock new institutional use cases. Rail offers regulatory-compliant stablecoin payments for enterprises and complements Ripple’s infrastructure for tokenized transactions. The deal signals Ripple’s ambition to take a leading role in digital payments. The integration of Rail into Ripple’s existing product suite also provides synergies with other solutions such as On-Demand Liquidity (ODL) and services from Hidden Road, the prime broker acquired in April. The impact of this aggressive acquisition strategy on Ripple’s native cryptocurrency XRP remains unclear.
Ripple acquires Rail for USD 200 million – expanding its stablecoin business and strengthening crypto payment infrastructure.
Crypto companies go public
In addition: since the regulatory shift in the U.S., an increasing number of crypto companies are heading for public listings. Figure and Bullish, two heavyweights from the crypto finance sector, are preparing for U.S. IPOs. According to media reports, both have filed confidential documents with the SEC and are aiming for multi-billion-dollar valuations. Unlike earlier IPOs such as Coinbase’s, Figure and Bullish are specifically targeting institutional investors and rely on regulated market infrastructures. This underscores the growing institutional appetite for tokenized assets, real-world assets, and compliant trading venues.
Bullish and Figure prepare billion-dollar US IPOs – two new crypto-finance players aim to break into the mainstream.
