What has been happening this week in the world of blockchain and cryptocurrencies? Current events and background reports in our weekly review.
Selected articles of the week:
The Clarity Act failed in the US Senate this week. At 49 to 50, the procedural vote fell eleven short of the 60 needed. The law would have split crypto oversight between the SEC and CFTC. As a result, trading venues, brokers and issuers would gain a nationwide framework for the first time. However, the bill failed on ethics rules, not on substance. Republicans wanted officials to sell large holdings or use a blind trust. For the Democrats that fell short, because Trump’s own Justice Department would rule on any lawsuit. In addition, the amendment came two days before the vote, far too late. Trump’s disclosure shows over USD 1.4 billion from crypto business last year. Therefore, the entire caucus voted no, joined by four Republicans. Until year end the bill stays blocked, because the Senate enters the midterm campaign. For the industry, that is a clear setback.
The procedural vote on the Clarity Act missed the 60-vote threshold in the Senate, with four Republicans voting against their own caucus.
SEC chief Atkins opens the gates for tokenized stock trading
Where lawmakers fail, the regulator now acts. Only two days after the vote, the SEC issued a temporary innovation exemption. It allows platforms to trade tokenized US stocks through automated liquidity pools. Registration as an exchange or broker therefore becomes unnecessary. The tokens carry the same rights as the original, including dividends and voting rights. In addition, the operator must prove that, and the number of symbols stays limited. The rule runs for five years and belongs to Project Crypto, the initiative of SEC chief Paul Atkins. Nasdaq, NYSE and CME Group, however, warn of a two-tier system. After all, the same share would trade under strict rules on an exchange and under loose ones on a platform. Moreover, the agency can revoke an exemption at any time, whereas a law endures.
The SEC Innovation Exemption frees tokenized trading venues from exchange and dealer registration for five years, tied to volume limits.
A phone call in Athens costs Binance its EU access
Market access in Europe apparently depends on more than the regulator. ECB President Christine Lagarde reportedly intervened in person to block a MiCA license for Binance. The Wall Street Journal reports this, citing anonymous sources. Under the EU regulation MiCA, a single national approval opens all 27 markets. Binance filed its application in Greece in January. By late May the approval looked certain, and the exchange was already planning a photo opportunity with the prime minister. In early June, the regulator then reportedly said that nothing would move without political backing. The Greek authority, however, rejects that account and points to an independent review. The ECB offers no comment, because formally it holds no competence under MiCA. Nevertheless, Binance withdrew the application in June and still holds no license in any EU country. Consequently, millions of European customers lost their access over the summer.
According to a WSJ report, Lagarde blocked the Binance license in Greece. The HCMC rejects that account, and the ECB declines to comment.
Revolut attacks Swiss banks with CHF 150 million
Revolut applied for a banking license with FINMA this week. The British fintech app once started with cheap travel payments, and today it bundles account, card, securities and crypto. In Switzerland the business so far runs through the Lithuanian entity, while Zurich houses only a representative office. With its own license, Revolut could run salary accounts with a Swiss IBAN, and deposit protection would follow. In addition, the checklist includes pillar 3a products, merchant payments and a Twint offering. The company counts 1.3 million customers here and therefore leads the neobank market. Yuh, by contrast, reaches roughly 400,000 and Neon roughly 250,000. Over the next five years, Revolut wants to invest more than CHF 150 million. A decision from the authority, however, remains open, and nobody has named a timeline so far.
FINMA is reviewing Revolut’s application for a Swiss banking license that would bring salary accounts, a local IBAN and deposit insurance.
Kaiko brings banks and exchanges on board as investors
In addition: crypto market data provider Kaiko has expanded its Series B round to USD 110 million. S&P Global led the round, and BNP Paribas, Nasdaq Ventures, Royal Bank of Canada and Coinbase Ventures joined. Kaiko collects price and trading data from exchanges and protocols and delivers it to banks, asset managers and regulators. The function resembles a Bloomberg terminal, only for digital assets. The company began in France in 2014, sits in Paris and serves over 250 financial firms. Formally this is no new round, but an extension of the Series B from 2022. Back then USD 53 million came together, therefore less than half. However, the entry fits their earlier closeness, since both launched an index series together in September. Moreover, Kaiko acquired competitor Amberdata in the spring. Geneva-based provider Taurus has also fed the price data into its banking platform since late 2025.
S&P Global is leading the extension of Kaiko’s Series B to USD 110 million, with BNP Paribas, Nasdaq and Coinbase Ventures also participating.
