The past 24 hours have brought significant developments across the cryptocurrency and blockchain landscape—from regulatory settlements and market movements to new product launches and major security incidents. This recap dives into the most impactful updates, offering a clear, organized view of what’s shaping the industry today.
SEC Reaches Settlement with DeFi Platform Rari Capital
The U.S. Securities and Exchange Commission (SEC) has finalized a settlement with DeFi platform Rari Capital over allegations of investor misrepresentation and unregistered brokerage activities. According to the SEC, Rari’s co-founders—Jai Bhavnani, Jack Lipstone, and David Lucid—claimed that their Earn platform would “automatically and autonomously rebalance” users’ crypto assets to optimize yield. However, the agency found that the platform often failed to deliver on this promise.
Additionally, the founders were involved in unregistered broker-dealer operations through Fuse, a lending platform closely tied to Rari. At its peak, the combined platforms held over $1 billion in crypto assets. The SEC also classified Rari’s governance token as an unregistered security, making distributions to Earn users potentially illegal.
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As part of the resolution:
- Rari Capital Infrastructure LLC (which acquired Rari in 2022) agreed to cease future violations of securities law.
- The co-founders will pay penalties and are barred from serving as officers or directors for five years.
This case underscores the SEC’s increasing scrutiny of DeFi projects that blur the lines between decentralized finance and traditional financial services.
Trump Pays for Burgers with Bitcoin at NYC’s PubKey
In a symbolic nod to crypto adoption, former U.S. President Donald Trump made headlines by purchasing burgers at PubKey, a Bitcoin-themed bar in New York City. He paid 998.70 USD worth of Bitcoin using the Strike payment app, which operates on the Lightning Network. The transaction was received via Zaprite, a Bitcoin tipping and payment solution.
This public demonstration highlights growing mainstream recognition of Bitcoin as a spendable currency, especially when powered by fast, low-cost layer-2 networks like Lightning.
Revolut Eyes Stablecoin Launch After Securing UK Banking License
Revolut, the London-based fintech giant valued at $45 billion, is reportedly advancing plans to launch its own stablecoin. The company recently obtained a full UK banking license, strengthening its regulatory standing.
While Revolut has not officially confirmed details, insiders suggest the project is already in advanced development. A company spokesperson emphasized a compliance-first approach, aiming to position Revolut as a trusted gateway for users entering the crypto ecosystem.
With millions of active users already on its platform, a Revolut-issued stablecoin could significantly expand retail access to digital assets—especially if integrated into its existing payment and savings tools.
MicroStrategy Raises $875M via Convertible Notes to Boost Bitcoin Holdings
MicroStrategy announced the issuance of $875 million in convertible senior notes due in 2028. The offering, expected to close on September 19, features a low interest rate of 0.625%, paid semi-annually.
Key details:
- Proceeds will first be used to redeem $500 million in existing senior secured notes.
- Remaining funds will support additional Bitcoin purchases and general corporate needs.
This move reaffirms MicroStrategy’s long-term bullish stance on Bitcoin, leveraging debt markets to expand its BTC reserves amid continued institutional interest.
Silvergate Capital Files for Chapter 11 Bankruptcy
The downfall of crypto-friendly Silvergate Bank has reached its final chapter. Silvergate Capital filed for Chapter 11 bankruptcy protection in Delaware, listing assets between $100 million and $500 million, with liabilities ranging from $10 million to $50 million.
The collapse follows:
- Voluntary liquidation of Silvergate Bank in March 2023.
- Regulatory pressure after the FTX crash in November 2022.
- A $63 million settlement with U.S. regulators (SEC, Federal Reserve, DFPI) in July.
The SEC had accused Silvergate of misleading investors about its anti-money laundering controls and financial health post-FTX. With operations winding down, this marks the end of one of the earliest banking bridges to the crypto industry.
Borderless Capital Launches $100M DePIN Fund
Venture firm Borderless Capital has launched its third DePIN (Decentralized Physical Infrastructure Networks) fund, backed by $100 million. Investors include Peaq blockchain, Solana Foundation, and Jump Crypto.
DePIN projects—which use blockchain to incentivize real-world infrastructure like wireless networks and cloud storage—have gained momentum. The top 10 DePIN projects raised over $1 billion collectively as of April 2025.
This fund aims to accelerate innovation in decentralized infrastructure, offering capital and technical support to early-stage builders.
Aleo and MANTRA: Major Network Launches
Two notable blockchain platforms have gone live:
Aleo Mainnet Is Live
The Aleo network, a programmable privacy platform using zero-knowledge cryptography, has officially launched its mainnet. Developers can now build private-by-default dApps with verifiable computation.
MANTRA Chain Set for October Mainnet
MANTRA, a Layer 1 blockchain designed for real-world asset (RWA) tokenization, will launch its mainnet in October. It offers customizable tools for compliant asset digitization—ideal for financial institutions exploring tokenized bonds, real estate, or commodities.
Both launches reflect growing demand for specialized blockchains that meet regulatory and enterprise needs.
Coinbase Adds Support for Zetachain and Aleo Tokens
Coinbase has expanded its asset listings:
- ZETACHAIN (ZetaChain): Trading expected to begin on September 20 after meeting liquidity requirements.
- ALEO (Aleo): Now available on Coinbase platforms with an experimental tag, supporting buy, sell, send, receive, and storage functions.
Users are warned not to send these assets via non-native networks to avoid fund loss.
Ethena Recovers After Domain Hijack
Ethena Labs confirmed a recent compromise of its domain registration account. In response:
- The team temporarily took the website offline.
- Regained control of the domain.
- Collaborated with partners to block phishing sites.
The protocol itself remains secure, and funds were unaffected. The official domain is now restored at ethena.fi. Users are urged to avoid counterfeit websites.
Binance Launches KDA Perpetual Contract
Binance introduced a U.S. dollar-margined perpetual contract for Kadena (KDA) on September 18, with leverage up to 75x. This enhances trading flexibility for one of the high-performance Proof-of-Work blockchains.
Hemi Labs Raises $15M for Bitcoin Interoperability
Hemi Labs, co-founded by Bloq’s Jeff Garzick and Max Sanchez, secured $15 million in funding from Binance Labs, Breyer Capital, and others. The startup focuses on improving Bitcoin interoperability, developer tooling, and customizable smart contract capabilities on Bitcoin L2s.
TrueX Exchange Raises $9M for Stablecoin-Centric Trading
TrueX, a new crypto exchange founded by ex-Coinbase executives Vishal Gupta and Patrick McCreary, raised $9 million in seed funding. Backers include RRE Ventures, Hack VC, Paxos, Solana Foundation, and Aptos.
Key features:
- Uses PayPal’s PYUSD as default settlement currency.
- Initially targets institutional traders.
- Launch expected within 2–4 weeks.
TrueX aims to combine regulatory compliance with high-performance trading infrastructure.
Market Watch: Bitcoin and Ethereum Surge
According to OKX market data:
- Bitcoin rose above $62,258 (+4.78%).
- Ethereum briefly reclaimed $2,400, trading at $2,399.39 (+4.48%).
The rally coincides with broader risk-on sentiment and strong institutional inflows into crypto markets.
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FAQ: Quick Answers to Top Questions
Q: Why did the SEC target Rari Capital?
A: The SEC alleged that Rari misled investors about automated yield strategies and operated as an unregistered broker-dealer through Fuse. Its governance token was also deemed an unregistered security.
Q: Is Revolut’s stablecoin already live?
A: No—Revolut has not launched its stablecoin yet. However, it’s reportedly making significant progress under a compliance-first strategy.
Q: What happened to Silvergate Bank?
A: After losing customer trust post-FTX collapse and facing regulatory penalties, Silvergate voluntarily liquidated its banking arm and recently filed for Chapter 11 bankruptcy.
Q: Can I trade Aleo (ALEO) on Coinbase now?
A: Yes—Aleo is live on Coinbase platforms with an experimental label, allowing users to buy, sell, send, receive, and store ALEO tokens.
Q: Was Ethena’s protocol compromised?
A: No—only the domain registration was hijacked. The core protocol and user funds remain secure.
Q: What is DePIN?
A: DePIN stands for Decentralized Physical Infrastructure Networks—blockchain projects that incentivize real-world infrastructure deployment (e.g., wireless networks) through token rewards.
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