SEC Chair Paul Atkins Greenlights ICOs and Airdrops

SEC Chairman Paul Atkins unveiled "Project Crypto", a radical initiative allowing previously banned ICOs and airdrops in America. Atkins instructed SEC divisions to swiftly implement President Trump's crypto vision, reshaping securities rules for an on-chain financial ecosystem.

Under Atkins' directive, brokers will soon freely offer crypto staking and lending alongside traditional securities without multiple licenses. Additionally, agency staff will evaluate permitting non-security crypto assets linked to investment contracts to trade openly on unlicensed platforms.

The SEC also promised explicit protections for DeFi developers, safeguarding pure code publishers from intermediary registration burdens. Atkins declared the shift would trigger a "Cambrian explosion" of financial innovation, breaking years of regulatory gridlock under predecessor Gary Gensler.

"Project Crypto," aligned closely with Wednesday’s White House crypto policy report, further orders tailored disclosure rules and exemptions for digital offerings. Atkins stressed this aggressive pivot prevents the exodus of crypto ventures overseas, reclaiming America's dominance in blockchain finance.

Visa Adds New Stablecoins & Chains to Settlement System

Visa has expanded its onchain settlement platform by adding support for PYUSD, USDG, and EURC stablecoins across Stellar and Avalanche networks. The update brings Visa’s multichain system to four blockchains and four stablecoins, enabling faster, programmable cross-border payments. The company said partners can now settle in either dollars or euros, integrating directly with its global treasury system.

Executives stated that demand from banks and fintechs has caused adoption of stablecoin-linked infrastructure as regulatory clarity improves. Visa is also working with card issuers to enable direct spending of stablecoins, reflecting broader demand for interoperable payment tools. The expansion comes shortly after the GENIUS Act passed, creating a legal framework for banks to participate in stablecoin settlement services.

Figma Surges After IPO, Confirms Bitcoin Exposure

Figma’s stock nearly tripled in its NYSE debut, jumping from a $33 IPO price to $98 per share, giving the firm a $60 billion valuation. The design software firm revealed it holds $70 million in Bitwise’s Bitcoin ETF and intends to buy another $30 million in BTC. Figma is the latest tech company with crypto exposure to benefit from strong IPO interest.

The firm’s past deal with Adobe collapsed in 2023, resulting in a $1 Billion termination fee and leaving it independent. Analysts said Figma’s success could encourage other tech firms with digital asset exposure to go public. The IPO comes during a wave of successful crypto-related listings in the US (Circle, eToro) under the more supportive regulatory environment.

Algeria Criminalizes Crypto in Broad New Ban

The Algerian government has outlawed all crypto-related activities, including mining, trading, and ownership, through amendments to its 2018 financial law. Violations could result in up to one year of jail time and fines reaching $7,700, with harsher penalties for crimes tied to terrorism or organized finance. The ban expands prior restrictions and is framed as a national security response to illicit financial flows.

Commentators argue that outright bans rarely eliminate crypto use and often drive it underground, limiting oversight. Chainalysis data shows Algeria ranks high in regional crypto adoption despite restrictions, signaling persistent user demand. Policy experts say regulation, not prohibition, offers the best route for aligning innovation with financial stability goals.

Data of the Day

Bitcoin whales holding between 10 and 10,000 BTC have accumulated nearly 1% of supply over the past four months, with 30,000 BTC added in the last two days. One large entity offloaded $9 billion worth through Galaxy Digital, highlighting ongoing profit-taking alongside continued strategic accumulation. Analysts say the market remains broadly bullish, with most coins still held in profit.

Spot trading volumes spiked to $44 billion, while Myriad’s prediction market showed split sentiment on BTC’s near-term direction. Meanwhile, Ethereum and Solana are seeing growing whale interest, with SharpLink Gaming acquiring over $780 million in ETH this month. Crypto analysts expect the total market cap to return above $4 trillion if Layer 1 strength continues.

More Breaking News

• A US court overturned OpenSea manager Nathaniel Chastain’s insider trading conviction, ruling the company’s NFT listing data was not considered corporate property.
• Blockstream has launched Simplicity smart contracts on the Liquid Network, enabling Bitcoin-based DeFi apps without Ethereum-style virtual machine security concerns.
• US spot Ethereum ETFs extended their inflow streak to 19 days, adding $5.4 billion and pushing ETF holdings near 5% of ether's circulating supply.
• Tether posted $4.9 billion in Q2 profit and teased a new US-focused venture as its Treasury exposure reaches $127 billion.
• Five long-dormant Bitcoin miner wallets from 2010 moved 250 BTC worth $29.6 million, continuing July's trend of legacy addresses awakening.
• South Korea will introduce crypto lending rules next month, targeting excessive leverage and investor protection following high-risk loan products from major exchanges.
• Circle will bring native USDC and CCTP v2 to Hyperliquid, enabling 1:1 cross-chain transfers and reducing reliance on third-party stablecoin bridges.
• Deloitte found 99% of CFOs plan long-term crypto use, with nearly 40% at large firms expecting on-chain treasury adoption within two years.
• Grayscale launched Story Trust to offer accredited investors exposure to the IP token, which powers a Layer 1 blockchain for licensing digital content.

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