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Alex Gluchowski, CEO of zkSync developer Matter Labs, said the main reason banks have struggled with blockchain is not the technology itself but system-level issues, Crypto Briefing reported. Gluchowski said banks have spent years experimenting with blockchain, but very few efforts have led to products real customers use, citing operational problems such as issuance controls, transfer processing methods, audit requirements, and compliance workflows.

A Colombia-based cryptocurrency broker has been sentenced to 160 months in prison on charges tied to laundering drug trafficking proceeds through Tether (USDT) and participating in a plan to smuggle cocaine into the United States, The Block reported, citing the U.S. Department of Justice. According to the U.S. Department of Justice, the individual and five accomplices helped launder about $14.5 million in USDT from May through November 2023 using cryptocurrency accounts, shell companies, and fund transfers between the United States and Colombia. The court also ordered the forfeiture of $14.75 million and cryptocurrency held in four crypto addresses.

Coinbase has launched a dashboard for the U.S. midterm elections. The feature is available only within the Coinbase app in the United States, excluding Michigan and Nevada.

Perpetual futures exchange Lighter plans to apply next month for a derivatives license from the U.S. Commodity Futures Trading Commission, according to Crypto Briefing. Lighter founder Vladimir Novakovski said the company had spent about a year in talks with regulators to prepare the filing. According to CoinMarketCap, LIT was trading at $3.94, up 23.75%.

The U.S. SEC has disclosed three companies that expressed interest in operating tokenized securities exchanges under a new innovation exemption framework, according to Crypto in America podcast host Eleanor Terrett. The companies are TSV LLC, founded by the co-founders of Obsidian Systems; OKXICE, a joint venture between OKX and Intercontinental Exchange, the parent of the New York Stock Exchange; and Kephas, the U.S. subsidiary of Perpetuals.com. In its notice, the SEC stressed that inclusion on the list alone does not mean a company meets the requirements of the innovation exemption program.

Pump.fun transferred 129,800 SOL worth about $14.06 million from its fee wallet to Kraken, Onchain Lens reported. The transfer was likely intended for a sale, according to the source.

Open interest in Bitcoin, Ethereum and Solana derivatives is rising as crypto prices rebound, according to analytics firm Santiment. Santiment said current open interest stands at about $23.4 billion for Bitcoin, $15.5 billion for Ethereum and $2.7 billion for Solana. The firm said the increase points to stronger market participation and risk appetite, while warning that a sharp price reversal could raise the risk of cascading liquidations. According to the report, Ethereum has posted the most sustained increase since August, while Solana has seen greater volatility. Bitcoin open interest remains below its peak from earlier this year, Santiment added, as Bitcoin continues to serve as the market’s anchor amid rising speculative activity in altcoins.

Crypto analyst Ali Martinez said the recent rebound in BTC, XRP and ADA prices coincided with a sharp increase in on-chain activity, raising the possibility of deliberate market intervention by large investors. According to Finbold, Martinez said in a report that BTC rose from about $81,200 to $83,407 over the past two days, while exchange inflows surged from about 7,682 BTC to 25,124 BTC. Martinez added that XRP and ADA showed the same pattern, which suggests large investors are influencing short-term price moves.

CME Group recorded the first block trade in Uniswap UNI futures on Oct. 20, the second day after the contract’s listing. The trade was executed between crypto trading firms FalconX and GSR. Uniswap founder Hayden Adams said the transaction was the first block trade in a DeFi token executed through institutional financial channels. With the listing, CME’s single-asset cryptocurrency futures contracts expanded to a total of 11. A block trade is a large privately negotiated transaction later registered on an exchange, and the notional value of this trade was not disclosed.

Polymarket US filed a lawsuit and sought an injunction in U.S. federal court on Oct. 16 against Ohio authorities to block enforcement action targeting its sports event contracts. The move came in response to a demand from the Ohio Casino Control Commission to stop offering the contracts and confirm compliance. Polymarket US argued Ohio’s licensing rules violate the Commerce Clause by discriminating against interstate commerce and said the event contracts fall under the exclusive jurisdiction of the U.S. Commodity Futures Trading Commission, while Ohio maintains the contracts amount to sports betting that requires a state license.

The UK Financial Conduct Authority on Oct. 21 released draft guidance, CP26/36, on when DeFi services fall within the regulatory perimeter. Under the proposal, technology services that merely provide access to decentralized protocols may be exempt from authorization requirements, while services involving subjective intervention, including liquidity route selection or optimization, could be treated as arranging transactions and require authorization. The guidance said writing code itself would not be regulated, but entities that operate or control a system and earn commercial benefits from it could face regulation following case-by-case assessments. It added that authorized financial firms using DeFi must continue to meet existing compliance obligations, including security and anti-money laundering requirements, even if they do not control the underlying protocol. The consultation runs through Nov. 18, and the full cryptoasset regulatory framework will take effect on Oct. 25, 2027.

Dataline, a decentralized data network project for AI agents, has raised $10.6 million in seed funding, according to The Block. The round was co-led by Lattice and Dispersion Capital, with participation from Symbolic Capital, Coinbase Ventures, Anagram, and Robinhood co-founder and CEO Vlad Tenev. The investment was structured as a SAFE that will entitle investors to receive tokens in the future. Dataline plans to launch its native token later this year and then conduct an ICO using Uniswap’s CCA system.

The American Bankers Association expressed dissatisfaction after the Office of the Comptroller of the Currency finalized rules to implement the stablecoin-focused GENIUS Act, with ABA President Rob Nichols arguing the measure amounts to maintaining the status quo for crypto platforms, according to Eleanor Terrett, host of the podcast 'Crypto in America.' Nichols added that waiting to respond until deposit outflows and economic damage occur is the wrong approach.

Tesla and SpaceX would hold more than 30,000 BTC if they merge, with combined Bitcoin holdings totaling 30,221 BTC worth about $2.5 billion, according to Decrypt. Elon Musk recently said a special committee had been formed to review a potential merger between SpaceX and Tesla. Tesla and SpaceX currently hold 11,509 BTC and 18,712 BTC, respectively, Decrypt reported. Neither company has said it plans to increase or sell its Bitcoin holdings, and the merger remains in the early evaluation stage.

A Bitunix analysis said Bitcoin’s upside may remain limited even if the Federal Reserve keeps rates unchanged at next week’s meeting. Citing a Reuters survey, the cryptocurrency derivatives platform said 94 of 100 economists expect the Fed to leave its benchmark rate unchanged at 3.75% to 4.00% at the October meeting. Bitunix said rising global oil prices and a hawkish monetary stance could weigh on Bitcoin. Higher oil prices could fuel inflation, delay Fed rate cuts, or increase the possibility of additional hikes. In that case, lower dollar liquidity and weaker risk appetite could put downward pressure on Bitcoin prices.

Blockchain.com co-CEO Lane Kasselman said the cryptocurrency market has shifted from being driven by retail investors in 2021 to being led by institutions, according to Crypto Briefing, which cited a Bitcoin Magazine TV interview. Kasselman said venture capital funding flowing into new startups has declined, while established incumbents that have been operating for more than a decade are growing by absorbing a larger share of the market. Kasselman added it is difficult to definitively call a market bottom, but described the market as stabilizing in the right direction.

Cross-chain swap protocol Mayan has transferred more than $2.5 billion in assets to Arbitrum so far, with stablecoins accounting for over $2.3 billion of the total. Large transactions worth more than $100,000 each made up half of the total asset movement.

Prime brokerage Clear Street maintained its buy rating on Strategy (MSTR) and raised its price target to $211 from $201. Clear Street said Strategy’s focus on improving its financial structure during the third quarter had left the company well positioned to resume preferred stock issuance and pursue growth in book value per share (BPS).

The Cardano Foundation said 100,000 agricultural land parcels in India have been registered on the Cardano blockchain. It described the move as a milestone for an agricultural trust layer designed to put farm data on-chain and support records that can be verified and reused across the ecosystem.

Crypto exchange Bybit plans to pursue partnerships with local companies if it enters the U.S. market, CoinDesk reported. CEO Ben Zhou said working with local partners is Bybit’s standard strategy when entering new markets, and the company is considering teaming up with firms that already have an established U.S. customer base to compete with companies such as Robinhood. At this stage, Zhou said, the best option would be to work with companies that already have U.S. customers and want to expand into the crypto business. As an example of a potential partner, Zhou mentioned online brokerage Interactive Brokers (IB). Separately, Bybit is also exploring an entry into the UK market.

The Kuala Lumpur High Court in Malaysia ruled that about 321.64 of the 497.82 Bitcoin seized in connection with the 2015-2016 BitKingdom investment fraud be forfeited to the government, while about 176.18 Bitcoin be returned to nine victims. The Bitcoin awarded to the government is worth about $26.2 million at current prices. The returned Bitcoin represents part of the 362.04 Bitcoin deposited by the nine victims involved in the lawsuit, with the court applying a proportional distribution method as the total losses exceeded the assets actually recovered.

Digital asset custody firm BitGo said its platform is safe from a critical PHP vulnerability disclosed on Oct. 21.

Injective announced the permanent removal of more than 7.2 million INJ from circulation through community buybacks and a revenue flywheel.

U.S. Treasury Secretary Scott Bessent said the GENIUS Act marks a turning point in U.S. financial history and further strengthens the country’s position as the world’s crypto capital. In a social media post, Bessent said that just as President Abraham Lincoln’s 1863 National Currency Act established a national framework for bank-issued currency, the GENIUS Act establishes a federal framework for payment stablecoins in the digital era. He added that the U.S. Office of the Comptroller of the Currency’s final rule advances the legislation and provides a clear, practical foundation for private-sector innovation, competition, and U.S. leadership in digital assets. The GENIUS Act is the first federal law enacted in the United States to establish a legal framework for payment stablecoins. It requires issuers to register and mandates 100% asset backing with highly liquid assets such as cash or U.S. Treasuries.

Bitcoin has regained buying support around $80,000 after a sharp drop, while a move above the $85,000-$87,500 range and upcoming macro events are emerging as key factors for the market’s next direction, Glassnode said. Glassnode said Bitcoin fell to around $80,000 on Oct. 15, local time, slipping slightly below the average entry prices of U.S. spot ETFs and corporate treasuries, but buying at that level recovered within days. The firm said the average cost basis of holders with six to 12 months of holdings, sell-order supply, and large liquidation volumes are now concentrated in the $85,000-$87,500 range. It added that the Federal Reserve’s rate decision on Oct. 28 and MSCI’s announcement of stocks to be removed from its indexes on Nov. 11 are key variables, with Strategy (MSTR) potentially among the names to be excluded. Glassnode added overheating in the altcoin market and funding rates have eased from their peaks. Open interest, however, has declined only slightly, suggesting leveraged positions in the market remain largely intact.