Senin, 06 Oktober 2025

Judge tosses Yuga Labs lawsuit


Plus, Trump's FDIC nominee could pull U.S. banking closer to crypto.	͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏	View in browser

Your weekly roundup of the 🔥hottest news in crypto:

Judge Tosses Yuga Labs Lawsuit, Trump Nominates Travis Hill to FDIC Chair, & Other News

Sept. 28 – Oct. 4

#1

Judge tosses lawsuit against Yuga Labs over failure to satisfy Howey test

A US judge has dismissed an investor lawsuit against Web3 company Yuga Labs, ruling that the case failed to show non-fungible tokens (NFTs) meet the legal definition of securities.

Judge Fernando M. Olguin ruled the plaintiffs did not demonstrate how Bored Ape Yacht Club, ApeCoin or other NFTs sold by Yuga satisfied the three conditions of the Howey test, a standard used by the US Securities and Exchange Commission to determine whether a transaction qualifies as an investment contract. The lawsuit was originally filed in 2022.

Yuba Labs marketed its NFTs as digital collectibles with membership perks to an exclusive club, making them consumables rather than investment contracts, Olguin said.

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#2

Wall Street's next crypto play may be IPO-ready crypto firms, not altcoins

Wall Street's growing interest in late-stage cryptocurrency firms could disrupt the traditional boom-and-bust cycle of digital assets, according to new research.

Crypto financial services firm Matrixport said Friday that more than $200 billion worth of crypto companies are preparing initial public offerings (IPOs), which may raise between $30 billion and $45 billion in new capital.

Matrixport said investor focus is rotating away from early-stage bets toward scalable, IPO-ready companies positioned for public markets.

Continued selling by Bitcoin miners and early adopters has "nearly neutralized ETF and treasury inflows, reducing volatility and dampening Bitcoin's appeal to risk-seeking investors," Matrixport said in a Friday X post. "Wall Street, however, has every incentive to extend the bull market, with up to $226 billion in crypto IPOs waiting in the pipeline that could raise $30 - $45 billion in new capital."

#3

Trump nominates acting FDIC chair to officially head the agency

US President Donald Trump sent the nomination of acting chair of the Federal Deposit Insurance Corporation (FDIC), Travis Hill, to the Senate for consideration to assume the government role for a five-year term.

According to congressional records, Trump's nomination of Hill as FDIC chair was sent to the Senate Banking Committee on Tuesday.

Before assuming his role at the FDIC, Hill issued a statement that the department should offer additional guidance on digital assets and tokenization and spoke out against allegations of US authorities debanking companies due to their ties to crypto. He followed with a letter aimed at financial institutions in March, clarifying that banks could engage with digital assets as a "permissible activity."

Prediction of the Week

Bitcoin due for squeeze as record $88B open interest sparks 'flush' worries

Bitcoin consolidated $120,000 support at Friday's Wall Street open as analysis prepared for a fresh short squeeze.

Data from Cointelegraph Markets Pro and TradingView showed a cooling of short-term BTC price volatility on the day.

BTC/USD had hit new local highs into the daily close, with the level to beat now at $121,100.

Commenting on the current market set-up, popular trader CrypNuevo eyed overhead ask liquidity as a likely target next.

"Liquidations at $120k have been hit," he summarized in part of his latest analysis on X. "Now we're in this Liquidity Pool (LP) which represents an imbalance in the chart and needs to be fully retraced ($123.2k)."

FUD of the week

US Senate to hold hearing on crypto taxes as IRS offers relief on corporate tax

The US Senate Finance Committee will hold a hearing Wednesday on cryptocurrency taxation, a day after the Treasury Department and Internal Revenue Service (IRS) issued interim guidance easing corporate crypto tax rules.

The Treasury and IRS on Tuesday issued interim guidance aimed at easing compliance under the Corporate Alternative Minimum Tax (CAMT), including for companies operating in the digital assets sector.

Signed into law under former President Joe Biden as part of the Inflation Reduction Act of 2022, CAMT imposes a 15% minimum tax on the financial statement income of large corporations.

FUD of the week

Roman Storm seeks acquittal of Tornado Cash money transmission charge

Roman Storm, co-founder of Tornado Cash, has asked a US federal judge to acquit him of his sole conviction for unlicensed money transmission and the jury's hung counts for money laundering and sanctions violations, arguing prosecutors failed to prove he intended to help bad actors misuse the crypto mixer.

According to legal documents filed on Sept. 30 to the US District Court for the Southern District of New York and reviewed by Cointelegraph, Storm's defense argued prosecutors failed to prove he intended to help bad actors use Tornado Cash. This, according to the defense, would nullify the grounds for his conviction based on negligent inaction.

"Storm and bad actors was a claim that he knew they were using Tornado Cash and failed to take sufficient measures to stop them. This is a negligence theory," the motion states.