Scenius Sync (Issue # 170)
Golden Trump Bitcoin Statue Near Capitol, Fed Cuts By 25bps, Generic Listing Standards Means Faster Crypto ETF Approvals, Paypal’s PYUSD Expanding via LayerZero & CME Launching XRP & SOL Futures
Scenius: The intelligence and the intuition of a whole cultural scene. The communal form of the concept of genius.
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Share the essential stories driving the crypto industry and markets.
Highlight innovative applications and mainstream adoption of crypto and blockchain technology.
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Essential News 🗞
Memecoiners erect a 12-foot golden Trump Bitcoin statue near US Capitol
Memecoiners plonked a giant golden statue of President Donald Trump holding a Bitcoin outside the US Capitol as part of a Pump.fun livestream stunt on Wednesday, as an ode to the crypto-supporting president.
The statue was placed just opposite Union Square in Washington, DC, on the National Mall that leads up to Capitol Hill, which is also roughly a mile from the White House. A website for the stunt said it was a tribute to Trump’s “unwavering commitment to advancing the future of finance through Bitcoin and decentralized technologies.” The statue’s unveiling coincided with the Federal Reserve cutting interest rates for the first time this year by 25 basis points, typically seen as bullish for risky assets like crypto, as it lowers the cost of borrowing money.
SEC approves generic listing standards for faster crypto ETF approvals
The US Securities and Exchange Commission has approved standards that could speed up spot crypto ETF approvals, as each application would not need to be assessed individually. The decision, detailed in SEC filings on stock exchanges like the Nasdaq, NYSE Arca, and Cboe BZX, on Wednesday, would streamlines the process under Rule 6c-11, significantly reducing approval timelines, which have taken several months in the past. “By approving these generic listing standards, we are ensuring that our capital markets remain the best place in the world to engage in the cutting-edge innovation of digital assets,” SEC Chair Paul Atkins said in a separate statement.
Fed cuts rates by 25bps as Trump pushes for more, crypto markets eye liquidity boost
As most expected, the Federal Open Market Committee (FOMC) lowered the benchmark federal funds rate by 25 basis points (bps) to a range between 4% and 4.25%, by a vote of 11-1. "Recent indicators suggest that growth of economic activity moderated in the first half of the year," the U.S. Federal Reserve said Wednesday in a statement. "Job gains have slowed, and the unemployment rate has edged up but remains low. Inflation has moved up and remains somewhat elevated." The Fed most recently trimmed interest rates by 25 bps in September, November, and December 2024. According to Wednesday's FOMC statement, the Fed is signaling two more cuts by year end. Lower interest rates typically make traditional investments less attractive, leading many investors to seek higher returns through alternative assets such as cryptocurrencies. Wednesday's rate cut could inject more liquidity into the markets and lead to increased trading volume for bitcoin, ether, and more.
Canada Seizes $56M in Bitcoin, XRP and Other Crypto as It Shutters Exchange TradeOgre
Crypto exchange TradeOgre stopped working months ago. Canadian police said they shut down the exchange and seized $56 million CAD ($40.5 million USD) in crypto from the platform. The Royal Canadian Mounted Police said it was the country's biggest crypto seizure.
NY financial regulator urges banks to adopt blockchain analytics to combat illicit activity
The New York State Department of Financial Services directed banks on Wednesday to use blockchain analytics to combat illegal activities, citing an uptick in interest in digital assets. The NY financial regulator's latest guidance follows a statement made in 2022 encouraging firms registered in the state to use blockchain technology. "As traditional banking institutions expand into virtual currency activities, their compliance functions must adapt, onboarding new tools and technologies to mitigate new and different risks," said NYDFS Superintendent Adrienne Harris in a statement.
Innovation & Adoption 💡📈
Coinbase now lets users lend USDC onchain with current yields up to 10.8%
Crypto exchange Coinbase has begun rolling out a new feature that lets users lend their USDC stablecoin holdings onchain, with yields currently up to 10.8%. The service is powered by Morpho, a decentralized lending protocol, with allocations managed through onchain vaults curated by Steakhouse Financial on Base, the Coinbase-incubated Ethereum Layer 2 network. When users deposit USDC, Coinbase creates a smart contract wallet that routes funds across different lending pools to optimize returns. Users start earning yield immediately and can withdraw at any time, subject to liquidity, Coinbase said. Coinbase stressed that while the feature relies on DeFi protocols, it is designed to feel familiar and accessible to mainstream users through the Coinbase app.
PayPal's PYUSD stablecoin expands to Tron, Avalanche, Sei and other blockchains via LayerZero
PayPal USD is expanding beyond its native deployments on Ethereum, Solana, Arbitrum, and Stellar, reaching new chains including Tron, Avalanche, and Sei through LayerZero. The LayerZero-enabled version, PYUSD0, remains “fully fungible” with native PYUSD, extending the stablecoin to additional blockchains.
More coverage here: PayPal Stablecoin Tops $1.3 Billion as PYUSD Expands to Tron, Avalanche
CME Group to Launch Options on Solana and XRP Futures on October 13th
ME Group, the world's leading derivatives marketplace, today announced plans to launch options on Solana (SOL) and XRP futures on October 13, 2025, pending regulatory review. With the launch of these new products, clients will have the ability to trade options on SOL, Micro SOL, XRP, and Micro XRP futures, with expiries available every day of the business week, every month and every quarter.
REX-Osprey launches first of its kind spot XRP ETF tracking the third-largest cryptocurrency
For the first time in the United States, an exchange-traded fund tracking the price and offering spot exposure of the third-largest cryptocurrency, XRP, has begun trading. The REX-Osprey XRP ETF was listed on Thursday with the ticker symbol XRPR. The two firms also launched their REX-Osprey DOGE ETF on Thursday under the ticker symbol DOJE. Other firms have looked to list and trade XRP ETFs and have taken on a different process than REX Shares and Osprey. REX Shares and Osprey pursued a path to compliance by registering the product under the Investment Company Act of 1940 — a federal law that regulates investment funds that pool capital from investors to pursue a common investment strategy in an effort to protect investors from conflicts of interest and fraud.
Maelstrom, Animoca back Bio Protocol’s bid to unite AI, biotech, crypto
Decentralized science (DeSci) platform Bio Protocol secured backing from investors including Maelstrom Fund and Animoca Brands to expand its artificial intelligence-native biotech research framework. Bio Protocol announced Wednesday that it had raised $6.9 million in funding, reflecting growing interest in decentralized approaches to drug discovery that integrate AI, blockchain and community engagement. Maelstrom founder Arthur Hayes described Bio Protocol as a potential “category-defining launchpad” for scientific research. “If it works, it’s not just a launchpad – it’s the birth of an AI-native research market,” he said. Hayes also highlighted how it opens up research opportunities that communities find appealing, not just what academics find interesting.