Crypto market continues to rise

Crypto continues it’s rise this morning in the latest leg of what has become a sharp rebound this week. BTC was trading below $63,000 just a week ago before breaking above $70,000 on Wednesday. By this morning, it had climbed above $77,000, putting it on track for one of its strongest weeks in recent memory. The move is spilling directly into crypto equities with Coinbase (COIN) up 25%, Circle (CRCL) 26%, and Galaxy Digital (GLXY) 8%. Strategy (MSTR), meanwhile, is up 27% this week and is now back in the green on its bitcoin holdings.

Kraken’s parent co., Payward, is going after trading, banking, and asset management as it works to expand globally. The company already operates Kraken Financial, which launched in 2024 and is "authorized to offer digital asset custody and deposit accounts for institutions." However, Kraken Financial still can’t lend customers' fiat and is not insured by the FDIC. It scored a victory earlier this year as the first crypto company to receive a "skinny" Fed master account, which allowed it to connect to parts of the central bank's payment system. As the company looks to IPO it seems to believe that diversification is the best move forward. Read more →

The push for U.S. crypto rules increasingly looks like it has two paths. Clarity gets its first Senate procedural vote on September 15, where supporters will need 60 votes to move forward. But if Congress can’t get there, CFTC Chair Mike Selig says his agency will use its existing authority to begin building a crypto market structure of its own. The SEC is already moving down a similar path, proposing new rules this week for crypto fundraising and token issuance. Read more →

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