SEC Approves Tokenized Stock Trading with Conditions; Crypto Exchange Trends Highlighted

The U.S. Securities and Exchange Commission (SEC) has issued a five-year conditional exemption allowing tokenized U.S. stock trading. The SEC permits tokenized securities trading venues to trade certain U.S. stocks through licensed automated market makers and liquidity pools, with limitations on tradable assets and volumes. Tokenized stock holders must retain the same rights as traditional shareholders.

Goldman Sachs noted potential benefits for Coinbase (COIN) and Robinhood but suggested short-term competitive impacts may be limited. A report by GSR analyzing over 2,300 tokens listed on major exchanges since 2013 found that median prices fell below issuance prices within three days of listing and dropped 50% within 90 days. Tokens with initial fully diluted valuations exceeding $1 billion saw a one-year median return of -81%, while tokens with less than 20% circulating supply at launch declined approximately 75% after one year.

Ethereum (ETH) staking entry queue volume is 13.6 times larger than withdrawal queue volume, according to Crypto Briefing. The staking entry queue has significantly outpaced the withdrawal queue as of September 20, though it may include new deposits, existing validator integrations, and reward re-deposits.

Coinbase (COIN), along with Kraken's parent Payward and Celsius, have entered procedures to introduce indefinite futures based on U.S. individual stocks. Coinbase submitted cash-settled products based on U.S. stocks and ETFs to the Commodity Futures Trading Commission (CFTC) on September 18, though trading has not yet begun pending regulatory approval.

North Korea-linked hacking group WaterPlum infected over 30,000 PCs across more than 100 countries from December 2025 to July 2026, targeting cryptocurrency wallets. The Australian Cyber Security Centre, alongside Japanese police and the U.S. FBI, reported that fake job interviews were used as a method for distributing malicious files, with hackers claiming coding challenges or video conference errors.

MetaDAO's cumulative subscription amount reached $624.7 million across 23 public sales, but actual raised capital was only $45.4 million. Alea Research highlighted the discrepancy in its September report, noting that 22 of the 23 sales met minimum funding targets.

The Wall Street Journal reported on alleged instructions from Polymarket CEO Shayne Coplan prioritizing growth over regulatory compliance, though Polymarket stated it operates systems to detect and respond to suspicious activity while striving for a fair and transparent market. Further investigation into the regulatory and fraud concerns is pending.

Turkish authorities detained 201 suspects in connection with an international fraud scheme involving virtual asset and foreign exchange platforms, with two years of transactions totaling approximately $266 million. Turkish Justice Minister Akın Gürlek confirmed that high-return investment products were advertised through social media and online ads to target foreigners.

Saudi Arabia's reported withdrawal from the mBridge CBDC payment platform has been contradicted by BIS official data, which lists Saudi Central Bank as a participating institution. Crypto Briefing noted that Saudi Arabia's potential exit could highlight geopolitical tensions and governance issues within the platform, though the Saudi Central Bank announced participation in mBridge's minimum viable product phase in June 2024.

Vitalik Buterin, Ethereum co-founder, stated he plans to continue strengthening privacy technology for Ethereum. When asked by Paradigm CTO Georgios Konstantopoulos about abandoning privacy features, Buterin confirmed they would not be abandoned but rather enhanced. BlockBeats reported the comment without specific release dates or implementation scope.