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UK FCA will allow retail access to crypto ETNs starting October 8 after reversing its 2021 ban.
The US GENIUS Act enforces strict 1:1 backing and licensing for fiat-backed stablecoins.
A 2013 Bitcoin wallet moved $35M in BTC, marking a 1,500x return after 12 years of dormancy.
Today, the cryptocurrency industry experienced a number of regulatory and institutional changes. The Financial Conduct Authority (FCA) in the UK removed a long-term prohibition on crypto exchange-traded notes (ETNs) for retail consumers. Meanwhile, the GENIUS Act in the US is still changing the world of stablecoins, and a historical Bitcoiner activated an abandoned address, sending about $35 million in BTC.
According to the FCA, the ban on crypto-related Exchange Traded Notes (ETNs) in 2021 has now been officially lifted. The amendment, which comes into force on October 8, allows companies to sell crypto ETNs to individual investors, signifying a more liberal stance on the part of the regulator.
The FCA initially prohibited retail access to both crypto ETNs and derivatives due to concerns about asset volatility and insufficient consumer understanding. However, in its latest announcement, the agency acknowledged that the crypto market has matured. According to David Geale, FCA’s executive director of payments and digital finance, product understanding and market structure have both improved.
Crypto ETNs differ from ETFs in that they do not represent equity in a fund. Instead, each note is an obligation backed by collateral possessed by the issuing party. These tools enable investors to access crypto assets via traditional financial intermediaries and banks. But critics stress that since the holder does not directly control the underlying assets, there is added risk, and one should choose issuers carefully.
At the same time as this regulatory change, the FCA has continued to prohibit crypto derivatives to retail customers. It said that it will be monitoring high-risk investments, and it has not signaled imminent alterations to the derivatives framework.
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The passage of the GENIUS Act in the United States has introduced a clear federal regulatory framework for fiat-backed stablecoins. The act requires complete disclosure, such as one-to-one asset backing, federal licensure, and audits of reserves by another party. These requirements intend to strengthen the confidence between institutional investors and facilitate responsible innovation.
As Fabian Dori, Chief Investment Officer at Sygnum Bank, observed in a recent podcast, the GENIUS Act will spur a lot of institutional involvement. As a collaboration with asset-backed squared up with the licensing requirement, it may interest risk-averse institutions.
A major provision prohibits yield-bearing stablecoins, which could create a more pronounced differentiation between payment stablecoins and tokenized money market funds. According to Dori, this growth may transform the way stablecoins can be incorporated into decentralized finance platforms.
The act may also pressure European regulators to update their frameworks. Dori pointed out that while Europe has focused on risk management, the US is advancing policies that encourage innovation. This could influence competitive positioning in the global financial ecosystem.
An inactive Bitcoin wallet that was last active in 2013 was reconnected to the blockchain and transferred 306 BTC worth nearly $35.3 million. The wallet initially purchased the coins in March 2013 at a price of less than $24,000, implying a gain of close to 1,500 times on the initial investment.
Blockchain tracking service Whale Alert flagged the activity, revealing that the funds were split into two separate wallets—one receiving 200 BTC and the other 106 BTC. Neither of the receiving wallets had prior transaction histories. The identity of the wallet owner remains unknown.
This event adds to a series of reactivations by early Bitcoin adopters in recent weeks. On July 23, whales moved $1.26 billion in BTC after years of dormancy. A day later, another inactive wallet from 2011 transferred $460 million worth of Bitcoin. These transactions indicate a possible change in sentiment as BTC approaches its all-time highs.
According to current market data, Bitcoin is trading at approximately $115,300 after a weekly volatility of between $119.400 and $115.800. Some analysts suggest that long-term holders could be positioning themselves to profit due to the high prices.
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