Crypto Weekly: US Regulation Advances, JP Morgan Partners with Coinbase, and Russia's Stablecoin Use

US Crypto Regulation Progress

• 🏛️ The Trump administration, following the signing of the Genius Act, urged Congress to establish a formal crypto regulatory regime in the US.
• ⚖️ The White House working group encouraged the SEC and CFTC to use existing authorities to enable digital asset trading at the federal level.
• 📜 This report follows the House's passage of the Clarity Act and the Senate's consideration of a similar measure, indicating a move towards broad regulatory guidelines.

Major Partnerships and Valuations

• 🤝 JP Morgan Chase is partnering with Coinbase to allow customers to make purchases and redeem credit card reward points for USDC.
• 🏦 Chase customers will also be able to link their bank accounts directly to Coinbase starting early next year.
• 📈 Cryptocurrency exchange Kraken is reportedly seeking to raise $500 million at a $15 billion valuation and is planning an IPO in early 2026, signaling significant exchange growth and investment.

Market Growth and Sanctions Circumvention

• 🚀 The cryptocurrency market recently reached a $4 trillion valuation and is expected to grow further with increased regulatory clarity.
• 🌐 A ruble-backed stablecoin, A75, saw a surge in transaction volumes, potentially helping Russia circumvent Western sanctions.
• 💸 Funds moved through A75 surpassed $40 billion in July, highlighting its role in facilitating transactions following Russia's invasion of Ukraine and subsequent financial restrictions.