XRP Rises 3% on BIS Ledger Test

Michael Selig, chairman of the U.S. Commodity Futures Trading Commission, said in an October 5 speech that the CFTC and the U.S. Securities and Exchange Commission had produced a joint interpretation on crypto assets, expressing the view that Bitcoin, Ethereum, XRP and others are not securities in principle. In March, the two agencies published a joint interpretation classifying crypto assets into five categories: digital commodities, digital collectibles, digital tools, stablecoins, and digital securities. Of these, the three categories of digital commodities, digital collectibles, and digital tools are deemed not to be securities in principle. Digital commodities include Bitcoin, Ethereum, and XRP, as well as Solana, Stellar, and Tezos, and are positioned as assets whose prices arise not from expectations of profits based on the managerial efforts of a company or other entity, but from a functioning crypto asset system or from supply and demand. The joint interpretation also indicated that even if a crypto asset itself is not a security, it may fall under federal securities law if sold as part of an investment contract. In his speech, Chairman Selig also explained a new regulatory framework for retail crypto asset trading based on this classification, and the CFTC on the same day published an advance notice of proposed rulemaking covering retail transactions involving margin, leverage, and lending, and began soliciting public comment. Under the new framework, the agency is considering establishing a market segment called the Crypto Asset Market that would allow eligible crypto asset exchanges to operate under federal regulation, and has also presented a proposal to require exchanges that manage customer assets in aggregate to provide proof of reserves backing the crypto assets they hold.

On the 7th, Japan's Financial Services Agency published a dedicated page compiling the names and other details of entities conducting crypto asset exchange business without registration. The agency announced this on its official X account, and added a new item titled "Beware of Transactions with Unregistered Operators!!" to the cautionary information on its top page. The new page lists three domestic operators and 22 overseas-based operators in table form, showing operator names, locations, the nature of their business, and the date of listing. The most recent addition, listed in September, is Hong Kong-based Izakaya Limited, which operates the crypto asset trading service "IZAKA-YA." Bybit Fintech Limited, which operates the major overseas exchange Bybit, has been listed three times: in May 2021, March 2023, and November 2024. Conducting the buying, selling, exchange, or management of crypto assets as a business with Japanese residents as counterparties requires registration as a crypto asset exchange operator under the Payment Services Act, and when the FSA confirms an operator conducting business without registration, it issues a warning letter and publishes the operator's name.

The Central Bank of Russia published its first registry of licensed crypto service providers on Tuesday under new crypto regulations that took effect on September 1, listing four cryptocurrency exchange service providers and five digital asset custodians. Sberbank, Russia's largest bank, was added to the list of custodians alongside Atomyze, Voltari and Cloud Infrastructure, while T-Invest Lab, Zefir and Sistema-Crypto appeared on the list of crypto exchange service providers. VTB Bank appeared on both lists. Sberbank said on Monday that it had applied for digital asset custodian status and planned to launch its first crypto products on December 1, initially planning to support Bitcoin, Ether and USDt through its existing SberBank Online, SberInvestments and SberBusiness platforms. The registrations follow Russian President Vladimir Putin's signing of a crypto law in August that created a regulatory framework for exchanges, asset custodians, brokers and investors. The law places the market under the supervision of the Central Bank of Russia and keeps Russia's ban on using crypto to pay for goods and services.

Gracy Chen, Managing Director of Bitget, a leading global cryptocurrency exchange and Web3 company, said Bitcoin's price has been supported by a much weaker-than-expected nonfarm payrolls reading, leading the market to expect the US Federal Reserve's monetary policy committee to cut interest rates at its October meeting. Meanwhile, spot Bitcoin ETFs recorded net inflows of 2.65 billion dollars in September, the second-highest monthly inflow on record since October 2025, and the Crypto Fear & Greed Index rose to 69, placing it in the greed zone and reflecting stronger market confidence. Gracy Chen noted that in the 13 years Bitcoin has been trading, October has delivered positive returns about 77% of the time, with an average return of 18.64%, and that positive momentum tends to carry through into November. In the short term, resistance stands at 87,300 dollars and support at 82,500 dollars. However, a risk lies ahead in the US midterm elections in November, since historically stocks and Bitcoin have risen ahead of elections and then fallen sharply every time. To handle rising client trading activity, Bitget has replenished its user protection fund back above 300 million dollars within a week of the security incident on September 24, having used the fund to cover roughly 388 million dollars in financial impact so clients could withdraw funds normally. In addition, the latest Proof of Reserves transparency report as of September 29, 2026, showed a total reserve ratio of 131%, confirming that the platform's reserve assets remain above the 1:1 benchmark against all user assets.

Cryptocurrency wallets believed to be linked to the US government moved more than $100 million worth of crypto on Tuesday, according to data from blockchain analytics firm Arkham. The government sent 833.599 BTC, worth about $71.6 million at the time, to two wallet addresses that Arkham did not label, and within a few hours both addresses forwarded the coins to deposit addresses at Coinbase Prime. A separate wallet identified as belonging to the government also sent roughly 40,285 BNB, worth $31.63 million, to an unlabeled address, which then forwarded it to another address. The BTC came from assets seized in the Potapenko / Turogin case, totaling 568.7 BTC, and from the Bitfinex hack case, totaling 264.9 BTC. The BNB came from assets seized from Alameda Research. The US government currently holds a total of about $27.5 billion in cryptocurrency, all of it assets seized through legal proceedings. Market critic Jose Rosell said on the X platform that a transfer does not mean the same thing as a sale. Under an executive order issued in March 2025, Bitcoin forfeited to the government is intended to be preserved in a strategic Bitcoin reserve.