SEC advances RWA tokenized-securities rules as UK freezes Sorare funds and Singapore reviews foreign stablecoins; today’s BTC is near $77.5K in Greed sentiment. The crypto market continued to pull back alongside broader risk assets. BTC was consolidating around $77.5K, down about 1% over the past 24 hours. The price has also moved further away from last week's high near $81.3K. ETH fell about 2% over the same period and returned to above $2,414 after briefly slipping below $2,400. Its intraday volatility remained higher than BTC's. The broader decline came as global risk assets faced renewed pressure. Rising oil prices and major government bond yields weakened short-term risk appetite across financial markets. The Crypto Fear and Greed Index currently stands at 63, which remains in the "Greed" zone. However, it has fallen noticeably from 69 yesterday and points to some cooling in market sentiment. In the derivatives market, total crypto liquidations reached about USD 315 million over the past 24 hours. Long liquidations accounted for roughly USD 251 million, while short liquidations totaled about USD 64.8101 million. This shows that leveraged long positions faced greater deleveraging pressure during the latest market pullback. Spot ETF flows also diverged. U.S. spot Bitcoin ETFs recorded total daily net outflows of about USD 236 million, with one fund alone seeing around USD 201 million in net outflows. By contrast, U.S. spot Ether ETFs posted about USD 10.9528 million in net inflows and extended their net inflow streak to 12 consecutive trading days. On-chain and market demand indicators also showed weaker short-term demand for BTC. Short-term holders continued to take profits, leaving the price structure more subdued than during the rapid advance seen in late August. Coinglass liquidation data showed sizable leveraged positioning above $81,338 and below $73,702 for BTC. For ETH, major liquidation clusters were concentrated above $2,531 and below $2,294. Overall, the market is being shaped by changes in spot ETF flows, leveraged position unwinding, and broader macro risk sentiment. BTC has fallen less than many major altcoins, but its short-term structure has shifted from a rapid advance toward a more range-bound consolidation phase.

Source: Alternative

Key News Highlights:

SEC Proposes Major Transfer Agent Rule Overhaul Covering Blockchain and RWA Tokenized Securities

The U.S. Securities and Exchange Commission has proposed a broad overhaul of the regulatory framework for transfer agents. The proposal would modernize a rule set that has not undergone substantial reform for decades. It covers core requirements for transfer agent registration, recordkeeping, securities safeguarding, and securities transfers. The SEC said many existing rules were developed in the late 1970s and early 1980s. At the time, securities markets still relied heavily on paper certificates and manual recordkeeping. Some of those requirements therefore no longer fully address today's highly digital market infrastructure. The new proposal specifically refers to blockchain-native and on-chain transfer agent models. This reflects growing efforts by market participants to move shareholder records and other transfer agent functions onto distributed ledgers. Potential applications include blockchain-based recordkeeping, tokenized fund administration, and interoperability across different blockchain networks. The SEC also noted that wider use of on-chain records and automated infrastructure introduces new risks involving cybersecurity, operational resilience, and the protection of securities and investor records. Under the proposal, transfer agents could face expanded reporting and compliance standards. Some provisions would also cover third-party service providers and the handling of restrictive legends on securities. The SEC is also seeking feedback on how on-chain and off-chain records should interact. One issue is how a tokenized security transferred on a blockchain should be reflected in the official record of security holders. The agency is now seeking public comment on the proposal. Comments will be due 60 days after the proposal is published in the Federal Register. The transfer agent overhaul forms part of the SEC's broader effort to update securities regulation as blockchain infrastructure and tokenized securities become more integrated with traditional financial markets.

UK Crime Agency Freezes £10 Million in Sorare-Related Funds

The UK's National Crime Agency reportedly froze about £10 million in funds, equivalent to roughly USD 13.5 million, as part of an investigation involving blockchain sports platform Sorare. The asset freeze followed an order issued by Westminster Magistrates' Court in January 2025. Its purpose was to prevent the funds from being moved or disposed of while the investigation remained underway. UK media reports said the NCA is examining whether Sorare was involved in gambling-related activities without the appropriate authorization. Authorities are also looking into whether the funds have any connection to alleged third-party criminal activity. Sorare provides blockchain-based digital sports cards and fantasy sports services. The company previously entered into a commercial partnership with the English Premier League. The two parties signed a four-year agreement in 2023 that was valued at about USD 162 million. The partnership was terminated after the end of last season. Reports indicate that the frozen funds are linked to payments made by Sorare under the partnership agreement and were held in an account controlled through the Premier League's management structure. The NCA said the freezing measure was intended to prevent the funds from being transferred before the investigation is completed. Authorities are also working to determine whether the money has any connection to alleged third-party criminal activity. In June, the UK's Financial Conduct Authority sent letters to Premier League clubs warning them about regulatory risks associated with sponsorship deals involving unauthorized companies. Some of those companies operate in the crypto sector. Partnerships between crypto companies and professional sports organizations have faced increasing scrutiny from UK financial and gambling regulators in recent years. Reviews have focused on advertising, consumer protection, and business authorization. The investigation remains ongoing, and the freezing order is a measure taken while authorities continue to examine the case.

Singapore Weighs Bringing Some Foreign-Issued Stablecoins Under MAS Framework

The Monetary Authority of Singapore is reviewing its stablecoin regulatory framework and has proposed possible routes for certain cross-border and foreign-issued stablecoins to receive regulatory recognition. MAS launched a public consultation on September 1. The consultation includes proposed amendments to the Payment Services Act to formally implement Singapore's stablecoin regulatory framework. The existing framework primarily covers issuers of single-currency stablecoins. It sets requirements for reserve assets, capital, redemption at par, and disclosure in order to strengthen value stability and user protection. One important part of the latest consultation examines whether stablecoins jointly issued by a Singapore entity and a foreign issuer could qualify under the framework. Eligible jointly issued stablecoins may be allowed to use the "MAS-regulated stablecoin" label if the relevant cross-border risks are sufficiently mitigated. MAS is also considering whether to recognize a limited number of foreign-issued stablecoins that are already regulated under comparable overseas frameworks. The regulator said such arrangements could support the use of stablecoins in cross-border wholesale payments and financial transactions. This would require stronger coordination between regulatory regimes in different jurisdictions. The proposal marks a reassessment of the framework introduced in 2023, which focused more heavily on stablecoins issued within Singapore. The review comes as cross-border issuance models and international stablecoin regulations continue to develop. The consultation also covers financial stability measures, consumer protection, stress testing, and recovery and exit planning. MAS will accept comments until October 16. The final regulatory approach will be determined after the authority reviews feedback from the consultation.

Iran Tensions Trigger Broad Risk-Off Move Across Major Cryptocurrencies

Major cryptocurrencies fell broadly over the past 24 hours after U.S. airstrikes on Iran weakened global risk appetite. SOL and TRX both declined by more than 3%. SOL returned to around $100 and was among the weaker major tokens during the latest market pullback. ETH fell about 2% to just above $2,414. XRP dropped nearly 2% to around $1.35, while DOGE also lost close to 2%. HYPE fell by more than 1%. BNB declined by less than 1% and showed one of the smaller losses among major crypto assets. The pullback was not limited to digital assets. Traditional financial markets also faced selling pressure across risk-sensitive assets. Brent crude climbed above $95 per barrel as concerns increased over shipping through the Strait of Hormuz. The U.S. 10-year Treasury yield rose to around 4.81%, reaching its highest level in roughly three years. Asian markets also experienced significant moves. Japan's five-year government bond yield reached a record high, while the country's 10-year yield touched 3%. Major equity indexes in Japan and South Korea declined at the same time. Interest-rate markets also priced in a higher probability of a Federal Reserve rate hike in September. CME FedWatch showed the probability at about 66%, up from roughly 40% one week earlier. The market is now approaching several major macro events. These include the U.S. August employment report, upcoming inflation data, developments around crypto market structure legislation, and the Federal Reserve's September interest-rate decision. These events have become key dates for global risk markets in the coming weeks.

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