Crypto Pulse Report

CPR MARKET PULSE: Custody rules and tokenized fund infrastructure take focus KEY DEVELOPMENTS • The SEC proposed a crypto-custody framework for registered advisers, investment companies and BDCs. It would allow self-custody in specified cases and permit state trust companies as custodians. • Brazil’s CSD BR began placing ownership records for selected BTG Pactual funds on XRP Ledger. The ledger is a secondary verifiable record; CSD BR’s existing system remains legally authoritative. • South Korean exchanges reported a weak first half: operating profits fell 78%, while average daily volume declined 44%. WHAT TO WATCH • The SEC’s 60-day public-comment process once the proposal reaches the Federal Register. • CSD BR’s planned move toward direct on-chain issuance and trading of receivables. • The next Korean market data for evidence of stabilization or continued contraction. CPR VIEW CPR sees institutional plumbing advancing, but on controlled terms: the U.S. proposal outlines regulated custody pathways, while CSD BR keeps legal registration and transfer controls off-chain. That constructive infrastructure signal contrasts with the sharp contraction in South Korean exchange activity. The main uncertainty is whether regulated tokenization can broaden while retail trading conditions remain subdued. CPR analysis for information only — not investment advice. Sources: U.S. SEC Press Releases · CoinDesk · Source

Powerus USA launches PUSA token on Solana after merger Powerus USA has launched its PUSA token on the Solana blockchain after becoming a publicly listed company through a merger. Sunrise facilitated the deployment, while Backpack Securities issued PUSA. Solana announced the development on October 2, 2026. The announcement does not specify the merger terms, listing venue or the token’s structure. Sources: X @solana

Solana says tokenized-equity holders reached 1.2 million Solana said on October 2, 2026, that tokenized equities on its network had reached an all-time high of 1.2 million holders. The project’s official X account said 775,000 holders joined during September 2026. Solana did not provide methodology, a breakdown by issuer, or independent verification for the figures, so the adoption claim remains unconfirmed beyond the primary-source post. Sources: X @solana

Kraken investigates delays in cross-exchange transfers Kraken reported delays affecting transfers between exchanges in a status update published on October 2, 2026. The incident remains under investigation, and the exchange has not provided details on its scope, affected assets, cause or expected resolution. Users can sign up for email or text notifications as Kraken posts further updates and confirms when the issue is resolved. Sources: Kraken Status

South Korean Crypto Exchanges Report 78% H1 Profit Drop Operating profit at South Korea’s crypto exchange operators fell 78% in the first half of 2026 from the previous six months, according to KoFIU and the Financial Supervisory Service. Their review of 26 registered virtual-asset service providers also found a 41% drop in sales, a 44% decline in average daily trading volume, a 33% contraction in market capitalization and 35% lower won customer deposits. Trade-eligible accounts edged up 0.4%. Sources: Cointelegraph · Go · Re

SEC proposes new crypto custody rules for advisers and funds The U.S. Securities and Exchange Commission has proposed rules and amendments covering crypto-asset custody by registered investment advisers, registered investment companies and business development companies. The framework would allow self-custody in specified cases and permit state trust companies to act as custodians. It also updates audit and broker-dealer custody requirements. The proposal is not final; comments would be accepted for 60 days after Federal Register publication. Sources: U.S. SEC Press Releases

Circle submits feedback on EU MiCA review Circle said on October 1, 2026, that it submitted feedback to the European Commission’s consultation on reviewing the MiCA framework. The company said its response draws on two years of operating USDC and EURC under MiCA and focuses on strengthening Europe’s stablecoin market. The announcement does not specify Circle’s recommendations or indicate that the Commission has reached a decision. Sources: X @circle

Kraken Investigates Delays in Futures Market Data Kraken reported delays affecting futures market data on October 1, 2026, at 13:19 UTC. The exchange marked the incident as under investigation and offered subscription options for status updates. Kraken has not provided details on the delay’s duration, scope or impact on customers, so the operational effect remains unclear. Sources: Kraken Status

CSD BR to mirror fund records on XRP Ledger Brazilian market infrastructure operator CSD BR has announced a first phase that mirrors ownership data for selected BTG Pactual funds on the public XRP Ledger. The entries use the network’s Multi-Purpose Token standard and are intended as a secondary, publicly verifiable record. CSD BR’s own database remains legally authoritative for registration, custody and settlement, with controls to approve holders and freeze or reverse assets when required. The project reportedly uses live fund records, although it has not been independently confirmed that specific entries were already written on-chain by September 30. CSD BR oversees more than BRL 22 trillion in registered assets. Direct blockchain… Sources: CoinDesk · Ripple

Kakaopay studies tokenized Korean shares Kakaopay Securities has signed separate agreements with Dinari and Ondo Finance to examine blockchain-based access to shares listed in South Korea. With Dinari, it will test whether the dShares structure can support rights linked to the underlying stock, including dividends and voting. The Ondo work covers sourcing and custody of shares, token issuance and redemption, and reconciliation. No companies have been selected, and there is no commercialization timetable. Any launch would depend on technical results and legal and regulatory requirements in South Korea and other markets. The country’s token-securities regime is scheduled to begin on February 4, 2027. Sources: Cointelegraph · Prnewswire · Sedaily

Bitcoin nears record September gain Bitcoin was up 7.33% in September as of Sept. 29, narrowly ahead of its 7.29% gain in September 2024, according to CoinGlass data. The result was provisional, with one trading day still remaining before the monthly close. A positive finish would give Bitcoin four consecutive September gains, the longest streak in the available dataset. September is nevertheless its weakest month on average, with a historical mean return of -2.34%. U.S. spot Bitcoin ETFs recorded about $2.98 billion in net inflows over seven straight sessions. Bitcoin later retreated roughly 4% from a move to $87,354 and remained about 4.4% below its 2026 starting level. Sources: Decrypt · Coinglass · Co

Zcash team releases Udon for proposed Tachyon scaling work Zcash developers have released Udon, a Rust cryptography crate for Pasta-curve arithmetic, as work to integrate Project Tachyon’s recursive-proof technology into the Zakura Common library begins. The announcement was dated Sept. 28. This is a software-library release, not activation of Tachyon on the Zcash network; the proposed upgrade would still require community approval. Sean Bowe and Dev Ojha are pursuing a long-term capacity target above 50,000 private payments per second. Earlier tests reportedly cut proof-generation time from over three seconds to under 200 milliseconds in some cases. The supplied figures for recent shielded-transaction activity could not be independently verified. Sources: CoinDesk · Z · Z

Tether cites $550M in Iran-linked USDT freezes Tether says about $550 million in USDT tied to Iran-related sanctions networks was frozen during 2026. The company reported more than $344 million halted across two addresses in April and over $130 million across four wallets in July. A preliminary report by Democratic staff of the U.S. Senate Permanent Subcommittee on Investigations said 84% of 846 Iran-linked sanctioned or seizure-targeted wallets used USDT exclusively or almost exclusively. Senator Richard Blumenthal asked the Treasury and Justice departments to review possible sanctions and anti-money-laundering violations. The figures are based on Tether’s disclosures and have not been independently reconciled; the report’s allegations… Sources: Cointelegraph · Tether · Senate

Strategy lifts Bitcoin holdings to 847,666 BTC Strategy said in a September 28, 2026 SEC filing that it bought 1,665 BTC for about $142.7 million during September 21–27. Its holdings reached 847,666 BTC, above the previously disclosed peak of 847,363 BTC. The company reported cumulative acquisition costs of $63.95 billion, or an average of $75,437 per BTC including fees. It also raised $246.2 million by selling 1,469,165 MSTR shares. Of that amount, $142.7 million funded the Bitcoin purchase and $103.5 million went toward STRC repurchases. Strategy bought back 1,534,530 STRC shares for $151.7 million, using additional cash for part of the transaction. The filing does not indicate how the purchase affected the wider market. Sources: Decrypt · SEC · SEC

🔄 UPDATE: Bitget reopens Bitcoin withdrawals after breach Bitget restarted Bitcoin withdrawals on Sept. 28, four days after unauthorized transfers affected parts of its hot- and warm-wallet systems. The exchange says its cold wallets were not compromised and has raised its loss estimate from $351.6 million to about $387.5 million after identifying additional Zcash and Tron transfers. Ether withdrawals are planned for Sept. 29, followed by USDT on Sept. 30 and other assets and P2P services on Oct. 2. Blockchain analysts reportedly traced stolen Ether through THORChain into Bitcoin. THORChain’s public controls support broad or chain-level halts, but it is uncertain whether they could block a specific address. Sources: Cointelegraph · Bitget · Bitget

Hong Kong expands crypto oversight cooperation Hong Kong’s Securities and Futures Commission (SFC) and Accounting and Financial Reporting Council (AFRC) signed a new memorandum of understanding on September 28, 2026. It replaces a 2021 arrangement and extends cooperation on financial and compliance reporting, audits, assurance work, information sharing, referrals, inspections and investigations. The scope includes SFC-authorized virtual asset service providers, certain licensed corporations, authorized funds and registered open-ended fund companies. Separate proposals on crypto advice and management, broker financing and perpetual contracts are still being developed; their final rules and timing remain uncertain. Sources: Cointelegraph · Sfc · Org

Fake GIWA bridge drains about $2 million in ETH A fraudulent bridge impersonating GIWA received about 767.65 ETH from 1,335 addresses, according to figures reported by DYORSWAP. Around 766.25 ETH—roughly $2 million at the time—was later withdrawn. GIWA developer Dunamu said its mainnet has not launched and that the circulating connection details were invalid. DYORSWAP said its contracts were not compromised, pledged more than 200 ETH from its own funds for user compensation, and is investigating the deployer and recipient addresses. The transaction totals have not been independently reconciled on-chain. Sources: Cointelegraph · Giwa · Giwa

California restricts official memecoins California Governor Gavin Newsom signed Assembly Bill 2409 and Senate Bill 1208 on Sept. 27, 2026. AB 2409 prohibits covered state and local officials, plus certain public employees involved in government contracting, from issuing memecoins. From Jan. 1, 2027, digital-asset providers will also be barred from offering California residents memecoins issued by or in partnership with covered officials. The attorney general and, in some cases, local prosecutors may bring civil actions. SB 1208 expands money-laundering rules to specified digital-asset transactions and sets conditional procedures to freeze, seize and forfeit assets linked to crimes. The exact application depends on the laws’… Sources: Cointelegraph · Ca · Ca

Zano restores chain to pre–Hard Fork 6 state Zano has moved its network back to block 3,833,000, the last point before Hard Fork 6 added Gateway Addresses. The action followed a vulnerability that allowed unauthorized ZANO and Freedom Dollar (fUSD) to be created. About a month of subsequent activity is no longer part of the recovered chain, including legitimate transactions. Nodes, miners, stakers, exchanges and other services must switch or coordinate with the new chain. Transfers finalized on separate blockchains are unaffected. Zano says it will assess losses and publish reimbursement and claims procedures. A technical post-mortem was not yet available, so the root cause remains unconfirmed. Sources: Cointelegraph · Zano · Zano

🔄 UPDATE: Bitcoin quantum defenses advance, but remain incomplete Several projects are exploring ways to reduce Bitcoin’s potential quantum risk. StarkWare says a competition cut its estimate for the GPU-compute cost of a quantum-resistant transaction from about $320 to roughly $67, excluding network fees. Its interim design uses nonstandard transactions and does not protect coins whose public keys are already exposed. Coinbase is preparing custody infrastructure for future post-quantum signatures, while researchers proposed Shielded Bitcoin, a Zcash-inspired privacy design that is not itself a quantum defense. A broad protocol upgrade could take years. No known quantum computer can currently perform the described attack. Sources: Decrypt · Starkware · Starkware