Crypto Weekly Market Wrap September 22: Fed Rate Cut, ETF Progress, and Global Regulatory Shifts

Last week, the crypto sector saw several developments as governments weighed reserves and regulators sharpened oversight. Giants like Google and PayPal pushed deeper into payments. Exchange-traded funds received fresh approvals, while the most anticipated rate cuts from the Fed took place.

Meanwhile, Joseph Lubin suggested a MetaMask token may launch soon. At the same time, Gemini settled with the SEC over issues linked to its Earn program. In the section below, we will discuss this crypto weekly market wrap of 22nd September in greater detail.

Federal Reserve Cuts Interest Rates After Long Pause

The U.S Federal Reserve reduced its benchmark rate by 25 basis points to 4%-4.25. This was the first adjustment since December 2024. The reduction came after the decline in employment and unemployment. The inflation is stuck at 2.9, and hence, market caution is still a concern. President Trump petitioned for more significant reductions and publicly pressured Chair Jerome Powell.

JUST IN: The Federal Reserve cuts interest rates by 25 basis points. pic.twitter.com/cSInvcsCYi

— Brew Markets (@brewmarkets) September 17, 2025

The decision did not affect Bitcoin, which stood at about $116,000. Traders anticipate greater moves in the case of further cuts. Analysts expect the subsequent adjustment at the end of the year. The market is awaiting clear economic signals before it embarks on a decisive course.

MetaMask Token Plans Confirmed by ConsenSys CEO

The CEO of ConsenSys (Joseph Lubin) announced that MetaMask is on the brink of releasing its native token. He stated that the token is linked to the decentralization of the wallet ecosystem. MetaMask co-founder Dan Finlay also highlighted the in-app promotion of the token. The token would most probably have governance roles and possibly provide user incentives.

Recently, MetaMask launched a stablecoin called MetaMask USD (mUSD). The wallet also introduced a Linea-dedicated portfolio page. Linea, which is established as a zkEVM Layer-2, could be critical in the deployment of the token. Lubin affirmed that Linea will be integrated into the wider ConsenSys platform with rewards.

Metaplanet Expands Bitcoin Income Operations to Miami

A Japanese Bitcoin treasury company known as Metaplanet has set up a new American branch. The subsidiary, called Metaplanet Income Corp., will be located in Miami. It is established with an initial capital of $15 million to expand derivatives and income-generation strategies. The company currently owns 20,136 BTC, worth more than $2.3 billion.

The move comes after an international equity issue that saw the company raise $1.4 billion. Moreover, CEO Simon Gerovich noted that the income arm has contributed to a steady increase in revenue. The growth is intended to increase the institutional access and expand the Bitcoin net asset value of the firm. The funding round was also joined by sovereign wealth funds and large investment groups.

SEC and Gemini Reach Preliminary Settlement on Earn Program

The Gemini and SEC agreed to settle their dispute over the Earn program. The joint filing requested the case to be put on hold until December 15. In 2021, the SEC accused Gemini and Genesis of selling unregistered securities through Earn. Genesis was subsequently pushed into bankruptcy, locking about $900 million through 340,000 accounts.

🔔 @SECGov, @Gemini Reach Resolution in Principle Over Crypto Lending Case !

The U.S. SEC and #Gemini Trust Co. said they’ve reached a resolution in principle to settle the regulator’s lawsuit, which alleged Gemini’s crypto lending program raised billions through unregistered… pic.twitter.com/1089UiQW7M

— Altcoin Alerts (@Altcoin_Alerts) September 16, 2025

Gemini is also committed to compensating up to $1.1 billion to impacted users. Genesis had earlier this year paid a penalty of $21 million. Gemini was also affirmed by the SEC that it had abandoned other enforcement actions. The deal puts forth a potential settlement in one of the most followed crypto-legal disputes in America.

Google Rolls Out AI Payments Protocol with Blockchain Support

Google introduced a new AI payment protocol that has the capability to accept stablecoins and credit cards. The protocol, developed with Coinbase and 60+ partners, supports agent financial transfers. The design was contributed by Salesforce, Etsy, and American Express.

The platform enables the settlement of stablecoins, such as USDC, on-chain. James Tromans, of Google Cloud, claimed it embraces future-ready financial tools. Erik Reppel of Coinbase pointed to its emphasis on interoperability. In addition, Google envisions the development of agent-to-agent payment flows without human intervention.

PayPal Adds Bitcoin and PYUSD to Peer-to-Peer Transfers

PayPal announced that users can now send Bitcoin, Ethereum, and PYUSD via the app. The new feature includes PayPal and Venmo. The company also introduced PayPal Links to facilitate easy, personalised payments. These email links have time limits of 10 days and can be shared easily.

Launching today: PayPal links 🚀

Send and receive money as easily as sending a message–just share a one-time link by text, DM, or email.

Live now in the US, and more markets soon.

Coming next: crypto support for peer-to-peer via the PayPal app—including Bitcoin, Ethereum,… pic.twitter.com/H3ZDGUBGiS

— PayPal (@PayPal) September 15, 2025

PayPal explained that personal transfers will not generate tax reporting forms. This update is anticipated to increase user engagement and adoption of the company. P2P services registered high growth in Q2, especially in Venmo. The European expansion will start this month.

First U.S. Spot DOGE and XRP ETFs Begin Trading

REX Shares and Osprey Funds introduced two spot ETFs, DOJE of Dogecoin and XRPR of XRP. The two funds are registered under the Investment Company Act of 1940. This differs from other crypto ETF filings that are subject to the 1933 Securities Act.

Analysts believe that this path could reduce trading interest at the beginning. REX-Osprey also earlier introduced a Solana ETF under the same regulatory framework. By establishing itself within an existing legal framework, the company is pursuing first-mover advantage. These ETFs provide investors with a new regulated entry point to memecoins.

Canada Seizes $40 Million in Crypto From TradeOgre

Canadian regulators shut down TradeOgre and seized $40 million in crypto assets. The year-long investigation began when Europol tipped off the RCMP in June 2024. The exchange was not registered properly and did not perform KYC checks.

Privacy tokens such as Monero were popular on TradeOgre. Its simple interface led to anonymous trading. Arkham Intelligence was used by authorities to track illicit flows. The wallets of the exchange are now controlled by the RCMP, according to blockchain sleuths. The Canadian authorities referred to it as the biggest crypto confiscation in the country so far.

SEC Greenlights Generic Listing Standards for Crypto ETFs

The SEC established generic listing standards in order to expedite applications of crypto ETFs. According to Rule 6c-11, this move eliminates case-by-case reviews. Cboe BZX, Nasdaq, and NYSE Arca are now more able to list crypto products.

BOOM: SEC has approved the generic listings standards that will clear way for spot crypto ETFs to launch (without going through all this bs every time) under '33 Act so long as they have futures on Coinbase, which currently incl about 12-15 coins. pic.twitter.com/E9FXrniXRS

— Eric Balchunas (@EricBalchunas) September 17, 2025

According to SEC Chair Paul Atkins, the change helps to encourage innovation and investor choice. Applications of Solana, Ripple, and Litecoin spot ETFs now have reduced wait times. According to Bloomberg analyst James Seyffart, the shift was described as a crypto ETF framework. However, Commissioner Crenshaw raised some concerns regarding the lesser investor protection.

U.S. and U.K. Prepare Stablecoin-Focused Digital Asset Agreement

The U.S. and the U.K. are on the verge of closing a crypto collaboration agreement. Discussions between Treasury Secretary Scott Bessent and Chancellor Rachel Reeves were held in London. Coinbase, Ripple, and Circle executives were also involved in the discussions alongside large banks.

Furthermore, the agreement will focus on the regulation of stablecoins and international payments. In the case of the U.K., former Chancellor George Osborne cautioned that the country would lose out on crypto policy. It is anticipated that the deal will be the focus of further meetings between Prime Minister Starmer and President Trump.

BITCOIN Act Gains Attention at Washington Roundtable

Major players in the industry turned up on Capitol Hill to lobby legislators to pass the BITCOIN Act. The session was hosted by Senator Cynthia Lummis and Rep. Nick Begich. Michael Saylor, Tom Lee, and Charles Hoskinson were also present. The bill proposes a strategic Bitcoin reserve with the U.S. government. Moreover, it proposes financing the purchase using tariff revenues and gold revaluations. The supporters seek to secure bipartisan backing and hold hearings. At present, the bill is supported by Republicans alone.

Galaxy Digital Buys $306M in Solana Amid Treasury Trend

Galaxy Digital bought 306 million Solana tokens in one day. The company transferred 1.2 million SOL to Fireblocks custody, making its total SOL acquisitions $1.55 billion.

The timing aligns with the Solana-oriented treasury strategy of Forward Industries. Galaxy recently collaborated with Jump Crypto and Multi-coin Capital. The deals have been speculated to be linked to the SOL reserve of Forward, $1.58 billion, though unconfirmed. Its stock has surged 620% in 2025, even after the weekly earnings.

Galaxy Digital bought another 1.2M $SOL($306M) in the past 24 hours.

Their total buys over the past 5 days have now reached ~6.5M $SOL($1.55B).https://t.co/f4FXOfK0vJ pic.twitter.com/NQ9da23mzm

— Lookonchain (@lookonchain) September 15, 2025

Grayscale Introduces First U.S. Multi-Asset Crypto ETF

Grayscale introduced the CoinDesk Crypto 5 ETF (GDLC), which tracks the top five coins. It has Bitcoin, Ethereum, XRP, Solana, and Cardano in its fund. Bitcoin has been allocated 72% with Ethereum having 17%. The ETF was launched following the acceptance of the new listing structure by the SEC. The success of this milestone creates opportunities for other similar products. The GDLC enables more people to have access to the best cryptocurrencies through a regulated investment vehicle.

Bahrain Sets Regulatory Framework for Stablecoin Issuers

The central bank in Bahrain came up with a new module on the oversight of stablecoins. The structure only allows fiat-collateralized stablecoins. Issuers are required to maintain reserves and fulfill severe prudential standards. The CBB undergoes frequent audits and a licensing procedure. The model prohibits algorithmic and commodity-backed coins. Moreover, pegging against the Bahraini Dinar and the U.S dollar is allowed. This is the inaugural regulation unique to stablecoins in the Gulf region. Bahrain has become the leader in regulatory transparency of tokenized fiat.

Pakistan Invites Global Crypto Firms to Enter Local Market

The new regulatory authority in Pakistan, PVARA, invited licensed international crypto companies to register in the country. The companies that have U.S., EU, or Singapore licenses are eligible. The framework is assured to be in tandem with world-standard compliance.

🔹#CryptoNews: Pakistan invites global crypto firms to apply for operating licenses.

📑 Pakistan has invited international crypto firms to apply for licenses under its regulatory authority PVARA, with strict criteria and global compliance standards.#BlueBit #IMF #SEC #Pakistan pic.twitter.com/OGwc4kaa3v

— BlueBit.io (@Bluebit_io) September 15, 2025

The government is aiming at a possible market of 40 million users. The program aims at luring qualified players and safeguarding customers. Stability objectives and AML regulations are still of the highest priorities. Moreover, the move opens up the increasing digital resource base of Pakistan to foreign businesses.

South Korea Launches KRW-Backed Stablecoin on Avalanche

South Korean company BDACS introduced KRW1, a won-pegged stablecoin. Woori Bank supports the stablecoin on a fully reserved basis. KRW1 is based on the Avalanche blockchain. The move increases on-chain payment infrastructure in Korea. The token had earlier undergone its proof of concept stage this year. The developers view KRW1 as a platform for emerging payment systems. This is the initial deployment of a fiat-backed stablecoin in South Korea.

Yunfeng Financial Raises $1.17B for Web3 Services Expansion

Yunfeng Financial successfully closed a share placement, which raised HK$1.17 billion. The investments will modernize the systems and develop Web3 services. The company intends to trade and invest in virtual assets. Jiang Guofei, a former executive of the Ant Group, serves as the chair of its Web3 committee.

Yunfeng had earlier invested $44 million in Ethereum in terms of RWA infrastructure. It also entered into a joint venture with Ant Digital Technology. Furthermore, the capital raise will be to increase liquidity and expand its range of investors.

Binance Founder Warns of North Korean Cyber Threat

The founder of Binance, CZ, cautioned against cyberattacks by North Korean actors. He described four typical infiltration strategies. These involve pretending to be job applicants and sending malicious code.

These North Korean hackers are advanced, creative and patient. I have seen/heard:

1. They pose as job candidates to try to get jobs in your company. This gives them a “foot in the door”. They especially like dev, security, finance positions.

2. They pose as employers and try to… https://t.co/axo5FF9YMV

— CZ 🔶 BNB (@cz_binance) September 18, 2025

Customers are also bribed, or hackers place links in customer service messages. CZ encouraged companies to educate employees and filter job applicants. He stressed the need to avoid downloading files from an unknown source.

Ethereum Developers Confirm Fusaka Upgrade Schedule

The next significant upgrade of Ethereum, Fusaka, is planned for December 3. Developers establish testnet dates all over October. The Sepolia, Hoodi, and Holesky networks will be updated initially. The upgrade will increase the capacity of data blobs progressively. Ethernet focuses on enhancing Layer-2 efficiency and throughput. Quantum-resistant security improvements are also being planned by developers.

Base Network Explores Launch of Native Token

Base network is planning on issuing a native token. The early-stage exploration was announced by Jesse Pollak, the Head of Base. No design, governance, or launch schedule has been established. In addition, the site indicated that it would update information as plans unfold. Base has experienced more activity within the Coinbase ecosystem.

Digital Asset Investment Products Market Overview

According to the CoinShares report, digital asset funds saw inflows of $1.9 billion last week, driven by renewed optimism after the Federal Reserve’s rate decision. Investors responded cautiously at first to the “hawkish cut,” but momentum picked up later in the week. Thursday and Friday alone brought in $746 million.

📈 Digital asset investment products saw US$1.9B of inflows last week@Bitcoin led the inflows with US$977M. @ethereum also benefited, at US$772M in inflows. Other notable inflows came from @solana with US$127.3M and XRP (@Ripple) at US$69.4M.

🇺🇸 + US$1.8B
🇩🇪 + US$51.6M
🇨🇭 +… pic.twitter.com/0O1iHmFTmj

— CoinShares (@CoinSharesCo) September 22, 2025

Bitcoin captured the largest share with $977 million, while Ethereum followed with $772 million. Solana and XRP also gained traction, attracting $127.3 million and $69.4 million, respectively. Short-bitcoin products continued to weaken, recording $3.5 million in outflows.

The United States dominated inflows with $1.8 billion, while Germany, Switzerland, and Brazil showed smaller gains. However, Hong Kong saw outflows of $3.1 million. Total assets under management climbed to $40.4 billion, nearing last year’s $48.6 billion peak.

Bitcoin Price Performance

The flagship asset, Bitcoin, displayed a negative trend last week as it declined by 1.50%. The price dropped from highs of $118k after losing its upward journey. In addition, its market cap and trading volume declined to $2.25 trillion and $60 billion.

On the technical front, the Bitcoin price is heading downwards as the bears take the lead. The price has formed red candlesticks, which usually suggest a bearish sentiment. Moreover, the MACD has turned negative as the MACD line continues to drop further below the signal line. The RSI is currently hovering in the neutral region at 56.