☕️ Treasury Frames Crypto for Dollar Dominance as Coinbase Enforces MiCA The U.S. Treasury plans executive-level crypto rules to defend dollar dominance, while European exchange restrictions reshape the stablecoin market.
1. Treasury Secretary Frames Crypto as Key to US Dollar Dominance — Treasury Secretary Scott Bessent said U.S. digital asset supremacy is crucial for maintaining global dollar dominance. The Treasury will coordinate with the SEC and CFTC to create agency-level rules following the legislative failure of the Clarity Act. 2. Coinbase to Convert Non-Compliant EEA Stablecoin Balances — Coinbase will swap remaining EEA retail balances in 14 non-MiCA stablecoins into $USDC or other supported assets on Oct. 30. Affected tokens include $USDT, $PYUSD, and $DAI, with trading already halted. 3. CFTC Investigates Polymarket Over 2022 Settlement Terms — The CFTC is reviewing whether prediction platform Polymarket violated a 2022 settlement that required it to block U.S. users. The inquiry targets historical geolocation controls and onboarding processes for its licensed domestic unit. 4. Galaxy Digital Reports $323 Million Q3 Profit — Galaxy Digital posted $323 million in third-quarter net income, rebounding from a prior loss. Data center operations yielded $79 million in adjusted gross profit after delivering capacity to CoreWeave. 5. USDC Surpasses Tether in Euro Trading Volume — Circle's $USDC now accounts for 56 percent of euro stablecoin trading volume, up from 10 percent in January 2024. The shift follows regional exchange restrictions that penalized $USDT.
📊 $BTC trades at $81,403, up 2.0 percent over 24 hours, while total market capitalization stands at $2.70 trillion.
