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ESMA Sets 3-Month Deadline for Unauthorized Stablecoins

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ESMA Sets 3-Month Deadline for Unauthorized Stablecoins

The European Securities and Markets Authority (ESMA) has urged EU crypto firms to stop providing services involving stablecoins that aren’t compliant with the Markets in Crypto-Assets Regulation (MiCA) framework, setting a three-month deadline to address existing exposures. 

On Thursday, ESMA said national regulators should require companies to address remaining exposures to non-compliant stablecoins as soon as possible and no later than Jan. 8, 2027. 

“Crypto-asset service providers (CASPs) authorised under MiCA should cease providing services related to non-MiCA-compliant stablecoins to clients in the European Union,” ESMA wrote. 

The guidance covers MiCA-regulated crypto services, including trading platforms, exchange services, order execution, custody, transfers, investment advice and portfolio management.

ESMA said crypto firms should implement technical, contractual and organisational controls to prevent EU clients from acquiring or increasing their exposure to unauthorised stablecoins.

Regulators may permit limited services to help clients exit existing positions, including liquidation, conversion, withdrawal, transfers and safekeeping. However, ESMA said such activities must be temporary and closely supervised.

The update expands on ESMA’s January 2025 guidance, which called for restrictions on trading and exchange services that involved non-compliant stablecoins. 

Related: EU banking watchdog calls for crypto lending rules under MiCA

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Cuomo Says Crypto’s GOP Backing Alienated Democrats

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Cuomo Says Crypto’s GOP Backing Alienated Democrats

The crypto industry’s heavy backing of US Republicans has alienated Democrats whose support is needed to pass federal crypto legislation, says former New York Governor Andrew Cuomo.

Speaking in a panel with OKX CEO Star Xu at Token2049 on Tuesday, Cuomo said the industry “believed in investing heavily in the Republican Party” as a way to get the CLARITY Act passed. 

Crypto-focused political action committees tracked by Tech Influence Watch have spent $54.3 million supporting Republicans in the 2026 election cycle, compared with $26.2 million supporting Democrats. Another $23.2 million has been spent opposing Democrats, according to the tracker’s latest figures checked on Thursday.  

Crypto PAC expenditures by party. Source: Tech Influence Watch

“When you invest heavily in the Republican Party, by definition, you’re going to alienate Democrats,” Cuomo said. 

As of Thursday, a Kalshi prediction market put the probability of Democrats winning both chambers of Congress at about 61%. Cuomo said a Democratic-controlled Congress could either seek to roll back the agencies’ crypto initiatives or work with the Trump administration to pass the full CLARITY Act. 

“You need Democrats to pass the bill. You need Republicans. You have to be more balanced.” 

Democrats aren’t anti-crypto, says Cuomo

Cuomo also disputed the perception that Democrats are inherently opposed to crypto technology. 

“There’s a sense that Democrats are anti-crypto,” he said. 

Andrew Cuomo speaking at Token2049. Source: Aubrey Paller/Cointelegraph

“As a matter of fact, I could argue that the crypto technology is exactly suited to the Democratic Party,” he added. “It’s empowering people who otherwise wouldn’t have access to financial products, and the Democratic Party has been working to do that all its life.”

Crypto legislation has attracted support from both parties, although Republicans have been more united behind major bills. In July 2025, 78 House Democrats joined 216 Republicans to pass the CLARITY Act, while 134 Democrats voted against it. Separately, 18 Democratic senators supported the GENIUS Act, which passed the Senate in June 2025.

Related: US crypto rules need to survive the next election

All Senate Democrats and four Republicans voted against advancing the CLARITY Act in a September procedural vote, though many of the concerns at the time were tied to potential conflicts of interest involving Trump’s crypto businesses 

Seven Democratic senators subsequently issued a joint statement reaffirming their commitment to passing the CLARITY Act.

Fairshake, a crypto-focused PAC, said Monday it would support 32 House candidates in November’s midterm elections, including 19 Republicans and 13 Democrats.

Magazine: Is there any chance left to save the CLARITY Act?

Polygon Extends Open Money Stack to TRON, Targeting $94B USDT Market

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Polygon Extends Open Money Stack to TRON, Targeting $94B USDT Market

Polygon Labs is extending its payments infrastructure to TRON. This connects one of crypto’s largest pools of USDT liquidity with banking, wallet and cross-chain services through a single integration.

Polygon Open Money Stack now supports TRON, giving fintechs, remittance providers and payment platforms another route for moving money between TRON-based USDT, other blockchain networks and traditional financial rails.

The move puts Polygon deeper into the competition to become the infrastructure layer behind stablecoin payments.

TRON ended Q1 2026 with $86.02 billion in stablecoins and processed $1.96 trillion in stablecoin settlement volume during the quarter.

That pool has continued to expand.

TRON currently carries more than $94 billion in circulating USDT and has surpassed $30 trillion in cumulative transaction volume, according to TRON DAO. The network has become a major settlement rail for dollar-denominated stablecoins, particularly for cross-border transfers and payments.

TRON’s latest quarterly data also shows the scale of that activity. Stablecoin settlement reached $2.21 trillion in the third quarter, while combined USDT and USDD supply reached $93.88 billion, up 5.5% from the previous quarter.

More From AlexaBlockchain

Polygon Is Trying to Collapse the Payments Stack

The problem Polygon is targeting is fragmentation.

A payments company serving blockchain users can need regulated fiat access, banking relationships, wallets, compliance systems and technology for routing money between different networks. Supporting several chains can add separate liquidity, bridging and reconciliation requirements.

Polygon Open Money Stack is designed to combine much of that infrastructure behind one API. The system entered technical preview in June with support for cash and bank ramps, custodial wallets, stablecoin transfers and external wallet routing.

The TRON expansion adds three main functions, according to Polygon Labs: regulated fiat access, programmable wallets and cross-chain routing between TRON and supported EVM networks such as Polygon Chain.

That means a remittance company could take dollars from a customer and deliver USDT to a recipient’s TRON wallet without separately integrating a fiat-ramp provider, wallet infrastructure and cross-chain routing system.

The flow can also work in reverse, allowing TRON-based USDT to move toward a bank payout.

“Polygon Open Money Stack was built so a payment company can plug in once and move money wherever it needs to go,” Polygon Labs CEO Marc Boiron said in a statement shared with AlexaBlockchain. “Adding TRON brings one of the deepest pools of USDT liquidity into that same integration, so businesses can move those dollars onto U.S. banking rails or across chains with the licensing and orchestration already handled underneath.”

Why TRON Matters to Polygon

TRON gives Polygon access to a stablecoin ecosystem substantially larger than Polygon Chain’s own USDT market.

Polygon has instead built strength around institutional and commercial stablecoin infrastructure. The network surpassed $3 trillion in cumulative stablecoin transfer volume in September, with Polygon saying companies including Revolut, Paxos, Cash App, Deel and Tazapay have used the network for payments.

Connecting TRON gives Polygon Open Money Stack access to another large source of stablecoin liquidity without requiring users to migrate onto Polygon Chain.

That fits a broader shift toward “chain abstraction” in payments.

Businesses increasingly want to specify where money begins and where it needs to arrive, while infrastructure providers handle wallets, bridges, conversions and network selection underneath.

Polygon has explicitly designed Open Money Stack around that model. Its cross-chain infrastructure is intended to let payment companies move funds between offchain payment rails and different blockchains without building separate routing systems for every network.

Coinme and Sequence Form the Underlying Infrastructure

Polygon has been assembling the pieces needed for that strategy throughout 2026.

In January, Polygon Labs signed agreements to acquire Coinme and Sequence. Coinme provides licensed U.S. fiat access, while Sequence supplies enterprise wallet infrastructure and Trails, its cross-chain transaction-routing technology.

Coinme operates across 48 U.S. states through money-transmitter licenses and compliance infrastructure, according to Polygon. Sequence’s technology abstracts bridging, swaps and gas payments from users while routing transactions between blockchain networks.

Those components allow Polygon to compete beyond blockchain settlement itself and move further into the software and regulatory infrastructure surrounding a payment.

Competition Is Building Around the Same Model

Polygon is not alone in trying to remove blockchain complexity from stablecoin payments.

Lightspark supports stablecoin payments across 12 networks, including TRON and Polygon, and provides fiat settlement in more than 65 countries. Its software handles conversions between stablecoins, blockchain networks and local banking rails through one API.

BVNK is pursuing a similar model for enterprise stablecoin payments. The company said in September that its infrastructure was processing more than $39 billion in annualized payment volume, while partnerships with payment companies such as Marqeta are extending stablecoin settlement into cards and conventional payment products.

Fireblocks is competing from the institutional infrastructure side. Its payments platform is used by more than 240 payments companies and connects customers to more than 40 providers, 60 currencies and 100 countries, while supporting blockchain routing, liquidity and compliance infrastructure. Fireblocks says its customers process more than $200 billion in monthly stablecoin transactions.

The competitors differ in how much of the regulatory, banking and blockchain stack they control, but the direction is similar: hide the underlying network complexity from the payment company and its customer.

Stablecoin Competition Is Moving Up the Stack

That makes the TRON integration more significant than simply adding another blockchain.

The battle in stablecoin payments is increasingly shifting from which network processes a transaction to which infrastructure provider controls the route between bank accounts, stablecoins and blockchain networks.

Polygon is trying to make Open Money Stack that control layer.

Its advantage is the ability to combine its own blockchain infrastructure with fiat access, wallets and cross-chain execution. TRON adds one of the industry’s deepest pools of USDT liquidity to that proposition.

The test will be whether fintechs and remittance companies prefer consolidating those functions with providers such as Polygon, Lightspark, BVNK or Fireblocks instead of continuing to assemble the payments stack from separate vendors.

Read Also: This is the First U.S.-Chartered Depository Bank to Offer Stablecoin Invoicing

Disclaimer: The information provided on AlexaBlockchain is for informational purposes only and does not constitute financial advice. Read complete disclaimer here.

Arkansas Lawmaker Pushes for Congressional Action on Crypto as Regulators Step up

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Arkansas Lawmaker Pushes for Congressional Action on Crypto as Regulators Step up

Representative French Hill, who chairs the House Financial Services Committee, said that though US financial regulators were moving forward with addressing digital assets, their actions lacked the long-term stability of legislation from Congress. 

In a Wednesday Fox Business interview, the Arkansas lawmaker said the US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) had taken steps to address crypto regulations after the US Senate failed to pass the Digital Asset Market Clarity (CLARITY) Act last month. Both financial agencies have proposed rulemaking to handle different aspects of overseeing and enforcing crypto regulations, but Hill said their response following the failed CLARITY vote “[fell] short” of legislative solutions.

“I still have hope […] that we can get [CLARITY] passed in the lame duck session of Congress,” said Hill. “We need that permanent law change to make sure America is number one in digital assets and blockchain technology.”

The Arkansas lawmaker’s comments came after the heads of the SEC and CFTC — Paul Atkins and Michael Selig, respectively — announced plans to move forward with crypto regulation at the direction of US President Donald Trump. 

Related: Crypto PAC announces support for 32 House candidates in US midterms

As Hill noted, the Senate would have only 22 days in session between the US midterm elections in November and the next group of lawmakers entering Congress in 2027. During that lame duck session, the results of the elections could play a role in votes favoring or opposing CLARITY, as lawmakers will be aware of whether they will be returning to Congress or leaving in January.

Empty commissioner seats at both regulators

As of Wednesday, there are a total of seven vacancies at the leadership level for the SEC and CFTC. Commissioner Hester Peirce announced her resignation from the former last week, leaving only Chair Atkins and Mark Uyeda. Selig serves as chair and sole commissioner at the CFTC.

Magazine: Capital starting to rotate back to crypto from AI: Raoul Pal

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Gate Launches Gate Money at TOKEN2049

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Gate Launches Gate Money at TOKEN2049

HONG KONG, Oct. 07, 2026 (GLOBE NEWSWIRE) — On October 7, Dr. Han, Gate Founder and CEO, officially announced the launch of Gate Money during his keynote speech at the TOKEN2049 conference. Centered around the core philosophy of “One Gate, Everything Money,” Gate Money leverages Gate’s existing suite of diversified financial services to create a globally integrated financial platform. By connecting digital assets, equities, payments, and asset management under a single account, it seamlessly covers holding, receiving, transferring, paying, exchanging, and earning yield on assets—marking Gate’s expansion from digital asset trading into a broader range of financial services. Users can now activate Gate Money with a single click by updating their Gate App to version 8.39.0.

Diverse Assets, One-Stop Management

Gate Money enables users to hold multiple fiat currencies and digital assets within the same account system, with a consolidated view of asset balances and fund movements. The platform supports fiat deposits and withdrawals as well as on-chain deposits and transfers. Fiat accounts can be managed independently by currency, while eligible users can also upgrade to obtain a bank account under the same name, allowing users to receive funds and make withdrawals using their personal account information, providing greater convenience for everyday and cross-border fund transfers.

Building on this foundation, Gate already provides access to traditional financial assets such as stocks and continues to expand its range of supported asset classes. For users holding different types of assets, Gate Money brings these services into a clearer account structure, making asset and fund management more centralized and convenient.

Connecting Global Payments for Everyday Spending

Gate Money also connects everyday payments more closely with the account experience. Through Gate Card, users can make online and offline purchases using fiat currencies or digital assets, with support for digital wallets such as Apple Pay and Google Pay. In certain countries and regions, users can also access ATM withdrawals and local QR-code payments to accommodate different payment methods across markets.

From online shopping to in-person purchases, users can choose the payment method that best fits their needs, making the assets held in their accounts more accessible for everyday spending.

Flexible Allocation for More Asset Possibilities

Beyond asset holding and payments, Gate Money also offers features including Convert and Earn. Convert enables users to exchange between different assets, while Earn provides a range of wealth management and earning products. Eligible balances such like USDT can earn up to 3.6% without a lock-up period, giving users additional options while maintaining access to their funds.

For assets that need to remain liquid, users can convert them as needed. For temporarily idle assets, users can select suitable earning options based on applicable product terms, providing more flexibility in how they manage and use their funds.

Expanding Financial Services Across More Real-Life Scenarios

Gate Money brings together Gate’s product capabilities across digital assets, stocks, payments, and asset management, integrating asset holding, receiving funds, transfers, payments, conversion, and earning into a single account. This further connects asset management, fund flows, and everyday spending within the Gate platform.

From cash and digital assets to stocks and other financial products, and from asset management to everyday spending, Gate Money brings a broader range of financial needs into one platform, driving the shift from trading and asset management to payments, fund management, and daily financial needs, further expanding Gate’s financial service boundaries.

Global Compliance Framework and Financial Infrastructure

In terms of global financial service capabilities, Gate continuously builds a compliant foundation covering multi-asset services, capital flows, and payment scenarios through financial, payment, and virtual asset licenses and authorizations obtained across key jurisdictions, providing underlying financial infrastructure support for Gate Money.

Gate’s entities have obtained a MiCA Crypto Asset Service Provider (CASP) license and a PSD2 Payment Institution license in Malta, a full Virtual Asset Service Provider (VASP) operating license from VARA in Dubai, and registered with AUSTRAC as a digital currency exchange service provider in Australia. Gate also operates through local compliant entities in key markets such as Japan, covering 81 regulated jurisdictions globally. These qualifications encompass crypto asset trading and custody, digital currency services, and payments, establishing a robust compliance foundation for Gate Money to connect multi-asset management, fiat accounts, fund receipts and transfers, and everyday payments.

Meanwhile, Gate has established partnerships with a range of international payment institutions, banks, custody providers, and clearing institutions, covering multiple areas of financial services including payments, funds, asset custody, and clearing, and providing foundational support for business operations across different markets.

As different asset classes become increasingly integrated with payment and everyday spending scenarios, Gate will continue to enhance its related products and services, providing users with a more convenient and flexible financial experience. By further connecting digital assets, traditional finance, and everyday financial needs, Gate aims to create more possibilities for innovation in financial service models.

Learn more: https://www.gate.com/money

About Gate

Gate, founded in 2013 by Dr. Han, is one of the world’s leading cryptocurrency and integrated financial services platforms. Serving over 61 million users globally, it supports trading across 5,300+ digital assets and 12,800+ stock assets, while providing access to a comprehensive range of TradFi assets, including metals, stocks, indices, forex, and commodities, delivering users a one-stop, multi-asset trading experience and blockchain-related services. As an industry benchmark, Gate was among the first platforms to implement 100% Proof of Reserves. Its ecosystem includes Gate Wallet, Gate Ventures, Gate for AI Agent, and a wide range of products and services.

For more information, please visit: Website | X | Telegram | LinkedIn | Instagram | YouTube

Media Contact:
Kana Wen
kana@gate.com

Disclaimer:

This content does not constitute an offer, solicitation, or recommendation. You should always seek independent professional advice before making investment decisions. Note that Gate may restrict or prohibit certain services in specific jurisdictions. For more information, please read the User Agreement.

Legal Disclaimer: This article is provided on an “as-is” basis, without warranties or representations of any kind, express or implied. The media platform assumes no responsibility or liability for the accuracy, content, completeness, legality, or reliability of the information presented. Any complaints, claims, or copyright concerns related to this article should be directed to the content provider mentioned above.

Source: Gate Technology Incorporated (Gate.io)

DOJ Cites Bitcoin Fog Ruling Against Roman Storm Acquittal Bid

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DOJ Cites Bitcoin Fog Ruling Against Roman Storm Acquittal Bid

Federal prosecutors cited a recent appeals court ruling involving cryptocurrency mixer Bitcoin Fog as supplemental authority for their opposition to Tornado Cash developer Roman Storm’s acquittal.

In a Monday filing, prosecutors cited a Sept. 25 appeals court ruling that affirmed the convictions and sentence of Bitcoin Fog operator Roman Sterlingov.

The D.C. Circuit held that venue in Washington, D.C., was proper for all four counts. For the money-laundering counts, it relied on evidence that an undercover agent conducted Bitcoin Fog transactions from his D.C. office. For the unlicensed money-transmission counts, it found sufficient evidence that Bitcoin Fog had served customers in the district.

Prosecutors said the Bitcoin Fog ruling “directly supports” their position in Storm’s case, arguing that Tornado Cash activity in Manhattan was sufficient to establish venue in the Southern District of New York for Storm’s money-laundering and unlicensed money-transmission conspiracy charges. They pointed to testimony from Shakeeb Ahmed, who said he used Tornado Cash from his Manhattan apartment.

Judge Katherine Polk Failla heard arguments on Storm’s acquittal motion in April 2026 and has not yet ruled. A retrial on the money-laundering and sanctions conspiracy counts on which the jury deadlocked is scheduled for April 26, 2027, if those charges remain pending.

A jury convicted Storm in August 2025 of conspiring to operate an unlicensed money-transmitting business but deadlocked on the money-laundering and sanctions-conspiracy charges. Storm filed his post-trial motion for acquittal in September 2025, arguing that prosecutors failed to prove he intended to help criminals misuse Tornado Cash.

DOJ leans on Bitcoin Fog ruling in New York argument

In his 2025 acquittal motion, Storm argued that Ahmed’s use of Tornado Cash from his Manhattan apartment was not enough to establish venue in New York because the transactions did not further the alleged conspiracy.

Prosecutors argued that even short-lived deposits can help a mixer by increasing the pool of transactions used to obscure the movement of funds. They said that reasoning applies to Ahmed’s Tornado Cash activity and supports their argument that his use of the service furthered the alleged conspiracy.

Related: Founder of Bitcoin Fog crypto mixer sentenced to 12.5 years in jail

Storm criticized the filing in an X on Monday, saying, “The DOJ is still coming after me with everything it has.”

He also cited the Treasury Department’s Monday announcement that it would withdraw its proposed crypto-mixer rule, arguing that the government is taking conflicting approaches to crypto privacy tools.

Magazine: US crypto rules need to survive the next election

Sberbank Joins Russia’s First Registered Crypto Custodians

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Sberbank Joins Russia’s First Registered Crypto Custodians

Cointelegraph is committed to providing independent, high-quality journalism across the crypto, blockchain, AI, and fintech industries.

All news, reviews, and analyses are produced with full journalistic independence and integrity. For more details on our standards and processes, please read our Editorial Policy.

Bitcoin.de Seeks New Model After BaFin Rejects MiCA Bid

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Bitcoin.de Seeks New Model After BaFin Rejects MiCA Bid

Bitcoin Group SE says it is seeking an alternative operating model for its bitcoin.de platform after the German Federal Financial Supervisory Authority (BaFin) refused its subsidiary futurum bank AG’s application for authorization as a crypto-asset service provider under Markets in Crypto-Assets Regulation (MiCA).

In an Oct. 6 announcement, the company said the BaFin decision was a setback, but it had prepared for the possibility of a refusal. It said it is now reviewing the decision and has the opportunity to lodge an objection or submit a new application in the future.

The group said it is also working on ways to resume trading through regulated partners “as quickly as possible.”

“Our priority now is to implement the alternative operating model and to keep our customers transparently informed about the next steps,” said Moritz Eckert, CEO of Bitcoin Group SE.

Bitcoin.de is a German crypto trading platform operated by futurum bank AG, a subsidiary of Bitcoin Group SE. It has over 1.1 million registered users, according to the company. It originally launched as a peer-to-peer marketplace — matching customers buying and selling crypto to one another.

It has since revamped the platform this year to operate as a brokerage, with planned offerings including more than 100 cryptocurrencies, crypto swaps and staking and it was expected to launch in late June.

However, the launch was postponed while futurum bank awaited MiCA authorization. In an August update, bitcoin.de said customers’ crypto holdings had already been moved to new custody infrastructure and its previous trading system had been switched off. Trading activities have largely been suspended since June 12.

Related: 50,000 Europeans call on EU to ease stablecoin rewards restrictions in MiCA review

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Conduit sues Tether over allegedly freezing $2.8M without explanation

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Conduit sues Tether over allegedly freezing $2.8M without explanation

The lawsuit alleged that Tether froze USDt funds in a Conduit wallet tied to an investigation launched by Brazilian authorities in 2024.

ECB’s Piero Cipollone Warns on Tokenization Fragmentation Sans Digital Euro

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ECB’s Piero Cipollone Warns on Tokenization Fragmentation Sans Digital Euro

A member of the European Central Bank’s (ECB) executive board has warned that other entities could provide alternatives without the central bank’s introduction of a digital euro, potentially weakening Europe’s “resilience and monetary sovereignty.”

ECB executive board member Piero Cipollone said on a Monday MNI Connect Webcast that without a “pan-European digital payment solution that caters to every type of day-to-day transaction,” the potential for fragmentation could increase across tokenization platforms. He said that the central bank’s goal should be to create a digital euro exchangeable across banks for day-to-day transactions.

“Our objective is not to take over the role of banks,” said Cipollone. “On the contrary, the digital euro would equip banks with the infrastructure they need to compete in the digital age and help them expand the reach and use cases of their own solutions.”

According to Cipollone, the ECB has not decided whether to issue a digital euro, but plans to conclude the legislative process by the end of 2026. Should the central bank move forward with the project, it will run a 12-month pilot program starting in the second half of 2027, with the potential for issuance in 2029.

The ECB first proposed introducing a digital euro in October 2020 as a central bank digital currency (CBDC) to complement cash as a digital payment option. Critics of the CBDC argue that the digital currency could give EU officials the means to surveil and potentially control bloc residents’ spending.

Cipollone said in September 2025 that “the digital euro will ensure that all Europeans can pay at all times with a free, universally accepted digital means of payment, even in case of major disruptions.”

Related: ECB defends digital euro privacy as CBDCs face global scrutiny

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
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