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<a href="#stablecoin">Stablecoin Launches and Integrations, Crypto Acquisitions Announced</a>

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<a href="#daos">DAOs Announce DUNA Formation, Request Guidance from Treasury and IRS</a>

<a href="#cftc">CFTC Issues FBOT Advisory Applicable to Traditional and Digital Asset Markets</a>

<a href="#sec">SEC and CFTC Publish Joint Statement Addressing Spot Crypto Asset Trading</a>

<a href="#pigbutchering">Execs Sentenced for Crypto Fraud; $47M USDT Frozen in ‘Pig Butchering’ Action</a>

<a href="#defi">DeFi User Scammed for $13.5M, Data Published on 2025 Crypto Losses</a>

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Stablecoin Launches and Integrations, Crypto Acquisitions Announced

By <a href="https://www.bakerlaw.com/RobertAMusiala">Robert A. Musiala Jr.</a>

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A major self-custodial crypto wallet provider, MetaMask, recently announced the launch of its “native stablecoin,” MetaMask USD ($mUSD). According to a MetaMask blog post, MetaMask USD is issued by a U.S. fintech company that is an affiliate of a major U.S. payments and fintech firm. The blog post further notes that “mUSD will be deeply integrated into MetaMask’s wallet, offering users a seamless, dollar-denominated stablecoin experience for holding, spending, and transacting in web3.”

In other stablecoin news, the issuer of the USDC stablecoin was recently featured in press releases by two major global payments companies. According to one press release, a major fintech firm announced “a strategic collaboration” with a subsidiary of the USDC issuer that is intended “to enable banks to integrate USDC settlement into cross-border payment flows.” The release notes the integration “provides banks the optionality to reduce reliance on traditional correspondent banking chains, accelerating settlement times while maintaining compliance and FX processes.” In a separate press release, a major global financial services company announced that it has expanded its partnership with the issuer of USDC “to enable&nbsp;<a href="https://www.usdc.com/">USDC</a>&nbsp;and&nbsp;<a href="https://www.circle.com/eurc">EURC</a>&nbsp;settlement for acquirers in the Eastern Europe, Middle East, and Africa (EEMEA) region.”

In a final notable development, the holding company of Coincheck, a major Japanese crypto exchange, recently announced that it has “entered into a stock purchase agreement to acquire Aplo SAS, a digital asset prime brokerage for institutional crypto investors.” According to a press release, the acquisition furthers the company’s mission “to make acquisitions for retail and institutional crypto businesses outside of Japan, including in Europe.”

For more information, please refer to the following links:

<a href="https://metamask.io/en-GB/news/metamask-announces-stablecoin-metamask-usd">MetaMask announces stablecoin, MetaMask USD</a>

<a href="https://www.finastra.com/press-media/finastra-and-circle-forge-strategic-collaboration-bring-stablecoin-settlement-cross">[] and [] forge strategic collaboration to bring stablecoin settlement to cross-border payments</a>

<a href="https://www.mastercard.com/news/eemea/en/newsroom/press-releases/en/2025-1/august/mastercard-expands-partnership-with-circle-to-transform-digital-settlement-for-merchants-and-acquirers-in-region/?utm_source=substack&amp;utm_medium=email">[] expands partnership with [] to transform digital settlement for merchants and acquirers in region</a>

<a href="https://www.businesswire.com/news/home/20250902971360/en/Coincheck-Group-N.V.-Signs-Agreement-to-Acquire-Aplo-SAS-a-Registered-Crypto-Prime-Brokerage-for-Institutional-Investors">Coincheck Group N.V. Signs Agreement to Acquire Aplo SAS, a Registered Crypto Prime Brokerage for Institutional Investors</a>

DAOs Announce DUNA Formation, Request Guidance from Treasury and IRS

A recent press release announced “the formation of the Syndicate Network Collective, a Wyoming-based DUNA (Decentralized Unincorporated Nonprofit Association).” According to the press release, the Syndicate Network Collective (SNC) will be one of the first blockchain networks to operate under the DUNA legal framework and is “helping pioneer a U.S. centric model for how decentralized networks can operate transparently, compliantly, and in alignment with Syndicate’s core values of giving true ownership and control to communities.”

In a related development, a foundation affiliated with the world’s largest decentralized exchange recently announced that it has submitted a letter to the U.S. Department of the Treasury and Internal Revenue Service calling on the agencies “to provide clearer, more accessible legal pathways for DAOs to repatriate and domesticate within the U.S. in order to strengthen and protect these technological advancements.” According to the announcement, “<a href="https://www.uniswapfoundation.org/support-daos">This letter</a> urges Treasury and the IRS to recognize and support efforts like the DUNA, engage directly with DAO communities pioneering new models of compliance, and establish safe harbors and guidance that aligns legal clarity with the realities of onchain governance.”

<a href="https://syndicate.io/blog/syndicate-forms-us-duna">Built in America, Owned by the Community—Syndicate Forms U.S. DUNA</a>

<a href="https://www.uniswapfoundation.org/blog/advancing-legal-clarity-for-daos">Advancing U.S. legal clarity for DAOs</a>

CFTC Issues FBOT Advisory Applicable to Traditional and Digital Asset Markets

By <a href="https://www.bakerlaw.com/professionals/jonathan-cardenas/">Jonathan Cardenas</a><a href="https://www.bakerlaw.com/VeronicaReynolds"></a>

On Aug. 28, the U.S. Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (Division) issued an advisory (Advisory) regarding the foreign board of trade (FBOT) registration framework for non-U.S. entities that seek to provide persons physically located in the U.S. with direct market access to their futures contracts trading platforms. The Advisory reaffirms the CFTC’s long-standing registration framework for FBOTs and provides a clear reminder to market participants that FBOTs must be registered with the CFTC in accordance with the CFTC’s Part 48 rules in order to provide members or other participants located in the U.S. with direct access to their electronic trading and order matching systems.

As stated in the Advisory, and as specified in CFTC Regulation 48.4(b), FBOTs may permit U.S.-located members and other participants to access their electronic trading and order-matching systems provided that such FBOTs meet specified criteria. In addition, an FBOT that is registered with the CFTC does not need to become a designated contract market in order to provide U.S.-located members or other participants with direct access to its electronic trading and order matching system.

In an accompanying statement, acting CFTC Chair Caroline D. Pham said the CFTC’s FBOT registration framework “applies to all markets, regardless of asset class, and includes both traditional and digital asset markets.” In the statement, Pham also said the Advisory provides “the regulatory clarity needed to legally onshore trading activity that was driven out of the United States due to the unprecedented regulation by enforcement approach of the past several years.”

<a href="https://www.cftc.gov/PressRoom/PressReleases/9111-25">Acting Chairman Pham Announces FBOT Advisory to Provide Regulatory Clarity for Non-U.S. Exchanges</a>

<a href="https://www.law360.com/fintech/articles/2382192?nl_pk=269c598f-8e37-49e3-bf43-b88e05d4215b&amp;utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=fintech&amp;utm_content=2025-08-29&amp;read_main=1&amp;nlsidx=0&amp;nlaidx=0">CFTC Clears Registration Path for Offshore Crypto Cos.</a>

SEC and CFTC Publish Joint Statement Addressing Spot Crypto Asset Trading

By <a href="https://www.bakerlaw.com/professionals/amos-kim/">Amos Kim</a>

In a recently published joint staff statement, divisions from the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) announced a coordinated initiative to address the trading of certain spot crypto asset products. The effort is part of the SEC’s ongoing “Project Crypto” and the CFTC’s “Crypto Sprint” and aligns with recommendations from the President’s Working Group on Digital Asset Markets for the agencies to promote regulatory clarity that best keeps blockchain-based innovation within the U.S.

According to the joint staff statement, CFTC-registered designated contract markets (DCMs), CFTC-registered foreign boards of trade (FBOTs) and SEC-registered national securities exchanges (NSEs) “are not prohibited from facilitating the trading of certain spot crypto asset products,” including specifically “leveraged, margined, or financed spot retail commodity transactions on digital assets.” The joint staff statement further notes that the SEC and CFTC “will promptly review filings and requests by DCMs, FBOTs, and NSEs seeking to facilitate the trading of certain spot crypto asset products.” The joint staff statement also highlights several key considerations for market participants seeking to operate markets and trade spot crypto asset products, including the importance of monitoring underlying markets to enhance market surveillance and the public dissemination of trade data to provide valuable data to the public.

For more information, please refer to the following link:

<a href="https://www.sec.gov/newsroom/speeches-statements/sec-cftc-project-crypto-090225?utm_medium=email&amp;utm_source=govdelivery">SEC-CFTC Joint Staff Statement (Project Crypto-Crypto Sprint)</a>

Execs Sentenced for Crypto Fraud; $47M USDT Frozen in ‘Pig Butchering’ Action

The U.S. Department of Justice (DOJ) recently announced that the&nbsp;former chief executive of a cryptocurrency lending platform&nbsp;and its&nbsp;former chief financial officer&nbsp;were sentenced to multiple years in prison for conspiring to commit wire fraud. According to a DOJ press release, the executives misrepresented the company’s financial health while concealing material risks, including the inability of a major foreign counterparty to repay tens of millions of dollars. The misconduct continued until the platform filed for bankruptcy in late 2020.

In other news, a&nbsp;leading global crypto exchange&nbsp;recently announced its collaboration with an Asia-based law enforcement agency, blockchain analytics firms and a stablecoin issuer to freeze approximately $47 million in USDT linked to a “pig butchering” scam. According to a press release by the exchange, the case “highlights the importance of collaboration between crypto companies, industry partners, and the public sector to combat fraud effectively.”

<a href="https://www.justice.gov/usao-ndca/pr/former-ceo-and-cfo-cryptocurrency-lender-cred-llc-sentenced-multiple-years-prison-wire">Former CEO and CFO Of Cryptocurrency Lender Cred LLC Sentenced to Multiple Years in Prison for Wire Fraud Conspiracy Convictions</a>

<a href="https://www.okx.com/learn/our-commitment-to-security">Our Commitment to Security: Freezing $47M from a Pig Butchering Scam</a>

DeFi User Scammed for $13.5M, Data Published on 2025 Crypto Losses

According to recent reports, a user of the decentralized finance (DeFi) platform Venus Protocol recently lost $13.5 million after falling victim to a phishing scam. Upon learning of the incident, Venus Protocol reportedly conducted security reviews and indicated the loss was not related to any flaw in the smart contracts underpinning the DeFi protocol.

A recent report by PeckShield, a blockchain security firm, quantified crypto losses from hacks and scams at over $163 million in the month of August. This reportedly represents a 15 percent increase compared to the month of July. According to another recent report by CertiK, losses to crypto hacks and exploits totaled<a href="https://cointelegraph.com/news/otal-hacks-down-q2-after-record-losses-2025-h1">&nbsp;$2.47 billion in</a>&nbsp;the first half of 2025.

<a href="https://cointelegraph.com/news/defi-trader-loses-27m-phishing-scam-venus-protocol-pauses">Venus Protocol user suffers $13.5M loss from phishing attack</a>

<a href="https://cointelegraph.com/news/crypto-hacks-august-2025-bitcoiner-btcturk-losses">Crypto thefts hit $163M in August as hackers shift strategy</a>

<a href="https://cointelegraph.com/news/crypto-hacks-2025-cybersecurity-war-human-behavior">CertiK predicts ‘endless war’ with crypto hackers after $2.5B stolen</a>

Weekly Blockchain Blog – Sept. 8, 2025