Vice director of the Bank of Italy Chiara Scotti discussed stablecoins during a speech at the Economics of Payments Conference in Rome, warning that stablecoins issued by multiple entities across different countries may pose significant risk to the EU’s financial system. Scotti highlighted that stablecoins are promising tools for lowering transaction costs, enhancing efficiency, and enabling 24/7 availability, while also carrying inherent vulnerabilities such as run risk and interconnectedness. She focused on the issues of regulatory fragmentation and multi-issuance models.

The three European Supervisory Authorities released their Autumn 2025 Joint Committee Report on risks and vulnerabilities in the EU financial system, noting the need to “monitor contagion risks from crypto assets as the market expands and interlinkages between crypto markets and the traditional financial sectors deepen." The agencies also recommend that national supervisors, financial institutions, and market participants continue embedding geopolitical risks in their day-to-day business operations and risk assessments, prepare for short- and medium-term challenges amid high uncertainties, strengthen vigilance against cyber risks and their potential impact on stability, and play an active role in supporting the Savings and Investments Union (SIU) initiative.

The European Commission announced its 19th package of sanctions against Russia, stating that the measures will target crypto platforms for the first time and prohibit all crypto transactions for Russian residents. The sanctions would also restrict dealings with foreign banks tied to Russia's alternative payment systems, while also blocking transactions with entities operating in Russian special economic zones.

The US Court of Appeals for the 5th Circuit denied a petition for rehearing by crypto executive Rowland Marcus Andrade, who asked the court to rethink a decision denying his request to overturn two sets of summonses by the IRS. Andrade had asked the appeals court to review a Texas federal court order denying his request to quash summonses by the IRS to Bank of America and JPMorgan Chases Bank. Andrade was separately convicted of crypto-related fraud in March.

US District Judge Analisa Torres sentenced Ramon Perez, a promoter of the fake crypto outfit Forcount Trader Systems Inc., to a year and a day in prison for his role in a $14 million Ponzi and pyramid scheme that defrauded thousands of investors. Judge Torres also ordered Perez to pay more than $2.6 million in restitution. Perez was indicted in 2022 and accused of conning people into investing under the illusion that Forcount was a real trading platform that would generate profits. Perez is due to report to prison in January.

The SEC approved Grayscale’s Digital Large Cap Fund (GDLC) conversion into an ETF for listing and trading. The fund will track the prices of BTC, ETH, SOL, XRP, and ADA. The SEC issued an order on September 17 permitting the listing and trading of the GDLC following an indefinite pause in July. A person familiar with the matter said GDLC is expected to begin trading on September 19, according to reporting from Decrypt.

The White House is reportedly weighing additional candidates to chair the CFTC as the confirmation process for Brian Quintenz has stalled. According to Bloomberg, possible contenders include government officials focused on crypto policy, such as Michael Selig, chief counsel to the SEC's Crypto Task Force, and Tyler Williams, counselor to Treasury Secretary Scott Bessent on digital asset policy. The Trump Administration, for its part, has not announced that it is shifting away from Quintenz.

The Treasury Department issued an Advance Notice of Proposed Rulemaking (ANPRM) seeking public comment related to the agency’s implementation of the GENIUS Act. Treasury is seeking input on a wide range of issues, including how anti-money laundering rules should apply to stablecoin issuers, how state and foreign oversight of stablecoins should be evaluated, and whether tax rules need to be updated. The ANPRM builds upon a Request for Comment on Innovative Methods to Detect Illicit Activity Involving Digital Assets, issued by the agency on August 18. The agency is accepting public comment on the ANPRM until October 20.

Sen. Andy Kim (D-NJ) introduced the Restoring Trust in Public Servants Act (S. 2852), which would prohibit members of Congress, the President, Vice President, and Supreme Court justices from owning or trading individual stocks and other “covered investments,” including digital assets. The bill also aims to prevent conflicts of interest by requiring full divestment, and places bans against members of Congress earning outside income, serving on boards, or lobbying.