Need to know what happened in crypto today? Here are the biggest developments shaping Bitcoin, digital assets, blockchain, DeFi, Web3 and crypto regulation.
Regulatory developments dominated the crypto market today. The U.S. Securities and Exchange Commission proposed changes to crypto custody rules, New York and Wyoming agreed to coordinate oversight of digital asset firms, and European regulators reportedly increased scrutiny of Binance’s activities under the EU’s MiCA framework.
SEC Proposes Changes to Crypto Custody Rules
The U.S. Securities and Exchange Commission has proposed easing rules governing how investment advisers and funds hold cryptocurrency.
The proposal could remove a major regulatory obstacle that has prevented some investment firms from offering clients exposure to digital assets.
Under the proposed framework, investment advisers could hold clients’ crypto assets directly when no eligible crypto custodian is available, subject to certain conditions.
The proposal would also allow state trust companies to act as qualified crypto custodians.
SEC Chair Paul Atkins said the crypto market has grown into a multi-trillion-dollar asset class, while existing regulations have struggled to keep pace with the industry.
Crypto Custody Has Remained a Major Barrier
Finding a qualified custodian for certain digital assets can be difficult for investment advisers.
That has limited the range of cryptocurrencies some firms are able to offer their clients.
The Digital Chamber has previously raised concerns about this issue.
In a May 2025 submission to the SEC, the organization said some advisers had turned down token allocations or asked portfolio companies to retain tokens until suitable custody solutions became available.
If approved, the SEC proposal could give investment advisers more flexibility when offering crypto-related products.
New York and Wyoming Coordinate Crypto Oversight
Regulators in New York and Wyoming have also agreed to work more closely on the supervision of crypto companies operating across both states.
The New York State Department of Financial Services and the Wyoming Division of Banking will share regulatory information, examination records and other supervisory data.
The two agencies also plan to coordinate examination schedules and may conduct joint reviews of firms operating in both jurisdictions.
Some Crypto Firms Could Receive Faster Approval
The agreement could also simplify the licensing process for companies already regulated in one of the two states.
Crypto firms that have held a license or charter for at least three years without facing enforcement action may qualify for an expedited review in the other state.
Regulators are aiming to make decisions on eligible applications within six months.
The agreement also allows New York and Wyoming officials to share investigative information and coordinate possible enforcement actions.
Two Different Crypto Regulatory Approaches Come Together
The partnership is notable because New York and Wyoming have traditionally taken very different approaches toward crypto regulation.
New York has operated its strict BitLicense framework since 2015.
Wyoming, meanwhile, has introduced crypto-focused legislation and specialized banking charters aimed at supporting digital asset companies.
The new cooperation agreement could create a more coordinated regulatory environment for firms operating across both states.
Binance Faces MiCA Scrutiny in Europe
European regulators are also reportedly examining Binance’s use of a legal exemption that allows it to continue serving some EU customers without full authorization under the Markets in Crypto-Assets Regulation, or MiCA.
According to a Financial Times report, the European Securities and Markets Authority, along with regulators in France, Germany and Greece, are reviewing Binance’s use of the so-called reverse solicitation exemption.
What Is Reverse Solicitation?
Reverse solicitation allows a crypto company based outside the European Union to serve customers who contact the company entirely on their own initiative.
However, European regulators have emphasized that companies cannot actively market services to EU customers and then rely on reverse solicitation to avoid MiCA licensing requirements.
That distinction is now reportedly at the center of the regulatory review involving Binance.
Binance Continues to Pursue MiCA Authorization
Binance withdrew its Greek MiCA application in June and later said it planned to seek authorization in another European Union member state.
The exchange has stated that it remains committed to obtaining MiCA authorization and operating in Europe under the bloc’s long-term regulatory framework.
For now, Binance is reportedly continuing to serve some European customers under the reverse solicitation exemption.
Crypto Regulation Remains the Main Market Theme
Today’s developments highlight how regulation is becoming increasingly important across the global crypto industry.
In the United States, regulators are looking for ways to make crypto custody more workable for investment advisers.
At the state level, New York and Wyoming are moving toward closer cooperation.
Meanwhile, European regulators continue to tighten their interpretation and enforcement of MiCA rules.
For crypto investors and companies, regulatory developments are likely to remain one of the most important forces shaping the digital asset market.
