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The past week in crypto was packed with notable events, shaping the outlook for the market. Here’s a look at the key events that stood out:
quick weekly news
US government shutdown enters day 1: How is the SEC still functioning?
The US Securities and Exchange Commission (SEC) began shutting down most operations on Wednesday, after lawmakers failed to pass a funding bill, leaving only a limited number of staff active under its August contingency plan. Many systems are running “ under modified conditions,” with employees instructed to secure workstations and prepare for a rapid restart once funding is restored.
As part of the shutdown, the SEC will not engage in ongoing litigation (except emergencies), bring new enforcement actions, or provide non-emergency support to foreign regulators:
“The SEC will not engage in ongoing litigation, except matters that cannot be deferred as described above; investigative work, including commencing investigations and conducting investigative testimony, except as necessary for the protection of property; pursuing the collection of any delinquent debts or work to distribute funds to harmed investors; or non- emergency examinations and inspections and related follow-up.”
Registration reviews, rulemaking, and oversight of self-regulatory organizations are paused, placing pending crypto ETF applications, including those for Solana ETFs, on indefinite hold.
With no deal between Republicans and Democrats in sight, the delay could push back ETF approvals, that were expected as early as mid-October, adding uncertainty for issuers and investors awaiting regulatory clarity.
BNB Chain’s official X account hacked, CZ warns of phishing links
BNB Chain’s official X account, with nearly 4M followers, was hacked on Wednesday, with attackers posting phishing links disguised as WalletConnect prompts. Binance founder CZ confirmed the breach, warning users not to interact with the malicious posts. The BNB Chain team notified X, worked to suspend the account, and submitted takedown requests for the phishing websites.
A team member said the method of compromise is still under investigation. SlowMist CISO, known as 23pds, noted the phishing domains used a letter-swap trick to appear legitimate and were linked to the notorious Inferno Drainer group. This group provides phishing-as-a-service tools, allowing affiliates to deploy wallet-draining sites that mimic crypto project interfaces.
In total, ten phishing links were shared, leading to approximately $8,000 in losses across chains. The BNB Chain team has since regained control of the account and promised to reimburse affected users.
Bank of England governor says stablecoins could reduce reliance on banks
Bank of England (BoE) Governor Andrew Bailey said stablecoins could play a key role in reducing the UK’s reliance on commercial banks by separating money from credit. Writing in the Financial Times, he suggested a system where banks and stablecoins coexist, with non-banks handling more of the credit role, while cautioning that such a shift requires thorough consideration.
Bailey’s remarks follow criticism of the BoE’s proposed caps on stablecoin holdings, which industry groups argued would be costly and could leave the UK behind other jurisdictions. While Bailey clarified that current stablecoins do not yet qualify for mass adoption, he emphasized their potential in payments and settlements, signaling a possible change of direction.
The governor also revealed that the BoE will soon publish a consultation on its systemic stablecoin regime, which could grant widely used UK stablecoins access to central bank accounts. Bailey noted that stablecoins will need risk-free backing, insurance against operational risks, and standardized terms of exchange, but stressed they should not be dismissed, recognizing their role in driving payment innovation.
Roman Storm seeks an acquittal of Tornado Cash money transmission charge
Roman Storm, co-founder of Tornado Cash, has filed a motion asking a US federal judge to acquit him of his unlicensed money transmission conviction and the jury’s hung counts for money laundering and sanctions violations. His defense argues that prosecutors failed to prove he intended to help bad actors misuse the crypto mixer, contending that the government relied on a negligence theory rather than evidence of willful misconduct.
Tornado Cash is a non-custodial Ether mixer launched in 2019 that enhances transaction privacy via zero-knowledge proofs. The platform allegedly facilitated laundering of billions in digital assets, including funds linked to North Korean hackers, prompting legal action from the US Department of Justice and OFAC, while Storm and co-founder Roman Semenov faced arrest and sanctions:
“Roman Storm built privacy tech that operated without his custody/control over the funds of Tornado Cash users. […] Tornado Cash functioned as non-custodial software, meaning that users maintained total control of their assets at all times.”
The case has sparked criticism from the crypto community, with industry groups warning that Storm’s conviction could set a “dangerous” precedent for developers of non-custodial software. Advocates, including Ethereum co-founder Vitalik Buterin, emphasize that privacy remains a central concern for blockchain users, arguing that regulatory overreach threatens secure digital communications and may push users toward ungovernable web3 alternatives.
Relative Strength Index (RSI) indicator
📚 Relative Strength Index (RSI) is one of the most popular momentum indicators in crypto trading. It helps traders understand whether an asset is overbought or oversold, making it easier to time entries and exits. Mastering RSI can turn noisy price action into actionable trading signals. Here’s how to use it:
🔸 Spot momentum: RSI oscillates between 0–100, with readings above 70 signaling overbought conditions and below 30 signaling oversold;
🔸 Catch divergences: Look for cases where price makes new highs or lows but RSI does not, signalling the weakening trend strength and a potential reversal;
🔸 Trade ranges: RSI works best in sideways markets, helping you buy near the bottom (oversold) and sell near the top (overbought).
🚀 Learn how to pair RSI with volume or trend indicators for higher accuracy in the complete RSI guide by goodcryptoX!
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top crypto meme of the week
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