On The Brink with Castle Island Weekly Roundup 09/19/25 (SEC listing standards, BoE stablecoin limits, Tether’s USAT) (EP.667)
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Sep 19, 2025 This week covers major updates in the crypto world. The SEC's new listing standards for cryptoassets could open doors for spot ETFs. Gensler's legacy takes a hit as a year's worth of his texts mysteriously disappear. The Bank of England proposes strict limits on stablecoin holdings while Tether introduces its USAT. Coinbase is delving into a new network token, and Binance is close to wrapping up its DOJ compliance. There’s also buzz around Galaxy’s tokenized money market fund and new payment innovations from PayPal!
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SEC Clears Road For Spot Crypto ETFs
- The SEC issued generic listing standards enabling rapid rollout of spot crypto ETFs by setting clear eligibility rules.
- Grayscale's large-cap fund was approved immediately, signalling many ETFs will follow quickly.
Gensler's Public Image Versus New SEC Moves
- Matt and Nic recount Gary Gensler's CNBC appearance the same day the SEC changed course on ETF rules.
- They say Gensler positioned himself as a merit regulator and that his legacy is undermined by the new leadership.
Missing Gensler Text Messages Controversy
- The hosts describe missing Gensler text messages from Oct 2022 to Sep 2023 and the SEC's explanation.
- They compare the missing texts to previous SEC enforcement fining firms for similar record-keeping failures.