The custody rule, proposed under the former Biden administration and when Gary Gensler led the agency, would expand the current custody rule to include any client assets that an adviser has custody over. Acting Chair Uyeda’s move to revisit the rule marks the second time this month that the acting chair has asked the SEC staff to reconsider its rules.
**[VanEck: Bitcoin Pullback is a Cyclical Adjustment, Global Liquidity Drives Price Fluctuations]** VanEck released its mid-October 2025 Bitcoin on-chain report, stating that the recent Bitcoin price pullback is a cyclical adjustment rather than the start of a bear market. The report emphasizes that global M2 money supply growth still accounts for more than half of Bitcoin's price fluctuations, highlighting its role as an asset to "counteract currency overissuance." Over the past year, price discovery has been dominated by Asian trading sessions, with regional liquidity tightening becoming the primary driver of recent market volatility. Additionally, Bitcoin futures open interest reached a high of $52 billion in early October, followed by consecutive liquidations that caused an approximately 18% price drop. Currently, leverage levels have fallen back to the 61st percentile, and Bitcoin's price relative to gold is near a one-year low. On-chain data shows that the Bitcoin ecosystem continues to mature, with strong correlations between mainstream public chain revenue and price. Institutional increases in Bitcoin Treasury holdings further enhance its importance in asset allocation.
Traders identify continued divergence between rising volume and flat price as a key accumulation signal — often a precursor to volatility expansion within 24–48 hours.
[South Korea's Stablecoin Business May Be Restructured Around a Banking Alliance] South Korean banks are closely monitoring Hong Kong's stablecoin regulatory cases, believing that strict regulatory frameworks provide valuable references for policy-making. During the National Assembly's state audit meeting, the South Korean Financial Services Commission and the Bank of Korea jointly stated that the issuer of a Korean won stablecoin should take the form of a banking industry-centered alliance. Kwon Dae-young, Vice Chairman of the Financial Services Commission, expressed agreement with this view, and the Bank of Korea emphasized its support for this principle in its report, considering the issuance of stablecoins through a banking alliance to be more appropriate.
[Shan Fu, Dean of Jun Gu Digital Technology Research Institute: Digital Economy Regulation Needs to Balance Short-term Stability and Long-term Development] At the 2025 Shanghai Blockchain International Week's 'Global Landscape of the Digital Economy' roundtable discussion, Shan Fu, Dean of Hainan Jun Gu Digital Technology Research Institute, stated that the regulation of digital assets and the crypto economy must strike a balance between short-term stability and long-term development. Short-term regulation can maintain market order and curb irregularities, while long-term policies should focus on promoting the sustainable development of the digital economy. Shan Fu pointed out that regulatory practices in Singapore and Hong Kong place greater emphasis on attracting compliant institutions and high-quality enterprises to build a sustainable ecosystem. He stressed that regulation should prioritize the prevention of fraud and false statements while supporting projects that promote the development of the real economy and innovative industries. Regarding the recent cooling of the stablecoin and real-world asset (RWA) craze, he believes this is a necessary adjustment for the long-term healthy development of the digital economy and predicts that the digital economy will become a key driver of global economic growth.
[Japan Plans to Ban Banks and Insurance Companies from Selling Virtual Currency, Securities Companies May Be Permitted to Operate] The Financial Services Agency of Japan plans to prohibit banks and insurance companies from directly selling virtual currencies but will allow securities companies to engage in related business. The agency believes that virtual currency prices are highly volatile and pose risks of cyberattacks. To protect the interests of depositors and insurance policyholders, it intends to strengthen regulations. Securities subsidiaries under banks or insurance companies may be permitted to sell virtual currencies, but they must improve risk management measures. The relevant legal amendments are expected to be submitted to the regular session of the National Diet next year.