Biggest Crypto News of 2025 Q3: U.S. Bills, Gemini’s Push, UK Delays, Asia Rises
This roundup highlights the biggest crypto news of 2025 Q3: U.S. regulators finally setting a rulebook, Gemini making bold moves toward a public listing, India’s shift from spot to derivatives, the UK falling behind as a hub, and Asia stepping up with large treasury plays.
Whether you’re an investor, builder, or just watching from the sidelines, these stories reveal where the industry is headed and what risks and opportunities lie ahead.
1. U.S. Crypto Regulation Heats Up: Market Bill, Stablecoin Fight, and Big Picture Warnings
The U.S. has spent years without a clear rulebook for crypto, leaving startups, investors, and even regulators stuck in limbo. But the last few months have changed that fast.
In July, the House passed a GOP-backed crypto market-structure bill, a big step toward giving the CFTC more authority over digital assets. Around the same time, the CFTC announced it would allow spot crypto trading on registered futures exchanges, a first for the U.S. And in March, the White House launched a Strategic Bitcoin Reserve, formally putting crypto on the government’s balance sheet.
Then came the GENIUS Act, which set the rules for stablecoins. It banned issuers from paying interest, but left a gap where exchanges can still offer “rewards” on third-party stablecoins. That sparked a backlash from banks. Groups like the American Bankers Association say this loophole could trigger up to $6.6 trillion in deposit outflows, hurting lending and raising borrowing costs. Crypto firms, on the other hand, argue that banks are just protecting their turf.
All of this paints a picture of rapid regulatory change. For investors, it means clearer rules but also stricter oversight. For companies, it could lower compliance uncertainty, but the stablecoin fight shows banks aren’t giving up ground easily.
Adding to the mix, Sergey Glazyev, an advisor to Russian President Vladimir Putin, claimed that the U.S. could use control of the crypto and gold markets to “wipe out” its $35 trillion national debt. It’s just one man’s opinion, not evidence, but it shows how global figures are increasingly viewing crypto as part of geopolitical strategy.
In just a few months, the U.S. has gone from regulatory deadlock to sweeping bills, agency moves, and even a government Bitcoin reserve. That’s huge for market sentiment. But the battle lines, especially over stablecoins, are only getting sharper.
2. Largest NPM attack in crypto history stole less than $50
In August, security researchers discovered a massive hacking campaign on npm, the world’s most popular library for open-source JavaScript code. Think of npm like an “app store for developers”, it’s where they download ready-made code snippets to build crypto wallets, exchanges, and websites.
The attackers uploaded hundreds of fake packages that looked just like real ones used by crypto projects. When developers unknowingly installed these, the fake code could have redirected crypto payments or opened hidden backdoors.
Despite the size of the campaign, the hackers only managed to steal less than $50 worth of crypto before being caught. That’s tiny money, but the attempt itself matters far more.
This shows how fragile the “plumbing” of the crypto world can be. Even if the direct loss was small, poisoned code could break apps, drain wallets, or expose user data. Supply-chain hacks are systemic risks, not just one-off thefts.
The takeaway is to double-check the code they pull in, lock versions, and tighten security in their build pipelines.
Users and investors don’t need to panic. No major exchanges or wallets were compromised. But it’s a reminder to stick with well-audited apps and trusted wallet providers. The dollar loss was tiny; the trust implications are not.
3. Gemini’s big moves
Gemini, the crypto exchange founded by the Winklevoss twins, has been trying to position itself as one of the most “by-the-book” players in crypto, especially after the big market crashes of 2019–2023.
In August, Gemini filed official paperwork (called an S-1) with the SEC to go public on Nasdaq under the ticker GEMI (SEC). Going public basically means that everyday investors could one day buy and sell Gemini stock, just like Apple or Tesla.
At the same time, Gemini scored a MiCA license in Europe via Malta’s regulator (Gemini), giving it permission to operate across all 27 EU countries. That’s huge, because Europe has one of the clearest crypto rulebooks right now.
And to top it off, Nasdaq itself invested $50 million into Gemini as part of a new partnership.
Gemini is lining up wins on both sides of the Atlantic. A U.S. stock listing would boost its credibility with Wall Street, while the EU license opens the door to millions of new customers. Nasdaq’s backing also gives Gemini serious ties to traditional finance.
An IPO usually adds credibility, but the real test will be Gemini’s financial health, which gets revealed in its SEC filings. The Nasdaq deal could improve liquidity and trust, but investors should also keep an eye on how regulators handle things like staking and exchange tokens.
4. UK Regulation & Market Sentiment
The UK has talked tough but moved slowly on crypto rules. While the U.S., EU, and even Japan and China push frameworks, the Bank of England remains cautious about stablecoins replacing bank money.
In August, 30 crypto executives signed an open letter urging the government to launch a national stablecoin strategy. At the same time, 40% of UK crypto investors say their bank has blocked transfers to exchanges, highlighting a widening gap between consumer demand and banking policy.
Adding to the sentiment hit, Bitpanda, backed by Peter Thiel, ruled out a London Stock Exchange IPO, citing liquidity concerns. It is instead eyeing listings in Frankfurt or New York, following peers like Gemini and Figure, which also chose U.S. markets.
The UK’s hesitancy and banking restrictions make it harder for fintechs and exchanges to scale at home. That’s steering listings, capital, and innovation toward the U.S. and EU. For retail users, blocked bank payments mean tougher on-ramps and potential trust issues with the local ecosystem.
Until regulators clarify stablecoin rules and rein in banking restrictions, the UK risks falling further behind. For now, London is losing its bid to be a crypto hub, and firms are voting with their feet.
5. Indian Crypto Market Shifts from Spot to Derivatives Trading
Since 2022, India’s crypto tax regime has weighed heavily on retail traders. The government imposed a 1% TDS (tax deducted at source) on every spot trade plus a flat 30% tax on virtual digital asset (VDA) gains. Many investors say the system is unfair, and 84% of surveyed traders called the taxes “unreasonable”. Read the full Indian crypto tax guide here.
As a result, crypto futures trading now outpaces spot by more than 3-to-1 in India. Futures allow leverage and avoid the repeated TDS deductions that make spot unattractive. This migration to derivatives makes trading more speculative and volatile. Regulators like SEBI are monitoring closely and have hinted at potential tweaks to derivatives rules to curb excesses.
For investors, the takeaway is clear: Futures may boost short-term activity, but they also raise the risk of retail traders over-leveraging. Unless tax policies change, India’s market will likely remain futures-heavy, with thin spot liquidity and slower long-term adoption.
6. New launches & Product Moves
SoFi is making a comeback in crypto with a new Lightning-powered remittance service, starting in Mexico. The move shows they’re serious about tapping into cross-border payments.
Stripe and Paradigm, meanwhile, just introduced Tempo, a blockchain built specifically for payments and stablecoin transfers, promising faster and cheaper payouts.
In South Korea, Upbit has launched GIWA, an Ethereum Layer 2 on the OP Stack that’s aiming for lightning-fast 1-second blocks.
Why does this matter? Because payments and remittances are still the most practical gateways for everyday crypto use. When fintech giants like SoFi and Stripe start building in this space, it’s a clear signal that mainstream adoption is only going to accelerate.
7. Sora Ventures launches $1 billion fund to support bitcoin treasury firms in Asia
Sora Ventures just dropped a big signal: it’s launching a $1 billion Bitcoin treasury fund for Asia, with about $200 million already pledged to buy BTC in the next six months. That move isn’t happening in a vacuum. Across Asia, wealthy family offices, VCs, and even some governments are quietly shifting part of their capital toward crypto as a reserve asset. Regulatory shifts and high returns (Bitcoin recently flirted with $124K highs) have helped give that shift confidence.
Take Kazakhstan, for example, they’re planning both a national crypto reserve and a “CryptoCity” to experiment with real-world digital asset use. Meanwhile, South Korea is repeatedly praised (e.g., by Eric Trump) for leading the region in adoption.
All of this points to a simple truth: Asia is becoming a hotbed for institutional and corporate treasury plays. Expect more of these pooled funds, more reserve diversification, and more firms using Bitcoin not just as speculation, but as part of their strategic balance sheet.
8. AI-Driven Crypto Scams Skyrocket (456% Surge)
Generative AI tools let scammers mimic voices, faces, and social-media personas.
Reports of generative AI-enabled crypto scams rose 456% between May 2024 and April 2025, per TRM/Chainabuse data. Other trackers say 2024 scams reached record-high losses globally.
Scams are getting colder, faster, and harder to detect. Regulators and platforms must move quickly on detection and takedowns. Never trust urgent asks over chat or voice; verify addresses off-band and use known wallets and custody.
9. Do Kwon Faces US Charges
Do Kwon, the founder of Terraform Labs, is finally facing the music. His $40 billion Terra/UST collapse back in 2022 wiped out billions and set off investigations around the world. Now, he’s pleaded guilty to fraud charges in Manhattan, a huge accountability moment for one of crypto’s most high-profile founders.
For investors and builders, the message is clear: regulators aren’t just going after companies anymore, they’re going straight for the founders. That raises the stakes not only for startup leaders but also for the VCs backing them.
Final Thoughts
Crypto continues to evolve at breakneck speed. Regulation is no longer a distant conversation. It’s here, reshaping how companies operate and how investors engage with the market. At the same time, the rise of AI scams, supply-chain vulnerabilities, and banking restrictions shows that risks are growing in both technical and policy arenas.
The bigger picture is that crypto is moving from speculative hype to global infrastructure. Governments are creating reserves, exchanges are chasing compliance, fintech giants are building payment rails, and Asia is fueling large treasury funds. The winners will be the projects and firms that adapt quickly, stay transparent, and earn user trust.
For now, crypto’s future looks less like a question of “if” and more like “how fast.”