27th October 2025 > > CFTC & Japan.

tl;dr

The CFTC gets a new Chair. Japan gets a new stablecoin. Both events are very positive for cryptos.

Market Snap

Market Wrap

Trump’s recent threat of an additional 100% tariff on all Chinese goods hurt all risk markets. But we have seen this film already – the threat is real but is quickly countered by the rapid development of new trade deals which are now being finalised in a matter of weeks, rather than the years or decades that civil servants used to claim it takes to reach agreement. Stock markets are at all-time highs, whilst BTC heads inexorably back towards $120k. We are now just 7% below the ATH of $126k after which there is clear blue sky to the psychologically important level of $150k. It is only a matter of time before $200k will be discernible on the horizon. Oh, happy days!

Curious Cryptos’ Commentary – CFTC

The CFTC (Commodities and Futures Trading Commission) is other big beast of US regulation, alongside the SEC. It is somewhat understaffed right now, with just a temporary chair, Caroline Pham, and no other commissioners, though five are mandated.

Trump has nominated pro-crypto Mike Selig to replace Caroline. Mike’s current role is as Chief Counsel to the SEC Crypto Task Force, which is headed by a modern-day crypto heroine, Hester Peirce. No doubt Mike moves over with Hester’s blessing.

The role of the two agencies in regulating cryptos remains a grey area, as the CLARITY Act is currently stuck in the Senate despite an overwhelmingly non-partisan victory in the House. Perhaps with Mike in charge at the CFTC, heralding an era of co-operation between the two regulators as far as cryptos goes, we don’t need the CLARITY Act in the short term. Nonetheless, the politicking around CLARITY is annoying, and frankly petty and small-minded, in my opinion.

Curious Cryptos’ Commentary – Japan

JPYC has announced the launch of a fully collateralised Japanese Yen stablecoin:

https://jpyc.co.jp/

Backed at a little over 1:1 with cash and cash-like instruments (short-dated government bonds), this stablecoin has been designed to fit with the requirements of the GENIUS Act, and any other reasonable regulation around the globe.

Users of the new stablecoin, currently limited to Avalanche, Ethereum, and Polygon blockchains, will benefit from instant settlement and zero (or close to zero) fees. The global FX market is huge with up to $10 TRILLION of transactions per day, of which a near 20% is USD/JPY. The potential disruption to TradFi markets and incumbents is going to be very interesting to observe.

It seems inevitable to me that most FX trades globally will move to a blockchain solution, lowering the cost of capital for all businesses that export or import goods or services, raising productivity, and making everyone wealthier. The crypto revolution is truly remarkable.