Heres what happened crypto: SEC guidance and Bitget
Heres what happened crypto today: the US SEC updated staff guidance on when certain crypto activity may fall outside securities laws after the CLARITY Act stalled, Bitget resumed Bitcoin withdrawals after a nearly $388 million hack, and Bybit began accepting Franklin Templeton tokenized fund shares as trading collateral.
Key Takeaways
- The SEC issued non-binding FAQ updates on Howey-test treatment of token buybacks, network work, and staking receipt tokens.
- Bitget restored BTC withdrawals Monday after revising stolen funds to about $387.5 million.
- Vitalik Buterin said Ethereum’s Hegotá upgrade, planned for 2027, could be its last “normal” fork.
- Bybit will let eligible institutions pledge Franklin Templeton Benji fund shares for USDT or USDC credit lines in off-exchange custody.
For more market-moving alerts, follow Fintech & Crypto Alerts on BlasterPost. Below is the rundown of what moved regulation, exchanges, and Ethereum today.
What did the SEC clarify about crypto securities rules?
According to Cointelegraph, the SEC updated March FAQs on how federal securities laws may apply to certain crypto assets and transactions. Staff said the guidance is non-binding, has no legal force, and does not amend existing law.
The FAQs expand Howey-test interpretation for token buybacks, work to maintain or improve a functional network, and staking receipt tokens. Buybacks may not count as essential managerial efforts when a crypto network is already functional and lacks a central party. Network maintenance work and staking receipt tokens would not automatically be treated as securities.
The update follows similar CFTC staff guidance and comes days after the Senate failed to advance the CLARITY Act, which would have set a statutory split between the SEC and CFTC. Both agencies are proceeding under existing authority while legislation remains stalled.
Why does Bitget resuming withdrawals matter after the hack?
Bitget said it resumed Bitcoin withdrawals Monday after suspending them following a Sept. 24 breach that compromised part of its hot and warm wallet infrastructure. Cold wallets remained secure, the exchange said. It later revised the stolen amount from $351.6 million to $387.5 million after additional Zcash and Tron transfers.
CEO Gracy Chen said BTC on Bitcoin and BNB Smart Chain came first because that withdrawal pipeline was ready, with Ether and USDT to follow as security checks progress. The attacker has continued moving stolen crypto through THORChain, Cointelegraph reported.
What else happened in crypto markets and Ethereum?
Ethereum co-founder Vitalik Buterin said Hegotá, planned for 2027, could be the network’s last “normal” fork before a deeper shift toward recursive STARKs, formal verification, optimized consensus, and quantum-safe cryptography. He framed PeerDAS as the start of Ethereum moving from a simple blockchain toward a “cryptographic world computer.”
Separately, Franklin Templeton and Bybit announced that eligible institutional clients can pledge Benji-issued money market fund shares as collateral for USDT or USDC credit lines while keeping assets in off-exchange custody. That lets institutions keep earning yield without selling shares or moving them onto the exchange. The firms also plan a tokenized product for Bybit and Mantle wallet users, without full details yet.
Together, staff-level US regulatory clarity, exchange recovery after a major hack, and tokenized fund collateral show how policy, security, and institutional product design are shaping crypto today—even without new market-structure law from Congress.