1. Federal Reserve official Schmid says reserves may fall to $2.6 trillion
Federal Reserve official Schmid stated that the core issue of the current Federal Reserve balance sheet is determining the appropriate level of reserves. He pointed out that the scale of reserves may shrink to about $2.6 trillion. This statement has drawn further market attention to the Federal Reserve's monetary policy adjustments and liquidity management. -Original text
2. U.S. lawmaker says Trump executive order will promote Bitcoin inclusion in 401(k) plans
U.S. House Representative Haridopolos stated that an executive order from the Trump administration will promote the inclusion of Bitcoin in 401(k) retirement plans. He emphasized that this move aims to ensure the widespread application of blockchain technology in the United States and to keep the U.S. at the forefront globally in this field. This policy may open new paths for the application of cryptocurrencies in the mainstream financial system, while also sparking further discussion on regulatory frameworks and investor protection. -Original text
3. South Korea's ruling party announces formation of digital asset task force to promote cryptocurrency legislation
South Korea's ruling Democratic Party announced the formation of a digital asset task force aimed at drafting a comprehensive legislative framework for stablecoins and cryptocurrencies. The task force plans to push for the enactment of digital asset bills at this year's regular session and the end-of-year National Assembly meeting. South Korea is currently facing capital outflow pressure; in the first quarter of 2025 alone, $40.6 billion in digital assets have been transferred abroad, with stablecoins accounting for as much as half. -Original text
4. Canadian financial regulator fines KuCoin parent company 19.6 million Canadian dollars
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) announced a fine of 19.6 million Canadian dollars (about $14.09 million) against Peken Global Limited, the parent company of cryptocurrency exchange KuCoin. The Seychelles-based company was penalized for failing to register as a foreign money services business, failing to report large virtual currency transactions over 10,000 Canadian dollars, and failing to submit suspicious transaction reports. These actions violated compliance requirements for Canadian financial institutions, and this fine marks the largest penalty in FINTRAC's history. -Original text
5. Citi predicts stablecoin market could reach $4 trillion by 2030
Citi's latest report predicts that by 2030, global stablecoin issuance could reach $4 trillion in a bull market scenario, supporting up to $200 trillion in annual transaction volume. However, the report believes that bank tokens may surpass stablecoins in transaction volume due to regulatory advantages, with expected transaction volume exceeding $100 trillion by 2030. Citi points out that stablecoins, bank tokens, and central bank digital currencies (CBDC) will jointly drive the transformation of financial infrastructure. -Original text
6. U.S. initial jobless claims fall, unemployment rate rises to four-year high
Data from the U.S. Department of Labor shows that for the week ending September 20, initial jobless claims fell by 14,000 to 218,000, but the unemployment rate rose to 4.3%, a four-year high. Labor demand is sluggish, with companies hoarding workers but unwilling to increase staff. Protectionist trade policies and immigration policy restrictions further suppress job growth. The Federal Reserve cut interest rates last week to cope with economic pressure. -Original text
7. Swiss central bank governor says ready to cut rates below zero if necessary
The Swiss central bank governor stated, "We are ready to cut interest rates below zero if necessary." -Original text
8. Two Minnesota brothers arrested in cryptocurrency kidnapping case
The Minnesota prosecutor reported that brothers Raymond Garcia and Isaiah Garcia have been charged with armed kidnapping. On September 19, the two men held a family of three at gunpoint and forced the victims to transfer $8 million worth of cryptocurrency. The suspects then fled to Texas, where they were arrested and confessed on September 22. Both now face multiple felony charges including kidnapping and robbery. This case highlights the criminal risks faced by cryptocurrency holders. -Original text
