Today, in Crypto, Dutch and Italian Unik Reddit is one of nine banks developing euro stability in accordance with mica, scheduled to be released in late 2026, Australia has drafted a new law for crypto services business, and US President Donald Trump is reportedly smuggling other picks to chair the Commodity Futures Trading Commission.
ing, unicredit joins banks developing euro stub coins under MICA
A group of major European banks is working together to launch stubcoins in the Euro family in accordance with the European Market (MICA) framework.
Dutch lenders and Italian unic reddit are one of nine banks participating in the development of the euro religion’s ridiculous stubcoin, according to a joint statement released by ING.
Built in compliance with European MICA regulations, Stablecoin is scheduled to be issued in the second half of 2026 and is tasked with becoming a reliable European payment standard in the digital ecosystem.
The announcement noted that the initiative is consistent with European plans to provide local alternatives to the US-dominated Stablecoin market and contribute to the EU’s strategic autonomy in payments.
In addition to ING and UnicRedit, European Stablecoin initiatives include Caixabank in Spain, Danske Bank in Denmark, Raiffeisen Bank International in Austria, KBC in Belgium, SEB in Sweden, Dekabank in Germany and another Italian lender, Banca Sella.
The founding members also established a new company headquartered in the Netherlands, ING’s home country, to oversee the development and management of Stablecoin.
The Banking Consortium said in a joint announcement that it will remain open to other banks participating in the Stablecoin project.
Australia drafts laws to enhance surveillance of crypto exchanges
Australia aims to tighten regulations on crypto service providers, with a draft law on Thursday aiming to expand laws in the financial services sector into crypto businesses.
Advisor Daniel Murino told the Crypto Conference that the law is a “cornerstone” of the government’s crypto roadmap released earlier this year, and a “preliminary version” shaped into final form until October 24th to seek feedback.
The new law creates two new financial products: the “digital asset platform” and the “tokenized custody platform.”
Mulino said crypto companies must comply with “a set of obligations designed to accommodate the unique characteristics of digital assets,” including criteria for retaining crypto and resolving transactions.
Many crypto executives have anticipated a government move to regulate the sector under the Financial Services Act, saying it “gives great certainty to investors and institutions.”
Uncertainty swirls the outlook for CFTC Chair Brian Quintents
The path to becoming the next chair for former CFTC commissioner Brian Quintz’s agency appears far from certainty amid reports that President Trump is actively considering other candidates.
According to Semafor, the Trump administration has reviewed several names to successfully complete acting committee chair Caroline Femme. The finalists reportedly include former CFTC division director Josh Sterling, who worked at the agency from 2019 to 2021. Mike Selig, Senior Advisor of the Securities and Exchange Commission. Treasury Secretary Tyler Williams.
The development is noteworthy as Quintenz was previously considered Frontrunner after being Trump’s nomination in February.
Conspiracy, Sterling, and several colleagues co-authored a Bloomberg legal article in June, warning that “leave key regulators to ignore key financial markets in the US economy.”