Last Updated: October 2, 2026
The SEC proposed a framework on Thursday that would let investment advisers and regulated funds custody crypto, including a conditional form of self-custody, on the eve of Commissioner Hester Peirce’s last day. NEAR Intents lost about $3.8 million in an exploit and paused deposits and withdrawals on 11 networks, Citigroup raised its 12-month Bitcoin target to $113,000, and Evernorth confirmed an October 8 Nasdaq debut for XRPN. Bitcoin traded near $86,331, up 3.39% over 24 hours, according to CoinMarketCap.
Key Takeaways
The SEC’s 760-page proposal covers registered investment advisers and regulated funds. It would allow state trust companies to act as custodians and let advisers hold client crypto themselves when no permitted custodian is available, with a quarterly reassessment, and it opens a 60-day comment period.
Citigroup raised its 12-month Bitcoin target to $113,000 from $82,000 and its Ether target to $3,028 from $2,240, and now assumes $5 billion of crypto fund inflows over the next year, up from flat.
NEAR Intents lost about $3.8 million to a bug in its Omni deposit and withdrawal system, paused services on 11 networks and promised full reimbursement. The NEAR token fell about 5% over 24 hours, and the underlying NEAR blockchain was not affected.
Evernorth said shareholders approved its merger with Armada Acquisition Corp. II, with closing expected on October 7 and Nasdaq trading as XRPN expected to begin on October 8, subject to remaining conditions.
The Financial Times reported that EU regulators are reviewing whether Binance can rely on MiCA’s reverse solicitation exemption to keep serving European customers without a license.
Today’s Top Stories
SEC proposes a custody framework for crypto advisers and funds. The proposal, published on October 1, would update custody rules under the Investment Advisers Act and the Investment Company Act for registered investment advisers and regulated funds, including business development companies. It would let state trust companies serve as custodians and permit advisers to act as custodians of client crypto when no permitted custodian is available, with the finding reassessed every quarter. SEC Chairman Paul Atkins said it gives advisers and funds “a compliant pathway where none existed before.” Commissioner Peirce clarified that self-custody here means advisers holding client assets, not investors controlling their own keys, and Commissioner Mark Uyeda said adviser custody creates an inherent conflict of interest, with fiduciary duties still applying. The proposal follows the Innovation Exemption on September 17 and the Regulation Crypto Assets proposal in August. Peirce, who led the SEC’s Crypto Task Force, leaves today, which will leave the commission with two members, Atkins and Uyeda. The full text is in the SEC’s press release.
Citigroup lifts its Bitcoin and Ether targets. In a note dated Wednesday, Citi cited returning ETF inflows, a softer dollar after the Treasury’s bond buybacks and the SEC’s rule announcements, which it said dampened the negative sentiment left by the CLARITY Act’s failure. It moved its 12-month Bitcoin target to $113,000 from $82,000 and its Ether target to $3,028 from $2,240, after cutting the Bitcoin target from $112,000 to $82,000 in July. Citi noted that Bitcoin and Ether have risen about 40% and 68% over three months. Bitcoin’s reaction is covered in Bitcoin News Today.
NEAR Intents loses $3.8 million in an exploit. The cross-chain trading protocol said a bug in how its Omni deposit and withdrawal system interacted with the NEAR Intents smart contract allowed funds to leave on Thursday. Deposits and withdrawals were paused on 11 networks, including BNB Smart Chain, Polygon, Optimism, Avalanche, Stellar and TON. Investigator ZachXBT said the theft began with irregular withdrawals from a BNB Chain hot wallet, with the funds sent to KuCoin and converted to bitcoin. The incident came days after NEAR Intents said its SHIELD system had blocked more than $50 million in transfers linked to the Bitget hack. Our NEAR Intents report has the details.
Evernorth confirms the XRPN timetable. The company announced on October 1 that the transaction and related private placements have raised more than $1 billion. It expects the business combination to close on October 7 and Class A shares to begin trading on Nasdaq under XRPN on October 8, with approximately 473 million XRP on the balance sheet at closing. See XRP News Today for the price reaction.
EU regulators review Binance’s MiCA position. The Financial Times reported that the European Securities and Markets Authority and regulators in France, Germany and Greece are examining whether Binance qualifies for MiCA’s reverse solicitation exemption, which lets firms serve customers who approach them without being solicited. Binance has not won a MiCA license, and enforcement action is possible if regulators reject its interpretation.
Tether-backed Utexo plans USDT on Bitcoin this month. CoinDesk reported that Utexo plans to support private USDT transfers, direct swaps between BTC and USDT and loans backed by BTC, keeping most transaction data off Bitcoin’s public ledger. It would bring the stablecoin back to Bitcoin more than a decade after it first launched there.
What This Means for the Days Ahead
September payrolls are due today at 8:30 a.m. ET, with forecasts near 90,000 jobs and an unemployment rate of 4.1%. Today is also Peirce’s last day, and Bitget is scheduled to restore its remaining withdrawals, as set out in our report on Bitget’s phased withdrawals. The SEC’s proposal now enters its 60-day comment period, NEAR Intents has not given a full restoration timeline, and Evernorth’s closing is expected on October 7.
For price and data coverage, see crypto market today, and for asset-specific coverage visit Bitcoin News Today, Ethereum News Today, XRP News Today, and Hedera (HBAR) News Today.
Compare Crypto Prices Today
| Asset | Price Page |
|---|---|
| Bitcoin | Bitcoin Price |
| Ethereum | Ethereum Price |
| XRP | XRP Price |
| Solana | Solana Price |
| BNB | BNB Price |
| TRON | TRON Price |
Where to Buy Crypto
Cryptocurrencies can be bought on major exchanges including Binance, Coinbase, Kraken, KuCoin, Gate.io, OKX, and Bybit. For a look at other platforms accepting crypto, see our crypto casinos guide.
This article is for informational purposes only and does not constitute financial advice. Cryptocurrency markets are volatile; always do your own research before investing.
Frequently Asked Questions
What is the biggest crypto news today?
The SEC proposed a custody framework for investment advisers and regulated funds on October 1, allowing state trust companies as custodians and conditional adviser self-custody, on Commissioner Hester Peirce’s final day. Other headlines include a $3.8 million exploit at NEAR Intents, Citigroup’s higher Bitcoin target of $113,000, and Evernorth’s confirmed October 8 Nasdaq debut for XRPN.
What did the SEC propose on crypto custody?
The SEC proposed rules under the Investment Advisers Act and the Investment Company Act for advisers and regulated funds. State trust companies could serve as custodians, and advisers could custody client crypto themselves when no permitted custodian is available, with a quarterly reassessment. Peirce said self-custody means advisers holding client assets, not investors holding their own keys. A 60-day public comment period follows.
What happened to NEAR Intents?
NEAR Intents lost about $3.8 million on Thursday because of a bug in how its Omni deposit and withdrawal system interacted with its smart contract. It paused deposits and withdrawals on 11 networks and promised to reimburse affected users in full. ZachXBT traced the funds to KuCoin, where they were converted to bitcoin. The underlying NEAR blockchain was not affected, and the token fell about 5%.
Why did Citigroup raise its Bitcoin price target?
Citigroup raised its 12-month Bitcoin target to $113,000 from $82,000 and its Ether target to $3,028 from $2,240 in a note dated Wednesday. It cited returning ETF inflows, supportive economic conditions and a softer dollar, and it now assumes $5 billion of crypto fund inflows over 12 months, up from flat. The targets are forecasts, not guarantees, and Citi had cut its Bitcoin target in July.
