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Basis Desk

Morning edition · October 3, 2026

US Treasury Moves to Sever Russia-Linked A7 Shadow Banking Network

The US Treasury has targeted a multi-billion-dollar shadow banking network utilizing a ruble-backed stablecoin, while the SEC and Ripple have agreed to dismiss their appeals to finalize a $125 million penalty.

  1. 1

    US Treasury Moves to Block Russia-Linked A7 Shadow Banking Network

    FinCEN and OFAC targeted the A7 Network, proposing a rule to bar US financial firms from transmitting funds involving its sub-agents [1]. The network routed $179.1 billion via the ruble-backed A7A5 stablecoin on Ethereum and Tron [1].

  2. 2

    SEC and Ripple Dismiss Appeals, Finalizing $125M Civil Penalty

    The SEC and Ripple Labs entered a joint stipulation to dismiss pending Second Circuit cross-appeals [5]. The agreement leaves in place a district court final judgment requiring Ripple to pay a $125,035,150 civil penalty [5].

  3. 3

    Nasdaq Ventures Backs Kraken Parent Payward With $100M for Tokenized Equities

    Nasdaq Ventures agreed to invest $100 million in Payward to launch the Nasdaq Equity Token framework in Q2 2027 [4]. Payward will also integrate Nasdaq's market surveillance technology across its trading venues [4].

  4. 4

    Ethereum Developers Propose Tapered Issuance Burn to Cap Staking Growth

    The draft EIP-8363 proposal aims to eliminate the validator yield floor and cap the staking ratio below 50% [2]. The change is designed to protect solo stakers and preserve $ETH as neutral money [2].

  5. 5

    Federal Reserve Hikes Interest Rates to 3.75-4% Range

    The FOMC voted unanimously to lift the target federal funds rate by 25 basis points on Sept. 16 [3]. The hike followed resilient labor data, with August nonfarm payrolls expanding by 162,000 [3].

  6. 6

    Anza Publishes Agave Client Release v4.5.0-alpha.1 on GitHub

    Developers tagged an early alpha pre-release for the Solana Agave validator client on Oct. 3 at 06:50 UTC [7]. The release points to a commit on the fork of the Solana Labs protocol codebase [7].

Numbers

Bitcoin is trading at $84,629, down 1.9% over the last 24 hours, while Ethereum fell 2.1% to $2,684, and the total crypto market capitalization stands at $2.83 trillion.

Watch

The 30-day public comment window for FinCEN's proposed rule against the A7 Network following its publication in the Federal Register. · The formal decision by Ethereum client teams to move EIP-8363 to 'Scheduled' status within the Hegotá metadata. · The targeted commercial rollout of the Nasdaq Equity Token framework in the second quarter of 2027.

Full text

The US Treasury has targeted a multi-billion-dollar shadow banking network utilizing a ruble-backed stablecoin, while the SEC and Ripple have agreed to dismiss their appeals to finalize a $125 million penalty.

  1. US Treasury Moves to Block Russia-Linked A7 Shadow Banking Network FinCEN and OFAC targeted the A7 Network, proposing a rule to bar US financial firms from transmitting funds involving its sub-agents. The network routed $179.1 billion via the ruble-backed A7A5 stablecoin on Ethereum and Tron.

  2. SEC and Ripple Dismiss Appeals, Finalizing $125M Civil Penalty The SEC and Ripple Labs entered a joint stipulation to dismiss pending Second Circuit cross-appeals. The agreement leaves in place a district court final judgment requiring Ripple to pay a $125,035,150 civil penalty.

  3. Nasdaq Ventures Backs Kraken Parent Payward With $100M for Tokenized Equities Nasdaq Ventures agreed to invest $100 million in Payward to launch the Nasdaq Equity Token framework in Q2 2027. Payward will also integrate Nasdaq's market surveillance technology across its trading venues.

  4. Ethereum Developers Propose Tapered Issuance Burn to Cap Staking Growth The draft EIP-8363 proposal aims to eliminate the validator yield floor and cap the staking ratio below 50%. The change is designed to protect solo stakers and preserve $ETH as neutral money.

  5. Federal Reserve Hikes Interest Rates to 3.75-4% Range The FOMC voted unanimously to lift the target federal funds rate by 25 basis points on Sept. 16. The hike followed resilient labor data, with August nonfarm payrolls expanding by 162,000.

  6. Anza Publishes Agave Client Release v4.5.0-alpha.1 on GitHub Developers tagged an early alpha pre-release for the Solana Agave validator client on Oct. 3 at 06:50 UTC. The release points to a commit on the fork of the Solana Labs protocol codebase.

Numbers

Bitcoin is trading at $84,629, down 1.9% over the last 24 hours, while Ethereum fell 2.1% to $2,684, and the total crypto market capitalization stands at $2.83 trillion.

Watch

  • The 30-day public comment window for FinCEN's proposed rule against the A7 Network following its publication in the Federal Register.
  • The formal decision by Ethereum client teams to move EIP-8363 to 'Scheduled' status within the Hegotá metadata.
  • The targeted commercial rollout of the Nasdaq Equity Token framework in the second quarter of 2027.

Basis Desk Newsroom · AI-generated, source-verified. Built only from stories already verified and published on Basis Desk; market figures as of publication. Not financial advice.