Patrick Witt packed up his White House desk on Oct. 14, 20261. He ran the President's Council of Advisors for Digital Assets, the panel meant to speak for crypto inside the administration. That seat stays open today. His exit lands as the Senate's own crypto bill sits stalled. The building that once pushed it forward now runs quiet on the subject. Ten stories from Oct. 21 to Oct. 25, 2026, follow.
A Council Loses Its Third Leader in Fourteen Months
Witt followed two other departures. David Sacks, the administration's first AI and crypto czar, left in March for a different advisory post. Deputy director Harry Jung left in July1. Three leaders gone now. Fourteen months. The same two seats, empty again. Lindsay Fraser, the Blockchain Association's top policy voice, called the loss real. “The American digital asset industry wouldn't be where it is today without Patrick Witt, who worked at the highest levels of government to make the United States the crypto capital of the world,” Fraser said.
A White House official read the moment differently. “Crypto and Clarity Act will continue to be a priority for the president,” the official told CoinDesk2. Both open seats on the council stay that way today.
Hong Kong's Biggest Bank Opens a Stablecoin to Millions
HSBC rolled out its first stablecoin on Oct. 23, 20263. The token, called RedCoin, reaches more than 3.3 million users of HSBC's PayMe app and over 100,000 merchants. Customers activate a wallet inside the app itself, skipping a separate account and a minimum balance.
The bank plans to fold RedCoin into its main banking app by the end of 2026. Customers will then buy into a money market fund for as little as HK$100.
Franklin Templeton Clears Its Last Hurdle for Two Bitcoin ETFs
The fund giant filed its final paperwork on Oct. 22, 2026, for two exchange-traded funds that reinvest stock dividends into bitcoin4. Both funds start at 95% stocks and 5% bitcoin. Nasdaq expects them to begin trading Oct. 27. The equity version, ticker FBEQ, charges a 0.09% fee. FBEQ reaches its bitcoin exposure through futures and other funds, skipping direct coin custody. Every dividend buys more of that exposure.
Tether Asks Miners to Speak One Language
Fifteen mining companies signed onto Tether's open software kit on Oct. 23, 2026, at the Plan ₿ Forum in Lugano5. Bitmain, Bitdeer, Canaan and Foundry Digital joined smaller pools and hardware makers around the project, called the Mining Development Kit. Tether chief executive Paolo Ardoino explained the problem it solves. “That does not work at scale if every machine speaks a different language,” Ardoino said. A stable version ships by the end of 2026.
A Bitcoin Transfer Tracks BlackRock's Own Redemptions
BlackRock's spot bitcoin fund sent 3,215 bitcoin, worth $262.4 million, to Coinbase Prime on Oct. 23, 20266. The transfer landed within two hours of a matching ether move worth $93.2 million. Both sums track closely with redemptions that already left BlackRock's exchange-traded funds on Oct. 22, when its bitcoin trust alone logged a $254.1 million outflow. Prior transfers on Oct. 7 and Oct. 14 were each followed within days by fresh money flowing back in.
BlackRock's $262.4 Million Bitcoin Move Matched Its Oct. 22, 2026 ETF Outflow
Dollars leaving BlackRock's bitcoin ETF and dollars moved to Coinbase Prime, in millions
- Sent to Coinbase: $262.4M
- IBIT outflow: $254.1M
Source: 24/7 Wall St. [6].
Read the chart as a table
| Item | Value | Note |
|---|---|---|
| IBIT outflow | $254.1M | Oct. 22, 2026 |
| Sent to Coinbase | $262.4M | Oct. 23, 2026 |
A Cambodia Scam Ran Through a Bahamas Bank
Federal agents flew Zheng Zhao to Los Angeles from the Netherlands on Oct. 23, 20267. Prosecutors say he helped run scam centers that drained $36.9 million from 174 Americans. The money passed through a Bahamas account at Deltec Bank, which converted it into Tether's USDT. Eight co-conspirators already pleaded guilty. Two are serving sentences of 51 and 46 months. Zhao faces 20 years if a jury convicts him.
Russia's Biggest Banks Prepare for Retail Trading
Sberbank and VTB both cleared Bank of Russia's exchange register this month, the central bank confirmed8. VTB plans retail crypto trading in November. Sberbank targets Dec. 1. VTB deputy president Vitaly Sergeichuk framed the launch plainly. “We expect to open access to digital currency trading for a broad range of investors through VTB My Investments,” Sergeichuk said. Retail buyers face a cap of 300,000 roubles a year per broker, about $3,800.
Zcash Picks a Block for Its Next Upgrade
Developers set block 3,543,405 as the activation point for the network's NU7 upgrade, expected around Nov. 5, 20269. Block time drops from 75 seconds to 25 seconds once it lands. Three confirmations that once took nearly four minutes should finish in about 75 seconds. The upgrade also retires Zcash's original privacy system, Sprout, for good.
Stellar Sets Two Dates for Its Own Vote
Stellar's validators face two votes on an upgrade called Protocol 30, or Bell10. A testnet vote lands Nov. 3, and the mainnet vote follows Nov. 23. The change lets one smart contract track payments for many customers at once, each tagged with its own identifier. Wallets and exchanges need updated software before either vote lands.
Researchers Count 82 Projects That Closed This Year
Researcher Stacy Muur tallied 82 crypto projects that shut down in 202611. Those projects raised close to $1 billion combined and collected $250 million in fees before closing. Nine of them had each raised over $50 million. They folded anyway. Blast, an Ethereum layer-2 network, once held $2 billion in deposits. It closed its own doors this year. The team blamed a money-losing setup it ran since launch. Radiant Capital and Step Finance both shut down after exploits drained their treasuries. Satori Finance, a Coinbase-backed exchange, closed over weak revenue, with zero hack behind it.
Crypto Projects That Shut Down in 2026 Raised Nearly $1 Billion First
Money raised and fees collected by 82 crypto projects that closed in 2026, in millions
Source: Blockhead [11].
Read the chart as a table
| Item | Value |
|---|---|
| Money raised before closing | $1,000M |
| Fees collected before closing | $250M |
What to watch
Watch whether the White House names anyone to either council seat before the next CLARITY Act vote. Franklin Templeton's bitcoin ETFs begin trading Oct. 27, and Sberbank's December target will show whether Russia's biggest bank meets its own deadline. Zcash's NU7 upgrade and Stellar's two Bell votes will show whether both networks hit dates they set for themselves. Watch too whether the next wave of crypto shutdowns reads any differently than this year's, now that researchers count every one in public.
Sources
- Sarah Wynn, "Patrick Witt exits White House crypto role as Clarity Act stalls," The Block, Oct. 14, 2026, https://www.theblock.co/news/regulation/2026-10-14-white-house-crypto-adviser-patrick-witt-departs-418611
- Jesse Hamilton, "At the White House, crypto policy vacancy looms large," CoinDesk, Oct. 15, 2026, https://www.coindesk.com/news-analysis/2026/10/15/at-the-white-house-crypto-policy-vacancy-looms-large
- Francisco Rodrigues, "HSBC rolls out its first stablecoin to over 3 million everyday app users," CoinDesk, Oct. 23, 2026, https://www.coindesk.com/business/2026/10/23/hsbc-rolls-out-its-first-stablecoin-to-over-3-million-everyday-app-users
- KuCoin News, "Franklin Templeton Completes Regulatory Step for Bitcoin Dividend ETFs," KuCoin News, Oct. 23, 2026, https://www.kucoin.com/news/flash/franklin-templeton-completes-regulatory-step-for-bitcoin-dividend-etfs
- Olivia Stephanie, "Tether wins backing from 15 Bitcoin mining firms for AI automation tools," crypto.news, Oct. 25, 2026, https://crypto.news/tether-15-bitcoin-mining-firms-ai-automation-mdk/
- Sam Daodu, "Bitcoin News: BlackRock Just Moved $262 Million in Bitcoin to Coinbase. Is More Selling Coming?" 24/7 Wall St., Oct. 23, 2026, https://247wallst.com/investing/cryptocurrency/2026/10/23/bitcoin-news-blackrock-just-moved-262-million-in-bitcoin-to-coinbase-is-more-selling-coming
- Lawrence Mondal, "Crypto scam suspect extradited to US in $36.9m case involving 174 victims," crypto.news, Oct. 24, 2026, https://crypto.news/crypto-scam-zheng-zhao-extradited-us-36-9m/
- Kyle Pare, "Bank of Russia clears 17 crypto exchangers as Sberbank and VTB ready retail trading," DL News, Oct. 22, 2026, https://www.dlnews.com/articles/regulation/bank-of-russia-clears-crypto-exchangers-sberbank-and-vtb/
- Shaurya Malwa, "Zcash developers pick November block for upgrade that triples payment speed," CoinDesk, Oct. 21, 2026, https://www.coindesk.com/markets/2026/10/21/zcash-developers-confirm-november-date-for-upgrade-that-triples-payment-speed
- NewsBTC Editorial Team, "Stellar Updates Bell Upgrade Guide Ahead Of November Votes," NewsBTC, Oct. 24, 2026, https://www.newsbtc.com/crypto-news/stellar-bell-protocol-30-upgrade-guide-november-votes/
- Rahul Karunakar, "82 Crypto Projects Died this Year, But the Market Barely Noticed," Blockhead, Oct. 23, 2026, https://www.blockhead.co/2026/10/23/82-crypto-projects-died-this-year-but-the-market-barely-noticed/