Category: TDC Update

The Digital Chamber’s Stablecoin Reward Principles

by Neil Humphrey

The Digital Chamber (“TDC”) greatly appreciates the White House’s role in convening stakeholders and fostering candid conversations toward a workable resolution to address ongoing issues regarding payment stablecoins in forthcoming market structure legislation. We are also grateful to members and staff of the Senate Banking Committee for their continued hard work and thoughtful engagement on these complex issues. Through these discussions, a “yield and interest prohibition” principles (“the Prohibition Principles”) document was put forth by banking industry advocates.

As the largest and oldest blockchain trade association, with 250+ members spanning traditional financial institutions, crypto-native firms, leading banks, stablecoin issuers, and infrastructure providers, TDC is uniquely positioned to advance a balanced resolution. We offer principles that support payment stablecoins as payment instruments without disrupting the ecosystem or harming established firms.

Principles

Retain Section 404 Exemptions to Avoid Material Ecosystem Disruption

  • Section 404 of the Senate Banking Committee’s recent market structure discussion draft prohibits interest or rewards paid for merely holding payment stablecoins, while establishing permissible activities regarding use of payment stablecoins.  
  • Without exemptions (E) and (F), for example, the legislation could significantly impair U.S. dollar-denominated stablecoins currently deployed in Decentralized Finance (“DeFi”) protocols and as Liquidity Provider (“LP”) pairs on DeFi exchanges, which pay users in exchange for facilitating liquidity. Eliminating these provisions would severely undermine dollar dominance in the digital asset ecosystem, effectively ceding this area to foreign jurisdictions and risks foreign currencies replacing U.S. dollar denominated stablecoins in these essential portions of the digital asset ecosystem.[1]

Enforcement/Evasion/Representations and Disclosures

  • We understand financial institutions’ concerns regarding community banking and main street lending. Assuming exemptions (b)(2)(E) and (b)(2)(F) are retained, we concur that no person shall circumvent a direct or indirect yield prohibition and that firms must make accurate disclosures clarifying that any yield earned is not comparable to interest.[2]

Retain “Deposit Impact” Study

  • We support the requirement present in Section 404 of the most recent Banking market structure discussion draft that regulators submit a study two years after enactment examining the benefits of increased payment stablecoin activity and its impact on deposits at insured depository institutions. We are confident such a study will affirm empirical analysis showing that stablecoins complement, rather than disrupt, the traditional banking system.[3]

We have a real window to cement American leadership in digital finance, but that window will not stay open indefinitely. We are committed to working with the White House and key stakeholders to advance durable market structure legislation while protecting and accelerating the innovation already taking root across the country.

 If you have any questions, please reach out to policy@digitalchamber.org

[1] Further, disallowing payments for LP pairs containing payment stablecoins could introduce new risks, forcing users to commit their liquidity in ways which enhance impermanent loss risks rather than allowing users to pair their assets with a trusted dollar-denominated payment stablecoin. 

[2] Further, The Digital Chamber wholly supports tailored changes to banking laws which support the growth of community banking and local lending such as proposed in the Main Street Capitol Access Act. Community banking is a vital portion of the American economy, and The Digital Chamber believes that blockchain-enabled technologies paired with community banking services and infrastructure will be a boon to the American consumer. 

[3] Cong, Lin William, Stablecoins and Banking: Deposit Dynamics, Financial Stability, and Regulatory Design (December 07, 2025), available at https://ssrn.com/abstract=6163266.

TDC’s State Network Opens 2026  Microgrant Application Process   

by Megan Thorpe

Applications online now, deadline February 6

Washington, DC – (January 16, 2025) — Today, The Digital Chamber’s State Network (TDC State Network) officially opened the 2026 microgrant application process. This series of five grants, each for $2,000, is designed to fund and scale state-based blockchain organizations that are advancing blockchain policy engagement and programming. The State Network microgrant program is about meeting innovation where it actually happens, in states, communities, and classrooms across the country.  

By investing directly in local leaders and grassroots organizations, those closest to the real-world impact are empowered to engage constructively with policymakers and help shape smart, durable digital asset policy. This investment reflects our belief that lasting progress is built from the ground up and that strong state-level partnerships are essential to America’s leadership in the digital economy.  

State blockchain associations, university blockchain clubs, and community innovation groups are encouraged to apply here. Applications for 2026 are due by February 6, 2026, and winners will be announced live on stage at The Digital Chamber’s DC Summit on March 17-18. 

In addition to the grant, the winners will receive 2 tickets to The Digital Chamber’s DC Summit in March and are encouraged to accept their award in person.  
 
“The Microgrant Program will serve to strengthen and scale grassroots, nationwide blockchain advocacy groups that form the backbone of digital asset advocacy across the country.  Many of these groups are volunteer-led and operate with limited resources, yet they play a critical role in educating policymakers and communities at the local level. These groups are often volunteer led, allowing them to continue building and strengthening local efforts. We are proud to provide tangible support to these groups that are on the frontline of educating policy makers and their communities on the benefits of developing principled digital asset policy,” said Anastasia Dellaccio, Executive Director of TDC’s State Network.  

ABOUT THE DIGITAL CHAMBER’S STATE NETWORK 

The Digital Chamber’s State Network, a project of The Digital Chamber, is a non-partisan program that establishes a collaborative ecosystem connecting policymakers, regulators, industry, and innovators to advance blockchain adoption and digital asset integration across the United States. 
 
ABOUT THE DIGITAL CHAMBER 

The Digital Chamber is a non-profit organization committed to promoting global blockchain adoption. We envision a fair and inclusive digital and financial ecosystem where everyone has the opportunity to participate. Access to digital assets is not merely a technological advancement but a fundamental human right, crucial for economic and social empowerment. Through targeted education, advocacy, and strategic collaborations with government and industry stakeholders, we drive innovation and shape policies that create a favorable environment for the blockchain technology ecosystem.  

The Digital Chamber’s umbrella includes: CryptoUK, Digital Power Network (DPN), TDC’s Digital State Network, and Treasury Council. 

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What the STREAMLINE Act Means for You 

by Neil Humphrey

By Gabrielle Clark & Koa DeMarzo

The Digital Chamber (TDC) supports the STREAMLINE Act, which would update long-standing banking rules to reflect today’s rapidly advancing economy. S. 3017 was introduced on October 21 by Senate Banking Committee Chairman Tim Scott, along with eight other members of the Committee. The act would raise outdated reporting thresholds and reduce unnecessary filings on lawful transactions for consumers and small businesses.   

Key Provisions  

  • Modernizes thresholds for currency transaction reports and suspicious activity reports to reduce the likelihood of routine legal transactions triggering reports. 
  • Regular inflation adjustments every 5 years to keep thresholds up to date. Thresholds in the Bank Secrecy Act (BSA) have not been updated since the bill was signed into law in 1970. 
  • Reduces unnecessary administrative friction, ensuring oversight efforts can be concentrated where they have the greatest impact on identifying genuine risks. 
  • Focus Areas for Regulation  

Adjust anti-money laundering reporting thresholds to reflect the current state of today’s economy.  

Who is affected?  

Financial institutions, including those in the digital asset industry, see clearer thresholds and reduced paperwork, which improves efficiency. Small businesses and consumers face fewer wrongful flags and account closures, with stronger protections for lawful activity. Regulators receive higher-quality reports that focus resources on real risks.  

What the Streamline Act means for you:  

  • More privacy: Your everyday banking activity is less likely to be flagged or reported.  
  • Fewer account closures: Small businesses and entrepreneurs are less likely to have their accounts closed for making legal, albeit large, transactions.  
  • Less red tape: Banks can spend less time on unnecessary paperwork and more time on services and innovation that benefit customers.  

Our Take  

As the world’s leading blockchain association, TDC supports the STREAMLINE Act as a practical reform that would improve privacy, reduce red tape, and enhance the focus of enforcement. The STREAMLINE Act would align reporting with today’s financial reality, aiding institutions in serving customers while reducing unfair account closures and improving information available to regulators. 

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TDC’s State Network Announces its Newest Partner, Maryland Blockchain Association  

by Megan Thorpe

Agreement includes the first microgrant sponsorship from TDC’s State Network 

Washington, DC – (December 15, 2025) The Digital Chamber (TDC)’s State Network is pleased to announce its latest partner and the first microgrant recipient. The Maryland Blockchain Association (MDBA) has agreed to partner with TDC’s State Network to expand the reach of their work across Maryland to educate and advocate for fair, inclusive blockchain policies and laws.  

“Maryland has set a high bar for state innovation, which is critical to bridging knowledge gaps to advance emerging industries like digital assets and blockchain. The Maryland Blockchain Association has created a welcoming space for blockchain innovators to flourish,” said Cody Carbone, CEO of the Digital Chamber. “We are pleased to support their work, which will serve as a model for how TDC can plug into and strengthen the existing efforts of blockchain advocates, elevating the industry at the state level.”       

“The Maryland Blockchain Association is proud to join the Digital Chamber in support of advancing technology and digital asset compliance applications. As part of a growing statewide coalition, the Maryland Blockchain Association is proud to support Maryland’s education ecosystem by expanding access to blockchain and emerging technology learning opportunities for students, educators, and lifelong learners. Together with our partners, we are building future-ready pathways that prepare Marylanders for high-demand careers in the digital economy.” Jacqueline Cooper, CEO, Maryland Blockchain Association.  

TDC’s State Network microgrant to MDBA is the first in a pilot program designed to help groups involved in state and local blockchain education efforts to formally support their ongoing work. The program awards grants to state blockchain associations, university blockchain clubs, and community innovation groups to build a foundation for success across all 50 states.  

Specifically, small-dollar grants will be awarded to blockchain associations, university blockchain clubs, and community innovation groups in 2026. Formal application will open in January with more grants to be announced in March 2026 at the Digital Chamber’s annual Blockchain Summit.   

“The Microgrant Program means these critical grassroots groups that are often volunteer-led can gain access to funding needed to mobilize education and advocacy efforts in their home state that are key to the formation of principled, digital asset policy development,” said Anastasia Dellaccio, Executive Director of TDC’s State Network.   

TDC’s State Network, launched in 2025, extends support to states and local groups with similarly aligned goals. 

ABOUT TDC and TDC’s State Network  

The Digital Chamber is a non-profit organization committed to promoting global blockchain adoption. We envision a fair and inclusive digital and financial ecosystem where everyone has the opportunity to participate. Access to digital assets is not merely a technological advancement but a fundamental human right, crucial for economic and social empowerment. Through targeted education, advocacy, and strategic collaborations with government and industry stakeholders, we drive innovation and shape policies that create a favorable environment for the blockchain technology ecosystem.  

Major partners and affiliates of The Digital Chamber include: CryptoUK and Digital Power Network.
  

ABOUT MDBA  

The Maryland Blockchain Association is a nonprofit coalition advancing Bitcoin, blockchain, and Web3 innovation, policy, and education across Maryland. Its mission is to connect industry, government, and academia to foster responsible adoption, economic growth, and a skilled blockchain workforce in the state 

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CryptoUK Joins TDC as part of Expanded Global Advocacy Network 

by Megan Thorpe

Washington, DC – (December 9, 2025) The Digital Chamber (TDC) and CryptoUK today announced that CryptoUK will formally join The Digital Chamber, the largest digital asset and blockchain trade association in the United States, as part of an expanded global policy network. This move brings CryptoUK’s team, members, and policy expertise under The Digital Chamber umbrella and creates a unified, cross-border advocacy platform.

Bolstered by a new formal agreement, both entities share a mandate to advocate for responsible regulation that enables global blockchain and digital asset innovation to thrive while protecting consumers’ access to digital assets. 

“We are proud to welcome CryptoUK under The Digital Chamber umbrella. This move strengthens our ability to champion the work our members are building and to advocate for them across global markets,” said Cody Carbone, CEO of the Digital Chamber.

“CryptoUK has always aspired to ensure we are driven by policy-led issues, member collaboration, and regulatory engagement. These are the core pillars of the organisation. In The Digital Chamber, we see a like-minded organisation with shared objectives and approach,” said Crypto UK’s Executive Director, Su Carpenter.

“This move will strengthen both organisations by enabling cross-jurisdictional knowledge sharing and access to broader resources. At a critical time for UK-US regulatory coordination, we see this as an important step forward for our members and the wider digital asset industry,” added Carpenter.

This development follows TDC’s State Network launch in November and marks the next step in TDC’s strategy to unify advocacy at the state, federal, and international levels. 

“Effective digital asset policy requires borderless coordination, looking for opportunities in all governments and markets. CryptoUK is a proven leading voice in the UK, and we are excited to create such a strong bond to expand our global policy expertise,” Carbone added.

ABOUT TDC

The Digital Chamber is a non-profit organization committed to promoting global blockchain adoption. We envision a fair and inclusive digital and financial ecosystem where everyone has the opportunity to participate. Access to digital assets is not merely a technological advancement but a fundamental human right, crucial for economic and social empowerment. Through targeted education, advocacy, and strategic collaborations with government and industry stakeholders, we drive innovation and shape policies that create a favorable environment for the blockchain technology ecosystem.

Major partners and affiliates of The Digital Chamber include: CryptoUK, Digital Power Network, TDC’s State Network, and the Treasury Council.  

ABOUT CryptoUK

The UK’s leading trade association for crypto and digital assets since 2017, CryptoUK represents the digital asset sector, working with policymakers and market participants to shape balanced regulation and governance. It promotes industry growth through events, education, and advocacy, and serves as Secretariat for the Crypto and Digital Assets APPG.

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Immutable Security: How Blockchain Strengthens Military Supply Chains

by Neil Humphrey

By: Jean-Philippe Beaudet 

The complexity and global nature of modern military supply chains create significant vulnerabilities. These are amplified by issues such as the ‘misplacement’ of conventional arms, inefficiencies in internal tracking systems, and the difficulty of securing strategic military assets, evidenced by the Pentagon’s FY2023 inability to account for 63% ($2.4T) of assets. Blockchain technology offers a revolutionary solution to these challenges, providing transparency, immutability, and surety – key factors that can transform how military and defense supply chains are managed and secured.

Blockchain technology can improve military readiness by tracking parts and systems throughout their lifecycles, providing the necessary data fidelity, access, and security to the US Military to maximize asset uptime and minimize cost. Military systems, from aircraft to vehicles, rely on complex supply chains and timely maintenance schedules to remain operational. Blockchain’s decentralized, immutable ledger can securely track the life cycle of each component, ensuring real-time visibility of part availability, condition, and service history. This eliminates bottlenecks and inefficiencies caused by outdated or inaccurate records.

By leveraging blockchain, the military can significantly reduce downtime, as maintenance personnel can instantly verify the authenticity and status of critical components. This ensures that only certified parts are used, reducing the risk of failure in mission-critical systems. Additionally, predictive maintenance algorithms can be integrated with blockchain to automate parts replacement, further increasing uptime and operational readiness.  

This enhanced accountability and streamlined logistics system will keep military assets mission-ready while simultaneously reducing costs associated with repair delays and logistical inefficiencies.

Tracking Conventional Arms: Securing the Flow of Weapons

Conventional Arms Control (CAC) regimes cannot succeed without trust between parties – particularly difficult to maintain when these agreements seek compliance from countries whose interests often diverge from those of the United States. Blockchain technology addresses this critical gap by creating a decentralized, transparent, and immutable record that can monitor compliance with arms agreements. This technology is referred to as zero-trust because no single arbiter (like a particular state in a multilateral agreement) controls the network or has preferential access to data.

Blockchain ensures that all parties have real-time access to verifiable data, reducing the need for intrusive inspections and bilateral suspicion. Internet of Things (IoT) sensors incorporated into blockchain networks monitoring CAC could add a physical component, further augmenting this passive monitoring. Application of these emerging technologies will drastically enhance the United States’ ability to effect durable arms control agreements in the coming decades.

Transparently Tracking Small Arms

By implementing blockchain technology, every shipment of conventional arms could be tracked from production to final delivery. Each transaction in the supply chain would be logged on a tamper-proof ledger, ensuring that any deviation or anomaly in the chain is instantly detectable. If a crate of rifles fails to arrive at its intended destination, for example, the blockchain record can quickly identify where the disruption occurred, providing real-time data that enables corrective action. This enhanced level of transparency would make it significantly harder for adversaries or corrupt actors to divert arms into the black market or to hostile groups.

Moreover, blockchain’s cryptographic security would prevent unauthorized parties from tampering with supply chain data, ensuring that arms shipments are not only tracked but also securely delivered to allied forces. By leveraging this technology, the DoD can prevent costly and dangerous losses of military hardware, while also providing a clear audit trail to ensure accountability.

Addressing the Pentagon’s Audit Failures

Blockchain technology offers an opportunity to improve internal accountability and transparency and with it, citizens’ trust in government. The Pentagon’s long-standing tracking inefficiencies have repeatedly prevented it from passing a comprehensive audit, undermining accountability and operational readiness.  

A decentralized blockchain ledger can record every transaction and asset movement within the Pentagon’s complex supply chains. Whether it’s the procurement of jet fuel, maintenance parts, or sophisticated defense equipment, blockchain would ensure that every transaction is time-stamped, immutable, and visible to authorized personnel. This would eliminate discrepancies in record-keeping, reduce opportunities for waste, fraud, or abuse, and ensure a clear line of sight into how taxpayer dollars are being spent.

Beyond tracking, blockchain technologies can streamline the auditing process itself. The use of smart contracts – self-executing agreements that operate on blockchain – could automate verification and compliance checks, providing auditors with real-time data on how funds are allocated and spent.

The Digital Chamber will continue to collaborate with policymakers, researchers, and industry leaders to advance the integration of blockchain into our nation’s supply-chain management, protecting and monitoring the hardware essential to US national security. The Deploying American Blockchains Act of 2025, introduced by Rep. Kat Cammack (R-FL-3) in the House, and taken up by Sen. Bernie Moreno (R-OH) in the Senate, is exactly the type of legislation needed “to promote the competitiveness of the United States related to the deployment, use, application, and competitiveness of blockchain technology” in military supply chains.  Now is the time for Congress and the defense community to turn these proposals into action and ensure America’s supply chains remain secure.

 If you have any questions, please reach out to policy@digitalchamber.org

State Momentum Around Strategic Bitcoin Reserves

by Megan Thorpe

Momentum is building behind the Strategic Bitcoin Reserve (SBR) concept, with states moving ahead on their own legislation as the federal government works to implement the White House Task Force’s recommendations for crypto agency actions released in July 2025. 

As of November 2025, Arizona, New Hampshire, and Texas have enacted SBR legislation. Another nine proposals remain active, while others failed to advance out of committee during the last session. 

These developments reflect growing momentum at the state level: an area TDC’s State Network is closely tracking and supporting through research, coordination, and member engagement. 

For a deeper look at how states are approaching implementation, explore our Digital Power Network team’s recommendations submitted to the Texas Comptroller in October 2025, offering guidance on how to structure and manage a state-level Strategic Bitcoin Reserve. 

TDC Launches its State Network: A New Chapter for State-Level Leadership in Digital Asset Policy 

by Neil Humphrey

The Digital Chamber (TDC) recently launched our State Network, an initiative designed to unify, strengthen, and elevate digital asset advocacy at the state level. The launch brought together state lawmakers, industry leaders, and partners from across the country to set a shared vision for how states can lead the future of blockchain innovation and responsible policy development.  

The State Network builds on the proven model that has guided our success in Washington. At the federal level, we have seen firsthand that a coordinated and unified advocacy strategy is the most effective way to advance thoughtful digital asset policy. Our biggest wins have come from consistent messaging, aligned priorities, and the full engagement of our member companies. Now, we are applying that same approach to the states, where digital asset legislation is moving fast, and where lawmakers are seeking trusted, technically accurate input as they craft policies that will shape our economic future. 

A High-Energy Launch to Chart the Road Ahead 

The launch event created a dynamic space for lawmakers and innovators to connect directly on the opportunities and challenges shaping state policy. The conversations were highly engaged and fully bipartisan, reflecting a shared recognition that the United States must lead the next era of financial and technological innovation. 

A highlight of the evening was the participation of the Future Caucus, our new strategic partner in bipartisan state engagement. Their leadership underscores a generational commitment to advancing innovation, strengthening public trust, and shaping a forward-looking policy environment for digital assets. Together, TDC and Future Caucus will equip young state lawmakers with the tools and knowledge they need to help modernize financial systems, protect consumers, and promote economic competitiveness. 

Another major announcement from the event was the launch of the State Network Microgrant Program, a new initiative that will provide small grants to support state-level research, innovation pilots, educational programs, and community outreach efforts focused on blockchain and digital asset policy. This program is designed to empower local leaders, university clubs, and state blockchain organizations to develop smart engagement activities that help to educate policy leaders and showcase practical blockchain use cases that have the potential to make government more efficient and transparent. 

Taking the Federal Model and Bringing It to the States 

For over a decade, TDC has demonstrated that unified advocacy delivers results. Our success at the federal level has come from consistent priorities, credible information, and constructive, bipartisan engagement. The State Network applies that same proven model to state legislatures. 

The mission is simple: give policy makers and regulators the tools, expertise, and real-world examples they need to craft smart policy that protects consumers, supports innovation, and strengthens local economies. 

Key pillars of our State Network include: 

  • Advancing and supporting actionable policy campaigns in priority states – including drafting legislation, coordinating testimony, engaging regulators, and mobilizing members to help pass clear, pro-innovation digital asset laws.
  • Showcasing model policy solutions and providing guidance in legislation development and rulemaking related to key issues facing our members like unclaimed-property, advancing DUNA-based government efficiencies, stablecoin implantation, money-transmission rules, and promoting innovation through sandboxes, pilot programs, and more so resources are shared across states where lawmakers often legislate in silos.
  • Providing nonpartisan education and technical guidance.
  • Demoing blockchain applications that showcase member company solutions.
  • Developing strategic policy partnerships with associations and state-level blockchain organizations, university clubs, and like-minded groups.
  • Ensuring industry voices are represented consistently.

Our Work Is Already Underway 

Before the formal launch, our State Network had already begun engaging key constituencies across the country. We have led briefings in Arizona for a group of state reps, briefed the Ohio State Treasurer’s office, presented to the New Hampshire Token Commission, briefed the New York Treasury Managers Association and its affiliates, and there is more to come.  

What Comes Next 

Over the next year, our State Network will roll out a robust slate of programs, including the Microgrant program, as well as a Digital Asset Tour meant to engage policy makers and stakeholders in critical states across the country.  

With this launch, TDC is entering a new chapter of coordinated, strategic, and forward-looking state-level advocacy. We are proud to lead this effort alongside our member companies, and we look forward to building a strong, secure, and innovation-focused digital asset future in partnership with states nationwide. 

The Digital Chamber’s State Network to Advance Digital Asset Policy in States

by Nicole Rankin

Initiative includes partnership with Future Caucus

November 17, 2025 (Washington, DC) — Today, The Digital Chamber officially launched The Digital Chamber’s State Network (TDC State Network) to advocate for transformative digital asset policies in state and local government. As a part of the launch, three inaugural efforts were unveiled: a partnership with Future Caucus, a state advocacy tour, and a microloans program to elevate innovative policy efforts across the U.S. 

PARTNERSHIP WITH FUTURE CAUCUS INNOVATION LAB, 2026 DIGITAL ASSET TOUR 
 
Partnerships and coalitions will be critical to TDC’s State Network policy push in the states. Future Caucus will be a critical partner for the 2026 Digital Asset Tour as it works to engage lawmakers and policymakers in state legislatures across the country. Through Future Caucus’s Innovation Lab and vast network of state caucuses, which focuses on bringing together young legislative leaders to transcend the partisan divide and pursue forward-thinking policy solutions. Together, the partners will work to increase understanding of digital assets and proposals for legislation to advance the industry’s job growth and presence in key states. 
 
TDC’s State Network policy expertise, combined with the Future Caucus’s trusted relationships, will help to ensure this signature program will serve to convene and educate state lawmakers in target states, ensure they have access to resources, expertise, and foster constructive policy development that enables innovation while protecting consumers. 

“This partnership will help develop a bench of strong leaders ready to introduce and support digital asset legislation and advocate for crypto policy that will propel states to lead the future of finance,” said Cody Carbone, CEO of The Digital Chamber. “Future Caucus has a strong reputation for building ties and engagement with rising stars in legislatures, and we are grateful they have agreed to help us educate young lawmakers on crypto policy.” 
 
“Young legislators are already wrestling with the real-world implications of digital assets,” said Layla Zaidane, president and CEO of Future Caucus. “This partnership with the Digital Chamber’s State Network will help rising leaders get clear on the facts, learn from each other, and understand what innovation actually means for their communities. By combining strong relationships with substantive policy education, we’re making sure the next generation of lawmakers is prepared to navigate this space with clarity, pragmatism, and a focus on results.” 
 
TDC STATE NETWORK’S MICROGRANTS PROGRAM 

The announcement includes unveiling a new Microgrants Program pilot program. Launching in 2026, the program will award grants meant to support burgeoning state blockchain associations, university blockchain clubs, and community innovation groups.  

The first block of grants are designed to: 

  • Foster grassroots policy education and coalition-building; 
  • Amplify state-level digital asset engagement. 
  • Develop policy tools and sandboxes meant to further digital asset lawmaking development. 
  • Strengthen DSN’s network of state and local partners. 

 
“The Microgrant Program is our first effort to grow advocacy groups prepared to mobilize education and advocacy efforts in state capitals across the nation. We are proud to provide tangible support to emerging groups working to educate policy makers on the benefits of developing principled digital asset policy,” said Anastasia Dellaccio, Executive Director of TDC’s State Network.  

ABOUT TDC’S STATE NETWORK 

The Digital Chamber’s State Network is a non-partisan program that establishes a collaborative ecosystem connecting policymakers, regulators, industry, and innovators to advance blockchain adoption and digital asset integration across the United States.

ABOUT FUTURE CAUCUS 

Future Caucus is a nonpartisan, nonprofit organization that empowers young elected officials in Congress and state legislatures to bridge the partisan divide and lead a new era of collaborative governance. By supporting innovative policymaking and fostering collaboration, we help Gen Z and millennial leaders drive positive change and promote a political culture rooted in empathy and solutions. To learn more, visit www.futurecaucus.org. 
 
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The Digital Chamber is a non-profit organization committed to promoting global blockchain adoption. We envision a fair and inclusive digital and financial ecosystem where everyone has the opportunity to participate. Major Digital Chamber initiatives include: Digital Power Network, Digital State Network, and the Bitcoin Treasury Council. 

Access to digital assets is not merely a technological advancement but a fundamental human right, crucial for economic and social empowerment. Through targeted education, advocacy, and strategic collaborations with government and industry stakeholders, we drive innovation and shape policies that create a favorable environment for the blockchain technology ecosystem.  

Bitcoin Surges Past $126,000: Record-Breaking Rally Continues into October

by Jasmine Fosque

By Jasmine Fosque

Economic Intelligence, The Digital Chamber

Bitcoin has shattered previous records, surging above $126,000 as cryptocurrency markets experience a powerful October rally. The world’s leading digital asset has gained more than 10% over the past week, bringing its 2025 year-to-date performance to an impressive 34%. This milestone comes amid favorable seasonal trends and growing institutional adoption, with blockchain-based financial services companies also capturing significant analyst attention.

Market Performance Overview

According to CoinMarketCap data, Bitcoin reached a fresh all-time high of $126,198 on Monday, October 6, 2025, surpassing its previous mid-August peak near $124,500 (Investor’s Business Daily, 2025). The cryptocurrency cleared the psychologically significant $125,000 threshold over the weekend, triggering renewed momentum in the broader digital asset market.

Bitcoin Chart Container

The chart illustrates Bitcoin's remarkable recovery and expansion throughout 2025, with the current price representing a continuation of the bullish trend that began in early 2025. Key technical indicators suggest the cryptocurrency is trading well above its major moving averages, with Bitcoin positioned 17.8% above its 200-day simple moving average of $105,880 (Blockchain News, 2025).

Seasonal Momentum Factors

Historical data strongly supports the current rally. Joel Kruger, analyst at LMAX Group, noted that October has historically been one of Bitcoin's best-performing months, averaging a 22% gain since 2013 (Investor's Business Daily, 2025). Looking ahead, November has demonstrated even stronger seasonal patterns, with average returns of 46% during the month over the same historical period.

This seasonal strength, combined with current market dynamics, suggests the potential for continued upward momentum through year-end 2025.

Broader Cryptocurrency Market Performance

The rally extends beyond Bitcoin. Ethereum, the second-largest cryptocurrency by market capitalization, traded above $4,700 on Monday, marking a 12.8% weekly advance and bringing its 2025 gain to nearly 42% (Investor's Business Daily, 2025).

Key Market Metrics:

  • Bitcoin: $126,198 (+34% YTD)
  • Ethereum: $4,700+ (+42% YTD)
  • 24-hour trading volume: $1.85 billion
  • Relative Strength Index: 72.8 (overbought territory)

The cryptocurrency market is demonstrating robust growth in 2025, with both Bitcoin and Ethereum posting impressive year-to-date returns. Bitcoin has surged to $126,198, representing a substantial 34% gain since the beginning of the year. This performance solidifies Bitcoin's position as a leading asset class and reflects growing institutional adoption and favorable market conditions. The digital asset's climb above $126,000 marks a historic milestone, surpassing previous peak levels and establishing new territory for the world's most valuable cryptocurrency.

Ethereum Outpaces Bitcoin in Percentage Gains

Ethereum has demonstrated even stronger relative performance, trading above $4,700 with a remarkable 42% year-to-date increase. This 8-percentage-point advantage over Bitcoin suggests growing demand for Ethereum's smart contract capabilities and decentralized application ecosystem. The simultaneous strength in both major cryptocurrencies indicates broad-based market momentum rather than isolated speculation, as institutional investors and retail participants alike increase their exposure to digital assets. Ethereum's outperformance also reflects anticipation of continued network upgrades and expanding use cases in decentralized finance and tokenization applications.

Healthy Trading Volume Signals Active Market Participation

The 24-hour trading volume of $1.85 billion reflects sustained market activity and liquidity across cryptocurrency exchanges. This substantial volume indicates healthy price discovery mechanisms and sufficient depth for institutional-sized transactions. Active trading volumes are essential for market stability and provide confidence to larger investors seeking to enter or exit positions without significant price impact. The current volume levels suggest that the recent price advances are supported by genuine market interest rather than thin, illiquid trading conditions that could indicate artificial price movement.

Technical Indicators Show Overbought Conditions

While the fundamental and price momentum remains positive, technical analysis reveals caution signals. Bitcoin's Relative Strength Index (RSI) has reached 72.8, firmly in overbought territory above the traditional 70 threshold. This elevated RSI reading suggests the asset may be due for near-term consolidation or a technical pullback as traders take profits following the strong rally. However, it's important to note that during powerful bull markets, assets can remain in overbought conditions for extended periods. Investors should balance the positive momentum signals with awareness of potential short-term volatility as the market digests recent gains and establishes new support levels.

Crypto-Related Equities Rally

The Bitcoin surge has lifted cryptocurrency-related stocks across multiple sectors:

Exchanges:

  • Coinbase Global advanced 1.6%, approaching a cup base formation with a $444.64 buy point
  • Bullish (backed by Peter Thiel) gained 6.2%
  • Circle Internet Group rose 1.9%, trading above its 50-day moving average

Bitcoin Mining Stocks Surge on Cryptocurrency Rally

  • Hive Digital Technologies led gains with a 25% rally
  • Bitfarms advanced 15%
  • Iren surged more than 14%
  • Riot Platforms jumped 11%
  • Cipher Mining gained 4.4%

Strategy Companies:

  • Strategy swung 2.3% higher, rebounding above both 50-day and 200-day moving averages

Bitcoin mining companies experienced substantial gains on Monday, October 6, 2025, as the underlying cryptocurrency surged past $126,000 to establish a new all-time high. Hive Digital Technologies led the sector with an impressive 25% rally, demonstrating the leveraged nature of mining stocks to Bitcoin price movements. The company's outperformance reflects both operational efficiency and investor enthusiasm for firms positioned to capitalize on Bitcoin's record-breaking momentum. Bitfarms followed with a solid 15% advance, while Iren posted gains exceeding 14%, indicating broad-based strength across the mining sector rather than company-specific developments. These substantial single-day gains underscore the correlation between Bitcoin's price appreciation and mining company equity valuations, as higher cryptocurrency prices directly translate to improved mining economics and enhanced profitability prospects.

Sector-Wide Strength Reflects Improving Mining Economics

The rally extended beyond the top performers, with Riot Platforms jumping 11% and Cipher Mining gaining 4.4%, demonstrating that the positive sentiment permeated the entire mining sector. This coordinated advance suggests investors are recognizing the improving fundamental backdrop for mining operations, as Bitcoin's climb above $126,000 enhances revenue per coin mined while many companies have already locked in competitive energy costs and expanded their hash rate capacity. The performance spread, ranging from Hive Digital's 25% surge to Cipher Mining's more modest 4.4% gain, reflects varying investor assessments of each company's operational leverage, balance sheet strength, and growth trajectory. For mining companies that endured challenging market conditions during Bitcoin's previous consolidation phases, the current rally represents a validation of their survival strategies and positions them favorably for continued gains should Bitcoin maintain its upward momentum through the historically strong October-November seasonal period.

(Source: Investor's Business Daily, 2025)

Spotlight: Figure Technology Solutions Receives Strong Analyst Support

In a significant development for blockchain-based financial services, Figure Technology Solutions (NASDAQ: FIGR) received its first wave of analyst coverage following its mid-September IPO. The company, which offers traditional capital market solutions on blockchain infrastructure including home equity lines of credit, lending pools, and yield-bearing stablecoins, attracted predominantly bullish assessments.

Analyst Coverage Breakdown:

  • 7 firms initiated coverage
  • 6 buy/overweight ratings
  • 1 hold rating

Key Analyst Perspectives:

Needham (Buy rating, $51 price target): Identified Figure as a leader in digital lending blockchain, highlighting the scalability of its technology across consumer credit products beyond HELOCs. The firm expects continued expansion across stablecoins, crypto exchanges, and democratized prime services (Investor's Business Daily, 2025).

Keefe Bruyette (Outperform rating, $48.50 price target): Positioned Figure as a "relative winner in the emerging public blockchain category" through its tokenization of real-world assets, noting the company holds a 39% share of all tokenized real-world assets with "meaningful traction" in blockchain capital markets (Investor's Business Daily, 2025).

Bernstein (Outperform rating, $54 price target): Recognized Figure as the market leader in credit tokenization, commanding a 75% share of the tokenized private credit market (Investor's Business Daily, 2025).

Figure stock jumped 8.2% on Monday and has rebounded nearly 20% during October, following its September 11 debut at $25 per share.

Technical Analysis and Market Outlook

Current technical indicators present a nuanced picture. While Bitcoin's momentum remains strongly bullish, the Relative Strength Index at 72.8 indicates overbought conditions, suggesting potential near-term consolidation (Blockchain News, 2025). However, the MACD indicator remains constructively positive with a histogram reading of 1,289, indicating continued buyer momentum.

Critical Price Levels:

  • Immediate resistance: $125,708
  • Secondary target: $130,000 (psychological level)
  • Primary support: $123,986
  • Key support floor: $108,620
  • Deeper support: $107,255

A decisive break above $125,708 resistance could trigger additional buying interest toward $130,000, while failure to breach this level may prompt profit-taking among recent rally participants.

Investment Implications

The current market environment reflects several converging positive factors:

  1. Seasonal tailwinds: Historical October-November strength
  2. Technical momentum: Trading well above major moving averages
  3. Institutional adoption: Growing blockchain infrastructure investment
  4. Tokenization growth: Real-world asset digitization gaining traction
  5. Reduced volatility: Contained trading ranges suggest market confidence

However, investors should remain cognizant of overbought technical conditions and maintain appropriate risk management strategies, particularly monitoring key support levels for potential trend shifts.

What's Next?

Bitcoin's record-breaking surge above $126,000 represents more than a numerical milestone—it reflects the maturation of digital asset markets and growing integration of blockchain technology into traditional financial services. The strong analyst support for companies like Figure Technology Solutions demonstrates increasing institutional recognition of blockchain's transformative potential across lending, asset tokenization, and capital markets infrastructure.

As we progress through the historically strong October-November period, market participants will be watching closely to see whether Bitcoin can sustain momentum toward the psychologically significant $130,000 level while broader cryptocurrency adoption continues to accelerate.

Sources

Blockchain News. (2025, October 6). "Bitcoin Tests Key Resistance at $124,682 as RSI Signals Overbought Conditions." Retrieved from Blockchain News.

Investor's Business Daily. (2025, October 6). "Bitcoin Hits Record Above $126,000; Blockchain Lender Sees Bullish Coverage." By Harrison Miller.

CoinMarketCap. (2025). Bitcoin price data. Retrieved October 6, 2025. As cited in Investor's Business Daily, 2025)

TheFly.com. (2025). Analyst coverage data for Figure Technology Solutions. (As cited in Investor's Business Daily, 2025)

Bloomberg Intelligence.

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