The Essentials!:

⚖️ Sam Bankman-Fried files motion for new FTX trial.

• Sam Bankman-Fried filed a pro se motion in Manhattan federal court seeking a new trial on his 2023 FTX fraud conviction. The former FTX CEO, serving 25 years, alleges prosecutorial misconduct and new evidence. The motion was submitted with support from his mother, Stanford law professor Barbara Fried.
• He argues FTX was solvent but faced a liquidity crisis, citing undisclosed DOJ evidence and absent testimony from former executives. The filing challenges the original fraud and conspiracy verdicts. Under federal rules, retrial requests based on new evidence must be within three years of conviction.
• The court will determine if the claims meet the threshold for retrial eligibility. This motion follows prior appeals and a declined pardon by former President Trump, highlighting ongoing legal uncertainties in high-profile crypto fraud cases.

🇪🇺 EU drafts full crypto ban targeting Russia rails.

• The EU is finalizing its 20th sanctions package to ban all cryptocurrency transactions with Russia, targeting Russia-linked crypto channels and banks. This includes 20 Russian regional banks and foreign banks in Kyrgyzstan, Laos, and Tajikistan, barring them from EU transactions upon approval. The package aims to close loopholes exploited by Russia to circumvent existing sanctions via crypto assets and stablecoins like A7A5.
• The sanctions target Russia-linked crypto service providers and platforms, including the A7 payments platform and its ruble-pegged stablecoin A7A5, which grew rapidly despite prior sanctions. The EU prohibits engagement with any crypto asset service provider established in Russia to ensure sanctions' effectiveness. However, some operators deny allegations of sanctions evasion, calling claims politicized and unsupported.
• Analysts question the enforceability of the EU’s crypto ban due to decentralized liquidity and onchain swaps bypassing centralized compliance. Blockchain analytics suggest possible wash trading inflating A7A5 volumes, complicating tracing. Russia is advancing legislation to freeze and confiscate digital assets, while the EU faces challenges in fully restricting crypto flows without disrupting legitimate markets.

💰 BlackRock lists $2.2B tokenized Treasury on Uniswap.

• BlackRock has listed shares of its $2.2B tokenized U.S. Treasury fund, BUIDL, on the decentralized exchange Uniswap, entering DeFi.
• The move includes a strategic investment in Uniswap and purchase of its UNI token, which surged 25% following the announcement.
• Trading on UniswapX enables qualified investors to swap BUIDL 24/7 with compliance managed by Securitize, enhancing DeFi's integration with tokenized assets.

🔗 Robinhood launches Ethereum Layer 2 testnet on Arbitrum.

• Robinhood launched the public testnet for Robinhood Chain, an Ethereum Layer 2 built on Arbitrum, targeting tokenized real-world assets.
• The testnet offers developers access to network endpoints, documentation, and Ethereum-compatible tools, with Stock Tokens for testing planned.
• Designed for 24/7 trading and scalability, the chain supports tokenized assets, lending, and perpetual futures, enhancing DeFi infrastructure.

📊 Ethereum whales aggressively accumulate below $2,000.

• Ethereum whales have aggressively accumulated ETH below $2,000, with large holders increasing positions since July 2025 despite price declines. Bitmine Immersion Technologies notably added 40,600 ETH, holding 4.3M tokens and staking 68% of them, reflecting strong institutional interest. Market sentiment remains bearish with technical indicators weak, but sustained whale buying and ETF inflows suggest potential for a significant rebound.

🏦 El Salvador’s Bukele approval hits 91.9% despite Bitcoin doubts.

• El Salvador’s President Bukele maintains a record 91.9% approval rating despite limited Bitcoin adoption.
• The high approval supports ongoing economic reforms, though Bitcoin's integration shows tepid public uptake.
• Regulatory uncertainties and Bitcoin skepticism contrast with Bukele’s popularity and El Salvador’s unique crypto stance.