Launchy Regulatory Roundup #54 - SEC Fast-Tracks Crypto ETF Listings

France May Block EU Crypto Passports Under MiCA

Marco Manoppo & Muhammad Reynaldi Ariananda Arkiang
September 21, 2025

📢 Sponsor | 💡 Telegram | 📰 Past Editions

Good Morning.

Welcome to our 54th edition of the regulatory roundup. If you know anybody who would benefit from this content, please help us spread the word!

In Today's Edition:

Headline: SEC Fast-Tracks Crypto ETF Listings 👀
Global Legal Roundup
Case Study: France May Block EU Crypto Passports Under MiCA 🇫🇷

You read and share. We listen and improve. Send us feedback at marco@launchy.app.

For daily market updates and airdrop alphas, check out our telegram!

TOGETHER WITH

$0G: The Token That Powers Decentralized AI

The upcoming $0G Token Generation Event is a defining moment for the project. It introduces the token that will fuel and govern the world’s first decentralized AI operating system.

The $0G token is more than a medium of exchange. It gives holders a voice in governance, ensuring they can help shape protocol upgrades and system design. It provides rewards for validators, storage providers, data availability nodes, and AI alignment operators who secure and scale the network.

It directs funding toward ecosystem growth, developer tools, liquidity programs, and cross-industry integrations. Most importantly, it aligns incentives to make sure AI outputs remain transparent, ethical, and verifiable.

To reinforce long-term commitment, allocations for founders and backers will remain locked for twelve months after the token event, with gradual vesting over the next three years.

The 0G token is the backbone of the ecosystem and the key to unlocking a future where AI is scalable, trustless, and community-driven.

HEADLINE

SEC Fast-Tracks Crypto ETF Listings

State of play: The SEC approved new listing standards on an accelerated basis, allowing exchanges like Nasdaq, NYSE Arca, and Cboe to list crypto exchange-traded products without the lengthy 19b-4 review process.

The move reduces approval timelines from up to 240 days to as little as 75 days, paving the way for a surge in crypto ETFs.
Analysts predict more than 100 launches within the next year, covering assets from Bitcoin and Ethereum to Solana and XRP.
Supporters say this marks a turning point for mainstream adoption, while critics warn the agency is sidestepping its duty to ensure investor protection.

What’s Next: Exchanges are expected to roll out dozens of crypto ETFs within weeks, with analysts projecting over 100 launches in the next year.

Why it Matters: This marks a major shift in crypto US regulation, streamlining access to crypto markets and bridging traditional finance with digital assets.

Our Take: The SEC’s fast-track approval ends years of delays and opens the door to mainstream adoption, but investor safeguards will be tested as products hit the market at speed.

GLOBAL LEGAL ROUNDUP

America:

🇺🇲 US and UK to deepen crypto collaboration.
🇺🇲 White House eyes other candidates for CFTC chair.
🇺🇲 NY regulator urges banks to adopt blockchain analytics.
🇺🇲 Coinbase urges DOJ to establish uniform crypto oversight.
🇺🇲 SEC & Gemini reach resolution over lawsuit involving Gemini Earn.
🇺🇲 Michael Saylor join lawmakers to advance strategic BTC reserve bill.
🇺🇲 Sen. Warren press for info into Trump admin's meetings with Binance.
🇺🇲 US Treasury Dept seeks public comment on GENIUS Act implementation.
🇺🇲 Binance in talks with DOJ over dropping independent compliance monitor.
🇺🇲 Democrats push for 'bipartisan authorship process' for crypto market structure bill.
🇨🇦 Canadian police seize $40M in crypto from TradeOgre.

Europe:

🇪🇺 EU finance ministers agree on path to limit digital euro holdings.
🇮🇹 Bank of Italy calls for tighter rules on global multi-issuance stablecoins.
🇬🇧 FCA proposes adapting rules to bring crypto firms under full UK oversight.
🇫🇷 France says it may block crypto companies licensed in other EU countries.

APAC:

🇦🇺 Australia eases licensing rules for stablecoin intermediaries.
🇵🇰 Pakistan's crypto regulator invites crypto firms to get licensed.

CASE STUDY

France May Block EU Crypto Passports Under MiCA

A visual summary of the PRC’s assessment of the MFSA by assessment area / Source: ESMA

Credits to Cointelegraph for the original article

State of play: France’s securities regulator, the AMF, warned it may block crypto firms from operating locally if they rely on licenses obtained in other EU countries under the MiCA framework.

The concern is that companies could exploit “weaker” jurisdictions with looser oversight, creating regulatory gaps across the bloc.
France has joined Austria and Italy in urging the European Securities and Markets Authority (ESMA) to directly supervise major crypto companies.
The countries also back stricter revisions to MiCA, including tighter rules on non-EU activities, stronger cybersecurity standards, and reviews of token offerings.
The move comes after ESMA criticized Malta’s crypto licensing regime for only partially meeting EU expectations.

Our Take: France’s warning underscores the tension between EU-wide harmonization and national regulators’ desire for stricter oversight. If countries start blocking MiCA passports, the promise of a unified crypto market could fracture.

Take a peek at our referral reward at the bottom of this issue. Share this newsletter and receive our comprehensive database of crypto regulations around the world👇

NOTEWORTHY READS & MEME

Daniel Barabander’s read on Hourglass Markets
Jake Chervinsky’s read on Policy is the New Edge
Nic Carter’s read on why he doesn’t support strategic Bitcoin reserve

My timeline right now
— dxrnelljcl (@dxrnelljcl)
7:34 AM • Sep 20, 2025

If you enjoy reading this issue, please consider subscribing. It takes 1 minute of your time but it would mean the world to us 🙇

Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.