SEC Pushes Crypto Custody Rules to White House; Bernstein Eyes $125K Bitcoin

The US Securities and Exchange Commission has advanced its long-awaited crypto custody overhaul to the White House for review, signaling a formal pivot toward rulemaking under Chair Paul Atkins. The proposal reached the Office of Management and Budget's regulatory review arm on Aug. 25 and could reshape how investment advisers and funds custody digital assets for clients under the Investment Advisers Act and Investment Company Act. While the text remains unpublished and OMB can request changes before returning it to the SEC for a commissioner vote and public comment period, the move reflects the Trump administration's push for a digital asset agenda even as the CLARITY market structure bill remains stalled in the Senate ahead of a potential September cloture vote.

Wall Street research firm Bernstein is betting on a major Bitcoin rebound, forecasting that BTC will reclaim $125,000 by late 2026 under both its base and bull cases. According to a Wednesday research report, Bitcoin gained 28% over the prior 10 days after falling roughly 50% from its October 2025 peak — a recovery the analysts interpret as a potential end to the current bear cycle. Bernstein attributed the relatively shallow drawdown to a structural shift in the market, with institutional and corporate buyers providing stronger downside support compared to the 75%–90% declines seen in previous cycles.

Meanwhile, fintech giant Revolut has begun rolling out EURR, its first euro-pegged stablecoin, to selected customers across Denmark, Poland, and Portugal. The launch marks Revolut's expansion beyond its existing crypto brokerage and payments products and adds another euro-denominated option to an increasingly competitive stablecoin market currently dominated by USDT and USDC. The rollout positions Revolut to tap growing demand for euro-denominated onchain settlement as MiCA-compliant stablecoins gain traction across the European Union.