Appold Market Watch - Week ending 19 September 2025
Market Update & Industry News - Week ending 19 September 2025
🔷 The London Stock Exchange Group has launched a blockchain-based platform, Digital Markets Infrastructure (DMI), for private funds. Developed with Microsoft on Azure, it supports the lifecycle of digital assets. The platform aims to integrate distributed ledger technology with traditional financial systems, enhancing investor access and liquidity.
Appold View: Another day, another institution doubling down on blockchain. LSEG’s new platform starts with private funds but aims to transform the entire asset lifecycle through tokenisation. Microsoft’s role may be unclear, yet its involvement and attempted media buzz show how powerful it has become for big names to align with this shift.
🔷 The UK's Financial Conduct Authority (FCA) has proposed new standards for digital asset firms, aiming to align these with traditional financial regulations. The proposals include operational resilience and crime prevention measures. The consultation also seeks input on applying Consumer Duty rules and handling complaints.
Appold View: Whilst still in consultation, these changes will significantly change the obligations mandated on digital asset firms. Once in place, operational resilience and crime prevention will need to be at the forefront of each company's mind. If done correctly, these proposals will help bring professionalism and security to the digital asset landscape.
🔷 The U.S. Securities and Exchange Commission (SEC) has approved Grayscale’s Digital Large Cap Fund, marking the first U.S. multi-asset exchange-traded product (ETP) offering exposure to Bitcoin, Ether, XRP, Solana, and Cardano. This approval uses new generic listing standards to expedite processing. Grayscale aims for swift market introduction.
Appold View: The real story is Grayscale’s asset selection. By launching a multi-asset product, crypto’s equivalent of an index fund, its choice of five tokens signals what it sees as core to a multi-chain future. Just as companies prize inclusion in the S&P 500, being part of such products could become equally significant.
🔷 A new super PAC, the Fellowship PAC, has been launched by digital asset companies with over $100 million to support pro-industry candidates, particularly aligning with the Republican Party and President Trump. The initiative, expected to include backers like Tether.io, aims to shape legislative agendas in Washington.
Appold View: Super PACs are permitted to spend unlimited amounts of money from companies to support or oppose political candidates. In many ways, they are a key part of American politics and often have significant influence. Through Tether and other unannounced backers, Digital Asset companies can expect to have greater leverage on the direction of policy.
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