The Daily: JPMorgan explores crypto loans, Musk’s SpaceX moves bitcoin, Senate pushes policy, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

JPMorgan explores crypto-backed loans

• JPMorgan Chase is exploring plans to lend against clients’ crypto holdings, including bitcoin and ether, the Financial Times reported, citing people familiar with the matter.
• The move, if finalized, could begin as early as next year — though the report notes the plans remain subject to change. JPMorgan has reportedly already taken steps to lend against holdings in crypto ETFs; lending against actual crypto assets would be a further step.
• The discussions reflect growing openness to digital assets among large U.S. banks, particularly under the Trump administration’s friendlier regulatory stance.
• JPMorgan CEO Jamie Dimon has also softened his position over time — from calling bitcoin a “fraud” in 2017 to recently saying he defends the right to buy it.

Senate Republicans unveil crypto market structure draft

• Sen. Tim Scott and Republican colleagues Cynthia Lummis, Bill Hagerty, and Bernie Moreno released a discussion draft of new crypto market legislation on Tuesday, aiming to build on the House-passed Digital Asset Market Clarity Act.
• The draft proposes tailoring SEC regulations specifically for digital assets and defining “ancillary assets” to clarify which tokens are not securities — a key concern for the industry. The bill also emphasizes the need for clear rules to keep innovation in the U.S. while protecting consumers.
• The Senate proposal follows last week’s bipartisan House vote (294–134) in favor of Clarity, which outlined responsibilities for both the SEC and CFTC. Senate Republicans have set a September 30 deadline to advance the broader framework.

Bitcoin and ETH ETF issuers file for in-kind redemptions

• Several crypto ETF issuers — including 21Shares, Fidelity, Franklin Templeton, Galaxy, VanEck, and WisdomTree — filed amendments Tuesday seeking in-kind creation and redemption mechanisms for their spot bitcoin and ethereum ETFs.
• The filings aim to bring crypto ETFs in line with traditional exchange-traded products and improve structural efficiency. Bloomberg’s James Seyffart called the development a positive sign of continued engagement with the SEC.
• In-kind redemptions, long requested by issuers, would allow authorized participants (not retail) to swap ETF shares for the underlying crypto assets. SEC Commissioner Hester Peirce recently said such mechanisms are “on the horizon.”

SpaceX moves $150 million in bitcoin

• Elon Musk’s SpaceX moved $150 million worth of bitcoin on Tuesday — its first known crypto transaction since June 2022, according to Arkham Intelligence.
• A SpaceX-linked wallet transferred 1,308 BTC to a new address, though the reason remains unclear — whether it was a sale, internal treasury shift, or something else. The company had previously made regular transfers to Coinbase in 2022.
• Following the latest move, Arkham estimates SpaceX holds 6,977 BTC, worth about $825 million. Combined with Tesla’s 11,509 BTC holdings, Musk’s companies reportedly control over $2 billion in bitcoin.

Telegram launches non-custodial crypto wallet in U.S.

• Messaging app Telegram has launched a new non-custodial crypto wallet in the U.S. via a partnership with MoonPay, allowing users to send, receive, and manage crypto directly within the app.
• The feature is built on The Open Platform (TOP), which runs on the TON blockchain, and requires no separate download. Telegram says the wallet will be instantly installed for U.S. users — mirroring the global rollout, which has already seen over 100 million activations.
• The Open Platform recently raised a $28.5 million Series A at a $1 billion valuation.

In the next 24 hours

• President Donald Trump is expected to unveil an AI action plan on Wednesday, reportedly alongside three executive orders — targeting political bias in AI, easing data center expansion, and promoting U.S. tech exports.

Never miss a beat with The Block’s daily digest of the most influential events happening across the digital asset ecosystem.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.