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What Happened Last Week in Crypto (9/14-9/21) U.S. SEC Eases Spot ETF Rules: The U.S. Securities and Exchange Commission approved new listing rules that simplify the path for spot crypto ETFs. Exchanges like NYSE, Nasdaq, and Cboe can now use standardized listing procedures rather than treating each ETF application as a special case. This change could dramatically reduce approval times—from roughly 240 days to as few as 75. (1) Fed Rate Cut Sparks Crypto Volatility: The Federal Reserve cut interest rates by 25 basis points, lowering the upper bound to 4.25%. While positioned as a “risk-management” move, the decision triggered volatility in crypto markets. Bitcoin briefly rallied toward $117K, but excessive leverage in derivatives markets led to sharp liquidations, dragging major coins lower mid-week. New ETF Approvals Expand Market Scope: In tandem with the rule change, the SEC approved several new crypto ETFs. Notably, a Dogecoin ETF and other crypto funds were green-lit. This signals a broader regulatory acceptance beyond Bitcoin and Ethereum, potentially paving the way for dozens of new products. Franklin Templeton, Ripple & DBS Partner on Tokenized Finance: Franklin Templeton, Ripple, and DBS signed a memorandum of understanding to develop trading and lending solutions powered by tokenized money market funds and stablecoins. The partnership aims to bridge traditional finance and blockchain infrastructure. AVAX DAT Launches with $550M Backing: Avax One, backed by Anthony Scaramucci and Hivemind Capital, launched with approximately $550 million to acquire AVAX tokens and tokenize traditional assets on Avalanche. The initiative is positioned as a crypto treasury vehicle, supporting liquidity and growth across the Avalanche ecosystem. (2) PayPal Expands Crypto P2P Payments: PayPal introduced peer-to-peer payments in Bitcoin and Ethereum. Users will soon be able to send BTC and ETH directly within the app, marking a major step in PayPal’s digital asset strategy and expanding mainstream access to crypto transactions. (3) *The above referenced discussions are noteworthy activities that happened during the week in crypto markets. Discussions should not be regarded as any type of trading recommendation, or as a signal about any past, current or future trading activity in any fund or strategy, by Franklin Templeton and its affiliates. 1. Source: “SEC paves way for crypto spot ETFs with new listing rules.” CNBC. September 17, 2025. 2. Source: “Anthony Scaramucci backs AVAX treasury aiming to raise $550 million.” The Block. September 22, 2025. 3. Source: “PayPal Adding Crypto to Peer-to-Peer Payments, Allowing Direct Transfer of BTC, ETH, Others.” CoinDesk. September 15, 2025.

Congratulations to Sandy Kaul, Head of Innovation at @FTI_Global, recognized as Pension & Investments 2025 Most Influential Women in Institutional Investing! Her dedication to innovation and leadership continues to drive our company, and industry, forward, leading the way to a new financial infrastructure. @pensionsnews @asset_mgmt To view a complete list of winners, visit . For award methodology and criterion, visit