The Daily: Trump-backed World Liberty Financial to launch debit card, White House targets year-end passage of crypto market structure bill, and more

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

Happy Tuesday! Macro eyes are now turning to Friday's core PCE print, where a tame reading would hand Fed Chair Jerome Powell cover to lean dovish, fueling hopes of deeper liquidity and fresh risk-on flows into Q4, according to analysts .

In today's newsletter, World Liberty Financial is set to launch its own debit card, the White House eyes a sweeping crypto market structure bill by year-end, SEC Chair Paul Atkins pushes an "innovation exemption" to fast-track crypto products, and more.

Meanwhile, perps DEX Aster squares up against Hyperliquid following CZ's endorsement.

Let's get started!

P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe !

World Liberty Financial to launch debit card 'very soon,' co-founder Zak Folkman says

World Liberty Financial plans to roll out its own debit card "very soon," with Apple Pay integration linked to its USD1 stablecoin, the project's co-founder, Zak Folkman, said during a fireside discussion at Korea Blockchain Week.

• The project, launched a year ago with backing from Trump family members, will pair the debit card with a new retail app Folkman described as "Venmo meets Robinhood," blending peer-to-peer payments with trading features.
• However, Folkman said the DeFi project will "never" launch its own blockchain, stressing its chain-agnostic approach as core to its stablecoin strategy.
• World Liberty Financial's token, WLFI, has fallen 37% since its Sept. 1 trading debut. Folkman said short-term volatility is expected, but positioned WLFI's long-term value on product development and stablecoin adoption.
• "We're not in this to run a sprint, this truly is a marathon," he added. "World Liberty Financial is not thinking in terms of months or even years. We're thinking in terms of decades and how we can build products that have staying power."

White House eyes year-end finish line for crypto market structure bill

Patrick Witt, the executive director of the White House Council of Advisors on Digital Assets, said he expects a sweeping crypto market structure bill to pass before the end of 2025 .

• The final bill may combine several proposals, including the House-passed Clarity Act and the Senate-drafted Responsible Financial Innovation Act, to create a full digital asset framework.
• Witt said the administration is working with both chambers to get the legislation onto President Trump's desk and set clear CFTC and SEC jurisdiction as soon as possible.
• Witt added that the U.S. is "open for business" and is moving full speed to bring crypto companies back onshore after years of regulatory flight.

SEC Chair Atkins pushes 'innovation exemption' to fast-track crypto products

SEC Chair Paul Atkins said in an interview with Fox Business that he aims to have an "innovation exemption" in place by year's end to fast-track bringing onchain products and services to market .

• Atkins has pushed the initiative since June as part of his broader "Project Crypto" effort to modernize securities rules for digital assets and is now accelerating the plans.
• He added that the SEC is coordinating closely with the CFTC. Both regulators are set to host a roundtable next week on novel crypto products amid unconfirmed rumors of a merger between the agencies.
• Atkins also voiced support for Congress' pending crypto market structure bill, which he expects to complement the SEC's regulatory push.

Bubblemaps to airdrop 30 million BMT tokens to users uncovering crypto scams

Onchain analytics platform Bubblemaps has launched Intel Desk, a platform that rewards users with BMT tokens for uncovering scams , suspicious activity, and "shady" insider behavior.

• About 30 million BMT — 3% of the token's supply, worth nearly $2 million — will be distributed through seasonal airdrops in the first year, Bubblemaps founder and CEO Nicolas Vaiman said.
• Intel Desk indexes X threads into permanent cases, creating a community-driven intelligence marketplace with rewards funded by both Bubblemaps' treasury and platform fees.
• Vaiman said the goal is to break the cycle of repeat bad actors by giving crypto sleuths the reputation, traceability, and incentives needed to surface red flags early.

Crypto millionaire count surges 40% to nearly 250,000 amid 'historic' bitcoin wealth boom

A new study from Henley & Partners estimates crypto's rich list has swelled to 36 billionaires and 241,700 millionaires globally , marking a 40% surge year-over-year.

• Bitcoin holders account for 60% of the world's crypto millionaires, fueling what the report describes as a "historic" wealth boom as global adoption climbs to an estimated 590 million people — 7.4% of the approximate 8 billion global population.
• Singapore, Hong Kong, and the U.S. top the study's global Crypto Adoption Index, which highlights adoption, innovation, infrastructure, tax, and regulatory factors that drive growth.

In the next 24 hours

• U.S. mortgage data are out at 7 a.m. ET on Wednesday.
• U.S. FOMC member Mary Daly will speak at 4:10 p.m.
• Korea Blockchain Week continues in Seoul. Wyoming Blockchain Stampede continues in Laramie.

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