Today in crypto, Google Play unveils new rules for wallet providers but exempts non-custodial wallets; Standard Chartered forecasts Ether to hit $7,500 in 2025 on record ETF and treasury demand, stablecoin growth, and network upgrades; and US banking groups push to close a GENIUS Act “loophole.”
Google Play sets new licensing rules on crypto wallet developers
Google Play will require crypto wallet providers in over 15 jurisdictions, including the United States and the European Union, to get licenses and comply with “industry standards” under an updated policy. The revision does not affect non-custodial wallets.
According to Google Play’s policy notice, the changes take effect Oct. 29. Developers in the US will need to register with local regulators as either a money services business or money transmitter, while those in the EU must register as a crypto-asset service provider (CASP).
In the US, companies registered with the Financial Crimes Enforcement Network (FinCEN) as money services businesses must meet specific requirements, including implementing a written Anti-Money Laundering program. This could lead to broader adoption of Know Your Customer checks and other measures.
Google addressed concerns over the policy impact on X following backlash from the crypto community, stating: “Non-custodial wallets are not in scope of Google Play’s Cryptocurrency Exchanges and Software Wallets Policy. We are updating the Help Center to make this clear.”
Ether climbs toward new highs as Standard Chartered ups target to $7,500
Standard Chartered has raised its Ether price forecast for 2025 to $7,500, up from a previous $4,000 target, citing a surge in institutional buying and the accelerating adoption of stablecoins following recent US regulatory changes.
In a report shared with Cointelegraph, the bank said Ether (ETH) treasury companies and exchange-traded funds (ETFs) have acquired 3.8% of all ETH in circulation since early June, almost double the fastest rate of Bitcoin accumulation by similar entities during the 2024 US election cycle.
“A lot has changed since our last ETH forecast update in March,” Standard Chartered wrote. “The first strongly positive sign was significant industry engagement from the Ethereum Foundation and Etherialize, two of the organisations behind the Ethereum ecosystem,” it added.
The British bank also noted plans by Vitalik Buterin to boost Ethereum’s layer-1 throughput by 10x, enabling more high-value transactions to settle onchain while delegating smaller transfers to layer-2 networks such as Arbitrum and Base.
Standard Chartered cited the passage of the GENIUS Act in July as another major catalyst. The legislation provides a clear framework for stablecoins, paving the way for mainstream adoption. The bank noted that stablecoins account for 40% of all blockchain fees, with over half issued on Ethereum.
US bank groups want to close GENIUS Act stablecoin yield “loophole”
US banking groups led by the Bank Policy Institute (BPI) urged Congress on Tuesday to close what they claimed was a loophole that could indirectly allow stablecoin issuers to pay yields on stablecoins through affiliates.
New stablecoin laws under the GENIUS Act prohibit stablecoin issuers from offering yield to tokenholders, but don’t explicitly ban crypto exchanges or affiliated businesses from doing so, enabling issuers to sidestep the law by offering yields through those partners, they said.
The groups said that a failure to close the so-called loophole could disrupt the flow of credit to US businesses and families, potentially triggering $6.6 trillion in deposit outflows from the traditional banking system.
The banking groups are seemingly concerned that yield-bearing stablecoins could undermine banks’ ability to attract deposits with high-interest savings products in order to back the loans they make.
Offering yield is one of the biggest marketing pulls that stablecoin issuers have to attract users. Some stablecoins, such as USDC (USDC) offered by Circle, reward those holding it on crypto exchanges such as Kraken and Coinbase.