Crypto Currents: U.S. eyes on-chain GDP data, Google plans layer-1 blockchain

Major policy and regulatory developments are taking center stage, signaling a new phase of government engagement with digital assets. The U.S. government announced plans to publish key economic data on the blockchain, while a massive coalition of crypto firms is lobbying the Senate for new legislation. Meanwhile, tech giants and public companies continue to push deeper into the space. Stay up on the crypto news that matters with “Crypto Currents,” daily from The Fly. Join us 2 PM daily for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio. Also, subscribe to our YouTube channel for the Crypto Fly By weekly recap.

POLICY AND REGULATION

U.S. TO PUBLISH ECONOMIC DATA ON-CHAIN: The U.S. government plans to publish official economic statistics on the blockchain, starting with GDP data. Commerce Secretary Howard Lutnick announced the initiative is designed to enhance transparency and prevent data tampering. The move is part of a broader push within the Trump administration to integrate blockchain into government operations and follows the passage of the Deploying American Blockchains Act of 2025 in the House.

CRYPTO INDUSTRY LOBBIES SENATE FOR DEVELOPER PROTECTIONS: A coalition of 112 crypto companies, including Coinbase (COIN) and Ripple, sent a letter to the Senate urging lawmakers to include protections for software developers in upcoming market structure legislation. The group is pushing to ensure developers are not misclassified as financial intermediaries. Senator Cynthia Lummis said she expects a bill to reach President Trump’s desk before year-end.

INSTITUATIONAL ADOPTION

GOOGLE ENTERS BLOCKCHAIN RACE: Google (GOOGL) is advancing plans to launch its own layer-one blockchain designed as neutral infrastructure for global finance. In a post on Tuesday, Google’s head of Web3 strategy, Rich Widmann, offered new details on the project, known as the Google Cloud Universal Ledger, or GCUL. He positioned the platform as a “credibly neutral, high-performance blockchain designed for institutions.” The project is being developed in partnership with CME Group (CME), which has already completed initial integration and testing. A full launch is expected in 2026. Google’s approach contrasts with competing projects from other fintech giants, such as Stripe’s “Tempo” and Circle’s (CRCL) “Arc.”

CORPORATE CRYPTO TREASURIES EXPAND

METAPLANET TO BUY $835M IN BITCOIN: Japanese investment firm Metaplanet (MTPLF) approved a plan to raise $880M by issuing new shares through an overseas placement to institutional investors. The company is earmarking $835M for bitcoin (BTC-USD) purchases, which will add to its current treasury of nearly 19,000 BTC.

MARKET MOVERS & VOLATILITY

WHALES ROTATE $456M INTO ETHER: Crypto whales purchased $456M worth of ether in what analysts call a “natural rotation” from bitcoin. The move suggests investors are looking for upside potential in altcoins.

REX SHARES FILES FOR BNB-STAKING ETF: REX Shares and Osprey Funds filed with the SEC for what could be the first spot BNB (BNB-USD) ETF in the U.S. The proposed fund would offer investors direct exposure to the price of BNB and include a staking component to potentially enhance yield. According to Bloomberg ETF analyst James Seyffart, the fund could go live as early as November 9.

OTHER CRYPTO NEWS

HEMI LABS RAISES $15M: Hemi Labs, a bitcoin programmability network, raised $15M in a funding round that included YZi Labs and Crypto.com. The funds will be used to build out tools for bringing DeFi applications to the bitcoin network.

SWARM NETWORK RAISES $13M FOR DECENTRALIZED AI: Decentralized AI protocol Swarm Network raised $13M to build an AI verification protocol. The funding includes $10M from the sale of NFT-based agent licenses and a $3M strategic investment from firms including Sui (SUI-USD).

SYMBIOTIC LAUNCHES EXTERNAL REWARDS: Universal staking protocol Symbiotic has launched “External Rewards,” a new feature that allows networks to offer their own native tokens as incentives to stakers. Interoperability protocol Hyperlane is already using the feature to reward stakers with its HYPER token.

PLAY SOLANA TO SHIP GAMING HANDHELD IN OCTOBER: Play Solana announced it will begin shipping its handheld Web3 gaming console, the PSG1, on October 6. The device is part of the Solana (SOL-USD) ecosystem’s broader push into physical hardware, following the launch of its Saga and Seeker smartphones.

NOVA WALLET LAUNCHES ESPORTS GAME: Nova Wallet is launching its free-to-play prediction game, “Nova Shots,” at the eSports event BLAST.tv Open London 2025. The event features 16 of the world’s best Counter-Strike 2 teams competing over the span of two weeks. The game, built on Polkadot (DOT-USD), allows fans to interact with the live matches and compete for a $25K prize pool, with no crypto purchase required.

PRICE ACTION: As of this writing, bitcoin (BTC-USD) was trading around $111,996.04, while ethereum (ETH-USD) was trading near $4,639.35.