What Happened Last Week in Crypto (9/21-9/28) Franklin Templeton and BNB Partnership: Franklin Templeton and BNB Chain announced the integration of the BNB blockchain with the Benji Technology Platform. This integration strengthens Benji’s institutional tokenized capabilities and widens access for both retail and institutional investors. Australia Aims to Regulate Crypto Under Existing Laws: Australia’s Treasury recently released draft legislation requiring crypto exchanges and other digital asset platforms to obtain Australian Financial Services Licenses (AFSLs) under ASIC oversight, with strict fines for noncompliance. This reform is designed to bring greater legitimacy and structure to the industry, fostering crypto’s growth. (1) European Banks Look to Launch Euro Stablecoin: Nine major European banks including ING and UniCredit recently announced the formation of a new Amsterdam-based company to issue a euro-dominated stablecoin, targeting a launch in the second half of 2026. (2) Regulators Eye Crypto-Treasury Stock Surges: Financial regulators are probing unusual trading activity in more than 200 companies that announced crypto-treasury strategies, citing sharp stock gains and surging volumes before disclosures. The SEC has also warned firms about potential violations of Regulation Fair Disclosure, which bars selective sharing of material nonpublic information. (3) SEC & CFTC Crypto Roundtable: The SEC and CFTC will host a joint roundtable on September 29 with leaders from traditional exchanges like Intercontinental Exchange, CME, and Nasdaq alongside crypto platforms such as Kraken, Polymarket, and Kalshi. The discussion will focus on regulatory harmonization between traditional finance and digital assets, building on recent efforts to provide greater clarity for markets bridging the two. (4) Tether Eyes $500B Valuation: Tether is reportedly exploring a fundraising round of $15–20 billion that could value the company at $500 billion, though discussions remain preliminary. The stablecoin giant posted $5.7 billion in year-to-date profits and continues to dominate the market with USDt’s $172.8 billion market cap and 56% share. (5) *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: “Australia Targets Rogue Crypto Exchanges with 10% Fines” Cryptopolitan. September 25, 2025. 2. Source: “European Banks to Launch Euro Stablecoin in Bid to Counter US Dominance” Reuters. September 25, 2025. 3. Source: “Unusual Trading Ahead of Crypto-Treasury Deals Draws Scrutiny From U.S Regulators” The Wall Street Journal. September 25, 2025. 4. Source: “SEC reveals agenda for joint roundtable with CFTC, featuring exchange giants and crypto leaders” Crypto Briefing. September 24, 2025. 5. Source: “Tether Explores $20 Billion Fundraising Round at $500 Billion Valuation” Coin Central. September 24, 2025.