Yeliz Akmaca 
The crypto market witnessed three major developments on July 23. Goldman Sachs and BNY Mellon are preparing to launch tokenized money market funds for institutional investors. On the same day, the U.S. Securities and Exchange Commission (SEC) approved Bitwise’s ETF conversion proposal but immediately suspended the process. Additionally, the FBI closed its investigation into Kraken co-founder Jesse Powell.
Goldman Sachs and BNY’s Tokenized Fund Move
Goldman Sachs and BNY Mellon are expanding blockchain-based investment products for institutional clients. Through the new initiative, investors will have direct access to money market funds stored on Goldman Sachs’ private blockchain, offering advantages such as 24/7 access and real-time payments.
With this step, BNY aims to play a key role in transitioning to digital financial infrastructure. BNY executive Laide Majiyagbe emphasized the evolution of finance toward digital and real-time structures.
This innovation follows the recent approval in the U.S. House of Representatives of the GENIUS Act, which bans interest-bearing stablecoins. Major fund managers like BlackRock, Fidelity Investments, and Federated Hermes support the initiative.
SEC Suspends Bitwise ETF Approval
After approving the conversion of the Bitwise 10 Crypto Index into an ETF, the SEC halted the process on the same day. The Tuesday decision initially granted temporary approval, but a letter issued that day suspended the action.
SEC assistant secretary Sherry Haywood said the agency will “review the delegated action.” This move resembles the Grayscale ETF case, which was similarly approved and then paused on July 1.
Nate Geraci, president of NovaDius Wealth Management, called the decision “bizarre.” Bloomberg analyst Eric Balchunas said the SEC has yet to establish a clear listing standard for crypto ETFs.
FBI Closes Jesse Powell Investigation
The FBI has concluded its investigation into Kraken co-founder Jesse Powell. Digital devices seized during a 2023 search of Powell’s home have been returned.
The investigation stemmed from hacking and cyber harassment allegations against Powell involving the Verge Center for the Arts, a nonprofit he founded in 2008. The FBI’s closure of the case ends another tense chapter in the crypto space. Powell had denied the claims from the beginning and launched a legal battle against the Verge board.
Meanwhile, Tether is working on local strategies for the U.S. market following a White House meeting. Treasury Secretary Bessent raised the possibility of 1–2 interest rate cuts this year.
In conclusion, institutional adoption, regulatory uncertainty, and market-moving news point to a dynamic week for crypto investors.
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