Here’s what happened in crypto today

In a significant development for the global cryptocurrency landscape, Polish lawmakers have failed to overturn President Karol Nawrocki’s veto of crucial crypto legislation, a decision underscored by an expanding investigation into the collapsed cryptocurrency exchange Zondacrypto. This legislative setback in Poland occurs concurrently with a notable shift in the United States, where the National Sheriffs’ Association has withdrawn its opposition to the CLARITY Act, a key piece of crypto market structure legislation poised for a pivotal Senate vote. Meanwhile, the International Monetary Fund (IMF) has provided clarity on El Salvador’s Bitcoin accumulation strategy, stating that no public funds were utilized for post-review Bitcoin purchases and that majority control of the nation’s Chivo wallet has been transferred to a private operator.

Poland’s Legislative Gridlock and the Zondacrypto Shadow

The Polish Sejm, the lower house of parliament, voted 241-198 to override President Karol Nawrocki’s veto of a proposed crypto bill intended to bolster oversight of the nation’s burgeoning digital asset market. However, this vote fell short of the required three-fifths majority, by a margin of 25 votes, effectively upholding the President’s veto. This legislative stalemate unfolds against the backdrop of an intensifying investigation into the insolvency of the cryptocurrency exchange Zondacrypto. Prime Minister Donald Tusk has publicly referenced witness testimonies that allege payments and attempts to exert influence on politicians, reportedly linked to the previous Polish government.

The Zondacrypto scandal has taken a serious turn with the bankruptcy declaration of its Estonian operator, BB Trade Estonia, in August. Polish prosecutors are actively pursuing investigations into suspected fraud and money laundering activities connected to the exchange. The failure of the Sejm to override the presidential veto means that the proposed regulatory framework, aimed at providing greater clarity and security for investors and the broader financial system, will not be enacted at this time. This leaves Poland in a position where its digital asset market operates without the strengthened oversight that the legislation intended to introduce, potentially creating a more uncertain environment for both domestic and international participants. The continued expansion of the Zondacrypto investigation suggests that further revelations could emerge, potentially impacting regulatory sentiment and public trust in the crypto sector within Poland.

US Law Enforcement Softens Stance on CLARITY Act

In a significant concession that could pave the way for the CLARITY Act’s passage in the U.S. Senate, the National Sheriffs’ Association has announced it is dropping its previous opposition to the legislation. The association, a key voice for law enforcement agencies across the country, has moved its stance to "neutral" in a letter addressed to Senate leaders. This change of position is attributed to ongoing efforts by Congress, the Trump administration, and other stakeholders to address and mitigate the legal and enforcement concerns previously raised by the organization. The association has indicated its intention to "step back" and allow lawmakers to proceed with establishing a comprehensive regulatory framework for digital assets.

This development marks a substantial departure from the sheriffs’ prior position. Previously, the association had expressed strong reservations, warning that certain provisions within the CLARITY Act, particularly those exempting some cryptocurrency mixers from registration requirements, could impede law enforcement’s ability to trace illicit transactions and recover stolen funds. In July, a sheriff publicly criticized the legislation, asserting that it appeared to prioritize the interests of the crypto industry over those of the public. The CLARITY Act, which passed the House of Representatives in July 2025, has encountered a series of disputes regarding various aspects, including stablecoin rewards, tokenized equities, and potential conflicts involving the family of former President Trump. Despite these hurdles, Senate Majority Leader John Thune filed for a cloture vote on September 15, signaling a renewed push for its consideration. The potential passage of the CLARITY Act represents a critical step towards defining the regulatory landscape for digital assets in the United States, a move that could provide much-needed clarity for businesses and investors alike. Concurrently, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have indicated their readiness to implement parts of cryptocurrency regulation independently, even if congressional action on broader legislation falters.

IMF Confirms El Salvador’s Bitcoin Accumulation Utilized Private Funds

The International Monetary Fund (IMF) has officially stated that El Salvador did not utilize any public resources for its Bitcoin accumulation activities following the first review of its financing program in June 2025. In a statement released on Thursday, the IMF confirmed that documentation provided by Salvadoran authorities verified that the increased Bitcoin holdings were sourced from private donations. Consequently, the IMF’s assessment indicates that the growth in El Salvador’s Bitcoin reserves did not represent additional purchases financed by government funds.

Furthermore, the IMF disclosed that majority ownership and operational control of the Chivo wallet, the nation’s official cryptocurrency wallet, have been transferred to a private operator. While the government retains a minority stake and custodial responsibilities, the shift signifies a move towards private sector management of this critical digital asset infrastructure. The IMF also anticipates no further accumulation of Bitcoin beyond the already documented donations. This clarification from the IMF addresses lingering questions that arose after El Salvador announced in November 2025 its acquisition of 1,090 BTC, valued at $100 million. At the time, this announcement had renewed concerns regarding the country’s compliance with its $1.4 billion IMF program, particularly in light of previous commitments to avoid using public funds for such acquisitions. The IMF’s detailed explanation provides a clearer picture of El Salvador’s Bitcoin strategy, confirming that its post-review accumulation was not a burden on public finances and that operational control of a key digital asset service has been privatized.