September was rich in new trends across the board in the crypto industry. First came the long-awaited next stage in Ethereum’s evolution, “The Merge”, which enabled the network to switch to the proof-of-stake (PoS) model of operation. The update is expected to improve Ethereum’s security and scalability.

The month also brought a surge of interest in open finance, as 13 fintech companies across the UK and EU came together to form an association dedicated to promoting the ecosystem.

Along the way, major retail players signalled their intent to enter the metaverse. Walmart partnered with Roblox to launch two projects in this field, pointing to virtual products and experiences as a meaningful business line for retailers.

Cheers To The Unity And Strength Of Open Finance

13 fintechs in the U.K. and E.U., including Yapily, Worldpay, TrueLayer, Worldline, GoCardless, and finAPI, have joined forces as the Open Finance Association (OFA) to develop and promote an open finance ecosystem. OFA aims to enable easy access to consumers’ and businesses’ financial data through API technology. Additionally, it aims to develop an instant payment method based on open payments. According to Nilixa Devlukia, OFA Chairman, it’s an excellent time for regulators, policymakers, and the industry to come together and make open finance a reality.

The Heat Is Going From Bad To Worse

Vermont Department of Financial Regulation stated that crypto lender Celsius Network that went bankrupt earlier this year resembled a Ponzi scheme at a time amid the ongoing bankruptcy proceedings. According to the new filing, at least at some point in time, Celsius used the assets of new investors to pay yields to existing investors. It also showed that the crypto lender could not repay investors as far back as July 2021. Furthermore, regulators alleged Celsius manipulated the price of its CEL token and increased its holding to boost its balance sheet.

An “Overstep” Into The Crypto Space

Coinbase, the largest crypto exchange in the U.S., is funding a lawsuit against the Treasury Department challenging its decision to ban Tornado Cash program. According to the case before the U.S. district court in Texas, six users of Tornado Cash, Coinbase employees among them, accused the treasury of violating constitutional rights to free speech and overstepping its authority in sanctioning the cryptocurrency mixer. Tornado Cash is a decentralised application used to conceal the origin or destination of cryptocurrency to increase anonymity. Notably, the same program has been linked to enabling North Korean hackers and other illicit actors to launder stolen crypto to fund North Korea’s nuclear program.

Walmart Immersing Into The Metaverse

Walmart announced its bold step to enter the developing metaverse sector with two projects, i.e., Walmart Land and Walmart’s Universe of Play, on an online gaming platform Roblox. The move by the retail giant targets the next generation of customers. It aims to offer a music festival with popular artists, various games, digital fashion, augmented reality furniture features, and a virtual toy destination. Walmart has also identified virtual products that customers use in the metaverse as big business for retailers.

A Strict Oversight By The Consumer Watchdog

The relatively new payment model in the market, “Buy Now Pay Later” (BNPL), has gained a considerable customer base in recent years. However, the U.S. Consumer Financial Protection Bureau (CFPB) issued a report on September 15th, 2022, suggesting that BNPL companies and their products must be subject to stricter oversight. It plans to give guidance to oversee BNPL vendors and subject them to the appropriate examination, just like regular credit card firms. The report further indicated that the BNPL products could pose risks to consumers. Among the key concerns, the agency highlighted a lack of standardised disclosures and customer data collection across companies.

Goodbye Miners, Welcome Stakers

The long-awaited transition by Ethereum, “The Merge”, was finally completed on September 15th with no hitches except that only a single block was missing. Now, Ethereum 2.0 marked a new era of transitioning from the proof-of-work (PoW) model to proof-of-stake (PoS), which aims to improve the security and scalability of the network. Additionally, blockchain technology enthusiasts and environmentalists have applauded the successful merge event as a way to make the network less energy intensive. What’s next for Ethereum?

Nasdaq Bets Big On Digital Assets

The world’s second-biggest stock exchange, Nasdaq, is making a big push into the crypto space by launching a crypto custody service for institutional investors. Nasdaq Digital Assets, which Gemini alumni Ira Auerbach will lead, aims to offer custody services for Bitcoin and Etherium. It will compete against established firms, including Coinbase, Anchorage Digital, and BitGo. According to Nasdaq’s press release, it aims to take advantage of the intensified market’s growing demand and appetite for digital assets. Nasdaq has already applied to offer digital asset custody services, which is pending approval with the New York Department of Financial Services.

A Mess In NFTs

The non-fungible-token (NFT) market has experienced great hype and growth. However, there was a drastic decline (97%) in trading volume from a peak of $17 billion in early 2022 to $470 million in September. Intensive crypto selloff, shaky investment sentiments, inadequate clear use cases for NFTs, and shady creators have contributed to the hard crash. Most experts believe it’s not the end for the NFT market. However, most investors are still concerned about when a rebound from the current dip will happen.

FCA Crypto Applications Cause Criticism

The U.K.’s Financial Conduct Authority (FCA), which scrutinises crypto firms, has dismissed criticism over its crypto licences and rejections. Lawmakers and the crypto sector criticised FCA for being slow in processing licence applications and rejecting most applicants despite the continued effort by the U.K. government to make London a global crypto hub. In response, FCA outlined that crypto companies were not deterred by initial failure to obtain licences to operate in Britain and were submitting new applications. According to FCA’s chief executive for competition and consumers, Sheldon Mills, crypto firms keep trying to get licences in the U.K. because they know it has a sound regulation system; therefore, meeting U.K.’s standards would significantly help them apply to other jurisdictions around the world.

Rescue Knocks At Voyager’s Door

While most crypto companies have experienced a vast shake from the crypto winter, companies such as Binance and FTX remain relatively safe. The crypto lender, Voyager Digital, which experienced massive growth during the pandemic and was valued at $3.9 billion in 2021, is now on the verge of collapse after a vast crypto market fall. However, crypto exchange Binance has emerged as the top bidder for Voyager’s assets at $50 million, slightly higher than FTX’s bid.

Conclusion

September pushed the industry into its next operational phase. Ethereum’s Merge turned a long-running roadmap into production reality, while open finance matured into coordinated action through a dedicated industry body. At the same time, consumer protection and licensing friction tightened the perimeter around crypto-facing products, and the NFT reset showed how quickly hype deflates without durable use cases. The market is still healing, but the direction is structural: more regulation, more institutional infrastructure, and more mainstream brands testing Web3 in controlled, measurable ways.

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