Robinhood’s crypto chain stumbles as memecoin mania fades

Today in crypto, Polish lawmakers failed to overturn President Karol Nawrocki’s veto of crypto legislation as the Zondacrypto investigation widens. The National Sheriffs’ Association dropped its opposition to the CLARITY Act ahead of a key Senate vote this month, while the IMF said El Salvador used no public funds for post-review Bitcoin accumulation and transferred majority control of the Chivo wallet to a private operator.Poland upholds crypto bill veto as Zondacrypto scandal widensPolish lawmakers failed to overturn President Karol Nawrocki’s veto of crypto legislation aimed at strengthening oversight of the country’s digital asset market.The Sejm voted 241-198 to override the veto, with three abstentions, falling 25 votes short of the required three-fifths majority.The vote comes as an investigation into collapsed crypto exchange Zondacrypto expands. Prime Minister Donald Tusk cited witness testimony alleging payments and attempts to influence politicians linked to Poland’s previous government.Zondacrypto’s Estonian operator, BB Trade Estonia, was declared bankrupt in August, while Polish prosecutors are investigating suspected fraud and money laundering connected to the exchange.Shariffs drop opposition to CLARITY ActThe National Sheriffs’ Association has dropped its opposition to the CLARITY Act ahead of a key Senate vote this month, removing one source of law-enforcement resistance to the crypto market structure bill.The group changed its position to “neutral” in a letter to Senate leaders, citing work by Congress, the Trump administration and other stakeholders to address legal and enforcement concerns. The association said it would now “step back” and allow lawmakers to establish a regulatory framework for digital assets.That marks a significant shift. The sheriffs’ group previously warned that provisions exempting some crypto mixers from registration requirements could make it harder for law enforcement to trace transactions and recover stolen funds. In July, one sheriff said the legislation protected “the crypto industry, not the public.”The House passed the CLARITY Act in July 2025, but the bill has since faced disputes over stablecoin rewards, tokenized equities and potential conflicts involving President Trump’s family. Senate Majority Leader John Thune filed for a cloture vote on Sept. 15.Meanwhile, the SEC and CFTC have signaled they could move ahead with parts of crypto regulation even if Congress fails to pass the legislation.El Salvador’s post-review Bitcoin accumulation used no public funds: IMFEl Salvador used no public resources to accumulate Bitcoin after the first review of its International Monetary Fund (IMF) financing program in June 2025, according to the lender. In a Thursday statement, the IMF said documents supplied by Salvadoran authorities verified that the accumulation came from private donations. According to the lender, the increase in El Salvador’s holdings therefore did not reflect additional Bitcoin purchases financed with government resources. The IMF also said majority ownership and operational control of the Chivo wallet had been transferred to a private operator, while the government retained a minority stake and custodial responsibilities. It said no further accumulation beyond documented donations is expected. The explanation addresses how El Salvador’s holdings grew after the first review, after the country said in November 2025 that it had acquired 1,090 BTC worth $100 million, renewing questions about compliance with its $1.4 billion IMF program.