Three policy moves on 8 October 2026 point at the same pressure on crypto: regulators and lawmakers want to know who stands behind stablecoins and how crypto gains are taxed. The EU’s markets watchdog told licensed firms to stop dealing in stablecoins that do not meet EU rules. A US senator asked Tether’s main financial partner for records. Greece published a draft crypto tax. Nothing here is investment advice.
ESMA: stop services in non-MiCA stablecoins
Confirmed (official opinion). This is supervisory guidance, not a new law. The European Securities and Markets Authority (ESMA) published an opinion addressed to national regulators. It says: “Crypto-asset service providers (CASPs) authorised under MiCA should cease providing services related to non-MiCA-compliant stablecoins to clients in the European Union” [1][2]. MiCA is the EU’s Markets in Crypto-Assets Regulation; a stablecoin is a token designed to hold a steady value, usually one US dollar or euro.
The scope is wide: “trading platforms, exchange services, execution of orders, placing of crypto-assets, reception and transmission of orders, investment advice, transfers, custody and administration, and portfolio management” [1]. National regulators should ensure “controls preventing clients from acquiring or increasing exposures to those tokens” [1].
Existing customer holdings should be dealt with “as soon as possible and no later than three months after the publication of the opinion” [1]. Counted from the opinion’s 8 October date, that is around 8 January 2027. Until then, services should be limited to “liquidation, conversion, withdrawal, transfer or safekeeping” [1].
ESMA names no token. CoinDesk notes that “The guidance does not name specific tokens” and points to Tether’s USDT as “a prominent example that is not authorized under MiCA” (reported) [3].
Blumenthal asks Cantor Fitzgerald about Tether
Confirmed that the letter was sent. Its contents are the senator’s allegations. Senator Richard Blumenthal, the top Democrat (Ranking Member) on the Senate Permanent Subcommittee on Investigations, wrote to Brandon Lutnick, Chairman of Cantor Fitzgerald, which holds Tether’s US reserves [4]. Brandon Lutnick is the son of Commerce Secretary Howard Lutnick, who ran Cantor until February 2025 [4]. This is a minority inquiry, so it carries no subpoena power.
The letter, published in full on the senator’s website, says: “Just as Tether has made untold millions in interest and investments from the stablecoins used in these illicit activities, so has Cantor Fitzgerald profited from its relationship with Tether” [4]. It also claims that Cantor’s “five percent stake in Tether has increased in value from $600 million to an estimated $10 billion”. That is Blumenthal’s figure, citing reporting by the International Consortium of Investigative Journalists [4].
Among its many requests, it asks Cantor to “describe all steps Cantor Fitzgerald has taken to investigate allegations that Tether’s stablecoin has been used in illicit finance and money laundering, including within Iran’s shadow banking network and for purposes of Russia sanctions evasion”. It wants responses “by October 23, 2026” [4]. CoinDesk reported that “Neither Cantor Fitzgerald nor Tether immediately responded to requests for comment” [5].
Greece proposes a 10% crypto capital-gains tax
Proposal, reported. Citing Reuters, CoinDesk reported that “a draft bill published for public consultation” would set a 10% capital-gains tax on crypto. “Gains of up to 500 euros ($560) a year would be exempt”, and the bill “will be submitted to parliament in November” [6][7]. “Greek officials have yet to make any projections about expected revenue from the tax” [6]. Decrypt’s headline describes the rate as “Down From 15% Floated in June” [8]. TSN has not read the consultation text itself.
What this does not prove
- That USDT is banned in the EU. ESMA’s opinion names no token and is guidance to national regulators [1][2].
- That Cantor or Tether broke any law. The letter contains allegations and requests; the $10 billion valuation is an estimate the senator attributes to the ICIJ [4].
- That Greece has introduced the tax. It is a draft bill out for consultation [6].
The Bottom Line
ESMA wants licensed EU crypto firms to wind down services in non-compliant stablecoins within about three months. A senator wants Cantor Fitzgerald’s Tether records by 23 October. Greece proposes taxing crypto gains at 10%. All three are steps in a process, not final outcomes.
Sources
- ESMA, “ESMA sets out supervisory expectations on services related to unauthorised stablecoins”, news release, 08/10/2026 (official). https://www.esma.europa.eu/press-news/esma-news/esma-sets-out-supervisory-expectations-services-related-unauthorised
- ESMA, Opinion ESMA75-113276571-1742 on the provision of crypto-asset services in relation to non-MiCA-compliant asset-referenced tokens and e-money tokens, 8 October 2026 (official). https://www.esma.europa.eu/sites/default/files/2026-10/ESMA75-113276571-1742_Opinion_on_the_provision_of_crypto_asset_services_in_relation_to_non-MiCA-compliant_asset-referenced_tokens_and_e-money_tokens.pdf
- Olivier Acuna, “ESMA gives EU crypto platforms 3 months to drop non-MiCA stablecoins such as USDT”, CoinDesk, 8 October 2026, 16:23 BST (trade press; source of the USDT reading). https://www.coindesk.com/policy/2026/10/08/eu-securities-regulator-gives-crypto-platforms-3-months-to-remove-unauthorized-stablecoins
- Senator Richard Blumenthal, “Blumenthal Demands Answers from Cantor Fitzgerald About Relationship with Tether After PSI Report Finds Cryptocurrency Firm Props Up Iran’s Shadow Banking System”, press release with full letter text, 8 October 2026 (primary; letter contents are allegations). https://www.blumenthal.senate.gov/newsroom/press/release/blumenthal-demands-answers-from-cantor-fitzgerald-about-relationship-with-tether-after-psi-report-finds-cryptocurrency-firm-props-up-irans-shadow-banking-system (letter PDF, which returned HTTP 403 to TSN: https://www.hsgac.senate.gov/wp-content/uploads/2026-10-08-Letter-from-Sen-Blumenthal-to-Chairman-Lutnick.pdf)
- CoinDesk, “Top Democrat among Senate investigators probes ties between Cantor Fitzgerald, Tether”, 8 October 2026 (trade press; right-of-reply line). https://www.coindesk.com/policy/2026/10/08/top-democrat-among-senate-investigators-probes-ties-between-cantor-fitzgerald-tether
- Jamie Crawley, “Greece prepares to levy 10% capital gains tax on cryptocurrency”, CoinDesk, 8 October 2026, 10:17 BST (citing Reuters). https://www.coindesk.com/policy/2026/10/08/greece-prepares-to-levy-10-capital-gains-tax-on-cryptocurrency
- Reuters, “Greece plans 10% cryptocurrency capital gains tax”, 8 October 2026 (original report; not read directly by TSN). https://www.reuters.com/business/finance/greece-plans-10-cryptocurrency-capital-gains-tax-2026-10-08/
- Decrypt, “Greece Plans 10% Crypto Capital Gains Tax, Down From 15% Floated in June”, 8 October 2026 (headline only cited). https://decrypt.co/380385/greece-plans-10-crypto-capital-gains-tax-down-from-15-floated-in-june
