Key Points

• Polish lawmakers failed to overturn President Karol Nawrocki’s veto of a crypto bill as investigations surrounding collapsed exchange Zondacrypto expand.
• The National Sheriffs’ Association moved to a neutral position on the CLARITY Act ahead of a key US Senate vote, removing a major source of law-enforcement opposition.
• The IMF said El Salvador’s post-review Bitcoin accumulation involved no public funds and confirmed that majority control of the Chivo wallet was transferred to a private operator.

Poland Upholds Crypto Bill Veto as Zondacrypto Investigation Widens

Poland’s parliament failed to override President Karol Nawrocki’s veto of legislation designed to strengthen oversight of the country’s cryptocurrency market.

The Sejm voted 241-198, with three abstentions, to overturn the veto. The effort nevertheless fell 25 votes short of the three-fifths majority required.

The parliamentary decision comes as scrutiny surrounding collapsed crypto exchange Zondacrypto continues to grow. Prime Minister Donald Tusk has cited witness testimony alleging payments and attempts to influence politicians associated with Poland’s previous government.

The exchange’s Estonian operator, BB Trade Estonia, was declared bankrupt in August, while Polish prosecutors are investigating allegations involving fraud and money laundering.

The combination of the failed legislative override and the expanding investigation leaves Poland’s cryptocurrency regulatory framework facing renewed uncertainty.

National Sheriffs’ Association Drops CLARITY Act Opposition

In the United States, the National Sheriffs’ Association has shifted its position on the CLARITY Act from opposition to neutral ahead of a pivotal Senate vote.

In a letter to Senate leaders, the organization cited efforts by Congress, the Trump administration and other stakeholders to address its concerns over the bill’s potential impact on law enforcement. The association said it would step back and allow lawmakers to establish a regulatory framework for digital assets.

The change is significant because the group had previously argued that certain provisions involving crypto mixers could make it more difficult for authorities to trace transactions and recover stolen assets.

The CLARITY Act has already passed the House, but its path through the Senate remains complicated by disagreements involving stablecoin rewards, tokenized equities and potential conflicts involving President Donald Trump’s family.

Senate Majority Leader John Thune has filed for a Sept. 15 cloture vote, setting up an important test for the legislation.

At the same time, the SEC and CFTC have indicated that they could advance portions of the cryptocurrency regulatory framework independently if Congress does not ultimately pass the bill.

IMF Clarifies El Salvador’s Bitcoin Accumulation

El Salvador’s Bitcoin strategy also came under scrutiny after questions emerged over how the country continued accumulating BTC following the first review of its IMF financing program.

The IMF said documents provided by Salvadoran authorities showed that the post-review accumulation came from private donations rather than public funds.

The clarification is important because El Salvador’s Bitcoin holdings had increased following the first IMF review in June 2025, prompting questions about whether additional government resources were being directed toward Bitcoin despite conditions associated with the country’s $1.4 billion IMF program.

The IMF also reported that majority ownership and operational control of the Chivo wallet had been transferred to a private operator. The Salvadoran government retains a minority stake and custodial responsibilities.

According to the IMF, no further Bitcoin accumulation beyond the documented donations is expected.

Outlook

The latest developments highlight three different regulatory pressures shaping the global cryptocurrency market: legislative uncertainty in Europe, evolving law-enforcement concerns in the United States and tighter scrutiny of government-linked digital asset activity. Poland’s stalled legislation and the CLARITY Act debate show that regulatory frameworks remain politically contested, while the IMF’s clarification on El Salvador demonstrates the growing importance of transparency around public-sector cryptocurrency holdings.