Brad Garlinghouse has asked that Ripple be “held to the same regulatory standards as a bank” as the company awaits a decision on a national charter from the OCC. Ripple CEO Brad Garlinghouse said at a recent conference that crypto companies should receive the same benefits as traditional financial institutions when following the same laws and regulations. Speaking at DC Fintech Week on Wednesday, Garlinghouse said it was unlikely for regulators such as the US Securities and Exchange Commission (SEC) to roll back their policies after the potential departure of Chair Paul Atkins or US President Donald Trump, who nominated the head of the agency. However, he also criticized the disparity between the treatment of crypto companies and traditional financial institutions, like banks. Read more
Crypto users were left scrambling on Wednesday after Paxos minted 300 trillion of PayPal's PYUSD stablecoin, then sent it all to a burn address. Blockchain data showed stablecoin issuer Paxos both minted and burned 300 trillion tokens of the PayPal USD stablecoin within 30 minutes, leaving many crypto users scratching their heads. In a Wednesday X post following the mint and burn, Chaos Labs founder Omer Goldberg said Aave would be temporarily freezing trades for PayPal USD (PYUSD) after an “unexpected high-magnitude transaction” of minting and burning the stablecoin. Ethereum blockchain data showed Paxos minting 300 trillion of the US dollar-pegged stablecoin at 7:12 pm UTC and then burning the entire amount 22 minutes later by sending it to an inaccessible wallet. PYUSD, pegged 1:1 to the US dollar, makes the supply of the burned coins worth about $300 trillion. The stablecoin has a market capitalization of more than $2.3 billion at this writing, making it the sixth-largest coin behind Tether’s USDt (USDT),...
The real winner of last week’s crypto flash crash is the CME. Cointelegraph explains how the exchange is increasing its crypto market share. Key takeaways: CME’s futures open interest in the top four cryptocurrencies reached $28.3 billion, surpassing Binance’s $23 billion and Bybit’s $12.2 billion. Despite CME’s lead in open interest, unregulated exchanges still dominate trading volumes, especially in altcoin and perpetual futures. Read more
The shareholders of real estate developer One United Properties (ONE.RO) have approved a share buyback program of up to RON880 million, the largest amount ever allocated by a listed entrepreneurial company to such an operation.