The Massachusetts Democrat has been critical of private companies, including non-bank entities, issuing their own dollar-pegged stablecoins. US Senator Elizabeth Warren has asked Elon Musk for information on X Money, a payments feature that is expected to be integrated into the X social media platform in the near future. Warren, who is a longtime critic of Musk and the cryptocurrency industry, wrote in a letter on Tuesday that X Money’s potential stablecoin and crypto integrations could pose risks to the financial system and US national security. She questioned whether the platform would also issue its own stablecoin, under a legal “carveout” in the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which allows private companies to issue their own stablecoins. Warren said X Money’s limited beta preview suggests it will offer 6% interest on deposits and partner with Cross River Bank, which was subject to enforcement action by the Federal Deposit Insurance Corporation (FDIC), a bank...
Bitcoin paused its rally toward new range highs while the S&P 500 came within an inch of a fresh year-to-date high, leading analysts to warn that traders are overconfident. Bitcoin (BTC) circled $74,000 at Wednesday’s Wall Street open as US stocks edged higher on news that the US and Iran may be open to another round of ceasefire negotiations. Key points: Bitcoin consolidates as analysts warn that stocks may be too optimistic over geopolitical relief. Read more
EIP-8105 proposes a scheme-agnostic encrypted mempool for Ethereum, designed to hide transaction payloads until after inclusion and reduce harmful MEV. Sandwich attacks cost Ethereum users an estimated $60 million per year. Transactions broadcast to the public mempool are publicly visible before inclusion, which gives MEV bots the ability to affect the order of transactions and insert their own for profit. This problem has persisted on some level in spite of years of discussion and various out-of-protocol mitigation attempts. Encrypting mempool transactions would be one of the most compelling solutions to prevent MEV. While this idea has been actively discussed for years, it has not yet been implemented at the protocol level. In our earlier research, we examined several proposals based on threshold-encryption, including Shutter, Batched Threshold Encryption, and Flash Freezing Flash Boys. In this article, we turn to a meta proposal titled “Universal Enshrined Encrypted Mempool (EIP-8105)“. Universal Enshrined...
The UK financial regulator has launched a consultation on crypto rules covering stablecoins, trading and staking ahead of a broader UK crypto regime expected to take effect in 2027. The United Kingdom’s Financial Conduct Authority (FCA) said Wednesday it is consulting on guidance for the country’s future crypto regime, in the latest step toward a broader framework that is expected to take effect on Oct. 25, 2027. In a statement, the FCA said it is seeking industry feedback on the guidance to help companies understand how they might be affected by the regime. The full consultation text is available on the FCA website, with the feedback window closing on June 3, 2026. The regulator said the guidance will clarify requirements for areas such as stablecoin issuance, crypto trading, custody and staking. “We want to develop a competitive and sustainable cryptoasset sector where UK consumers are served by authorised cryptoasset firms and can make informed decisions,” the FCA said. Read more
Bitmine chairman Tom Lee told Paris Blockchain Week that the recent crypto slump was a “mini crypto winter” and said Ether could climb above $60,000 over the next few years. Bitmine Immersion Technologies chairman Tom Lee said Wednesday that the recent crypto slump was a “mini crypto winter” that may already be ending, in comments that came shortly after the company disclosed a multibillion-dollar quarterly loss tied largely to unrealized markdowns on the company’s Ether holdings. During a keynote speech at Paris Blockchain Week 2026, Lee said that equity markets have bottomed due to the US-Israel war with Iran, and that Ether (ETH) will emerge from its “massive consolidation,” driven by tokenization and agentic artificial intelligence initiatives tied to the smart contract network. Lee argued that equities have reached their bottom, leading to a recovery from what he called an “unusual” crypto market downturn, which didn’t coincide with a wider bear market in stocks for the first time. “Equity markets bottom...