A Fairshake spokesperson said that the PAC was “just getting started“ on its expenditures as part of efforts to fill US Congress with lawmakers friendly to the crypto industry. Update (Aug. 19, 8:27 pm UTC): This article has been updated to clarify that Lois Frankel won the Democratic primary in Florida’s 23rd congressional district and not re-election. Four of the five candidates supported by ads funded by the cryptocurrency-aligned political action committee (PAC) Fairshake won their primaries or otherwise advanced on Tuesday, potentially a bellwether for the industry’s influence in the 2026 midterm elections. On Tuesday, Democratic and Republican candidates supported by media funded by the Fairshake-affiliated PACs Protect Progress and Defend American Jobs, respectively, notched wins across three US states. Altogether, the PACs spent about $3.6 million on House and Senate races in Alaska, Florida and Wyoming. Read more
The $1 billion facility will deploy assets backing USDe into overcollateralized institutional loans, expanding Ethena’s sources of returns beyond crypto basis strategies. FalconX and Ethena have launched a $1 billion secured lending facility that will use assets backing USDe to fund overcollateralized loans to institutional borrowers. The facility is structured through a special purpose vehicle, with FalconX originating and servicing the loans and managing collateral. Assets securing the loans will be held at qualified custodians, while the facility gives Ethena access to institutional lending as an additional source of returns on the assets backing USDe beyond the crypto basis strategies it has traditionally used. FalconX said the facility can support financing for institutional trading strategies, corporate treasury management and payments. The companies did not disclose the facility’s expected returns, loan terms, borrowers or how much capital has initially been deployed. Read more
The US banking regulator released a 376‑page proposal in February, calling for public comment on rules to implement the stablecoin bill ahead of its January 2027 effective date. US Comptroller of the Currency Jonathan Gould said that his agency would have final rules related to the implementation of a payment stablecoin law out by November. Speaking at the Wyoming Blockchain Symposium on Wednesday, the regulator said that following the Office of the Comptroller of the Currency’s (OCC’s) proposal to implement the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, OCC would release finalized rules ahead of the law’s scheduled January 2027 enactment. Gould said that the OCC “will have a final rule out by November” as the agency considered feedback from the crypto industry following the release of its proposed rules in February. He added that he expects the regulator could begin processing applications related to stablecoin issuers starting in 2027. Read more
The transaction connected the banks’ separate tokenized deposit systems through Swift’s ledger, marking a step toward interoperable, 24/7 cross-border payments. Standard Chartered and HSBC have completed the first live cross-border transaction on Swift’s blockchain-based ledger, demonstrating interoperability between the banks’ tokenized deposit systems a month after the ledger’s launch. The transaction involved payment messages exchanged between the two through Swift’s ledger, with the resulting obligations recorded on HSBC’s Tokenised Deposit Service and StanChart’s tokenized deposit infrastructure. Swift’s ledger acted as an orchestration layer, matching and netting the obligations between the banks before final settlement through existing payment systems. Read more