The proposed measures would ban transactions on 11 crypto platforms and expand sanctions targeting networks accused of helping Russia evade restrictions. The European Union proposed banning transactions on 11 crypto platforms as part of its 21st sanctions package against Russia. Kaja Kallas, vice president of the European Commission and the EU’s high representative for foreign affairs and security policy, outlined measures targeting banks, weapons manufacturers, oil traders, refineries and other entities outside the bloc. “We will also tighten our ban for crypto-asset services to certain third countries, add new designations, and ban transactions on 11 crypto platforms,” Kallas said in a post on X. Read more
Tech stocks and crypto are selling off in a “classic pre-mega-IPO liquidity squeeze,” say analysts. The initial public offering of Elon Musk’s SpaceX has reportedly seen an oversubscription rate running at almost four times the planned offering size, with some analysts suggesting it could be squeezing liquidity from the market. SpaceX’s IPO (SPCX) has attracted over $250 billion in investor demand, far exceeding the $75 billion it is seeking to raise in what would be the largest public offering ever, with the firm valued at $1.8 trillion, Reuters reported. Bankers and investors say it is the latest sign that demand is strong, as long-only funds have put in “sizable orders,” according to the sources. Read more