Everything web3, crypto, defi, degen
In brief A new report from TRM Labs found that Kyrgyzstan appears to be serving as a front for crypto platforms linked to shuttered Russian exchange Garantex. Russia-linked activity accounts for almost all of Kyrgyzstan’s crypto industry, which was “virtually nonexistent” prior to the invasion of Ukraine in 2022. Experts told Decrypt that Kyrgyzstan’s political…
In brief The Wyoming Stable Token (WYST) won’t initially offer a yield, but there is support for enabling the feature later, Wyoming State Senator Chris Rothfuss said. Wyoming’s Select Committee on Blockchain urged the Commission issuing WYST to “resist pressure to act as a political or financial gatekeeper.” The GENIUS Act’s passage could increase crypto…
In brief Publicly traded Tron uses a communal office space as its principal place of business. The space is still reserved under the company’s former name, SRM Entertainment. Justin Sun rang the Nasdaq’s opening bell in New York earlier this week. At Tron’s principal place of business in Winter Park, Florida, there are no apparent…
In brief Sen. Warren acknowledged the need for crypto legislation but critiqued the industry’s influence on US politics. The senator claimed the GENIUS Act was an instance of the industry writing “its own legislation.” She compared it to another bill—the Commodity Futures Modernization Act of 2000—which may have indirectly influenced the 2008 financial crisis. Sen.…
In brief OSL Group is raising HK$2.36 billion (US$300 million) through new share issuance. About $90 million is earmarked for stablecoin and payment infrastructure. Observers say the move positions OSL to capitalize on early demand for compliant stablecoin rails in Asia. OSL Group, Hong Kong’s first licensed digital asset exchange, said Friday it will raise…
In brief Agama, a longtime SEC official appointed Director-General in 2024, has pushed for more proactive engagement with digital asset firms. His latest remarks follow the onboarding of stablecoin firms into the SEC’s regulatory sandbox and renewed public outreach. Analysts say rebuilding trust will depend on whether the government follows through with consistent, transparent enforcement.…
In brief Only BlackRock and Fidelity’s spot Bitcoin funds needed less time to reach $10 billion in assets. ETHA has added $5 billion over a 10-day period ending Wednesday. The surge in ETH ETF inflows has been closely intertwined with a dramatic surge in Ethereum’s price. BlackRock’s iShares Ethereum Trust (ETHA) has topped $10 billion…
In brief GameSquare borrowed stablecoins against a recently acquired CryptoPunk. The rare CryptoPunks NFT was purchased from Compound founder Robert Leshner for $5.15 million worth of preferred shares. GameSquare owned 12,900 ETH, as of Thursday worth $48 million. GameSquare, a digital media company with an Ethereum treasury strategy, said Thursday that it acquired a rare…
In brief House Majority Whip Tom Emmer (R-MN) believes the Senate will ultimately opt to pass the House’s market structure bill, the CLARITY Act. The Senate is currently in the midst of drafting its own market structure bill, which it plans to deliberate on in September. Emmer says the White House has communicated that it…
In brief Ethena Labs plans to make its nearly $1.5 billion USDtb stablecoin available in the U.S. The firm is partnering with Anchorage Digital to issue USDtb stateside in the “near future.” Both crypto-native firms and traditional financial institutions are aiming to enter the stablecoin market following the passing earlier this month of stablecoin legislation…
