The Block
Quick Take During his fireside chat at Korea Blockchain Week, Ripple CEO Brad Garlinghouse said the company will launch its new stablecoin in “weeks, not months.” Garlinghouse also criticized SEC Chair Gary Gensler’s approach to crypto, saying what happened to OpenSea is “unfortunate.” The Ripple CEO said he is more “optimistic” about the next five years of crypto than he has ever been.
On Tuesday, spot bitcoin ETFs in the U.S. recorded $287.78 million in net outflows.Bitcoin traded down 3.93% over the past 24 hours at $56,680 at the time of writing.
Quick Take Bitcoin fell 4.5% in the past 24 hours to change hands at around $56,696 at the time of writing, while ether slid 6.4% to trade at $2,366. Japan’s TOPIX and South Korea’s KOSPI indexes were down over 2% this morning in Asia after Wall Street plummeted on weaker ISM data in the U.S.
Quick Take The X accounts of Donald Trump’s daughter and daughter-in-law were compromised and quickly locked down by X, according to Eric Trump and World Liberty Financial.
Quick Take Oregon man Sam Ikkurty was accused of defrauding investors from a purported “crypto hedge fund” that allegedly ran like a Ponzi scheme. The CFTC alleges that Ikkurty failed to return the promised “net profits” to investors and failed to mention that the fund’s performance fell 98.99% within months.
Quick Take The Donald Trump-connected crypto project World Liberty Financial will reportedly involve a non-transferable governance token and credit protocol. According to a CoinDesk report citing since-deleted Github code, the protocol is largely based on DeFi protocol Dough Finance.
Quick Take Experts say SEC Chair Gary Gensler could stay on at the agency if Donald Trump is elected to become president in November. “The norm is to step back,” said former SEC commissioner and acting chair Michael Piwowar.
This represents the second largest monthly on-chain lending market liquidations in history, behind May 2021.The following is an excerpt from The Block’s Data and Insights newsletter.
Quick Take As a result of a partnership, Ethena’s USDe will become available for deposit on Ether.fi in exchange for a new liquid restaking token called eUSDe. The new token “will provide a dollar-pegged asset for EigenLayer restaking.”
Quick Take Monthly non-vote transactions on Solana hit a multi-month low in August, according to data from The Block. However, one analyst views the expected Fed rate cut as a potential boost for liquidity on the Solana network.
