Author: 行政

Crypto projects spent about $638 million with token buybacks through late August 2026, according to Allium Labs data.That is already a record, up from $545 million over the same stretch of 2025. Hyperliquid accounted for roughly $370 million and Pump.fun for about $200 million, together close to 90% of the total.On Sept. 25, staff at the Securities and Exchange Commission (SEC) addressed the legal tension that has shadowed those programs since they began. The more openly a project ties its token to business returns, the easier it becomes to argue that holders are investing in a security.What SEC staff saidThe…

A hypothetical payment stablecoin issuer within the Federal Reserve’s proposed supervisory scope, with $1 billion in circulation and no revenue from activities outside its reserve assets, would start with a $20 million baseline operational-risk capital charge under the Fed’s proposal announced Sept. 24. A separate loss-history adjustment and any other applicable capital charges would still have to be applied. The issuer would also need reserves backing its coins.The proposal gives the growth of a stablecoin a direct capital consequence: more coins outstanding mean a larger baseline operating-risk charge, even if the issuer earns nothing from custody or other activities. The…

In 2021, Christie’s sold a Beeple NFT for $69.35 million, and Sotheby’s took another $24.40 million for 101 Bored Ape Yacht Club NFTs, giving cartoon primates the kind of auction-house treatment usually reserved for Fabergé eggs.But now, not five years later, one of the marketplaces that helped sell the digital art revolution is explaining how customers could take their belongings with them when it closed.Nifty Gateway, the NFT marketplace owned by crypto exchange Gemini, announced its closure in January as its parent decided to concentrate on its primary financial app. The exit arrangements included plans for a bulk withdrawal tool…

The Federal Reserve’s proposed rules for the payment stablecoin issuers it supervises include a crisis clock measured in hours. An issuer whose reserves fall below the value of its outstanding tokens would have 24 hours to notify the Fed and submit a plan to restore full backing.Unless it closes the gap or the Fed directs it to proceed with that plan, the issuer must begin liquidating reserves and redeeming tokens by 5 p.m. on the next business day. The Fed says that window comes to less than 48 hours in many cases.The 392-page proposal also lets the issuer keep minting…

Not that long ago, Washington fined Tether for misleading people about the dollars behind its tokens. Today, the company’s insatiable appetite for American debt is the main argument for sending those tokens further around the world.The distance between those two positions tells us a great deal about where crypto ended up. Tether built a business giving people access to dollars through markets and wallets outside conventional banking. It became the largest stablecoin issuer, then put much of the money backing that business into US government debt. The company, which operated beyond much of America’s financial establishment, has now become one…

MAXYZ, a group of former Balancer contributors, is asking for up to 6 million currently non-circulating BAL to seed a successor protocol. If the granted tokens reach other eligible holders before Balancer’s proposed wind-down redemption snapshot, the same treasury would be divided among more BAL. In exchange, MAXYZ proposes a contingent allocation from a future fork to the Balancer treasury, an asset with no realized value today.The fork proposal, posted Sept. 20 and expanded in a Sept. 23 FAQ, sits beside a separate wind-down plan to let BAL holders burn their tokens for a pro rata share of the DAO’s…

Evercrest Technologies, the company behind KelpDAO, has sued LayerZero Labs, its Canadian affiliate, and CEO Bryan Pellegrino in British Columbia over April’s $292 million rsETH exploit.The claim alleges negligent misrepresentation, negligence and defamation, seeks aggravated and punitive damages, and says Kelp users have withdrawn more than $650 million since the attack.Pellegrino has called the suit meritless. By Aug. 4, projects tied to roughly $14.5 billion in assets had announced moves from LayerZero to Chainlink’s CCIP, nearly 50 times the amount stolen.The lawsuit now asks a court to settle a responsibility dispute that customers have been pricing on their own since…

The Sixth Circuit ruled Sept. 25 that Ohio and Tennessee can apply their gambling laws to Kalshi’s sports contracts.The court rejected Kalshi’s argument that complying state by state would conflict with its duties as a federally regulated exchange, and it pointed to geofencing as a workable way to satisfy both.That second appellate win for states hits the demand Eilers & Krejcik Gaming models as most exposed, the 69% of Kalshi’s retail sports demand that comes from states without legal online sportsbooks.Two routes to the same resultThe unanimous panel held that Kalshi had failed to show its sports contracts meet the…

You can spend weeks paying for everything with your phone and still feel better knowing there’s some cash at home. That might sound old-fashioned until your bank’s app stops working, your card gets declined for reasons nobody can explain, or the power goes out while you need groceries.In those moments, the idea of financial security stops being an abstract ideal you strive for and turns into something very practical. You need to be able to pay, and the money in your account only helps if you can get to it.This seems to be what’s going on in the UK, as…

You don’t have to own Bitcoin to make money from people getting excited about it. On X, just posting about it can be a business in itself, and the company now wants £207,384 back from people it alleges took that business a bit too far.In its Sept. 17 lawsuit, X accuses Vivek Kumar Sen, Zamyang Sherpa, and unidentified operators of running a coordinated account network that manipulated engagement to collect creator payments.If £207,000 seems like very little money for a company the size of X, that’s because it absolutely is. So why is a company that was bought for $44 billion…