CFA Report Pegs US Crypto Fraud Losses at $80.7B

USDP, a Solana-based memecoin, surged to a $150 million market value before plummeting 99% to $1.2 million within hours. Insider wallets manipulated the price, leading to massive profits for some and significant losses for others.

The Bank of England aims to introduce new regulations by 2026 to manage banks' exposure to cryptocurrencies for financial stability. David Bailey, an official at the Bank of England, mentioned the need for restrictive rules during a speech at Risk Live Europe in London.

Coinbase has launched Coinbase Payments, a service on its Ethereum layer-2 network Base, enabling stablecoin transactions for merchants like Shopify. The service simplifies USDC transactions for global customers, offering a gasless experience and lower transaction costs.

XRP options traders are anticipating a price drop due to Middle East tensions, with bets favoring a 5% decrease. The conflict between Iran and Israel has led to market rattling and a bearish sentiment among investors.

Following a key Senate vote in favor of the GENIUS Act, Coinbase and Circle have experienced significant stock price increases. The bill aims to establish a federal framework for stablecoins, potentially reducing regulatory uncertainty for institutions integrating them into mainstream finance.

DeFi Development Corp, a publicly traded firm, has accumulated over 620,000 SOL valued at $90 million, making it the largest Solana treasury among publicly traded entities. It differentiates itself by actively engaging in the Solana ecosystem and focusing on maximizing SOL per share. Investor Relations Lead Dan Kang explained the firm's approach on Rug Radio's "FOMO Hour" this week. (Disclosure: Decrypt and Rug Radio are sister brands under parent company DASTAN.)

Elastos introduced a stablecoin, BTCD, backed by Bitcoin, aiming to replicate the Bretton Woods system with Bitcoin at its core. The overcollateralization of 160%-200% in Bitcoin ensures stability, with oracles monitoring the BTC-USD rate for adjustments.

Bitcoin's price dropped after U.S. President Trump criticized Federal Reserve Chair Powell, expressing doubts about interest rate cuts amid Middle East tensions. Altcoins like Solana and XRP also saw declines, with the Fed expected to maintain rates and release economic projections.

At DigiAssets 2025, FCA's Jane Moore emphasized the importance of a global response to crypto regulation. Lord Chris Holmes highlighted the need for stakeholders to engage in FCA consultations for effective regulation.

Spokane City Council unanimously approved a ban on virtual currency kiosks, including crypto ATMs, to protect residents from scams. Operators have 60 days to remove their machines or face penalties and potential license revocation.