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The U.S. House of Representatives passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS Act) with a 308-122 vote, a landmark bill regulating the $250 billion stablecoin market. The House passed the GENIUS Act today. Aimed at making the U.S. the “crypto capital of the world,” it mandates stablecoin issuers to maintain 1:1
Ethereum rallies 8%, with institutional buys boosting momentum. Could ETH mirror its 2017 breakout to $6,200?
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A rumor suggesting Ripple might pay its court-imposed penalty using XRP has been firmly shut down by former SEC attorney Marc Fagel. The claim, which resurfaced this week within the XRP community, was sparked by speculation that the U.S. government’s recent Bitcoin sales were linked to preparations for accepting XRP as a settlement currency. Fagel, however, directly dismissed this theory as fiction, stating that Ripple has already paid the penalty in cash as ordered by the court. XRP Community Speculation Resurfaces The discussion was reignited when crypto personality Zach Rector posed a provocative question on X: “Why didn’t the government want to hold onto its Bitcoin?” In response, XRP commentator “XRP Savant” suggested it was part of a broader setup for Ripple to settle its SEC penalty in XRP. “Setting the stage for Ripple to pay $150M SEC fine with XRP. Then it goes into reserve,” Savant claimed, adding, “As I predicted 4 months ago. It’s nice to see the experts finally catch up with the Savant.” They already paid in cash. Sorry. — Marc Fagel (@Marc_Fagel) July 16, 2025 Savant also cited an April 11 post by analyst John Squire, who wrote: “Ripple vs SEC: The endgame is near. Brad Garlinghouse confirms the lawsuit might be wrapping up. The fine could even be paid in XRP.” Marc Fagel Sets the Record Straight Marc Fagel, a former SEC San Francisco Regional Director, quickly entered the conversation to correct the record. Quoting the original claim, he stated unequivocally: “They already paid in cash. Sorry.” When pressed with Squire’s speculative post, Fagel followed up with a firmer clarification: “I’m stating facts. There’s a court order that they pay cash into escrow. But you can imagine anything you’d like.” Fagel’s comments refer to court documents from the Ripple case, which show that the company was ordered to deposit $125 million, not $150 million, into escrow in U.S. dollars as part of its proposed final judgment with the SEC. We are on twitter, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) July 15, 2023 Legal Reality vs. Community Hopes While XRP Savant and others continue to push the narrative of XRP being used for institutional settlements or even government reserves, there is no legal basis or regulatory precedent supporting such claims. Courts require penalties to be paid in fiat currency, especially when dealing with assets that are still subject to regulatory scrutiny. Ripple CEO Brad Garlinghouse has indeed expressed optimism about the lawsuit nearing its conclusion. But there is no public indication, either from Ripple or the SEC, that XRP was ever considered a valid form of payment for the penalty. Cash, Not Crypto Marc Fagel’s comments cut through the noise of crypto speculation with a dose of legal clarity. Ripple’s $125 million fine has been paid in U.S. dollars, not in XRP. While XRP remains central to Ripple’s technology and broader financial ambitions, it is not, as Fagel put it, a substitute for compliance: “There’s a court order that they pay cash. But you can imagine anything you’d like.” In a space often dominated by speculation, facts still matter, and in this case, the facts are crystal clear. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on Twitter , Facebook , Telegram , and Google News The post Ex-SEC Attorney Discredits One Major Rumor About XRP in Ripple Case appeared first on Times Tabloid .
On-chain data shows the supply held by new Bitcoin buyers has seen a jump recently, a sign that the latest price rally is backed by fresh capital. First-Time Bitcoin Buyers Have Increased Supply By 2.86% In a new post on X, the on-chain analytics firm Glassnode has talked about the latest trend in the Bitcoin ‘First Buyers.’ This cohort is part of Glassnode’s broader investor classification system that is based on behavior. The First Buyers include, as the name already hints, the holders who are buying the cryptocurrency for the first time. The supply associated with the group, therefore, can be considered as a proxy of the fresh capital entering into the sector. Related Reading: XRP Close Above This Level Could Send Price To $4.80, Analyst Says Other groups part of the behavioral classification include Momentum Buyers, the investors who ride the tide of price trends, and Conviction Buyers, who step in to buy during price declines. Below is the chart shared by the analytics firm that shows the trend in the Bitcoin supply held by the First Buyers over the last couple of weeks. As displayed in the graph, the Bitcoin First Buyers have seen their supply go up during the last two weeks, implying that fresh capital has potentially been entering the market. More specifically, the cohort’s holdings have gone from 4.77 million BTC to 4.91 million BTC in this period, corresponding to an increase of around 140,000 tokens or 2.86%. This is notable and suggests the price surge to the new all-time high (ATH) has attracted real demand. In some other news, the Bitcoin Puell Multiple has been relatively muted even after the price rally, as an analyst has pointed out in a CryptoQuant Quicktake post. The Puell Multiple is an indicator that keeps track of the ratio between the daily value of coins being ‘issued’ by miners on the blockchain (in USD) and the 365-day moving average (MA) of the same. In short, the indicator informs us about whether the Bitcoin miners are currently making more revenue from block subsidy compared to the norm or not. Historically, the indicator shooting up to an extreme value has generally aligned with some sort of top for the cryptocurrency. As is visible in the chart, the BTC Puell Multiple is currently sitting around 1.2, which means that miners are making more than the average for the past year, but not by too much. If the past trend is anything to go by, this may be a potential sign that the current cycle still has room for growth. Related Reading: Bitcoin Next Key Level Is $136,000 If Momentum Holds, Glassnode Says Something to note, however, is the fact that the indicator’s peaks have been trending lower with each cycle. Thus, it’s possible that the metric would also top out at a lower level of miner revenue this time around. BTC Price Bitcoin hasn’t been able to sustain recovery since its low as its price is still trading around $117,000. Featured image from Dall-E, CryptoQuant.com, Glassnode.com, chart from TradingView.com
Key Takeaways: Former Deputy Finance Minister Zhu Guangyao proposed integrating RMB-backed stablecoins into China’s national financial framework. He described dollar-backed stablecoins as a continuation of U.S. monetary dominance via digital channels. The proposal implies a gradual path to currency internationalization without loosening China’s capital controls. At a closed-door seminar hosted by the New Economists Think Tank, former Deputy Finance Minister Zhu Guangyao proposed incorporating yuan-backed stablecoins into China’s top-level financial strategy, citing shifts in U.S. policy and emerging global stablecoin infrastructure. According to New Economists , Zhu focused exclusively on fiat-backed stablecoins, excluding other digital assets, and examined their growing role in international finance. Zhu Warns of U.S. Stablecoins He described dollar-pegged stablecoins as an extension of U.S. monetary strategy, stating they may represent “the third phase of the Bretton Woods system.” The original Bretton Woods structure, introduced in 1944, tied global currencies to the U.S. dollar, itself pegged to gold. After the gold-dollar link was severed in 1971, the U.S. maintained dominance through dollar-priced oil trade. Without regulatory support for yuan-backed stablecoins, China risks falling behind in digital finance infrastructure. #china #stablecoin https://t.co/5XxK6NlwSv — Cryptonews.com (@cryptonews) July 1, 2025 Today, Zhu argued, dollar-backed stablecoins serve as a new mechanism to sustain that position. Based on the data presented, stablecoin transaction volumes reached $27.6 trillion in 2024, exceeding those of Visa and Mastercard, while cross-border payments surpassed $250 trillion. The U.S. dollar remained the top settlement currency, accounting for nearly half of all SWIFT transactions in May. Zhu said recent U.S. regulatory actions, including the June passage of the Lummis–Gillibrand Payment Stablecoin Act, indicate an effort to consolidate dollar-based stablecoins within a U.S.-regulated framework. The law requires all such stablecoins to be fully backed by liquid U.S. assets and issued by licensed entities, reinforcing dollar liquidity and extending extraterritorial influence. He also cited the U.S. Treasury’s gold revaluation discussions and the Fed’s easing of capital reserve rules for banks as signs of coordinated fiscal recalibration, potentially to accommodate stablecoin growth. China’s Internationalization of CNY Zhu proposed three policy directions for China: treat Hong Kong as a regulatory sandbox under the new stablecoin ordinance; develop offshore and domestic CNY stablecoins; and monitor how U.S. regulators enforce fiat-backed stablecoin rules, including constraints on foreign issuers. He concluded by stating that “this must become part of our national financial strategy,” referencing stablecoin development under Chinese monetary frameworks. Integrating yuan-backed stablecoins into global payments could diversify settlement channels beyond SWIFT and CHIPS, especially in regions where China has built trade or infrastructure ties. If designed to interoperate with foreign platforms while complying with international audit and reserve standards, Chinese stablecoins could serve as a tool for incremental currency internationalization without the capital account liberalization associated with full convertibility. Frequently Asked Questions (FAQs) How might foreign governments react to a Chinese-issued stablecoin in global markets? Regulatory responses may vary. Countries aligned with U.S. policy could resist infrastructure relying on CNY settlement, while others may view it as a means to reduce dollar exposure or diversify reserves. Some may raise concerns about financial surveillance or political dependencies. Could CNY stablecoins be integrated into Belt and Road projects? A yuan-backed stablecoin could theoretically support project financing, payment clearing, and supply chain settlements across Belt and Road corridors. This would require coordinated regulatory agreements and technical interoperability with partner nations’ financial systems. What role might central banks play in shaping private stablecoin infrastructure? Some central banks may issue standards or licenses to oversee fiat-backed stablecoin operators, while others may collaborate through multilateral mechanisms to enforce reserve rules, interoperability, or cross-border settlement conditions. The post China Eyes RMB-Backed Stablecoins to Crack $250T Cross-Border Payment Market appeared first on Cryptonews .
More on Ethereum, Bitcoin Ethereum Takes The Hand As Bitcoin Finds Its Local Top Bitcoin Has Entered Its Subprime Asset Bubble Phase The Real Narrative Behind Bitcoin That You Need To Know Crypto legislation back on track after stalled House vote Deutsche Bank flags ETF inflows as a key driver in bitcoin’s 2025 surge
The Singapore High Court has set aside its June 4, 2025, order rejecting WazirX’s restructuring plan and ordered a new creditor vote on an amended scheme, potentially clearing the path for the exchange to reopen and begin distributing funds to users affected by the $230 million hack in July 2024. The court extended Zettai’s moratorium protection and allowed the revote following further arguments presented by WazirX’s parent company. If the amended scheme receives approval from the requisite majority of creditors and court sanction, the WazirX platform will reopen with Zanmai facilitating distributions under Indian jurisdiction. Update on Court Hearing The Singapore High Court has set aside its 4th June 2025 order in SUM 940, and has allowed a revote to be conducted based on an amended scheme. Zettai’s moratorium has also been extended. This decision follows further arguments presented by Zettai.… pic.twitter.com/j0pfywAufo — WazirX: India Ka Bitcoin Exchange (@WazirXIndia) July 16, 2025 Singapore High Court Has Ruled, Giving Users Hope The decision marks a dramatic reversal after the court previously rejected the moratorium application, citing concerns about transparency regarding Zettai’s undisclosed relocation to Panama and rebranding as Zensui Corporation. The earlier rejection exposed WazirX to potential litigation in India and left users without access to funds for nearly one year. WazirX founder, Nischal Shetty, announced that Proof of Reserves will launch after the platform restarts, stating that current token balances remain unchanged since no deposits or withdrawals are being processed. We will launch Proof of Reserves (POR) after WazirX restarts. Right now, the token balances remain unchanged since no new deposits or withdrawals are being processed while the platform is offline. A live POR at this stage wouldn’t add much value, and would divert resources… https://t.co/1xLSaaFsTu — Nischal (Shardeum) (@NischalShetty) July 17, 2025 An independent assessor has already verified current holdings and submitted the report to the court and creditors. Additionally, the exchange initially pledged to return 85% of user balances through recovery tokens representing unrecovered funds, though legal challenges and investor objections have stalled progress. Users have expressed frustration over repeated delays and a lack of transparency throughout the recovery process. Court Reversal Provides Second Chance for Fund Recovery The Singapore High Court’s decision to allow a revote followed months of legal uncertainty after the initial restructuring plan faced rejection. The court had previously declined to sanction WazirX’s proposal due to transparency issues surrounding Zettai’s corporate restructuring and relocation activities. WazirX had secured a four-month conditional moratorium in September 2024, which protected the company from litigation in different regions. The June 4 rejection also opened the door for Indian users to file litigation domestically to seek recovery of their locked funds. The exchange warned users in February that repayments could be delayed until 2030 if the court rejected the restructuring plan, potentially forcing the company into liquidation. A successful restructuring would allow faster, structured repayments with possible profit-sharing benefits. Singapore High Court extends @WazirXIndia ’s moratorium, allowing the exchange a final opportunity to present restructuring arguments after the $234M crypto hack. #Singapore #WazirX https://t.co/SsLj5zr218 — Cryptonews.com (@cryptonews) June 24, 2025 More than 93% of voting creditors approved the initial restructuring plan in April 2025 ; however, legal complications and resistance from Zettai delayed its implementation. The amended scheme addresses court concerns while maintaining the core framework for user compensation. The Monetary Authority of Singapore issued a notice on May 30 requiring all unlicensed exchanges operating in Singapore to cease services by June 30. Zettai’s relocation to Panama and rebranding as Zensui Corporation were intended to address regulatory compliance issues. How WazirX Got Here: The Big Disaster The WazirX hack in July 2024 resulted from hackers exploiting vulnerabilities in the exchange’s multisig wallet system, manipulating the interface to trick authorized signers into approving a malicious smart contract upgrade. The attack bypassed established security measures and drained approximately $230 million in cryptocurrency assets. The hack also exposed ownership conflicts between Zettai and Binance regarding WazirX operations, complicating the restructuring process. Users have demanded greater transparency and implementation of Proof of Reserves to prevent future security incidents. TBH….Indian crypto users just wants their funds BACK They’re tired of your lies. They know how clearly you’ve exploited them, how many times you’ve hidden the truth You still haven’t even made the real #WazirX PoR public & it's been 1 year now !!! pic.twitter.com/w3J10H0sOA — Ajay Kashyap (@EverythingAjay) July 17, 2025 WazirX plans to issue recovery tokens as on-chain IOUs representing unrecovered funds, designed to help users claim between 75% and 80% of their affected balances, depending on market conditions. However, the tokens remain speculative pending successful completion of the restructuring process. The exchange has committed to completing the revoting process as quickly as possible, with distributions beginning promptly if the amended scheme receives approval. Users await concrete timelines for the voting process and the potential reopening of the platform, which has been suspended for nearly a year. The post WazirX Funds Recovery Back on Track as Singapore High Court Orders New Creditor Vote appeared first on Cryptonews .
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