Xultation

A week ago: hard value at 5M$ Today: 4.2M$ #PulseChain

🚨🇺🇦🇷🇺 Zelensky has reportedly offered Russia an energy ceasefire to help ease the Iran war oil crisis. He publicly acknowledged that protecting energy infrastructure was discussed during last week's peace negotiations. This comes after Trump claimed he personally secured an agreement from Putin for a brief humanitarian pause. Ukraine's willing to cut a deal with Russia if it means getting more oil flowing while Hormuz stays shut. Source: Yeni Şafak, @insiderpaper

@circle @FastCompany Circle unfroze the USDC for the Goated hot wallet a few minutes ago. I expect more hot wallets to be unfrozen soon. The crypto community needs answers from @jerallaire @circle about why this overreach ever occurred to begin with.

🚨NEW: New details are emerging about the latest legislative text outlining a compromise on stablecoin yield and rewards, along with early reactions from crypto industry leaders who reviewed it today. According to an internal stakeholder email shared with me, the proposal would prohibit platforms from offering yield “directly or indirectly” for holding a stablecoin or in a manner that resembles a bank deposit. The restriction would apply broadly to digital asset service providers (exchanges, brokers, etc.) and their affiliates to limit workarounds, and would bar anything “economically or functionally equivalent” to interest. The proposal would also permit activity-based rewards tied to user activity, including loyalty, promotional, or subscription programs, provided they are not deemed economically or functionally equivalent to interest. It would also direct the @SECGov, @CFTC, and @USTreasury to jointly define permissible rewards and establish anti-evasion rules within one year. One industry leader who reviewed the text today tells me the draft is a “departure” from what had been previously discussed with the White House, warning the “economic equivalence” standard is vague and could be interpreted more restrictively by future regulators. They also point to limits on tying rewards to balances or transaction amounts, which could make incentives difficult to structure. “Overall, this is a more narrow and restrictive approach toward crypto,” they said. Another says the text is “largely in line with expectations” and reflects a balanced outcome, preserving transaction-based incentives while making clear stablecoins cannot function like interest-bearing deposit accounts. “This is the best possible result,” they said, noting that the text is broader than the initial Tillis-Alsobrooks proposal, which would have been more restrictive on crypto. Up next: Bank reps are set to review the text tomorrow.

🚨UPDATE: Senators Reach “AGREEMENT IN PRINCIPLE” on CLARITY Act Yield Fight 🤯🇺🇸 According to @Politico reports, KEY SENATORS and White House officials have now REACHED an “agreement in principle” on the stablecoin yield / rewards issue that has been one of the BIGGEST obstacles holding up the CLARITY Act in the Senate. 👀 The agreement reportedly involves Sen. Thom Tillis and Sen. Angela Alsobrooks, and is aimed at resolving the clash between banks and crypto firms over stablecoin rewards. 😵 “Sen. Tillis and I do have an agreement in principle.” 🚀 @Politico also reports the new language would seek to bar yield payments on passive stablecoin balances, though the full details are STILL NOT PUBLIC. 🤯 More to come.

🚨🗞️NEW: Crypto and Bank Reps Head to Capitol Hill to Review Stablecoin Deal as Details Remain Under Wraps Some crypto industry leaders will meet with @BankingGOP today, with banks set for tomorrow, to review the product of a long-awaited compromise. cryptoinamerica.com/p/crypto-and-b…