The Block
Venezuela’s state-run oil company PDVSA is increasingly using USDT in oil transactions to avoid U.S. sanctions, Reuters reported. Due to issues with trade compliance rules, USDT trades in oil rely on working with middlemen, a source told Reuters.
Quick Take PayPal and EnergyWeb are collaborating on a solution that rewards bitcoin miners for using low-carbon energy sources for their operations.
Quick Take Ripple Labs said it should pay closer to $10 million in fines compared to the proposed $2 billion lodged by the SEC last month. Ripple Chief Legal Officer Stuart Alderoty said the SEC’s request was evidence of “its ongoing intimidation” against crypto.
BlackRock’s spot bitcoin ETF registered net inflows for the 70th straight day, putting the instrument in the top 10 of exchange-traded funds with the longest daily streaks of daily inflows.The fund added over $600 million in net inflows on Monday.
Quick Take After a Utah judge criticized the Securities and Exchange Commission for a “gross abuse” of power, two of the agency’s lawyers resigned, according to Bloomberg, which cited anonymous sources. The two former SEC lawyers in question were heading a case against Digital Licensing Inc., or the crypto platform known as Debt Box, and their case was “marred by false statements and misrepresentations,” according to the Utah judge.
Quick Take The NYSE’s data analytics team put out a survey asking stakeholders about whether round-the-clock trading should occur on weekends as well as during a five-day week, the Financial Times reported on Monday. If the historic exchange does take on 24/7 trading, it could be taking a page from crypto trading.
Quick Take Ledger Live will offer new crypto instant-buy and swap services through MoonPay, as the latter invests in the hard wallet company. As part of the partnership, the companies are also collaborating on educational content for cryptocurrency traders.
Quick Take A bill introduced by Sens. Kirsten Gillibrand, D-N.Y., and Cynthia Lummis, R-Wyo., would benefit stablecoin issuers, TD Cowen said in a Monday note. There is a path forward for stablecoin legislation though the investment bank said there are “significant hurdles” ahead such as getting it attached to a broader package. Stablecoin legislation could also kindle M&A, TD Cowen added.
Quick Take Towards the end of last week, the total supply of USD-pegged stablecoins hit $165 billion, the highest level in nearly two years. Ripple said earlier this month that supply will hit $2.8 trillion by 2028.
Quick Take An advocacy group in Switzerland is asking the Swiss National Bank to add bitcoin to its reserves.
