Key Takeaways
- • Cryptocurrency exchange OKX completed a new financing round at a $25 billion valuation with participation from Circle, Ripple, SC Ventures of Standard Chartered Bank, and quant firm Qube Research & Technologies (QRT); the round amount was not disclosed.
- • The U.S. CFTC, under Chair Michael Selig, is proposing its first crypto market rules, including Crypto Asset Transactions (CTX) and Crypto Asset Markets (CAM) frameworks, a unified federal registration pathway for crypto platforms, and leveraged retail trading for qualified platforms.
- • CFTC Chair Selig named BTC, ETH, SOL, XLM, XTZ and XRP as examples of "digital commodities" under a joint CFTC-SEC classification, and proposed retail crypto transactions be routed through FCM intermediaries.
- • Vitalik Buterin warned that AI-accelerated mathematical research could weaken lattice-based cryptography within two years and possibly expose ECDSA earlier than expected, while advising users against hasty asset migration.
- • Stripe plans to expand its stablecoin card program to more than 100 countries by end-2026, with stablecoin card spending reaching roughly $1.2 billion last month, about threefold year-on-year.
Summary
According to the WuBlockchain Weekly roundup, cryptocurrency exchange OKX has completed a funding round at a $25 billion valuation, with participation from Circle, Ripple, SC Ventures of Standard Chartered Bank, and London-based quantitative hedge fund Qube Research & Technologies. The amount raised was not disclosed. The round continues financing closed in March, when Intercontinental Exchange (ICE), parent of the New York Stock Exchange, invested approximately $200 million at the same valuation. OKX said the new funds will strengthen its long-term market infrastructure. Separately, OKX and ICE have established OKXICE LLC, which has applied to the SEC to offer tokenized stock trading for an initial batch of 63 NYSE-listed companies, with issuers able to opt out within 30 days before launch.
On regulation, CFTC Chair Michael Selig stated that the agency is proposing its first set of crypto market rules, per The Wall Street Journal. The proposals, Crypto Asset Transactions (CTX) and Crypto Asset Markets (CAM), aim to establish a federal registration pathway and listing and trading standards for crypto platforms, and would allow qualified platforms to offer margined, leveraged or financed trading to retail investors. Selig described the shift as moving away from "regulation by enforcement" toward clear rules. Further detail indicates retail crypto transactions would generally be conducted through FCM intermediaries, with requirements covering customer asset segregation, capital, anti-money laundering and proof of reserves. Selig named BTC, ETH, SOL, XLM, XTZ and XRP as digital commodities under the joint CFTC-SEC classification.
The newsletter also flagged a security concern: Ethereum co-founder Vitalik Buterin warned that AI-driven mathematical research could significantly weaken lattice-based cryptography, including ML-DSA and fully homomorphic encryption, within two years, and could bring ECDSA risks earlier than expected. He recommended storing funds in never-used addresses where practical and advised against hasty migration, which carries its own fund-loss risk. Stripe, meanwhile, plans to expand its stablecoin card program to more than 100 countries by end-2026, according to Henri Stern, Head of Stablecoins and Crypto Business, with current clients including Kraken, Ramp and Morse. Paymentscan data cited in the roundup shows stablecoin card spending of about $1.2 billion last month.
On regulation, CFTC Chair Michael Selig stated that the agency is proposing its first set of crypto market rules, per The Wall Street Journal. The proposals, Crypto Asset Transactions (CTX) and Crypto Asset Markets (CAM), aim to establish a federal registration pathway and listing and trading standards for crypto platforms, and would allow qualified platforms to offer margined, leveraged or financed trading to retail investors. Selig described the shift as moving away from "regulation by enforcement" toward clear rules. Further detail indicates retail crypto transactions would generally be conducted through FCM intermediaries, with requirements covering customer asset segregation, capital, anti-money laundering and proof of reserves. Selig named BTC, ETH, SOL, XLM, XTZ and XRP as digital commodities under the joint CFTC-SEC classification.
The newsletter also flagged a security concern: Ethereum co-founder Vitalik Buterin warned that AI-driven mathematical research could significantly weaken lattice-based cryptography, including ML-DSA and fully homomorphic encryption, within two years, and could bring ECDSA risks earlier than expected. He recommended storing funds in never-used addresses where practical and advised against hasty migration, which carries its own fund-loss risk. Stripe, meanwhile, plans to expand its stablecoin card program to more than 100 countries by end-2026, according to Henri Stern, Head of Stablecoins and Crypto Business, with current clients including Kraken, Ramp and Morse. Paymentscan data cited in the roundup shows stablecoin card spending of about $1.2 billion last month.
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