Editor’s Note: Happy 4th, everyone. No plans on writing an issue tomorrow, as most of you will be offline and (hopefully) enjoying a quick little break. We’ll be back on Monday. Cheers!
Markets Rally
So far crypto markets are starting off hot in July on the heels of slightly easing geopolitical tensions, the GENIUS Act passing, and tradfi adoption roaring. After plunging as low as $98,400 when the US launched airstrikes on Iranian nuclear facilities, BTC has rebounded sharply, touching over $110,000 this morning – just ~1.5% away from all-time highs. On that note, junk like Bonk, Fartcoin, and Pudgy Penguins are leading the 7d return charts right now — a sign that while there’s some fresh momentum, financial nihilism is alive and well.
Ripple Seeks a U.S. Banking License
Ripple just joined the queue for a national OCC bank charter, a move that would put its RLUSD stablecoin under federal as well as New York oversight and pave the way for a Fed master account. The move possibly signals that stablecoins, not Ripple’s global cross-border payments pitch, now anchor its future. Read more →
OpenAI to Robinhood: That’s Not our Stock
OpenAI publicly condemned Robinhood’s latest “stock tokens,” telling X followers that the OpenAI and SpaceX branded coins now trading on Arbitrum are neither equity, nor endorsed by the company. Analysts quickly echoed the warning, noting the tokens are unredeemable derivatives rather than 1-for-1 share claims. Read more →
