Author: Kryptonews

The US Department of the Treasury on Thursday opened a second period of public comment on the implementation of the GENIUS Act, legislation aimed at regulating stablecoin payments in the US that was signed into law by US President Donald Trump. In a Thursday notice, the Treasury said that, though the advance notice of proposed rulemaking was not required to implement the GENIUS Act, it invited the public to comment on the stablecoin law, saying it would build upon its work.The Treasury officially opened up comment in August, giving the public until Oct. 17 to submit concerns or feedback related…

The FTX Recovery Trust, the entity overseeing the distribution of funds from the bankrupt crypto exchange, announced a third tranche of distributions to creditors, worth about $1.6 billion. According to a Friday announcement, the distribution is scheduled for Sept. 30, and creditors should receive the funds in their accounts within three business days of the payment date.The third distribution includes a 6% payout for Dotcom Customer claims, a 40% distribution for US Customer Entitlement Claims and a 24% distribution for General Unsecured Claims and Digital Asset Loan Claims. Convenience claims will receive a 120% reimbursement as part of September’s payout.Source:…

In brief The FTX Recovery Trust has announced its third distribution to former clients of the bankrupt exchange. A total of $1.6 billion will be repaid to creditors this time. The FTX brand went bankrupt in 2022 after it was criminally mismanaged. Creditors of collapsed crypto exchange FTX will receive $1.6 billion at the end of this month in a third distribution to make clients whole, the FTX Recovery Trust announced on Friday. Four groups of creditors will receive the funds on September 30, with distributions ranging between 78% and 120% of the value of their FTX holdings when the exchange…

Nearly 10 years after buying Bitcoin on Coinbase, NBA superstar Kevin Durant has regained access to his holdings thanks to a completed account recovery.The news was announced via an X post by Coinbase CEO Brian Armstrong on Thursday evening. “We got this fixed. Account recovery complete!,” Armstrong wrote. Source: Brian ArmstrongDurant, a 15-time NBA All-Star who will suit up for the Houston Rockets this season, shared the story of his lost Bitcoin (BTC) on Tuesday at the annual Gameplan Summit in Santa Monica.Appearing alongside his agent, Rich Kleiman, Durant told the host Andrew Ross Sorkin that sometime around 2014 or…

FTX creditors will receive $1.6 billion on Sept. 30 in the third major distribution since the exchange’s 2022 collapse, bringing some customers to 95% cumulative recovery rates.According to the FTX Recovery Trust’s Sept. 19 announcement, creditors must complete multiple verification steps through the FTX Customer Portal before receiving payments, which take one to three business days.Requirements include KYC verification, tax form submission, and selecting among BitGo, Kraken, or Payoneer to receive the funds. The process ensures compliance with anti-money laundering regulations while providing payment flexibility.Waterfall prioritiesPayment amounts vary by creditor class under the reorganization plan’s waterfall priorities. Dotcom customer entitlement…

Acquavella Galleries, a gallery known for its blue-chip secondary market dealings, is taking exclusive US representation of Harumi Klossowska de Rola, a Swiss sculptor whose practice sits between fine art and design. She is the daughter of Balthus, one of the last century’s most enigmatic painters, and the Japanese ceramicist Setsuko Klossowska de Rola. Harumi’s animals—bronze owls, alabaster doves, life-size polar bears and stags—are cast in small editions and then obsessively reworked by hand, her patinas as carefully considered as their forms. “She works diligently on each piece after casting, so that when you see them in person they feel…

Digital asset investing company Pantera Capital says Solana (SOL) is approaching a major inflection point in its adoption as the third-largest crypto play after Bitcoin and Ethereum.In a September 18 company post, Pantera hinted that blue-chip companies like Stripe and PayPal are starting to build on Solana, and the story for Solana is just beginning.The San Francisco-based firm added that ETF launches accelerated institutional adoption of BTC and ETH, with 43 Bitcoin ETFs launched and 165 public companies holding BTC. 2/ The ETF launches accelerated institutional adoption of BTC and ETH.43 Bitcoin ETFs. 165 public companies hold BTC.21 Ethereum ETFs.…

Crypto’s center of gravity is shifting from speculation to services. PayPal is opening the door to peer-to-peer (P2P) cryptocurrency transfers, building on its growing presence in digital assets. Its stablecoin, PYUSD, has already surpassed $1 billion in market capitalization.Google is piloting a payment protocol designed for AI agents, with built-in support for stablecoins — highlighting the role dollar-pegged crypto could play in the emerging web economy.Meanwhile, Bitcoin miners face tighter margins from rising costs, higher difficulty levels and growing competition. Yet several companies are thriving by pivoting into data-center and AI infrastructure, sending their share prices sharply higher in recent…

Stellar’s XLM token slipped below key support in a bout of institutional selling, signaling broader market weakness. Between Sept. 18 at 15:00 and Sept. 19 at 14:00, XLM fell 3.58% from $0.40 to $0.39, with volumes surpassing the 24-hour average of 22.33 million tokens. Analysts pointed to concentrated selling during overnight sessions — traditionally dominated by institutional flows — and the breach of $0.40 support as evidence of repositioning ahead of regulatory clarity.Despite the pullback, XLM found modest relief in the final hour of trading, eking out a 0.05% gain as buyers defended the $0.39 level. Still, the broader trend…

FTX’s bankruptcy estate is set to release $1.6 billion of funds to creditors at the end of the month, marking the third major payout following the crypto exchange’s implosion nearly three years ago.The FTX Recovery Trust, which oversees the bankruptcy process, announced on Friday that payments will begin on September 30 for creditors who have completed verification steps on the FTX claims portal. Funds will be routed through service providers BitGo, Kraken or Payoneer and are expected to land in accounts within three business days.U.S. customer claims will receive 40% in the latest round, bringing their total recovery so far…