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Trump Withdraws ICE Director Nominee After Republican Senator Blocks Confirmation Hearing

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Trump Withdraws ICE Director Nominee After Republican Senator Blocks Confirmation Hearing

The President did not provide an explanation for his decision to withdraw the nomination. The White House did not immediately respond to TIME’s request for more information.

Schroyer’s pick was somewhat of a surprise, given that he has no experience leading a law enforcement agency. He is close to Homeland Security Secretary Markwayne Mullin, whose department houses ICE; Schroyer previously served on Mullin’s security detail, and the Secretary later made him a senior DHS advisor. 

Schroyer also helped lead the Oklahoma Highway Patrol’s efforts to train troopers and enforce an immigration crackdown in conjunction with ICE in his state, and was deputized to make federal immigration enforcement arrests last year.  

Mullin and Trump both urged Congress to swiftly confirm Schroyer following his nomination.

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“Lance is coming straight from the operational field where he ran large scale operations and worked alongside state and federal partners to remove illegal aliens from Oklahoma,” Mullin said at the time, adding that Trump “made a great pick.”

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Colin Kaepernick on Threats He Faced, His NFL Exile, and That Jay-Z Lyric

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Colin Kaepernick on Threats He Faced, His NFL Exile, and That Jay-Z Lyric
Colin Kaepernick speaks onstage during The Gordon Parks Foundation Awards Dinner and Auction on May 19, 2026 in New York City. —Noam Galai—Getty Images

Following a string of high-profile police shootings of Black men 10 years ago, San Francisco 49ers quarterback Colin Kaepernick began protesting such incidents by sitting during the national anthem at preseason games. What began as a quiet action turned into a fevered national debate about freedom of expression, patriotism, and so much more. 

In Kaepernick’s new memoir, The Perilous Fight, the quarterback explains that his action was spontaneous. He wasn’t even in uniform on August 13, 2016, the first time he sat during the anthem. “I hadn’t given the anthem a second’s thought before I walked out onto the field that day, but it hit me in that moment that I should find a seat,” Kaepernick writes. “I didn’t want to stand up while that song was playing. Rosa Parks had refused to give up her seat on the bus to a white person in 1955. Muhammad Ali wouldn’t step forward when his name was called by the draft board for the Vietnam War in Louisville in 1967. Tommie Smith and John Carlos raised black-gloved fists in the air during the playing of the anthem at the 1968 Olympics. They didn’t like what they saw, the way this nation touted its commitment to justice and at the same time showed little interest in it, and they took action. Those inspiring Americans had the courage of their convictions and literally changed the world in the process.”

Kaepernick, despite leading the 49ers to the Super Bowl in 2013 and throwing 16 touchdown passes, against just four interceptions, for a bad 49ers team in 2016, hasn’t played in the NFL since that season. In 2019, he and former teammate Eric Reid, who joined Kaepernick in kneeling during the anthem, settled a collusion lawsuit against the NFL. In late August, a decade after he etched his name in history, Kaepernick sat down with TIME to talk about why he hasn’t spoken up much about his protests, his relationship with the anthem today, his differences with Jay-Z, and the state of policing in the United States. 

(This interview has been edited and condensed for length and clarity) 

You’ve released a book, The Perilous Fight. Why tell your story now?

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One, it’s 10 years since the protest. I’ve gotten so many questions about why did I protest, what happened, what led up to it, the details behind the scenes of all of the moments. Not just the protest, but owners in the NFL, the conversations that were happening there, the workout in 2019 and all the things that transpired around that. Then also just the work that we’re doing directly in the communities. It felt like it was a great time to be able to go out, answer some of those questions, and also be able to give insight into how we build, how we move forward together. I think it’s especially critical in a moment like this.

The book starts with a harrowing incident of racial hostility involving the N word that you experienced as a child—one you weren’t comfortable sharing with your parents, who adopted you and are white. Why start there?

One of the reasons we wanted to start with that moment of going through the neighborhood, being tied to a rose tree, and the dynamic of not feeling comfortable telling my parents is it really sets the stage for the rest of the book, and sets the stage for the rest of my life. I had to navigate the realities that you face when you are Black in predominantly white spaces. I had so many questions around, “You lived a privileged life. Everything was all good. Middle-class white family. What are you upset about?” And from the outside looking in, I understand how it can look that way. But also the reality of the experience, and what I went through, is also something that’s important to put in context. 

You didn’t really do any interviews during the heat of 2016 and 2017, and in the aftermath. What was your thinking on not doing these types of interviews then?

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Yeah, it’s interesting because I get both sides of that question. During the 2016 season, it was like, “Why are you talking so much? Be quiet.” As an NFL quarterback, you’re required to speak three times a week. So reporters can ask you whatever they would like. I’m happy to answer any questions as part of that. But post that moment, one thing I realized was, it felt like there was a very, very intentional effort to make me the sole figure, or the sole voice, of the movement. I thought it was important to create space for other voices to be able to step up. And one of the reasons that I thought that approach was so important is looking back historically, yes, we need strong leaders, but we need strong people collectively. That’s actually what allows us to be able to sustain over time. Also, as part of that, I thought it was very important as they were very intentional attacks to try to discredit me, discredit what I was capable of on the field, discredit my character. In those efforts of trying to discredit me, they were also trying to discredit the broader movement.

Colin Kaepernick kneels during the national anthem flanked by Eli Harold, left, and Eric Reid, right, before an NFL game against the Dallas Cowboys in Santa Clara, Calif. on Oct. 2, 2016. —Marcio Jose Sanchez—AP

If there’s one athlete who has stepped up in the way that you wanted, who would that be?

I think there are voices across the board that have stepped up. I would say my brother Eric Reid. I’m always going to bring him up. Love Eric. He continued the protest after I was blackballed. He himself went through the same reality. His final season, [he] went out, set two franchise records, was cut, and never saw the field again. We had voices throughout the NBA step up. Whether that was LeBron, we saw Steph Curry, we saw Carmelo, we saw KD, all stepping to the forefront. We saw this with Megan Rapinoe, doing that on an international stage. We’re seeing it to this day throughout Europe. I would not have had the insight that this would have had the lasting impact internationally the way it does, and that’s just within the sports realm. More broadly, what I think it’s done is created opportunities, whether it is on a national stage, international stage, or within local communities. People saying, “Oh, this actually opened the door for me to be able to do the work in a way I previously wasn’t able to.”

In 2016, when you first started sitting, and then kneeling, during the national anthem, you’re in this national spotlight and firestorm. Was there one surreal moment you experienced that we didn’t see during this time? 

One surreal moment early on, we had a high school, Castlemont in Oakland. After I took a knee, they went out the next week and took a knee, and I went to go visit them the following week at their game. I had a moment where I was in the locker room with them before the game. They’re hyping each other up. It’s going to be a big game for them. And one of the players says, “We don’t get to eat at home. So we’re going to go eat on this field.”

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That is too often a reality within communities. Not only navigating threats against their life, but navigating whether or not they’re even going to have a meal. For me, that was such a surreal moment that athletes in high school and students in high school are going out, trying to chase their dreams and compete at the highest level. They are willing to stand up and risk themselves to go out and advocate for their community, while at the same time not knowing whether or not they’re going to have a meal when they get home. That really encapsulated and painted a surreal picture of how dire this is. While the broader national conversation was happening, this is just the reality on the ground. 

Were you physically or psychologically threatened while protesting? 

Threats became so normalized that I didn’t really think about them too much. You get attacked from the President of the United States. You’re getting attacked from senators. You have people trying to send bombs to your home. Online threats and mail threats. My now wife Nessa, as I was getting these threats, was like, “You can’t be staying at your house alone.” She was in New York at the time. But that ultimately led to me staying at [manager Tony Ng’s] house for the rest of that 2016 season, just so people didn’t know where I was at. 

Were you ever scared? 

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No. I also think you get a little bit of the football mentality. If someone is going to try to do something, they’re either going to try to do it or aren’t. My responsibility is to be prepared for whatever that is. 

Did you ever worry that what happened to you served as a warning to other athletes? That as a result of you not playing in the NFL anymore, they were quiet rather than speaking up?

Absolutely. I know the intention was to send that message: If you try to advocate for the Black community, if you try to fight against the status quo and create a different and better environment, we will take everything we can from you. And this actually showed up in one of our Know Your Rights camps in Las Vegas. One of our young high school students pulled me aside in the middle of the camp. “Hey, I really love football. I also really want to fight for my community and for that to be better. Which one do you think I should choose?” 

The fact that they have made that a conversation, that people feel like they have to choose, that is the very thing that I have to continue to fight against. I don’t think there is an either-or. We can be phenomenal at our profession. We also can advocate for our community and a better society, better conditions for our people. 

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In the last nine years of NFL exile, did deciding to stand for the anthem in order to get signed ever cross your mind?

No. 

Why not? 

Because I set out with a clear goal and clear objective, and the conditions in our society have not changed. There’s been progress made in some areas, but holistically, when we look at the climate and environment that we are living in today, those conditions largely have not changed. There is never going to be a moment where I take a position of, “Hey, I’ll stand up so I can get my career back.” Because that then becomes a moral concession: If you threaten my career, or if you threaten my money, I will actually say I don’t care about the people, and I will look at this just from an individual perspective. That was a line I was not going to cross.

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In the book, you detail conversations you had with a few teams around the league. Which team did you feel closest to signing with?  

There were three teams that I thought were close. The first was the Seattle Seahawks. In 2017, flew up there, met with Pete Carroll, John Schneider, the head coach and GM of the Seahawks. When I got there, basically the conversation was, “We know you’re a starting quarterback.” I didn’t do a

workout while I was there. They’re like, “We know you can play. We’ve game-planned for you the last few years. That’s not a question for us.” The entire conversation while I was there was just around my politics, taking the knee, how I thought about policing, how I thought about the military, what their community would think, what potential players would think. 

In retrospect, it was fascinating to me on a few different fronts. One, the NFL claims it’s a meritocracy. So walking in a building and telling me you know I’m a starter, and not walking out with an offer makes that fall flat on its face. The second part is I just think about it from a labor-laws perspective. Being the owner of a business, a company, I would never be able to ask those questions and get away with it. 

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They didn’t sign me that year. Reached back out the following year to have me come in for a workout. Had booked the flight, was ready to go out there, and prior to getting on the flight, they called my agent. Said, “Well, before he comes out to work out, will he commit to not taking a knee?” I said no. I won’t commit to that. Canceled the flight. Canceled the workout. Never heard from them again. [A spokesperson for the Seahawks did not respond to TIME’s request for comment.

The second one was the Ravens, and this one came about because we played against the Ravens in the Super Bowl. Jim Harbaugh was my coach during that time. His brother John Harbaugh was head coach of the Ravens, and I reached out to Jim and wanted to get his perspective. “Is there anyone that you know that would be interested? Do you think your brother would be open to a call?” John was on board and was like, “Yeah, let’s do it.” John went back, advocated for it, wanted to sign me. “It got shut down from above me. I don’t have the power to just outright make that decision. But if it was my choice, you would be here.” [A Ravens representative referred TIME to a 2017 quote from Baltimore general manager Ozzie Newsome—now an executive vice president with the team—who said, “(Ravens owner) Steve Bisciotti has not told us we cannot sign Colin Kaepernick, nor has he blocked the move. Whoever is making those claims is wrong.”]

Then the third one was the Raiders in 2022. Had run into [Raiders owner] Mark Davis at an airport. This was actually the first time I had been face-to-face with one of the owners blackballing me. It was a very interesting conversation because it was almost disconnected from the reality of what was going on. Saw me and was like, “Hey, what’s up? How are you doing? What you been up to?” I was like, “What? What are you talking about? I’ve been trying to play, and you’ve been keeping me out.”  

That led to a follow-up conversation about me trying to play. He came and sat in my living room, and we talked about playing for the Raiders. That led to a workout with the Raiders and Josh McDaniels. Workout went great. Josh McDaniels, after the fact, was like, “He looked bigger, stronger, faster than last time saw you.” Mark Davis came in the room after. “So proud of you. That was great workout.” One of the scouts on the way back said, “I’m surprised they let you walk out of the building without signing you. That’s the best workout we’ve had in years from a quarterback.” Never heard from him again. [The Raiders declined to comment.]

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When Jim, who coached Michigan to the 2023 national title, got the job with the Los Angeles Chargers in ‘24, did you reach out to him? Was there any conversation there?

Yeah.

What happened? 

He told me that was a table he was not willing to stand on. It was disappointing because prior to that he had been advocating for me. Said I should be a starter. I can help a team win championships. Had a conversation with him and said, “Look, I don’t even care what the role is. Like I know Justin Herbert’s there. I know the reality of what you have to navigate as a head coach. Let me take the No. 2 spot then. Let me come in, just show you, show everyone else what I can do.” Wouldn’t do it. No opportunity, no workout. 

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Has that affected your relationship with him?

Yeah. And I’ll say, also in part because there was a conversation that was put out that he had offered me a coaching job, which just wasn’t true. I don’t know where and why that came out. That’s made the relationship a little bit different since. [When asked to respond to Kaepernick’s comments to TIME about joining the Chargers as a player or coach, Harbaugh, through a Chargers spokesperson, pointed to a 2024 press conference, in which he said he “pulsed” Kaepernick’s interest in coaching.]

Why are you confident that you are ready to be an NFL quarterback right

now?

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Because I train for it. I rely on my training and preparation for any moment. I’ve grown confident in my ability to continue to stay ready because I’ve shown that the training works, and I’ve shown that I’ve been able to go out and perform. 

What’s your relationship with the national anthem today? When you go to sporting events, what do you do?

I don’t go out for the Star-Spangled Banner. I’m either seated where I’m at, or I’m not out there at all, and then show up when it’s time for the actual game to come on.

Your daughter is 4. When this time is right, what will you say to her about the national anthem? 

This is actually a funny and timely question. We just went through the process of moving. We’re putting some of the artwork up and pictures up. We have the TIME cover framed. I don’t like having any of my stuff in rooms that I’m in. Feels weird to me. But my wife wants to have stuff up. And my daughter found it, and she grabbed it and was like, “Oh, this is going to my room.” But she was like, “Baba, why are you taking a knee like this?” She’s showing me how I’m taking a knee. Not a conversation I was expecting to be having at 3 ½  years old.

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What did you say to her about it? 

“Well, Baba was protesting to try to create a better life for everyone. Thought all people should be able to be successful and have good lives and be treated fairly.” 

What are you going to tell her when she asks about why you stopped playing in the NFL? 

It’s going to be an honest conversation, in part because I also know I have to prepare her for the reality that she’s going to walk into rooms and they’re going to see her last name is Kaepernick. She’s going to get asked questions and she’s going to have to have to navigate things that she never asked for. Part of my responsibility as a father is making sure that she’s prepared and equipped for that.

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Going back to your early life a bit – you credit your parents with raising you and having your back. But there were many moments where they weren’t as sensitive to your racial experience and awakenings as you would have liked. You make that very clear in the book and don’t spare your feelings about it. Have your mom and dad read the book?

They have not read it yet.

How do you anticipate they’ll react to it? 

There’s moments that they just don’t know about. It is also something that, for me, in thinking about a white couple born and raised in Wisconsin, adopting a young Black boy, it is very difficult for them to understand the reality of what that’s going to be for me growing up. As far as raising me on strong fundamentals and morals, teaching me to work hard, teaching me to treat people well regardless of what their position or status may be in life, all of those things they did extremely well. But when it comes to understanding being Black, being a Black man, what that means, navigating society, that part largely didn’t exist. That’s where a lot of the conflicts come in around culture, around perception, around who I actually was. I knew they always loved me as their son. I don’t know if they always loved my Blackness. And I think that’s an interesting nuance to be able to navigate.

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How would you characterize your relationship with them now?

I think we’re in a good place. My daughter loves calling them during dinner. That is part of her routine now. They come out, they visit. But there is still some of the complexities there.

At several points in the book, you talk about the business of the NFL in the same breath as slavery. Of being photographed in compression shorts at the draft combine, you write, “My mind immediately went to the scenes I had witnessed in numerous movies depicting slave auction blocks.” You also write, “I fully believe what happened to me was a form of buck breaking. That’s a slave term to describe how masters used to whip and sexually abuse enslaved men in front of a crowd to dehumanize them and warn other slaves that they better not step out of line. I was made into a warning to other NFL players and professional athletes: You better not challenge the league’s authority.” Were you ever worried that people might be offended by that?

No. I know people would take things in the context that they want to. But the parallels between the two are undeniable. Bill Rhoden wrote a whole book around it, Forty Million Dollar Slaves. This came up for Curt Flood when he was fighting for free agency for professional players. “Well, you’re making $90,000 a year, Curt Flood. How can you compare this to slavery?” And I believe his quote around that was, “A well-paid slave is a slave nonetheless,” or something to that effect. Which speaks more to the institutions and practices around how you are treating people and the process that they’re going through, and the systems that they have to navigate, as opposed to just taking something in isolation. 

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Two news stories weren’t addressed in the book. One is your decision to wear socks depicting police as cartoon pigs in 2016, before you took your public stance. That offended law enforcement personnel, and police unions in particular. Why don’t you, or why do you, regret that specific decision?

When I wore those socks, we were seeing police killing Black people with impunity across the country. This is something that has systemically been in place. It came out of slave patrols, built into modern-day policing. Now, policing in the U.S. exists in a way that we don’t see in other areas throughout the world, so to me, that was sending a message around the inhumane practices that police were practicing. 

It seemed to have an effect where some people would never forgive you after that. But you knew that was a risk?

The same people who are offended, in a way that, “hey, we’re never going to forgive you for that,” why are you so remorseful for police killing Black people? Why are you so accepting of that? A pair of socks is so offensive to you, but the killing of a human life you’re OK with. So, if we’re really going to have a conversation around it, let’s actually put it in contrast to the conversations that we’re having. I’m going to choose valuing human life in every instance.

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The other story is the shelving of the ESPN documentary about you, directed by Spike Lee. About a year ago, ESPN said in a statement that “ESPN, Colin Kaepernick and Spike Lee have collectively decided to no longer proceed with this project as a result of certain creative differences.” What were those creative differences?

We had approved for the documentary to go out, and that was not something that fit within their timeline. So the documentary is finished. It’s ready to go. We’re looking for potential partners to be able to place it.

Why didn’t ESPN want it?

It’s a great question. I know they have shifting priorities, as we’re seeing publicly right now. We also know they were, I believe, at that point in time in the midst of negotiating their deal with the NFL. So I can’t say that those things are connected. But I believe they’re all factors. [An ESPN spokesperson sent TIME a statement: “Two years ago, the three parties involved in this project came to a mutual decision, based on creative differences, not to move forward. Creative differences are not uncommon when several entities collaborate on a project of this kind. Because multiple parties were involved, we are limited in what we can share publicly. This is not new as the decision not to move forward was agreed upon Monday, July 29th 2024. We are grateful for the work that went into it.”]

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In a recent interview, Alexandria Ocasio-Cortez seemed to agree with the sentiment that “Woke 1.0 was crazy.” She was referring to the period, after the murder of George Floyd in 2020, where there were calls, for example, to defund the police. You wrote in a 2020 essay “in order to eradicate anti-Blackness, we must also abolish the police. The abolition of one without the other is impossible.” What is your response to AOC’s characterization and other political characterizations that sentiments like you expressed went too far?

I understand the political realities that politicians are navigating. I’m not naive to that. I also think the reality is, if we are trying to create better communities that allow us to thrive, our resources shouldn’t be going towards policing. They should be going towards resources that allow the community to thrive. When you invest in communities, they get safer. People do better. Crime rates drop. I would not discredit the work that was done around the country during 2020, because that has laid the foundation for the movement that we’re seeing now. We’re seeing a different wave of politicians show up: “Am I providing direct benefit to the people that I’m serving?” I think that is the most important priority to be able to keep in mind. 

Do you still support abolishing policing?

Yes. I think that’s the work that we should be doing. Reallocating those resources to directly benefit communities and give them the resources that they need to be able to thrive.

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You write in the book about how, in 2016, you met with your San Francisco 49ers teammates to explain in more detail why you were protesting during the anthem. You write: “I told my teammates how law enforcement in this country has always been an enemy of Black people.” In 2026, do you still feel that law enforcement in this country is an enemy of Black people?

The institution has not changed. It still exists in the same form it did in 2016. We’re still seeing the same issues come out of it. We’re still seeing that fuel and funnel into the prison industrial complex. So until those systems are dismantled and those resources are allocated to benefit communities, the institutions are serving the purpose that they were laid out to do. 

A Nike Ad featuring American football quarterback Colin Kaepernick is on display September 8, 2018 in New York City. —Angela Weiss—AFP/Getty Images

How would you characterize how Donald Trump has treated you? 

At least to my knowledge, that was the first time I had seen a President use their position and political power to target an individual citizen. And I think that laid the foundation and set the stage for a lot of what we are seeing now. And in many ways, I feel like that was an initial test to see how far things could go. I obviously do not agree with his political views or approach. I do not believe that the work he is doing is actually to benefit people other than himself.

The NFL has reported giving more than $450 million to grassroots organizations to benefit communities in need. Do you see that as a sincere response to your protest or a PR play?

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I view that as a PR play. There was a player-owners meeting. Bob McNair, who was the owner of the Texans at the time, said, “You need to tell your compadres to stop that other business,” meaning the protests. Bob Kraft was in that meeting and said, “We need to talk about the elephant in the room and ending the protests.” And Terry Pegula, the owner of the Bills, just said explicitly, “We need a Black face to be at the forefront of this to help us stop this.” If it was actually to try to create change and benefit Black communities, the NFL’s response holistically from the start would have looked drastically different. I would have a job. Eric Reid would have a job. The other players that were targeted throughout that process wouldn’t have had to navigate that.

A protester wearing a Colin Kaepernick SF49ers jersey joins others in taking a knee, led by Former NFL wide receiver Terrell Owens in support of former NFL quarterback Colin Kaepernick on June 11, 2020 in Inglewood, California. —Frederic J. Brown—AFP/Getty Images

NFL commissioner Roger Goodell admitted, in 2020, that the league was wrong for not listening more closely to the message and meaning behind protests like yours. He encouraged a team to sign you. Do you forgive him?

No, because he’s still taking those actions to this day. That they have not changed their practices. The NFL just went through navigating race-norming, where they were assessing that the baseline intelligence or cognitive abilities of Black players was lower than white players, so that they could deny them medical benefits after playing in the NFL. It’s important to put it into broader context. This isn’t a practice that just exists in relation to me and the protest. [The NFL declined to comment.

The book details your relationship with Jay-Z, whose company, Roc Nation, partnered with the NFL in 2019 to consult on Super Bowl halftime entertainment and other performances and initiatives. Jay-Z recently brought you up in a rap lyric at Yankee Stadium, saying, Buddy took a check, I ain’t even mad at him, but along with that check you gotta sign a non-disparagement. I’m the one they can’t control.” How would you characterize how Jay-Z has communicated with you, and used you or brought you up?

The fact that seven years after him cutting a deal to undermine the protest, unprompted, [he] brings me up, sounds like a guilty conscience to me. I would also say, just to make very clear, the distinction here. One, I did not sign a non-disparagement. But the second part of this is these are very different situations. He’s trying to create a false equivalency around being blackballed by the NFL and having to go through the grievance process, the legal process that’s already laid out by the collective bargaining agreement between the NFL and the players’ union–going through that process, and then reaching a settlement at the end of it, because that is your path towards reconciliation, is very different than cutting a deal with the NFL to create personal benefit and undermine the protests. Trying to conflate the two is very disingenuous. [A representative for Roc Nation and Jay-Z did not respond to TIME’s request for comment.]

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Are you surprised that DEI is under fire? 

I’m not surprised it’s being attacked by this Administration. What I am surprised by is the capitulation by corporations, by organizations to go along with it. What I’ve seen is when you show weakness, that you’ll bow down to them, that you’ll capitulate to them, they’re going to try to take that further and further. 

Did you make any mistakes over the past 10 years? 

One that I think about a good amount is, I had intentionally taken an approach of I’m going to do my best to not call out or attack people who I disagree with. I did not want to create an environment or narrative that was centered around Black people fighting and distracting from the intention of the protest. Even with Jay-Z, I didn’t go out and do interviews around that. I believe people will see the work, and my hope is in seeing the work, people will look at and say, “Oh, that’s how it should be done.” But I don’t know if that created additional space for people to take the narrative in places that shouldn’t have gone. It’s one of those things that I’m very mindful of as I move forward. 

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S&P Global Buys the Auditor Behind Most Stablecoins: Why Now, and Why Twice?

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S&P Global Inc (SPGI) Performance. Source: TradingView

S&P Global agreed Thursday to buy OpenZeppelin, whose open-source code sits beneath most of the world’s largest stablecoins. It is the ratings giant’s second crypto deal in three days.

Neither company disclosed a price. The purchase hands S&P a grip on the code that moves tokenized money, not just the data describing it.

The Code Running Beneath Most Stablecoins

OpenZeppelin has published free smart contract building blocks since 2015. Smart contracts are programs that move money on a blockchain without a bank in the middle.

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The firm says its code has carried more than $37 trillion in value. It has run over 900 security reviews and found more than 10,000 flaws.

“OpenZeppelin’s standards, technology, and expertise already power the infrastructure behind the world’s leading stablecoins, tokenized funds, DeFi protocols, and onchain markets,” Chief executive Demian Brener said that in the company’s statement.

He keeps his job and will report to S&P Global Ratings president Yann Le Pallec.

S&P Global Has Spent a Year Rating Crypto Products

The company issued the first credit rating of a DeFi protocol, Sky, and the first stablecoin stability assessments. It also tokenized the S&P 500 with Centrifuge, then built a hybrid crypto-equity benchmark.

Each of those judged a product. Buying OpenZeppelin pushes the company into judging the code underneath.

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That shift carries history. S&P paid $1.375 billion in 2015 to settle Justice Department claims that it defrauded investors over its crisis-era mortgage ratings.

Two Deals in Three Days Buy Two Different Layers

On Monday, S&P led a $110 million funding round in Kaiko. The Paris firm sells pricing data across more than 150 exchanges and protocols. BNP Paribas, Nasdaq Ventures and Royal Bank of Canada joined the round.

Kaiko measures what tokenized assets are worth. OpenZeppelin checks whether the code holding them holds up.

Both bets meet the same awkward fact. CoinGecko studied 245 incidents since January 2025. Protocols that had already cleared independent reviews accounted for 88% of everything stolen. Those breaches cost $3.63 billion through July 2026, which means audited protocols still lose funds.

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S&P Global Inc (SPGI) Performance. Source: TradingView
S&P Global Inc (SPGI) Performance. Source: TradingView

Investors have been cooler on the buyer. SPGI closed at $406.76 on September 16, near the floor of a 52-week range topping out at $552.25.

The post S&P Global Buys the Auditor Behind Most Stablecoins: Why Now, and Why Twice? appeared first on BeInCrypto.

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CoreWeave down 32% since joining the Nasdaq 100

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CoreWeave down 32% since joining the Nasdaq 100

AI company CoreWeave has lost one-third of its value since the day it joined the Nasdaq 100 index, despite doubling revenue in the second quarter and boasting of $100 billion in backlogged revenue.

As common shareholders have suffered, insiders have been steadily selling. 

Since Nasdaq 100 indexation became effective on June 22, 2026 and forced retirement savers to passively buy CoreWeave shares through hundreds of Nasdaq 100-linked funds around the world, executives and board members at the company have dumped over $600 million worth of stock.

  • CEO Michael Intrator has liquidated over $320 million
  • Co-founder Brannin McBee has sold $220 million
  • Kristen McVeety, general counsel and corporate secretary, has sold over $22 million
  • The company’s CSO, CFO, COO, and CAO have sold a combined $36 million
CoreWeave since IPO. Source: TradingView

CoreWeave’s stock hit its all-time high of $187 on June 20, 2025, almost a year before it became a constituent of the Nasdaq 100. However, it’s been declining for 15 months, including double-digit losses for retirees who waited for Nasdaq committee members’ de facto blessing this summer.

Nasdaq announced its rebalance favoring CoreWeave on June 11, 2026, effective June 22. The stock opened that day above $119, yet it trades near $80 today.

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Nasdaq 100 tapped CoreWeave to lose retirement savings

The company satisfied all of the technical criteria for entry, and seemed to be a decent choice from a fundamental perspective.

It claimed to have contracted revenue with a backlog reaching $104 billion, with billions of dollars in fresh commitments that have arrived since July.

With this seemingly enviable business, CoreWeave houses racks of Nvidia GPUs in leased data centers and sells computational capacity to Meta, OpenAI, and other AI labs.

There is just one problem. Nvidia’s chips lose value fast amid high heat operation and, more importantly, endless waves of new models from fabricators. CoreWeave must account for depreciation, which has a devastating drag on its profitability.

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Read more: Anthropic’s non-existent blockchain shares are tripping up investors

Earnings before depreciation

In the second quarter alone, depreciation and amortization of its AI equipment exceeded $1.3 billion, a staggering 54% of revenue. Worse, the heavily indebted company had to pay interest on its debt pile of $640 million, up from $267 million a year earlier. 

Those two accounting lines consumed more than three-quarters of every dollar the company generated.

The company is also spending far more than it generates. Full year capital expenditure guidance sits at $35-39 billion — far higher than CoreWeave’s revenue guidance of $12.4-13.2 billion.

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In other words, the fast-growing, cutting-edge company plans to spend roughly $3 for every $1 it plans to earn. 

Free cash flow in the second quarter came in at negative $5.7 billion.

CoreWeave’s buildout has been financed almost entirely with borrowed money. Total indebtedness grew from $7.9 billion to $21.4 billion by the end of 2025, and now exceeds $35.6 billion.

The business isn’t short of demand for its services. It seems to be short of a business that can transform that demand into profit faster than Nvidia’s chips lose value and its lenders collect interest.

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As the stock has declined for over 15 months, the people running the company have kept selling.

Got a tip? Send us an email securely via Protos Leaks. For more informed news and investigations, follow us on XBluesky, and Google News, or subscribe to our YouTube channel.

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XRP Price Holds Above $1.29 as Futures Leverage Resets

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XRP open interest fell from $1.128B to $871.22M, but positive funding, ETF inflows and $1.29 price support leave the outlook unresolved.

XRP price trades near $1.30, going up by as little as 1%, even as open interest across its derivatives market has fallen from $1.128 billion in August to $871.22 million now, a decline of more than $250 million in under a month.

That gap between a resilient spot price and a shrinking futures book forces a specific question: is this a genuine retreat of bullish conviction, or a leverage reset happening alongside steady spot demand?

XRP open interest fell from $1.128B to $871.22M, but positive funding, ETF inflows and $1.29 price support leave the outlook unresolved.

Trade XRP on Bybit and Get a Chance to Win Our $1,000 USDT Airdrop

Why Falling Open Interest Does Not Yet Confirm a Bearish Turn?

A drop in open interest typically means traders are closing futures positions, getting liquidated, or repositioning ahead of a move. This particular decline does not automatically signal a bearish shift in Ripple’s token; it may simply reflect traders cutting exposure rather than committing to a directional bet.

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The venue-level numbers back that reading. Binance open interest fell from $558 million to $423 million, while Bybit dropped from $379 million to $291 million over the same stretch, a broad-based contraction rather than a single-exchange anomaly.

What keeps this from reading as outright capitulation is positioning and funding. Binance’s OI-weighted funding rate remains positive, meaning long exposure still outweighs short exposure among the contracts that are still open. The overall 24-hour long/short ratio sits at 0.9904, close to balanced, but that headline number masks a lopsided picture among larger accounts.

Binance and OKX account-level data show traders leaning long by a factor of roughly 2.5 to 3, and even Binance’s top traders remain net long by both account count and position size. Liquidations over the past 24 hours totaled $9.67 million, split almost evenly between $4.87 million in longs and $4.80 million in shorts – hardly a one-sided flush.

The 12-hour window told a different story: $500.96K in long liquidations against just $148.49K in shorts, lining up with a stretch of price weakness that preceded today’s bounce. That imbalance matters for timing but doesn’t override the broader positioning picture once the 24-hour window is considered.

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Spot demand adds another layer to the deleveraging narrative. XRP ETFs pulled in $3.5 million on September 16 through Franklin Templeton’s XRPZ fund, extending a ten-day inflow streak even as the price dipped that day. Bitcoin ETFs saw $295 million in outflows, and Ethereum ETFs lost $224 million over the same period, making XRP one of the few crypto ETF categories still attracting net buyers.

Context from earlier in September adds nuance without contradicting the current picture. A September 7 report noted Binance funding had briefly turned negative that week following heavy liquidations, before the positive readings referenced in today’s data returned. ‘

Separately, CryptoQuant contributor Amr Taha flagged an “unusual structure” around that same date, where rising open interest coincided with persistently negative perpetual CVD, a reminder that open interest and taker-side flow don’t always move in lockstep, and that today’s contraction sits within a market that has already whipsawed through several leverage cycles this month.

Discover: The Best Token Presales

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The $1.29 XRP Price Support Test That Could Put $1 Back in Focus

XRP is currently sitting mid-range inside an 8-hour parallel channel, bounded by a descending resistance line and a descending support line that have contained price for weeks.

On the weekly chart, that compression maps directly onto two moving averages: the 50-week EMA resistance at $1.52 and the 20-week EMA support at $1.29.

Xrp (XRP)
24h7d30d1yAll time

The 0.382 Fibonacci retracement level lines up almost exactly with that 20-week EMA near $1.29, reinforcing it as the level bulls need to defend. At $1.3059, XRP is trading just above that zone, inside a channel midline roughly between $1.30 and $1.35.

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A daily or weekly close below $1.29 would break both the 20-week EMA and the Fibonacci confluence at once, putting the psychological $1 support zone back in play. On the upside, clearing $1.40 would break the descending channel resistance and open a path toward $1.60–$1.70, closer to the 50-week EMA.

For a closer look at how this range has formed, this technical outlook near the same $1.30 area covers the same compression from a different angle.

Earn $50 and Enter $300K Prize Draw on EdgeX

The post XRP Price Holds Above $1.29 as Futures Leverage Resets appeared first on Cryptonews.

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Analyst Says Bitcoin ETFs Could Triple Gold. What Does It Mean for BTC Price?

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Bitcoin Price Performance. Source: BeInCrypto

Bloomberg senior ETF analyst Eric Balchunas says Bitcoin ETFs will eventually hold three times as much money as gold ETFs. At today’s levels, that is a huge call. 

Global gold ETFs held about $615 billion at the end of August. Three times that would put Bitcoin ETF assets near $1.85 trillion, roughly 19 times from current levels.

If the Bloomberg analyst is right, how much will Bitcoin price potentially gain?

3 Reasons Why Bitcoin ETFs Can Catch Gold

Balchunas points to three forces behind his forecast:

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  • Bitcoin has the younger investor base. A 2026 Pew survey found 26% of Americans aged 18–29 and 28% aged 30–49 had used crypto, compared with just 10% of people over 50. Balchunas expects that younger group to control more wealth over time.
  • Institutional money still has room to grow. Professional investors accounted for about 21% of US Bitcoin ETF assets in Q1. Investment advisers held the equivalent of 150,000 BTC, while bank exposure had quadrupled year-on-year.
  • Bitcoin ETFs have a powerful distribution machine. US funds have attracted about $54.6 billion in net inflows since launch, helped by issuers including BlackRock and Fidelity pushing Bitcoin through traditional investment channels.

What Would That Mean for Bitcoin’s Price?

There is no clean formula. ETF assets rise through both new investment and Bitcoin price gains. But simple scenario math shows the scale required. US funds currently hold about 1.26 million BTC. 

If their Bitcoin holdings doubled to 2.52 million coins and ETF assets reached $1.85 trillion, Bitcoin would need to trade near $732,000. 

If ETF holdings tripled to 3.78 million BTC, the implied price falls to about $488,000.

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That gives an illustrative range of roughly $490,000 to $730,000, or about 6–10 times today’s price.

It is not a price target. Gold ETF assets can keep growing, and Bitcoin funds could accumulate far more coins. 

Bitcoin Price Performance. Source: BeInCrypto
Bitcoin Price Performance. Source: BeInCrypto

But Balchunas’ prediction, if it happens anywhere near current gold valuations, would require a Bitcoin market fundamentally larger than today’s.

The post Analyst Says Bitcoin ETFs Could Triple Gold. What Does It Mean for BTC Price? appeared first on BeInCrypto.

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Zcash (ZEC) Soars to a Fresh 10-Year Peak: Further Gains Ahead or Time to Cool Off?

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The popular privacy coin has once again emerged as a top performer, up double digits in the past 24 hours to briefly touch $1,400 before retracing to $1,330.

ZEC’s bull run has triggered painful losses (albeit some on paper) for traders who previously opened short positions, while several analysts believe the rally is far from over.

‘Moving Like a Steam Train’

Zcash continues to stun the crypto community after hitting a new 10-year high, following a whopping 2,500% explosion over the last year. Our detailed article explains the main factors fueling the pump, and a potential catalyst for the recent surge is the governance update in which holders voted to reduce block-target spacing from 75 seconds to 25 seconds.

X user Crypto Patel explained the development would lead to faster block confirmations that could improve the transaction experience, whereas halving remains part of the planned issuance model.

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The rally has caught the eye of many analysts, and the majority think the bulls have no intention of handing control to the bears anytime soon. X user Altcoin Sherpa noted that there was no deep pullback toward $1,000 as they wanted, and it seems like ZEC is building fuel for its next leg up to $1,500-$2,000.

Crypto Bitlord also chipped in, arguing that the privacy coin has been moving like “a steam train” and expecting a massive explosion if the price exceeds $2,000.

Meanwhile, the move up has taken its toll on some traders who previously opened too-risky positions. Lookonchain revealed that one market participant closed his long and flipped short on 767.2 ZEC ($1 million) several hours ago, only to get fully liquidated shortly after.

For his part, Garret Jin is now sitting on a paper loss of more than $26 million. After adding to his bearish bet, he now holds a 37,760 ZEC short position worth about $51.5 million, with a liquidation price of approximately $2,631.

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Time to Take a Break?

Two important indicators suggest that a correction may replace ZEC’s up-only mode. The first one is the asset’s exchange netflow. Over the past several days, inflows have significantly surpassed outflows, signaling that some investors have abandoned self-custody for centralized platforms, increasing immediate selling pressure.

ZEC Exchange Netflow
ZEC Exchange Netflow, Source: CoinGlass

The second element is ZEC’s Relative Strength Index. Traders often use this technical tool to spot potential reversals, and it ranges from 0 to 100. Readings beyond 70 suggest the asset has entered overbought territory and could be due for a pullback, while anything below 30 is typically considered a bullish zone. Currently, the ratio stands just above the bearish figure.

ZEC RSI
ZEC RSI, Source: CryptoWaves

The post Zcash (ZEC) Soars to a Fresh 10-Year Peak: Further Gains Ahead or Time to Cool Off? appeared first on CryptoPotato.

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SEC opens door to tokenized U.S. stock trading. Here’s who could benefit

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SEC's big swing to clear tokenization path isn't likely to get resilience of full rule

Those models would need to change if providers want to use the SEC’s new U.S. pathway.

Robinhood’s crypto head, Johann Kerbrat, nevertheless welcomed the agency’s move.

“The SEC innovation exemption is a signal that tokenization is ready to come to the United States,” Kerbrat said. “This is a major step by the agency and will allow liquid tokenized securities markets to develop onshore.”

Robinhood’s shares are up about 2.8% on Thursday.

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A regulated lane for DeFi

The other potentially significant opening is for regulated DeFi trading platforms.

Under the exemption, tokenized securities venues can use automated market makers, or AMMs, to trade tokenized U.S. stocks without registering as traditional securities exchanges. Meanwhile, centralized crypto exchanges like Coinbase and Kraken might be outside of the SEC’s framework. Coinbase shares rose about 5% on Thursday. Kraken is a private company.

The move could bring more activity to the blockchains and decentralized trading applications underneath those markets, said Zach Pandl, head of research at Grayscale.

“The innovation exemption will bring more utility of tokenized assets, benefiting users, leading public blockchains, including Ethereum , Solana (SOL), and BNB Chain , and decentralized trading applications such as Uniswap (UNI), Aerodrome (AERO), and Raydium ,” Pandl said.

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The technology can run on public, permissionless blockchains, but access to the market itself must be controlled. In practice, that could start to create a regulated version of DeFi for U.S. securities, using some of crypto’s existing trading technology but with KYC, trading limits and securities-market oversight layered on top.

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AI agents could squeeze L1 block space, Avalanche CEO says

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CoinFund founder says Anthropic order proves AI control risk

Avalanche Treasury Co. CEO Bart Smith has warned that AI agents could strain Layer 1 block space as automated financial activity moves onchain and traditional markets adopt longer trading hours.

Summary

  • Smith said AI agents could challenge the assumption that blockchain capacity is effectively unlimited.
  • Rising transaction demand could make technical differences among Avalanche, Solana and Ethereum more important.
  • Smith expects traditional markets to trade around the clock, five days a week, by mid-2027.
  • Avalanche Treasury gives U.S. investors exposure to the network through its Nasdaq-listed AVAT shares.

AI agents could test available block space

The Block reported from the New York Avalanche Summit that Smith expects autonomous agents to generate financial transactions on blockchains if their adoption reaches even the lower end of current market estimates.

AI agents can act on instructions, interact with software and complete tasks with limited human involvement. Applied to finance, such systems could place trades, move funds, settle payments or manage positions, with each onchain action competing for network capacity.

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Smith argued that the resulting transaction load would challenge the common view that block space remains abundant. Existing networks can currently handle enough activity that many users do not need to consider how one Layer 1 processes transactions differently from another.

“As long as AI agent activities reach the lower end of market expectations, relevant activities will occur on the blockchain,” Smith said. “There is not enough block space, and block space is no longer infinite.”

Under Smith’s forecast, automated activity would not merely add more human users to blockchains. Software agents could operate continuously and make repeated transactions without following the working hours, sleep schedules, or manual approval processes that limit human activity.

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Smith did not provide a transaction estimate or a date when demand could exceed available capacity. His claim rests on AI agents gaining enough use in financial markets to create sustained onchain activity rather than occasional tests.

L1 differences may become harder to ignore

As transaction demand rises, Smith expects users and financial firms to pay closer attention to differences among Avalanche, Solana and Ethereum. Network design affects transaction speed, fees, finality, privacy options and the ability to create systems for specific business needs.

“Theoretically, there are many subtle differences between these L1s,” Smith said, adding that users can overlook many of them while capacity remains readily available. Under heavier demand, he said, “these differences will become important.”

Smith identified privacy and security as areas where he believes Avalanche is suited to business applications. The view aligns with the network’s use of separate Layer 1 environments, which organizations can configure for specific operational and compliance needs.

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Recent deployments provide examples of the business activity Smith described. On Sep. 14, Avalanche was selected as the underlying blockchain for the UAEPASS Digital Vault, a document service within the United Arab Emirates’ national identity platform.

UAEPASS serves 12.5 million users and connects them with more than 15,000 services offered by over 350 public and private organizations. Deca4 and Ava Labs said the vault would use cryptographic records to verify that documents had not been altered without putting their personal contents directly onchain.

Such a design separates document verification from the sensitive data contained in the file. The UAE’s Telecommunications and Digital Government Regulatory Authority oversees the service, Deca4 is handling local implementation, and Ava Labs is supplying Avalanche infrastructure and technical support.

Avalanche has also attracted financial firms working with tokenized assets. In September, Hanwha Investment & Securities completed a tokenized securities platform supporting Avalanche ahead of South Korea’s planned regulated security-token market.

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According to Seoul Economic Daily, the platform is designed to manage issuance and distribution processes for tokenized securities. South Korea’s framework is scheduled to take effect in February 2027, giving financial firms a regulated route to represent qualifying securities on blockchain systems.

Round-the-clock markets would require new infrastructure

Smith also expects traditional financial markets to move toward continuous weekday trading. By mid-2027, he said, markets could operate 24 hours a day for five days each week, extending access far beyond the sessions followed by most stock exchanges.

Existing financial systems would struggle to support that schedule, according to Smith, because much of the infrastructure depends on set operating hours and processes that were not designed for nonstop trading and settlement.

“New infrastructure must be created,” Smith said, adding that it would not be built using the old model “but rather built on the blockchain.”

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Longer trading hours could require clearing, settlement, collateral management and risk systems to operate throughout the day. In Smith’s scenario, AI agents would add another layer of activity by making automated decisions while markets remain open across different time zones.

Avalanche’s recent institutional activity has already extended beyond test transactions. In July, the network’s distributed tokenized real-world asset value reached $2.1 billion after rising 60.47% over 30 days, according to RWA.xyz data cited in a crypto.news report on its $11 billion tokenization deal with Bridgetower.

Bridgetower said it had placed more than $11 billion in production-linked assets on Avalanche using Chainlink infrastructure. The portfolio included the Arizona Copper-Gold project, while BlackRock’s BUIDL tokenized U.S. Treasury fund had passed $900 million on Avalanche at the time.

Franklin Templeton and VanEck have also used or announced plans involving Avalanche-based products. Smith’s forecast, however, concerns a later stage in which automated systems and continuously operating markets produce recurring transaction demand rather than isolated institutional deployments.

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Nasdaq listing gives U.S. investors Avalanche exposure

Smith leads Avalanche Treasury Co., a U.S.-listed company that began trading on Nasdaq under the AVAT ticker in June. The listing gives American investors a way to gain exposure to the Avalanche ecosystem without directly holding AVAX.

The company reached the public market through a merger with Mountain Lake Acquisition Corp., a special-purpose acquisition company, in a transaction valued at about $675 million. At its Nasdaq debut, Avalanche Treasury held roughly 15 million AVAX, equal to about 3.5% of the token’s circulating supply at the time.

AVAT closed 38.13% lower at $1.85 in its first trading session after opening at $2.99. Trading volume reached about 497,580 shares, while the company’s market value stood near $486.37 million.

Smith said at the time that Avalanche Treasury planned to deploy capital across the network rather than operate only as a passive token holder. “It is not a bet on price,” he said, describing the business as an ecosystem investment vehicle.

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The company’s structure still leaves its financial position exposed to AVAX price movements because of its token holdings. Its board and advisory group includes Ava Labs founder Emin Gün Sirer and Aave founder Stani Kulechov, while its backers include Dragonfly, ParaFi Capital, VanEck, Galaxy Digital, Pantera Capital, CoinFund, Kraken, FalconX and Borderless.

Before leading Avalanche Treasury, Smith worked at Susquehanna for nearly 14 years and held roles tied to institutional trading and digital assets. His comments at the summit connect that market background with a forecast in which continuous trading, automated financial agents, and blockchain settlement increase demand for Layer 1 capacity.

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StablecoinX ENA lock-up ends permanently on Oct. 5

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StablecoinX ENA lock-up ends permanently on Oct. 5

StablecoinX has secured a permanent waiver ending the 48-month lock-up on its ENA holdings from Oct. 5, 2026, while leaving separate controls on token sales in place.

Summary

  • Oct. 5 will bring StablecoinX’s ENA holdings onto the same unlock schedule as other holders.
  • The waiver removes lock-up, vesting, and scheduled-release rules covering the company’s ENA.
  • StablecoinX must provide five business days’ notice before using ENA for an approved funding sale.
  • Ethena Foundation retains consent rights over sales, transfers, loans, hedges, and other uses of the tokens.

StablecoinX ENA restrictions will end on Oct. 5

StablecoinX said in a Sep. 17 X post that it had filed a Form 8-K detailing a waiver signed with Ethena OpCo and the Ethena Foundation.

Under the SEC filing, the parties signed the waiver letter on Sep. 14, with the changes scheduled to take effect on Oct. 5.

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The agreement permanently removes all lock-up, vesting, and unlocking restrictions on ENA held by, or due to be delivered to, StablecoinX and its subsidiaries. Covered tokens include ENA that the company acquired through private investment in public equity agreements linked to its business combination with TLGY Acquisition Corp.

A 48-month contractual lock-up and its installment-based release schedule had previously applied to tokens purchased under those agreements. Once the waiver takes effect, the released restrictions cannot return, according to the waiver letter.

The document states that Ethena OpCo and the foundation will “waive, release and terminate each and every Lock-Up applicable to the Subject Tokens.”

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ENA obtained through staking or a protocol-wide distribution mechanism will also fall under the waiver when covered by the earlier token purchase agreements. Oct. 5 matches the date that the Ethena Foundation previously announced for the release of locked tokens held by other ENA holders.

ENA sales still require Ethena Foundation consent

Removing the lock-up does not give StablecoinX unrestricted control over how it uses the ENA.

According to the waiver letter, StablecoinX must continue holding the tokens as permanent, unencumbered treasury assets unless it receives prior written consent from the Ethena Foundation or completes a sale under the new funding framework.

The requirement covers sales and transfers as well as lending, hedging, pledging, collateralization and other forms of encumbrance. Separate approvals may also be required from StablecoinX’s board, investment committee or holders of its Class B shares.

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Legal and regulatory limits remain unaffected. The agreement specifically preserves restrictions arising under the U.S. Securities Act, Rule 144, affiliate status and any applicable registration or listing requirement.

For U.S. investors, the disclosure is material because StablecoinX trades on Nasdaq under the symbol USDE, while its public warrants trade as USDEW. Its shares give stock-market investors indirect exposure to Ethena’s governance token without requiring them to buy or hold ENA directly.

StablecoinX filed the agreement with the U.S. Securities and Exchange Commission under Item 1.01, which covers entry into a material definitive agreement. Chief Financial Officer Young Cho signed the Form 8-K on Sep. 17.

Funding sales must follow a five-day review

Alongside the permanent unlock, the parties created a process through which StablecoinX may sell ENA to meet working capital or strategic needs tied to activities supporting the Ethena ecosystem.

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A proposed funding sale requires StablecoinX to send the foundation written notice at least five business days before the planned transaction. The notice must explain how the proceeds will be used, identify the maximum number of tokens involved, and state the minimum acceptable price.

StablecoinX must also disclose how it plans to execute the sale, including whether it will use an exchange, an over-the-counter transaction, a market maker, or an agency arrangement. Any firm third-party offer must appear in the notice.

During the five-day review, the Ethena Foundation may elect to buy all or part of the proposed ENA allocation at the stated price. Settlement may occur in U.S. dollars, USDC, USDe or USDtb, depending on the terms agreed by the parties.

If the foundation neither responds nor exercises its purchase right within the review period, StablecoinX may proceed with a qualifying funding sale. Cleared transactions must be completed within 60 days, after which the company must issue another notice.

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The agreement requires StablecoinX to conduct each sale in an orderly manner and use commercially reasonable efforts to limit disruption to the ENA market. Possible methods include spreading sales over time or using over-the-counter and agency arrangements.

Ethena Foundation may request further discussions if it reasonably determines that a proposed transaction is unrelated to an approved activity, could disrupt an orderly ENA market, or may breach a law or existing agreement. Such discussions can last no more than another five business days.

Eligible uses include general working capital, strategic investments, corporate acquisitions, and software development beyond StablecoinX Harness and its decentralized verifier node operations. The framework also covers share repurchases conducted under an approved Rule 10b5-1 plan, provided the foundation has received and approved the plan and the company has met its disclosure duties.

StablecoinX holds about 20% of ENA supply

StablecoinX’s treasury contained approximately 3 billion ENA at the end of the second quarter, equal to about 20% of the token’s total supply, crypto.news reported in August.

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Using ENA’s June 30 closing price of $0.07204, the company valued the position at $218.4 million, or about $9.09 for each of its 24,029,375 Class A shares then outstanding. StablecoinX recorded $212.9 million in digital intangible assets after accounting for impairment.

The company’s treasury strategy began with a $360 million ENA plan announced in July 2025. The financing included $60 million in tokens from the Ethena Foundation and $260 million in cash intended for ENA purchases.

Following its Nasdaq trading debut in June 2026, StablecoinX reported that it held approximately 3.029 billion ENA, valued at $275 million using the 30-day volume-weighted average price applied before the transaction closed.

Beyond its token holdings, StablecoinX operates a decentralized verifier node that processes cross-chain messages for Ethena products. As of Aug. 12, the company said the node had verified more than 10,000 messages representing over $3 billion in cumulative cross-chain volume.

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Kevin O’Leary says Congress will revisit Clarity next year as crypto tax bill advances

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Kevin O’Leary says Congress will revisit Clarity next year as crypto tax bill advances

Shark Tank host and veteran investor Kevin O’Leary said he’s convinced the Clarity Act will eventually advance in the Senate and could return as soon as the first quarter of next year.

Speaking at the Avalanche Summit in New York on Thursday, O’Leary said he didn’t expect the bill to advance on Tuesday, when it received 49 of the 60 Senate votes needed to proceed.

“The chances of Clarity passing, in my view, were zero, and that’s what happened,” O’Leary said.

The legislation sought to establish a broader federal framework for crypto markets, including the roles of the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).

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But O’Leary sees the failed vote as a delay rather than the end of the bill. He pointed to a separate crypto tax bill that advanced in the House this week as one reason he believes lawmakers will ultimately have to return to the issue of market structure.

The House Ways and Means Committee advanced the Digital Asset Tax Certainty Act, which seeks to establish tax rules for areas including staking, mining, small crypto transactions and broker requirements.

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