Crypto World
Russia Blocks WhatsApp to Push Surveillance App, Company Claims
WhatsApp, the messaging app owned by Meta, is at the center of a high-stakes regulatory clash as Moscow pushes a domestic alternative and tightens control over digital communication. In recent days, the company publicly accused the Russian government of attempting to block access for millions of users to steer them toward a state-owned substitute. The dispute unfolds as Russia advances a homegrown platform, Max, developed by VK, and seeks to entrench it as the official backbone for private messaging inside the country. The government’s aim is amplified by directives to pre-install Max on all smartphones sold in Russia, a move scheduled to take effect on Sept. 1, and by a broader push to curb reliance on Western platforms amid ongoing regulatory scrutiny.
Key takeaways
- WhatsApp alleges Russia is attempting to isolate over 100 million users from private and secure communication, describing the move as a setback to digital safety.
- Max, announced by VK and described as a state-backed alternative to WhatsApp and Telegram, began rolling out in March 2025 and is being mandated for pre-installation on new devices starting Sept. 1.
- Backlinko estimates Russia hosts about 72 million active monthly WhatsApp users, placing the country among the top markets for the app outside the usual leaders.
- Russian authorities have signaled that unblocking WhatsApp would require compliance with local laws and a willingness to negotiate, signaling a potential but uncertain path to access restoration.
- Beyond Russia, authorities in other countries have intermittently restricted messaging services during periods of conflict or political upheaval, highlighting a broader trend in digital sovereignty and governance.
Sentiment: Neutral
Market context: The episode sits at the intersection of tech policy and geopolitical risk, illustrating how regulatory actions aimed at domestic control of communications can ripple through the broader digital ecosystem, including networks that crypto services rely on for open, cross-border activity. It underscores a growing attention to data localization, interoperability, and platform sovereignty that could influence global tech and financial ecosystems.
Why it matters
The confrontation between WhatsApp and Russia’s state-backed messaging initiative underscores a fundamental tension between user safety, privacy, and state interests. By introducing Max as a domestically controlled alternative, Moscow is signaling that access to private communication platforms is not simply a consumer choice but a matter of national policy. The move could reshape how Russians communicate, store sensitive information, and interact with businesses, while also raising questions about data localization, resilience, and security in a landscape where private messaging has become a critical utility for personal and professional life.
For international platforms, the Russian example highlights the costs and friction of compliance in a regulated environment that prizes sovereign control over digital infrastructure. The push to pre-install Max on all devices introduces a form of interoperability risk and raises concerns about interoperability with foreign networks, encryption standards, and user consent. Companies that operate across borders must navigate a patchwork of rules, sometimes in real time, which can affect everything from customer support to data flows and incident response protocols. The situation also hints at potential regulatory spillovers to adjacent technologies, including decentralized and cross-border services that crypto projects rely on to maintain open access and censorship resistance.
From a safety and governance perspective, the Russian case illustrates why policymakers abroad are investing in formal mechanisms to manage online communications. The tension between allowing free, secure messaging and enforcing content or data requests from law enforcement creates a persistent policy dilemma. In markets where crypto and blockchain technologies are gaining traction, observers will be watching to see how such regulatory dynamics influence the development of compliant, privacy-preserving communication tools and infrastructure that can withstand political pressure while preserving user trust.
The broader pattern is not limited to Russia. Reports from other countries describe a spectrum of actions—from partial restrictions to complete takedown attempts—that governments have employed during moments of political contention. The dialogue around messaging sovereignty compounds existing concerns about censorship, access to information, and digital rights. For users, this can mean unpredictability in service availability, the need for alternative channels, or the adoption of independent or decentralized messaging solutions as a hedge against outages or coercive controls.
On the technical front, the unfolding dynamic may accelerate innovation in how platforms approach data localization, compliance tooling, and cross-border interoperability. It also raises practical questions for developers, such as how to design communication apps that can operate seamlessly across multiple legal regimes without compromising user safety or security. While the immediate focus is regional, the implications reverberate through any ecosystem that depends on reliable, private messaging as a backbone for collaboration, financial transactions, or sensitive communications—an area where crypto communities have long stressed the importance of resilient, permissionless networks even as regulators seek to impose order and accountability.
What to watch next
- Sept. 1, 2025 — Russia’s mandatory pre-installation of Max on all smartphones takes effect, elevating the platform’s installed base and potentially altering user behavior during the ongoing policy debate.
- End of 2026 — Official signals from Moscow suggest a possible complete blocking of WhatsApp if compliance with national laws does not align with the state’s terms.
- February 2026 — Public commentary and further reporting on whether WhatsApp remains accessible or experiences domain-level restrictions within Russia, including official statements from the presidential administration or regulatory bodies.
- Regulatory actions and negotiations — Any new statements from Russia’s negotiation channels or law-enforcement agencies that clarify the conditions under which foreign messaging services could regain access or be forced to alter operational practices.
- Comparative developments — Monitoring similar moves in other jurisdictions to assess how messaging sovereignty affects global platforms, user experience, and cross-border data flows.
Sources & verification
- Gazeta.ru: Russia reports that WhatsApp’s domain had been blocked and would require VPN or similar workaround to access. https://www.gazeta.ru/tech/news/2026/02/11/27830761.shtml
- TASS: Presidential press secretary Dmitry Peskov commented that unblocking WhatsApp would require the app to follow Russian laws and engage in negotiations. https://www.gazeta.ru/tech/news/2026/02/12/27832279.shtml?utm_source=chatgpt.com&utm_auth=false
- Backlinko: Estimates of Russia’s active WhatsApp user base, highlighting a sizable market. https://backlinko.com/whatsapp-users
- WhatsApp on X: Official status update from the messaging platform regarding Russia’s access measures. https://x.com/WhatsApp/status/2021749165835829485?s=20
- Related coverage and context: Afghanistan internet outage and blockchain decentralization discussion. https://cointelegraph.com/news/afghanistan-internet-outage-blockchain-centralized-web
Digital friction in Russia’s messaging ecosystem: implications for users and global platforms
The dispute over WhatsApp and the push for a state-backed alternative in Russia crystallizes how policy choices can redefine the digital landscape that users rely on every day. The government’s insistence on pre-installation and on maintaining control over messaging channels is rooted in a broader imperative to keep communications within national boundaries, a stance that has long resonated with policymakers across different regions and sectors, including finance and crypto. While the immediate stakes involve access to a popular app and the safety of private conversations, the longer arc concerns how digital infrastructure is governed, who bears responsibility for safeguarding data, and how open networks can survive attempts at centralization.
For users in Russia, the outcome may hinge on a balance between safety assurances and the practicality of maintaining private, secure conversations in a domestic environment. The presence of a government-backed platform could improve certain regulatory alignments but might also introduce new layers of surveillance or compliance expectations. In contrast, WhatsApp’s contention that the move would “isolate over 100 million users” emphasizes concerns about user autonomy and the resilience of cross-border communication in the face of coercive policy changes. The debate has implications that extend beyond messaging to how crypto ecosystems—built on permissionless networks that assume open access—are perceived when governments seek to exert tighter control over digital channels and data flows.
From a business and innovation standpoint, the Max initiative raises questions about interoperability and the economics of protocol choices in a regulatory environment. Domestic platforms can attract usage through convenience and policy compliance, but they may also risk fragmentation, reduced interoperability with global services, and increased costs for developers who must adapt to multiple rule sets. For the broader tech community, the gambit signals a need to design systems and user experiences that maintain robust privacy protections while meeting diverse regulatory requirements. The lessons learned from Russia’s approach could influence the development of new messaging tools, privacy-preserving features, and strategies to ensure user safety without sacrificing openness—an objective that remains central to many crypto advocates who champion secure, censorship-resistant networks.
Ultimately, the case highlights how control over digital communications remains a strategic frontier for governments and tech firms alike. It also serves as a reminder for users and investors to monitor regulatory trajectories and policy signals, as these can have spillover effects on adjacent sectors that depend on stable, accessible online infrastructure. Whether by design or accident, policy choices in one major market can catalyze shifts in how people communicate, how services are delivered, and how new technologies—such as decentralized tools or crypto-enabled platforms—are perceived and adopted in the years ahead.
What to watch next
- Sept. 1, 2025 — Max becomes the default pre-installed option on new smartphones in Russia, solidifying its installed base.
- End-2026 — Official statements or regulatory actions that could signal a complete blocking of WhatsApp if compliance terms are not met.
- February 2026 — Ongoing reporting on access to WhatsApp in Russia, including potential official clarifications or statements from Moscow.
- Regulatory updates — Any new measures that define how foreign messaging platforms must operate within Russia’s legal framework.
Here come the chip stocks.
The iShares Semiconductor ETF surged 1.9%. The chip stock index rallied at the open, but pulled back sharply. Now it’s making another push higher.
Sandisk, Micron Technology, On Semiconductor, and Western Digital were all among the S&P 500’s top stocks.
Decentralized perpetuals trading platform Lighter saw its native token LIT surge nearly 10% during the early hours of the US session.
It follows news that it had struck a major revenue-sharing deal with USDC issuer Circle.
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Lighter Strikes $920 Million USDC Revenue-Sharing Deal with Circle — A Win for DeFi Traders
LIT, the powering token for the Lighter ecosystem, exploded by nearly 10% on the news, and was trading for $1.46% on the news.
The agreement covers approximately $920 million in USDC deposits on Lighter’s platform, marking a significant milestone for the young DeFi exchange.
Under the partnership, interest income generated from Circle’s USDC reserves will be shared between Circle and Lighter.
This aligns with Circle’s broader revenue-sharing model, which it has previously implemented with leading exchanges such as Coinbase and Bybit.
For Lighter, the deal offers a fast and capital-efficient path to grow its yield engine, fund user incentives, and support platform features such as funding rate rebates and rewards programs.
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Unlike some of its competitors, Lighter has opted to lean on USDC rather than launching a proprietary stablecoin.
Hyperliquid, for instance, introduced its native stablecoin USDH in late 2025 after a competitive governance auction. The move diverted billions in deposits and yield away from Circle and other stablecoin issuers.
It allowed Hyperliquid to capture revenue internally and reduce centralization risks, but required significant capital and infrastructure investment.
Lighter Leverages Circle Partnership to Boost Adoption, Liquidity, and LIT Token Sentiment
Lighter’s approach, by contrast, allows the platform to tap directly into Circle’s established reserves while still benefiting from shared yield.
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This could accelerate adoption by leveraging Circle’s USDC ecosystem, enabling Lighter to scale more efficiently while delivering value to traders and token holders.
The deal represents a potential win-win scenario:
- Circle benefits by locking in a large volume of USDC on a growing DeFi platform, incentivizing adoption and circulation.
- Lighter gains access to a steady revenue stream, which could enhance platform sustainability, attract more liquidity, and increase user engagement.
Moving forward, interest will be on on-chain USDC flows to Lighter contracts as this could show early signs of the agreement’s impact on liquidity and token sentiment.
Lighter has been gaining traction in the DeFi perpetuals market, with growing trading volumes, loyalty points programs, and community engagement.
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Token listings on popular platforms like Robinhood have also contributed to its growing bullish sentiment.
The revenue-sharing announcement is expected to boost confidence, perhaps further than during its LIT token event in December.
Nevertheless, it is impossible to forget past controversies surrounding Lighter, including allegations of secret token sales.
While official details on the exact share split of USDC interest have not yet been disclosed, even a conservative arrangement could provide a meaningful boost to LIT holders.
Crypto investors are advised to monitor announcements from both Lighter and Circle for updates, as revenue-sharing agreements of this scale can change quickly.
Gold and silver tumbled sharply on Thursday, rattling markets already on edge amid surging US financial stress.
Spot gold dropped by more than 3% while silver plunged by more than 10%, reversing a portion of their recent rally.
Bad News for Gold and Silver Amid Record US Debt and Rising Bankruptcies
As of this writing, gold was trading for $4,956, down 3.97% while silver exchanged hands for $76.74 after losing 10.65% in the last 24 hours.
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The sudden sell-off has prompted analysts and investors to question whether a broader repricing of hard assets is unfolding.
The metals’ retreat comes amid intensifying economic stress. Over the past three weeks, 18 US companies with liabilities exceeding $50 million have filed for bankruptcy.
Notably, this is the fastest pace since the pandemic and approaches levels last seen during the 2009 financial crisis.
Meanwhile, the New York Fed said in a press release that household debt has reached a record $18.8 trillion, with mortgages, auto loans, credit card balances, and student loan balances all at historic highs.
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Serious credit card delinquencies climbed to 12.7% in Q4 2025, the highest since 2011, with younger households under particular strain.
Such conditions typically emerge late in the economic cycle, often preceding policy interventions like rate cuts or liquidity injections.
Bitcoin has also remained under pressure, falling to the $65,000 range as the pioneer crypto lags both equities and traditional safe-haven assets over the past few months.
While digital assets often present as a hedge against macroeconomic uncertainty, recent trends suggest they are not yet playing that role effectively in this cycle.
Analysts are at a crossroads, offering differing interpretations of the metals’ pullback. Some argue it reflects short-term volatility within a broader trend of hard-asset repricing.
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“Gold was repriced to $5,000 by the US, and markets caught up,” wrote macro analyst Marty Party, suggesting that authorities may be positioning precious metals to collateralize sovereign debt alongside digital assets like Bitcoin.
However, others caution that tight liquidity conditions remain dominant, and further weakness could emerge if financial stress continues to mount.
Policy watchers are closely monitoring the Federal Reserve’s potential response. Citi economists project softer job growth in spring and summer after January’s payrolls came in below expectations, which could create room for three rate cuts later in 2026.
Historically, rising corporate bankruptcies and consumer delinquencies precede monetary easing. This suggests that official support could arrive once economic strain becomes more visible in the data.
The confluence of record household debt, accelerating bankruptcies, and declining hard-asset prices suggests a market at a critical inflection point.
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“This economic decay, mirroring the indicators of 2008, is not an anomaly. It is the direct consequence of the current administration’s ideologically driven policies, prioritizing inflationary fiscal adventurism and social engineering over foundational economic stability and competitive market principles,” commented Jade Kotonono, a popular user on X.
Is the current precious metals crash a temporary correction or the early stages of a multi-year repricing? Some bullish analysts anticipate that once gold consolidates near $5,000, rotation back into digital assets could accelerate.
Notwithstanding, the current environment presents both opportunities and risks, and investors should conduct their own research.
With markets digesting unprecedented financial stress, gold, silver, and Bitcoin may fall further. Conversely, a stabilizing policy response could catalyze the next leg of the asset repricing cycle.
The closure comes as monthly DEX volumes on Sui have dropped 70% from last year’s peak.
Crypto trading terminal Nexa, formerly known as InsiDeX, is shutting down just a year after its acquisition by decentralized exchange Bluefin, citing what it calls “extremely low” trading volumes on the Sui blockchain.
In a Feb. 10 post on X, the team said “only 2-3 coins [are] seeing some decent activity” on Sui, leaving traders with few real opportunities, and added that it was built for fast trades and active markets, conditions that never appeared.
“There’s a real sense of sadness in shutting down Nexa because we succeeded in building a product that was actually the most used trading suite on Sui at one time. Unfortunately, the market it was built for never truly materialized,” the team wrote.
The shutdown follows months of Nexa pushing points-based rewards and other engagement schemes, but that campaign went quiet before the closure.
The move highlights broader weakness across Sui’s DeFi ecosystem. As of Feb. 12, 2026, DefiLlama data shows total value locked (TVL) on Sui at about $561 million, down roughly 78% from a peak of $2.6 billion in October 2025.
DEX volumes have also dropped, falling around 70% from $22.3 billion in October to about $6.8 billion in January. Sui’s native token SUI has also dropped around 50% over the past month to $0.93, per data from CoinGecko.
Moreover, the start of 2026 was rocky for the Sui blockchain as it suffered a six-hour outage that stopped block production. The team later explained that the problem was a bug in the network’s consensus system, which caused validators to disagree on data and temporarily froze transactions.
But Sui isn’t the only network facing challenges amid falling liquidity, as a similar story is unfolding on rival chains like Aptos. As The Defiant reported earlier this month, Merkle Trade — the largest perpetual DEX on Aptos by volume — said it would wind down operations despite processing nearly $30 billion in cumulative trades, as TVL across the network continued to fall too.
Investors faced a sobering quarter as Coinbase reported a net loss for Q4 2025, snapping an eight-quarter streak of profitability as the crypto market cooled. The company posted earnings per share of 66 cents, missing consensus of 92 cents, while revenue slipped 21.5% year over year to $1.78 billion. A mixed revenue mix underscored the shift in the business: transaction-related revenue declined sharply, while subscriptions and services advanced, highlighting a bifurcated earnings trajectory in a tighter crypto ecosystem. The quarter arrived against a backdrop of a broader crypto price retreat, with Bitcoin (CRYPTO: BTC) enduring meaningful pressure through the period and into year-end.
Key takeaways
- Q4 2025 net loss of $667 million ends Coinbase’s run of eight straight profitable quarters, reflecting a weaker quarterly mix and softer market conditions.
- Total revenue dropped to $1.78 billion, down 21.5% year over year, underscoring a broader demand slowdown in trading activity.
- Transaction-related revenue tumbled nearly 37% year over year to $982.7 million, while subscription and services revenue rose more than 13% to $727.4 million, signaling a pivot toward non-transactional monetization.
- Bitcoin price action contributed to the macro headwinds, with the leading crypto shedding roughly 30% from its October peak to year-end, illustrating why crypto market cycles continued to weigh on exchange earnings.
- Despite the earnings miss, Coinbase’s stock (EXCHANGE: COIN) recovered in after-hours trading, gaining about 2.9% to $145.18 after a full trading day decline, reflecting a nuanced market reaction to the results and forward guidance.
Tickers mentioned: $BTC, $COIN
Sentiment: Neutral
Price impact: Positive. The stock rose in after-hours trading following the earnings release despite the quarterly miss, signaling a potential reassessment of near-term expectations.
Market context: The results arrive amid a broader macro environment for crypto assets where price volatility and trading volumes have remained central to revenue durability for major exchanges, and where investor focus has shifted toward product diversification and cost discipline.
Why it matters
The quarterly print underscores the ongoing transition for a major crypto exchange from a revenue model heavily reliant on trading activity toward a more diversified mix anchored in subscriptions, services, and value-added offerings. Coinbase, in its Q4 2025 shareholder documentation, highlighted that 2025 was a “strong year” operationally and financially, with full-year revenues reaching $6.88 billion, up 9.4% from 2024. This indicates a strategy aimed at resilience in the face of cyclical downturns, leveraging product expansion and platform reach to sustain long-term profitability even when trading volumes ebb.
From a market structure perspective, the numbers reflect a clear divergence within the crypto economy: trading remains sensitive to price swings and risk sentiment, while an expanding suite of services—including custody, staking, and AI-enabled wallet products—offers revenue visibility beyond quarterly price moves. Coinbase’s leadership has stressed that more than 12% of all crypto globally resided on its platform in 2025, a stark data point that underscores the bankability of scale and network effects in this nascent asset class. The shift toward a steadier subscription and services revenue base could insulate the company from near-term volatility and set the stage for steadier long-run growth.
On the earnings call, CFO Aleshia Haas emphasized operational discipline, noting plans to keep technology, sales, and marketing expenses relatively flat in the near term while evaluating opportunities to deploy resources more efficiently. This stance signals a prioritization of cash-generative activities and careful investment in product development, a balance that may appeal to investors seeking a secular growth story within a still-fragile macro environment.
The quarter’s performance also touches on investor sentiment around cryptoasset risk and institutional flow. The broader market has experienced episodic stress, and the company’s performance appears tightly linked to the health of Bitcoin and other major assets as traders respond to global liquidity shifts, regulatory updates, and evolving market structure debates. In this context, Coinbase’s results offer a lens into how a large crypto exchange navigates a period of cyclical headwinds while pursuing a trajectory that relies less on trading volatility and more on recurring revenue streams and product expansion.
What to watch next
- Q4-25 shareholder letter release and detailed segment breakdown to assess how much the revenue mix shifted beyond transaction revenue.
- Q1 outlook updates, including any revisions to subscription and services revenue guidance and the trajectory of transaction revenue as market conditions evolve.
- Updates on product initiatives, especially any milestones around AI-enabled wallets or other services that broaden asset utility on the platform.
- Bitcoin price trends in early 2026 and corresponding impact on trading volumes and fee-based revenue for Coinbase and similar exchanges.
- Regulatory developments or macro signals that influence risk sentiment in the crypto market, which could affect liquidity and user activity on the platform.
Sources & verification
- Coinbase Q4-25 Shareholder Letter (PDF) – official financial disclosure for the quarter and full-year 2025.
- Q4 2025 earnings data and commentary – as described in the shareholder letter and accompanying materials.
- Bitcoin price movements referenced in market coverage and related context articles linked in the report.
- Post-earnings trading data for Coinbase (COIN) stock, including after-hours move to approximately $145.18 and intraday trade levels.
- Related Coinbase product and strategy articles cited in the earnings narrative, including references to AI wallet initiatives and platform expansion.
Market reaction and key details
Coinbase’s quarterly results foreground a critical moment for the crypto exchange sector: profitability in a market that remains highly sensitive to both crypto price cycles and the intensity of trading activity. In the quarter, Coinbase’s total revenue of $1.78 billion reflected a decline in transactional income, even as the company advanced its services-based revenue. The shift aligns with a broader push in the industry to monetize platform usage beyond buy/sell activity, a move designed to stabilize earnings amid volatile asset prices.
Bitcoin (CRYPTO: BTC) endured a meaningful pullback during the quarter, illustrating the bidirectional relationship between asset prices and exchange revenues. The asset’s gradient—from highs near six figures to more subdued levels—has tangible implications for liquidity, trading volumes, and fee accrual on major platforms. While the exact trajectory of crypto price action is inherently uncertain, the quarter’s data points reinforce the importance of a diversified revenue model for exchanges seeking resilience during bear-to-bull transitions in the market.
What it means for users and the market
For users, the emphasis on subscriptions and services could translate into broader access to tools that help manage, secure, and optimize holdings beyond straightforward trading. The potential to link more products to user assets could deepen engagement and wallet utility, potentially driving retention and incremental revenue through non-transactional channels. For builders and investors, Coinbase’s approach underscores the importance of a scalable, multi-pronged business model in the crypto economy, particularly as regulatory clarity evolves and market structure debates continue to unfold.
What to watch next
- Q4-25 investor communications with detailed breakdowns of revenue by services vs. transaction flows.
- Near-term guidance updates, including subscription/services outlook and any changes to capital allocation strategy.
- Progress updates on AI-enabled wallet initiatives and other product launches intended to expand asset use-cases on the platform.
The Commodity Futures Trading Commission has added a slew of crypto executives, including those from Coinbase and Ripple, to its Innovation Advisory Committee, who will shape how the regulator crafts policy.
CFTC chair Mike Selig said on Thursday that the 35 members of the committee will “ensure the CFTC’s decisions reflect market realities” and enable it to “develop clear rules of the road for the Golden Age of American Financial Markets.”
The committee launched in January, and replacing the Technology Advisory Committee, which drew on the advice of tech leaders to dissect how new technologies were impacting the derivatives markets more broadly.
Selig has signalled the CFTC will be more receptive to crypto and has started work with the Securities and Exchange Commission to coordinate on how to regulate the sector.
Crypto executives make up bulk of committee
Of the 35 members making up the committee, 20 are tied to companies involved in crypto, while at least five are involved in prediction markets.
The list includes Gemini CEO Tyler Winklevoss, Polymarket CEO Shayne Coplan, Kalshi CEO Tarek Mansour and Crypto.com CEO Kris Marszalek, in addition to executives at Nasdaq, Intercontinental Exchange, Cboe Global Markets, CME Group, Kraken and Bullish.
Also on the committee is Coinbase CEO Brian Armstrong, Ripple CEO Brad Garlinghouse, a16z Crypto partner Chris Dixon, Solana Labs CEO Anatoly Yakovenko, Uniswap CEO Hayden Adams, Blockchain.com CEO Peter Smith, Robinhood CEO Vladimir Tenev, Grayscale CEO Peter Mintzberg and Anchorage Digital CEO Nathan McCauley.
Related: US fines Paxful $4M for moving funds tied to trafficking, fraud
Executives at Paradigm, DraftKings, and the US Depository Trust and Clearing Corporation were also included.
CFTC to consider input beyond panel
The committee will advise the CFTC on the commercial, economic, and practical considerations of emerging products, platforms and business models in financial markets.
In an announcement in January, the CFTC said that it would also consider the viewpoints of regulatory bodies, academia and public interest groups in forming its policy.
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The pro-crypto political action committee (PAC) Protect Progress will reportedly spend $1.5 million opposing Texas representative Al Green in the upcoming Democratic Party primary over his past opposition to crypto.
“As a member of the Financial Services Committee, Representative Al Green has decided to try and stop American innovation in its tracks,” Protect Progress, an affiliate of the major crypto PAC Fairshake, told The Hill on Thursday.
Green, a Democrat who has represented Texas’s 9th congressional district in the House since 2005, opposed the stablecoin regulating GENIUS Act and the CLARITY Act, two crypto-focused bills that the House passed last year.
“Texas voters can no longer sit by and have representation in Congress that is actively hostile towards a growing Texas crypto community,” Protect Progress said. “We are committed to electing new members who embrace innovation, growth and wealth creation for all Americans.”
It’s the crypto lobby’s latest attempt to influence Congress ahead of the midterm elections in November. In the 2024 elections, the crypto industry emerged as one of the largest spenders, with Fairshake alone spending roughly $130 million, resulting in an influx of pro-crypto elected officials.
Super PACs raise money through donations but can’t directly fund or coordinate with political campaigns. Instead, they purchase ads and use other methods to support specific candidates.
Advocacy group says Green against crypto
Green will face off against Christian Menefee in the Democratic primary in March for the reshaped Houston-area district.
Texas will be one of the first states to hold a primary vote on March 3, along with Arkansas and North Carolina, when each party will choose its nominee, followed by the general election on Nov. 3.
Crypto advocacy organization, Stand With Crypto, which compiles previous statements and actions to rate US politicians on their crypto stances, lists Green as “strongly against crypto” based on his voting history and statements about the technology.
Menefee supports blockchain technology
Meanwhile, Stand With Crypto rated Menefee as “strongly supports crypto” based on his answers to the organization’s questionnaire, with one of his answers expressing an interest in legislation that uses the technology for real-world problems, such as combating deed fraud by recording property records on the blockchain.
Related: Trump Bitcoin adviser David Bailey wants to create a $200M PAC
“That kind of innovation could protect working families from scams and modernize outdated government systems. I’d support or introduce bills that promote practical, public-serving blockchain use cases like this,” he said.
Another Fairshake affiliate, Defend American Jobs, announced on Tuesday that it was spending $5 million to support crypto-friendly Republican Barry Moore in his bid for the US Senate. Fairshake disclosed in January that it had gathered $193 million ahead of the midterm elections.
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The Espresso Network has launched its ESP token, opening participation in securing the network and distributing a community airdrop representing 10% of total supply.
The network will eventually transition to a permissionless proof-of-stake model in a few weeks, which follows the rollout of the ESP token, used for staking, securing the network and protocol participation. The Espresso Foundation said the total supply is 3.59 billion ESP, with 10% allocated to a fully unlocked community airdrop aimed at early ecosystem participants and users of Espresso-integrated rollups.
“There were various ways of determining who was eligible,” Espresso Systems CEO and co-founder Ben Fisch told CoinDesk in an interview. “The idea here is to get the token circulating among members of our extended community, but also to reward early participation and adoption of the Espresso network.”
The foundation said additional token supply has been allocated to contributors, investors, future ecosystem incentives and long-term network sustainability, with most allocations subject to vesting.
Espresso acts as a coordination and finality layer for rollups, which operate as independent execution environments. Fisch said the network is designed specifically to serve layer-2 blockchains rather than compete with them at the execution layer.
“Layer-2s need only one thing from a layer-1, which is finality,” Fisch said. “How well a layer-1 provides services to a layer-2 is measured in two things, how secure that blockchain and how fast it can provide finality.”
“Unlike Ethereum, or any other existing layer-1s, it is designed for layer-2s,” he added. “It doesn’t compete with L2s. It’s designed for L2s.”
Espresso currently finalizes rollup blocks in about six seconds on average, compared with Ethereum’s 12-minute-plus finality window (finalizing blocks means that they become immutable). That gap, Fisch argued, has become a structural bottleneck as applications and liquidity spread across multiple rollups rather than remaining concentrated on a single chain.
“Fast finality isn’t a nice-to-have for rollups,” Fisch said. “It’s the missing piece that transforms isolated chains into a unified, composable ecosystem.”
The launch comes as the Ethereum ecosystem debates the future role of layer-2 networks, following recent comments from Ethereum co-founder Vitalik Buterin suggesting the network may eventually pivot away from an L2-centric roadmap as improvements to Ethereum’s base layer reduce the need for rollups as a scaling solution.
That debate has raised broader questions about whether layer-2 networks are extensions of Ethereum or independent blockchains in their own right, and whether infrastructure designed primarily to scale Ethereum will remain relevant as the base layer becomes faster and cheaper.
As Ethereum’s long-term scaling strategy comes under renewed scrutiny, Espresso is betting that demand for application-specific rollups, particularly from institutions and consumer platforms, will continue to grow regardless of Ethereum’s roadmap.
Read more: Espresso, project for composability between blockchains, pushes main product live
CORRECTION (Feb 12 2026, 15:55 UTC): Updates story to say the network will transition to a proof-of-stake blockchain in the next few weeks.
When given a carefully engineered prompt, Perplexity AI reveals explosive predictions for crypto’s top assets, including XRP, Cardano, and Bitcoin.
Its projections suggest all three could reach new all-time highs by the end of 2026, a timeline that could catch many investors off guard.
In the breakdown below, we explore how these forecasts line up with current technical trends, major catalysts, and what they could mean for long-term holders.
XRP ($XRP): Perplexity Says Ripple’s Vision Could Launch XRP to $8
In a recent statement, Ripple reiterated that XRP ($XRP) remains central to its mission of establishing the XRP Ledger as a global, institutional-grade payments network.
Known for near-instant settlement and minimal transaction costs, XRPL also has the potential to corner two rapidly expanding sectors: stablecoins (RLUSD) and real-world asset tokenization.
With XRP currently trading near $1.39, Perplexity projects a potential move toward $8 by the end of 2026, a gain of roughly 6x from current levels.
Chart data supports the possibility of a breakout. XRP’s Relative Strength Index (RSI) is at 31 after being oversold, a sign that the recent selloff is ending.
Potential catalysts ahead include new institutional inflows following the recent approval of U.S.-listed spot XRP exchange-traded funds, Ripple’s growing roster of partnerships, and U.S. lawmakers finalizing the CLARITY bill later this year.
Cardano (ADA): Perplexity Sees a 2,100% Rally on the Cards
Founded by Ethereum co-creator Charles Hoskinson, Cardano ($ADA) emphasizes peer-reviewed research, robust security, scalability, and long-term sustainability.
With a market capitalization near $10 billion and over $125 million in TVL, Cardano’s thriving ecosystem continues to support its long-term growth narrative.
According to Perplexity, ADA could surge more than 2,100%, rising from its current price around $0.27 to approximately $6 by Christmas, double its 2021 ATH of $3.09.
However, ADA is currently trading at its lowest level since October 2024. Given the volatility seen so far this year, further downside cannot be ruled out, with a potential retest of the $0.20–$0.25 support zone if the selloff continues.
Bitcoin (BTC): Perplexity Suggests $500,000 Is Possible
Bitcoin ($BTC), the original cryptocurrency and market leader by capitalization, set a new ATH of $126,080 on October 6 before falling 46% to its current price around $67,750.
Often referred to as digital gold, Bitcoin continues to draw interest from both institutions and individual investors seeking a hedge against inflation and macroeconomic uncertainty.
Bitcoin’s recent inertia was intensified by geopolitical concerns around U.S. military actions in Iran and Greenland. However, Perplexity’s analysis indicates that Bitcoin’s broader upward trend remains intact, with a 2026 price target of $250,000.
The AI points to accelerating institutional adoption and post-halving supply constraints as key factors that could drive Bitcoin to multiple new highs this cycle.
Additionally, if U.S. policymakers make good on Trump’s Executive Order to create a Strategic Bitcoin Reserve, Bitcoin’s upside potential could exceed Perplexity’s already optimistic forecasts.
Maxi Doge: Move Aside, Dogecoin, A New Meme Coin Takes Center Stage
For investors chasing higher-risk, higher-reward opportunities, the presale market offers the best opportunity to buy in early.
Maxi Doge ($MAXI) has quickly become one of the most talked-about meme coin presales of 2026, having raised $4.6 million so far.
The project stars Maxi Doge, a degen gym-bro and envious distant relative of Dogecoin who is now claiming the meme coin throne, tapping into the irreverent and competitive humor that first made meme coins a sensation.
Presale investors can currently stake MAXI tokens for yields of up to 68% APY, with rewards gradually decreasing as the staking pool grows.
The token sells for $0.0002803 in the current presale round, with price increases at each funding milestone. Purchases are supported through wallets such as MetaMask and Best Wallet.
Stay updated through Maxi Doge’s official X and Telegram pages.
Visit the Official Website Here
The post Perplexity AI Predicts the Price of XRP, Cardano and Bitcoin By the End of 2026 appeared first on Cryptonews.
Crypto World
Xiaomi’s electric SUV tops China sales in January, sells twice as many as Tesla’s Model Y
Chinese smartphone company Xiaomi launched its YU7 electric SUV in summer 2025, taking direct aim at Tesla’s Model Y.
Sopa Images | Lightrocket | Getty Images
BEIJING — Xiaomi‘s electric car venture has succeeded in dethroning Tesla in China, at least in January.
The Xiaomi YU7 SUV ranked first in China by sales last month, with 37,869 units sold, twice as many as Tesla’s 16,845 Model Y vehicles, according to data from the China Passenger Car Association.
The Model Y, which was the best-selling model in December, plunged to 20th place in January. Among new energy vehicles, it also fell from the first position to seventh over the same period.
The figures include both electric and gasoline-powered vehicles and were published late Thursday by online car sales platform Autohome.
Xiaomi started selling the YU7, its second electric car model, roughly half a year ago in the summer of 2025.
The Chinese company, best known for its smartphones, hasn’t been shy about its aim to take on Tesla. Xiaomi launched the car at a starting price that was 10,000 yuan ($1,450) below the Model Y in China. The company claimed the model beat Tesla on key metrics such as driving range on a single battery charge.
Analysts last year predicted the YU7 would take market share from the Model Y, Tesla’s best-selling car in China. In December, the Model Y ranked first in monthly sales, ahead of BYD‘s budget-priced Qin Plus car. Xiaomi’s YU7 ranked third.
Monthly sales figures can be volatile. While the YU7 did outsell the Model Y in October, the Xiaomi car did not rank first. Tesla has so far been consistently stronger in sales.
Excluding gasoline-powered cars, Tesla ranked fifth in China sales last year, while Xiaomi placed tenth. For all of 2025, BYD led China’s auto market with over 3 million vehicles sold, followed by Geely at 2.6 million, according to China Passenger Car Association data.
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The YU7’s strong sales in January came despite an overall slowdown in China’s electric car market in recent months.
Xiaomi’s earlier SU7 sedan has also faced scrutiny following fatal accidents involving driver-assist features and electrically-powered door handles. Beijing has since banned hidden door handles, while automakers have started installing external lights that indicate when driver-assist is in use.
Like most Chinese electric car companies, Xiaomi also plans to expand overseas, including into Europe next year.
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