The Daily: SEC and CFTC sign crypto coordination pact, Ripple launches $750 million share buyback program, and more

Bitget

News

The Block2026/03/12 17:12

By:The Block

Bitget offers one-stop trading for cryptocurrencies, stocks, and gold. Trade now!

A welcome pack worth 6200 USDT for new users! Sign up now!

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Thursday! Geopolitics — not macro — is now the dominant force in bitcoin markets, according to CoinShares Head of Research James Butterfill, with rising oil prices and global tensions increasingly shaping investor behavior.

In today's newsletter, the SEC and CFTC commit to work together on crypto policy, Ripple launches a $750 million share buyback program, Trump's crypto advisor claims stablecoins will actually drive global deposits into the U.S. banking system, and more.

Meanwhile, Tether backs Ark Labs in a $5.2 million seed round to expand stablecoin and programmable finance infrastructure on Bitcoin. Plus, a Federal judge dismisses a Binance terrorism financing lawsuit in Alabama but allows an amended complaint.

P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe!

SEC and CFTC commit to work together on crypto policy and introduction of new products

The U.S. Securities and Exchange Commission and Commodity Futures Trading Commission signed a memorandum of understanding to coordinate crypto policy and broader financial market regulation.

The two agencies said the agreement will guide collaboration aimed at supporting lawful innovation while maintaining market integrity and investor protection.
Officials plan to work jointly on developing a federal, "fit-for-purpose regulatory framework for crypto assets and other emerging financial technologies."
The SEC and CFTC also committed to coordinating efforts to remove regulatory obstacles to the lawful introduction of crypto asset products.
SEC Chair Paul Atkins said longstanding turf battles and overlapping rules between regulators have historically slowed innovation and pushed firms offshore.
CFTC Chair Michael Selig said the agreement will help modernize U.S. regulatory frameworks and harmonize oversight across financial markets.

Ripple launches $750 million share buyback at $50 billion valuation

Ripple has launched a share buyback of up to $750 million through a tender offer that values the company at $50 billion, a source with direct knowledge of the matter told The Block.

The tender offer allows employees and investors to sell shares back to the company and is expected to remain open through April.
The buyback follows an earlier attempt last October to repurchase $1 billion of shares at a $40 billion valuation that drew limited participation as private holders were reluctant to sell their stakes.
Ripple continues expanding through acquisitions and investments, including deals for Hidden Road and Rail, while stating it has no current plans to pursue an IPO.

Trump's crypto advisor says stablecoins will drive global deposits into US banking system

Patrick Witt, executive director of the President's Council of Advisors for Digital Assets, said GENIUS-compliant stablecoins could "actually lead to deposit inflows" into the U.S. banking system.

Witt argued foreigners buying U.S.-issued stablecoins would convert global demand for dollars into new capital entering the American financial system.
Banking groups, including the American Bankers Association, have warned that yield-bearing stablecoins could siphon deposits from traditional banks and create regulatory imbalances.
Policymakers, banks, and crypto firms remain divided over stablecoin rewards, leaving the issue a key obstacle for broader digital asset legislation such as the Clarity Act.

Optimism's OP Labs cuts 20% of staff to 'do fewer things well'

OP Labs, the blockchain infrastructure firm behind Optimism, laid off 20 employees, roughly 20% of its workforce, to streamline operations and focus on fewer priorities.

CEO Jing Wang said the cuts were not financially driven and that the company still has years of runway, but did not disclose which positions were affected.
The layoffs come after Base said last month it plans to shift to its own unified technology stack for independent development.
Optimism plans to focus on faster block times, interoperability, compliance features, and zero-knowledge proof systems aligned with Ethereum's roadmap.

Prosecutors move to block SBF's request for retrial

U.S. prosecutors urged a judge to reject Sam Bankman-Fried's request for a retrial, arguing he failed to present any legitimate newly discovered evidence.

Prosecutors said testimony from former FTX executives Ryan Salame and Daniel Chapsky does not qualify as new evidence because the defense knew about them before the trial.
Prosecutors also rejected Bankman-Fried's claim that FTX was solvent, arguing the exchange held only about 105 BTC against customer claims approaching 100,000 BTC.

In the next 24 hours

UK GDP data is due at 3 a.m ET on Friday. U.S. GDP and PCE numbers follow at 8:30 a.m.
Ethereum San Francisco Week and ETHMumbai continue.

Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

Understand the market, then trade.

Bitget offers one-stop trading for cryptocurrencies, stocks, and gold.

Trade now！

The US dollar has risen 5% against the euro, with some investors expecting further strengthening. The options market has become strongly bearish on the euro, as concerns over France’s fiscal situation and political uncertainty are creating pressure points for the eurozone. Laura Matthews/Saqib Iqbal Ahmed, Reuters New York, October 8 – This fall, the dollar surged to an 18-month high, with the latest rally fueled by uncertainty across the Atlantic, prompting some investors to bet the dollar will appreciate further. Analysts say the dollar continues to receive support from high—and possibly rising—US interest rates, robust economic growth, and persistent inflation risks. However, broader pressure centered on France’s massive fiscal deficit, potentially spreading to Italy and the wider eurozone, is emerging as a primary driver for the dollar in the coming months. So far this year, the dollar has appreciated about 5% against the euro, boosting the dollar index .DXY, which measures the dollar’s strength against six major currencies, including the euro (its largest component). “The euro remains under pressure, limiting one of the main alternatives to the dollar,” said Yuuto Shinohara, Senior Investment Strategist at Mesirow Currency Management. Last week, the yield spread between French and German 10-year government bonds recorded its largest weekly increase in decades, while the Italy-Germany yield spread saw its biggest weekly surge since the pandemic. The euro EUR= was last at 1.1183, down 0.67% against the dollar. “The market is focused on countries that, due to political dysfunction, cannot restore sustainable fiscal trajectories,” said Karl Schamotta, Chief Market Strategist at Toronto’s Corpay. One concern is that the euro no longer receives much support from the European Central Bank’s hawkish signals. The ECB raised rates by 25 basis points in September—its second hike this year to counter energy-driven inflation—but the euro fell after the decision, as markets worried about the impact of future hikes on the economy. Typically, rising European bond yields support the euro, but the euro's muted response suggests investors are increasingly concerned about growth and fiscal risks. Rising energy prices could add further pressure. “Structurally, Europe is a major energy importer and is more manufacturing-dependent than the US. The impact is obvious: high energy prices will drag down the region,” said Benjamin Ford, a researcher at Macro Hive. Ford expects the euro to fall to $1.10 within the next month, nearly 2% lower than current levels. “The US medium-term outlook seems stronger, while Europe is more susceptible to shocks,” Ford said. Policy Missteps Investors are also weighing whether the ECB can continue fighting inflation without causing greater harm to already weakening economies. The eurozone inflation rate (link) exceeded expectations in September, and with energy costs surging, it may rise further in coming months, keeping pressure on the ECB to hike rates. “There’s clear asymmetric downside risk for the euro at present,” said Dan Tobon, Citi’s Head of G10 FX Strategy in New York. “One of the likeliest triggers is policy error—if the ECB overtightens at a time when markets can’t bear it.” Euro risk reversal for one-month options, which measures whether traders are paying more to hedge against euro losses than gains, hit its most bearish level since March last Friday, while the three-month indicator touched its lowest point since June 2024. Federal Reserve policymakers have signaled that inflation risks remain high, which has helped keep US Treasury yields at multi-year highs. “Yields continue to rise, and US rates have an absolute advantage over most developed markets,” Shinohara said. Federal funds futures show about an 84% chance of at least one more 25-basis-point hike by December. Although few strategists expect the dollar to surge dramatically from current levels, they note that US economic resilience, sustained high yields, and Europe’s unique risks continue to tilt the balance toward the dollar. “For now, this imbalance looks very unfavorable for Europe,” Citi’s Tobon said. (For the convenience of non-native English speakers, Reuters automates translation of its reports into several other languages. As automated translation may be flawed or lack necessary context, Reuters does not guarantee the accuracy of such translations. They are provided solely for the readers’ convenience, and Reuters accepts no liability for any damage or loss arising from use of automated translation.)

路透社•2026/10/08 10:11