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XRP $1.42 -4.56%
SOL $81.67 -4.53%
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LINK $8.64 -2.97%
HYPE $28.98 -1.81%
AAVE $122.61 -3.42%
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XLM $0.1605 -4.62%
ZEC $260.31 -8.86%

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Coinbase's Chief Policy Officer Responds to "White House Agreement Goals May Fall Through": Has Committed to Multiple Potential Compromise Solutions on Stablecoin Yield Issues

Coinbase Chief Policy Officer Faryar Shirzad posted on the X platform in response to "the White House's agreement goals may fall short." He stated that Coinbase and the company's CEO Brian Armstrong have been involved in negotiations for months and have committed to several potential compromise solutions. Coinbase's core goal has always been to protect the interests of the GENIUS Act and the general American public. He also thanked Patrick Witt, Executive Director of the President's Digital Asset Advisory Council, for his efforts in pushing for problem resolution and looks forward to the smooth implementation of the President's crypto agenda.According to senior journalist Sander Lutz from crypto media Decrypt, the White House originally hoped to reach an agreement on stablecoin yield issues before the weekend, but a banking industry insider directly involved in the negotiations stated that this goal would not be achieved. The current divide between the crypto industry and banking lobbyists regarding whether stablecoins should generate yield remains significant. This controversy has become a major obstacle to advancing the crypto market structure bill and directly points to Coinbase CEO's insistence that stablecoins should be able to generate yield for users.According to previous reports from ChainCatcher, David Sacks, the White House's crypto and AI director, stated that the crypto industry has made significant concessions regarding stablecoin yields, and banks should respond accordingly.

Former Mt. Gox CEO proposes Bitcoin hard fork to recover $5.2 billion in stolen assets

The former CEO of the collapsed exchange Mt. Gox, Mark Karpelès, recently proposed a Bitcoin hard fork plan, suggesting to modify the consensus rules to recover approximately 79,956 BTC stolen in the 2011 hacking incident, which is valued at about 5.2 billion dollars at current prices.The proposal targets a wallet address associated with the 2011 Mt. Gox system breach, which received nearly 80,000 bitcoins after the hack and has remained unused for over 15 years. Currently, under existing Bitcoin rules, these funds can only be transferred if the corresponding private key is held. According to the proposal, the new rules would allow the unspent outputs in that address to be controlled through signatures from the Mt. Gox recovery address, thereby incorporating the funds into the existing judicial oversight compensation process for repaying Mt. Gox creditors.Karpelès stated that the plan is merely a starting point for discussion, intending to limit the rule modification to a single address and activate it at a specific block height in the future. However, the proposal also acknowledges that this plan requires coordinated upgrades across the entire network, and if some community members refuse to support it, it could lead to the risk of a blockchain split. It is important to note that these approximately 80,000 BTC are currently not part of the assets allocated to Mt. Gox creditors and are not under the control of the bankruptcy trustee.
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