Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.
the U.S. bankruptcy court of Delaware to approve the sale of some trust assets, funds of Grayscale and Bitwise valued at an estimated $744 million, through an investment adviser, according to a Friday court filing.
“The Debtors’ proposed sale or transfer of the Trust Assets will help allow the estates to prepare for forthcoming dollarized distributions to creditors and allow the Debtors to act quickly to sell the Trust Assets at the opportune time,” the filing said. “Additionally, because the Debtors may sell the Trust Assets to one or more buyers in one or more sales, sales pursuant to the Sale Procedures will alleviate the cost and delay of filing a separate motion for each proposed sale.
At the time of writing, XRP traded at 69 cents and had replaced BNB as the fourth-largest token by market capitalization. Data suggests the gains were largely spot-driven as liquidations on XRP-tracked futures breached“systemic stablecoins” that are in wide enough circulation to potentially disturb financial stability, while the Financial Conduct Authority will oversee the wider crypto sector according to discussion papers published by the two regulators Monday.
The proposals followed broader plans for overseeing the crypto sector published by the U.K. government last week. Proposals from Big Tech companies like Facebook, now Meta , and PayPal to issue stablecoins and last year's collapse of stablecoin empire Terraform Labs have propelled related regulation worldwide, with major jurisdictions such as the European Union and Japan recently finalizing regimes.The chart shows fluctuations in yield on the one-year U.S. Treasury note since November 2022.
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