{"id":545,"date":"2025-10-17T06:44:26","date_gmt":"2025-10-17T06:44:26","guid":{"rendered":"https:\/\/gopayments.xyz\/blog\/ripple-ceo-predicts-end-hostile-gensler-era-crypto-paxos-mints-300-trillion-paypal-usd-ethereum\/"},"modified":"2025-10-17T07:15:49","modified_gmt":"2025-10-17T07:15:49","slug":"ripple-ceo-predicts-end-hostile-gensler-era-crypto-paxos-mints-300-trillion-paypal-usd-ethereum","status":"publish","type":"post","link":"https:\/\/gopayments.xyz\/blog\/ripple-ceo-predicts-end-hostile-gensler-era-crypto-paxos-mints-300-trillion-paypal-usd-ethereum\/","title":{"rendered":"Ripple CEO Predicts End of Hostile Gensler Era for Crypto; Paxos Mistakenly Mints 300 Trillion PayPal USD on Ethereum"},"content":{"rendered":"

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Happy Thursday! Bitcoin is currently hovering around $109,000 as market dynamics shift. Whale activity is noted, with position adjustments indicating traders are exercising caution. Analysts suggest that the combination of structural ETF demand and a dovish Federal Reserve could stabilize prices, potentially setting the stage for a year-end rebound if support levels are maintained.<\/p>\n

\n Ripple CEO Brad Garlinghouse Discusses Regulatory Outlook<\/h2>\n

Ripple CEO Brad Garlinghouse expressed confidence that the U.S. will not revert to a troubling regulatory environment for cryptocurrency, stating that “the ship has sailed” on anti-crypto policies.<\/p>\n

    \n
  • \n During his talk at DC Fintech Week, Garlinghouse emphasized that the crypto industry’s growth creates a landscape where reversing progress is not feasible, even with a change in administration.<\/li>\n
  • \n He criticized traditional finance for its “hypocritical” stance in denying crypto firms access to Federal Reserve master accounts while demanding compliance with AML and KYC regulations.<\/li>\n
  • \n Garlinghouse argued that if crypto firms meet equivalent regulatory standards, they should be granted the same access to financial infrastructure as traditional banks.<\/li>\n
  • \n Despite political gridlock surrounding crypto market structure legislation, he remains optimistic about achieving bipartisan support for clearer regulations governing digital assets.<\/li>\n
  • \n He highlighted Ripple’s ongoing legal challenges with the SEC as an example of the regulatory clarity that is needed across the industry.<\/li>\n
  • \n Moreover, Ripple announced its significant acquisition of GTreasury, a global treasury management platform, aiming to penetrate the multi-trillion-dollar corporate treasury market.<\/li>\n<\/ul>\n

    \n Paxos Experiences Token Minting Error<\/h2>\n

    Paxos recently encountered a significant error by inadvertently minting 300 trillion PayPal USD (PYUSD) on Ethereum. This mishap momentarily resulted in a theoretical market cap excess, valued at 75 times the total crypto market cap.<\/p>\n

      \n
    • \n The issuer attributed the incident to a technical glitch, promptly burning the excess tokens and confirming that customer funds were secure.<\/li>\n
    • \n This glitch temporarily disrupted PYUSD markets and required Aave to freeze trading as a precaution.<\/li>\n
    • \n Paxos has since rectified the issue and resumed normal operations, including a routine mint of 300 million PYUSD.<\/li>\n<\/ul>\n

      \n SEC Chair Prioritizes Innovation in Crypto<\/h2>\n

      Securities and Exchange Commission Chair Paul Atkins highlighted the agency’s commitment to fostering innovation in cryptocurrency and tokenization as “job one.” His vision is to attract innovation back to the U.S. rather than pushing it away.<\/p>\n

        \n
      • \n Atkins humorously suggested renaming the SEC to the “Securities and Innovation Commission,” marking a significant shift from previous enforcement-heavy policies.<\/li>\n
      • \n He announced an upcoming “innovation exemption” to expedite on-chain product approvals and streamline registration processes across agencies.<\/li>\n
      • \n Despite operational constraints due to a government shutdown, the SEC remains dedicated to establishing a conducive framework for digital assets.<\/li>\n
      • \n SEC Commissioner Hester Peirce also emphasized the importance of financial privacy and acknowledged tokenization as a critical focus for the agency.<\/li>\n<\/ul>\n

        \n Kraken Acquires Small Exchange to Expand Derivatives Trading<\/h2>\n

        Kraken has made headlines with its $100 million acquisition of the CFTC-regulated Small Exchange from IG Group. This strategic move positions Kraken to develop a fully U.S.-based crypto derivatives platform.<\/p>\n

          \n
        • \n The acquisition grants Kraken a licensed Designated Contract Market, enabling a comprehensive offering of spot, futures, and margin products under a regulated framework.<\/li>\n
        • \n Co-CEO Arjun Sethi stated that this acquisition facilitates the integration of clearing, risk management, and matching functions within a fully compliant environment.<\/li>\n
        • \n This deal follows Kraken’s earlier purchase of NinjaTrader and comes as U.S. crypto derivatives volumes witness a 136% increase amid growing institutional interest.<\/li>\n<\/ul>\n

          \n BitMine Expands ETH Holdings During Market Correction<\/h2>\n

          In recent developments, BitMine Immersion has strategically added 104,336 ETH to its corporate treasury, valued around $417 million during the current market dip.<\/p>\n

            \n
          • \n As of the latest update, BitMine’s total ETH holdings stand at 3.03 million, amounting to approximately $12.2 billion, solidifying its position as the largest Ethereum treasury.<\/li>\n
          • \n The firm, chaired by Fundstrat co-founder Tom Lee, holds the second-largest overall crypto treasury, following Michael Saylor’s Strategy.<\/li>\n<\/ul>\n

            \n What to Watch For in the Upcoming Days<\/h2>\n
              \n
            • \n Eurozone CPI inflation data will be released on Friday, with expectations for MoM 0.1% and Core 0.1%; YoY estimates are 2.2% and Core 2.3%.<\/li>\n
            • \n Token unlocks are set for ApeCoin, deBridge, Wormhole, and ZKsync.<\/li>\n
            • \n The European Blockchain Convention will conclude in Barcelona, while ETHRome will commence in Italy.<\/li>\n<\/ul>\n

              Stay informed on the most influential events occurring within the digital asset ecosystem with GOPayments as your go-to source for insights into cryptocurrency payments and the future of digital finance.<\/p>\n

              Disclaimer: This article is for informational purposes only. It does not constitute legal, tax, investment, or financial advice.<\/p>\n","protected":false},"excerpt":{"rendered":"

              Happy Thursday! Bitcoin is currently hovering around $109,000 as market dynamics shift. Whale activity is noted, with position adjustments indicating traders are exercising caution. Analysts suggest that the combination of structural ETF demand and a dovish Federal Reserve could stabilize prices, potentially setting the stage for a year-end rebound if support levels are maintained.<\/p>\n","protected":false},"author":1,"featured_media":544,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,4],"tags":[127,129,128,123],"class_list":["post-545","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry","category-crypto-payments","tag-brad-garlinghouse","tag-gary-gensler","tag-paul-atkins","tag-ripple"],"_links":{"self":[{"href":"https:\/\/gopayments.xyz\/blog\/wp-json\/wp\/v2\/posts\/545","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gopayments.xyz\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gopayments.xyz\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gopayments.xyz\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gopayments.xyz\/blog\/wp-json\/wp\/v2\/comments?post=545"}],"version-history":[{"count":1,"href":"https:\/\/gopayments.xyz\/blog\/wp-json\/wp\/v2\/posts\/545\/revisions"}],"predecessor-version":[{"id":599,"href":"https:\/\/gopayments.xyz\/blog\/wp-json\/wp\/v2\/posts\/545\/revisions\/599"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gopayments.xyz\/blog\/wp-json\/wp\/v2\/media\/544"}],"wp:attachment":[{"href":"https:\/\/gopayments.xyz\/blog\/wp-json\/wp\/v2\/media?parent=545"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gopayments.xyz\/blog\/wp-json\/wp\/v2\/categories?post=545"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gopayments.xyz\/blog\/wp-json\/wp\/v2\/tags?post=545"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}