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John Deaton Says 4,000 XRP Holders Helped Secure Ripples SEC Victory

Ripples win over the US Securities and Exchange Commission (SEC) had a hidden weapon. Attorney John Deaton says nearly 4,000 XRP holders helped swing the case by telling their stories to the court.　　Deaton represented those holders as a friend of the court. He shared how they shaped the outcome, with the revelation coming only days after the ruling turned three years old.　　The Judge Read the Holders Stories　　Judge Analisa Torres issued her order on July 13, 2023. XRP itself is not a security, she ruled. However, $728.9 million in direct sales to institutions broke securities law. Sales to everyday buyers on exchanges did not.　　Ripple paid a $125 million fine in 2024. The case formally closed in August 2025, when both sides dropped their appeals. The fight almost killed the company first. CEO Brad Garlinghouse admits Ripple nearly shut down rather than face the SEC in court.　　So where do the holders come in？　　Deaton collected sworn statements from almost 4,000 of them. By his account, Torres cited those statements in her decision and very little else.　　“Out of the thousands of exhibits submitted in the case overall, in her final summary judgment decision, she only cited to several dozens exhibits. XRP holder affidavits was

07-18Industry

Wintermute-Backed Pascal Raises $9M as USV Bets Big on Prediction Markets

Key HighlightsUnion Square Ventures (USV) led Pascal‘s Series A, taking the prediction markets startup’s total funding to $15 million.Wintermute Ventures and DBA previously backed Pascal during its seed funding round.USV believes prediction markets are entering a new phase where trader-focused infrastructure can challenge existing leaders like Polymarket and Kalshi.　　Pascal:- It was a deal at first sight for Union Square Ventures and Pascal. The $3 billion VC giant, said it knew after its first meeting with founders Ivo Crnkovic-Rubsamen and Matthew Downey that it wanted to partner with them..　　The venture capital giant is best known for backing category-defining companies, such as Coinbase, X (formerly Twitter), Etsy and Tumblr, the nearly $3 billion VC firm.　　Now, USV has led Pascal‘s Series A funding round, bringing the Wintermute-backed prediction markets startup’s total capital raised to $15 million.　　The latest investment marks Pascals first institutional round led by USV after previously raising seed funding from DBA and Wintermute Ventures. While the company did not disclose the size of the Series A separately, the latest raise brings its cumulative funding to $15 million.　　Pascal – The Exchange of Prediction Markets？　　Interestingly, Pascals founders Ivo and Matthew are two former traders who previously worked together at decentralized derivatives exchange dYdX.　　Discover

07-18Industry

Gold climbs as Iran war premium revives Fed hike risk

Gold edges higher by some 0.92% on Friday as the US-Iran conflict boosted energy prices, which ultimately drive inflation higher, increasing expectations that the Federal Reserve (Fed) might need to raise interest rates. At the time of writing, the XAU/USD trades at $4,013, after reaching a daily low of $3,959.　　XAU/USD rises as Middle East escalation revives inflation fears　　Attacks between the US and Iran soured market sentiment despite the ongoing recovery in US equity markets. Newswires revealing a further escalation of the war are pushing the non-yielding metal higher.　　Axios reported that the Trump administration is sending dozens of additional refueling planes to Israel in preparation for a potential expansion of military operations.　　Data-wise, the University of Michigan Consumer Sentiment for July improved. From 50.7 to 54, due to lower gasoline prices at the pump, the report revealed. Inflation expectations for one year dipped from 4.6% in June to 4.2%, and for five years were steady at 3.3%.　　Aside from this, Cleveland Fed President Beth Hammack was hawkish and expressed concern about persistent high inflation, which is at the top of her list, adding that “inflation is too high.” Hammack added that the labor market is solid and that “growth numbers are good and

07-18Industry

FTX to distribute roughly $900 million to creditors in fifth wave of payouts

Quick TakeEligible recipients of this “fifth distribution” are expected to receive their funds within three business days starting July 31.In March, FTX distributed $2.2 billion to creditors.　　FTX said it will start distributing roughly $900 million to creditors beginning at the end of the month, according to an announcement from Friday.　　This marks the fifth distribution for the failed crypto exchange plans on making as part of its bankruptcy. In March, FTX distributed $2.2 billion to creditors. So far, the companys bankruptcy estate has distributed nearly $10 billion to creditors and other claimants since repayments began in 2025.　　Similar to last distribution, eligible recipients part of the companys Chapter 11 bankruptcy plans Convenience and Non-Convenience classes are expected to receive their funds within three business days, paid out by BitGo, Kraken, or Payoneer.　　The exchanges convenience class typically refers to the retail traders and smaller creditors who comprise the vast majority of FTXs creditor base, whereas the non-convenience designation involves larger or more complex claims.　　FTX‘s bankruptcy estate has generally tried to repay retail creditors between 118% and 142% above the value of their holdings at the time of the exchange’s collapse in 2022, though it has also faced criticism for not repaying assets in

07-18Industry

Trezor exec pushes back on ZachXBT claim that hardware wallets are 'complete garbage'

Quick TakeSanders acknowledged that hardware wallet updates can disrupt urgent, high-value transactions.Tornado Cashs Roman Storm urged mobile wallets to add BIP39 passphrases and air-gapped signing.　　Trezor Chief Commercial Officer Danny Sanders pushed back on blockchain investigator ZachXBTs recent criticisms of crypto hardware wallets.　　“All hardware wallets are complete garbage, and I do not advise using them for important tasks like signing transactions or storing funds,” ZachXBT wrote in a post on Telegram earlier this week, recommending that users instead dedicate a separate iPhone thats only used to store funds and sign transactions.　　In an interview Friday with The Blocks Gareth Jenkinson on The Starting Block, Sanders acknowledged frustrations around the criticism, especially when software or firmware updates disrupt urgent or high-value transactions.　　“I actually get it, and I agree that we have clunky solutions out there,” Sanders said. “Its really hard to build on the edge of security and usability.”　　However, Sanders argued that ZachXBT was generalizing from a use case that really only involves sophisticated users managing large sums.　　“People who have to manage a lot of value in high-stakes environments need different setups, and just a single hardware wallet is not the best solution for that,” Sanders said. “But it doesnt mean you can

07-18Industry

Cadence Design Systems (CDNS) Stock Plunges 10% Despite Strong Buy Upgrade from Benchmark

Key HighlightsCDNS shares declined approximately 10.1% during Friday‘s session, starting at $334.56 and settling near $327.25 after Thursday’s close of $364.65Benchmark analysts initiated coverage with a “Strong Buy” recommendation and established a $450 price objective earlier in the weekFirst quarter earnings per share reached $1.96, exceeding analyst expectations of $1.91; quarterly revenue hit $1.47B, marking an 18.6% year-over-year increaseFull-year 2026 EPS forecast established at $7.85–$7.95 range; second quarter 2026 projected between $2.02–$2.08Company insiders divested more than 157,000 shares valued above $60M during the previous quarter, with CEO Anirudh Devgan among the sellers　　Shares of Cadence Design Systems (CDNS) experienced a significant downturn on Friday, declining approximately 10.1% to conclude trading near $327.25 following the previous days closing price of $364.65. The opening bell saw shares priced at $334.56 with trading volume exceeding 547,000 shares.　　Cadence Design Systems, Inc., CDNS　　The substantial price decline occurred mere days following Benchmarks initiation of coverage with a “Strong Buy” designation and a $450 price objective on Wednesday — representing the most optimistic target among current analyst coverage.　　Discover more　　Content Management　　Economics　　financial　　The broader analyst community maintains an optimistic outlook on CDNS. The stock holds a “Moderate Buy” consensus rating with an average price objective of $393.65, derived from 17 analyst

07-18Industry

David Sacks challenges US AI policy after Chinas Kimi K3 tops coding test

China‘s Kimi K3 has climbed to first place on the Frontend Code Arena, prompting former White House crypto czar David Sacks to warn that US regulation could weaken America’s position in the AI race.　　Sacks described the benchmark result as concerning because Kimi K3 also performed close to leading models across several other evaluations. He argued that restrictions on data centers, state-level rules and proposed federal reviews could slow American developers while Chinese companies continue building advanced systems.　　“This is how you lose the AI race,” Sacks wrote.　　According to Sacks, the United States became a technology leader during the internet era by allowing companies to develop products without seeking government approval in advance. He believes Washington should follow a similar approach to AI while using targeted rules to address specific safety risks.　　Kimi K3 strengthens Chinas position in advanced AI development　　Moonshot AI built Kimi K3 with 2.8 trillion parameters, a one-million-token context window and native multimodal capabilities. The company designed the model for lengthy coding assignments and agent-based workflows that require systems to complete several connected tasks.　　Moonshot AI reported that its Kimi Delta Attention system delivers decoding speeds up to 6.3 times faster when processing one-million-token contexts. Its Attention Residuals technology also improves

07-18Industry

Bitcoin treasury company offers 10% income and still can’t sell nearly half its shares

Swedish Bitcoin treasury firm B Treasury Capital AB expects its new BTC PREF preference share to start trading on the Spotlight Stock Market on Monday, July 20. Investors left 47.7% of the rights offer unfilled, so the market will soon reveal what buyers are willing to pay for a new route to funding further Bitcoin purchases.　　Investors subscribed for 102,025 of 195,078 shares, or 52% of the offer, according to the issuers July 2 result. The issue produced about SEK 12.2 million ($1.26 million) gross and SEK 11.9 million ($1.23 million) net, compared with a maximum of roughly SEK 23.4 million ($2.42 million) gross.　　The 10% issue yield faces a price test　　BTC PREF pays SEK 1 per month, totaling SEK 12 per year on the SEK 120 subscription price. If paid as scheduled, the official terms indicate an annual cash yield of 10% at issue.　　The same scheduled payment produces a different indicated cash yield at each market price. At SEK 100, SEK 12 represents 12%; at SEK 90, it represents about 13.3%. Dividends may be deferred, however, and unpaid shortfalls accumulate without interest ahead of dividends on Class B common shares. The calculations are therefore neither guaranteed returns nor total returns.　　A drop

07-18Industry

The payment war shifts to distribution as stablecoins reach mainstream status

“Both Stripe and PayPal do approximately the same amount of payment volume, but Stripe has about one-fifth the net revenue,” Hadick said. “From a financial perspective, this is obviously accretive, and it helps them connect their merchant processing business, which is at risk of being commoditized, with a broad subset of PayPals more than 400 million accounts.”　　Hadick also cautioned that executing a deal of that size would be difficult. “M&A integration in something of this size is incredibly hard,” he said.　　Beyond merchant payments　　Eric Queathem, CEO of Velocity, said the acquisition would also give Stripe access to one of the worlds largest consumer payments ecosystems, providing a platform to expand beyond merchant payments.　　The proposed acquisition would also determine who controls the consumer side of blockchain-based payment infrastructure, complementing Stripes existing merchant network and stablecoin capabilities.　　Several executives said the competitive focus has shifted from proving blockchain technology works to controlling distribution.　　Pankaj Bengani, founder and CEO of Meld, agreed with Larbi that the race is on.　　“The race has shifted from proving the technology works to owning distribution,” said Bengani, adding that “stablecoins have graduated from experiment to core payments infrastructure.”

07-18Industry

Apple overtook Nvidia as largest public company this morning

Apple overtook Nvidia as the world‘s most valuable publicly traded company after it hit an all-time high of $334.95 per share just 10 minutes into Friday’s trading session.　　This valuation put the company above $4.92 trillion.　　At the same time, Nvidia traded at $199.38, down 4% from Thursdays close. This valued the company at $4.83 trillion — more than $100 billion behind Apple.　　Although it was an all-time high for Apple, it wasn‘t its first time atop the world’s leaderboard. It was also the worlds most valuable publicly-traded company in April 2025.　　Nvidia has worn the crown for the vast majority of the past year, including 12 months since June 2025.　　Discover more　　Distributed & Cloud Computing　　investment　　Stocks & Bonds　　The switchover had more to do with Nvidia dropping than Apple rallying. Apples shares barely moved in morning trading, whereas Nvidia dropped more than 3%.　　Apple rewarded for conservative AI spending　　Wall Street spent July backing away from AI‘s biggest spenders and reallocating to stalwarts. Apple entered Friday up 22% this year, far outperforming Nvidia’s more modest 7% after Nvidias 2025 outperformance.　　Investment has slowly rotated out of pure AI names into memory component makers like Micron and Sandisk.　　A bit of discretion about spending on AI has benefited Apple.　　HSBC upgraded Apple

07-18Industry
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