BitMEX Is Shutting Down and Facing a Theft Lawsuit | CoinDesk Daily

Sam Ewen (0:00)

Senate leadership says Clarity is expected to miss its deadline, and BitMEX is shutting down while facing a $40 million theft suit. This is CoinDesk Daily.

Follow JPEG Trading on X for insights on crypto markets, liquidity and DeFi. Senate Majority Leader John Thune says the Clarity Act probably won't make its August 7th deadline. Thune says he'd still like at least to get the bill started on the Senate floor before the summer recess. White House crypto advisor Patrick Witt pushed back, telling CoinDesk he's slightly more optimistic and wouldn't count out that first week of August. BitMEX is shutting down after 11 years. It will close on September 23rd. On the same day it announced the closure, BitMEX was hit with a proposed class action suit alleging theft and insider trading. Two plaintiffs say they lost a combined 622 Bitcoin through forced liquidations. Lower rates protected Bitcoin, Levin's lowest loan rates ever. Check yours at levin.io. And Ripple is on the move to grow its dollar-back stablecoin RLUSD in a month when transfer volume dropped 25%.

The fintech firm launched Ripple Mint, a platform that lets institutions create, redeem and track RLUSD automatically. Ripple also took a strategic stake in compliance network Notabene to get the token moving through institutional payment rails. RLUSD has about a $1.5 billion market cap, but while its holder count is climbing, monthly transfer volume fell from $14.6 billion to $11 billion.

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