tl;dr
A forthcoming FTX drama series might be of interest. Ripple Labs, Inc. is doing its best for the crypto revolution.
Market Snap
Market Wrap
With BTC again trading below $80k, the start of the next bull run will be delayed until after the mid-terms.
Occasional Series – HMRC
Fresh from making theft legal, for the bureaucrats at HMRC are tilting other rules against us mere plebs. The period within which you as an individual can reclaim overpaid N.I. from HMRC is being cut from six years to four years. Meanwhile, HMRC’s ability to claim underpaid N.I. from you is being extended from six to twenty years, in some circumstances. Where is the fairness in that?
Wealthy individuals are also being “invited” to share full details of their asset base with HMRC. For those who instinctively rail against billionaires and their ilk, I am sure this is welcome news. But do you really think HMRC will stop there? This is the first step on a road that leads to the government having full knowledge and, crucially, access to all your assets, not just your bank account. “Theft” does not exist when the government believes it has moral ownership of your hard-earned wealth.
Just imagine the further horrors that would be unleashed upon us if a sterling CBDC ever saw the light of day. Be scared, very, very scared.
Curious Cryptos’ Commentary – FTX
I guess it had to happen. Netflix is releasing an eight-part series, The Altruists premiering on 19th November, on the collapse of FTX, which caused so much pain for so many people.
Quick recap – there was no segregation of FTX’s clients’ funds from Alameda Research, the so-called hedge fund run by Caroline Ellison, allegedly in a polyamorous relationship with FTX CEO Sam Bankman-Fried. They delighted in their lack of bookkeeping (“It is impossible to audit us”). Bankman-Fried reportedly held zoom meetings with investors whilst playing video games. Ellison testified at Bankman-Fried’s criminal trial. The trailer sums up her philosophy with the line that “Lying isn’t bad for a good cause”, sentiments she expressed at the trial. The lack of any moral fibre in that phrase is all too revealing.
Bankman-Fried is currently serving a 25-year jail sentence, which is far too lenient. Ellison got off with just two years but only served 14 months after agreeing to be a prosecution witness. Incredibly, former FTX COO Constance Wang was never charged. She has also gone on to co-found Pacifica, initially as a Solana-based perpetual futures decentralised exchange. I need not warn you to keep as far away from that platform as possible.
Wang had this to say about the trailer:
“The first 30 seconds were enough to upset me … I stopped watching … I literally physically threw up because it just made me feel so uncomfortable”.
That is Meghan Sussex-grade self-absorption.
Curious Cryptos’ Commentary – Ripple Labs, Inc.
Ripple Labs, the company most closely associated with XRP, has long made it plain that it wants to become a major player in the stablecoin revolution. Its own stablecoin, RLUSD, is being trialled globally for cross-border payments. There are concerns about just how decentralised the XRP Ledger is, but one cannot deny the company is a large crypto player.
Ripple has received final approval from the U.S. Office of the Comptroller of the Currency (OCC) to launch a national trust bank. Ripple CEO Brad Garlinghouse, explains:
“We've always said crypto and banks work better together — this is what that looks like. Real innovation, real accountability, federal oversight”.
You cannot argue with that sentiment, unless your name is Elizabeth Warren. In a letter to the OCC in May 2026, she made this startling and unsupported claim:
“Since December 2025, you have approved at least nine national trust charters for crypto companies that intend to engage in activities that appear to go far beyond the narrow set of activities permitted by law. These companies are effectively crypto banks that want to evade the fundamental safeguards and obligations that come with being a bank”.
Ripple National Trust Bank will manage the reserves backing RLUSD and act as collateral trustee for RLUSD holders, in line with the GENIUS Act.
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Why does this matter?
The number of crypto firms gaining conditional and final approvals from the OCC to set up national trust banks proves the industry is eager to be compliant with rules and regulations, and that the regulators are welcoming crypto firms into the fold.
This can only be a good thing.