17th September 2025 > > PayPal & France.

tl;dr

PayPal is doing a sterling job of encouraging the crypto revolution. France is doing its best to stop the crypto revolution.

Market Snap 

Market Wrap

Once again, the hapless Jerome Powell, chair of the Fed, gets to play at being a master of the universe as he manipulates the interest rate market. A 25bps cut is baked in, with an outlier of a 50bps cut. The long-end reaction to his post cut announcement speech is far more important than trivial changes to the short-end.

Curious Cryptos’ Commentary – PayPal

PayPal continues its push into the crypto game with new functionality that will allow users to send and receive cryptos directly from or into their PayPal wallets:

https://newsroom.paypal-corp.com/2025-09-15-PayPal-Ushers-in-a-New-Era-of-Peer-to-Peer-Payments,-Reimagining-How-Money-Moves-to-Anyone,-Anywhere

Diego Scotti, General Manager, Consumer Group at PayPal, explains:

"For 25 years, PayPal has revolutionized how money moves between people. Now, we're taking the next major step. Whether you're texting, messaging, or emailing, now your money follows your conversations. Combined with PayPal World, it's an unbeatable value proposition, showing up where people connect, making it effortless to pay your friends and family, no matter where they are or what app they're using."

I was debating with a crypto-agnostic recently about the pace of adoption of cryptos. She correctly pointed out that any network product, be it social media or any other type, gains value from the size and extent of its network. She remained unconvinced about my enthusiasm for the daily progress we see in global crypto adoption, again rightly noting that whilst there are technological issues around seed phrases, and the security of self-custody, these issues will present a significant barrier for many people. I think it was a nice way of calling me a nerd, but that’s ok.

We did agree that once one of the major payment processors put in place a means of instantly transferring cryptos within a centralised system, a process that removes all the issues around seed phrases and the like, then that may well be the key to unlocking a dramatic surge in crypto adoption.

Well, my agnostic friend, that day has arrived in all its attendant glory. And much sooner than either of us expected.

Curious Cryptos’ Commentary – MiCA (Markets in Capital Assets)

I was as surprised as anyone that the EU was first out of the blocks with a crypto-friendly regulatory structure in the form of MiCA. I think the EU bureaucrats surprised themselves given that they normally block innovation with prescriptive rules that deny no breach, nor even the faintest possibility of a breach of those rules.

Of course, such an enlightened approach was never going to last, despite my misplaced optimism. The backlash is coming.

We saw the other day that additional new rules effectively prevent any regulated institution having cryptos on its balance sheet (https://www.curiouscryptos.com/post/11th-september-2025-oecd-the-eu), a variant on the morally bankrupt Operation ChokePoint recently dismantled in the US.

Some months ago, there were complaints about perceived differences in the implementation of MiCA across different countries, a wholly fabricated argument from those who fight against liberty and freedom. I thought that battle had been won by us.

But sadly, no. Sometimes the French don’t know when to give up. Spurred on by Convicted Criminal Christine Lagarde, France’s securities regulator, the Autorité des Marchés Financiers (AMF) claims that other countries within the EU are setting different standards. MiCA allows for the passporting of a firm which has gained a license in any EU country to operate in any other EU country. Which is the case for all regulated firms, financial, chemical, foodstuffs, you name it. That is the deal if you believe in having a common market.

Marie-Anne Barbat-Layani, chair of AMF, explains her new-found distaste for all things European:

"We do not exclude the possibility of refusing the EU passport” adding that it’s “very complex,” akin to an “atomic weapon” for the market. Nothing like a bit of hyperbole to cover up a total lack of a coherent argument or justification for your actions.

Perfidious Albion? Barbat-Layani should look closer to home. Might I suggest a mirror?