Key facts
- The FSB warned that cross-border mechanisms for stablecoin oversight and crisis management remain immature.
- The FSB found that 11 of 28 surveyed jurisdictions had finalized stablecoin regulatory frameworks.
- FSB Chair Andrew Bailey urged G20 members to support the FSB’s finalized practices for responsible AI adoption in the financial sector.
- XRP Ledger developers stated an expedited fix was necessary to prevent attackers from exploiting a bug that could create unlimited XRP.
- The emergency fix for the XRP Ledger bug was the first deliberate bypass of the normal amendment process in over ten years.
- MicroStrategy bought 334 Bitcoin for $28.7 million between Sept. 28 and Oct. 4.
The Financial Stability Board (FSB) has alerted G20 finance ministers and central bank governors to potential risks posed by stablecoins and artificial intelligence ahead of their Thursday meeting. In a letter published Monday, FSB Chair Andrew Bailey highlighted that cross-border mechanisms for stablecoin oversight and crisis management are still developing. The FSB's 2025 review indicated that 11 out of 28 surveyed jurisdictions have finalized their stablecoin regulatory frameworks. Bailey also encouraged G20 members to endorse the FSB’s new practices for the responsible adoption of AI in finance, emphasizing the need for continued attention and careful management by financial institutions.
Separately, developers of the XRP Ledger have defended their decision to implement an emergency security patch to fix a bug that could have allowed for the creation of XRP beyond its fixed supply. They stated that delaying the fix for the network's standard two-week validator vote would have exposed the vulnerability to potential attackers. The patch, released on September 25, was the first instance of bypassing the normal amendment process in over a decade, according to the developers. They argued that a public vote would have alerted malicious actors to the flaw before it could be fixed.
In the realm of cryptocurrency investments, MicroStrategy chair Michael Saylor suggested that the company might be planning further Bitcoin acquisitions. His comment on X, "There’s always room for more orange," hinted at recent purchases, though official notification via SEC filings is not expected until Tuesday due to the Columbus Day holiday. The company recently concluded September by spending over six times its weekly Bitcoin buying budget on preferred stock repurchases. Between September 28 and October 4, MicroStrategy acquired 334 Bitcoin for $28.7 million, bringing its total holdings to 848,000 BTC, as detailed in an October 5 filing.