Liza Parsells

Embedded finance has already transformed payments and lending, and trading is now following the same path. According to Patrick Murphy, Managing Director for the UK and EU at Eightcap, platforms that still force users to jump between different providers for crypto, forex, or commodities are falling behind. Today’s users expect seamless, built-in access to multiple asset classes, and platforms that don’t offer it risk losing engagement.

However, building true multi-asset access goes far beyond simply adding more instruments. It introduces complex infrastructure challenges. How can regulated derivatives live alongside crypto products? How do stablecoins work for global settlement when traditional banks still rely on outdated systems? And what happens when tokenized assets begin to act as collateral across both traditional finance and DeFi?

In an interview with BeInCrypto, Murphy explains how Eightcap is tackling these issues—by embedding compliance directly into its API infrastructure and preparing for a future where Bitcoin, stocks, and gold increasingly move on-chain.

Murphy says the decision to focus on embedded multi-asset trading came from clear market signals. Across brokers, exchanges, and fintech platforms, client expectations were converging. Traders want to switch smoothly between crypto, forex, and commodities without leaving the platform. When platforms fail to offer this natively, users simply trade elsewhere, hurting retention.

Just as embedded payments and lending reshaped user expectations, Murphy believes trading was the natural next step. Eightcap saw an opportunity to help partners evolve into full investment ecosystems rather than single-asset platforms. Modern traders care as much about experience as execution, and frictionless, real-time access is now essential. By enabling multi-asset trading through a single API, Eightcap helps partners increase both user engagement and revenue. This shift wasn’t driven by one client request but by a broader change in trader behavior toward all-in-one access.

Murphy’s background in payments and compliance heavily influenced Eightcap’s approach. He explains that scalability often breaks down when compliance is treated as an afterthought. Instead, Eightcap built its embedded trading API with compliance at its core, integrating jurisdiction-specific rules, KYC, AML, and licensing logic directly into onboarding and transaction flows. This means partners don’t need to build separate systems or revalidate controls, allowing them to launch faster while staying regulator-ready. Eightcap positions its solution as “compliant by design,” giving partners confidence to scale without sacrificing trust.

Balancing usability, compliance, and system resilience—especially across volatile markets—was one of the biggest challenges. Murphy notes that creating a native-feeling experience while meeting strict regulatory requirements such as leverage limits, margin rules, and client classification took close collaboration between trading, legal, and compliance teams. Through this coordinated approach, Eightcap was able to deliver integrations that work smoothly while remaining fully compliant.

Eightcap’s Tradesim product also provided valuable insights into trader behavior. Murphy says the data showed that traders learn best in realistic environments where mistakes don’t carry real financial consequences. Simulated trading under live market conditions helped users build confidence, discipline, and analytical skills. Gamified education proved to be a powerful bridge between curiosity and competence, and users who spent more time in simulation were far more likely to become long-term active traders.

On stablecoins, Murphy describes them as one of the most impactful financial innovations of the past decade. They enable instant, low-cost transfers of digital dollars and solve many issues caused by fragmented banking systems, especially in emerging markets. Eightcap already uses stablecoins to speed up client deposits and withdrawals where traditional rails are slow or unreliable. However, regulatory frameworks haven’t fully caught up. Treating stablecoins as client money remains complex, with custody and safeguarding rules still built around traditional banking. Additionally, while stablecoins operate 24/7 on-chain, banks remain limited by business hours, keeping stablecoins somewhat separate from the traditional financial system.

Looking ahead, Murphy expects the next two years to be defined by the on-chain migration of assets beyond crypto. Tokenized equities, gold, and cash equivalents will fundamentally change how capital is used. Once assets exist natively on-chain, they can be reused more efficiently as collateral, for settlement, or reinvestment without needing to exit positions. Investors could use Bitcoin, tokenized gold, or stocks as dynamic collateral across markets.

Eightcap is positioning itself at the center of this shift by partnering with crypto-native firms that need global regulatory coverage. By combining regulated multi-asset infrastructure with tokenized assets and stablecoin settlement, Eightcap aims to act as the bridge between traditional financial markets and the emerging on-chain economy—delivering seamless, compliant, and capital-efficient trading for the next generation of platforms.

The US Senate has postponed final action on the long-awaited Crypto Market Structure Bill, with lawmakers now expected to revisit it in early 2026. The delay came after internal disagreements prevented consensus before the current legislative session ended.

This setback extends regulatory uncertainty for crypto exchanges, token issuers, and institutional players operating in the US.

What Caused the Delay

The bill is based on the House-approved Digital Asset Market Clarity (CLARITY) Act and is designed to clearly define how digital assets should be regulated. A key goal is to formally divide oversight responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

Progress stalled due to unresolved disputes around regulatory jurisdiction, oversight of decentralized finance, and consumer protection standards.

Tensions between the Senate Banking Committee and the Agriculture Committee played a major role. Each committee oversees a different regulator — the SEC and CFTC — and both laid claim to authority over crypto spot markets. Lawmakers were unable to agree on language that satisfied both sides before time ran out.

DeFi regulation became another major point of friction. Some senators argued that decentralized protocols without a central operator should be exempt from certain rules. Others cautioned that broad exemptions could create loopholes and weaken enforcement.

Consumer advocacy groups also weighed in, opposing parts of the proposal. They warned that the framework could reduce the SEC’s role and weaken investor protections, especially after several high-profile failures in the crypto industry. Their concerns led to further revisions and slowed negotiations.

Why the Bill Still Matters

Despite the delay, the bill is notably different from other crypto legislation already passed. Unlike the GENIUS Act, which focuses mainly on stablecoins, this proposal covers the entire crypto trading ecosystem.

It sets unified federal standards for exchanges, brokers, custodians, and token issuers, while also introducing formal rules for classifying digital assets. Importantly, it aims to reduce reliance on court decisions to determine whether tokens are securities or commodities.

Supporters say the bill would replace years of regulatory ambiguity with clear, statutory guidance — even if that clarity will now have to wait until 2026.

Diplomatic talks aimed at ending the Russia–Ukraine war picked up noticeable momentum on Monday, as officials from the US, Ukraine, and Europe laid out the groundwork for a potential ceasefire and a post-war security structure.
This marks one of the strongest diplomatic breakthroughs since the conflict began and is already pushing investors to rethink geopolitical risk across global markets — including crypto.

For cryptocurrencies, which have recently been hit hard by global risk-off sentiment, a ceasefire could improve market mood. Still, the impact comes with important limitations.

Ceasefire Talks Gain Traction

Representatives from Ukraine, the US, and key European countries met in Berlin this week for intensive negotiations focused on stopping the fighting and preventing future escalation.
Officials involved described the progress as meaningful, saying broad agreement has been reached on most parts of a proposed framework.

US officials confirmed Washington is prepared to back serious security guarantees for Ukraine — a long-standing demand from Kyiv. Sources close to the discussions suggest negotiators are aligned on nearly 90% of the plan.

The biggest sticking points remain territorial issues in eastern Ukraine, particularly around Donetsk.
Meanwhile, European leaders have supported the idea of a European-led multinational force to help stabilize Ukraine if a ceasefire holds, alongside a US-supported monitoring system to enforce compliance.

Domestic opinion in Ukraine continues to shape the negotiations. Polling cited by Reuters shows most Ukrainians oppose major territorial concessions or limits on military capability unless backed by strong, enforceable security guarantees.

Fighting Continues Alongside Diplomacy

Despite the progress at the negotiating table, military activity has not stopped. On Monday, Ukraine launched additional long-range drone strikes on Russian oil facilities in the Caspian Sea, disrupting output for the third time in recent days.
These attacks reflect Kyiv’s strategy of targeting Russia’s energy revenues while talks remain unresolved.

Ukraine also claimed it struck a Russian Kilo-class submarine in the port of Novorossiysk using underwater drones. While this would highlight growing Ukrainian naval capabilities if confirmed, independent verification remains limited and Russia has denied the claim.

What a Ceasefire Could Mean for Crypto

1. Lower Geopolitical Risk, Better Risk Sentiment

A credible ceasefire would remove a major source of global uncertainty. In risk-driven markets, this could:

Improve appetite for risk assets

Reduce demand for traditional safe havens like US Treasuries and the dollar

Support Bitcoin and major altcoins as capital rotates back into higher-risk assets

Lower volatility across both equities and digital assets

With geopolitical fear easing, funds that moved into safety could flow back into crypto, potentially lifting BTC, ETH, and — during relief rallies — altcoins.

A sustained ceasefire could also ease pressure in commodity markets, especially energy. More stable or lower energy prices may:

Reduce inflation concerns, particularly in Europe

Ease pressure on central banks to stay restrictive

Support looser liquidity conditions, which historically favor crypto valuations

That said, these effects would likely take time and depend on how markets reassess inflation and monetary policy expectations.

What Could Hold Crypto Back

Even with a ceasefire, several macro headwinds remain:

Central bank uncertainty: If US inflation stays sticky or the Bank of Japan tightens policy, liquidity could remain tight

Derivatives positioning: Relief rallies can attract excessive leverage, increasing the risk of sharp reversals

Liquidity constraints: Without clear signs of easing financial conditions, crypto rallies may be short-lived

Bottom Line

A Russia–Ukraine ceasefire would be a major geopolitical shift and would likely provide an initial boost to risk assets, including cryptocurrencies.
In the near term, crypto markets could see a strong relief rally driven by improved sentiment and capital rotation.

However, the medium-term trend will depend less on diplomacy and more on whether the ceasefire leads to real improvements in inflation dynamics, liquidity conditions, and central bank policy — the key forces that have been shaping crypto markets in recent months.

Presiden Donald Trump telah menyatakan bahwa ia mungkin mempertimbangkan untuk memberikan pengampunan kepada Keonne Rodriguez, CEO dompet privasi Bitcoin Samourai, yang dijatuhi hukuman bulan lalu selama lima tahun penjara federal atas tuduhan pencucian uang.

Pernyataan Trump telah menghidupkan kembali perdebatan yang telah berlangsung lama seputar alat privasi crypto dan tanggung jawab pengembang. Mereka juga memicu spekulasi tentang apakah pengembang crypto terpidana lainnya, seperti Roman Storm dari Tornado Cash, dapat akhirnya menerima pengampunan serupa.

Spot XRP exchange-traded funds have officially crossed the $1 billion mark in total assets, with cumulative inflows now approaching $1 billion. Analysts say that if this pace continues, total ETF inflows could climb past $10 billion by 2026.

XRP ETFs Pass a Major Milestone

Data from SoSoValue shows that spot XRP ETFs moved beyond $1 billion in net assets last Thursday. As of now, total assets under management stand at roughly $1.18 billion.

Canary Capital CEO Steven McClurg highlighted that although Solana ETFs launched earlier, XRP ETFs have already overtaken them in total AUM, signaling stronger demand from investors.

He explained that Solana is easier for retail investors to hold and stake directly on-chain, while XRP tends to attract more institutional interest and does not offer staking. Some investors prefer direct ownership, while others favor the simplicity of ETFs — and many use both.

XRP spot ETFs have also maintained consistent positive inflows, with total net inflows reaching $990.9 million.

At present, five asset managers offer spot XRP ETF products, including Grayscale, Franklin Templeton, Bitwise, and Canary Capital. The market recently expanded further with 21Shares launching its XRP ETF, TOXR, increasing access for investors.

The introduction of these ETFs marks a major shift for XRP. For years, regulatory uncertainty kept the asset out of traditional investment vehicles. Spot ETFs have now removed that barrier, allowing broader participation through regulated markets.

Analysts See Room for Much Bigger Growth

Market observers remain bullish, pointing out that the current growth has occurred with only a handful of XRP ETFs available.

“This is just five spot ETFs — no BlackRock yet, and no exposure from 10 to 15 additional funds. But they’re coming,” noted analyst X Finance Bull.

He added that if weekly inflows remain around $200 million, cumulative inflows could exceed $10 billion by 2026.

“At roughly $200 million per week over the next year, you’re looking at more than $10 billion in inflows and over 5 billion XRP locked up. At that point, liquid supply effectively disappears. Retail is selling dips emotionally, while institutions are steadily buying value,” he said.

Price Action Lags Despite Strong Inflows

Even with strong ETF demand, XRP’s price has yet to reflect the bullish flow of capital. Previous reports noted that ETF launches and Ripple’s broader expansion have so far had a limited effect on XRP’s price.

According to market data, XRP has fallen nearly 13% over the past month and is currently trading around $2.00, down slightly over the last 24 hours.

Still, some analysts believe a shift may be forming. Market commentator Xaif Crypto noted that large holders, or whales, remain highly active despite the recent pullback.

He explained that whale accumulation often happens near market bottoms, as major investors build positions ahead of a potential trend reversal.

“Whales don’t buy during rallies — they accumulate before them. Their activity suggests they’re positioning for an uptrend in XRP,” he said.
The rapid rise of spot XRP ETFs highlights growing institutional confidence in the asset, even as short-term price action remains weak. While inflows point to strong long-term conviction, XRP has yet to see a clear upside response in the market. Whether this accumulation leads to a breakout or further consolidation will depend on how supply, demand, and broader market conditions evolve.
$XRP