Circle CEO and founder Jeremy Allaire wrote to prominent financial services lawmakers in the U.S., calling for workable, clear legislation on stablecoins and warning of the risks to the country of not doing so. Author: Jamie Crawley

A new analysis shows how correlations have increased on various sectors of the 162-asset CoinDesk Market Index (CMI) amid widespread crypto distress following the collapse of Sam Bankman-Fried’s FTX exchange. U.S. stocks, meanwhile, look unfazed by it all. Author: Bradley Keoun

The largest cryptocurrency hovered near $16.8K. Ether and other altcoins also surge. Market Wrap is CoinDesk’s daily newsletter diving into what happened in today’s crypto markets. Author: James Rubin, Glenn Williams, Jocelyn Yang

Ark Invest also bought Coinbase during the stock’s drop amid the FTX fallout. Author: Michael Bellusci

AltLayer is a layer 2 scalability product built on the Ethereum blockchain. Author: Will Canny