Ndax Weekly TL;DR Feb 16

• US credit union regulator outlines proposed licensing framework for VRCA issuers
• Aave Labs proposes redirecting all product revenue to DAO under new funding plan
• Buterin and Ethereum AI Lead Outline ZK-Based System for Private AI Access

The US National Credit Union Administration (NCUA) has proposed a federal licensing regime for payment VRCA issuers operating through subsidiaries of federally insured credit unions under the GENIUS Act. The draft rule would require such issuers to obtain a specific license before issuing VRCAs and would restrict credit unions from investing in or lending to unlicensed issuers. The proposal also includes a 120-day review period for applications and states that issuance on public blockchains alone cannot be grounds for denial. The rule is currently open for public comment, with additional standards on reserves, capital and risk management expected in a future proposal. Cointelegraph

Aave Labs has introduced a governance proposal that would route 100% of revenue from Aave-branded products — including protocol fees and future business lines — to the Aave DAO treasury, while shifting the company to a DAO-funded operating model. In exchange, Labs is seeking a funding package that includes VRCAs and AAVE tokens to support development, marketing and the rollout of Aave V4. The plan also includes transferring brand assets to a new foundation and formalizing V4 as the protocol’s long-term framework. The proposal has sparked debate within the community, with some members questioning the size of the funding request and its implications for governance. The Block

Ethereum co-founder Vitalik Buterin and Ethereum Foundation AI lead Davide Crapis have proposed a zero-knowledge–based framework designed to let users interact with AI models privately while ensuring providers are protected from spam and nonpayment. The model would allow users to deposit funds into a smart contract and make multiple API calls anonymously, using zero-knowledge proofs to confirm payment and enforce rate limits without linking requests to an identity. The proposal aims to balance privacy, accountability and efficiency as AI usage continues to grow. Cointelegraph

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News Nuggets

• US crypto executive sentenced to 20 years over $200M Bitcoin fraud Cointelegraph
• US spot Bitcoin ETFs post $410M in outflows as BTC falls below $66K The Block
• Strategy CEO Plans Shift to Preferred Stock to Fund Future Bitcoin Purchases Cointelegraph
• Thailand signals plan to allow crypto-based products in regulated derivatives market The Block
• Vitalik Buterin urges crypto projects to prioritize real utility over token handouts crypto news
• 22 Seized Bitcoin Transferred From Seoul Police Wallet, Internal Investigation Underway crypto news
• Chainlink Price Feeds Launch for Ondo’s Tokenized U.S. Stocks on Ethereum Cointelegraph

As of 02-16-2026 at 9:05 AM EST

Market Summary

• Over the past seven days, the global cryptocurrency market capitalization has increased from CA$3.19 trillion to CA$3.21 trillion.
• Bitcoin's market dominance stands at 58.4%, while Ethereum's share is 10.2%. 

Performance

• Over the past 24 hours, the price of BTC has fluctuated between CA$92K and CA$95K registering a 0.74% change over the past week and a market cap of CA$1.9 trillion. At Ndax, the weekly movers are BERA, which saw a 42.84% increase in the last seven days reaching a market cap of CA$185 million, and PYTH, which experienced a 25.8% rise with a market cap of CA$438 million. (At time of writing) 

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Feb 17 – Canada Inflation Rate
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Feb 20 – US Core PCE Index

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