ZCash's development team resigned following a governance dispute with the Zcash Foundation board, triggering a 19% price drop for ZEC and prompting the team to announce plans to form a new company and continue the project's mission. The broader crypto market also retreated, with Bitcoin falling below $90,000 to $89,900, Ethereum down 3% to $3,100, and XRP sliding 7% to $2.08. In traditional finance crossover news, JPMorgan announced plans to launch JPM Coin on the Canton Network, while Barclays backed stablecoin settlement startup Ubyx. On the regulatory front, the Senate Banking Committee faces pressure ahead of a key vote on crypto market structure legislation, and Wyoming launched its first state-issued stablecoin, the Frontier Stable Token.
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