Day: May 13, 2023

G7 Nations Discuss Countering China’s ‘Economic Coercion’ – Economics Bitcoin News

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The Group of Seven (G7) countries are discussing ways to counter China’s “economic coercion” against other nations, U.S. Treasury Secretary Janet Yellen has shared. Noting that Canada, France, Germany, Italy, Japan, the U.K., and the European Union share similar concerns, she emphasized that any action by the U.S. will be “narrowly scoped and targeted at technologies where there are clear national security implications.” Janet Yellen Calls for Coordinated Efforts to Counter China’s Economic Coercion U.S. Treasury Secretary Janet Yellen revealed at a press conference Thursday that members of the Group…

Coinbase screws up, Florida bans CBDCs, and Bitcoin Ordinals…

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Top Stories This Week Coinbase calls Pepe a ‘hate symbol,’ prompting calls to boycott the exchange An email sent out to Coinbase customers describing the Pepe the Frog meme as a “hate symbol” co-opted by alt-right groups has drawn significant ire from the PEPE memecoin community this week. Two hours after the email was sent, the hashtag “#deletecoinbase” hit the trending sidebar on Twitter, with over 14,000 comments calling on users to boycott the exchange. Paul Grewal, the Coinbase’s chief legal officer, took to Twitter to respond to the outrage…

Ethereum’s Beacon Chain is updated after finality issues

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Ethereum core developers rolled out patches for Prysm Labs and Teku clients as a response to two Beacon Chain finality issues within a 24-hour period. The Beacon Chain serves as the consensus layer for the Ethereum network.  On May 11, Ethereum developers reported that the Beacon Chain was experiencing problems confirming transactions. Although new blocks were able to be proposed, an unknown issue prevented their finalization. The outage lasted around 25 minutes. A similar issue took place on May 12, preventing block finalization for over an hour. Finality was unable…

Ethereum Patch Set to Fix Transaction Finality Challenges After Second Bout Disrupts Network – Bitcoin News

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On Friday, Ethereum’s Beacon chain encountered yet another bout of transaction finality challenges, reminiscent of the glitch experienced on May 11, 2023. For over an hour, the blockchain stopped the process of finalizing blocks. However, Superphiz, an Ethereum developer, emphasized that despite this setback, “No transactions were halted” and the incident had “zero impact on chain activity.” Developers Insist Ethereum’s Transaction Finality Glitch Is Now Patched In a span of two consecutive days, the Ethereum blockchain encountered transaction finality challenges, commencing on May 11, 2023, and recurring on May 12.…

Regulators clamp down on websites offering unrealistic crypto returns

In a crackdown on fraudulent activities, the SEC has taken action against operators of multiple websites accused of enticing investors with exaggerated returns through various securities offerings, including crypto asset mining pools.  The regulatory agency has targeted these operators for allegedly misleading investors with promises of “exorbitant returns.” The promise of a 61.9% return In a recent complaint filed in Massachusetts’ federal district court, the Securities and Exchange Commission (SEC) revealed that the promised returns from certain websites reached staggering levels, reaching as high as 61.9% within a 24-hour period.…

U.S. Chamber of Commerce Lines Up in Support of Coinbase Amid Exchange’s Push for Regulatory Clarity From SEC

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The U.S. Chamber of Commerce is supporting Coinbase’s efforts to secure regulatory guidance on crypto assets from the U.S. Securities and Exchange Commission (SEC). The top US crypto exchange filed a motion in court in April to compel the SEC to respond to an earlier petition from the company requesting guidance for the digital asset industry. Coinbase first submitted the petition for rulemaking last July but has yet to hear a “yes” or “no” answer to the request. This week, the Chamber of Commerce submitted a legal document known as an amicus…

Jump Trading faces lawsuit over alleged $1.3B profit from TerraUSD

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A lawsuit filed in a district court in Illinois details Jump Trading’s alleged involvement with Terra Labs in manipulating the price of algorithmic stablecoin TerraUSD (UST). According to court documents from May 9, the firm purchased millions of UST tokens in 2021 hoping to manipulate its value to reach $1.  Plaintiff Taewoo Kim is accusing Jump and its CEO Kanav Kariya of violating both the Commodity Exchange Act and the Commodity Futures Trading Commission (CFTC) regulations, as well as common law unjust enrichment. According to the lawsuit, Jump Trading was…

Tether’s Market Cap Inches Towards All-Time High as Competitors Struggle With Redemptions  – Bitcoin News

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Despite several U.S. dollar-pegged digital tokens experiencing notable redemptions in recent months, the largest stablecoin by market valuation, tether, is on the verge of achieving its highest-ever market capitalization. With a current value of $82.84 billion, tether is a mere $433 million shy of reaching its all-time high (ATH) set on May 8, 2022. Stablecoin Tether on Brink of Record Market Capitalization Approximately 370 days ago, specifically on May 8, 2022, tether’s (USDT) market capitalization soared to an all-time high (ATH) of $83.279 billion. It was during this period that…

Incoming Twitter CEO, Linda Yaccarino, follows Shiba Inu, Dogecoin

Linda Yaccarino, the new CEO of Twitter, has a surprising connection to Dogecoin, the meme-inspired cryptocurrency championed by her predecessor, Elon Musk. According to her Twitter profile, Yaccarino follows several accounts related to Dogecoin and its spin-off, Shiba Inu (SHIB), including the official accounts of both coins and some of their prominent developers and supporters. Some accounts followed by new Twitter CEO Linda Yaccarino | Source: Twitter Yaccarino, previously the head of advertising at NBCUniversal, was announced as Musk’s replacement on Friday. She has not publicly commented on her views…

Ordinals and BRC-20 will disappear in a matter of months, JAN3 CEO says

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The latest hype around Bitcoin (BTC) Ordinals and BRC-20 tokens is unsustainable and will fade away in a matter of months, according to JAN3 CEO Samson Mow.  “These guys are basically paying massive amounts of fees that go directly to Bitcoin miners, and there is no way this can be sustained,” Mow said in an exclusive interview with Cointelegraph.  “They will fade away after even months, let’s not talk about years here,” he continued.  Growing activity around Ordinals and BRC-20 – a crypto technology that allows users to mint fungible…