The fact that established players are also coming into the space, merging blockchain technology with traditional finance, also fuels growth, according to Doug Schwenk, chief executive officer of Digital Asset Research, a research and crypto data provider for institutional clients. Source
The BIT token will soon undergo a branding transformation to become Mantle, a measure approved through a high majority vote on May 19 on a proposal to optimize the token ahead of the launch of a new layer-two mainnet. As Cointelegraph reported on May 12, the BIP-21 proposal sought to unify the BitDAO ecosystem under a “One brand, One token” principle. Now that it’s passed, with a reported votes tally of 235 million BIT voting yes and 988 BIT voting no, the BIT token will eventually become MANTLE. As per…
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. The United States Department of Justice (DOJ) is on the lookout for DeFi hackers and exploiters who have stolen millions of dollars worth of assets. The DOJ’s top crypto cop said it was a significant issue in the wake of North Korean state-sponsored hackers. The decentralized autonomous organization Bancor DAO was hit with a class-action lawsuit over its impermanent loss protection promises.…
The recovery in Bitcoin and most major altcoins halted near respective overhead resistance levels, indicating that the bears are active at higher levels. The United States stock market recovered sharply on May 17 and May 18 on hopes that the debt ceiling agreement could be reached, but the market gave back some of it gains on May 19 on reports of a temporary halt in the talks. The U.S. dollar index (DXY), which had been rising for the past three days turned down on May 19 after Federal Reserve Chair…
On May 19, James Filan, a defense attorney and ex-federal prosecutor who has been closely monitoring the Securities and Exchange Commission (SEC) vs. Ripple case for the past few years, shared an update regarding the potential unsealing of the Hinman documents for public access. According to a tweet, the SEC and Ripple Labs have filed a “Joint Letter for one week extension, until June 13, 2023, to file public, [redacted] versions of cross-motions for summary judgment and accompanying exhibits, which includes the Hinman materials.” “public, redacted.” — James K. Filan…
“The financial stability tools helped to calm conditions in the banking sector,” said Powell. “Developments there, on the other hand, are contributing to tighter credit conditions and are likely to weigh on economic growth, hiring and inflation,” he continued. “As a result, our policy rate may not need to rise as much as it would have otherwise to achieve our goals.” Original
Parties in the ongoing legal battle between the Securities and Exchange Commission (SEC) and Ripple over XRP have submitted a joint letter requesting a one-week extension, until June 13, 2023, to file public, unredacted versions of their cross-motions for summary judgment and accompanying exhibits. The joint letter encompasses the highly anticipated Hinman materials, adding to the intrigue surrounding the case as both sides prepare their arguments for a decisive legal showdown. A joint request The statement means that the involved parties in the legal dispute, namely the Securities and Exchange…
It’s not clear for what purposes Hanafin and his company used crypto. The wallet designated by OFAC received a bunch of large transactions since Feb. 2022, one for as much as 1,132,000 USDT. Most of the money sent to the wallet came from centralized exchanges like Binance, Huobi, OKX and the now-bankrupt FTX, according to the data on Etherscan. Source
The Federal Reserve Bank of New York’s New York Innovation Center (NYIC) and the Monetary Authority of Singapore (MAS) have published the results of their joint Project Cedar Phase II x Ubin+ (Cedar x Ubin+). The project examined the use of central bank digital currency for wholesale cross-border payments using one or more vehicle currencies. A vehicle currency is a highly liquid currency used to facilitate the trading of two less liquid currencies. The first low-liquidity currency is converted into the vehicle currency, which is then converted into a second…
U.S. Republican Sen. Cynthia Lummis of Wyoming held a fireside chat with the founder and CEO of Chamber of Digital Commerce Perianne Boring during the Bitcoin 2023 event in Miami on May 19. The topics of discussion were the importance of Bitcoin to U.S. national and energy security and the upcoming legislation surrounding cryptocurrency, blockchain, and related technologies. Lummis described regulating Bitcoin and related technologies as a national security issue. She opined that the U.S. government had been irresponsible with its debt, and positioned Bitcoin as a decentralized safety net…