Day: June 2, 2023

Crypto reform subject of draft bill from US Senate

The U.S. Senate is working on a draft bill shifting digital assets initially classified as securities to be regulated as commodities. The proposed legislation presents a pathway for the regulation of digital assets, providing clarity and consistency in the evolving landscape of cryptocurrencies. The bill takes a new view on digital assets The bill on market structure serves as an initial point of discussion for Republicans and Democrats from the House committees, along with the Senate, regulators, and the private sector. By design, the bill intends facilitate comprehensive and collaborative…

Tornado Cash Sanctions Called “Unprecedented And Unlawful” By The Blockchain Association

The Blockchain Association and DeFi Education Fund have filed an amicus brief calling the U.S. Treasury Department’s decision to sanction Tornado Cash “unprecedented and unlawful.” Until OFAC imposed sanctions, Tornado Cash was the most popular privacy-protecting tool on Ethereum, the world’s second-largest digital asset platform. The software is self-executing computer software published on the Ethereum blockchain, and it functions automatically without any human intervention or assistance. Blockchain Association Takes On U.S. Treasury Over Tornado Cash Sanction The filing argues that the decision to sanction Tornado Cash reflects a basic misunderstanding…

Six months on from FTX, Tether mines BTC, and Nvidia’s AI superchips

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Just over six months after FTX’s dramatic collapse, the crypto industry can finally begin analyzing the effects of the debacle. The quick ripple effect to other crypto businesses drained liquidity from the industry and prolonged the crypto winter, with Silvergate Bank, BlockFi and Genesis Global Capital among those hit by the exchange’s collapse. FTX’s bankruptcy has also affected the crypto regulatory landscape, with authorities cracking down on firms — employing controversial methods in some cases — to avoid a deepening blend of traditional finance with cryptocurrencies. Companies that closed their…

Why Did Bitcoin’s BTC Price Rise on Friday? BTC Hovers Over $27K as Crypto Investors Shrug Off Hot Jobs Data

Almost without exception, other major cryptos spent the day solidly in positive territory with ADA and SOL, the tokens of the Cardano and Solana smart contract platforms, recently rising more than 4% and 3.5%, respectively. Meanwhile, a bevy of small DeFi focused protocols were the big gainers of the past seven days, according to the CoinDesk Market Index, a measure of crypto markets overall performance, with Lido (LDO), Synapse (SYN), and PancakeSwap (CAKE), climbing 15%, 13%, and 12%, respectively. The CMI was recently up 1.6%. Original Source 27KBitcoinsBTCCryptodataFridayHOTHoversInvestorsJobsPriceRiseShrug CryptoX Portal

US lawmakers aim for crypto regulatory clarity with proposed bill putting the screws to SEC

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Lawmakers with the United States House Financial Services Committee and House Agriculture Committee have released a draft discussion offering certain crypto assets a pathway to being labeled digital commodities. According to a discussion draft published on June 2, lawmakers proposed “establishing a functional framework” aimed at providing regulatory clarity for crypto firms in the United States. The draft bill would prohibit the U.S. Securities and Exchange Commission (SEC) from denying digital asset trading platforms to register as a regulated Alternative Trading System and allow such firms to offer “digital commodities…

Arbitrum price soars after DeFi whale address resumes ARB accumulation

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On June 2, the price of Arbitrum jumped alongside the top-ranking cryptocurrencies after the United States Senate voted to raise the debt limit. Why is the ARB price up today? The price of Arbitrum (ARB) rose 9% to an intraday high of $1.25, beating the crypto market’s total overall gains of 1.5% in the same period. ARB/USDT vs. total daily price chart. Source: TradingView Arbitrum’s outperformance coincided with some strange buying activity associated with popular trader Andrew Kang’s crypto addresses. Notably, on June 2, the Mechanism Capital co-founder deposited $1 million worth…

Losses from crypto rug pulls outpaced DeFi exploits in May: Finance Redefined

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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. May was a month filled with exit scams in the DeFi world, with over $45 million lost to exit scams, while exploits on DeFi protocols racked up less than half that amount over the same period. Uniswap DAO rejected a plan to charge liquidity provider fees as Uniswap (UNI) token holders, citing tax concerns. The proposal would have allowed Uniswap’s governing body…

Privacy-focused Aleo blockchain gets new wallet as mainnet launch approaches

Demox Labs has debuted a new wallet for the privacy-oriented Aleo blockchain network, according to a June 1 announcement. Called “Leo,” the wallet allows users to generate zero-knowledge (ZK) proofs within their browsers, letting them interact with Aleo’s ZK-based apps. Aleo is in its testnet phase but expects to launch a mainnet later this year. According to the announcement, Demox also raised $4.5 million from investors to further develop ZK-proof technology through Aleo and other networks. Over 40,000 users signed up for the Leo wallet waitlist in the period leading up…

Evertas expands crypto insurance offerings to include mining and raises limits

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Evertas, an insurance company focused on digital assets, recently announced an increase in coverage limits and the addition of mining operations to its coverage portfolio. The insurer’s per-policy coverage limits on custodial crypto assets will increase to $420 million, “nearly tripling the amount of risk transfer previously available to blockchain focused projects,” according to an announcement. It’s also adding coverage for mining operations in the amount of up to $200 million per policy. According to Evertas, these are the highest coverage limits available. Related: Turns out, it’s pretty difficult to insure…