Day: June 13, 2023

Ripple Does Not Care Whether XRP Is ‘Sufficiently Decentralized’

For its part, Ripple argues a few things about XRP. First, the for-profit company has for years said that it did not create the network or the token, although it is a primary developer on the chain and perhaps the organization that stands to gain the most materially from XRP’s adoption. Further, perhaps confusingly, the company has argued that XRP is commodity money, a type of resource that has trade value for a diverse cast of investors, coders and companies – like bitcoin (BTC) and ether (ETH). Source

Why Bitcoin’s resistance to retesting the $25K support could be futile

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Bitcoin (BTC) has been trading in a narrow 3.4% range for the past three days after successfully defending the $25,500 support on June 10. In this time, investors’ attention has shifted to the macroeconomic area as the U.S. Federal Reserve will announce its interest rate decision on June 14. Cryptocurrencies might work independently from the traditional finance markets, but the cost of capital impacts almost every investor. Back in May, the Fed raised its benchmark interest rate to 5%–5.25%, the highest since 2007. All eyes will be on Fed’s Chair…

Irish data watchdog blocks Google from launching Bard in the EU: Report

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The Irish Data Protection Commission (DPC) has reportedly blocked the launch of Google’s generative artificial intelligence (AI) service, Bard, in the European Union over privacy concerns.  Google launched Bard in the United States, United Kingdom and 178 other countries earlier this year. However, it’s so far been unable to crack the EU. The Mountain View, California company reportedly intended to remedy that during the week of June 13, but as Politico reports, those plans have come to a halt. Per the report, DPC deputy commissioner Graham Doyle stated that Google…

Crypto yield platform Haru suspends transfers after investigation

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On June 13, South Korean yield platform Haru Invest announced that it would be suspending deposits and withdrawals effective immediately. “First of all, the company sincerely apologizes that its latest announcement has caused concerns to our valued investors and customers,” Haru said, claiming that “certain information provided by a consignment operator was suspected to be false” during an “internal inspection process,” thus leading to the transfer halt. “After careful investigation, we concluded that immediate suspension of transactions was necessary to protect our investors. We are currently engaging in a fact-finding…

SEC and Binance seek compromise on US assets freeze

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The United States Securities and Exchange Commission and BAM Trading (Binance’s U.S. arm) recently filed a request for a consent order that would ease some of the restrictions from a previous SEC request to freeze the company’s assets.  The proposed new consent order would offer more assurances for the SEC and allow BAM Trading to make payroll and other financial commitments. Per the document: “BAM Trading and BAM Management may continue to make payments for the purchase of goods and services, salaries for BAM Trading and BAM Management personnel, including…

Will Fed Stick to Its Aggressive Approach?

On Tuesday, June 13, the markets reacted positively to the publication of inflation data. The inflation rate in the United States increased by 0.1% in May. This inflation figure represents a 4% increase over the past 12 months, which meets the economic expectations of the Fed. But will it be enough for the Federal Reserve to slow down its aggressive monetary policy? According to the Consumer Price Index Summary report for May, published by the US Bureau of Labor Statistics, inflation in the US reached its lowest annual level in…

Police in Estonia and Kazakhstan Investigate Atomic Wallet Hack

Atomic Wallet users lost over $100 million worth of crypto in bitcoin (BTC), ether (ETH), tether (USDT), dogecoin (DOGE), litecoin (LTC), BNB and polygon (MATIC) in the first weekend of June, blockchain intelligence firm Elliptic said in a blog post with updated estimate on Tuesday. According to the firm, over 5,500 wallets had been compromised in the hack. Elliptic earlier said that North Korean hacker group Lazarus might have been responsible for the theft. Source

Binance Announces Maverick Protocol as 34th Project on Binance Launchpool

The Maverick Protocol will be available on the Binance Launchpool as the newest project launched after the Sui blockchain in April. Binance has introduced the newest project on the Binance Launchpool, Maverick Protocol (MAV). The Maverick Protocol, the 34th project on Binance Launchpool, is a decentralized exchange (DEX) that helps liquidity producers hit their capital efficiency targets regardless of their liquidity providing (LP) strategy. According to the official Binance announcement, interested users can farm Maverick Protocol (MAV) tokens by staking TUSD and BNB in different pools. Binance says following the farming period,…

U.S. Treasury Examining How Using CBDC Could Be Kept Private

However, Steele also noted the possible risks of a retail CBDC, especially the danger of runs. He said the recent U.S. banking turmoil showed “the technology enabling the movement of deposits only getting faster,” which increases the hazard of high-speed, panic-driven movements of funds. A Treasury-led group examining the possibilities of a U.S. CBDC “is evaluating policy objectives related to global financial leadership, national security, and privacy, illicit finance and financial inclusion,” Steele said. Source