Month: June 2023

US Congress may chart new regulatory path for ethereum

The US Congress may put ethereum (ETH) in a new category with less burdensome regulations than securities or group it with bitcoin (BTC) as a commodity, JPMorgan strategists suggest. The theory arises after the SEC’s ongoing debates on Ethereum’s nature as a security. As debates around crypto regulations persist, ethereum stands at a regulatory crossroads.  The Block reported that a novel prediction from JPMorgan strategists, led by Nikolaos Panigirtzoglou, suggests that Congress might classify ethereum differently from its current status. Instead of tagging it along with bitcoin as a commodity,…

Nike teases upcoming ‘Airphoria’ NFT sneaker hunt on Fortnite

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Footwear and apparel giant Nike has hinted that it may soon drop a collection of sneaker nonfungible tokens in Epic Games’ widely popular online game Fortnite. The move would mark a potentially huge opportunity for Web3 adoption by traditional gamers, given that Fortnite has had more than 242.9 million active players over the past 30 days, according to Active Player. Great catch with the @dotSWOOSH reference. @FortniteGame integration would be the biggest thing that’s ever happened with NFTs — Jalazo.eth (@nft4dummies) June 16, 2023 In a June 16 announcement across…

Binance delists PEPE from its loan product 

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Binance has announced the delisting of the PEPE meme coin from its Flexible Loan product. The company has advised users to repay all outstanding PEPE loans before June 26 to avoid potential liquidation. Binance, the world’s largest bitcoin (BTC) trading venue and leading blockchain ecosystem, has relinquished support for PEPE as a borrowable asset in its Flexible Loan product. The exchange announced that all outstanding PEPE loan positions of Binance’s Flexible Loan market participants will be…

U.S. CFTC to Review Prediction Market Kalshi’s Contracts to Bet on Control of Congress

The prediction markets – which allow people “to buy and sell contracts on whether events are going to happen or not,” as Kalshi describes it on its site – have had a tumultuous recent history with the CFTC. Other companies had been ordered to cease doing business in the U.S., such as Polymarket and PredictIt, which has been fighting the CFTC in court since last year. Source

Bakkt delists SOL, MATIC, and ADA amid regulatory uncertainty

Bakkt has delisted solana (SOL), polygon (MATIC), and cardano (ADA), citing regulatory uncertainty in the US. The exchange says it’s awaiting further clarity on how to offer more altcoins compliantly.  The current regulatory dark clouds in the US continue to impact the crypto industry, as Bakkt has announced the delisting of SOL, MATIC, and ADA.  The decision comes as the U.S. Securities and Exchange Commission (SEC) continues its onslaught against web3 market participants in the country, despite failing to formulate clear-cut guidelines for the fledgling industry. SEC’s lawsuits against Binance and…

On-chain sleuth ZachXBT sued for libel after claiming plaintiff drained funds from project

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Blockchain investigator ZachXBT has been sued for libel by one of the people he accused of fraud, according to a June 16 social media post. According to the post, Jeffrey Huang, known as “MachiBigBrother” on Twitter, has accused ZachXBT of damaging his reputation through false allegations. MachiBigBrother also posted an announcement stating that he is suing the on-chain sleuth. A year ago, @zachxbt published a Medium article about me that damaged my reputation. Today, I have filed a defamation lawsuit against him in the United States District Court for the…

Binance to exit Netherlands after failing to obtain registration

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Crypto exchange giant Binance announced that it would no longer service users in the Netherlands after the company failed to get a license from Dutch regulators.  Binance has notified its Dutch customers about the company’s plan to leave the Netherlands. According to an announcement, existing users will be allowed to use only the withdrawal function on the platform from July 17, stating that further trades, deposits, and purchases will be disabled.  “While Binance is disappointed that…

Ethereum network upgrade and uptick in Arbitrum active users could trigger an ARB price reversal

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While Arbitrum’s governance token ARB has been in a consistent downturn since the airdrop in late March, its ecosystem shows healthy growth.  A recent Nansen report shows that Arbitrum’s activity improved after the airdrop, stabilizing “at a level higher” than before the airdrop. The daily active users, gas fees and transaction count maintained consistent higher levels on the Ethereum rollup since April 2023. The gap between the number of active users on Arbitrum and Optimism widened after the Aribtrum airdrop, closing in on Ethereum. Daily Active Users of Arbitrum, Ethereum…