Month: June 2023

Maybe Bitcoin didn’t bottom? SEC lawsuit against Binance shakes BTC bulls’ confidence

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Bitcoin’s price declined 5% in one hour on June 5 after the United States Securities and Exchange Commission (SEC) filed a lawsuit against Binance on allegations of violating federal securities laws. Even though the $25,500 support held for Bitcoin, investors are still digesting the potential impacts of the regulatory action, which also involves Binance CEO Changpeng “CZ” Zhao. According to digital asset investment firm Arca CEO Jeff Dorman, the direct impact of an eventual shutdown of Binance operations in the U.S. is irrelevant. Furthermore, non-criminal charges from the past should not…

Optimism $OP ‘Bedrock’ Upgrade to Speed Confirmations, Cut Gas Fees, Set Path to ‘Superchain’

The layer 2 landscape on top of Ethereum has seen some intense competition over the past few months. According to L2Beat, Arbitrum, another optimistic scaling solution and Optimism’s biggest rival, leads the way with $5.69 billion total value locked (TVL), a measure of collateral socked into decentralized-finance (DeFi) protocols on the network, while Optimism has $1.68 billion TVL. Source

RBA evaluates regulatory framework for stablecoins and CBDCs

The Reserve Bank of Australia (RBA) recently released a report discussing the potential of stablecoins and CBDCs, highlighting the importance of regulatory mechanisms for digital assets. In an update from Australia, the RBA has released more information from an ongoing inquiry concerning a digital assets bill. The bill will regulate crypto platforms, custody services, and particularly stablecoins, a form of digital currency. The RBA has put a spotlight on stablecoins in its review. Although the bank acknowledges stablecoin activity in Australia as being limited at present, it sees the potential…

How regulators are mitigating the risk of extinction from AI: Law Decoded, May 29–June 5

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There is no shortage of regulatory efforts to mitigate the negative impacts of artificial intelligence. The lively discussion around artificial intelligence (AI) continues. Last week, dozens of AI experts — including the CEOs of OpenAI, Google DeepMind and Anthropic — signed an open statement with a single sentence: “Mitigating the risk of extinction from AI should be a global priority alongside other societal-scale risks such as pandemics and nuclear war.” Despite the ominous statement, there is no shortage of regulatory efforts to mitigate the negative impacts of AI. In China,…

Tether invests in El Salvador’s $1B renewable energy project

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Stablecoin issuer Tether (USDT) has announced that it will be partnering with Bitcoin-friendly nation El Salvador to invest in a planned $1 billion dollar renewable energy initiative. The Central American country continues efforts to drive Bitcoin adoption after becoming the first nation to make BTC legal tender some three years ago. The latest is a renewable power generation precinct in Metapán, which aims to harness solar and wind energy which will power and be monetized by Bitcoin mining operations. Tether is among investors in a first round capital raise to…

Blue chip collaterals help stabilize NFT lending: Paraspace

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According to a recent report published by nonfungible token (NFT) money market protocol Paraspace and multichain wallet BitKeep, the current amount of NFT borrowing and lending, or NFTFi loans, has surpassed $430 million across 43,521 borrowers. The highest proportion of collateral comprised the most popular NFT collections, such as Wrapped CryptoPunks, Bored Ape Yacht Club and Mutant Ape Yacht Club. Researchers at Paraspace and BitKeep said that NFTFi added $25 million in outstanding loans from January to March. Also contributing was the introduction of a digital collectible lending protocol by…

BNB, CAKE Crypto Prices Plummet Following SEC Crackdown on Binance

CAKE, the token that powers PancakeSwap, the BNB Chain alternative of decentralized exchanges like Uniswap and SushiSwap, is used for liquidity mining rewards and grants holders governance rights over the protocol. The total value locked on Pancake Swap stands at $1.81 billion, a roughly 9% decrease in the past seven days, per DeFi Llama. Source