Day: July 13, 2023

Bitcoin BTC Price Holds Steady Over $30K as Inflation Data, Macro Issues Leave Investors Increasingly Unmoved

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Massad and Clayton’s recommendations come at a potentially pivotal time in crypto’s brief history, and amid an ongoing jurisdictional feud between the CFTC, which considers crypto a commodity and the SEC, which sees it as a security. Both agencies have filed multiple legal actions against exchanges and other key crypto organizations, testing the applicability of current regulations but leaving investors and entrepreneurs deeply unsettled about crypto’s future in the U.S., which has largely spearheaded global interest in the space. Last month, the SEC sued Binance and Coinbase, saying the exchanges…

Bitcoin ETF would be the ‘seal of approval’ from SEC: Mike Novogratz

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The approval of a spot Bitcoin (BTC) exchange-traded fund (ETF) would equate to a “seal of approval” for Bitcoin from the United States government and its securities regulator, says Mike Novogratz. In a July 12 interview with Bloomberg TV the founder of crypto investment firm Galaxy Digital spoke about the multiple spot Bitcoin ETF filings before the Securities and Exchange Commission (SEC), including one from the $10 trillion asset manager BlackRock. “What I do think is BlackRock, Invesco [and] the group of ETF providers is a real signal that adoption…

Binance Labs Invests $15M in Web3 Gaming Startup Xterio

“The Xterio ecosystem is expanding faster than ever and bridges free-to-play genres with on-chain gaming enhanced by AI capabilities,” said Yi He, co-founder of Binance and head of Binance Labs. “The Xterio core team brings together experienced Web2 professionals with Web3 expertise; we look forward to closely working with them to allow gamers around the world to experience rich on-chain gameplay.” Source

Astar Foundation partners with NTT Digital to foster web3 innovation and drive adoption

Astar Foundation, a smart contract platform for multi-chain solutions, has partnered with NTT Digital, a subsidiary of NTT DoCoMo, one of Japan’s leading telecommunications companies, to advance the innovation and mass adoption of decentralized technologies. Astar Foundation partners with NTT Digital The partnership will primarily focus on two key areas. Firstly, by recognizing the shortage of web3 talents as a barrier to mass adoption, Astar Foundation and NTT Digital will collaborate to support individuals aspiring to pursue careers in the domain. The initiatives will include developing the abilities and skills of…

IRS probes crypto traders using Puerto Rico tax breaks: Report

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Prosecutors from the United States and agents from the Internal Revenue Service (IRS) are reportedly investigating wealthy crypto traders and fund managers suspected of illegally benefiting from Puerto Rico’s tax breaks.  According to a June 12 report from Bloomberg, investigators are currently building civil and criminal cases against a number of hedge fund managers, crypto traders and other wealthy Americans who may have lied about the nature of their residency and key elements of their income in order to take unfair advantage of the tax breaks. Officials from the U.S.…

BIS report claims crypto is centralized and DeFi amplifies risks

The Bank of International Settlements (BIS) recently showed skepticism about the potential role of crypto in the global monetary framework, citing flaws that originate from the incentives of validators rather than the technology itself. In a comprehensive report, the BIS argued that the reality of the crypto ecosystem deviates significantly from the vision of decentralization commonly championed by enthusiasts.  The bank pointed to the 2022 collapse of the FTX crypto exchange as a stark reminder of this dichotomy, stating: “Cryptocurrencies often boast of decentralization, yet we see the rise of new centralized…