Day: July 18, 2023

US lawmaker calls on SEC chair to reassess stance on crypto following Ripple ruling

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New York Rep. Ritchie Torres has called on United States Securities and Exchange Commission (SEC) Chair Gary Gensler to reconsider the regulator’s position on crypto following a “dreadful day in court.” In a July 18 letter to Gensler, Torres requested the SEC limit its enforcement cases to “bonafide bad actors” rather than “indiscriminately” treating the majority of crypto assets as securities under its purview. The lawmaker’s letter followed a court ruling in the SEC’s case against blockchain firm Ripple that suggested that the XRP (XRP) token was largely not a…

South Korean Shinhan Bank completes stablecoin remittance pilot with Asian partners

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South Korea’s Shinhan Bank has completed its second proof-of-concept using stablecoins for international remittances. Siam Commercial Bank’s SCB TechX unit and an unnamed Taiwanese financial institution also participated in the project. The project carried out real-time settlement and foreign exchange integration with the banks’ national currencies on the Hedera network. The project was compatible with the Ethereum Virtual Machine (EVM), opening it up to use by a host of other stablecoins. Shinhan Bank conducted its first proof-of-concept project in November 2021 in conjunction with South Africa’s Standard Bank, although that…

Ben McKenzie, the Hollywood Hypocrite Crypto Critic

Betting crypto will collapse is one thing, but betting the industry will collapse without disclosing you stand to profit from it is a whole other game. In fact, it’s essentially the same type of arrangement McKenzie often criticized others for. Kim Kardashian settled with the SEC for failing to say she was paid to promote EthereumMAX, an altcoin built to trade on Ethereum’s better standing. Although it’s unknown when his bet was open, McKenzie was a frequent guest on CNBC, Bloomberg and other daytime finance news programs yapping away about…

Mantle’s MNT Token Outpaces Rivals ARB and OP Over Past 24 Hours

According to a blog post, exchanges Bybit, MEXC and Huobi are supporting the token migration. Per Etherscan, Bybit is the third largest holder of MNT, with more than 15% of the total supply. Moreover, sister companies Jump Capital and Jump Trading have together accumulated more than $5.3 million MNT tokens, after several wallets converted BIT to MNT in multiple transactions, data from blockchain analytics platform Nansen shows. Source

Crypto Whales Send Hundreds of Millions of Dollars Worth of Bitcoin and Altcoins to Exchanges As Markets Pause

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Crypto whales have suddenly come to life in the last 24 hours, with massive amounts of coins being sent to exchanges as markets start to show signs of possible weakness. Blockchain monitoring service Whale Alert has spotted numerous large entities sending large stacks of Bitcoin (BTC) and other digital assets to various crypto exchanges. Whale Alert spotted two transfers of Ethereum (ETH) worth over $40 million from unknown wallets to crypto exchange Coinbase, just hours apart, before another wallet was spotted sending $28 million in ETH to Gate.io. Hours later,…

Bitcoin rally will lead to “speculative blow-off top” in 2024, Mark Yusko predicts

BlackRock’s application for a Bitcoin exchange-traded fund (ETF) has sparked the beginning of a new crypto bull market, which will go parabolic at some point closer to the halving scheduled for April 2024, according to Mark Yusko, the chief investment officer and founder of Morgan Creek Capital.  “Based on Metcalfe’s law model, fair value for Bitcoin is around $55K. So I think we drift upwards toward that level,” said Yusko in a recent interview with Cointelegraph. After that, Yusko predicted, speculators will come into the market en masse, pushing the…

Bitcoin rally will lead to “speculative blow-off top” in 2024, Mark Yusko predicts.

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BlackRock’s application for a Bitcoin ETF has sparked the beginning of a new crypto bull market, which will go parabolic at some point closer to the halving scheduled for April 2024, according to Mark Yusko, the CIO and Founder of Morgan Creek Capital.  “Based on Metcalfe’s law model, fair value for Bitcoin is around $55K. So I think we drift upwards toward that level”, said Yusko in a recent interview with Cointelegraph. “ After that, Yusko predicts, speculators will come into the market en masse pushing the Bitcoin price beyond…

Coinbase CEO will meet with US lawmakers to discuss crypto legislation: Report

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Brian Armstrong, the CEO of United States-based cryptocurrency exchange Coinbase, is reportedly planning to meet with members of Congress to discuss digital asset legislation and related issues. According to a July 17 Bloomberg report, Armstrong has a scheduled meeting with the New Democrat Coalition, a group of roughly 100 Democrats in the House of Representatives focused on advancing “innovative, inclusive, and forward-looking policies.” The Coinbase CEO will reportedly speak with the lawmakers on digital asset legislation as well as how the technology could potentially impact national security, privacy and the…

Deadlines for U.S. Spot Bitcoin ETF Approvals, Including BlackRock’s, Come Into Sight

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South Korea Embraces Blockchain: New Digital Asset Act, K-Culture Tokenization, and More

According to the Polymesh report titled “Regulatory Developments in Digital Assets”, South Korea has made a significant move in the crypto industry by passing the “Digital Asset Basic Act” (DABA). This Act introduces 17 legislative proposals aimed at balancing blockchain development with investor protection. The Act, which is expected to be implemented into law in June 2024, includes measures such as capital reserve requirements for exchanges and the establishment of a separate market for digital securities. Shinhan Bank, the nation’s oldest bank, has also become an equity investor in the…