Month: July 2023

Aave Protocol launches stablecoin GHO on Ethereum mainnet, $2M minted

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Decentralized finance (DeFi) protocol Aave has launched its algorithmic United States-dollar pegged stablecoin GHO on the Ethereum mainnet, with $2.19 million worth of GHO minted so far. Aave announced the launch of the new stablecoin in a July 16 blog post, describing the new stablecoin GHO as a “decentralized, over-collateralized” asset. The stablecoin is backed by a “multitude” of digital assets including Ethereum’s native currency Ether (ETH) and Aave’s native token AAVE (AAVE). Let’s GHO! Congrats to the @AaveAave community on the Mainnet Launch. https://t.co/vI7JbMLYb4 — GHO (@GHOAave) July 15,…

SEC appeal unlikely as it gains from ‘current confusion’ — Haun Ventures CEO

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A former federal prosecutor turned chief executive of a crypto-focused venture capital fund says she would be “surprised” if the United States securities regulator lodges an immediate appeal against the Ripple case ruling, as it currently benefits from lack of “legal clarity.” On July 13, Judge Torres granted a partial summary judgment in favor of Ripple Labs regarding XRP’s status as a security. At the time, a few commentators warned that an appeal from the SEC would be a possibility. However, in a July 15 Twitter thread, Haun Ventures CEO…

Bitcoin BTC Price Hovers Over $30.2K After Expected Correction. Retail Investor Enthusiasm ‘Likely to Increase’: Analyst

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“Looking ahead, with no major scheduled events or economic data releases this week, we anticipate that price action in the market will be influenced by open interest levels, reflecting trader sentiment, and trending topics such as memes and artificial intelligence,” Johnny Teng, Senior Researcher at LBank Labs, said in a note. “As retail traders may have missed out on last week’s price movement, their enthusiasm to participate in the market is likely to increase.” Original

the iris-scanning crypto project that sparks privacy debates

Worldcoin, by OpenAI’s Sam Altman, combines blockchain and UBI, igniting privacy and security debates. Will this iris-scanning global financial network shape socio-economic reform? The internet has always been a breeding ground for the bizarre and the extraordinary. As AI technologies like large language models (LLMs) and OpenAI’s ChatGPT continue to revolutionize digital landscapes, the line between human and machine is growing ever thinner.  But in this chimeric world, one name stands out: Sam Altman, the co-founder of OpenAI. Altman’s crypto project, Worldcoin, has been making waves with its vision of…

Ripple decision is ‘troublesome on multiple fronts’, says former SEC official

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Former Securities and Exchange Commission official John Reed Stark spoke out against the recent ruling on Ripple Lab’s case, calling the decision “troublesome on multiple fronts” in a LinkedIn analysis. Stark broke down Judge Analisa Torres’ decision from July 13 by examining the grounds upon which she ruled in favor of Ripple in a lawsuit brought by the SEC back in 2020, alleging that the company’s XRP (XRP) token was a security. Some thoughts on the SEC/Ripple decision. https://t.co/A94kHlGI9N pic.twitter.com/lcwWML49kO — John Reed Stark (@JohnReedStark) July 14, 2023 Judge Torres’…

Synthetix (SNX) Founder Announces New Project To Compete With Centralized Exchanges

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The founder of Ethereum (ETH)-based decentralized finance (DeFi) protocol Synthetix (SNX) has announced the launch of a new project that he says aims to compete with centralized exchanges (CEXs). In a new blog post, Kain Warwick explains why he wants to launch an exchange when the Synthetix ecosystem already has Kwenta, a DEX that aims to provide zero-slippage trading for crypto, forex or commodities synthetic perpetual futures. Synthetix has been using Ethereum layer-2 Optimism (OP), but Warwick says that more value capture could be accomplished by building an exchange that…

Bitcoin price support at $30K opens the door for gains from UNI, ARB, AAVE and MKR

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Bitcoin (BTC) attempted to break away from its boring sideways price action on July 13 following Ripple’s legal victory over the United States Securities and Exchange Commission, but the enthusiasm proved to be short-lived. Sellers pulled the price back into the range on July 14, indicating that they remain active at higher levels. However, a positive sign is that the bulls have kept Bitcoin’s price above $30,000. Market observers are expected to closely follow the review process for the various exchange-traded fund (ETF) proposals for a spot Bitcoin ETF, prominent…

Pamonex raises concerns of being an advanced scam

Pamonex.com, a flashy crypto website, raises scam concerns as it lures users with promises of trading and services, posing a risk to their funds. The Pamonex site advertises an array of lucrative crypto services, including trading, a digital asset exchange, and staking opportunities for coins like bitcoin (BTC), ethereum (ETH), and litecoin (LTC). For newcomers to the crypto space, the site may appear to be a simple way to capitalize on the booming digital currency market. However, a closer examination reveals that Pamonex exhibits multiple red flags and signs of…

Court Says SEC Could Have Informed Coinbase That Exchange Was Violating Securities Law Prior to Public Listing

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A New York federal judge says the U.S. Securities and Exchange Commission (SEC) could have given Coinbase a heads-up that it could be violating securities laws before approving its application to go public.  The SEC filed a lawsuit against Coinbase in June alleging that the Nasdaq-listed firm sold unregistered securities.  During the pre-trial conference, SEC counsel Peter Mancuso says the agency’s approval of Coinbase’s S-1 application to conduct an initial public offering (IPO) does not mean the commission ever gave its stamp of approval to the crypto exchange’s entire business.…

CBDCs can restrict citizens’ spending, economist warns

US economics professor Eswar Prasad has said that governments can program central bank digital currencies (CBDCs) to restrict purchases made by citizens. Speaking at a June World Economic Forum (WEF) event, Cornell University professor Eswar Prasad opined that one of the “dangerous” aspects of CBDCs could be its ability to enable authorities to decide how people spend their money. Governments can program Central Bank Digital Currencies (CBDCs) with expiry dates and to restrict “undesirable” purchases, according to Eswar Prasad, WEF. pic.twitter.com/0NP0YS6gUK — unusual_whales (@unusual_whales) July 16, 2023 Professor Prasad hypothesized…