Month: July 2023

Sam Bankman-Fried wants ‘close friends’ to visit without a security pat down

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Former FTX CEO Sam Bankman-Fried wants to be able to have his “close friends” visit him at his parent’s home without them being subject to security checks. In a July 13 letter to New York District Court Judge Lewis Kaplan, lawyers representing Bankman-Fried requested the judge allow “close friends” on a submitted list to visit him without needing to go through court-ordered security measures set out in his bail conditions. These include having a security guard present at the house to screen visitors for electronic devices and having visitors sign…

XRP Short Traders Log Highest Losses in 2023 After Landmark Court Ruling

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‘Altcoin season’ anyone? Bitcoin dominance tumbles after XRP victory

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Bitcoin (BTC) dominance has taken a tumble in the wake of Ripple’s partial victory against the United States Securities and Exchange Commission (SEC), with a surge in altcoin prices briefly causing BTC dominance to fall under the 50% mark.  Bitcoin dominance — the leading cryptocurrency’s proportion of the total crypto market cap — fell to 49.76% during Asian trading on July 14, according to TradingView. Just weeks earlier, BTC market dominance finally managed to rachet above 50% after a dry spell of two years amid a slew of applications for spot Bitcoin…

Binance appoints new general counsel to lead a team of 85 lawyers

Binance has appointed Eleanor Hughes as the new general counsel. She has been a member of the Binance legal team since November 2021. Hughes now takes over, leading a battery of 85 lawyers. Shift in Binance’s legal team Ina July 13 announcement, Binance CEO Changpeng Zhao, also known as CZ, shared that during their time working together, he has come to trust their legal advisor to protect users and manage risks on the platform. Binance has appointed Eleanor Hughes as its new general counsel. She joined Binance’s legal team in November…

Stablecoin issuers in Europe advised to start complying before 2024

As a proactive measure in anticipation of mandatory regulations due to be enforced in 2024, the European Union’s banking overseer has prompted stablecoin issuers to voluntarily adhere to “guiding principles” concerning risk management and consumer protection. On July 12, the European Banking Authority (EBA) unveiled its maiden collection of measures designed for public evaluation, aiming to demystify the Markets in Crypto-Assets regulation (MiCA) prerequisites for launching a stablecoin which is slated to come into effect on June 30, 2024. Key points within these measures encompass enduring redemption rights and complaint-handling guidelines. In May,…

Circle CEO spells doom scenario for US dollar in warning to Congress

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Jeremy Allaire claimed the U.S. dollar is “under threat” and urged lawmakers to pass stablecoin regulation to “build trust” in a digital dollar. The United States dollar’s place as a global reserve currency will be under threat if Congress isn’t quick to regulate stablecoins, warns the CEO of Circle. On July 13, Jeremy Allaire appeared in a two-minute video by Circle, the issuer of USD Coin (USDC), targeted at lawmakers. It comes as bipartisan digital asset-specific legislation was reintroduced to Congress on July 12 which was originally tabled over a…

South Korea sets rules for clear accounting in crypto

The passing of the Virtual Assets Act by the National Assembly in South Korea has prompted the government to enhance accounting transparency for virtual asset transactions, enabling companies issuing or holding virtual assets to disclose clear and detailed information. On July 11, the South Korea Financial Services Commission reviewed and approved the exposure draft for revising Corporate Accounting Standards No. 1001, incorporating mandatory disclosure requirements for virtual assets and establishing guidelines for the accounting treatment of virtual assets. New rules in South Korea Following the recent passage of South Korea’s…

Bitcoin BTC Price Soars to One-Year High at $31.7K as Investors Savor Partial Ripple Victory

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The largest cryptocurrency by market capitalization was recently trading at $31,328, up 3.2% over the past 24 hours. Bitcoin shot as high as $31,700 near the close of traditional markets, a more than one-year high. With a few blips, BTC had been languishing between $30,000 and $31,000 for the past three weeks as some investors fretted over potential banking missteps to cure inflation and awaited a significant price catalyst. Original

Demand is driving the price of Bitcoin to $130K

In any market, whether it is fruit and vegetables or financial assets, prices are determined by the intersection of supply and demand. If tomatoes are scarce due to a flood, with the same demand, the price in the supermarket will inevitably be higher — just as it will be higher if, with the same supply, twice as many people want to buy tomatoes. In the financial market, if supply is unlimited, the price is not changed by demand, as in the case, for example, of a mutual fund. Related: Don’t…