Day: August 2, 2023

As G20 President, India Makes Public its Presidency Note on Framing Global Crypto Rules

News of the existence of such a note first emerged ahead of the Finance Ministers and Central Bank Governors (FMCBG) meeting in India last month through Ajay Seth, a senior official of the Indian Finance Ministry. Later, at the post-event media briefing, without revealing details of the note, Seth said “(India) contributed its own note, it’s the presidency note in the sense that we originated that idea (and) several other countries contributed.” Source

Ethereum Denied Non-Security Status In Latest Court Battle Against SEC

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In a recent court ruling, Ethereum (ETH) was denied non-security status in a case against the U.S. Securities and Exchange Commission (SEC).  The court granted the SEC’s motion to dismiss the complaint for declaratory relief on whether Ethereum and the Ethereum Network are securities. While the ruling was a procedural one and not on the merits, it confirmed that there is no protection for Ethereum as a non-security.  Ethereum And Other Cryptocurrencies Left In Legal Limbo At this point in the US, only Bitcoin (BTC) and XRP are large-cap tokens…

Bitcoin Ordinals team launch non-profit to grow protocol development

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A non-profit organization dedicated to growing the development of nonfungible tokens (NFTs) on Bitcoin (BTC) has been launched by the team behind the Bitcoin Ordinals protocol. The California-based nonprofit called the Open Ordinals Institute will bolster the Ordinals protocol by providing funding to the team’s core developers, which includes the project’s pseudonymous lead maintainer Raph. In total, four team members will serve on the board of the new nonprofit; Raph, Bitcoin-focused podcast host Erin Redwing an anonymous Ordinals developer known as Ordinally and Ordinals creator Casey Rodarmor. The Ordinals protocol…

Federal judge dismisses Ripple ruling in Terra case

New York federal judge granted permission to the SEC to proceed with its case against Terraform Labs Pte and its founder, Do Kwon. Judge Rakoff’s decision involved rejecting the differentiation drawn in the Ripple case regarding public and institutional sales being the determining factor if the asset would be labeled as a security. Ripple ruling challenged Following the July 13 Ripple ruling, which was celebrated as a triumph for the cryptocurrency sector, numerous digital assets experienced a surge in value of over 70%. However, US District Judge Jed Rakoff’s recent decision,…

GameStop to withdraw crypto wallets amid ‘regulatory uncertainty’

GameStop Corp. has announced the discontinuation of its cryptocurrency wallets due to “regulatory uncertainty.” On Nov. 1, the company will withdraw its support for iOS and Chrome Extension wallets, which have allowed users to manage cryptocurrencies and non-fungible tokens, and decentralized apps on the Ethereum (ETH) network. Navigating the evolving regulatory landscape In an Aug. 1 announcement on its official website, GameStop, the US electronics retail company that reported $5.93 billion in 2022, assures customers that despite discontinuing the wallets, they will ensure a smooth transition. As part of the…

Curve founder looks to unexpected counterparties to rescue sinking DeFi loans

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Curve Finance founder Michael Egorov is attempting to offload some of his DeFi positions to alleviate his mountain of debt, but some have highlighted his liquidity sources. On Aug. 1, Nansen research analyst Sandra Leow posted a list of liquidity sources for Egorov’s Curve DAO (CRV) positions. According to Leow, Egorov sold around 50 million CRV tokens over the counter to several buyers at a below-market rate of $0.40 per token. The sale includes a three to six-month vesting agreement or they can be sold should prices reach $0.80. The…

Bitcoin Addresses In Loss Soar To One-Month High Amid Mixed Market Indicators

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Bitcoin, the pioneering cryptocurrency, is currently exhibiting mixed market signals, according to the latest data from Glassnode. The analytics firm points out that Bitcoin addresses in loss have reached a one-month high, even as the count of addresses holding smaller balances of the coin marks a record high.  The contrasting trends paint an intriguing picture of the current state of the Bitcoin market, further spurring dialogues on the future trajectory of this digital asset. BTC Addresses In Loss Reaches New Heights Glassnode’s report reveals earlier today that the number of…

Saylor’s MicroStrategy plans $750M stock sale, possibly buying more Bitcoin

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United States-based software development company MicroStrategy is planning to raise up to $750 million via a stock sale and says it may use the proceeds to buy more Bitcoin (BTC).  In a filing to the Securities and Exchange Commission on Aug. 1, MicroStrategy announced it has entered into a sales agreement with three companies — Cowen and Company Canaccord Genuity and Berenberg Capital — relating to the sale of its class A common stock. MicroStrategy said the proceeds of the proposed sale could be used for a variety of general…

BlackRock CEO Larry Fink Is The Best Thing To Happen To Bitcoin, Mike Novogratz Says

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BlackRock officially announced its entrance into Bitcoin earlier this year by filing for a Spot Bitcoin ETF with the United States Securities and Exchange Commission (SEC). Although the regulator is yet to accept the filing, CEO Larry Fink has also made some supportive comments, comparing BTC to digital gold.  In light of these events, Galaxy Digital CEO Mike Novogratz has come forward to share his opinions on BlackRock CEO Larry Fink and how he affects the digital asset. BlackRock CEO’s Pivoting Sentiment Toward Bitcoin Galaxy Digital CEO Mike Novogratz has…

SBF denies witness tampering in effort to avoid jail

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Lawyers for Sam Bankman-Fried have denied that he attempted to intimidate witnesses in his criminal trial by talking to New York Times reporters and argued there is no reason to jail him. In an Aug. 1 letter to Judge Lewis Kaplan, Bankman-Fried’s lawyers claimed the prosecution’s attempt to revoke his bail and have him detained are “extremely thin” and heavily rely on assumptions and innuendo. They added Bankman-Fried’s contact with a New York Times reporter was not an attempt to intimidate former Alameda Research CEO Caroline Ellison or taint the jury…