Day: August 28, 2023

US House Financial Services members scold Fed’s Powell for stablecoin bill obstruction

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The Federal Reserve is seemingly running interference with congressional efforts to regulate stablecoins, according to a letter recently sent to Fed Chairman Jerome Powell. The letter came from Chairman of the U.S. House of Representatives Financial Services Committee Patrick McHenry and subcommittee chairs French Hill and Bill Huizenga. The legislators were objecting to two Fed letters: SR 23-7 on the Novel Activities Supervision Program and SR 23-8 titled “Supervisory Nonobjection Process for State Member Banks Seeking to Engage in Certain Activities Involving Dollar Tokens.” They wrote: “We are concerned that…

Bitcoin Bull Run Incoming? This Metric Could Suggest So

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On-chain data shows a Bitcoin metric is forming a pattern that may hint that a bull run could be coming next for the asset. Bitcoin HODLer Growth Rate Has Seemingly Reached The “Plateau” Stage In a new post on X, the analyst Charles Edwards shared a chart highlighting a pattern that the BTC “HODLer Growth Rate” indicator may be forming. This indicator keeps track of the 1-year growth in the holdings of the Bitcoin investors who have been keeping their coins dormant (unmoved) in their wallets since at least two…

Amount of Bitcoin Sitting on Crypto Exchanges at Lowest Level in Nearly Six Years: Analytics Firm Santiment

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New data from crypto analytics firm Santiment reveals that the supply of Bitcoin (BTC) on crypto exchanges is at its lowest point in over half a decade. According to the market intelligence firm, only 5.8% of the crypto king’s overall supply is currently sitting on crypto exchange platforms, the lowest level since December 2017. Santiment also notes that the top crypto asset by market cap is seeing decent amounts of Bitcoin whale activity. “Just 5.8% of Bitcoin is currently sitting on exchanges, which is officially the lowest level crypto’s top…

Sam Bankman-Fried’s lawyers appeal decision on bail, citing First Amendment issues

Lawyers representing Sam Bankman-Fried, or SBF, have filed an appeal claiming the former FTX CEO’s bail was revoked “in retaliation for him exercising his First Amendment rights” and not witness tampering as alleged. In an Aug. 25 filing in the United States Court of Appeals for the Second Circuit, SBF’s legal team filed a motion seeking to have him released before his October trial. According to his lawyers, Judge Lewis Kaplan revoking SBF’s bail on Aug. 11 was “improper,” claiming his actions of speaking to the press and releasing information…

The bright side of Evergrande’s collapse? More crypto volatility

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As Evergrande Group, China’s heavily indebted property developer, files for bankruptcy in the United States, many are concerned about how this will impact the global economy and cryptocurrencies. The situation represents one of the largest debt faultings in the world and will have sizable ramifications. However, it shouldn’t come as too much of a surprise that China’s real estate agent running out of money to cover debt is causing worry within the crypto space. While many fear Evergrande’s collapse will cause a knock-on effect for other tokens and coins already…

Binance Will Halt These 39 Liquidity Mining Pools This Week

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On Sunday, Binance announced that it will halt 39 liquidity mining pools this week following the latest assessment. As a result of a supposed failure to pass this assessment, these 39 liquidity pools are expected to stop operating on September 1, 2023. Liquidity Pools Stopped By Binance This decision was made due to the platform’s recent liquidity mining performance. The announcement said Binance Liquid Swap will “periodically review listed liquidity pools to concentrate liquidity for our users and ensure optimized trading experience, price and slippage.” As a result of the…

SEC charges Impact Theory over unregistered NFT securities offering

The SEC has charged Impact Theory for an unregistered NFT offering, marking its first enforcement action in the NFT sector. The Securities and Exchange Commission (SEC) charged Impact Theory, LLC on Aug. 28, a Los Angeles-based media and entertainment company, for conducting an unregistered offering of crypto asset securities in the form of non-fungible tokens (NFTs). This enforcement action represents a milestone as the first of its kind involving an NFT initiative by the SEC. Impact Theory, co-founded by YouTube and podcast host Tom Bilyeu, raised approximately $30 million from…

Upcoming ‘PayPal Update’ sparks speculation around Bitcoin and altcoin prices

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Recent reports have indicated that Elon Musk might be considering the transformation of X (former Twitter) into a modernized iteration of PayPal.  Previously, a major institution’s endorsement of Bitcoin (BTC), like that of PayPal in late 2020, played a pivotal role in initiating a bullish surge in Bitcoin prices, at the time propelling its value to nearly $70,000. The future of X According to Charles Gasparino, a correspondent at Fox Business News, Elon Musk is engaged…

SEC charges podcaster in first unregistered securities sales claim against NFT offering

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The United States Securities and Exchange Commission (SEC) has charged a media and entertainment company with conducting unregistered securities sales when it sold nonfungible tokens (NFTs) to investors between October and December 2021.  Impact Theory, a Los Angeles-based company that produces entertainment and educational content, including several podcasts, allegedly raised almost $30 million through the sales of NFTs it called Founder’s Keys, which were offered in three tiers. The company “encouraged potential investors to view the purchase of a Founder’s Key as an investment into the business,” according to the…