Month: September 2023

Crypto bills could be delayed as many prepare for US gov’t shutdown

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The United States government could be shut down in the next 7 days with House Speaker Kevin McCarthy facing political pressure from members of his own party on how to handle spending plans — a decision that could adversely affect how lawmakers move forward with crypto bills awaiting a vote. In July, U.S. lawmakers with the House Financial Services Committee voted in favor of the Financial Innovation and Technology for the 21st Century Act (FIT), the Blockchain Regulatory Certainty Act, the Clarity for Payment Stablecoins Act and the Keep Your…

MetaMask ‘glitch’ caused opBNB recommended fees to be too high: Report

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A “glitch” in MetaMask that caused it to overestimate opBNB gas fees has now been fixed, according to a social media post from BNB Chain. Many users pay the default recommended fee displayed in their wallets, so a misestimation can cause users to overpay. Together with our friends at @MetaMask, we’ve resolved a glitch that made it seem like opBNB’s gas fees were unusually high. Now, you can enjoy the true benefits of opBNB: fast, cheap, and secure transactions. Here’s how it happened: [1/7] — BNB Chain (@BNBCHAIN) September 25,…

XRP And Solana Defy The Outflow Downtrend

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With contrasting events in the industry, crypto investment products have witnessed a continuous outflow for the sixth week. Some altcoins demonstrate resilience in this trend, defying the broader market sentiment. Dissecting The Crypto Outflow Trend Crypto funds have witnessed a net outflow of $9 million in the past week, taking the total to roughly $464 million over the last ten weeks, according to Coinshares’ latest digital asset fund flow weekly report. Relevant digital asset management players like CoinShares, Grayscale, 21Shares, Bitwise, and ProShares have felt the heat of this ongoing trend.…

NASA plans to prove its next Moon landing is real using blockchain

NASA and its partners Lonestar, a computing startup based in Florida, and the Isle of Man, will send a payload to the Moon containing “data cubes” in February of 2024. The data secured in these cubes will be verified back on Earth using blockchain technology. If all goes to plan, when NASA launches its second crewed mission, Artemis 3, in 2025, the same blockchain technology will verify once-and-for-all and immutably that humans have landed on the Moon. Suit Up! Today, the #Artemis II crew and @NASAGroundSys successfully conducted a launch…

mBridge CBDC project preparing for new members, launch of minimum viable product

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Project mBridge may soon see significant expansion, according to Hong Kong Monetary Authority (HKMA) CEO Eddie Yue. He outlined the plans for the central bank digital currency (CBDC) project in a speech in Shanghai. Yue said tests have shown mBridge to provide faster, cheaper and more transparent cross-border payments. The project was initiated in 2021 with the participation of the HKMA, and the central banks of China, Thailand and the United Arab Emirates, as well as commercial banks from each of those jurisdictions and the Bank for International Settlements Innovation…

U.S. Government Shutdown, Assuming It Doesn’t Run Long, Will Slow, Not Cripple Crypto Efforts

“If the government shuts down, forward progress on bills will be stalled,” said Sheila Warren, CEO of the Crypto Council for Innovation, an industry advocacy organization, who says she’s concerned about lawmakers losing the focus that’s been a challenge for the industry to build. “In the aftermath of a shutdown, it is unclear what issues will rise to the top of the priority list in terms of gathering congressional interest. The one thing we know for sure is that the policy world is not static; every week a new issue…

Terra Classic to stop minting USTC trying to achieve repeg

Over 55% of voters supported the proposal that included the impossibility of minting and reminting of USTC without the approval of the Terra Classic community. Terra Classic will no longer be able to mint new TerraClassicUSD (USTC) stablecoins without the approval of the Terra Classic community. According to data from ATOMScan, more than 55% of voters were in favor of the #11784 proposal. “We pay the Algo Quant team to re-peg USTC to USD, and the Terra Classic community is participating in the burning of the USTC supply, which also…

MicroStrategy Expands Bitcoin Holdings with $147.3 Million Purchase

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In a strategic move, MicroStrategy, the business intelligence (BI) company, and its subsidiaries have made a bold financial maneuver by increasing their Bitcoin (BTC) holdings.  MicroStrategy Bolsters BTC Holdings According to a recent filing with the US Securities and Exchange Commission (SEC), MicroStrategy has expanded its Bitcoin holdings by acquiring an additional 5,445 BTC, totaling approximately $147.3 million. The average purchase price for these Bitcoins was $27,053 per unit. With this latest acquisition, MicroStrategy’s total Bitcoin holdings now stand at 158,245 BTC. The company has accumulated this substantial amount of…

Optimism Slumps Most Among Crypto Majors Ahead of $30M Token Unlock

Cryptocurrency projects often lock a part of the token’s supply and release it gradually to prevent early investors and insiders from selling in large quantities immediately after they get the allocations. When the tokens are unlocked, they become available to sell, and thus, such events are usually considered bearish; often they induce price drops. However, sometimes investors front-run and may sell before the unlocking happens. Source

Hong Kong to tighten crypto regulation, Thailand to tax crypto overseas: Law Decoded

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Hong Kong regulators are looking to tighten the noose around the crypto market after arresting six individuals following allegations of fraud around an unlicensed crypto exchange, JPEX. The government intends to increase its efforts to inform investors and remind them only to utilize platforms granted Securities and Futures Commission licenses.  Meanwhile, Thailand’s Revenue Department plans to impose personal income tax on foreign revenues, including those from crypto trading, of any person residing in Thailand for more than 180 days. Under the previous regulation, only foreign income remitted to Thailand in…