As of writing, XRP’s $1.10 call option, set to expire on Aug. 28, had an open interest of 4,347,000 contracts valued at $2.44 million, making it the most favored among all available XRP options on the exchange, according to data tracked by Amberdata. The amount is significant for an options market that is barely five months old. Source
The case concerns a loan agreement between Celsius and Tether that allowed Celsius to borrow stablecoins “to operate certain critical aspects of its business,” according to the lawsuit. In the filing, Celsius alleges that when the market crashed in mid-2022, in the “ninety-day period prior” to Celsius’ bankruptcy filing, Tether insulated itself from the impending bankruptcy by making “preferential and fraudulent transfers” of bitcoin. Source
“Canto chain is currently experiencing an issue with consensus that has caused the chain to halt,” Canto said in an announcement on X. “An upgrade to address this issue will be carried out on Monday, August 12 UTC 12:00. All funds are safe. Once the chain resumes, users will be able to access all activities as usual.” Source
The BOJ recently raised rates for the first time in over a decade, destabilizing global markets, including bitcoin. Source
Both parties argue the CFTC’s move to regulate prediction markets is an overreach, with Dragonfly arguing that the recent ‘Chevron’ court ruling limits its power. Source
The U.S. Internal Revenue Service (IRS) has released an updated draft version of the tax form crypto brokers and investors will use to report proceeds from certain transactions, the 1099-DA. Source
There is a better way to manage token launches — one that prioritizes long-term utility and organic growth over speculative gains. Protocols are beginning to experiment with alternative models. FRIEND, a blockchain-based social platform, for example, launched with 100% float, distributing all tokens to the community from day one. After taking a radically different approach at Lava Network, I am convinced the industry must adopt a new standard for how blockchain projects should handle token distribution and valuation. Source
First, and most critically, only a small fraction of crypto is used for illicit activity, far less than we see in traditional finance, which according to the United Nations could be up to 5% of global GDP. Per analytics firm Chainalysis, money laundering accounts for less than 0.5% of all crypto transaction flows. This is also decreasing steadily over time. Even as crypto usage rose in 2023, the amount of money laundering in crypto fell from $31.5 billion in 2022 to $22.2 billion in 2023. No significant amount of illicit…
“Ripple USD is currently in its beta phase and is being rigorously tested by our enterprise partners,” the company said in a blog post. “This phase is crucial for ensuring that the stablecoin meets the highest standards of security, efficiency, and reliability before it becomes widely available, and after receipt of regulatory approval.” Source
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