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U.S. senators have pressed the Biden administration for measures to counter “serious national security threats” posed by North Korea’s dependence on cryptocurrency. According to the lawmakers, North Korea is using crypto “to evade harsh sanctions and support its ambitions to project geopolitical power through nuclear weapons and ballistic missiles.” US Lawmakers Concerned About ‘Serious National Security Threats’ Linked to North Korea, Crypto U.S. Senators Elizabeth Warren (D-MA), Tim Kaine (D-VA), and Chris Van Hollen (D-MD) have pressed the Biden administration for measures to counter crypto-related national security threats. In their letter, dated Aug. 3, to Brian E. Nelson, Treasury Department’s Under Secretary for Terrorism and Financial Intelligence, and Jake Sullivan, the White House’s National Security Advisor, the lawmakers wrote: “We write to express concern about the national security threat posed by North Korea’s reliance on digital assets to circumvent international sanctions and embargoes and fund its illegal weapons programs.” The letter cites several sources detailing North Korea’s illicit use of crypto, including White House Deputy National Security Advisor for Cyber and Emerging Technology Anne Neuberger who stated that about half of North Korea’s missile program has been funded by “cyberattacks and cryptocurrency theft.” The senators stressed: Given the pressing nature of this threat, we ask the Administration to provide details on its plan to stop North Korea … from using digital assets to evade harsh sanctions and support its ambitions to project geopolitical power through nuclear weapons and ballistic missiles. The lawmakers concluded their letter with five questions concerning the Treasury’s “plans to address the serious national security threats posed by North Korea’s dependence on cryptocurrency.” The senators requested the answers be delivered to them no later than Aug. 16. A United Nations report revealed in February that North Korea stole more crypto assets in 2022 than in any other year. Blockchain analytics firm Chainalysis similarly found that North Korea-linked hackers, such as the members of the Lazarus Group, were particularly active last year. They stole an estimated $1.7 billion worth of cryptocurrency across several hacks, according to the data firm. What do you think about the U.S. senators probing the Biden administration for a plan to address the threats posed by North Korea’s crypto dependence? Let us know in the comments section below. View the full article

Central banks ramped up gold purchases in June, according to statistics from the International Monetary Fund (IMF). In this period, central banks added 55 tonnes of gold to their reserves after three months of net selling, with China purchasing the most gold (21 tonnes). Central Banks Back to Purchasing Gold in June The world’s central banks reversed their three-month gold selling spree to make purchases during June. According to international financial statistics issued by the International Monetary Fund (IMF), net gold purchases during June reached 55 tonnes, with six central banks purchasing gold during this period. One of the largest purchasers of gold was the Central Bank of Turkey, which also resumed purchases after having been a net seller during recent months due to a ban on gold imports after an earthquake in February. Nonetheless, the Central Bank of Turkey added 11 tonnes to its official reserves, which reached 440 tons by the end of June. Krishan Gopaul, senior analyst for Europe, Middle East, and Africa (EMEA) at the World Gold Council, qualified Turkey’s activity as “pivotal” for the global total, helping the trend in central bank demand to remain “steadfast.” Six more banks also purchased gold, with only two selling during June, according to the statistics. China Continues Buying Spree The biggest gold buyer during June was China, with the People’s Bank of China (PBOC) adding 21 tonnes to its reserves. Even when other banks turned sellers during the last three months, China kept buying gold, maintaining an eight-month buying spree. China is the biggest gold buyer year-to-date, having added 103 tonnes during 2023. The National Bank of Poland was also one of the largest gold purchasers in June, adding 14 tonnes to its reserves as part of a government plan that could lead the country to purchase up to 100 tonnes of gold. Poland has purchased gold in the last three months, adding 48 tonnes this year. Uzbekistan, the Czech Republic, Qatar, and India also added to their gold reserves during June. Only two countries sold significant amounts of the precious metal during June: Kazakhstan and Singapore. Kazakhstan sold 3 tonnes during the period, signaling that it might offload more in the rest of the year, as its central bank compromised to lower the share of gold in its reserves to an “optimal level” of 50% to 55%. The Monetary Authority of Singapore also reduced its reserves by 1 tonne. What do you think about central banks purchasing gold again in June? Tell us in the comments section below. View the full article

According to Brandon Brown, the co-founder and CEO of Fairside Network, self-custody crypto wallets generally lack inbuilt insurance coverage to protect against theft or loss. Brown attributes this to the challenges encountered when assessing digital asset risks as well as “the absence of historical loss data, and evolving threats.” Insurance Coverage for Assets Held in Self-Custody Wallets The Fairside Network CEO told Bitcoin.com News that it is still possible to provide insurance coverage for not one but several assets held in a self-custody wallet. When asked about users’ preference for privacy and anonymity which may go against the requirements of a typical risk mitigation product, the CEO suggested limiting the number of times users are required to submit to know-your-customer (KYC) procedures as an option insurance providers can use to overcome this challenge. Brown also acknowledged the shortcomings and flaws in most crypto insurance offerings. He nevertheless argued that by “drawing from the proven effectiveness of traditional insurance models” crypto insurers can still come up with better offerings. Below are Brown’s written answers to questions sent to him via Telegram. Bitcoin.com News (BCN): What does the self-custody of tokens, NFTs, and real-world assets (RWAs) mean and why personal wallet theft protection is vital for self-custody assets? Brandon Brown (BB): Self-custody of digital assets like tokens, NFTs, and real-world assets means individuals or entities hold their own private keys, giving them full control over their assets. This is where a crypto insurance alternative for theft of self-custodial assets becomes crucial. Unlike traditional banking systems, blockchain transactions are irreversible. If a cybercriminal gains access to your private keys and transfers your tokens, or you accidentally click on a phishing scam link and suffer an NFT theft, recovery is nearly impossible without the perpetrator’s cooperation. This is why Fairside offers comprehensive personal wallet theft protection for self-custody, providing a much-needed layer of consumer protection for self-custody assets – which already exists in most traditional markets. BCN: In the crypto space, users who self-custody their assets do often fall victim to social engineering, phishing, and other scams. Despite this most self-custodial wallets seem not to have built-in insurance coverage for users’ assets in the event of a loss. In your opinion, what could be the reason for this and what do you see as some of the challenges to bringing personal wallet protection to Web3 wallets and assets? BB: The lack of built-in insurance for self-custodial wallets stems from the challenges of assessing digital asset risks, the absence of historical loss data, and evolving threats. Misaligned incentives in some protocols also lead to unfair outcomes for consumers. At Fairside, we’ve addressed these issues by developing advanced risk assessment techniques and focusing on isolated risk, targeting personal wallets over smart contract risk. This approach allows us to spread risk across various wallets and asset types. Our unique model allows us to better align our incentives with our community, ensuring that we’re all working towards the same goal: a safer and more secure digital asset ecosystem, and the risk mitigation strategies that afford us the ability to offer real payouts to those who suffer losses. BCN: Most of the existing crypto-insurance offerings are reportedly plagued with capital inefficiency, instability, and unreasonable premiums that discourage users from insuring their investments. How does an entity like yours propose to make crypto asset insurance coverage more convenient and affordable for the masses? BB: The assessment of current crypto insurance products is mostly accurate. At Fairside, we’ve taken a different approach. Drawing from the proven effectiveness of traditional insurance models, we’ve brought these principles on-chain to create a more efficient and stable system. In doing so we can offer greater coverage at affordable premiums, unlike current options. Our process is streamlined and user-friendly, making it easy to secure protection for self-custodial assets. In essence, Fairside is bridging the gap between traditional insurance and the crypto world, providing a reliable and affordable crypto insurance alternative for theft. BCN: Users may have their tokens, NFTs, and RWAs spread across multiple blockchains. Is it possible to have an insurance product that ensures the protection of assets across chains? BB: Yes, it’s absolutely possible to have an insurance product that ensures cross-chain protection of assets. At Fairside, we’re developing solutions that can protect assets across multiple blockchains. We understand that users may have a diverse portfolio of tokens, NFTs, and RWAs spread across various blockchains. That’s why we’ve designed our coverage to be comprehensive and inclusive, providing protection for all assets in a user’s wallet, regardless of the type of token or the blockchain it resides on. Whether it’s an NFT, altcoin, ETH/BTC/ADA, if it’s in your wallet, it’s covered by Fairside. We believe in providing a one-stop solution for digital asset protection, without the need for users to individually approve each asset for coverage. This approach sets us apart in the crypto insurance space, making asset protection more convenient and user-friendly. BCN: Typically, a risk mitigation product requires users to give up their know-your-customer (KYC) details, which may not go down well with users who prioritize privacy and anonymity. Is it possible to respect users’ privacy and anonymity while offering personal wallet protection? BB: At Fairside, we deeply respect the privacy and anonymity of our users. We’ve harnessed the power of blockchain technology to create a permissionless sign-up process. The only time we request KYC details is when a user files a claim. This is a necessary step to verify the legitimacy of the claim and to protect all our users from potential fraud. However, we strictly limit data collection during this process and employ advanced encryption techniques to safeguard your information. Any collected data is shared solely with our trusted, industry-leading security partners and is used exclusively for claim processing. Upholding the highest standards of privacy and data security is a cornerstone of our operations at Fairside, and we have robust measures in place to protect your personal information. BCN: Multiple independent surveys have suggested that institutional investors are more interested than ever before to explore opportunities in defi and Web3. Decentralized insurance could strengthen their confidence in defi. However, smaller investors or individual traders might not be as inclined to protect their assets as their institutional counterparts. They may see their investment amounts as too insignificant to warrant their protection. What would be your advice to such investors? BB: The reality is, if you’re holding crypto, there’s a non-zero chance that it can get stolen. Countless users have their assets stolen every year, and it’s easier than ever for this to happen – it’s the nature of the decentralized aspects of blockchain. It seems like every day, another crypto influencer – who has an extreme amount of technical knowledge of the space – sends out the tweet, admitting “It finally happened to me: my wallet was drained.” At Fairside, we understand this risk, and that’s why we’ve structured our coverage to be accessible to all. Our coverage doesn’t require a minimum or include a flat fee, but rather, it’s 1.95% of the total amount you want covered. This means it scales with the size of your wallet, making it affordable regardless of how much you’re holding. The phrase ‘only put in what you can afford to lose’ is often heard in the crypto space, but the real impact of a wallet drain isn’t felt until it’s too late. With Fairside, you can protect your investments, no matter how big or small they may be. What are your thoughts on this interview? Let us know what you think in the comments section below. View the full article

The Defi Education Fund, an organization dedicated to expanding the decentralized finance environment, has submitted a Freedom of Information Act (FOIA) request to the U.S. Securities and Exchange Commission (SEC). The documents requested are linked to the SEC’s non-answer to whether syndicated term loan notes constitute securities. Defi Education Fund Issues FOIA Request for SEC Documents Linked to Kirschner v JPMorgan The Defi Education Fund, an organization that seeks to achieve regulatory clarity in the decentralized finance space, has submitted a Freedom of Information Act (FOIA) request to the U.S. Securities and Exchange Commission (SEC) regarding its acts on the Kirschner v. JPMorgan case. In Kirschner v. JPMorgan, the Second Circuit of the United States Court of Appeals ordered the SEC to submit “any views it wishes to share” on considering if syndicated term loan notes could be securities. However, the SEC declined to take sides, stating that it was “not in a position to file a brief on behalf of the Commission in this matter” after asking for two extensions to inquire on the subject. While some were relieved by the SEC’s answer due to the potentially disruptive effect of its opinions on the resolution of the case and the health of the lending market in the U.S., the Defi Education Fund considered this strange behavior. Amanda Tuminelli, CLO of the Defi Education Fund, stated: Why would the SEC want to avoid writing thoughtful analysis on whether something is a security? (said every crypto lawyer ever). Might it be that they are worried about publicly laying out how something *is not* a security? Crypto-Related Implications The Defi Education Fund believes that the way the SEC acted (or failed to act) in this case, might be linked to its posture on crypto and the ruling in the SEC v. Ripple case. According to Tuminelli, who shared the perspective of Bloomberg journalist Adam Levine, if the SEC declared that these loans were not considered securities, it would set a precedent conceding that some investment opportunities are not securities. Also, the commission could be accused of favoritism to big incumbents due to the involvement of JPMorgan in the case. On the contrary, if the SEC declared these loans were considered securities, this could also be viewed as an overreaching attempt because most loans have not been treated as securities, a position that might spur a conflict with the court’s views. Tuminelli concluded: Maybe we get something that evidences what the crypto industry has said for years – the SEC is avoiding taking a concrete public position on ‘securities’ analysis so they can continue to regulate by enforcement. What do you think about the Defi Education Fund’s FOIA request? Tell us in the comments section below. View the full article

The enlargement of BRICS will be “near the top of the agenda” at the organization’s summit in August, the Kremlin Spokesman Dmitry Peskov told media. While recognizing the importance of the topic, Peskov indicated that participants in the meeting will likely discuss some differences on the matter. Expansion-Related Issues to Be Determined During BRICS Summit, Putin’s Spokesman Says With a growing number of nations either applying formally or showing interest in joining the BRICS group of developing economies, Russian President Vladimir Putin’s Press Secretary, Dmitry Peskov, highlighted expansion as a key topic for the talks at the bloc’s top level meeting in Johannesburg later this month. Expanding BRICS (Brazil, Russia, India, China, and South Africa) is “near the top of the agenda” and will be discussed at the upcoming BRICS summit, although nuances exist regarding expansion prospects, the Russian official told reporters. “This is a very important topic because we see that increasingly more countries are making statements about their intention to join this group,” Peskov elaborated, quoted by the Tass news agency. However, he also admitted: Indeed, within the framework of BRICS certain nuances exist among members on the subject of expansion, and all these nuances certainly will be discussed during the upcoming summit. The spokesman of the Kremlin administration was referring to a recent report by Bloomberg, based on sources familiar with the matter, which revealed that China’s push for a rapid enlargement of the economic bloc is facing opposition from India and Brazil. Peskov remarked that expansion-related issues will be determined during the BRICS summit, scheduled to take place on Aug. 22–24, as “the heads of state will talk about their position.” Russia’s president will not attend in person but will take part in the forum via video link. “Overall, such a [high level of] interest in the BRICS group is indicative of the association’s great potential and growing authority, and, most importantly, of the hands-on nature of the group,” the representative of the Russian president emphasized. At their summit, BRICS leaders are expected to review official applications submitted by candidates to join the organization which seeks to expand its economic and geopolitical influence on the global stage. The large number of potential members has fueled concerns in the West about the alliance becoming a counterweight to the U.S. and the EU. Do you think the current five BRICS members will reach consensus on the bloc’s expansion? Tell us in the comments section below. View the full article

Coinbase, one of the largest U.S.-based cryptocurrency exchanges, is moving to add support for Lightning Network on its trading platform. Brian Armstrong, CEO of Coinbase, confirmed that the exchange was looking into the best ways to achieve this task, reaffirming his support for bitcoin payments. Coinbase Mulls Adding Support for Lightning Network Coinbase, the U.S.-based cryptocurrency exchange, has given an update about the possible integration of Lightning Network operations on its platforms. The Lightning Network is a second-layer scaling protocol for Bitcoin, with the aim of allowing users to benefit from almost real-time transaction times and low fees. Answering a post where former Twitter CEO Jack Dorsey criticized him for ignoring Bitcoin and the Lightning Network in the payments arena, Coinbase CEO Brian Armstrong stated: We’re looking into how to best add Lightning. It’s non-trivial, but I think worth doing. I’m all for payments taking off in Bitcoin. Furthermore, Armstrong stated that Coinbase had “onboarded more people to Bitcoin than probably any company in the world,” inviting Dorsey to collaborate on this task. However, in the exchange, Dorsey called for putting more resources behind Coinbase’s “original focus on Bitcoin and layer two technologies.” He concluded: We want an open protocol for money transmission for the internet that’s not controlled by a single individual, company, or government. While Armstrong did not give any dates regarding the implementation of Lightning, Victor Bunin, a protocol specialist at the exchange, reported he was at the helm of this task while asking for “insights on lift to add support, UX flows, open source tooling, service providers, and edge cases.” A Non-Trivial Task Armstrong referred to bringing Lightning Network support to Coinbase’s platform as a “non-trivial task,” indicating the process implied some degree of complication. Other cryptocurrency builders have recently voiced their own challenges regarding building on Lightning, criticizing the difficulty behind it. Changpeng “CZ” Zhao, CEO of Binance, an exchange that added support for Lightning Network deposits and withdrawals recently, stated that integrating tech to support the layer 2 (L2) was “more complicated” than it might appear due to the use of on-demand invoices. Also, Lightspark CEO David Marcus referred to the issue, stating that building on top of Lightning Network was “likely at least 5x harder than building with other protocols,” referring to the experience as “incredibly complex and hard.” What do you think about Coinbase looking to implement Lightning Network? Tell us in the comments section below. View the full article

Russia says that a common BRICS currency is unlikely to be feasible in the near future but the process of de-dollarization of the global economy is inexorably underway. Russian Press Secretary Dmitry Peskov added that many countries, including those that do not face sanctions, are gravitating towards using national currencies in trade settlements. BRICS Currency and De-Dollarization With the BRICS leaders’ summit on the horizon, there is a growing discussion about de-dollarization and the feasibility of a common BRICS currency. The BRICS nations comprise Brazil, Russia, India, China, and South Africa. The summit will take place from Aug. 22-24 in Johannesburg. Dmitry Peskov, Press Secretary of the President of the Russian Federation, told reporters on Thursday that experts are discussing the possibility and feasibility of introducing a common currency, Russian state-owned news agency Ria Novosti reported (translated by Google’s AI program). “This is still a discussion process, it is clear that it will be stretched over time,” he was quoted as saying. The Kremlin spokesperson described: In the near future, it is unlikely that this will be feasible, but the use of national currencies is already a reality that is growing on a global scale, and this practice is not only used by countries that face sanctions, but also by those that do not face them. “The process of de-dollarization of the global economy is inexorably underway. Many countries are gravitating towards the trajectory of using national currencies,” he emphasized. Last week, Russia’s deputy prime minister stated that the topic of a common BRICS currency could be discussed at the economic bloc’s upcoming summit. However, South Africa’s diplomat in charge of BRICS relations, Anil Sooklal, has insisted: “There’s never been talk of a BRICS currency, it’s not on the agenda.” Moreover, Leslie Maasdorp, vice president and chief financial officer of the New Development Bank, also known as the BRICS Bank, recently clarified that the economic bloc has no immediate plan to launch a currency to compete with the U.S. dollar. Recently, there have been rumors circulating regarding the BRICS economic bloc planning to launch a gold-backed currency. Numerous individuals believe that a common BRICS currency could erode the U.S. dollar’s status as the world’s dominant currency. However, there are hurdles to overcome. The governor of Russia’s central bank, for instance, has warned that establishing a BRICS currency would require the consent of numerous parties. More than 40 nations have expressed their desire to become part of the BRICS alliance, with 22 countries already submitting formal applications. Additionally, Sooklal disclosed that South Africa has extended invitations to 69 leaders for the summit, encompassing all African heads of state and key leaders from prominent Global South organizations. However, he affirmed that no Western countries have been invited. Do you think the BRICS economic bloc will launch a common currency soon? Let us know in the comments section below. View the full article

New analysis from the Network Contagion Research Institute (NCRI) reveals that bots on the social media platform X (formerly Twitter) likely played a major role in amplifying the value of cryptocurrencies tied to the now-defunct FTX exchange and its sister firm Alameda Research. Social Media Bots Boosted FTX-Listed Coins, Says Report Analyzing over three million posts from 2019 to 2023 mentioning 18 FTX-listed coins, NCRI’s report found bot-like X accounts made up around 20% of online chatter about these cryptocurrencies. The study suggests this inauthentic social media activity effectively forecasted price changes for half of the FTX-associated coins examined. NCRI’s analysis shows FTX promotions on X immediately preceded surges in the coins’ values, with the proportion of inauthentic posts steadily growing over time to around 50% of total chatter. The findings indicate manipulative tactics were used to artificially boost market sentiment after the coins’ FTX listings. The report also analyzed activity around recently launched crypto tokens like the meme coin PEPE, detecting abnormal account creation patterns and predictive links between bot posts and price changes. This points to ongoing potential market manipulation via coordinated inauthentic social media activity. The study found that the FTX-listed coins SPELL, IMX, GALA, RNDR, and BOBA were involved in this type of behavior. “It is notable that bot activity appears to rise beginning with official promotion by FTX,” NCRI researchers detail. “This suggests that FTX promotion may have proven catalytic for attracting inauthentic amplification. While listing on FTX attracted substantial increases in overall chatter for each coin, it is notable that the proportion of inauthenticity in this chatter significantly increased over time.” As cryptocurrencies become increasingly mainstream, the prospect of manipulation through bots and fake social media accounts poses major risks to investors and financial stability, the NCRI report concludes. The NCRI researchers further underscore the need for greater transparency and oversight of cryptocurrency markets prone to volatility from orchestrated hype and deception on platforms like X. NCRI’s study demonstrates social media’s critical role in the meteoric rise and spectacular collapse of FTX amid allegations of fraud. The NCRI findings suggest the FTX empire leaned heavily on inauthentic online engagement to prop up worthless assets — a “bot-driven gold rush” with echoes of pump-and-dump schemes. What do you think about the report published by NCRI regarding X bots and FTX-listed crypto assets? Share your thoughts and opinions about this subject in the comments section below. View the full article

In an unexpected revelation, Ilya Lichtenstein, 35, confessed to being the original hacker behind the 2016 cyberattack on crypto exchange Bitfinex, a theft that was once worth $4.5 billion. Lichtenstein made the admission while pleading guilty to laundering the stolen bitcoin in a Washington, D.C. federal court, with his wife, Heather Morgan, also pleading guilty to related charges. Groundbreaking Admission: Ilya Lichtenstein Confesses to 2016 Bitfinex Hack Until the court’s admission on Thursday, the person responsible for the hack from Bitfinex was unknown to the public. Though not charged with the hack itself, Lichtenstein faces a maximum of 20 years in prison for one count of conspiracy to commit money laundering. His wife, Morgan, an aspiring rapper known as “Razzlekahn” could face up to five years. This is the first time the identity of the hacker has been disclosed, with the couple facing significant prison time, as CNBC first reported on the matter. The Department of Justice (DOJ) seized over 94,000 bitcoin (BTC) out of the more than 119,000 hacked, worth billions at the time of arrest in February 2022. Since then, the government has confiscated $475 million more related to the hack. Lichtenstein’s attack was quite similar to James Zhong’s attack against the Silk Road. “Lichtenstein used a number of advanced hacking tools and techniques to gain access to Bitfinex’s network,” the DOJ said, according to CNBC’s report. The government’s complaint further added: Once inside their systems, Lichtenstein fraudulently authorized more than 2,000 transactions in which 119,754 bitcoin was transferred from Bitfinex to a cryptocurrency wallet in Lichtenstein’s control. CNBC reporters Eamon Javers, and Dan Mangan further detailed that Morgan played an active role, assisting her husband in laundering the stolen funds. Around 25,000 stolen bitcoin were transferred out of Lichtenstein’s wallet through a complex money laundering process, ending up in accounts controlled by the couple, the report highlights. Further investigation revealed that the couple converted some assets into gold coins, with Morgan even burying them at a location known to law enforcement. Lichtenstein’s travels to Ukraine and Kazakhstan were discovered to involve converting digital assets to cash through Russian and Ukrainian middlemen, then shipping it to addresses where he could retrieve it. The crypto couple’s high-profile court case occurred on the same day as the former president, Donald Trump, was charged, leading to a rescheduling of the proceedings. What do you think about Lichtenstein’s admission to hacking Bitfinex in 2016? Share your thoughts and opinions about this subject in the comments section below. View the full article

Despite months of increasingly positive economic indicators, a majority of Americans still believe the economy is worsening, according to a new CNN poll. CNN Poll Reveals Majority See Worsening Economy The survey of 1,279 adults found that 51% think the U.S. economy remains in a downturn that is getting worse, even as indicators like job growth, GDP, and inflation suggest stabilization or improvement. The persistent pessimism comes as U.S. president Joe Biden nears the launch of his 2024 reelection campaign against Republican contenders. CNN conducted the poll from July 1 to July 31 using a combination of online surveys and live telephone interviews. The results have a margin of error of plus or minus 3.7 percentage points. Economic concerns dominated when respondents were asked to name the most important issue facing America today. Nearly half pointed to issues like inflation, poverty, and the overall economy. Dissatisfaction with personal finances also remains high, with 55% saying they are dissatisfied. The partisan divide on economic perceptions remains significant. While 39% of Democrats now say the economy is recovering, just 26% of independents and 23% of Republicans share that view. Feelings that the economy is worsening remain widespread among independents (51%) and Republicans (74%). Still, Biden’s approval rating has inched up since last summer’s lows. The new poll puts his overall approval at 41%, largely unchanged since spring. Approval of his handling of the economy (37%) and inflation (30%) remains low. Most Americans report making changes to afford necessities, like altering grocery purchases (71%), cutting entertainment spending (70%), and reducing driving (48%). Half say they changed summer travel plans due to costs. But some impacts bifurcate along partisan lines, with Republicans more likely to report reductions in driving. Congress fares poorly in the survey, with 68% saying lawmakers have not effectively addressed major issues. Most now express more trust in Republicans in Congress (54%) than Biden (45%) on these problems. Biden’s “Bidenomics” has struggled to gain support and lift the president’s rankings. The CNN poll suggests economic messages may challenge both parties as the 2024 presidential race takes shape. Persistent pessimism among key voter blocs could complicate Democrats’ arguments about recovery. While the U.S. has seen encouraging economic indicators, three of the largest bank failures in U.S. history culminated this past spring. U.S. regulators just shut down Heartland Tri-State Bank and Fitch Ratings downgraded the United States’ debt rating this week. What do you think of the latest CNN poll about what Americans think regarding the U.S. economy? Share your thoughts and opinions about this subject in the comments section below. View the full article

FTX Trading Ltd. filed a motion on Tuesday to dismiss its Dubai-based subsidiary, FTX Exchange FZE, from ongoing bankruptcy proceedings, citing the unit’s lack of operations and assets. Dubai’s FTX Exchange Faces Voluntary Liquidation After Motion to Dismiss From Parent Company In the motion filed in Delaware bankruptcy court, FTX stated that FTX Dubai has never engaged in operational activities or had any customers. The crypto exchange received a license to operate in Dubai in July 2022 but did not offer any services prior to FTX’s bankruptcy filing in November. Dubai regulators suspended FTX Dubai’s license shortly after the bankruptcy filing, and the license expired in July 2023. Without having commenced any revenue-generating activities, FTX’s court filing said its Dubai subsidiary has no reasonable likelihood of rehabilitating operations. Additionally, the company stated that FTX Dubai has a positive cash balance and is solvent, making it suitable for a voluntary liquidation procedure under United Arab Emirates (UAE) law. FTX believes dismissing the Dubai unit would allow for an orderly wind-down and liquidation of assets. The cash balance could then be used for timely distribution after paying outstanding liabilities. FTX Dubai currently holds around $4.5 million spread across bank accounts. The motion argues that bankruptcy proceedings are not necessary for the subsidiary and would only lead to further administrative expenses. FTX stated that dismissal is in the best interest of the company and its creditors. If approved, the dismissal would allow FTX Dubai to undergo liquidation in Dubai. Creditors could still pursue claims directly against the subsidiary in those separate proceedings. FTX Trading and over 100 affiliated companies filed for Chapter 11 bankruptcy protection in November 2022. The company cited a severe liquidity crisis following revelations of financial mismanagement. FTX founder Sam Bankman-Fried was arrested in December and charged with defrauding investors out of billions of dollars. He has pleaded not guilty to all charges against him. Tuesday’s motion indicates winding down FTX’s global network of entities will be a complex process spread across jurisdictions. The court will decide whether to grant dismissal of the Dubai subsidiary in a hearing later this month. Just recently, FTX and the firm’s CEO and chief restructuring officer, John J. Ray III, unveiled the debtors’ reorganization strategy which included a proposal of rebooting FTX as an “offshore crypto exchange.” What do you think about FTX seeking to remove the Dubai subsidiary from the bankruptcy proceedings? Share your thoughts and opinions about this subject in the comments section below. View the full article

Saudi Arabia announced it will continue limiting oil production through September, extending output reductions that have drawn criticism from Washington. Riyadh Holds Firm on Oil Output Limits Saudi Arabia said Thursday it will keep oil production nearly one million barrels per day below its quota for another month, according to a statement from the Saudi Ministry of Energy reported by the state-run Saudi Press Agency. The voluntary supply restraint, which began in July alongside Russia’s 300,000 barrel per day cut, aims to prop up oil prices amid concerns over slowing economic growth. But prior decisions like this one have frustrated U.S. officials who have urged producers to raise output to lower fuel costs. BREAKING: Saudi Arabia has extended its 1-million barrel oil cut to Sept Oil is up 2% on the day as it continues its uptrend from June 2023 — Game of Trades (@GameofTrades_) August 3, 2023 When OPEC+ first unveiled plans in April to trim two million barrels daily, including one million fewer barrels from Riyadh, the White House said at the time that the move was not advisable. Though crude prices have since declined, pump prices in the U.S. recently hit nine-month highs. Oil prices have moved higher in response to the announcement from Saudi Arabia that it will maintain its voluntary (1 mbd) cut through September and that this could be both "extended" and "deepened."#economy #econtwitter #oil #SaudiArabia — Mohamed A. El-Erian (@elerianm) August 3, 2023 Further OPEC+ curbs will likely frustrate Biden officials focused on taming inflation. Speaking with CNN Business, the vice president of energy futures at Mizuho Securities, Robert Yawger, told CNN’s news desk that Russia and Saudi Arabia are dependent on high oil prices. “It flies in the face of the U.S. effort to tame inflation,” Yawger remarked to CNN. U.S. gas prices are at an average of $3.869 per gallon of gasoline and last week the average was around $3.711 per gallon. Last summer in June 2022, the price at the pumps in the U.S. tapped an all-time high average of $5.02 per gallon. “$4 is the line in the sand,” Yawger told the news publication. “Once you get to $4 you get demand destruction. It kills the golden goose,” the Mizuho Securities executive added. Some analysts are attributing the high gas prices in the U.S. to “the extreme heat and the heatwaves.” In June 2023, Saudi Energy minister prince Abdulaziz bin Salman defended the voluntary cuts in oil production. Speaking with CNBC’s Dan Murphy, Abdulaziz said, “It was just our sensibility, if you will call it, that the environment was not sufficiently allowing confidence to be there. So taking a precautionary measure tends to put you on the safe side. And it is part of the typical rhythm that we have installed in OPEC, which is being proactive, being preemptive. That tool is with us. It doesn’t mean we have certainty that things will go sour or left or right.” What do you think about Saudi Arabia keeping to its oil cuts for another month? Share your thoughts and opinions about this subject in the comments section below. View the full article

XRP was one of Thursday’s notable movers, as the token dropped to a multi-week low in today’s session. The decline comes as the global market cap fell by as much as 2% over the course of the day. Dogecoin also declined, falling for a third consecutive session. XRP XRP, formerly ripple, remained in the red during today’s session, as the price fell to a multi-week low. Following a high of $0.6971 the day prior, XRP/USD slipped to an intraday low of $0.6589 earlier in the day. This is the weakest point that XRP has hit since July 13, when the token was trading below $0.4700. That day also saw XRP hit its highest point since December 2021, after it was ruled by a U.S. judge not necessarily to be a security. Since then, sentiment has been largely bearish, with the latest sell-off coming as the relative strength index (RSI) broke out of a floor at 49.00. At the time of writing, the index is tracking at 48.60, with the next visible point of support at 45.00. Dogecoin (DOGE) Dogecoin (DOGE) extended its own stay in bearish territory on Thursday, as the meme coin fell by as much as 5% today. The decline saw DOGE/USD drop to an intraday low at $0.07305, less than 24 hours after peaking at $0.07703. As a result of this sell-off, dogecoin has fallen to its lowest level since July 24, which is the last time price was trading at a support of $0.07000. Similar to XRP above, Thursday’s decline comes as a result of price strength falling below a floor at 51.00. The RSI is currently at a reading of 50.23, with DOGE trading at $0.07339, which is marginally above today’s bottom. Register your email here to get weekly price analysis updates sent to your inbox: Where do you expect the next price target for dogecoin traders? Let us know your thoughts in the comments. View the full article

PRESS RELEASE. Tallinn, Estonia, August 3, 2023 – Rollman Management, a trailblazing company renowned for its exclusive crypto insight, portfolio diversification, private crypto sales, education, and more, is excited to announce its expansion of services to empower retail and institutional investors globally. Backed by the proven expertise of Rollman Capital, a prominent hedge fund, and Rollman Mining, a leading bitcoin mining firm, Rollman Management brings unparalleled advantages and direct access to crypto experts, revolutionizing the investment journey for its subscribers. Direct Access to Industry Experts for Informed Decisions At Rollman Management, we recognize the value of direct interaction with industry leaders. Subscribers gain exclusive access to our network of seasoned experts, enabling them to seek advice, ask questions, and receive personalized guidance directly from the minds behind Rollman Capital and Rollman Mining. This level of engagement ensures that investors can make informed decisions based on expert insights and years of experience. Industry-Leading Insight for Unprecedented Growth Rollman Management’s exclusive insights stem from the combined expertise of Rollman Capital and Rollman Mining, whose track records in the crypto industry are second to none. With over a decade of experience in the crypto space and decades in the global financial markets, our team provides subscribers with 100+ high-impact insights per year, facilitating remarkable financial gains measured in millions. Trusted by Thousands, Delivering Remarkable Returns The Rollman Management advantage is evident in the unwavering trust of our satisfied clients. Over 21,000+ retail and institutional investors rely on our insights to achieve remarkable returns, ranging from 10 to 100 times their investments. As we extend our services to a wider audience, we aim to empower even more investors in realizing their financial goals within the crypto market. Unlocking Exclusive Opportunities for Subscribers Rollman Management believes in democratizing access to exclusive opportunities that can transform investment portfolios. Subscribers gain entry to private crypto sales, providing them with first-hand access to promising projects before they become publicly available. This unique advantage allows our clients to get ahead in the fast-paced crypto industry and capitalize on lucrative prospects. Comprehensive Education for Informed Decision-Making Education is paramount for successful investing. Rollman Management is committed to empowering its subscribers with the knowledge and confidence they need to navigate the crypto landscape. Through our comprehensive educational resources, investors of all levels can enhance their understanding of cryptocurrencies, market trends, and strategic investment approaches. Pricing and Subscription Options Rollman Management aims to make its premium services accessible to all. Subscribers can opt for an annual subscription priced at only $499, providing them with a year of unparalleled insights and benefits. For those seeking a lifetime membership, available at a special discounted rate, the lifetime subscription is priced at $999. “We are excited to bring our successful hedge fund, Rollman Capital, and the renowned bitcoin mining firm, Rollman Mining, together to offer unmatched insights and opportunities to our subscribers,” said Founder and CEO Victor R. Ch. Rollman, the visionary behind Rollman Management. “Direct access to experts ensures that our clients receive personalized advice, empowering them to make confident decisions in the crypto market.” Secure Your Crypto Future with Rollman Management To learn more about Rollman Management’s subscription packages and to embark on a rewarding journey in the crypto space, visit our official website at www.rollmanmanagement.com. This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

In a recent turn of events, the cryptocurrency world has been introduced to two stablecoins anchored to the U.S. dollar — Aave’s gho (GHO) and First Digital’s stablecoin FDUSD. These dollar-tied tokens have rapidly gained momentum, witnessing substantial growth in market capitalization soon after their debut. A Look at Aave’s GHO and First Digital’s FDUSD Growth In mid-July, the decentralized finance (defi) lending protocol Aave approved a governance proposal and unveiled the platform’s gho (GHO) stablecoin. On July 17, 2023, there were 2,510,269 GHO tokens in circulation, and now there are more than 11.25 million GHO. This implies that GHO’s supply expanded by over 348% within the last 16 days. Currently, the most popular trading platforms for exchanging GHO are Uniswap v3 and Balancer v2. GHO has roughly 357 holders and has recorded a total of 3,479 transactions since its inception. The 24-hour trading volume of GHO has hovered around $1.52 million, and Balancer’s Vault accommodates 59.2255% of the entire GHO supply. The present supply and market capitalization of GHO position it as the 31st largest stablecoin in August 2023. GHO exceeded $1 when it jumped to $1.01 per unit or more than 3% higher just 18 days ago. On July 24, 2023, GHO reached its all-time low at $0.971 per unit. While a 348% supply surge is impressive, FDUSD has exhibited an even more remarkable ascent since its introduction. On July 26, 2023, etherscan stats revealed that FDUSD’s supply was approximately 1,114,126 just a week ago. Today, over 232 million FDUSD are in circulation, indicating a staggering 20,000% increase in supply within a week. FDUSD’s statistics also show that there are only 14 holders and a mere 98 transfers have been recorded since its launch. An estimated 96.0563% of FDUSD’s supply is held in a wallet named “Binance 14,” while 1.4325% resides in another wallet called “Binance 15.” Binance seemingly controls the third largest wallet containing 1.3670% of the FDUSD supply. The fourth largest wallet holds slightly more than 2 million FDUSD, accounting for 0.8604% of the circulating supply. Coinmarketcap.com (CMC) data reveals that FDUSD’s leading market is tether (USDT), with $65,964,418 traded globally on Binance in the past 24 hours as of August 2, 2023. Approximately $2,773,961 worth of transactions have been registered against the stablecoin BUSD, and FDUSD’s BNB volume has been a meager $2,773,961. Even lower is the volume on Pancakeswap which has seen an even smaller $46.65 in 24-hour trade volume on August 2. So far, FDUSD has recorded an all-time high at $1.06 per unit on July 29, 2023, and an all-time low on July 31, when it hit $0.912 per coin, CMC statistics show. What do you think about GHO’s and FDUSD’s supply growth? Share your thoughts and opinions about this subject in the comments section below. View the full article

Bitcoin was once again trading below the $29,000 level on Thursday, as bulls retreated following yesterday’s gains. The drop appeared to come as traders secured profits, following a failed breakout of a key price point. Ethereum also edged lower today. Bitcoin Bitcoin (BTC) dropped below the $29,000 zone in today’s session, as bulls appeared to have abandoned their positions following Wednesday’s gains. After peaking at $29,988.00 yesterday, BTC/USD slipped to an intraday low of $28,946.51 earlier in the day. This comes as the bullish sentiment surrounding Microstrategy’s latest BTC investment seems to have already faded. In addition to this, the relative strength index (RSI) failed to move past a key ceiling at 50.00, and has bounded off a floor at 42.00. As of writing, the index is tracking at 42.79, with BTC climbing back above the $29,000 mark as a result. Price may now consolidate, as traders’ attention turns to Friday’s nonfarm payrolls report. Ethereum Additionally, ethereum (ETH) also moved lower earlier in the day, dropping below a support point of $1,850 in the process. ETH/USD bottomed out at $1,822.35 during today’s session, following Wednesday’s high at $1,860.19. As a result of today’s decline, ethereum moved back towards a four-week low at $1,812. The slippage took place after the RSI fell below a floor at the 45.00 level, and it is now at a reading of 41.93. Should momentum continue to drop, the next price target will likely be the $1,795 level. Register your email here to get weekly price analysis updates sent to your inbox: Will markets rebound prior to tomorrow’s payrolls report? Leave your thoughts in the comments below. View the full article

Traders in China have reportedly exchanged $90 billion worth of cryptocurrencies on Binance despite a ban on their trading in the country. According to a report quoting internal figures and sources, the volume made the People’s Republic Binance’s biggest market. Binance Processed Monthly Crypto Transactions Worth $90 Billion in China Despite Ban Users of Binance, the world’s largest exchange for digital assets, have traded $90 billion of cryptocurrency in a single month in China where crypto trading has been prohibited since 2021, the Wall Street Journal reported on Tuesday. The activity made China the biggest market for Binance, accounting for 20% of volume worldwide, excluding trades made by a category of very large traders, the publication wrote, citing internal figures as well as current and former employees of the company. Reuters noted in a report that the newspaper did not specify the month during which the transactions were made. While Binance did not immediately respond to a request by the news agency for additional comments, a spokesman for the exchange was quoted by the WSJ as stating: The Binance․com website is blocked in China and is not accessible to China-based users. While was initially based in China, the exchange pulled out of the country amid a regulatory crackdown in late 2017. However, according to a report by the Financial Times in March, also quoting internal documents, the crypto giant maintained links to China several years after its management’s claims that it had left the mainland. In the past few months, the leading cryptocurrency exchange has been under increased scrutiny of regulators around the world. In the United States, Binance was sued by the Commodity Futures Trading Commission and the Securities and Exchange Commission for breaking U.S. securities and derivatives laws and diverting customer funds. An ongoing probe by the U.S. Department of Justice seeks to establish whether Binance is responsible for money-laundering and sanctions evasion. In June, French prosecutors launched an investigation for money laundering and regulatory violations, too. Do you think Binance is still active in China? Share your thoughts on the subject in the comments section below. View the full article

The Kenyan interior ministry said on Aug.2 that Worldcoin’s activities in the country have been “suspended” in order to give government agencies an opportunity to assess the cryptocurrency project’s potential risks to public safety. The country’s interior minister Kithure Kindiki reportedly warned of unspecified consequences for those violating the country’s laws. Probe Into Worldcoin’s Activities in Kenya Launched Just days after Kenya’s data regulator warned residents against scanning their eyeballs via Worldcoin’s orbs, the country’s interior ministry announced on Aug. 2 that it had “suspended” activities of the Sam Altman-backed crypto project. The ministry said the suspension would allow government agencies to assess the crypto project’s potential risks to public safety. As reported by Bitcoin.com News in late July, the country’s Office of the Data Protection Commissioner (ODPC) told Kenyans to be more circumspect before getting scanned. The ODPC’s warning followed local reports which suggested that young Kenyans were lining up to get scanned. Meanwhile, in a statement which seemingly dovetails with the ODPC’s warning, Kithure Kindiki, Kenya’s interior minister, said: Relevant security, financial services and data protection agencies have commenced inquiries and investigations to establish the authenticity and legality of the aforesaid activities. Kindiki also warned of unspecified consequences for anyone who engages in activities which violate the country’s laws. Kenya’s suspension of Worldcoin activities in the East African nation is one of the most direct actions taken by a government or regulator so far. In Germany, one of the few countries to voice concern against Worldcoin’s activities, the data watchdog recently said it is investigating the crypto project. In France, the country’s data watchdog has questioned the legality of Worldcoin’s biometric data collection. Register your email here to get a weekly update on African news sent to your inbox: What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Founder of bankrupt crypto exchange FTX, Sam Bankman-Fried (SBF), has sought to avoid being jailed, denying prosecutors’ accusations of witness tampering that followed an interview he gave for the New York Times. The indicted crypto mogul also argued that revoking his bond would violate his right to free speech. Bankman-Fried Says He Never Tried to Intimidate Witnesses Ahead of Trial Sam Bankman-Fried, the founder and former chief executive of failed crypto exchange FTX, claims he has never attempted to intimidate witnesses in his trial set to begin in October. In a letter to U.S. District Judge Lewis Kaplan in Manhattan, quoted by Reuters and Bloomberg, he insisted there was no reason for him to go to jail as requested by the prosecution. Last week, U.S. prosecutors asked Kaplan to jail SBF after an article published by the New York Times quoted excerpts from a diary written by Caroline Ellison, former CEO of Bankman-Fried’s hedge fund Alameda Research and his former girlfriend. They accused him of trying to intimidate Ellison, who pleaded guilty and may testify against him. Judge Kaplan imposed a temporary gag order and gave both sides time to prepare and submit written arguments before he rules on the request. In the letter, SBF’s lawyer Mark Cohen stated that the interview “was a proper exercise of his rights to make fair comment on an article already in progress, for which the reporter already had alternate sources.” He also stated: Mr. Bankman-Fried’s contact with the New York Times reporter was not an attempt to intimidate Ms. Ellison or taint the jury pool. Bahamas-headquartered FTX, one of the world’s largest crypto exchanges before it collapsed last year, filed for bankruptcy protection in the U.S. in November. Bankman-Fried was arrested in December in the Bahamian capital, Nassau, and extradited to the United States to face fraud charges, including misuse of customer funds, some of which were allegedly transferred to Alameda. Sam Bankman-Fried has pleaded not guilty and has been living under house arrest at his parent’s home in California on a $250 million bond. He has frequently communicated with the public and the media since his arrest, having made 100 calls with the New York Times reporter alone, according to U.S. authorities. SBF’s lawyers claim that jailing him would raise First Amendment issues. “As the government concedes, criminal defendants have a right to talk to the press about their case to influence their public image and try to protect their reputation, as long as the communications are not calculated to pervert the course of justice,” the letter notes. The defense also argued that restricted internet access at the Metropolitan Detention Center in Brooklyn, where SBF would be held, would prevent him from preparing for the trial. Do you agree with Sam Bankman Fried’s lawyers that a detention would violate his free-speech rights and hinder preparations for the trial? Share your thoughts on the case in the comments section below. View the full article

Ethereum moved closer to the $1,900 level on Saturday, as cryptocurrency markets made marginal gains. At the time of analysis, the global market capitalization has risen modestly by 0.32%, mirroring the effects of Friday’s U.S. consumer sentiment report, which fell short of expectations. Contrary to the projected sentiment of 72.6, the actual figure hovered at 71.6. Concurrently, bitcoin witnessed an uptick in its price. Bitcoin Bitcoin (BTC) moved above a key support point of $29,200 on Saturday, as cryptocurrency markets continued to consolidate. Following a low of $29,186.47 on Friday, BTC/USD jumped to an intraday peak at $29,521.51 earlier in today’s session. BTC has mostly consolidated this past week, as traders attempted to find a firm floor, after recent selloffs. Today’s consolidation comes as the relative strength index (RSI) appeared to have found its own floor at the 43.00 mark. At the time of writing this, the index is now tracking at 43.95, and appears to be heading for a ceiling at 48.00. In the event price strength reaches this point, there is a good chance BTC could be trading above $29,800. Ethereum After a volatile few days, ethereum (ETH) made strides towards the $1,900 level to start the weekend. ETH/USD peaked at $1,881.46 earlier in the day, which comes following Saturday’s bottom at the $1,865.45 mark. Ethereum has failed to climb above the $1,900 point since last Sunday, and has mostly been in a downtrend since a move over $2,000 earlier in the month. The RSI is on the cusp of breaking out of a resistance level at 49.00, which could help tempt previous bulls to reenter the market. Should this occur, the 10-day (red) moving average might also change its current course, and potentially move back over its 25-day (blue) counterpart. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect ethereum to rally over $2,000 in August? Leave your thoughts in the comments below. View the full article

In a recent “fireside chat” with the deputy director of the Web3.0 Policy Office of Japan’s Ministry of Economy, Trade, and Industry, Yuga Labs CEO Daniel Alegre noted: “We’re not even in the first inning” of where Web3 “evolution” is going to go. During the interview with the politician, Alegre described new models of IP (intellectual property) that transcend national borders and break down barriers traditional IP models impose. Bored Apes: A New Paradigm for IP CEO of Yuga Labs Daniel Alegre recently sat down with deputy director of the Web3.0 Policy Office at Japan’s Ministry of Economy, Trade, and Industry to discuss the future of Web3 and product licensing, describing a new model of “community-based IP.” Speaking to Waka Itagaki about the power of the Bored Ape Yacht Club global community at the Webx conference on Tuesday, Alegre described: “Whether it’s a Bored Ape brewing company, that the team introduced me to yesterday, or whether it’s new artists that want to create [gaming content] on their other side platform … it’s really creating and connecting culture on the blockchain, but at a global level.” The executive, formerly COO of Activision Blizzard, went on to note that “Web3 brings creators and consumers and communities together, and they build these brands together,” emphasizing, “It’s a fundamental rethink of IP and IP rights.” Alegre detailed: In a normal media environment, if you own IP, you license it very exclusively and for a very finite use case … when you buy a Bored Ape NFT, we are giving you an unlimited license to do with that IP what you want … If you want to start a restaurant chain, if you want to have a brewing company, if you want to create t-shirts that you want to sell, it enables that. Alegre didn’t directly address one portion of Itagaki’s prompt when she asked “How are you planning to align with the government’s regulation?” He did, however, suggest a way for regulators to view Web3, noting: “And this is where I love your point of view from a government perspective — how do you think about enablement so that more people can actually leverage what Web3 can bring to bear.” Animoca Rep and Other Speakers Share Similar Views on New, Decentralized Models of Business and Finance Similar to Alegre’s enthusiasm for fresh ways of viewing intellectual property, later the same day, Evan Auyang of Animoca Brands also described a new way to look at competition in the marketplace, noting: The whole point about this ecosystem … is that we’re trying to see if we can grow the pie bigger rather than dominating it ourselves, which is more Web2 thinking. If the pie grows bigger, then we will benefit … on the assets that we have at the same time. In another talk at Webx, Ken Deeter, partner at crypto-focused VC fund Electric Capital in the United States, explained he was interested in defi as an extension of the Bitcoin ethos, which arose from a mistrust of central banks and traditional monetary policy. Like with the evolution in perspective on IP described by Alegre, Deeter and others at Webx expressed interest in setting up new models. What do you think? Is Web3 leading a positive evolution away from outdated, coercive models of business, law, and finance, or is more regulation needed? Let us know in the comments section below. View the full article

Cryptocurrencies and DeFi have shaken up the world of finance, but the spotlight on Sam Bankman-Fried (SBF), the mysterious FTX founder, has raised serious concerns about how the U.S. government handles financial regulation and fairness. SBF faces some serious accusations like misusing customer funds, market manipulation, insider trading, witness tampering, and money laundering. Some folks think he’s getting special treatment due to his connections and wealth. The following opinion editorial was written by Bitcoin.com’s Business Development Manager Ben Friedman. Double Standards One of the main issues raised is the double standard between powerful folks like SBF and regular Americans like you and me. If any average Joe faced the same charges, they might not have the same cushy treatment during legal proceedings. It raises questions about the impact of connections and money when it comes to justice. Another point of contention is the alleged conflicts of interest between government organizations and authorities, which could potentially hinder a thorough investigation. SBF’s close ties to the Securities and Exchange Commission (SEC), coupled with substantial political donations to prominent figures like President Joe Biden and Senator Elizabeth Warren, have led to speculations about the impact of these connections on the decision-making process. Additionally, concerns have been raised about political contributions made by SBF’s parents and their potential influence on regulatory scrutiny of FTX. It’s hard not to notice the different enforcement priorities when it comes to cryptocurrency exchanges. While exchanges like Binance and Coinbase faced regulatory action, FTX seems to have dodged similar consequences despite the serious allegations against its founder. This inconsistency makes us wonder if all crypto exchanges are held to the same standards. SBF’s high-powered legal team has been accused of using legal maneuvers to obstruct and delay investigations. This strategy has raised concerns about the fairness and effectiveness of the legal process when faced with powerful adversaries who can afford top-tier representation. The recent request for SBF’s incarceration by the prosecution may signal a shift in the handling of his case, which some say is too little too late given the gravity of the charges. The issue at hand is not merely about one individual or exchange; it goes to the heart of financial regulation and accountability in the United States. If influential figures like SBF can navigate the legal system with relative ease, it erodes public trust in the fairness and impartiality of the financial regulatory framework. In comparison to cases involving individuals without powerful connections, such as the controversial examples of Hunter Biden and Jeffrey Epstein, it’s clear that there’s a stark contrast in how justice is served. While some argue that powerful figures like SBF have received preferential treatment during legal proceedings, others feel that regular people would end up in jail for similar actions. The unequal treatment calls for a more fair and consistent approach to enforcing financial regulations and pursuing justice. In conclusion, the legal saga surrounding SBF raises significant concerns about how powerful connections and financial influence can impact the handling of financial misconduct cases. To rebuild trust in the cryptocurrency industry and the broader financial system, regulatory authorities must demonstrate an unwavering commitment to investigating and prosecuting wrongdoing, regardless of an individual’s status or connections. Upholding fairness and impartiality is not only crucial for maintaining the integrity of our financial system but also for safeguarding the interests of all investors and consumers. By striving for a more equitable and consistent approach to enforcement, we can pave the way for a stronger, more transparent, and accountable financial landscape that benefits every ordinary American. What do you think about the way SBF has been treated during his legal proceedings? Share your thoughts and opinions about this subject in the comments section below. View the full article

Worldcoin, the digital ID passport and universal basic income project, is allegedly rising in popularity, with thousands of people said to be signing up and registering. According to Sam Altman, co-founder of the project, one person is currently verified by the iris scanning devices — the “Orb” — every 8 seconds. However, some data could call these claims into question. Worldcoin Operations Allegedly Ramping Up, One Person Getting Verified Every 8 Seconds Worldcoin, a project that aims to become a digital decentralized ID that will serve to deploy a Universal Basic Income (UBI) system with Sybil protections, is seeing more interest from potential users, according to statements from its team. The project launched officially on July 24 after more than three years of development, and it is currently ramping up its presence in different parts of the world. Photos of the iris scanning devices, called “Orbs,” have been shown on Worldcoin’s social media accounts, confirming their presence in cities like Lisbon, Miami, and Los Angeles, even as the World App is not available in the U.S. due to lack of regulatory clarity. Sam Altman, CEO of Openai and co-founder of Worldcoin, posted a video on social media showing users waiting in line to be signed up using an Orb to verify their identities. Altman stated there were “crazy lines around the world,” declaring that one person was getting verified every 8 seconds. Altman’s Objectives Due to the supposed high level of demand, Worldcoin is now allowing users to reserve their genesis airdrop of 25 WLD, the native token of the protocol, and be verified later to obtain it. However, reports indicate this demand might not be as high as Altman states. For example, a recent article published on SCMP declares only a few hundred participants registered in Hong Kong on Monday and Tuesday. While Worldcoin announced it had reached 2 million signups on July 13, the data shows that only about 13% of these users have possession of the WLD tokens on the Optimism network. According to Etherscan, less than 270,000 participants are holding WLD, the protocol’s token. This is still far from the 2 billion people Altman mentioned recently on social media as his final goal. According to blockchain research company Kaiko, due to the distribution of liquidity among market makers, the first weeks might be crucial for the project, given that the value of the airdrop is close to $50 is “and will likely stay in that range for the next three months.” What do you think about Wordcoin and its announced adoption? Tell us in the comments section below. View the full article

Russian President Vladimir Putin has railed against using the dollar as a political weapon in a meeting with the New Development Bank’s president, Dilma Rousseff. Putin stated that this weaponization and the recent developments in global finance complicated the institution’s growth to help third-world countries facing difficult conditions. Russian President Vladimir Putin Talks Dollar Weaponization in Recent Meeting Russian President Vladimir Putin referred to the weaponization of the dollar and its effects on the global economy in a recent meeting with Dilma Rousseff, president of the New Development Bank (NDB) — also known as the BRICS bank — during the second Russia-Africa Summit held in Saint Petersburg. Putin explained this weaponization complicated Rousseff’s task of growing and developing the NDB’s role in the current international arena. Talking to Rousseff, Putin stated: I am confident that … you will make every effort to develop this institution. In the current conditions, it is not easy to do so, given the developments in global finance and the use of the dollar as a political weapon. Furthermore, Putin declared that the BRICS countries (Brazil, Russia, India, China, and South Africa) were “increasing the use of national currencies in their mutual settlements,” mentioning that the NDB might have a role to play in boosting these joint activities. Rousseff’s Statements Rousseff stated that even as the bank faces liquidity problems, the institution is called to develop a more significant role in the emerging multipolar world order. She explained: The bank should play a major role in the development of a multipolar, polycentric world. We must work to attract investment in the markets of our partners. Putin had declared previously that this new multipolar world already being shaped will be “more just and democratic.” Rousseff also talked in favor of using national currencies for international trade, stating: I also believe that the countries of the developing world can freely make their foreign trade transactions between themselves in their national currencies. The Roscongress Foundation, a Russian think tank that sponsors the Russia-Africa Summit, had profiled the role of the NDB as a counterpart to the International Monetary Fund (IMF) in a report published in May. In Roscongress’ vision, the bank could issue “energy loans” based on the energy exporting capabilities of each member. These energy loans would be secured through the NDB, being liquid due to its multi-currency nature, similar to the IMF’s Special Drawing Rights (SDR). What do you think about Putin’s statements on the weaponization of the U.S. dollar? Tell us in the comments section below. View the full article

Minnesota has become one of the few U.S. states to permit crypto donations to political campaign committees. However, according to the state’s new rules, crypto donations must be converted to U.S. dollars within five days. In the event of price changes within the five-day grace period, these must be shown separately in campaign finance reports. Converting Crypto Donations to Dollars The U.S. state of Minnesota has become one of the first states in the country to okay crypto donations to political campaign committees. Under the state’s new rules, which took effect in July 2023, recipients of crypto donations are nevertheless required to convert these to U.S. dollars within five days. According to a report by Axios, the crypto contributions must be valued at the digital assets’ respective prices when the donations were made. In the event of the prices changing within the five-day grace period, such changes must be shown separately in campaign finance reports. Minnesota’s decision to allow crypto contributions was made after the state’s Campaign Finance & Public Disclosure Board received inquiries from campaign teams which wanted to know the procedures for accepting crypto donations. According to Jeff Sigurdson, the CEO of the state’s political finance and disclosure body, these inquiries in turn prompted it to ask legislators to look into this. Although the state has okayed crypto contributions, prospective recipients of such donations are still wary of digital assets’ volatility. The identity of crypto donors is also another key concern for the campaign committees. Politicians Not in a Hurry to Receive Crypto Donations Meanwhile, U.S. congressman Ken Martin is quoted in the report stating that he is not seeking to actively raise crypto donations. “There’s so much that you have to do to verify cryptocurrency and … accept it that it’s somewhat of an administrative nightmare,” Martin said. Minnesota Republican David Han claimed that politicians from the state will accept any “lawful contribution to help our cause.” He however claimed that politicians in the state are currently not focused much on raising funds via crypto donations. As per the report, the new rules are expected to give the green light for collecting political donations via Venmo and other mobile payment apps. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article