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U.S. lawmakers have advanced the Financial Innovation and Technology (FIT) for the 21st Century Act that establishes a regulatory framework for the crypto market. “Our bill establishes clear principles to ensure financial security and certainty as digital asset developers continue to innovate,” a lawmaker explained. FIT for the 21st Century Act Advances U.S. lawmakers have advanced the Financial Innovation and Technology (FIT) for the 21st Century Act (H.R. 4763). On Wednesday, the House Financial Services Committee passed the bill, followed by the House Committee on Agriculture approving it on Thursday. The FIT for the 21st Century Act establishes a digital asset framework to provide regulatory certainty to the crypto market. Reps. French Hill (R-AR), chairman of the Subcommittee on Digital Assets, Financial Technology and Inclusion; Glenn “GT” Thompson (R-PA), chairman of the House Committee on Agriculture; and Dusty Johnson (R-SD), chairman of the Subcommittee on Commodity Markets, Digital Assets, and Rural Development introduced the bill on July 20. Its co-sponsors include Reps. Tom Emmer (R-MN) and Warren Davidson (R-OH). Rep. Johnson explained: “The digital asset space is muddled with regulatory uncertainty, lack of authority, and a lacking framework for core operating principles.” He elaborated: The crypto industry wants clarity and our collaborative bill gives both the CFTC and SEC a seat at the table. Our bill establishes clear principles to ensure financial security and certainty as digital asset developers continue to innovate. The FIT for the 21st Century Act also contains a provision that provides for joint rulemakings between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Congressman Hill commented on Wednesday: Congress has heeded the call for strong consumer protections and a functional regulatory framework, which is why I introduced my bill after working closely with key stakeholders, the Biden administration, and members from both sides of the aisle. “The status quo is not solving problems, it’s not serving people, and it’s leaving America weaker by the day for failing to provide clarity in the digital assets market. We now have the opportunity to harness and embrace this next generation of technology in the United States,” said Congressman Davidson. What do you think about U.S. lawmakers advancing the Financial Innovation and Technology (FIT) for the 21st Century Act? Let us know in the comments section below. View the full article

The long-standing legal feud between FTX Trading and Genesis Global Holdco is taking a turn towards resolution. The two parties have reached an initial agreement, in principle, following bankruptcy protection disputes that have made industry headlines. An official letter to the bankruptcy judge representing their cases has affirmed the intent of the firms to put their settlement into motion. FTX, Genesis Engage in Crypto Bankruptcy Settlement The saga, rooted in the insolvency of FTX Trading, began when the company claimed that Genesis, a crypto lending platform, owed them a sum of nearly $2 billion. This claim could have considerably slowed down Genesis’ court procedures. Now, with the letter to the presiding judge dated July 27, 2023, the path to settlement seems more tangible, promising to bring an end to the bankruptcy bickering. The missive to the court represents a significant step in resolving the issue between the disputing parties. FTX Trading Ltd., and its associated debtors, along with the debtors in the Chapter 11 bankruptcy case, have confirmed that they’ve reached a preliminary agreement. The court filing states: The parties have reached an agreement in principle, subject to documentation, regarding a settlement that would resolve, among other things, the claims asserted by the FTX debtors against the debtors in these Chapter 11 Cases and the claims asserted by the Genesis debtors against the FTX debtors in the FTX Chapter 11 cases. Moreover, the settlement plans to dismiss FTX’s motion to modify the automatic stay and the motion to establish procedures for estimating the number of FTX debtors’ claims against the debtors. In essence, the settlement’s approval would mean the withdrawal of these motions, simplifying the otherwise complex legal proceedings. The settlement’s details are yet to be disclosed. However, the involved parties detailed they are set to act swiftly to formalize their agreement and seek approval from the court. Genesis continues to grapple with additional legal tussles, including a freshly lodged lawsuit aimed at its parent entity, Digital Currency Group (DCG), as well as its CEO and progenitor, Barry Silbert. What do you think about FTX and Genesis coming to an agreement? Share your thoughts and opinions about this subject in the comments section below. View the full article

PRESS RELEASE. ATPBot, the renowned leader in quantitative trading strategy development, proudly introduces its revolutionary auto trading bot to the cryptocurrency market. This cutting-edge bot boasts a user-friendly interface and a proven set of features, designed to cater to both novice and seasoned traders alike. ATPBot leverages the power of artificial intelligence to create and implement winning quantitative trading strategies. Supported by rigorously tested and proven methods, the bot offers meticulous backtest data, instilling investors with confidence in their trading endeavors. The auto trading bot simplifies the complex trading landscape into just three steps: Connect, Select, Run! By connecting to a crypto exchange API, users can effortlessly choose a strategy and set the investment amount. With a single click of the “Run” button, the AI bot takes over, tirelessly working 24/7. ATPBot’s brilliance lies in its constant strategy adjustments, fueled by extensive historical data and market analysis. The bot strives to maximize profits while effectively mitigating risks, setting new standards in the industry. ATPBot’s straightforward interface and preset parameters democratize the world of trading, making it accessible to all. Regardless of trading experience, users can confidently participate in AI quant trading. ATPBot fosters a robust Discord community comprising quantitative trading experts from around the globe. This space facilitates knowledge sharing, market trend analysis, and exploration of advanced trading techniques. ATPBot’s auto trading bot disrupts the traditional trading landscape. Investors are invited to seize this opportunity to save time, maximize profits, and thrive in the dynamic cryptocurrency world. About ATPBot ATPBot is a pioneering force in quantitative trading strategy development, offering efficient and stable solutions powered by AI and rigorous backtesting. Experience simplicity, unlock profitability, and chart course with confidence. For more information and to explore the potential of the auto trading bot, visit www.atpbot.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

A new study conducted in May 2023 sought to uncover insights, perspectives, and outlooks on meme coins from crypto investors around the world. The online survey of 1,503 participants aimed to gauge meme coins’ potential in the cryptocurrency market. It revealed several findings about investor sentiments, behaviors, and perceptions surrounding these unique digital assets. Meme Coins: Gamble or Investment? The study by chainplay.gg titled “State of Meme Coin” revealed a divide between investors who have purchased meme coins (63.9%) and those avoiding them (36.1%). Of the investors purchasing meme coins, a majority (69%) do it for fun. Yet, 79% still perceive them as long-term investments with the potential for profit, even though 70% suspect most meme coins are fraudulent. Additionally, 73% equate investing in meme coins to mere gambling. The primary concerns about meme coins, according to nearly 64% of the study’s respondents, are scams and rug pulls. Over half (55.13%) also expressed skepticism about the future of these assets. The study found that 92% dedicate less than 25% of their cryptocurrency portfolio to meme coins. Moreover, 51% spend less than an hour researching before investing, primarily focusing on meme popularity, social media activity and community engagement. At present, the leading meme coins, gauged by market capitalization, command a combined net value exceeding $17 billion. Taking the lead this week among the quintet of top meme coin assets is dogecoin (DOGE), posting a gain of 9.9% against the U.S. dollar. Shiba inu (SHIB) has also seen growth, albeit at a lesser rate of 1.6%. Meanwhile, the third most prominent meme coin, pepe (PEPE), has experienced a downturn, losing 10.9% over the past week. As of July 27, 2023, the meme coin market reported $904.36 million in 24-hour worldwide trading volume. In the study, one in five cryptocurrency investors surveyed globally said they were introduced to digital currencies because of meme coins. Of those purchasing them, 32% have less than a year of experience in the market. This suggests that the hype around meme coins is drawing some newcomers, though it’s not the predominant entry point. When asked about potential growth drivers if meme coins prosper, the top responses were celebrity endorsements, partnerships with major brands, and integrated utility. However, over half of the respondents were skeptical or indifferent about artificial intelligence (AI)-generated meme coins. The study says that if the meme coin economy “thrives” going forward, investors suggest it will be attributed to four factors. About 12% of respondents suggest that AI-related adoption and application could be a factor, while 22% believe it will be due to more practical use cases or real-world applications. Meanwhile, 23% attribute it to popularity among younger generations, and 26% stated they expect growth from the overall explosive growth of cryptocurrency. What do you think about the meme coin study and its findings? Share your thoughts and opinions about this subject in the comments section below. View the full article

Rich Dad Poor Dad author Robert Kiyosaki has reiterated his warning about the impending demise of the U.S. dollar as the BRICS summit approaches. The famous author anticipates the launch of a new currency by the economic bloc and the de-dollarization efforts of around 41 nations seeking to join the BRICS group. Robert Kiyosaki on BRICS Currency, De-Dollarization, and End of US Dollar The author of Rich Dad Poor Dad, Robert Kiyosaki, has reiterated his warning about the end of the U.S. dollar. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Kiyosaki tweeted Wednesday that on Aug. 22, about 41 nations will meet in South Africa to de-dollarize the world. He expects the BRICS nations (Brazil, Russia, India, China, and South Africa) to launch a new currency called “bric,” noting that each bric unit will be equivalent to 1 oz. of gold. The upcoming BRICS summit is scheduled for Aug. 22-24 in Johannesburg, with South Africa as this year’s host. Anil Sooklal, the South African diplomat overseeing BRICS relations, disclosed this week that over 40 nations have expressed interest in joining the economic bloc, and 22 of them have already submitted formal applications. Sooklal further revealed that 69 leaders have been invited to the August summit, including all of the African heads of state and the leaders of major Global South bodies. However, he pointed out that no leaders of Western countries, including French President Emmanuel Macron, have received invitations. Macron previously expressed interest in attending the BRICS summit but was met with opposition from Russia. Moreover, the South African diplomat said that the subject of a common BRICS currency is not on the agenda to be discussed at the summit, emphasizing that the BRICS bloc will focus on de-dollarization efforts and using national currencies in trade settlements. In his tweet, Kiyosaki referred to the proposed BRICS currency as “bric” — the term frequently used by Jim Rickards, whom Kiyosaki referred to as his good friend and financial expert. Rickards is the author of “Sold Out: How Broken Supply Chains, Surging Inflation, and Political Instability Will Sink the Global Economy.” He has predicted that the new BRICS+ currency will be linked to gold. This was not the first time Kiyosaki has warned about the end of the U.S. dollar. Earlier this month, he similarly stated that the U.S. dollar’s demise is imminent, predicting that it will occur with the launch of a gold-backed currency by the BRICS nations. What do you think about the warning by Rich Dad Poor Dad author Robert Kiyosaki? Let us know in the comments section below. View the full article

According to a statement published by the South Korean Financial Services Commission (FSC), the entity’s Korea Financial Intelligence Unit held a meeting with virtual asset service providers (VASPs) in order to strengthen regulatory compliance. The top five South Korean cryptocurrency exchanges including Upbit, Bithumb, Coinone, Korbit, and Gopax have created compliance systems to monitor illegal activity. South Korean VASPs Urged to Bolster Regulatory Compliance Standards In an aggressive stand against proliferating unlawful activities in the digital currency market, South Korean authorities announced their commitment to bolstering the compliance efforts of virtual asset service providers, while adequate legislation is debated. The FSC’s Korea Financial Intelligence Unit, a government agency with the express mandate of combating financial crimes, convened a meeting to discuss strengthening compliance with virtual asset service providers (VASPs). The head of the intelligence unit, Lee Yoon-soo, highlighted a burgeoning necessity. He asserted that “the need to establish market order and protect investors has increased significantly as the virtual asset market has been formed and developed domestically and internationally over the past few years.” The director added: As the role of virtual asset operators is very important as the primary gateway for preventing illegal activities, we plan to support the enhancement of autonomous compliance capabilities of operators by strengthening the legal compliance incentive system and improving predictability for laws and systems. The meeting revealed that Upbit has created an abnormal transaction detection system using artificial intelligence (AI). Bithumb developed a feature to automatically terminate the exchange app when a remote control app is installed and it detects money laundering transactions. Coinone enhanced management and monitoring of ‘risk wallet address’ related to financial accidents. Korbit introduced a real-time management system for each stage of Suspicious Transaction Reporting (STR) and a secondary review system. Lastly, Gopax established a hotline that can immediately respond when an account freeze request related to crimes such as voice phishing is received. By engaging in a collective commitment, the attendees of the meeting pledged to fortify their shared dialogue around growing compliance abilities. They plan to sustain this commitment by convening consistently every 2-3 months going forward. What do you think about South Korea’s top five crypto exchanges bolstering regulatory compliance methods? Share your thoughts and opinions about this subject in the comments section below. View the full article

Stronghold Digital Mining announced Thursday it has acquired 2,000 application-specific integrated circuit (ASIC) bitcoin mining rigs from Canaan. The new machines, costing $3 million, will be delivered to Stronghold’s Panther Creek facility in the third quarter. Stronghold Digital Mining Acquires 2,000 Avalon A1346 Bitcoin Miners Although 2022 wasn’t an exceptional year for bitcoin mining operations, firms have significantly expanded in 2023. New facilities have been launched, and mining companies have purchased thousands of bitcoin miners for expansion. On Thursday, Stronghold Digital Mining, listed on Nasdaq as SDIG, revealed it has purchased 2,000 Avalon A1346 bitcoin miners crafted by Canaan. The Canaan mining machines are estimated to produce a hashrate of around 110 terahash per second (TH/s), with a single machine consuming 3,300 watts. The power efficiency of a single Avalon A1346 is approximately 30 joules per terahash. Stronghold specified that the new machines, costing the company $3 million, will be delivered to its Panther Creek facility in the third quarter. “We are very excited to expand our relationship with Canaan through the purchase of the A1346 miners, their most efficient bitcoin miners,” Greg Beard, the chairman and CEO of Stronghold remarked. “These miners are among our best performers in our air-cooled Strongbox containers and provide an attractive value proposition given the combination of high hashrate, energy efficiency, and price point.” Stronghold’s purchase follows its announcement of a partnership with Canaan subsidiary Cantaloupe Digital LLC in May. The company entered a two-year hosting agreement at that time, which has since been amended and expanded. Despite a 1.36% drop in Stronghold shares on Thursday, 30-day statistics indicate SDIG shares have increased 136% against the U.S. dollar. What do you think about Stronghold’s purchase of 2,000 Avalon A1346 bitcoin miners crafted by Canaan? Share your thoughts and opinions about this subject in the comments section below. View the full article

In a court filing released Wednesday, the U.S. Department of Justice dropped campaign finance charges against disgraced FTX co-founder Sam Bankman-Fried. Prosecutors said the charges were dropped in accordance with U.S. treaty obligations to the Bahamas. Sam Bankman-Fried Cleared of Campaign Finance Charges Campaign finance charges against Sam Bankman-Fried, co-founder and former CEO of FTX, have been dropped, according to a court filing released Wednesday. Bankman-Fried was extradited swiftly from the Bahamas to the U.S. last December. His lawyers argued that the U.S. Department of Justice mishandled the extradition process. In late June, Bankman-Fried’s legal team argued that the extradition process from the Bahamas to the U.S. violated the rule of specialty, as he faced charges beyond those originally specified in the extradition request. “In keeping with its treaty obligations to the Bahamas, the government does not intend to proceed to trial on the campaign contributions count,” states the court filing released Wednesday. BREAKING: The Department of ‘Justice’ drops charges against Sam Bankman-Fried. America’s justice system is a joke. — Kevin Sorbo (@ksorbs) July 27, 2023 On Thursday afternoon, social media platforms such as X were filled with posts about the dropped campaign finance charges against Bankman-Fried. At 2:30 p.m. Eastern time, the trending topic “Sam Bankman-Fried” was being discussed by 51,000 X users. “Sam Bankman-Fried of FTX having a federal campaign contribution charge dropped by the DOJ because it would incriminate too many of their preferred politicians going into the 2024 election is pretty insane,” wrote Autism Capital, an account on X. “The Department of Justice dropped the campaign finance charge against Sam Bankman-Fried,” the X account Tarabull said on Thursday. “Our two-tier justice system at work. Remember when Sam Bankman-Fried gave $300K to House Committee Members investigating him, including Maxine Waters?” Investigative journalist Glenn Greenwald commented on the charges being dropped as well stating: Congrats to Sam Bankman-Fried — the Dem Party’s second-largest donor (behind George Soros) — on having his campaign finance fraud charges dropped by the Biden DOJ. Their hilarious claim is that they just couldn’t proceed because the big, powerful Bahamas wouldn’t let them. SBF is set to face trial in October, with three colleagues expected to testify against him. Recently, he was accused of tampering with witness evidence by allegedly releasing excerpts from the online diary of key witness Caroline Ellison, former CEO of Alameda Research. Prosecutors are seeking to reincarcerate Bankman-Fried on the grounds of this alleged witness tampering. What do you think about the campaign finance charges against SBF being dropped? Share your thoughts and opinions about this subject in the comments section below. View the full article

The European Central Bank (ECB) has raised the benchmark bank rates by 25 basis points (bps) citing that inflation was down but still remained “too high for too long.” When ECB president Christine Lagarde was pressed about cutting rates by reporters, Lagarde insisted the central bank was “not going to cut.” ECB Boosts Interest Rates Amid Inflation Woes The European Central Bank’s (ECB) Governing Council announced that it has raised three key ECB interest rates by 25bps on Thursday. The ECB’s move follows the U.S. Federal Reserve hiking the federal funds rate by 25bps the day prior. Similarly to the Fed’s decision, the ECB members of the Governing Council insisted that the bank looks to get annual inflation down to its 2% target. The interest rate hike will be the ECB’s 12th rate hike in a row. “The rate increase today reflects the Governing Council’s assessment of the inflation outlook, the dynamics of underlying inflation, and the strength of monetary policy transmission,” the ECB detailed. “The developments since the last meeting support the expectation that inflation will drop further over the remainder of the year but will stay above target for an extended period.” The ECB hinted at pausing the rate hikes in September but when reporters pressed ECB president Christine Lagarde about when the central banks would cut rates, she insisted it wasn’t going to happen. “We are not going to cut,” Lagarde stated. The ECB’s rate hikes have had an impact on mortgage rates in the euro area, which have risen significantly since the beginning of 2022 and the ECB’s rate hikes. For instance, the average mortgage interest rate exceeded 9% in Poland in Q4 2022. The ECB detailed on Thursday that the principal refinancing operations interest rate, along with the rates of the marginal lending facility and the deposit facility, will be elevated to 4.25%, 4.50%, and 3.75% respectively, taking effect from August 2, 2023. Following the ECB’s announcement, the euro slid against the U.S. dollar by 0.78%. Euro area yield curves also experienced a downward shift. What do you think about the ECB’s latest rate hike? Share your thoughts and opinions about this subject in the comments section below. View the full article

In a recent interview published on July 26, South Africa’s foreign minister Naledi Pandor highlighted the BRICS group of economies’ commitment to peace, asserting that these nations do not aim to “weaponize the oceans.” Moreover, leading up to the much-anticipated 15th BRICS Summit in Johannesburg next month, Pandor indicated that an announcement regarding the addition of three new countries to the BRICS nations is probable. Ahead of 15th BRICS Summit, South Africa’s Pandor Talks Peace and BRICS Expansion The forthcoming BRICS Summit, occurring from August 22 to 24, 2023, at the Sandton Convention Centre (SCC) in Johannesburg, South Africa, has generated considerable buzz. It is estimated that over 40 countries have either applied or expressed interest in joining the BRICS nations, comprised of Brazil, Russia, India, China, and South Africa. Although discussions surrounding the BRICS are often linked with de-dollarization and competition with Western nations like the United States, the White House stated this week that it does not wish to restrict partnerships between countries. In an exclusive interview with South Africa’s foreign minister Naledi Pandor, the diplomat underscored that BRICS harbors no intentions of “weaponizing the oceans,” clarifying that talks of peace will be held during the 15th BRICS Summit. Pandor also noted that a platform aimed at resolving the conflict between Ukraine and Russia would be established. “We’re not standing against anyone; we’re not standing for anybody. We work for the good of the world. We’re not seeking to weaponize the oceans, we’re not seeking to weaponize the forest, and we’re not seeking to weaponize climate change,” stated Pandor to RT. She further added that other African leaders intended to strengthen their ties with Russia. While it has been reported that the upcoming summit will focus less attention on creating a BRICS reserve currency, expansion of membership appears likely. Ambassador Anil Sooklal, South Africa’s envoy to BRICS, hinted that the group would grow this year. Pandor substantiated these claims in an interview with RT, revealing that three new members will be joining the BRICS bloc, bringing the total to eight participating nations. Though she did not disclose the identities of the new member countries, Pandor praised the expansion as “fantastic” news. What do you think about the upcoming BRICS Summit and the hints that there will be an expansion? Share your thoughts and opinions about this subject in the comments section below. View the full article

Solana was once again in the green, with bulls pushing the token towards a key resistance level at $26.00. The move comes after yesterday’s 7% surge, however earlier gains have since declined, as U.S. gross domestic product (GDP) grew 2.4% as opposed to the 1.8% expectation for Q2. Polygon also climbed higher today, bouncing from a support level around $0.7000. Solana (SOL) Solana (SOL) moved closer to a long-term resistance level of $26.00 on Thursday, as sentiment in the token remained bullish. Following a low of $24.45 on Wednesday, SOL/USD surged to an intraday high of $25.59 earlier in today’s session. As a result of the move, solana climbed to its highest point since last Saturday, when price peaked at $25.97. One of the reasons behind today’s rally appears to be a breakout which took place at a ceiling of 59.00 on the relative strength index (RSI). As of writing, the index is now tracking at 59.90, with SOL bulls giving up some of their earlier gains. Despite climbing by nearly 10% in the past two days, the token is down by 2.80% in the past week, following a recent bear run. Polygon (MATIC) Polygon (MATIC) bounced from a recent support point earlier in today’s session, as bulls rejected an extended sell-off. MATIC/USD peaked at $0.7347 on Thursday, a day after falling to a bottom at the $0.7124 mark. The initial move came as the world’s 11th largest cryptocurrency continued to climb away from floor at $0.7000. This coincided with the RSI moving away from a support level of its own at 45.00. It is now tracking at 48.24. Despite this, the 10-day (red) and 25-day (blue) moving averages still look set for a downward cross in the coming days. Should this occur, the next target for sellers will likely be near the $0.5900 zone. Register your email here to get weekly price analysis updates sent to your inbox: Will polygon maintain its floor at $0.7000 this week? Let us know your thoughts in the comments. View the full article

U.S. prosecutors have asked a federal judge to put crypto exchange FTX founder Sam Bankman-Fried in jail over alleged witness tampering before his trial starts in October. While requiring the prosecution to formalize the request and giving the defense enough time to make its case, the judge issued a temporary gag order restricting their public comments. Prosecutors Seek Sam Bankman-Fried’s Detention Over Witness-Tampering Allegations During a hearing on Wednesday, prosecutors in the case against Sam Bankman-Fried (SBF), founder and former chief executive of the failed digital asset exchange FTX, asked U.S. District Court Judge Lewis Kaplan to send the crypto entrepreneur to jail. SBF has been living under house arrest in his parents’ home in Palo Alto, California since December 2022 when he was released on a $250 million bond. His trial on criminal charges linked to the collapse of the crypto trading platform is scheduled to begin in October. The prosecution is seeking modifications to Bankman-Fried’s bail agreement following the publication of an article in the New York Times about Caroline Ellison, former CEO of the Alameda Research hedge fund, also founded by Bankman-Fried, NPR and CNN reported. In an interview with the newspaper, SBF showed some of the “private writings” of Ellison, who is also his former girlfriend. This, according to the prosecutors, amounted to witness tampering. Earlier this year, Ellison pleaded guilty to fraud charges and is expected to testify against him. The Bahamas-headquartered FTX, which was one of the largest cryptocurrency exchanges, filed for bankruptcy protection in the U.S. on Nov. 11. About a month later, Bankman-Fried was arrested in the Bahamian capital, Nassau, and extradited to the United States. U.S. authorities accuse him of fraud and misusing customer funds, including to finance property purchases and increase trading through Alameda. Unlike Ellison and former FTX executives, SBF pleaded not guilty. On Wednesday, Judge Kaplan said he was accepting the prosecution’s request but wants to see it in writing by Friday. Bankman-Fried’s lead attorney, Mark Cohen, complained the defense was notified about it “one minute before court.” SBF’s lawyers are expected to make their case against it by Aug. 1. Kaplan imposed a temporary gag order while he considers the government’s request to jail Sam Bankman-Fried who has frequently communicated with the public and the media since his arrest. According to U.S. authorities, he has had over 1,000 phone calls with journalists including 100 calls with the reporter who wrote the New York Times piece. Do you think the federal judge will grant the prosecution’s request to send SBF to jail ahead of his trial? Tell us in the comments section below. View the full article

Bitcoin edged closer to the $30,000 level on Thursday, as markets reacted to the Federal Reserve’s decision to hike interest rates. The Fed increased rates by 25 basis points, and have hinted that they could make an additional move in September. Ethereum neared the $1,900 level today. Bitcoin Bitcoin (BTC) remained in the green on Thursday, as markets reacted to the latest Federal Reserve interest rate decision. After deciding on a 0.25% hike, Fed Chair Jerome Powell stated that “It is certainly possible that we would raise funds again at the September meeting if the data warranted.” BTC/USD surged to an intraday high of $29,675.55 on Wednesday, following an earlier low of $29,162.46. The move began after the relative strength index (RSI) bounced from a floor at 42.00. It is now hovering around a ceiling at 47.00. The exact reading is at 46.65, which has prompted some earlier bulls to abandon previous positions, and secure profits instead. Traders are likely waiting for the upcoming gross domestic product (GDP) data out later today, before making the next move. Ethereum Ethereum (ETH) also edged higher on Thursday, as bulls pushed the cryptocurrency towards the $1,900 level. Following a low of $1,849.98 on Wednesday, ETH/USD moved to peak at $1,886.97 earlier in today’s session This is the highest point ethereum has traded at since Monday, when price traded marginally above $1,890. Today’s rally came as the world’s second largest cryptocurrency broke out of a ceiling on the RSI at 48.00. Despite this, the recent crossover of 10-day (red) and 25-day (blue) moving averages, means sentiment is predominantly bearish. As of writing, the index is tracking at 48.95, with price at $1,876.43. Register your email here to get weekly price analysis updates sent to your inbox: Will ethereum hit $1,900 today? Leave your thoughts in the comments below. View the full article

Banks taking part in the digital ruble pilot will begin testing transactions with actual clients in mid-August, according to a top executive of one of the financial institutions. The trials are set to start weeks after Russia adopted dedicated legislation for the introduction of its new digital currency. Russian Banks to Process First Digital Ruble Payments Between Customers Next Month A group of Russian banks involved in the pilot phase of the digital ruble project will launch trials with transactions between real users in mid-August, the Chairman of the Board of Ingosstrakh Bank, Stanislav Danysh, announced, quoted by RBC Crypto. As part of the tests, transfers of digital rubles between the participating banks, retail and corporate clients, as well as digital ruble payments for goods and services between companies will be carried out, Danysh detailed. The executive highlighted that due to the importance of the project, initial testing will be conducted on a limited scale in terms of number of participants which will include employees and partners of the bank, he added. The digital ruble is a central bank digital currency (CBDC) issued by the Central Bank of Russia (CBR) which is the sole operator of its platform. Transfers of digital rubles will be free of charge for private individuals while businesses will pay a commission of 0.3%. This month, CBR Governor Elvira Nabiullina indicated that the large-scale introduction of the new form of the national fiat is to be expected from the beginning of 2025. The trials, which will start with basic operations this year, will expand to include contactless payments using NFC technology in 2024. Earlier in July, both houses of Russia’s Federal Assembly, the State Duma and the Federation Council, passed legislation designed to facilitate the implementation of the CBDC. Russian President Vladimir Putin signed the bill into law this week. The legislation clears the way for digital ruble payments in the Russian Federation while the use of other digital financial assets for payments was effectively prohibited with another law approved by the head of state in mid-July. First Deputy Chairman of the Bank of Russia, Olga Skorobogatova, pointed out that the digital ruble is not a cryptocurrency or a stablecoin. The CBDC can be employed to replace SWIFT transfers and will allow citizens to freely pay and send money, she insisted. Russia stepped up the digital ruble’s development as part of efforts to mitigate the negative effects of Western sanctions, including financial and banking restrictions, imposed over its invasion of Ukraine. Last week, Nabiullina revealed that the CBR is exploring options to integrate the digital ruble platform with other CBDC systems for the purpose of using the Russian digital currency in cross-border settlements. Do you think Russia will speed up the implementation of its CBDC? Share your thoughts on the subject in the comments section below. View the full article

Stuart Alderoty, CLO of Ripple, a cryptocurrency and payments services company, railed against the statements of U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler given in a recent congressional hearing. Alderoty criticized the stance taken by Gensler, stating that he “misstates the law” by declaring that tokens, standing alone, are investment contracts. Ripple CLO Stuart Alderoty Blasts SEC Chair Gary Gensler’s Statements on Tokens Being Securities Ripple CLO Stuart Alderoty recently complained about the U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler’s statements on crypto given in a congressional hearing before the U.S. Senate Appropriations Committee held on July 19. Alderoty referred to Gensler’s repeated points signaling that cryptocurrency tokens constitute securities, stating: It’s outrageous that in today’s Senate hearing, Mr. Gensler again misstates the law (and the Howey test), suggesting that tokens, standing alone, are investment contracts. Is the SEC really going to continue to be allowed to peddle these falsehoods? On July 13, Ripple obtained a landmark ruling determining that programmatic sales — sales executed on exchanges — of the XRP token could not be considered securities. At that time, Alderoty celebrated the verdict declaring that “as a matter of law,” XRP was not a security. Ripple CEO Brad Garlinghouse has also remarked on the importance of this decision, stating that the ruling directly affected “the SEC’s claims that nearly all tokens are inherently securities” and that the ruling was “likely to set a positive precedent for other digital tokens in the U.S.” Gensler’s Remarks In the congressional hearing where the U.S. Senate Appropriations Committee reviewed the SEC’s budget for the fiscal year 2024, Gensler remarked that “generally speaking, there is some group of entrepreneurs behind those projects,” hinting at the possibility of many cryptocurrency tokens being under the jurisdiction of the Securities Act. Later in the hearing, when asked by Senator Richard Durbin about the best ways of protecting American consumers from cryptocurrency in the future, Gensler answered that the agency had a “robust authority,” detailing that “very few” of these cryptocurrencies were out of their jurisdiction. Nonetheless, Gensler mentioned bitcoin as one of the assets that does not have the attributes of an investment contract under the securities laws and that it would fall under the jurisdiction of the SEC’s sibling agency, the Commodity Futures Trading Commission (CFTC). What do you think about the reaction of Ripple’s CLO Stuart Alderoty to the statements of Gary Gensler regarding most tokens having the attributes of securities contracts? Tell us in the comments section below. View the full article

The Central Bank of Russia (CBR) is already discussing the integration of its central bank digital currency (CBDC), the digital ruble, with other countries’ payment systems. Elvira Nabiullina, Governor of the CBR, declared the bank was exploring different possibilities of integration with other CBDC systems to complete cross-border payments and settlements. Central Bank of Russia Discusses Digital Ruble Integration The Central Bank of Russia (CBR) is already advancing discussions on integrating its central bank digital currency (CBDC), the digital ruble, with the digital currencies of other countries. The governor of the CBR, Elvira Nabiullina, stated that many countries were already developing their digital currencies and that the bank was currently discussing the integration procedures that the digital ruble might undergo to interact with these. According to TASS, the Russian state-owned news agency, Nabiullina explained that these discussions were directed at using the digital ruble in cross-border digital payments, an option already built into the design of the CBDC. She stated: Two options are feasible here: interaction between our platform and another country’s digital currency platform, and establishing a common settlement center to which digital currency platforms can connect. Nabiullina detailed both options were being discussed with friendly countries, explaining that the mainstream adoption of the digital ruble might happen in 2025, the same timeframe given by CBR First Deputy Chairman Olga Skorobogatova on July 6, even before the approval of the law that gave faculties to the CBR regarding the CBDC. Deploying the Digital Ruble The interest of the CBR in deploying the digital ruble to make it part of its cross-border payments system is not new, as the bank had outlined these uses back in January. At the time, the two options mentioned by Nabiullina for digital ruble cross-border payments were already being developed. Subsequently, a pilot trial of consumer-to-business (C2B) operations with over a dozen financial institutions and banks was also announced. A comprehensive pilot test is slated to start in August, as the State Duma, the lower house of the Russian Federal Assembly, recently approved the Digital Ruble law, defining the framework for issuing this digital currency. The CBR had expected to start this trial in April, but the State Duma failed to approve the related regulations, resulting in a delay. The CBR recently issued rules for the digital ruble’s operation and its platform, opening a consultation period for this ruleset that ended on July 19. What do you think about the digital ruble’s integration with other digital currencies in the cross-border payments arena? Tell us in the comments section below. View the full article

According to Enrico Rubboli, the CEO of Mintlayer, Bitcoin exchange-traded funds (ETFs) can potentially act as “a gateway to crypto” for users who are likely to eventually show greater interest in the underlying asset. Rubboli argued that while bitcoin maximalists may view Blackrock or any other traditional financial institutions’ ETFs as an affront to the ideals of decentralization, such ETFs could yet prove to be one of the most effective ways of hastening the adoption of cryptocurrencies. The Benefits of Tokenization Rubboli, whose platform Mintlayer enables the building of decentralized finance ecosystems on the Bitcoin blockchain, told Bitcoin.com News that he concurred with Blackrock’s assertion that its bitcoin ETF is likely to have a “monumental” impact on the financial ecosystem. To support this view, the CEO highlighted how the approval of the ETF is likely to encourage traditional financial institutions to invest in “protocols that enable tokenization to happen.” When tokenization does happen, this, according to Rubboli “can lead to enormous amounts of liquidity being pumped into tokenized real-world [assets] (RWAs), transforming the markets of so many assets, and making them more accessible.” However, when asked about the possible downside of traditional financial institutions’ involvement in the tokenization of RWAs, the Mintlayer boss pointed to their need for a “trusted authority in order to guarantee the connection of physical assets to the digital tokens.” Meanwhile, in written answers sent to Bitcoin.com News, Rubboli also shared his views on the likely impact of Bitcoin ETFs on user activity on decentralized finance platforms. Below are the CEO’s responses to questions sent to him via Telegram. Bitcoin.com News (BCN): For years traditional financial institutions have either attacked or discouraged their customers from dealing with cryptocurrencies like bitcoin (BTC). However, things have changed as many of these institutions now want exposure to crypto. In your opinion, what’s the core motivation behind the traditional financial institutions’ newfound love for crypto? Enrico Rubboli (ER): Tradfi is showing a lot of interest in defi protocols especially because they can provide superior alternatives to legacy systems, particularly in the case of real-world asset (RWA) tokenization, which surpasses traditional ETFs in many ways. For one thing, it’s important to understand that tokenized RWAs do more than just enable the underlying asset to be bought, sold, and traded freely. With defi and RWAs, we can also integrate new services around lending, borrowing, and staking, which aren’t possible in traditional markets. Financial institutions are also keenly aware of the benefits of blockchain itself, which improves transparency and accountability. They also see tokenization provides cost savings and greater efficiency by digitizing assets and representing them as tokens on a shared ledger, reducing administrative and operational costs. They see an opportunity and they want to take advantage of it. BCN: While an increased number of traditional financial institutions offering crypto services is likely to give the space some validation and credibility, hardcore crypto enthusiasts may see this as a well-orchestrated takeover. Some also believe that such a takeover would be against the principles of decentralization. From your standpoint, are such concerns legitimate? ER: It’s essential to understand the concerns of Bitcoin maximalists and crypto purists, who believe in the absolute autonomy of crypto and are often opposed to traditional fiat currencies. In the case of Bitcoin maxis, they uphold ideas around self-custody, ownership and “holding” BTC, but they generally resist expanding its use cases, viewing traditional finance as adversarial. Crypto purists ultimately want to see crypto replacing fiat currencies as the main economic vehicle in everyday life, so it can be hard to convince them of the benefits of tighter integration with TradFi. However, we can counter their arguments by pointing out TradFi’s ability to bring Bitcoin and crypto to a much wider audience, fueling greater adoption. This, of course, would be extremely beneficial to Bitcoin and the overall crypto economy. I can see Bitcoin ETFs acting as a gateway to crypto for many, who will later show more interest in the underlying asset as their awareness grows. BCN: Blackrock, the world’s largest asset manager with over $9 trillion in assets under management (AUM), recently stated that while the embrace of asset tokenization by institutions may be a few years away, when this happens it will have a “monumental” impact on the financial ecosystem. Do you agree with such an assertion? ER: The impact will be monumental, yes. As more institutions start to show an interest in tokenization and see its benefits, there will be a lot of investment in the underlying infrastructure – the protocols that enable tokenization to happen. And the stability of these platforms will encourage even more traditional institutions to embrace the benefits of tokenization and DeFi, creating a virtuous cycle, if you will. That will lead to enormous amounts of liquidity being pumped into tokenized RWAs, transforming the markets of so many assets, and making them more accessible. For example, real estate is normally highly illiquid. You can’t just go out and buy a 1,000th of a share of a house. You need to buy the whole house, in cash or with a loan, and the transaction takes days, weeks, or even months sometimes. With tokenization, you’ll be able to buy that 1,000th of a home in a matter of seconds, and you’ll instantly become a part owner of it. Tokenization is a path towards fractionalization, allowing multiple people to own a share of an asset that would previously have to have been sold as a whole with a higher value. Suddenly, the real estate market becomes extremely liquid and accessible to many more people. That’s just one example, but it’s really going to revolutionize a lot of markets. BCN: What do you think is the downside of traditional financial institutions’ involvement in the tokenization of real-world assets? ER: The main downside for many people will be the need for some kind of trusted and credible centralized authority to guarantee the backing of tokenized RWAs. Traditional institutions may demand some kind of trusted authority in order to guarantee the connection of physical assets to the digital tokens that represent them. For instance, if you have tokenized gold, the institution will want to be sure that the gold represented by those tokens actually exists and is deposited somewhere safe. So this could result in some friction between TradFi and crypto purists. Not everyone will be pleased about increased regulation, which may also be necessary. In many countries, there are restrictions on which investors are allowed to trade certain assets. These rules can be programmed into the digital assets themselves but could result in a reduced pool of available buyers and sellers. That would eliminate one of the main benefits of tokenization, which is increased accessibility. BCN: Your Layer-2 project Mintlayer is said to give developers the tools and infrastructure they need to build defi on the Bitcoin network. Is it possible for traditional institutions to build legally-compliant and scalable financial services using your platform and Bitcoin? ER: Mintlayer is a Bitcoin layer-2 sidechain that can be used to build an entire decentralized financial ecosystem rooted in the Bitcoin network. It relies on atomic swaps and the Lightning Network’s interoperability capabilities to use native BTC without token bridges or wrapped tokens. We have created a number of token standards to simplify tasks like tokenization. With our embedded token creation feature, anyone can generate tokens for use by an organization or project. For instance, Mintlayer tokens can be used to create security tokens that represent external assets. We also support the creation of tokenized derivatives with advanced features such as decentralized governance and smart contract automation, which don’t exist with traditional derivatives. In theory, it’s possible to create tokens on Mintlayer that represent any kind of asset. Our platform also extends to non-fungible tokens (NFTs), which can be used in applications such as voting, census taking, and record-keeping. BCN: Whenever centralized platforms are in trouble as has been the case when regulators like the U.S. Securities and Exchange Commission (SEC) have targeted one centralized exchange after another recently, decentralized exchanges (dex) tend to witness a significant jump in user activity. In your opinion, what impact will the mass entry of centralized institutions have on decentralized finance and dex’s? ER: It will positively impact DEXs overall, as centralized institutions will bring much greater awareness. These platforms will emerge as the primary marketplace for many new kinds of tokenized assets, helping to solve problems many DEXs face today around lower liquidity compared to centralized exchanges. So there will be more trading options and lower slippage than we see now. We’ll likely see more adoption of decentralized identity technologies because institutions will demand regulatory compliance with things like AML and KYC. User experiences will need to improve too, because institutional players will want to see a more intuitive process for trading assets. The biggest impact, though, is we’ll see a much greater integration of traditional financial assets in defi. Stocks, bonds, and commodities may become tokenized and available to trade on DEX platforms, and this will have the effect of bridging the gap between these traditional markets and the decentralized financial world. It’ll mean more and newer opportunities for investors and a more accessible financial system that benefits everybody. What are your thoughts about this interview? Let us know what you think in the comments section below. View the full article

Crypto exchange FTX is trying to regain $1 billion in a lawsuit against founder Sam Bankman-Fried (SBF) and some former executives. FTX’s new management argues the funds were misappropriated through dubious deals and transactions made before the coin trading platform went bankrupt last fall. Failed Crypto Firm FTX Files New Lawsuit Against Founders and Chiefs FTX Trading, the company which operated what was one of the largest crypto exchanges, sued its founder Sam Bankman-Fried and other former executives on Thursday in an attempt to recover more than $1 billion they allegedly diverted. Besides Bankman-Fried, among the defendants named in the suit are co-founder and former FTX Chief Technology Officer Gary Wang, former CEO of SBF’s Alameda Research hedge fund Caroline Ellison, and former FTX Engineering Director Nishad Singh, Reuters and Bloomberg reported. The complaint filed in U.S. Bankruptcy Court, District of Delaware, accuses them of misappropriating and using the money to finance luxury condominiums, political contributions, speculative investments, and other “pet projects.” The transfers took place between February 2020 and November 2022, when the company sought Chapter 11 protection. According to FTX, these transfers can be reversed under the U.S. Bankruptcy Code or Delaware law as they were made before the bankruptcy filing on Nov. 11. The lawsuit alleges that the fraudulent transactions included over $725 million of equity that FTX and West Realm Shires, another entity controlled by SBF, awarded “without receiving any value in exchange.” Bankman-Fried and Wang also took $546 million from Alameda in May 2022 to acquire shares in Robinhood Markets, and Ellison used $28.8 million to pay herself bonuses. FTX pointed out: The transfers were made when [FTX-related entities] were insolvent, and defendants knew it. Following his extradition from the Bahamas, where FTX was headquartered, SBF was sued for alleged fraud in the United States, among other criminal charges to which he has pleaded not guilty. Ellison, Wang, and Singh pleaded guilty and agreed to cooperate with prosecutors. In the latest complaint, FTX also claims that Sam Bankman-Fried’s defense is being partially funded from a $10 million “gift” he gave his father. This and the other lawsuits are part of efforts by the bankrupt company’s new CEO, John Ray, and his team to recoup funds that can repay creditors, including customers of the collapsed cryptocurrency exchange. Do you think FTX’s new management will recover the funds allegedly misappropriated by its former executives? Share your thoughts on the case in the comments section below. View the full article

The exchange rate of the Nigerian currency versus the greenback recently plunged to an all-time low of NGN860:USD1. The naira’s depreciation has been attributed to shortages of foreign exchange on the official market and the rising demand for forex. The Central Bank of Nigeria (CBN) said it has revoked the licenses of nearly 2,700 bureaux de change (currency exchanges). Widening Gap Between Official and Parallel Market Exchange Rates On July 20, the Nigerian currency reportedly hit a new low of NGN860 per dollar on the parallel market. The currency’s fall widened the gap between the so-called import and export weighted average rate (NGN773:USD1) and the rate offered by black market dealers. According to a Reuters report, the currency’s plunge followed the Central Bank of Nigeria (CBN)’s decision to float the naira, which was made shortly after Bola Ahmed Tinubu’s inauguration as the Nigerian president. The report added that the naira’s depreciation came a week before the CBN monetary policy committee’s next meeting. Nearly 2,700 Currency Exchanges’ Licenses Revoked As reported by Bitcoin.com News, the CBN initially devalued the naira by 30% before allowing the currency to gradually depreciate against the greenback and other major currencies. Some Nigerian economic experts suggested that the central bank’s ultimate goal is the unification of the parallel and official exchange rates. However, the shortage of dollars in the formal market coupled with the rising demand for forex has increased pressure on the naira. Meanwhile, in an attempt to halt the currency’s slide, the CBN reportedly announced on July 20 that it had revoked the licenses of 2,698 bureaux de change. According to a local report, the decision to withdraw the licenses is part of measures adopted by the central bank which seek to curtail or limit the currency exchanges’ influence on the naira-to-dollar exchange rate. 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

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has asked Congress for more funding for his agency to address “risks in the crypto markets.” In a Senate hearing, he stressed: “We’ve seen the Wild West of the crypto markets, rife with noncompliance, where investors have put hard-earned assets at risk in a highly speculative asset class.” SEC Seeks More Funding to Police Crypto Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), talked about cryptocurrency during his testimony on Wednesday before the U.S. Senate Appropriations Subcommittee on Financial Services and General Government regarding the SEC’s Fiscal Year (FY) 2024 budget request. “I am pleased to support the President’s FY 2024 request of $2.436 billion for SEC operations, to put us on a better track for the future,” Gensler told lawmakers. After outlining “tremendous growth” and changes in the U.S. capital markets, the SEC chairman stated: We’ve seen the Wild West of the crypto markets, rife with noncompliance, where investors have put hard-earned assets at risk in a highly speculative asset class. “Such growth and rapid change also mean more possibility for wrongdoing. As the cop on the beat, we must be able to meet the match of bad actors,” he continued. “With funding to meet the scale of our mission, we can be an even stronger advocate for the American public — investors and issuers alike.” “Our FY 2024 request would help [the Division of Enforcement] grow to 1,144 FTEs [full-time equivalents], allowing it to keep pace with the market challenges of the last decade. The majority of this increase relates to full-year funding for those staff positions authorized and hired in FY 2023,” he explained, elaborating: These additional resources would strengthen the Division’s ability to protect American families by addressing risks in the crypto markets, cyber and information security, and the resiliency of critical market infrastructure. Gensler is often criticized for regulating the crypto sector by enforcement. The SEC chairman has stated that all crypto tokens, except bitcoin, are securities. However, the district court for the Southern District of New York recently ruled that XRP is not a security. Gensler stated that the SEC is “disappointed” by the ruling, especially concerning its potential impact on retail investors. What do you think about SEC Chairman Gary Gensler requesting more funding to address crypto risks? Let us know in the comments section below. View the full article

Bitmain, the mining rig manufacturer, has announced the launch of a new rig that mines the digital currency filecoin (FIL). Similar to the company’s KAS Miner KS3, the new FIL miner carries a hefty price tag of $38,888 per machine. Bitmain Introduces On-Rack Filecoin Miner Bitmain announced Thursday that it will begin selling a newly manufactured Filecoin (FIL) mining rig. Filecoin, a decentralized, blockchain-based storage network, was launched by Protocol Labs in 2017. Its mining algorithm, known as proof-of-replication and proof-of-spacetime, was originally designed to resist application-specific integrated circuits (ASICs) in an effort to encourage decentralization. Despite this, Bitmain and other manufacturers have developed ASICs specifically for mining FIL and also offer FIL cloud mining contracts. In the announcement on Thursday, Bitmain stated that the on-rack filecoin miner will be sold throughout the day on Friday for $38,888 per unit. Bitmain detailed that the machine offers 4,300T per unit and claims miners will begin earning immediately. While $38,888 is a high price for Bitmain ASIC rigs, it’s not the most expensive. The company previously sold a KAS Miner KS3 with a hashrate of 8,300G for $49,800, although the machine is currently sold out. Prior to the introduction of cloud mining services by firms such as Bitdeer and 1475, and Bitmain’s new miner, a token was launched in 2021 known as the filecoin standard hashrate token (FILST). According to details from coinmarketcap.com, the coin is reportedly anchored by 1 GB of FIL full storage arithmetic. FIL, the blockchain’s native crypto asset, is the 31st largest digital currency by market capitalization, and its value has risen 18% against the U.S. dollar in the past 30 days. However, its current price is 98% lower than its all-time high of $236 per unit, recorded on April 1, 2021. Over the past day, the price of FIL has ranged from $4.25 to $4.56 per coin. What do you think about the latest Bitmain filecoin miner? Share your thoughts and opinions about this subject in the comments section below. View the full article

Ilya Lichtenstein and Heather Morgan, the New York-based couple implicated in the alleged laundering of $4.5 billion in bitcoin pilfered from the 2016 Bitfinex cyber-attack, have reached a plea bargain, as revealed by recent court records. The pair is scheduled to appear before U.S. judge Colleen Kollar-Kotelly on August 3, 2023, and will be mandated to surrender all cryptocurrency assets and funds they possessed prior to their apprehension. NY Duo Set to Surrender More Than $2.8B in Historic Plea Deal The Department of Justice reported the arrest of Ilya Lichtenstein and Heather Morgan on February 8, 2023, for purportedly conspiring to launder proceeds from the theft of 119,754 bitcoins from Bitfinex. Morgan was granted bail in July 2022 with permission to seek lawful employment but her husband remained incarcerated. Now, one year after Morgan’s release on certain terms, both individuals have struck a deal with the government. Court documents filed on July 20 and 21, 2023 indicate that Lichtenstein and Morgan are due to appear before U.S. judge Colleen Kollar-Kotelly on August 3. Furthermore, they must relinquish about 94,643.29837084 BTC valued at $2.8 billion based on July 21 exchange rates. Notably, the couple possessed more than just BTC in their crypto portfolio; these additional digital currencies must also be forfeited to the U.S. government. Other coins to be surrendered include 117,376.52651940 bitcoin cash (BCH) and an equal amount of bitcoinsv (BSV). The couple is also required to relinquish 118,102.03258447 bitcoin gold (BTG), 29,016.98 monero (XMR), a collection of USDC held across multiple blockchains, .879544 curve dao (CRV) tokens, and 7,389,269.171 tether (USDT). The 7.3 million USDT was kept in decentralized finance (defi) liquidity pools for generating returns. Additionally, investigators found several thousand ETH and WETH stored at the couple’s Manhattan residence. The government also plans to confiscate various U.S. and Canadian gold coins held by the duo. Moreover, $228,266 from a JPMorgan Chase account, $2,460,375 taken from a Flagstar bank account previously linked to a Signature Bank account before the institution’s collapse, and approximately $352,381.55 from a Wells Fargo bank account are all targeted for seizure as recorded in the court documents filed on July 20, 2023. What do you think about the couple entering a plea deal? Share your thoughts and opinions about this subject in the comments section below. View the full article

Bitcoin is expected to reach its peak at $42,000 in 2023, with an end-of-year price prediction of $38,000, according to Finder’s bitcoin price predictions report. The report, based on a survey of 29 industry specialists, reveals that 43% of panelists believe bitcoin is currently underpriced, 36% say it is priced fairly, and 21% consider it overpriced. Bitcoin Price Predictions: Experts Forecast $38K End-of-Year Value, $42K Peak in 2023 Finder’s average prediction for the peak price of bitcoin (BTC) in 2023 remains consistent with previous estimates, but the end-of-year projection has increased by 9% to $38,000. Futurist Joe Raczynski anticipates bitcoin to end 2023 slightly higher than the panel average at $40,000, citing growing institutional interest and the potential approval of a bitcoin spot ETF, which could result in substantial investments. Martin Froehler, CEO of Morpher, believes bitcoin is currently undervalued, attributing his end-of-year prediction of $40,000 to the anticipated bitcoin halving event and the ongoing interest rate cycle. Froehler expects the macroeconomic headwinds to fade and foresees a significant price increase following the halving event. Looking ahead, the panel forecasts an average bitcoin price of approximately $100,000 by the end of 2025 and over $280,000 by the end of 2030. Alex Svanevik, CEO of Nansen, predicts bitcoin to be valued at $115,000 and $260,000 by the end of 2025 and 2030 respectively, citing high inflation and mistrust in institutions as contributing factors. On the more bullish end of the spectrum, Ben Ritchie, managing director at Digital Capital Management, projects BTC to be worth $150,000 by 2025 and $375,000 by 2030. Ritchie emphasizes the multifaceted utility of bitcoin. The Digital Capital Management executive said: Bitcoin’s utility extends beyond its function as a currency, encompassing data storage essential for the issuance of smart contract tokens and non-fungible tokens. Additionally, its robust security features contribute to its allure, instilling confidence among investors regarding the safekeeping of their bitcoin holdings. Bearish Points of View However, not all panelists share the same level of optimism. Kate Baucherel, a digital strategist at Galia Digital, predicts bitcoin to remain at its current price of $30,000 by the end of 2023 before reaching $55,000 in 2025. Jeremy Cheah, associate professor of decentralized finance at Nottingham Trent University, gives a more modest prediction of $45,000 per BTC by the end of 2025, highlighting potential lawsuits and tighter market regulations as factors affecting the market. John Hawkins, senior lecturer at the University of Canberra, expresses a more bearish view, forecasting bitcoin to be valued at just $20,000 by the end of 2023 and continuing to decline to $100 by the end of 2030. Hawkins considers bitcoin a speculative bubble and believes that the future lies in central bank digital currencies (CBDCs) rather than decentralized cryptocurrencies like bitcoin. In terms of investment strategies, the majority of panelists (59%) advise buying bitcoin, while 33% recommend holding and only 7% suggest selling. Check out the entire prediction report published on finder.com here. What do you think about the experts’ predictions concerning bitcoin’s peak price this year and year-end forecasts? Share your thoughts and opinions about this subject in the comments section below. View the full article

Terraform Labs appointed a new chief executive officer following Do Kwon’s resignation on March 31, 2023. In a Wall Street Journal interview, the interim CEO, Chris Amani, discussed his team’s “vision” for rescuing the beleaguered blockchain project. Terraform Labs Finds New Leadership, Attorneys Seek to Dismiss SEC Case Following Ripple Decision Chris Amani, Terraform Labs’ fresh CEO, revealed that the incarcerated Do Kwon stepped down in March just before his arrest. Previously serving as the company’s COO, Amani assumed the role of interim CEO. Speaking with the Wall Street Journal, he stated that the firm plans to develop applications offering “real utility.” Following the Terra blockchain ecosystem’s collapse in May 2022, numerous Terra Classic blockchain supporters expressed their desire to re-establish USTC’s peg to the U.S. dollar. A group of six unidentified developers submitted a plan for rejuvenating the Terra Classic ecosystem. The new LUNA 2.0 token and Phoenix blockchain activity and value have significantly diminished, with LUNA down 96.63% from its peak on May 28, 2022. The cryptocurrency currently possesses a market valuation of approximately $207 million, and around $6 million in total value is locked across nine decentralized finance platforms. Amani did not specify whether Terra Classic or Terra Phoenix would be the primary focus of their efforts during his interview. However, he assured that further information would be divulged in the coming months. “We have a vision for how we could salvage this, even though I think it’s going to be hard and it’s going to take a long time,” said Amani during the discussion. Roughly 15 of the company’s 40 employees were part of Terraform Labs before the stablecoin depegging incident led to the blockchain ecosystem’s downfall. Kwon was sentenced to four months in prison in Montenegro for allegedly using counterfeit identification at an airport, with prosecutors from the United States and South Korea seeking his extradition on various charges. The CEO news broke after Terraform Labs lawyers asked the court for certain information related to FTX, believing this data could aid their defense in a lawsuit initiated by the U.S. Securities and Exchange Commission (SEC). Additionally, defense attorneys sought dismissal of specific charges, following Ripple Labs’ recent partial victory against the SEC. “Ripple is thus fatal to the SEC’s arguments that UST, LUNA, wLUNA, MIR, and mAssets were sold as investment contracts,” the court filing details. “This conclusion requires dismissal of the SEC’s fraud claims as well as its registration claims.” What are your thoughts on Terraform Labs’ new CEO and the team’s vision for salvaging the blockchain project? Share your thoughts and opinions about this subject in the comments section below. View the full article

The central banks of Egypt and Nigeria have signed a fintech agreement to deepen the two institutions’ “cross-border regulatory collaboration” and information sharing. The London Institute of Banking & Finance, which also signed an MOU, will offer training programs, workshops, and courses to leaders in the Egyptian fintech sector. MOU Agreement to Help Boost Innovation On July 17, the Egyptian and Nigerian central banks announced the signing of a financial technology collaboration agreement. The signing of the memorandum of understanding (MOU) is expected to help “deepen cross-border regulatory collaboration” and information sharing between the two institutions. Furthermore, the pact will help “boost innovation and grow regional technology investments.” The MOUs were signed on the sidelines of the Seamless North Africa 2023 meeting held in Cairo. Central Bank of Nigeria signs FinTech collaboration agreements with the Central Bank of Egypt #FinancialInclusion #FinTech #SeamlessNorthAfrica2023. pic.twitter.com/pswcIA7aMy — Central Bank of Nigeria (@cenbank) July 18, 2023 In her remarks following the signing of what has been described as a fintech bridge, Aishah Ahmad, the deputy governor of the Central Bank of Nigeria (CBN), said the collaboration would foster financial inclusion. “We look forward to cultivating an innovative space for fintech startups and entrepreneurs in Egypt and Nigeria to accelerate financial inclusion, deepen our payment systems and drive economic growth across the African Continent,” Ahmad, who is in charge of Financial System Stability, said. According to a Xinhua report, the London Institute of Banking & Finance, which also signed an MOU with the Egyptian central bank, will offer training programs, workshops, and courses to leaders in the Egyptian fintech sector. Meanwhile, at the same event, the governor of the Egyptian central bank Hassan Abdallah announced the release of the Fintech Outlook report which highlights the positive indicators of Egypt’s fintech sector. 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