roadrunner

The social trading and investment company Etoro declared on Monday that starting July 12, 2023, U.S. customers would be unable to initiate new trades for ALGO, MANA, DASH, and MATIC. The company cited the “rapidly evolving regulatory landscape” as the reason behind the delistings. Etoro Reveals Plans to Delist 4 Crypto Assets Based in Tel Aviv, Israel, Etoro’s trading and investing platform specified that as of July 12, 2023, American customers will be barred from trading four distinct cryptocurrencies. The organization claimed that it has devised a system for its team to assess crypto assets in response to the ever-shifting regulatory climate. “Due to recent developments, we will be making some changes to our crypto offering for U.S. customers,” Etoro said on Monday. “From 6:00 AM ET on Wednesday, July 12th, 2023, U.S. customers will no longer be able to open new positions in algorand (ALGO), decentraland (MANA), dash (DASH) and polygon (MATIC). Customers can continue to hold and sell existing positions in these coins,” the social trading company added. This announcement from Etoro comes after Robinhood’s decision to delist cardano (ADA), solana (SOL), and polygon (MATIC). These delistings come in the wake of the U.S. Securities and Exchange Commission (SEC) suing Binance and Coinbase. Numerous SEC lawsuits contend a handful of specific crypto assets are securities or investment contracts. The U.S. regulator identified all four currencies – ALGO, MANA, DASH, and MATIC – in SEC lawsuits as securities. Over the past week, MANA has fallen by 24%, DASH by 25%, ALGO by 18.4%, and MATIC by 22% against the U.S. dollar. Etoro’s Twitter update emphasized that their announcement pertains solely to clients based in the United States. The company concluded, “We are committed to working closely with regulators around the world to shape the future of the crypto industry and champion access for the ordinary investor.” What are your thoughts on Etoro’s decision and the impact of regulatory actions on the crypto industry? Share your thoughts and opinions about this subject in the comments section below. View the full article

Warren Davidson, the Republican congressman who first introduced the legislation in mid-April, has filed the SEC Stabilization Act to remove Gary Gensler, the current chair of the U.S. Securities and Exchange Commission (SEC). Davidson insists the act aims to safeguard U.S. capital markets “from a tyrannical chairman.” Legislation Filed to Remove SEC Chair Gensler in Effort to Safeguard U.S. Capital Markets Several Republican lawmakers have openly criticized SEC chairman Gary Gensler for his performance in leading the federal securities regulatory division. Among them is congressman Warren Davidson (R-OH), who recently announced his intention to introduce legislation to remove Gensler from his position. Less than two months later, Davidson filed the SEC Stabilization Act and shared the news on Twitter on June 12th. “U.S. capital markets must be protected from a tyrannical chairman, including the current one,” Davidson said in a statement. “That’s why I’m introducing legislation to fix the ongoing abuse of power and ensure protection that is in the best interest of the market for years to come. It’s time for real reform and to fire Gary Gensler as chair of the SEC.” Davidson also announced that U.S. congressman Tom Emmer, a Republican from Minnesota, has joined him in supporting the bill. “American investors and industry deserve clear and consistent oversight, not political gamesmanship,” Emmer said. “The SEC Stabilization Act will make common-sense changes to ensure that the SEC’s priorities are with the investors they are charged to protect and not the whims of its reckless chair.” Criticism of Gensler’s job performance extends beyond Republican politicians, with Democratic presidential hopeful Robert F. Kennedy Jr. also expressing his dissatisfaction with the U.S. securities regulator. Kennedy stated last month that the “SEC’s function now is not to protect the American people, but it’s to protect the banks.” The presidential candidate also advocated for a leader at the SEC who is supportive of cryptocurrencies. Davidson’s proposal aims to establish a new structure where the responsibility of producing current policy would shift from the SEC chair to the six SEC commissioners, who would be involved in rulemaking, enforcement, and investigations. Patrick McHenry, the chair of the United States House Financial Services Committee, has also voiced criticism of Gensler in recent times. During an oversight hearing on April 18, McHenry posed a question to Gensler regarding the classification of ethereum (ETH) as a security. At the time, Gensler refrained from providing a direct answer to whether he believed ETH to be a security. What are your thoughts on the proposed SEC Stabilization Act and the ongoing debate surrounding the performance of SEC Chair Gary Gensler? Share your thoughts and opinions about this subject in the comments section below. View the full article

After several weeks of consecutive gains, sales of non-fungible tokens (NFTs) have slumped 20.44% this week compared to the previous week. According to seven-day statistics, NFT sales totaled $152.96 million last week, with $84 million in sales originating from the Ethereum blockchain. This Week’s NFT Sales Follow Crypto Market’s Nosedive Sales of non-fungible tokens (NFTs) have nosedived more than 20% over the past seven days compared to the previous week. The decline follows several consecutive weeks of gains, during which Bitcoin (BTC)-based NFTs gained significant prominence. In the last seven days, NFT sales totaled $152.96 million, and the number of NFT buyers decreased by 63.59%. Ethereum-based NFT sales accounted for $84 million, representing 54.91% of the market share among 21 different blockchains. Ethereum-based NFT sales, however, have dropped 34% compared to the previous week. Bitcoin-centric NFTs still hold the second position in terms of sales, with $29.41 in recorded sales. Bitcoin-based NFT sales increased by about 25.9% compared to last week’s sales total. Behind ETH and BTC, NFT sales on other blockchains include Solana ($8.48 million), Mythos ($8.12 million), and Polygon ($6.32 million). While Bitcoin NFTs took the top five spots last week, that is not the case this week, according to statistics from cryptoslam.io. Two of the five most expensive NFTs sold this week were Ethereum-based, and the other three were Bitcoin-based. The most expensive NFT sale came from the Bitcoin-centric Derps collection, which is also the eighth-largest collection in terms of overall sales this week. However, the largest collection by sales belonged to uncategorized ordinals. Uncategorized ordinals are followed by Dmarket, Bored Ape Yacht Club (BAYC), Gods Unchained, Mutant Ape Yacht Club (MAYC), and Azuki. Although NFT sales were lower April than in March, sales in May exceeded April’s total NFT sales. Just over $739 million worth of NFTs were sold last month, and as of now in June, $263.86 million in sales have been recorded. What do you think the future holds for the NFT market? Will we see a rebound in sales, or is this the beginning of a downward trend? Share your thoughts in the comments section below. View the full article

Decentralized finance (defi) platform Sturdy Finance was exploited on Sunday evening, losing 442 ether to an attacker. The team behind the project stated that it is aware of the reported exploit and paused markets at 10:19 p.m. ET. 442 Ethereum Worth Over $766K Siphoned From Sturdy Protocol The defi community has experienced another hack, with the Sturdy Finance protocol suffering a loss of 442 ETH, equivalent to an estimated $766,900, according to a summary by Blocksec, a smart contract auditing security team. The issue was also discovered by the blockchain intelligence firm Peckshield at 9:28 p.m. ET. Hi @SturdyFinance, you may want to take a look: https://t.co/XiJppu6Ww3 The issue seems to be related to the price manipulation — PeckShield Inc. (@peckshield) June 12, 2023 Sturdy Finance is a lender that enables defi users to borrow against liquidity tokens from specific decentralized exchange (dex) platforms. In addition, Blocksec shared a screenshot depicting the steps taken to drain the funds using a flash loan technique. A Peckshield Alert notified the community that “the exploiter has already transferred 442.6 ETH to Tornado Cash,” the well known ETH mixer. Sturdy Finance addressed the situation on Twitter and said, “We are aware of the reported exploit of the Sturdy protocol. All markets have been paused; no additional funds are at risk and no user actions are required at this time. We will be sharing more information as soon as we have it.” Sturdy currently has approximately $10.78 million locked into the defi protocol. However, according to defillama.com statistics, the figure was around $12.8 million the previous day. Although 2023 has witnessed several defi hacks, the number of attacks has been significantly lower compared to 2022. Additionally, victims in 2023 have been successful in recovering a substantial amount of funds from this year’s attacks. What are your thoughts on the recent Sturdy Finance hack? Share your thoughts and opinions about this subject in the comments section below. View the full article

Crypto market observers are currently focusing on the Venus Protocol this week as the protocol grapples with a possible liquidation of binance coin (BNB). The hacker who exploited the BNB blockchain managed to secure $150 million in stablecoins through the use of Venus. If the price of BNB slips to $220 per unit, the position will be liquidated. Crypto Community Focuses on Venus Protocol’s Role in BNB Liquidation Risk The cryptocurrency community has been engaged in discussions about the Venus Protocol, a decentralized finance (defi) application for lenders and borrowers. Last year, during the attack on the BNB blockchain, a hacker managed to acquire $150 million in stablecoins from the Venus Protocol, utilizing 900,000 BNB. The position is currently still active, but it is at risk of being liquidated, causing concerns about potential disruptions in the BNB ecosystem. To trigger the liquidation, BNB must drop below the $220 per unit threshold. Presently, BNB is being traded at prices ranging from $222.23 to $238.20 per unit. Over the past week, BNB has experienced a decline of 22.3% in its value, and it currently stands 66.01% below its all-time price high. The Venus Protocol addressed the matter on Twitter, stating: “In November 2022, @BNBCHAIN submitted a governance proposal which was passed by the community to whitelist liquidation of the BNB Bridge exploiter’s position exclusively to @BNBChain core team for the purpose of securing the misappropriated assets and preventing any further impact and sell off from liquidating.” Venus Protocol announced that the whitelisted wallet received initial funding of $30 million in USDT. The funding was intended to mitigate potential deficiencies on Venus and provide additional backing through the Venus governance-approved mechanism. However, the Twitter account subsequently deleted a prior tweet which said: @BNBChain core team is ready to take over the $BNB position on Venus as planned if the BNB price hits the liquidation threshold. The liquidator address has prepared $30M already to refund the account loans with more to come if needed. No BNB will be dumped into the market and no shortfall is expected on Venus. Venus Protocol addressed an individual who shared a screenshot of the now-deleted tweet, stating, “A new tweet was published to give readers more context and a link to the actual governance proposal explaining the mechanism for more transparency.” With BNB reaching $222.23 during today’s trading sessions, it has come dangerously close to the liquidation threshold. What do you think about the liquidation Venus Protocol faces? Share your thoughts and opinions about this subject in the comments section below. View the full article

PRESS RELEASE. ProBit Global is launching the initial exchange offering (IEO) for the Galactix Zone Project platform’s native token, GXZ, which will be used as the in-game currency. Starting June 13, 2023, the token sale will enable investors to join an ecosystem that seeks to take its unique synergistic dynamic non-fungible token (sdNFT) beyond the traditional concept of dynamic NFTs. Based on an ecosystem that enables cross-chain interoperability, the sdNFT technology used by the Galactix Zone Project is like a static NFT ‘Terminator’, providing features that are far beyond those found in regular NFTs. The NFT gaming platform is built on a unique ecosystem based on a tokenomics model that offers GXZ holders and users several benefits, aimed at helping them to maximize rewards, facilitate community interaction, and drive innovation within the blockchain and NFT spaces. GXZ holders will earn rewards in proportion to the length of time they hold the digital asset, as well as receive discounts on future sdNFT launches. They will also have access to a network of social media connections within the ecosystem while GXZ holders who are social media influencers will be able to earn rewards for spreading the word about the Galactix Zone Project. While it serves as a launchpad platform for new projects to make their offerings available to early adopters through a whitelist opportunity (with a lock-up period of six months to a year), Galactix Zone offers projects that use its ICO launchpad some discounts on their listing fees. “We believe that our synergistic dynamic NFT (sdNFT) technology is the future of NFTs and gaming, and we’re excited to be at the forefront of this innovation,” says Galactix Zone’s CEO, John Nguyen. “Our project is a community-driven initiative that values transparency, integrity, and innovation, and we invite you to join us on this journey to revolutionize the NFT and gaming industry.” The GXZ ecosystem also runs a DAO-operated charity fund, in which GXZ token holders are allowed to vote on suggestions for donations. ABOUT GXZ The GXZ token is the native asset for the Galactix Zone ecosystem which offers a range of utilities and future projects aimed at driving innovation in the blockchain and NFT spaces with projects like the Galactix Zone Kalpa Avian (GKA) which gives investors greater control over their investments and the ability to earn more. ABOUT PROBIT GLOBAL Founded in 2018, ProBit Global is a Top 20 cryptocurrency platform featuring access to more than 800 cryptocurrencies and over 1000 different markets. ProBit Global aims to position itself as a world-class exchange for both crypto enthusiasts and novice investors, and boasts a user base of more than 2,000,000 active users, globally. With a powerful crypto trading interface, easy integration for automated crypto trading bots, fiat on-ramp support for 45 currencies, and a multilingual website in 46 languages, ProBit Global has all the features to make your cryptocurrency trading experience easy. To learn more, visit probit.com. ProBit Global Telegram: https://t.me/ProBitGlobalOfficial DISCLAIMER: The information provided on this website is for informational purposes only and does not constitute financial advice. ProBit Global is not responsible for any losses or damages arising from the use of this website or any of the information contained herein. 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

Cardano climbed higher to start the week, as bulls moved to buy the recent dip in price. The token dropped by over 30% over the weekend, as traders continued to react to the Robinhood delisting. Cosmos also rebounded, moving away from a one-year low. Cardano (ADA) Cardano (ADA) rebounded by nearly 5% to start the week, as traders moved to buy this weekend’s dip. ADA/USD fell by over 30% in the past few days, dropping to a low of $0.2300 in the process. However on Monday, the token rallied to an intraday peak of $0.2859, with bulls seemingly finding a stable floor at $0.2600. This comes as the relative strength index (RSI) jumped back above the 20.00 region, and is now heading towards a ceiling at 31.00. At the time of writing, the index is tracking at 24.99, which remains in oversold territory. ADA is currently trading at $0.2815, down 24% from the same point last week. Cosmos (ATOM) Another notable token to climb higher on Monday was cosmos (ATOM), which also rebounded from recent losses. Following a low of $8.21 on Sunday, ATOM/USD jumped to a high of $8.68 to start the new trading week. The rally sees ATOM continue to move away from a one-year low at $7.31, which was hit on Saturday. Similar to cardano, ATOM’s RSI reading remains below the 30.00 mark, which is a positive for longer-term bulls. This shows that there is some potential upside in the market. However, volatility also remains high. Register your email here to get weekly price analysis updates sent to your inbox: Could cosmos move above $9.00 this week? Let us know your thoughts in the comments. View the full article

The Central Bank of Nigeria governor, Godwin Emefiele, was suspended by Nigerian President Bola Ahmed Tinubu on June 9 and was subsequently arrested by a domestic security agency. Several reports have linked Emefiele’s suspension to the central bank’s controversial naira demonetization exercise. Emefiele’s Presidential Aspirations The Nigerian central bank governor, Godwin Emefiele, was on June 9 suspended by the West African nation’s new president Bola Ahmed Tinubu. The suspension is expected to pave the way for further investigations into Emefiele’s conduct throughout his tenure as head of the Central Bank of Nigeria (CBN). JUST IN: The Department of State Services (DSS) have confirmed that Mr Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria (CBN) is now in its custody for some investigative reasons. pic.twitter.com/tJJtcEduzZ — Eons Intelligence (@eonsintelligenc) June 10, 2023 Immediately after his suspension, several local media reports said Emefiele was arrested by a domestic security agency known as the Department of State Services (DSS). As reported by Bitcoin.com News on Dec. 28, 2022, the CBN’s anti-bitcoin governor is accused of funding terrorists and of failing to properly manage the central bank. At the time when the charges were initially leveled against him, the country’s domestic security agency sought to arrest Emefiele but the move was blocked by a Nigerian High Court. However, the departure of Emefiele’s ally, former president Muhammadu Buhari, appears to have allowed the DSS to finally act against the CBN governor. Meanwhile, in addition to the allegations leveled against him by the DSS, supporters of Tinubu have repeatedly claimed that Emefiele had attempted to block Tinubu’s ascendancy via the CBN’s controversial naira demonetization exercise. A few days after Tinubu’s electoral victory, the CBN was forced to issue a statement which denied claims that Emefiele had initiated another plot against the then president-elect. New President Attacks Central Bank’s Policies However, in his inaugural speech as president, Tinubu appeared to take a cue from his backers when he blasted the CBN’s handling of currency and monetary policies. The new president also called for the replacement of Nigeria’s multiple exchange rate regime with one unified exchange rate. A few days after Tinubu’s admonishment, a local report on June 1 suggested that the CBN had taken heed of the president’s call by devaluing the naira to N631:USD1 from around N460:USD1. However, the central bank has since branded the report “fake news.” Meanwhile, a Nigerian corporate lawyer who did not wish to be identified told Bitcoin.com News that Emefiele’s past presidential aspirations may partly explain why Tinubu chose to remove him. “Long before this suspension, some prominent Nigerians and Nigerians in the street have been calling for Emefiele’s outright sack for several reasons. [One of these reasons is] Emefiele’s membership of the ruling party All People’s Congress (APC) with indication to contest the 2023 presidential election,” the lawyer said. According to the lawyer, the central bank’s failed naira demonetization exercise proved to be the “straw that broke the camel’s back.” 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

Bitcoin started the week trading marginally below the $26,000 level, ahead of a key week of economic events. The headline being the upcoming U.S. Federal Reserve meeting. Ethereum remains below $1,800 ahead of this week’s rate decision. Bitcoin Bitcoin (BTC) continued to trade around the $26,000 level on Monday, as markets remain volatile following recent fundamental occurrences. BTC/USD rose to a peak of $26,203 earlier in today’s session, following Sunday’s low at $25,675. Monday’s peak sees bitcoin bulls attempt to break a resistance level of $26,300, however market sentiment remains largely bearish. Bitcoin chart by TradingView The relative strength index (RSI) is also tracking close to a level of resistance, with a current reading at 42.16. This is marginally below an upcoming ceiling at 46.00, and slightly above a support point near the 41.00 region. Additionally, the 10-day (red) moving average has maintained its downward course, further expanding bearish sentiment. Ethereum Ethereum (ETH) remained below $1,800 to start the week, tracking close to a multi-month low in the process. Following a high at $1,776.85 on Sunday, ETH/USD dropped to a bottom at $1,722.91 on Monday. This pushed ethereum closer to the weekend’s low at $1,716, which was its weakest point since March 28. Ethereum chart by TradingView As a result of this latest decline, ethereum’s 10-day (red) moving average has finally crossed over its 25-day (blue) counterpart. In addition to this, the RSI is currently tracking at 38.00, which remains around the oversold region. To move beyond this point, price strength will need to climb past the 40.00 zone, however a floor at 31.00 could still be on radar for sellers. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect ethereum to fall below $1,700 this week? Leave your thoughts in the comments below. View the full article

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue, Volcano Energy rises in El Salvador, Venezuelan bitcoin miners flee amidst nationwide mining ban, and Argentina deepens usage of the Chinese yuan to pay imports. Volcano Energy Green Mining Project Rises out of Stealth in El Salvador Volcano Energy, a bitcoin mining project, announced the construction of a 241MW renewable power generation facility in El Salvador. The operation, which will get most of its energy using photovoltaic (solar) cells, will power what it calls “one of the world’s largest bitcoin mining farms,” with a mining processing capacity of 1.3 EH/s in its first stage. The cost of the whole development is estimated to reach $1 billion, with the first phase of $250 million being financed by “Bitcoin industry leaders.” Tether is among the companies participating in the project as part of its recently announced mining and renewable energy investment expansion policy. Paolo Ardoino, CTO of Tether, stated: Volcano Energy represents one of the most ground-breaking and strategic initiatives we are investing in and we look forward to working alongside Josue Lopez [Volcano Energy’s CEO] and his team to make El Salvador a global force in renewable energy production. Bitcoin Miners Leaving Venezuela Amidst National Mining Ban Venezuelan bitcoin miners are looking to relocate their operations to other countries in Latam due to the nationwide mining ban that the government enacted after the intervention of the Venezuelan crypto watchdog Sunacrip. The institution was allegedly involved in a $20 billion corruption scheme. An anonymous miner told Criptonoticias that he is looking to move his 2,000 ASIC mining rigs to Paraguay, stating that it had one of the “cheapest electricity rates in Latin America and it is a country that has open arms for bitcoin miners to whom it is not imposing restrictions.” Other miners are considering moving their bitcoin mining operation out of Venezuela, taking them to Paraguay and El Salvador. Argentina Registers Increase in Usage of Chinese Yuan for International Settlements Argentine companies are embracing the Chinese yuan for settling cross-border payments to save U.S. dollars. According to general customs director Guillermo Michel, more than 500 companies have shifted to pay for imports with Chinese yuan after the Argentine government introduced dollar-like protections to the currency in the financial system. Out of the almost $10 billion available as part of the Chinese swap line, there are currently more than $2 billion in payments awaiting approval. To follow all the latest developments in crypto and the economy in Latin America, sign up for our Latam newsletter below. What do you think about this week’s Latam Insights report? Tell us in the comment section below. View the full article

PRESS RELEASE. June 12, 2023 — It’s time to pop the champagne and raise a toast, because CryptoSlots, one of the premier online casinos for crypto enthusiasts, has just turned 5 years old. Ever since its launch in 2018, CryptoSlots has been a mainstay for iGaming enthusiasts who prioritize the safety and anonymity of cryptocurrencies while spinning unique Provably Fair slots for excellent payouts. To celebrate the occasion, CryptoSlots has been pulling out all the stops to make sure this year is one to remember by offering all players special tokens for its signature Jackpot Trigger slot. These tokens are normally only acquired by playing slots on the site, but everyone could receive this premium currency by making deposits in May while using the birthday bonus codes. Even in the midst of a celebration CryptoSlots is still rolling out brand new content. Starting with the release of Chinatown High Limit slot, the team has recently launched the game Lucky Ducts amid much fanfare, with four match and cash bonuses up for grabs. Subsequently their newest title, Bank Bust made its debut with a set of promotions of its own. The CryptoSlots team has also unveiled a brand new cashback system, where players can earn up to 7% of their net loss from the previous week, compared to the previous amount of only 3%. And what’s more — this bonus only needs to be wagered one single time before players can withdraw their cash. “Our fifth birthday is a major milestone for us, and we owe it all to our loyal players,” said CryptoSlots operations manager Michael Hilary. “We’re thrilled to be the casino of choice for so many gamers, and we’re committed to remaining worthy of their trust and patronage in the years to come as well.” A variety of popular currencies are fully supported for both deposits and withdrawals, including BTC, ETH, LTC, XMR, USDT, USDC, and more. For players trying to break into the world of iGaming, CryptoSlots has developed a set of guides on various aspects of using crypto, such as how to buy and sell currencies on various exchanges and how to set up a crypto wallet. Whether you’re a seasoned veteran or just starting out with iGaming, this is an ideal time to try your hand and see if CryptoSlots is the casino you’ve been looking for. About CryptoSlots: CryptoSlots is a crypto-only online casino that offers a wide variety of games, all of which are made in-house and are compatible with Provably Fair technology. The casino is committed to providing a secure and anonymous gaming experience for all of its players. For more information or to sign up, visit CryptoSlots.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

Experts and business representatives from Iran and Russia have discussed the potential uses of cryptocurrencies and blockchain. The two countries are also collaborating on implementing new financial instruments facilitating bilateral trade in their national fiats. Financial Expo Brings Together Crypto Experts From Russia and Iran Business leaders and industry professionals from Iran and Russia have discussed the potential applications as well as the pitfalls of employing crypto assets and blockchain technologies. They met during the 15th International Financial Industry Exhibition (Finex) in Tehran, local media reported. The discussion brought together speakers from the crypto and fintech sectors of both countries and government officials, including Mustafa Amiri, secretary of the Iran Fintech Association and the CEO of the Iran Blockchain Association, Abbas Ashtiani, according to the Iranian news portal Way2pay. Alexander Brazhnikov, executive director of the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (Racib), and Hossein Khosropour, who heads Innovation and Investment Support at the Iranian Ministry of Information and Communications Technology, also took part in the meeting. The financial forum, which started on Tuesday at the Tehran Permanent International Fairgrounds, also became the platform for a major announcement concerning trade between the two countries and the management of monetary transactions between economic stakeholders. New Financial Tool to Facilitate Payments in National Currencies At an event held by Iran’s Bank Pasargad and Russia’s largest bank, Sberbank, a new financial tool was unveiled – a banking guarantee letter. Used alongside another tool, the domestic letter of credit, this instrument can help streamline trade in the currencies of the two nations, the ruble and the rial. “These tools have the potential to redefine bilateral trade using national currencies. It’s a significant step forward in the cooperation between Iran and Russia,” Seyed Ahmad Reza Alaei, chief executive of the Iran International Exhibitions Company, was quoted as saying. The Islamic Republic of Iran and the Russian Federation, both facing international sanctions, have been exploring ways to circumvent financial restrictions. Payments in national currencies between them already exceed 60% of trade transactions. While Russian authorities are still considering whether to legalize crypto payments in cross-border settlements, Iran already placed its first official import order with cryptocurrency in August, last year. And in May of this year, Iran’s Trade Promotion Organization announced the establishment of a platform allowing businesses to pay with crypto abroad. Do you think Iran and Russia will start using cryptocurrencies in bilateral trade? Tell us in the comments section below. View the full article

According to Tony Tran, the chairman and CEO of Peer Inc, the cooling interest in non-fungible tokens (NFTs) and the metaverse particularly by corporations and tech giants like Meta does not signal their end but instead “it reflects the natural cycle of innovation.” In written answers to questions from Bitcoin.com News, Tran, whose firm is behind the 3D social networking app Peer, insisted that such a downward trend is commonly experienced by early adopters of new technologies. Ignorance a Key Barrier to Mass Adoption Tran also attributed the public’s seemingly limited interest in NFTs to ignorance and their lack of “tangible utility.” However, Tran also argued that these barriers can be overcome by doing a “better job educating the public on the value of digital ownership and the broad potential applications for NFTs.” Concerning the sudden rise in the popularity of Bitcoin ordinals Tran said while appreciates the debate, his focus “is less on a binary ‘yes or no’ to Bitcoin NFTs, and more on how we can use blockchain technology to provide value to people.” The CEO also told Bitcoin.com News that he believes the metaverse could just be “the beginning of a new era of digital interactions.” Below are Tran’s detailed answers to each of the questions sent to him via Telegram. Bitcoin.com News (BCN): What do you think are the biggest roadblocks to the mass adoption of NFTs and what needs to be done to make them more valuable in our everyday lives? Tony Tran (TT): There are two key issues, education and utility. Many people still don’t understand what NFTs are or why they should care. We need to do a better job educating the public on the value of digital ownership and the broad potential applications for NFTs. Then, we need to develop platforms and systems where NFTs have real, tangible utility—beyond just digital collectibles and art. We envision NFTs playing a huge role in areas like content creation, gaming, and social interactions in the digital realm. BCN: Your company is building an augmented reality-based Web3 social app that is said to layer a social network onto the real world. What does it offer that the existing Web2 and Web3 social networks do not and how, if at all, would it facilitate interactions between users to bring people and content into the metaverse? TT: Our aim with the Peer social app is to break down the barriers between the digital and physical worlds. Existing Web2 networks largely operate within the constraints of the traditional Internet, while many Web3 networks are solely focused on the digital realm. Our app brings these two worlds together, allowing users to interact with both physical and digital elements simultaneously. For instance, imagine being able to place a digital piece of art in a real-world location for others to discover and interact with. This kind of user-generated content and experience is a new frontier in social networking. BCN: In 2022 many traditional business organizations embraced NFTs and the metaverse but in 2023 fewer corporations are doing this. Meta, which was one of the first major tech firms to embrace the metaverse, has essentially shelved or dumped this. What does this mean for platforms like Peer which are still building? TT: The recent pullback by corporations and tech giants like Meta doesn’t signal the end of the metaverse or NFTs, rather it reflects the natural cycle of innovation. It is not unusual for early adopters to face challenges when exploring new technologies, leading to a temporary slowdown or change in direction. That said, at Peer, we see this as an opportunity. As an agile and innovative company, we are well-positioned to adapt to the evolving landscape and continue our pursuit of bringing NFTs and the metaverse to the mainstream. We believe the potential of these technologies remains vast and largely untapped. BCN: Building a digital, gamified layer on top of the real world will likely require Geo-NFTs. Could you tell us how the Geo-NFTs work and whether it’s possible to prevent malicious actors from faking their location to access these NFTs? TT: Geo-NFTs associate real-world geographical locations with unique digital assets. They are the bridge between physical location and digital ownership. Of course, the issue of location spoofing is a significant concern. However, by using advanced location verification techniques and integrating them with blockchain security measures, we can largely prevent malicious activities. Our main priority is ensuring a safe, fair, and enjoyable experience for all users. BCN: The Bitcoin Ordinals NFTs have captured the collective mindshare of both NFT lovers and haters. Some argue that it’s against Satoshi’s original vision of Bitcoin being a peer-to-peer payment system. Others believe Bitcoin should embrace innovation to stay on top of the crypto pyramid. What is your opinion on this? TT: While I appreciate the debate, my focus is less on a binary ‘yes or no’ to Bitcoin NFTs, and more on how we can use blockchain technology to provide value to people. Whether that’s via Bitcoin, Ethereum, or any other platform, I think the important thing is that we’re pushing boundaries and exploring what’s possible. BCN: Do you think the metaverse will be the pinnacle of our digital interactions or it is a precursor of something more advanced and immersive? TT: I believe the metaverse is just the beginning of a new era of digital interactions. Imagine a world where, rather than being restricted by physical geography or conventional interfaces, we can interact, work, and play in a shared digital space. A world where digital art is as valued as a physical art, where virtual concerts are as attended as physical ones, and where work and play blend seamlessly. I believe our future interactions will be much more dynamic, immersive, and personalized than what we can even envision today. And NFTs, I believe, will play a critical role in making this a reality. What are your thoughts about this interview? Let us know what you think in the comments section below. View the full article

Former Securities and Exchange Commission (SEC) official John Reed Stark said on Sunday via Twitter that he believes the U.S. Department of Justice (DOJ) has filed or will file a criminal indictment related to Binance. Stark, who draws from his experience in the SEC Enforcement Division, pointed to various indicators suggesting potential criminal charges in his recent statement. DOJ Likely to Charge Binance Following SEC and CFTC Actions, Says Former SEC Official According to John Reed Stark, the former head of internet enforcement at the SEC, the DOJ has either already filed or will file a criminal indictment against Binance, the world’s largest crypto exchange. Stark’s opinion comes after the SEC sued Binance on June 5, 2023, for violating securities laws. The former SEC official emphasized that the Commodity Futures Trading Commission’s lawsuit against Binance, along with the SEC’s latest complaint, “read more like criminal indictments” than typical regulatory actions. Stark said that the CFTC lawsuit alleges aiding and abetting violations, while the SEC’s complaint alleges that customer funds were commingled and there are accusations of market manipulation. He also highlighted that the SEC seeks extreme remedies, including freezing assets and repatriating funds. “Seeking such emergency relief typically means that the SEC believes they can convince a judge right now, that the defendants have committed fraud and that investor funds are at risk,” the former SEC official wrote in a Twitter post with close to 700 words. Stark also discussed the evidence presented in the SEC’s accounting declaration and the intermingling of funds and asset transfers it mentioned. “The SEC is obviously working with criminal prosecutors and FBI agents but reveals no other information,” Stark opined. “Neither the CFTC or SEC case intensely focus on money laundering. IMHO, that is the prosecutorial space that has been carved out and reserved for a U.S. DOJ criminal prosecution relating to Binance.” Stark concludes that the DOJ is likely collaborating with officials in this case as well. “My take is that [the] U.S. DOJ is working with the SEC, CFTC, and multiple informants/whistleblowers, and the next axe to fall is the filing, or unsealing of, Binance-related criminal charges,” Stark’s Twitter post concludes. This is not the first time Stark has warned about enforcement in the crypto sector. In January, Stark insisted that the “regulatory onslaught” was just the beginning after the SEC charged Gemini and Genesis over their lending platform. When asked why a DOJ indictment might be sealed, the former SEC official replied, “Sealed so the public does not know about because, for whatever reason (e.g. dissipation of assets, destruction of evidence, etc.)” What do you think about Stark’s opinion? Share your thoughts and opinions about this subject in the comments section below. View the full article

People in Turkey have been seeking refuge in stablecoins as their national fiat continues to depreciate against the greenback. The Turkish lira saw a record drop in its exchange rate with the U.S. dollar when the country’s central bank halted intervention after the recent presidential vote. Turkish Investors Seek Safe Haven in Stablecoin Tether Despite Global Crackdown on Crypto Demand for tether (USDT) in Turkey has been high since early May despite an ongoing crackdown on crypto assets around the world, Bloomberg noted. While the prices of major cryptocurrencies are falling, the Turkish lira has fared even worse, the report points out. The national fiat dropped 11% against the dollar during the past week after the central bank pulled back from intervention following the reelection of Turkey’s long-time President Recep Tayyip Erdogan. Turkish state banks resumed support on Wednesday after the currency’s biggest slide in over a year. With the lira having lost 80% of its value since the previous election in 2018, it’s down 20% against the dollar in 2023 alone, Turks have been turning to crypto assets, especially stablecoins like the U.S dollar-pegged tether. According to data from Kaiko, lira transactions peaked in May at 18% and accounted for 10% of total crypto trading volumes in early June. “Investing in stablecoins allows people to keep the value of their wealth, it’s one of the ways to hold on to some value when inflation is this high,” former banker and university lecturer Ebru Güven was quoted as saying. At the same time, Güven remarked, regulations have made it hard to buy dollars or gold. The report also highlights that tether’s share of the trading volumes on a leading domestic crypto exchange, Btcturk, has reached 20%. That’s compared to 1% on Binance, the world’s largest digital asset exchange by trading volume, according to data from Coinmarketcap. “It’s noticeable that despite historically low volumes, demand for stablecoins on Turkish markets has remained robust,” Kaiko Analyst Dessislava Aubert commented. Last month, tether’s share of trading volumes on local markets reached its highest level since 2020, she added. Do you think Turkish investors will continue to buy tether if their government fails to tame inflation? Share your thoughts on the subject in the comments section below. View the full article

At 1:19 p.m. Eastern Time on Sunday, June 11, 2023, Microstrategy, a publicly-listed company, had 140,000 bitcoin (BTC) on its balance sheet. Despite this impressive figure, a data analyst at blockchaincenter.net compiled metrics that reveal the company’s investment has decreased in value by 14%. The data also indicates that if Microstrategy had invested in ethereum (ETH) instead of BTC, the company’s portfolio would have increased by 54%. Blockchaincenter.net’s ‘There Is No Second Best’ Data Set Microstrategy, a company that offers business intelligence, mobile software, and cloud-based services, currently holds the largest amount of bitcoin (BTC) among publicly listed firms. In April, the company acquired an additional 1,045 BTC, bringing its total stash to an even 140,000. However, recent statistics reveal that the value of Microstrategy’s bitcoin portfolio has decreased by 14% as of Sunday. This means that the company’s cache, which was purchased for $4.206 billion, is now worth $3.631 billion. There is no second best. #Bitcoin — Michael Saylor⚡️ (@saylor) October 8, 2021 Archived blockchaincenter.net statistics reveal that Microstrategy’s portfolio would have been more profitable today if the company had invested in ethereum (ETH) instead of bitcoin (BTC). This data set, called “There is no second best,” challenges the opinion of Microstrategy’s founder, Michael Saylor, who believes that BTC is the leading crypto asset and that there is no second best. The creator of the data set, Holger from blockchaincenter.net, collected these metrics because he considers himself a “data nerd” and believes that claiming “there is ‘no second best crypto asset’ is a bit of a stretch.” Holger’s chart paints an entirely different picture of what could have been for Microstrategy if the company had invested in ether instead of bitcoin. According to the data, if Microstrategy had purchased ether, the company would now hold 3,681,627 ETH, and its portfolio would be valued at $6.461 billion. This means that instead of experiencing a 14% loss, the investment in ether would have resulted in a $2.255 billion in profit for the company. However, that’s not all that Microstrategy missed out on. By staking its ether stash, the company could have earned an additional 326,225 ether, resulting in a staking profit of around $572.5 million at an annual percentage rate (APR) of 4%. Holger’s data set reveals yet another interesting fact: if Microstrategy were to trade its BTC for ETH today, the company would receive 2,069,232 ether using today’s exchange rates. This ethereum portfolio would generate an estimated $182 million per year from staking, which Holger insists is more operating income than Microstrategy has ever had. However, it’s highly unlikely that Saylor and his company will switch over to ETH, as he holds BTC in the highest esteem. It’s worth noting that the data presented by Holger on blockchaincenter.net is subject to change over time. However, the data set also acknowledges that Michael Saylor’s decision to “convert his company cash (and more) into bitcoin could have been (and still can be) the greatest decision ever.” While the data suggests that investing in ETH could be a lucrative move for Microstrategy today, it’s important to remember that the crypto market is subject to change at any moment. Ultimately, only time will tell which crypto asset will come out on top. What are your thoughts on Microstrategy’s investment choice in bitcoin and the potential profitability of ethereum? Share your thoughts and opinions about this subject in the comments section below. View the full article

Jay Clayton, former U.S. Securities and Exchange Commission (SEC) chairman, gave his opinion about how the organization approaches enforcement in the crypto space. In a Bloomberg Invest panel, Clayton stated that while he supports the agency and the law, the crypto regulation issue should be treated with nuance. Former SEC Chairman Jay Clayton Calls for Nuance When Dealing With Crypto Jay Clayton, Former SEC Chairman of the U.S. Securities and Exchange Commission (SEC) took a stance on the escalade of enforcement actions the organization is currently taking against cryptocurrency exchanges. The agency recently slapped Binance and Coinbase, two of the largest cryptocurrency businesses in the world, with illegal brokerage charges, stating that they allowed U.S. customers to purchase unregistered securities. In a joint Bloomberg panel with Dan Morehead, founder and managing partner of Pantera Capital, Clayton stated that while he supported the SEC and the current law definitions, he had other ideas regarding enforcement. When asked if he agreed with current SEC Chairman Gary Gensler’s moves, Clayton stated: When I was there, people would say I was a crypto hawk. We effectively shut down the ICO craze. I do think we are having very blunt conversations about something that requires nuance. Furthermore, Clayton clarified that crypto and blockchain were just technologies and that using these technologies in different aspects of the financial system should be “non-controversial.” Tokenization and Stablecoins Clayton, nominated by Donald Trump and serving as SEC chairman from 2017 to 2020, had to deal with the rise of crypto as an insurgent technology in financial markets. However, while the current SEC chairman Gary Gensler has questioned the value of cryptocurrency, Clayton believes there are valid use cases for crypto and blockchain technology. One of these use cases is tokenization, a process that uses a representation of an asset in a blockchain to simplify the management of such an asset. Assets and securities tokenization is a business predicted to reach the $4 to $5 billion mark by 2030, according to Citi. Clayton explained using tokenized securities will probably be “more efficient than what we are doing today.” Clayton also detailed that stablecoins, which are cryptocurrency assets linked to the value of other assets – generally of a fiat token like the U.S. dollar – had a clear use case. He declared: I am remarkably impressed by the functionality of true stable stablecoins… it is a remarkable technology at the retail level to be able to transfer dollars around the world. Clayton added that using stablecoins would allow for conducting know-your-customer (KYC) and anti-money laundering (AML) procedures more efficiently and that the U.S. should be looking into this technology. What do you think about Jay Clayton’s remarks? Tell us in the comment section below. View the full article

On June 9, 2023, the Commodity Futures Trading Commission (CFTC) declared victory in a lawsuit against Ooki DAO, a decentralized autonomous organization. According to the CFTC, the judge’s ruling that the Ooki DAO is a “person” under the Commodity Exchange Act sets a new legal precedent. This decision could be quite significant as it’s the first ruling to establish the legal status of DAOs and their accountability under the law. CFTC Lawsuit Could Define Legal Status of DAOs in the United States According to current statistics, there are 12,745 decentralized autonomous organizations (DAOs) with treasuries holding over $20 billion in crypto assets. Since the infamous failure of the first DAO in 2016, which caused a rift in the Ethereum community, DAOs have been a hot topic. Many supporters, however, have assumed that DAOs are immune to legal repercussions, given their decentralized and autonomous nature, and the fact that they’re made up of numerous market participants. The CFTC’s recent victory in the lawsuit against Ooki DAO, however, could be the beginning of the end for the notion that DAOs are immune to legal action. It all started in September 2022 when Ooki DAO was accused by the CFTC of breaking the Commodity Exchange Act. The DAO was allegedly operating as a futures commission merchant (FCM) from June 1, 2019, to around August 23, 2021, and was also accused of facilitating illegal margined, and leveraged retail commodity transactions. Despite the accusations, Ooki DAO remained silent and failed to respond to the lawsuit’s deadline. As a result, the CFTC was poised to win the case by default. Judge William H. Orrick entered the default judgment order on June 9. The DAO was found guilty of operating an illegal trading platform and acting as an FCM, resulting in a civil monetary penalty of $643,542. The CFTC was quick to point out that the judge’s ruling that the DAO is a “person” under the Commodity Exchange Act is a game-changer. In a press release, the CFTC emphasized the significance of the decision, stating that “the court held that the Ooki DAO is a ‘person’ under the Commodity Exchange Act and thus can be held liable for violations of the law. The court then held that the Ooki DAO did, in fact, violate the law as charged.” “The founders created the Ooki DAO with an evasive purpose, and with the explicit goal of operating an illegal trading platform without legal accountability,” CFTC Division of Enforcement director Ian McGinley said. “This decision should serve as a wake-up call to anyone who believes they can circumvent the law by adopting a DAO structure, intending to insulate themselves from law enforcement and ultimately putting the public at risk.” The regulatory landscape in the U.S. in 2023 has been nothing short of chaotic. From commodities to securities, financial watchdogs have been cracking down on a wide range of industries. The list of regulators involved is extensive, including over a dozen banking and securities regulators from various states, the New York Attorney General’s Office, the SEC, and the CFTC. The classification of crypto assets as both commodities and securities has only added to the confusion, with regulators also targeting products associated with staking, lending, and interest-bearing accounts. With so many accusations, lawsuits, and projects under scrutiny, it’s starting to feel like a regulatory warzone out there. As the regulatory crackdown on crypto continues, supporters of the digital currency are left wondering: who will be the next target? What are your thoughts on the lawsuit between the U.S. commodities regulator and the decentralized autonomous organization? Share your thoughts and opinions about this subject in the comments section below. View the full article

It has been six days since Binance faced a lawsuit from the U.S. Securities and Exchange Commission (SEC), and five days since Coinbase encountered a similar legal challenge. In the wake of these events, a substantial amount of bitcoin and ethereum has been withdrawn from exchanges, with data revealing that nearly $996 million worth of ETH and BTC has been removed from centralized trading platforms. Exchanges Witness Significant Bitcoin and Ethereum Outflows in Wake of SEC Lawsuits Less than a week has passed since the SEC took action against two of the world’s largest exchanges, with Binance’s lawsuit occurring on June 5, 2023, and Coinbase’s lawsuit following suit on June 6. As previously reported by Bitcoin.com News, record outflows from Binance have been observed, and cryptocurrency enthusiasts have been extensively withdrawing bitcoin (BTC) and ethereum (ETH) from centralized exchanges. According to data collected from cryptoquant.com, 2.155 million BTC were held on centralized trading platforms the day prior to Binance’s lawsuit. Since then, however, 22,263 BTC valued at $574.15 million using current exchange rates have been withdrawn. As of 8:30 a.m. Eastern Time (ET) on Sunday morning, there were 2.133 million BTC held by various exchanges. A similar trend is evident in ethereum (ETH) withdrawals, as 15.96 million ETH were held by exchanges last Sunday on June 4, 2023. A Game of Musical Chairs: While Binance’s Weekly Outflow Surged, Other Exchanges Record Significant Inflows Presently, that figure has decreased to 15.72 million ether, indicating that approximately 241,366 ETH valued at $422.78 million was removed using today’s ether exchange rates. In total, between bitcoin and ethereum, $996.94 million in value has been withdrawn from centralized trading platforms within the past week. A multitude of individuals have transferred funds away from exchanges, but data shows some deposited this cryptocurrency into different trading platforms. It appears as though some BTC whales are engaging in a game of musical chairs. For example, data from coinglass.com indicates that Binance experienced withdrawals totaling 40,427 BTC during the past seven days, with 7,008 BTC removed in the last 24 hours alone. In contrast, Coinbase witnessed an addition of 2,959 BTC to its reserves this week, though 20 BTC were withdrawn in the past day. While Binance experienced outflows, the subsequent top four exchanges saw noticeable inflows. After Coinbase, Bitfinex received deposits of 1,556 BTC, Okx added 3,772 BTC to its reserves, and Gemini saw an influx of around 1,070 BTC within the past week. What do you think about the bitcoin and ethereum being removed from exchanges over the past week? Share your thoughts and opinions about this subject in the comments section below. View the full article

Jim Rickards, an economist and the author of “Currency Wars,” has predicted the unveiling of a new BRICS currency, stating that it “could weaken the role of the dollar in global payments and ultimately displace the U.S. dollar as the leading payment currency and reserve currency.” Emphasizing that “The process by which this will happen is unprecedented, and the world is unprepared for this geopolitical shock wave,” he noted that “The BRICS+ present a realistic effort to de-dollarize global payments and eventually global reserves.” Jim Rickards on BRICS Currency Challenging U.S. Dollar Dominance Economist and “Currency Wars” author Jim Rickards shared his predictions about a proposed BRICS currency in an opinion piece published by the Daily Reckoning earlier this week. The leaders of the BRICS nations (Brazil, Russia, India, China, and South Africa) are expected to discuss the proposed common currency at their next leaders’ summit in August. “On Aug. 22, about 2½ months from today, the most significant development in international finance since 1971 will be unveiled,” Rickards wrote, elaborating: It involves the rollout of a major new currency that could weaken the role of the dollar in global payments and ultimately displace the U.S. dollar as the leading payment currency and reserve currency. It could happen in just a few years. “The process by which this will happen is unprecedented, and the world is unprepared for this geopolitical shock wave,” he opined. Rickards explained that there are currently eight nations that have formally applied to join the economic bloc and 17 others have expressed interest in joining. The eight are Algeria, Argentina, Bahrain, Egypt, Indonesia, Iran, Saudi Arabia, and the United Arab Emirates, he detailed, adding that the 17 countries are Afghanistan, Bangladesh, Belarus, Kazakhstan, Mexico, Nicaragua, Nigeria, Pakistan, Senegal, Sudan, Syria, Thailand, Tunisia, Turkey, Uruguay, Venezuela, and Zimbabwe. In April, Anil Sooklal, South Africa’s ambassador to the BRICS economic group, revealed that 19 countries have either applied to join or have expressed interest in joining. “We are getting applications to join every day,” he stated at the time. “By every measure — population, landmass, energy output, GDP, food output and nuclear weapons — BRICS is not just another multilateral debating society. They are a substantial and credible alternative to Western hegemony. BRICS acting together is one pole of a new multipolar or even bipolar world,” Rickards stressed. De-Dollarization of Global Payments and Global Reserves The economist then discussed the global de-dollarization trend, as a growing number of countries shift away from using the U.S. dollar in trade settlements in favor of national currencies. “What’s behind this quest to ditch the dollar? In no small part the answer is U.S. weaponization of the dollar through the use of sanctions,” the Currency Wars author described. “Many other nations began to conclude that they could be next if they run afoul of the U.S. on certain issues. And that fear has greatly accelerated the push to opt out of the dollar system entirely,” he continued, adding: The BRICS+ present a realistic effort to de-dollarize global payments and eventually global reserves. Rickards noted that efforts to shift to using national currencies “may soon be superseded by a new BRICS+ currency, which will be announced in Durban, South Africa, at the annual BRICS leaders’ summit Conference on Aug. 22–24.” Believing that the new BRICS currency “will be pegged to a basket of commodities for use in trade among members,” Rickards predicted: “Initially, the BRICS+ commodity basket would include oil, wheat, copper, and other essential goods traded globally in specified quantities.” He further explained: “In all likelihood, the new BRICS+ currency would not be available in the form of paper notes for use in everyday transactions. It would be a digital currency on a permissioned ledger maintained by a new BRICS+ financial institution with encrypted message traffic to record payments due or owing by participating parties.” He clarified that this new currency will not be a cryptocurrency “because it is not decentralized, not maintained on a blockchain, and not open to all parties without approval.” The economist concluded: Based on the impracticality of commodity baskets as uniform stores of value, it appears likely that the new BRICS+ currency will be linked to a weight of gold. “This plays to the strengths of BRICS members Russia and China, who are the two largest gold producers in the world and are ranked sixth and seventh respectively among the 100 nations with gold reserves,” he stressed. While Rickards anticipates the unveiling of the new BRICS currency at the forthcoming leaders’ summit of the economic bloc, there is widespread skepticism regarding the feasibility of such a currency. This skepticism extends to individuals like Lord Jim O’Neill, the British economist credited with coining the acronym BRIC. What do you think about the predictions regarding a new BRICS currency by economist Jim Rickards? Let us know in the comments section below. View the full article

Seismic shifts have been occurring in crypto this past week, with the United States Securities and Exchange Commission (SEC) leaning remarkably further into what some call its “regulation by enforcement” approach, as the entity is now suing both Binance and Coinbase for securities laws violations. In other news, crypto firm Robinhood has decided to delist multiple popular crypto assets in the wake of the SEC’s latest barrage of red tape. This and more just below, in the latest Bitcoin.com News Week in Review. Binance Faces Legal Action by SEC for Violating US Securities Laws The U.S. Securities and Exchange Commission (SEC) took legal action against Binance, the largest cryptocurrency exchange globally, for violating U.S. securities laws. Gary Gensler, the chairman of the SEC, revealed that Binance is facing thirteen charges related to these violations. Read More Coinbase CEO Responds to SEC Lawsuit Accusing Crypto Exchange of Securities Law Violations Coinbase CEO Brian Armstrong has responded to the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against his cryptocurrency exchange. The securities regulator charged Coinbase with “operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency,” as well as selling unregistered securities “in connection with its staking-as-a-service program.” Read More US SEC Identifies 12 Crypto Tokens as Securities in Binance Lawsuit The U.S. Securities and Exchange Commission (SEC) has identified 12 crypto tokens as securities in a new lawsuit filed against Binance and its CEO, Changpeng Zhao (CZ). The securities regulator asserted that Binance platforms “have made available for trading on them crypto assets that are offered and sold as investment contracts, and thus as securities.” Read More Robinhood to Delist Cardano, Solana, and Polygon Amidst SEC Regulatory Pressure Fintech and crypto firm Robinhood has announced the delisting of cardano (ADA), solana (SOL), and polygon (MATIC) on June 27, 2023. This development comes after the publicly-listed company revealed that it was “actively reviewing” its coin listings in the wake of recent U.S. Securities and Exchange Commission (SEC) enforcement actions against Binance and Coinbase. Read More Economist Discusses BRICS Currency’s Prospect of Becoming Global Currency Economist Alexis Habiyaremye from the University of Johannesburg says that a proposed common BRICS currency, if used effectively and systematically for all trade transactions between BRICS nations, would “alleviate the burden on these countries to finance” the “disproportionate advantage that the dollar enjoyed in the international monetary system.” Read More What are your thoughts on this week’s stories? Be sure to let us know in the comments section below. View the full article

Amid the recent crackdown on two of the world’s largest crypto exchanges, cryptocurrency enthusiasts have been buzzing with discussions on various theories and investment strategies. While some have opted to sell their holdings in the face of uncertainty, others have taken a different approach. Rather than focusing on short-term gains, some crypto proponents are playing the long game, undeterred by regulatory pressure and steadfast in their decision to hold onto their investments. Theories, Guidance, and Principles — Crypto Market Sentiment Grows Chaotic Across Reddit The United States is currently witnessing a major crackdown on crypto firms and digital assets, following the Securities and Exchange Commission’s (SEC) lawsuit against Binance and Coinbase. As a result, there are numerous theories circulating about the so-called ‘Operation Chokepoint 2.0‘, with crypto advocates attempting to explain why the crypto market is experiencing a downturn. A recent post on the Reddit forum r/cryptocurrency has identified three key reasons why the crypto economy is facing significant losses. According to the post on Reddit, one theory for the recent downturn in the crypto market is that investors are selling altcoins on Robinhood after the exchange decided to delist ADA, SOL, and MATIC. Another possibility is that a “big time market maker” or “crypto fund” is exiting the market and selling off all of their holdings. Finally, the post’s creator speculated that the SEC may be preparing to take action against other market participants. “These are my best [three] guesses,” the Redditor wrote. “Even in crypto, it’s not usual to see a 30% dump on alts within a 4H candle, so there has to be some pretty significant news coming around.” Meanwhile, on the same subreddit, a vocal bitcoin proponent took the opportunity to highlight the resilience of BTC during these turbulent times. “Times like this just prove (yet again) that BTC is here to stay, BTC is the pillar of the crypto space as a whole, and, BTC is king,” the Redditor declared. “With this recent crash we have seen BTC dominance rise to its highest level in years. Furthermore, so far, BTC is yet to really be harmed by all of this craziness.” The Redditor also insists that ethereum (ETH) may be in “a similar boat,” but not everyone feels ETH is safe. Crypto Redditors Desperately Seek Strategies While Bitcoin Subreddit Mocks Altcoin Losses As the crypto market continues to experience turbulence, numerous Redditors are turning to their peers for advice on which assets are safe to hold and which ones to avoid. “What are you doing now? Are you accumulating? Are you selling? Are you rebalancing? Are you just hodling and moving your funds from exchanges to your wallets?” one Redditor inquired over the weekend. Meanwhile, in another post on r/cryptocurrency, an individual shared their decision to hold onto their investments for the long haul. According to the Redditor, “the SEC is suing a bunch of CEXs and declaring lots of coins to be securities. Bad for prices in the short term, but my investments are long term investments.” Many others agreed with the Redditor’s sentiment as one individual remarked that the post was a “sensible take in a crazy market.” One person jokingly suggested that the Redditor “knows how to navigate the market with common sense. He doesn’t belong here with us degens.” These types of discussions, theories, and strategies can be found all over social media platforms like Facebook, Twitter, and r/cryptocurrency. However, the conversation on r/bitcoin is markedly different, with numerous posts celebrating the downfall of altcoins. What do you think about the people holding firm or adapting their strategy amidst the crypto market’s turbulence? Share your thoughts and opinions about this subject in the comments section below. View the full article

BEUC, the European Consumer Organization, has urged Brussels to clamp down on the promotion of crypto assets on social media. The umbrella group calls for implementing stricter advertising rules on major platforms like Twitter and Tiktok as well as preventing influencers from misleading investors. BEUC Complains About Promotion of Risky Crypto to European Consumers on Social Media The European Consumer Organization, better known by its French abbreviation BEUC (Bureau Européen des Unions de Consommateurs), has filed a complaint with the European Commission and consumer authorities in the EU against Tiktok, Twitter, Instagram, and Youtube, alleging that they facilitate misleading crypto promotion. “These social media companies are responsible for allowing misleading advertisements of crypto assets to multiply on their platforms (both through advertising and influencers),” the bureau said in an announcement presenting its “Hype or harm? The great social media crypto con” report. This constitutes an unfair commercial practice which “exposes consumers to serious harm i.e., the loss of significant amounts of money,” the organization added, suggesting that crypto is still a highly risky investment product that it deems “not suitable for many consumers.” Established in 1962, BEUC unites 45 European consumer protection organizations from 32 countries in the European Union, the European Economic Area (EEA), and applicant nations. The complaint has been filed together with nine of its members in Denmark, France, Greece, Italy, Lithuania, Portugal, Slovakia, and Spain. The Bureau claims in the report there’s ample evidence of the misleading promotion of crypto on said platforms that contravenes their own advertising policies. It also calls on the Consumer Protection Cooperation Network, a body bringing together public authorities competent in the field of consumer protection, to request certain changes from the companies. European Authorities Urged to Ensure Social Media Giants Protect Users From Scams The organization insists on the adoption and enforcement of stricter advertising policies by the platforms promoting crypto as well as implementing measures to prevent influencers from misleading consumers in regards to the nature of crypto assets which it describes as volatile and speculative. “Consumers are increasingly being promised ‘get rich quick’ investments by ads and influencers on social media. Unfortunately, in most cases, these claims are too good to be true,” BEUC Director General Monique Goyens was quoted as stating. Goyens noted that the sector will soon be regulated with the EU’s newly adopted Markets in Crypto Assets (MiCA) legislation. However, she also pointed that the law does not apply to social media firms “benefiting from the advertising of crypto at the expense of consumers” and elaborated: We are turning to the authorities in charge of protecting consumers to ensure Instagram, Youtube, Tiktok, and Twitter fulfil their duty to protect consumers against crypto scams and false promises. BEUC’s action coincides with the introduction of tougher advertising rules for businesses marketing crypto assets to U.K. consumers by Britain’s Financial Conduct Authority (FCA) this week. The watchdog said it wants to ensure investors are duly warned about the risks, banned ‘refer a friend’ bonuses, and imposed a cooling-off period for first time crypto buyers. Do you expect consumer protection authorities in Europe to make it harder to promote crypto on social media? Tell us in the comments section below. View the full article

The Nigerian Securities and Exchange Commission has said crypto exchange Binance’s local affiliate “is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal.” The regulator has also said anyone who continues to deal with Binance Nigeria is “doing so at his/her own risk.” Nigeria’s SEC Labels Crypto an ‘Extremely Risky’ Asset Class Nigeria’s Securities and Exchange Commission has said the crypto exchange’s local affiliate is operating illegally. In a circular issued on June 9, the Nigerian regulator discouraged local residents from dealing with Nigeria. The announcement by the Nigerian regulator came less than 24 hours after Binance’s beleaguered U.S. affiliate was forced to suspend dollar deposits and withdrawals. In addition to branding the affiliate’s operations illegal, the Commission also warned Nigerians of the risks of investing in crypto assets or related products, particularly when the service provider is not registered or regulated by the SEC. The regulator meanwhile reiterated its message against investing in an asset class which it described as “extremely risky.” To Binance’s Nigerian affiliate, the regulator said: By this circular, Binance Nigeria Limited is hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever. The regulator also promised to provide updates on further “regulatory actions against Binance Nigeria and other similar platforms.” The move by the Nigerian SEC adds to Binance’s woes which climaxed when the U.S. launched a lawsuit against the giant crypto exchange and its affiliates. The U.S. regulator has also sought an emergency court injunction that would allow it to freeze assets held by Binance U.S. Nigerian Blockchain Association Applauds Commission’s Decision Meanwhile, the Nigerian blockchain and crypto association, the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), has said it welcomes the Commission’s decision which shows that the SEC “is watching the market and want to ensure the market is properly regulated.” However, in a statement that has since been withdrawn, the SIBAN editorial team said the regulator should also consider working with the local stakeholders when drafting regulations. According to the team, doing this “enable[s] local businesses to thrive in the digital asset market.” The SIBAN team also requested the SEC “consider putting systems in place to support that national blockchain policy.” The team added that it is willing to work with the SEC “for the greater good of our nation.” 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

Russia’s second-largest bank’s chairman has predicted the end of U.S. dollar dominance. He believes that the Chinese yuan will replace the U.S. dollar as the dominant currency. “I think that the time has come when China will gradually remove currency restrictions,” he noted, adding that “China understands that they will not become world economic power number 1 if they keep their yuan as a non-convertible currency.” VTB Bank President Predicts End of U.S. Dollar Hegemony Andrey Kostin, the chairman of state-controlled VTB, Russia’s second-largest bank, discussed the potential end of U.S. dollar dominance in an interview with Reuters, published Friday. He expressed his belief that the era of U.S. dollar dominance is drawing to a close, attributing it to the increasing prominence of the Chinese yuan and the global recognition of the consequences resulting from unsuccessful Western sanctions aimed at undermining Russia during the Ukraine crisis. According to him, the U.S. and the European Union would lose due to their moves to freeze hundreds of billions of dollars of Russian sovereign assets. This prompted numerous countries to ramp up efforts to shift away from using the U.S. dollar and settle trades in national currencies, including the BRICS nations (Brazil, Russia, India, China, and South Africa), 10 ASEAN member countries, and nine more Asian countries. The BRICS economic bloc also has a proposal for a common currency that is expected to be discussed at their upcoming leaders’ summit. The Russian banker stressed: The long historical era of the dominance of the American dollar is coming to an end. “I think that the time has come when China will gradually remove currency restrictions,” he added. “China understands that they will not become world economic power number 1 if they keep their yuan as a non-convertible currency.” Last month, he expressed a similar opinion in an interview with Sputnik. “There is every reason to expect that the Chinese yuan will replace the U.S. dollar as the world’s main reserve and settlement currency as early as the next decade,” the banker shared. Kostin also commented on the sanctions imposed on him and his bank by the U.S. government. In February 2022, the U.S. Treasury Department announced “unprecedented” and “expansive” sanctions against VTB Bank and Sberbank — Russia’s two largest banks. Moreover, the U.S. imposed sanctions on Kostin in 2018 due to Russia’s alleged disruptive actions on the global stage. Subsequently, he was also subjected to sanctions by the European Union and Britain, with the latter referring to him as “a close associate of Putin.” Kostin expressed his view that these sanctions were unjust and driven by political motives, predicting that they would ultimately have negative consequences for Western countries. Regarding the Russia-Ukraine war, the banker warned: We have already entered into a hot war … It is not cold when there are so many Western weapons and a lot of Western services and military advisers involved. The situation is worse than in the Cold War, it is very difficult and alarming. Kostin opined: “Sanctions are bad, and we suffer from them, of course. But the economy has adapted … At the same time, we expect that sanctions will intensify, they will be tightened, some windows will be closed, but we will also find other opportunities.” What do you think about the Russian banker’s prediction? Let us know in the comments section below. View the full article