https://thenewscrypto.com/crypto-market-remains-resilient-ahead-of-fomc-outcome/

• The Federal Reserve is likely to announce a rate hike to a range of 5.25%-5.5%.
• Investors are paying close attention to upcoming policy updates.

On July 26, Wednesday, the Federal Reserve of the United States is expected to reveal its interest rate decision. At 18:00 UTC (14:00 ET), the Federal Reserve is likely to announce a rate hike to a range of 5.25%-5.5%, followed by a news conference by Chairman Jerome Powell.

According to a poll taken by Reuters among 106 economists, this will likely be the last rate increase for some time. Based on Fed funds futures, investors anticipate the central bank will maintain current interest rates until early 2024.

Based on current projections from the CME Rate Watch tool, the federal funds rate is expected to rise to a range of 525 to 550 basis points. This would be the highest level in around 17 years.

Investors Paying Close Attention

Stocks have risen and investors’ expectations of further tightening have been lowered since the Federal Reserve’s meeting in June as they take into account the robustness of the labor market and the decline in inflation to anticipate a gentle touchdown for the economy.

It’s been strange to see how the crypto market has resisted recent statements about the economy as a whole. Bitcoin’s price has been rather stable over the previous two months, moving between $29,000 and $31,500 with just a few brief spikes around this range.

At the time of writing Bitcoin is trading at $29,303 as per CMC. Lately, the crypto market is consolidating in a tight range, with investors paying close attention to upcoming policy updates.

When the Federal Reserve raises interest rates, borrowers face higher costs, which may make riskier investments less appealing. However, if interest rates were to decline, as they have over the previous decade, this would likely lead to a boost in speculative investments.

https://thenewscrypto.com/altcoin-news-ripple-ceo-expresses-gratitude-to-team-over-pivotal-court-ruling/

• The judgment came almost three years after the SEC first filed its complaint.
• As a consequence of the ruling, XRP has been relisted on major crypto exchanges.

After Ripple’s major legal triumph, CEO Brad Garlinghouse turned to Twitter to express his appreciation for the team and the result. According to Garlinghouse, this judgment is an “unequivocal win for Ripple and for crypto in the US.” Suggesting that it may have far-reaching effects on the whole cryptocurrency industry.

A momentous milestone for Ripple and the broader U.S. crypto sector, the judgment came almost three years after the Securities and Exchange Commission (SEC) first filed its complaint.

Major Influence on Upcoming Regulations

A security title would have exposed Ripple’s digital token, XRP, to more regulatory scrutiny. But the court’s ruling on July 13 was definitive in its finding that XRP is not a security. In addition to clearing Ripple of the SEC’s accusations, this landmark decision will undoubtedly influence how the rest of the United States governs cryptocurrencies.

This groundbreaking victory against the SEC has the potential to affect how other cryptocurrencies are classified. Therefore reducing the likelihood of future regulatory conflicts. This triumph might mark a watershed moment in the country’s evolving perspective and approach to regulating cryptocurrencies.

Moreover, after SEC Chairman Gary Gensler was criticized by Ripple’s chief legal officer Stuart Alderoty for allegedly misinterpreting the law and the Howey Test, Garlinghouse chimed in with his own criticisms. The latter is the Supreme Court’s own standard for identifying whether transactions are true “investment contracts.”

After Ripple’s partial triumph over the SEC, XRP, the company’s native cryptocurrency, saw a meteoric rise in value. As a consequence of this successful legal battle. XRP has been relisted on major cryptocurrency exchanges, leading to an increase in both demand and trading volume.

Highlighted Crypto News Today:

Elon Musk Tweet About Doge Sparks a Momentary Pump

https://thenewscrypto.com/altcoin-news-reddits-moon-token-surges-67-as-crypto-com-announces-listing/

• CMC reports that the trading price of a token is $0.48, up 67% in the last 24 hours.
• Most Reddit users are particularly optimistic because of the magnitude of Crypto.com.

Reddit users’ native token, Moons, has seen a meteoric rise in value after being listed on the crypto exchange Crypto.com. CMC reports that the trading price of a token is $0.48, up 67% in the last 24 hours. On Monday, after hearing that Kraken, a cryptocurrency exchange, was contemplating listing Moons, the price rose remarkably.

Most Reddit users are particularly optimistic because of the magnitude of Crypto.com, despite the fact that it is joining a number of other exchanges that currently offer the coin (such as MEXC, Gate.io, SushiSwap, and RCP Swap).

Huge Boost for the Exchange

The approximately 6.5 million subscribers of the cryptocurrency subreddit (r/Cryptocurrency) are in an uproar after today’s inclusion. It is now highly possible that these millions of users to rush to Crypto.com.

In 2020, the Reddit team created a community points system using an ERC-20 token Reddit Moons on the blockchain platform Arbitrum Nova. These tokens are used for tipping other users in the r/Cryptocurrency subreddit and are awarded to individuals depending on their involvement in that community.  A user’s Moons are kept in their Vault, Reddit’s Ethereum-based digital wallet that was released to the whole community last year.

There was speculation in the media yesterday that Kraken could list Moons on its platform; however, the exchange has now denied any such plans.

Over the years, Reddit has emerged as a significant hub for proponents of digital assets. It was co-founded by Steve Huffman and Alexis Ohanian in 2005; Ohanian left the firm in 2020 to become a prominent figure in the crypto and NFT sector.

Highlighted Crypto News Today:

With Airdrop Arkham Foundation Launches World’s First On-Chain Intel Exchange

https://thenewscrypto.com/binance-news-binance-introduces-multiple-deposit-addresses-for-a-single-network-feature/

• BitGet also has lately announced support for multiple deposit addresses similar to this.
• Up to twenty deposit addresses per network are available to users at this time.

A new feature that will enable customers to obtain several deposit addresses for a single network has been unveiled by Binance. At launch, it supports ERC20 tokens issued on the Ethereum network as well as tokens issued on Ethereum-compatible networks such as Arbitrum One and BNB Smart Chain. In the long run, additional blockchains will be supported by this feature.

In response to customer requests, Binance has added the ability to create numerous deposit addresses for a single network. The goal of this upgrade is to both provide for “airdrop hunters” and improve the security of users’ privacy. BitGet, another cryptocurrency exchange, and others have lately announced support for multiple deposit addresses similar to this.

Support for More Blockchains Underway

Additionally, Binance has included a deposit address book feature. Users may benefit from more financial mobility thanks to this function’s facilitation of the effective organization and maintenance of several deposit addresses.

To begin, there are a variety of Ethereum (ERC20) and Ethereum-compatible alternative networks from which users may obtain deposit addresses for tokens. In the future, Binance hopes to provide support for other blockchains.

Up to twenty deposit addresses per network are available to users at this time. The “Deposit Crypto” tab of Binance’s website is where users can begin things rolling. Users on a mobile device can also get to this function by going to the Binance app and clicking the “Deposit” button there.

Users may then pick their preferred network to get a complete directory of deposit addresses. From this screen, they may add a new deposit address or make changes to their existing list of deposit addresses. Users may start making deposits when they’ve chosen a deposit address.

Highlighted Crypto News Today:

Litecoin (LTC) Makes Waves: Historic Milestone Reached Amidst Halving Event Hype

https://thenewscrypto.com/ftxs-former-ceo-sbf-seeks-visitation-privileges-without-security/

• The lawyers maintained that get-togethers didn’t need a permanent security presence.
• The solicitors also asked that the public not learn the identities of these persons.

The solicitors for Sam Bankman-Fried (SBF) asked Judge Lewis Kaplan for permission to have specific visitors see their client without going through security checks. Despite being permitted to live with his parents, the former FTX CEO is subject to several constraints. If he has visitors over, a security guard must be present.

Lawyers for Bankman-Fried asked New York District Court Judge Lewis Kaplan in a formal letter to allow “close friends” to see their client at his parents’ home in Palo Alto, California. They maintained that get-togethers didn’t need a permanent security presence.

The lawyers stated:

“On behalf of our client, Samuel Bankman-Fried, we write to respectfully request that the Court issue an order permitting the people on the attached list to visit his parents’ house without the need for a security guard to be present.”

Targets of Threats in the Past

For safety considerations, the solicitors also asked that the public not learn the identities of these persons. Given that SBF and his parents have been the targets of threats and harassment in the past, it may be prudent to keep their names “under seal.”

In January, three men were involved in an automobile accident with the house’s barrier. They then reentered the car and left, hoping to avoid being seen. A federal court in New York granted SBF bail in the amount of $250 million so that he could remain with his family two months after FTX’s collapse.

The legal proceedings are underway and SBF has denied all charges levied against him. The FTX collapse is one of the significant turning points in the history of the crypto sector. 

Highlighted Crypto News Today:

Will Solana Recent Surge Propel SOL to Overtake Cardano (ADA)?

https://thenewscrypto.com/australian-crypto-firm-revives-application-for-spot-bitcoin-etf/

• Monochrome has revised its application with its partner Vasco Trustees.
• Gaining a license will allow the company to introduce Australian retail investors to Bitcoin.

In order to provide investors with access to a spot Bitcoin exchange-traded fund (ETF) on the Australian Securities Exchange (ASX), Australian crypto investment company Monochrome Asset Management has revised its application with its partner Vasco Trustees.

According to the company’s release on July 14, the Monochrome Bitcoin ETF would be able to provide ordinary Australian investors with direct exposure to Bitcoin and Ether. Monochrome CEO Jeff Yew said that gaining a license will allow the company to introduce Australian retail investors to Bitcoin inside Australia’s strict regulatory framework.

Regulated Exposure to Investors

By providing a “familiar,” “structured,” and “protected environment” for Bitcoin investors, Yew thinks an ETF listing on ASX would send a “clear signal” to conventional investors that the “unregulated Wild West is coming to an end.”

According to the company’s announcement, ordinary investors may have “regulated exposure” to the cryptocurrency market via Vasco, its “Responsible Entity Partner,” which has an Australian Financial Services License.

The industry has recently been focusing on applications for spot Bitcoin ETFs, especially in the United States. Spot Bitcoin ETF registrations from major financial institutions have been seen in recent weeks.

After much anticipation, Europe’s first spot Bitcoin ETF will finally launch later this year. London’s Jacobi Asset Management, a multi-asset investing platform, was planning to launch a Bitcoin exchange-traded fund (ETF) on the Euronext Amsterdam market in the summer of 2022.

After the Terra ecosystem crashed in May 2022 and the FTX in November 2022, creating unprecedented market circumstances, the asset management had to delay the listing. The asset management said that it made the decision to debut the ETF immediately rather than wait due to a steady change in demand. 

Highlighted Crypto News Today:

XRP Soars to Top 4 Cryptos Globally, Gaining 88% in Value Following SEC Legal Win

https://thenewscrypto.com/ethereum-surpasses-2000-mark-bullish-momentum-to-continue/

• The price surge marked a new high for the cryptocurrency in the last three months. 
• Despite today’s increase, Ethereum’s price is still 59% lower than its all-time high.

Following a judgment by a U.S. federal court that XRP should not be deemed a security in some contexts, the larger cryptocurrency market is nearly uniformly green today. This upswing has pushed Ethereum, the second-biggest cryptocurrency by market size, back over $2,000 after a two-month absence.

The price of Ether (ETH) has risen past $2,000, marking a new high for the cryptocurrency by three months. During the Asian morning hours, the second biggest cryptocurrency by market size rose 7.4 percent, reaching $2,010 in value.

Altcoins Rally

Following Thursday’s Ripple-SEC verdict, the value of a number of layer-1 tokens rose by double digits, including Solana’s SOL, which has been labeled by the SEC as being a security.

The Lido DAO governance token (LDO) has also increased by 25% in the last day. In addition, Bitcoin (BTC) surpassed its yearly high, with prices reaching $31,424. At the time of writing, Ripple’s XRP had risen by 64%, trading at $0.779 cents.

Coinglass reports that in the previous 12 hours, cryptocurrency traders have closed short positions totaling $203 million. May 5 was the last day Ethereum traded for more than $2,000, according to data from CoinGecko. There were two short occasions in which Ethereum’s price was over $2,100 in April, but otherwise, ETH has been below $2,000 for the last 11 months.

Despite today’s increase, Ethereum’s price is still 59% lower than its all-time high of $4,878 reached in November 2021, when the cryptocurrency market peaked.

XRP’s own price has rocketed by 81% over the past 24 hours, and Ethereum is likely to follow the momentum and maintain a base above the $2k mark.

Highlighted Crypto News Today:

Founder and Former CEO of Celsius Granted Bail on $40M Bond

https://thenewscrypto.com/insolvent-celsius-network-files-2b-lawsuit-against-alameda-research/

• Celsius Network has also filed a lawsuit against StakeHound.
• By June of 2022, after the market meltdown of that year, CEL had dropped to 68 cents.

A $2 billion lawsuit has been brought against FTX’s sister firm Alameda Research by Celsius Network on claims of suspicious trading activity that may have affected the price of the Celsius CEL token in 2022. Regulatory agencies such as the U.S. CFTC, the U.S. SEC, and federal prosecutors in Manhattan have been looking into Celsius Network, so the action is timely.

Recently, Celsius Network made headlines when it launched a massive $2 billion lawsuit against FTX’s sister firm Alameda Research. The lawsuit states that in 2022, the price of the Celsius CEL token was significantly impacted by questionable transactions made by specific FTX users. In June of 2021, the price of CEL had risen to $8.02, from its ICO price of 30 cents. By June of 2022, after the market meltdown of that year, CEL had dropped to 68 cents.

Minimizing Creditor Base Damage

Creditors of Celsius Network, who are looking for fairness and clarity, think that the company’s demise may be traced back to fraudulent trading practices. By taking legal action, Celsius Network hopes to recoup significant money and reduce the damage to its creditor base.

Celsius Network has also filed a lawsuit against StakeHound in addition to the claim against FTX. According to the complaint, Celsius lost almost $150 million because StakeHound had failed to return the tokens. 55,000 ether, 50M MATIC, and 66,000 DOT are the tokens in dispute.

CEO Alex Mashinsky’s crypto lending business had a significant disaster late last year, drawing the attention of regulators. Before its collapse, the business allegedly broke regulations, according to CFTC investigators.

Highlighted Crypto News Today:

Shiba Inu Investors Trading in Green Shrink to Nearly 16%

https://thenewscrypto.com/bitcoin-mining-difficulty-reaches-a-new-all-time-high-of-53-91t/

• There may be less mining selling pressure if smaller miners give up.
• The absence of miner accumulation has limited a BTC price increase as per experts.

After the last difficulty adjustment on July 12, Bitcoin mining achieved an all-time high of 53.91 trillion units. It’s a way to rank the difficulty of mining Bitcoin. Every two weeks, the blockchain adjusts the difficulty to keep the average transaction time at 10 minutes. As the processing power of the network grows, it makes mining more difficult, cutting down the profits of individual miners.

Miners, who have been forced to sell off their supply of mined Bitcoin (BTC) since June, may feel even more pressure as a result of the current adjustment. Some experts have speculated that the absence of miner accumulation has limited a BTC price increase.

No Longer Turning a Profit

Due to the recent difficulty increase, medium and small-scale miners will likely have to temporarily shut down part of their ASIC gear due to a loss in profitability. There may be less mining selling pressure if smaller miners give up and allow bigger miners to acquire Bitcoin.

Independent analyst Charles Edwards developed the hash ribbon indicator to monitor the 30- and 60-day moving averages (MAs) of the network’s hash rate. When the 30-day MA drops below the 60-day MA, it indicates that miners may be giving up and leaving the market since they can no longer turn a profit.

The two lines are almost at a crossing, and the increased difficulty may be just what the weaker miners need to give up. If less effective miners left the market, the remaining miners would reap greater rewards, enabling them to keep some of their production in reserve rather than selling it.

Highlighted Crypto News Today:

Binance Labs Goes Big on Web3 Gaming with $15M Investment in Xterio

https://thenewscrypto.com/final-judgment-on-lbry-vs-sec-case-raises-several-questions/

• The court rules that LBRY, Inc. violated Section 5 of the Securities Act of 1933.
• Attorneys assess the significance of this judgement in regard to Coinbase and Ripple case.

The United States District Court for the District of New Hampshire has released its final judgement in the case of SEC v. LBRY. The court rules that LBRY, Inc. violated Section 5 of the Securities Act of 1933 and penalizes the company accordingly.

In light of the continuing legal struggle between the SEC and others like Coinbase and Ripple, attorneys assess the significance of this judgement.

Violation of Securities Act

The Court approved the SEC’s Motion for Summary Judgement on November 7, 2022, finding LBRY liable for breaching Section 5 of the Securities Act. In light of the Court’s decision (Doc. 86), the Commission moved for the entry of a Final Judgement, which the Court has now granted.

As a result of the Final Judgement, LBRY is prohibited from further breaching Section 5 of the Securities Act. In addition, under Section 21(d)(5) of the Exchange Act, LBRY is permanently prohibited from taking part in, or causing or permitting any other person to take part in, any issuance of crypto asset securities that is not registered under the Act.

The LBRY decision casts doubt on how the pending dispute between the SEC and Ripple and Coinbase will turn out. The Major Questions Doctrine and secondary sales were not addressed in the LBRY judgement, which instead focused on Section 5 infractions.

Similar claims about the selling of XRP as unregistered securities are at the heart of Ripple’s argument. According to Deaton, the SEC used the summary judgement ruling in the LBRY case to support its position in the Coinbase case, arguing that the court erred in failing to distinguish between primary sales from the issuer (LBRY) and secondary sales on exchanges.

Highlighted Crypto News Today:

Solana (SOL) Enters Top 10, Overtaking Litecoin (LTC)

https://thenewscrypto.com/consensys-launches-linea-network-to-boost-ethereum-scalability/

• Linea uses zero-knowledge proofs and is EVM-compatible.
• ConsenSys claims quicker throughput and 15 times cheaper transaction costs.

ConsenSys is beginning to onboard partners to their Linea network, which has generated substantial scaling milestones in testing. And this is great news for the Ethereum ecosystem as a whole.

Linea is a layer-2 scaling network for Ethereum that facilitates the creation of, and migration to, decentralized applications. It uses zero-knowledge proofs and is EVM-compatible, thus its applications may communicate with the Ethereum blockchain without any further development.

Quicker Throughput and Cheaper Transactions

During the testnet phase, about 5.5 million individual wallets processed over 46 million transactions. ConsenSys detailed the enhancements made to Linea during testing that enhanced performance, reduced transaction costs, and enhanced the user experience.

ConsenSys claims quicker throughput and 15 times cheaper transaction costs than those processed on Ethereum’s mainnet. And the gradual alpha rollout started on July 11 with more than 100 partners. Users of Linea may use the Ethereum browser wallet MetaMask from ConsenSys, allowing them to purchase, sell, and exchange tokens.

The proliferation of layer 2 Ethereum scaling protocols and solutions was singled out by Joseph Lubin, founder, and CEO of ConsenSys, as a major factor propelling the development of Web3 apps and features.

In light of Linea’s rapid finality, capital-efficient bridge, and the security inherited from Ethereum’s mainnet, a recent announcement was made that highlights decentralized finance (DeFi) apps making the switch.

Meanwhile, the network provides low latency, fast throughput, and cheap gas prices, all of which are essential for decentralized apps, games built on the blockchain, and social networks. More than 30 venture capital companies are participating in the Linea Ecosystem Investment Alliance (EIA), which was also created by ConsenSys.

Highlighted Crypto News Today:

XRP Set to Soar as CertiK’s Comprehensive Security Audit Validates Bullish Outlook

https://thenewscrypto.com/bitcoin-news-investors-concerns-rise-ahead-of-june-cpi-and-ppi-reports/

• The Federal Reserve paused rate rises last month for the first time in almost a year.
• Inflation has been brought down from 9% in August 2022 to 4% in May.

The U.S. June Consumer Price Index (CPI) will be released on Wednesday, and the PPI will be released the following day, bringing attention back to inflation statistics after a week of major employment announcements.

In the event of a drop, investors may hope that the Federal Reserve would reconsider its plan to increase interest rates by 25 basis points (bps). The Federal Reserve paused rate rises last month for the first time in almost a year, signaling a return to monetary hawkishness.

Investors to Keenly Observe

Inflation has been brought down from 9% in August 2022 to 4% in May thanks to the Fed’s effort, but there are now fears that the Fed may have gone too far and sent the country into a deep recession.

U.S. monetary policy watchers will be looking at the June Consumer Price Index report from the Labor Department on Wednesday. The CPI has crept slowly lower from last year’s peak. The majority of economists expect the index to drop by around 3% in June, while experts, said on Monday that the index might fall by as much as 2.8%.

The PPI, which tracks changes in wholesale prices, is a good indicator of what customers might expect to see at the checkout counter. May’s PPI of 1.1% annual growth was much lower than April’s 2.3% increase and far below market estimates of a 1.5% drop. In June, economists expect an outcome of 0.4%.

Crypto investors will be keenly observing the statistics as it is highly likely to affect the volatility of all cryptocurrencies.

Highlighted Crypto News Today:

Arkham Token Sale on Binance Spurs This Massive BNB Whale Activity

https://thenewscrypto.com/exchange-news-bitoasis-license-revoked-by-dubais-crypto-regulator/

• Two notices were issued on July 10 by the Virtual Assets Regulatory Authority (VARA).
• The regulator did not specify which requirements BitOasis had not met.

Due to BitOasis’s failure to comply with regulatory requirements within the allotted time limit, the crypto regulator in Dubai has suspended the exchange’s operating license.

Two notices were issued on July 10 by the Virtual Assets Regulatory Authority (VARA). Stating that enforcement action had been taken against BitOasis and that the Dubai-based company was under review.

No Firm Granted FMP License Yet

BitOasis was awarded a conditional license on April 12. Nevertheless, VARA said that the company was unable to begin operations unless “key conditions over 30-60 day timeframes” were satisfied. BitOasis’ “Licence for Institutional and Qualified Retail Investors remains ‘non-operational,’” according to VARA’s statement, however, the regulator did not specify which requirements BitOasis had not met.

According to a blog post published in May, BitOasis was the first company in Dubai to get a “minimum viable product operational license” from VARA, enabling it to provide broker-dealer services to eligible institutional and retail investors in the emirate.

For a Full Market Product (FMP) license to be given, this is the last stage in a lengthy procedure. As of right now, no company has been granted an FMP license by VARA.

According to VARA, BitOasis must adhere to the terms of its existing license in order to apply for the FMP license. Moreover, as per the regulator, the organization would “continue to monitor the situation for regulatory compliance remediation.”

The regulator reprimanded Su Zhu and Kyle Davies, founders of defunct crypto hedge firm Three Arrows Capital, in April. VARA discovered that they were advertising their unlicensed cryptocurrency exchange OPNX in Dubai.

Highlighted Crypto News Today:

DeFi Protocol Arcadia Finance Hacked for $455,000

https://thenewscrypto.com/blockchain-news-ripples-ubri-completes-five-years-empowering-blockchain/

• More than 590 fellowships and scholarships have been given via UBRI.
• Seven of the top ten university blockchain programs in the world are UBRI partners.

Ripple’s University Blockchain Research Initiative (UBRI) was the first of its kind when it was created five years ago. Pledging $50 million in charitable funding to top universities across the globe in order to promote blockchain and cryptocurrency education, research, and development.

Blockchain’s position in the inevitable digital-first future has been strengthened by this dedication. More than 590 fellowships and scholarships have been given via UBRI. And the institute has helped fund the publishing of over 1,000 research publications and presentations across six continents.

Expanding Career Opportunities

Given blockchain technology’s central role across a wide variety of sectors. UBRI’s portfolio of research and activities encompasses a wide range of topics. Many of which are debated among academics in the award-winning All About Blockchain podcast. Research highlights from UBRI’s 2021 and 2022 university partners have been compiled and are available.

Moreover, seven of the top ten university blockchain programs in the world are UBRI partners. Providing cutting-edge research and new ideas to the blockchain industry’s leading companies and institutions. Academic research is being used by professors at institutions like UPenn Wharton, Georgetown, University College London, Kyoto University, and many more to produce articles that will shape policy, implementation, and widespread acceptance of this exciting new technology throughout the world.

The influence of UBRI over the last five years is proof of the expanding opportunities for careers in the blockchain space. Also, academic research is essential in giving the industry a road map for the future to take things to the next level. As acceptance of real-world applications of blockchain and digital assets rises.

 Highlighted Crypto News Today:

SHIB To Surprise the Whole World, Check Why!

https://thenewscrypto.com/bitcoin-news-us-fed-chairman-defends-crypto-sustainability-before-congress/

• Warren Davidson (R-Ohio) questioned the long-term viability of crypto in the U.S economy.
• Powell said that cryptocurrencies seem to be here to stay.

Recently, U.S. Federal Reserve Chairman Jerome Powell expressed optimism about the cryptocurrency market. In his testimony before Congress, Powell defended the sustainability of cryptocurrencies as an investment category in the United States.

Witnessing before the House Committee on Financial Services about the Federal Reserve’s Semiannual Monetary Policy Report, Powell made this remark.

Throughout the meeting, Rep. Warren Davidson (R-Ohio) questioned the long-term viability of cryptocurrency in the United States economy. The overall market value of all cryptocurrencies, according to Davidson, is close to $1.1 trillion, and he questioned Jerome Powell on whether or not he believed in the long-term sustainability of the cryptocurrency.

Powell said that cryptocurrencies seem to be here to stay, but noted that their market value has dropped over the last year.

As an interesting side note, Nasdaq defines “staying power” as the ability to sustain exposure to a market notwithstanding a fall in the value of assets. If Powell agrees that crypto possess staying power, it’s because he sees potential in it.

Increased Regulatory Scrutiny

When the FTX exchange crashed in November, the whole market value of cryptocurrencies took a major hit. Once FTX collapsed, the total market capitalization dropped below $1 trillion. The industry was rocked to its foundations and now started to worry about the security and regulation of cryptocurrency exchanges. There has been increased regulatory scrutiny in the U.S especially by the SEC.

Representative Davidson brought up the topic of crypto volatility throughout the session, attributing it in large part to the current legal uncertainty. Authorities have increased their monitoring and pressure on the crypto industry in recent months.

Highlighted Crypto News Today:

Is Justin Sun Holding Huge ETH Count?

https://thenewscrypto.com/bitcoin-news-national-assembly-of-namibia-passes-crypto-regulation-bill/

• The purpose of the law is to create a system for licensing and regulating VASPs.
• The law is awaiting publication before it can take effect.

The National Assembly of Namibia has passed a law offering regulation of cryptocurrencies and digital assets. Thus, becoming the latest country in Africa to do so. A measure to govern virtual assets, cryptocurrencies, and VASPs in Namibia was enacted by the lower house of parliament on June 22.

The purpose of the law is to create a system for licensing and regulating VASPs. It also aims to establish a regulatory body to oversee the operations of such service providers.

The primary goals are to safeguard consumers, stop market abuse, and reduce the potential for illegal activities like money laundering, terrorist funding, and proliferation to occur in the digital asset market. The legislation also extends to include ancillary concerns that arise out of these primary goals.

Stringent Compliance

The law, it has been reported in the local press, is awaiting publication before it can take effect. According to reports, Iipumbu Shiimi, Namibia’s Minister of Finance and Public Enterprises, has proposed creating a regulatory agency to oversee VASPs in the nation and provide licenses to those that meet certain criteria.

According to media reports, service providers that fail to comply may be subject to fines of up to 10 million Namibian dollars ($671,572) and ten years in jail. The Bank of Namibia, however, remains firm on its stance that virtual currencies are not recognized as legal cash in Namibia.

The bank made it clear in 2017 that it did not approve of customers using cryptocurrency to make purchases. It made clear that the decades-old legislation of the African nation does not permit the trading of virtual currencies.

Highlighted Crypto News Today:

Ripple vs SEC New Update: XRP Holders at Risk?

https://thenewscrypto.com/blockchain-news-twitter-accounts-of-aptos-network-hacked-to-promote-fake-airdrop/

• The hacker tweeted that everyone who joined the airdrop will be able to claim free APT.
• The bad actor has apparently taken over Aptos CEO Mo Shaikh’s Twitter account as well.

It seems that a Twitter account belonging to the Aptos Foundation has been hacked, with the perpetrators sending followers to a false website advertising the opportunity to take part in a phoney airdrop.

The hacker tweeted that everyone who joined the airdrop will be able to claim free APT on the APT network. It also noted that claims totaling over $1 million had been made.

Users Warned Not to Engage

The fake announcement talks of an airdrop on the Ethereum blockchain. Despite the widespread dissemination of the notification, Aptos Labs has reassured its user base that the Aptos blockchain will continue to operate normally until necessary actions are performed to reclaim control of the account.

The hoax has been made worse since the bad actor has apparently taken over Aptos CEO Mo Shaikh’s Twitter account and is now promoting the airdrop to Shaikh’s 24.5K followers.

Aptos Labs issued a swift Twitter warning, telling users to avoid a link that takes them to a plausible-looking but fraudulent website, where they are prompted to click a “claim” button before being presented with a QR code that attempts to trick them into linking their wallet.

The team stated:

“We’ve received official communication from Aptos Foundation that @Aptos_Network has been compromised. The latest tweet regarding an $APT airdrop is fraudulent. Please DO NOT engage with that tweet or the link provided.”

This is just another assault using compromised social media accounts. This is a typical tactic used to steal funds from cryptocurrency holders. It is unknown right now how many people were duped by the fake airdrop notification.

Highlighted Crypto News Today:

Litecoin Surges By 17%, LTC Halving On the Horizon

https://thenewscrypto.com/bitcoin-news-us-sec-to-reportedly-meet-spot-bitcoin-etf-applicants-next-week/

• Bitcoin is the new gold and a global asset as per BlackRock CEO.
• US SEC staff often meets with ETF applicants to provide more clarification on their position.

The U.S. SEC will meet with BlackRock, Fidelity Investments, and other spot Bitcoin ETF registrants next week. After resubmitting their applications to the U.S. SEC, all spot ETF hopefuls have now included information on their surveillance-sharing partners and other prerequisites.

Bloomberg’s ETF experts Eric Balchunas and James Seyffart tweeted on Tuesday that they had a trustworthy source on next week’s meeting between the U.S. Securities and Exchange Commission and Bitcoin ETF applicants. Balchunas thinks they need to get together and discuss the potential of a spot Bitcoin ETF and the necessary changes to the regulations.

Normal Protocol Post Filing

Following an official filing, US SEC staff often meets with ETF applicants to decide on approval or rejection and provide more clarification on their position. Nonetheless, the crypto sector would benefit greatly from a meeting to approve spot Bitcoin, since the SEC under Chair Gary Gensler has repeatedly rejected a spot Bitcoin ETF despite allowing other comparable ETFs.

The first leveraged Bitcoin futures exchange-traded fund, Volatility Shares 2x Bitcoin Strategy ETF, was authorized by the US SEC last month after a rush of Bitcoin ETF registrations.

And now that they know the specifics of their surveillance-sharing agreements, several firms have resubmitted their spot Bitcoin ETF. On the other hand, on Wednesday, BlackRock CEO Larry Fink stated that the company’s application for an ETF is a “way to democratize crypto and make it cheaper.”

Bitcoin, he says, is the new gold and a global asset. BlackRock is applying for the first Bitcoin exchange-traded fund (ETF) and intends to collaborate with authorities to do so. As predicted by Bloomberg’s experts, trading a Bitcoin ETF will only cost 0.01% on all prominent crypto platforms.

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https://thenewscrypto.com/bitcoin-news-bitcoin-miners-generate-184m-revenue-from-transaction-fees-in-q2/

• BRC-20 tokens contributed to the drastic change in the market.
• The newest transaction fee amount may seem little compared to the $2.4 billion.

Coin Metrics reports that this quarter, because of the rise in the value of BRC-20 tokens and Ordinals, Bitcoin miners have reaped an unexpected profit of several million dollars in transaction fees.

Crypto analytics company claimed a previously “tepid fee market” for Bitcoin miners has been unexpectedly disrupted with its latest “State of the Network” report indicating miners earned $184 million from transaction fees in April, May, and June.

Although the newest transaction fee amount may seem little compared to the $2.4 billion in Bitcoin mining income as a whole, Coin Metrics reports that it really represents more than the sum of the five previous quarters. It said that BRC-20 tokens contributed to “an exceptional change” in the market.

Ordinals Bring Transformation

Ordinals, introduced this year, allow users to build NFT-like assets on Bitcoin by attaching information to a satoshi, the lowest possible fraction of a Bitcoin (one hundred millionth of a Bitcoin).

Some in the Bitcoin community have reacted negatively to the introduction of Ordinals, but prominent Bitcoin supporters like MicroStrategy co-founder and Executive Chairman Michael Saylor have pointed out the protocol’s potential to help miners remain profitable over the long term.

The BRC-20 token standard was created in March, taking cues from Ethereum’s ERC-20 token standard. According to statistics, the market capitalization of BRC-20 tokens has increased to above $240 million.

Users mint BRC-20 tokens by submitting a transaction with a fee to have their move to mint tokens processed on the Bitcoin network and included in the next block of transactions, thereby staking a claim on newly issued tokens from a launched BRC-20 project.

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https://thenewscrypto.com/defi-news-cardanos-defi-total-value-locked-tvl-rises-amid-price-volatility/

• Comparative data show that only Cardano has a favorable growth trend.
• As per Hoskinson, Cardano DeFi’s TVL growth rate is the greatest of any ecosystem.

Despite what may seem to be excessive price swings, Cardano’s (ADA) DeFi TVL has been trending upwards. According to DeFi aggregator DeFiLlama, the total number of ADA tokens locked on all of the DApps it monitors has hit a new all-time high of 557.62 million ADA.

This figure has increased continuously from its 198.65 million ADA value on January 1. Investors have a lot of confidence in the Cardano DeFi market, as this statistic shows.

Although several blockchain protocols provide the impression of a flourishing DeFi world, comparative data show that only Cardano has a favorable growth trend.

Multiple Factors Contribute

Over the last year, Cardano’s developers have steadily worked to introduce a number of excellent new features and tools. Important factors that contribute to the buzz surrounding the technology include Lace, the first Light wallet for the network, and improvements to its staking offerings.

Decentralized identification and the pursuit of scalability have helped Cardano gain traction in the commercial sector. Cardano is remarkable as a smart contract platform because of the attention it has received despite its price volatility.

Cardano’s developer asserts that the ADA ecosystem is growing, despite the fact that the market is unstable. Charles Hoskinson, the founder of Cardano, provided evidence supporting the rise of cryptocurrency.

While the crypto market may be chaotic, he said, astute investors should be on the lookout for signs of stability. Despite the industry experiencing its most hostile climate to yet, evidence shows that Cardano is gaining momentum and developing as an ecosystem. As per Hoskinson, data shows that Cardano DeFi’s TVL growth rate is the greatest of any ecosystem.

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https://thenewscrypto.com/meta-news-meta-facebook-all-set-to-launch-twitter-rival-thread-on-july-6/

• A Meta-launched countdown site suggests that the launch will occur on Thursday.
• Pre-orders for Threads may now be placed on the Apple App Store ahead of its release.

Only days after Twitter’s “rate limit” occurrence, which temporarily curtailed how many tweets users may view each day, Meta intends to debut its new Twitter competitor, Threads, on July 6. A Meta-launched countdown site suggests that the launching of the platform, which is deeply integrated with the Instagram picture and video-sharing service, will occur on Thursday.

Pre-orders for Threads may now be placed on the Apple App Store ahead of its scheduled release on July 6. Despite a potentially optimal release window, the app doesn’t seem to have received much attention, at least among the crypto enthusiasts of Twitter.

Collection of User Data

Moreover, Data mining, privacy, and the viability of the app in isolation have all been cited as points of concern. Threads app developer Instagram would have access to a vast assortment of user data. Including financial details and IDs, as was noted by former Twitter CEO Jack Dorsey.

However, experts who commented on Dorsey’s tweet claim that Twitter has almost the same rights as Threads and gathers identical data. Others have voiced doubts about the app’s viability. Since prior independent apps launched by Meta have been discontinued or had their capabilities incorporated into other products.

Moreover, ActivityPub, the decentralized social networking protocol that drives Twitter competitor Mastodon, will be supported by the standalone Threads app.

Just days after Twitter’s rate limit crisis, which has temporarily limited the number of postings a user may see in a day. Meta is set to debut Threads. The new service will import a user’s Instagram followers and the list of people they are following. Thus, saving them the trouble of starting again.

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https://thenewscrypto.com/nft-news-credit-suisse-alongside-swiss-football-association-launch-nft-collection/

• The Swiss women’s national team and a group of digital artists have created 756 portraits.
• Collectors of these NFTs will have the chance to meet and greet the brilliant athletes.

Credit Suisse has taken a giant leap in its support of women’s football in Switzerland by releasing an NFT art collection in collaboration with the Swiss Football Association (SFA). This partnership has two main goals. The first is to increase awareness of the sport. And second is to help the national team and upcoming young women’s football talent in the country financially.

Credit Suisse and the SFA want to use non-fungible tokens (NFTs) to transform the intersection of art and sports. Thus, paving the door for exciting new possibilities.

Moreover, Credit Suisse’s foray into the exciting realm of NFTs is evidence of the bank’s determination to remain competitive in the rapidly evolving digital financial services industry.

Chance to Meet Athletes

In a groundbreaking effort, the Swiss women’s national team and a group of digital artists have created 756 portraits of each player. That fans and art lovers may see and purchase to help fund the development of the sport.

According to the bank’s website, the NFT collection will be sold only via the CSX app beginning on July 11 and running through August 31. The head of digital assets at Credit Suisse, Daniel Gorrera, emphasized the thoughtful design decisions taken to streamline the user experience and facilitate interaction with the developing NFT ecosystem.

This partnership not only gives the public a fresh and exciting way to experience art, but it also paves the door for the creative use of digital assets in alternative business and funding models.

The benefits of owning a piece from the NFT collection transcend beyond the domain of cyberspace and into the real world. A press statement claims that collectors of these one-of-a-kind NFTs will have the chance to meet and greet the brilliant athletes whose work is included in the series.

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https://thenewscrypto.com/bitcoin-news-blackrock-refiles-etf-application-naming-coinbase-as-surveillance-partner/

• Coinbase stock price has surged 12% post the recent announcement.
• BlackRock finalized a surveillance agreement with Coinbase (COIN) in a new filing.

After receiving feedback from authorities that their proposed exchange-traded fund for Bitcoin spot markets was inadequate, BlackRock has resubmitted a revised proposal.

BlackRock has addressed one of the primary concerns the SEC has voiced when rejecting applications for Bitcoin spot ETFs in the past, saying it will be finalizing a surveillance agreement with Coinbase in a new filing submitted on its behalf by the Nasdaq exchange.

The filing read:

“The Spot BTC SSA is expected to be a bilateral surveillance-sharing agreement between Nasdaq and Coinbase that is intended to supplement the Exchange’s market surveillance program.”

All Eyes on SEC

Coinbase, the biggest cryptocurrency exchange in the United States, will act as the ETF’s custodian and provide price data based on current market conditions. Fidelity, which is looking to launch its own Bitcoin spot ETF, has also entered into a deal with Coinbase to use its services. Coinbase stock price has surged 12% post the recent announcement.

Furthermore, after reports surfaced that BlackRock, the biggest asset manager in the world, was registering for the ETF, the price of Bitcoin skyrocketed. As many companies have flocked to file their own ETF registrations since the filing was originally applied on June 15, Bitcoin’s price has increased by almost 20%.

Moreover, the markets were so optimistic on June 30 that news that the SEC had rejected BlackRock’s application was largely disregarded.

Due to concerns about fraud and manipulation in the spot market, the SEC has not accepted any applications for spot ETFs so far. The SEC, on the other hand, has greenlighted futures trading on four Bitcoin ETFs.

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• Cameron recently vented his frustrations over the SEC experience on Twitter.
• GBTC’s hefty fees and it trades at a discount to its NAV were two of his biggest complaints.

The CEO of Gemini, Cameron Winklevoss, has called the Grayscale Bitcoin Trust (GBTC) a “toxic product” in a series of tweets. After the SEC rejected Gemini’s registration for a spot Bitcoin ETF a decade ago, Cameron recently vented his frustrations over the experience on Twitter.

The CEO said that American investors had been denied access to one of the best-performing assets of the last decade due to the SEC’s decision.

Cameron asserts that investors have turned to less desirable options like the Grayscale Bitcoin Trust (GBTC) as a result of the SEC’s denial of Gemini’s spot Bitcoin ETFs application. He said the GBTC’s hefty fees and the fact that it trades at a discount to its NAV were two of his biggest complaints.

SEC’s Reluctance to Approve

Cameron also noted that spot Bitcoin trading may be moving to unlicensed and unregulated venues outside the United States as a result of the SEC’s reluctance to approve its Bitcoin ETFs. Moreover, Cameron said that investors were driven onto the now-defunct FTX crypto market as a consequence of the SEC’s ruling, highlighting the dangers those investors now face.

Furthermore, Winklevoss ends by expressing his desire for the SEC to reconsider its track record and rededicate itself to protecting investors, fostering competitive markets, and facilitating the emergence of new sources of capital.

Indicating his desire for more easily accessible and regulated investment choices for US investors, he also lends his support to those who are lobbying for the introduction of spot Bitcoin ETFs. One of the major asset managers, BlackRock has helped drive the current surge in demand for Bitcoin spot registration. 

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• Customers may continue to store and trade these tokens until September 18.
• U.S. SEC had classified ADA, MATIC, and SOL as unregistered securities.

In light of recent regulatory changes in the U.S., crypto-friendly neobank Revolut will soon be delisting a number of digital assets from its platform. The Revolut team informed that the company plans to permanently remove tokens such as Cardano, Polygon, and Solana from its platform in the month of September.

On June 29th, Revolut informed its American users of the move, saying that they will be unable to purchase ADA, MATIC, or SOL going forward. The spokesperson from Revolut emphasized that customers may continue to store and trade these tokens until September 18.

The firm made an announcement to U.S. customers:

“Any remaining tokens will be sold on your behalf using the market price at the time of sale. We’ll deposit the USD proceeds into your Revolut account.” 

Compliance With SEC

In other countries outside the United States, Revolut continues to support the ADA, MATIC, and SOL, according to a company representative. The spokesman said that Revolut’s cryptocurrency support varies greatly by country.

The firm stated:

“Our U.S. crypto services provider has decided to delist these tokens due to the changing laws and regulations around cryptocurrency in the United States.”

It’s not only Revolut that’s delisting these three coins. In the last few weeks, many major exchanges and trading platforms, including Robinhood, eToro, and Bakkt, have announced the delisting of ADA, MATIC, and SOL, thereby suspending all purchases.

Earlier last month, it was revealed that the U.S. Securities and Exchange Commission (SEC) had classified ADA, MATIC, and SOL as unregistered securities.

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https://thenewscrypto.com/nft-news-fashion-house-dior-introduces-new-sneakers-with-digital-counterpart/

• Kim Jones, creative director of Dior Menswear, created a pair of trainers dubbed the B33.
• Each shoe will have its own digital equivalent, which will verify the sneaker’s authenticity.

Dior, the high-end fashion label, has introduced a new collection of men’s sneakers that come with their own non-fungible token (NFT) and utilize the Ethereum network.

Dior announced in a tweet on Friday that Kim Jones, creative director of Dior Menswear, created a pair of trainers dubbed the B33 for the label’s upcoming Fall 2023 collection for men. The NFT and online authentication mechanisms are what make these trainers special. Each shoe will have a “digital twin,” an NFT created on the Ethereum blockchain. This is identical to the physical shoe.

This implies that each shoe will have its own digital equivalent. Which will verify the sneaker’s authenticity and provide consumers peace of mind. The retail price of the B33 trainers is $1,350, and there will only be 470 pairs available.

Avoiding Blockchain Terms

The B33 shoe line will expand to include six more designs, all of which will have an NFC chip embedded in the right footsole. The encrypted key connected with this chip will provide the user with access to a customized digital environment.

Shoe buyers may verify the legitimacy of their footwear and have access to additional premium features on the website. These new variations will cost an average of $1,100. Dior’s use of blockchain technology is not surprising, given LVMH’s recent interest in Web3 and cryptocurrency.

Also, Dior’s statement stands apart because of the company’s conscious decision to avoid using any blockchain-related terms. Moreover, Dior has opted to avoid promoting the B33 shoe line using LVMH’s previously popularised buzzwords such as Web3 and NFTs.

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https://thenewscrypto.com/stablecoin-news-paxos-partners-with-mercado-libre-to-offer-usdp-stablecoin-access/

• A digital wallet software developed by Mercado Libre will be used to process payments.
• Paxos’ launch coincides with a rise in global requests for rules pertaining to stablecoins.

Paxos, a blockchain-based financial technology startup, has revealed plans to launch its Pax Dollar (USDP) stablecoin in Mexico through a partnership with online marketplace Mercado Libre. MercadoPago, a digital wallet software developed by Mercado Libre, will be used to process payments.

Moreover, this recent action is part of Paxos’s larger strategy to become a regional leader in digital assets. Also, According to the company’s data, Latin American clients make up over 60% of its active wallets.

Focusing on Key Expansion

Paxos and Mercado Pago are expanding their relationship by adopting USDP. Thus, allowing Mexican users to get access to the regulated stablecoin through Mercado Pago. Arnoldo Reyes, Paxos’s Head of Latin America, made a statement emphasizing the region’s growing desire for technological transformation among its digital asset users.

Arnoldo stated:

“Mexico is one of the most active marketplaces for digital assets with millions of users tapping into the ecosystem to gain access to key financial services. The launch of USDP within Mercado Pago represents another way that Mercado Libre continues to democratize access to commerce and financial services through innovative digital asset solutions throughout Latin America.”

Furthermore, Paxos’ USDP stablecoin is closely monitored by the New York State Department of Financial Services (NYDFS). The funds and their equivalents are retained as reserves for USDP, and attestation reports are provided by WithumSmith+Brown, PC, a third-party accounting company.

In addition, the corporate website declares that all audits are performed in compliance with the attestation criteria established by the AICPA. On the other hand, Paxos’ launch coincides with a rise in global requests for rules pertaining to stablecoins.

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• In order to promote the adoption of Web3, Sony Network Communications and Startale want to create a global infrastructure.
• Jun Watanabe, President, and Representative Director of Sony Network Communications, has been appointed as a director of Startale Labs.

Startale Labs Pte Ltd, a Web3 tech business that builds multichain apps and infrastructure, has received $3.5 million in investment from Sony Network Communications Inc. via a private issue of new shares. Startale Labs and Sony Network Communications will also look at prospects for extensive commercial partnerships with the common objective of creating a worldwide infrastructure to promote the mainstream adoption of Web3.

Earlier this year, Sony Network Communications successfully co-hosted a Web3 Incubation Program with Startale Labs and Astar Network. They united their resources and knowledge to support Web3 initiatives that highlighted the practical applications of NFTs and DAOs.

The funds will be used by Startale Labs to increase recruiting efforts and go on with the development of Web3 services and solutions. Startale Labs, a key member of the Astar Network core team, has tons of experience in blockchain technology and is a major player in the Japanese Web3 market.

The go-to-market infrastructure for developers in Japan is Astar Network, which is the country’s top public blockchain. It has cutting-edge open-source financing methods and multichain smart contracts that enable an interconnected Web 3.

Startale Labs allows individuals and companies to use blockchain in Japan, driven by the vision to establish “Web3 for Billions.” The infrastructure and tools necessary for businesses to interact with their present tech stack with the Web3 ecosystem are currently lacking. Even if there are specialized players in a number of industries, including wallets, indexers, and node providers, all-in-one solutions are still required. Connecting real-world assets to the Web3 ecosystem is still difficult. Startale Labs and Sony Network Communications will work together to resolve these problems.

Jun Watanabe, president, chief executive officer, and representative director of Sony Network Communications, has been appointed as a director of Startale Labs as part of the agreement.

Jun Watanabe, President and Executive Officer of Sony Network Communications Inc., added, “I am excited to further strengthen our collaboration with Startale Labs, a company with advanced Web3 technologies and expertise. We have already been cooperating with Startale Labs by jointly hosting incubation programs, aiming to promote the development of Web3. With this capital partnership, we are merging Startale Labs’ knowledge and technical capabilities in Web3 with the experience and business fields cultivated by Sony Network Communications to create the infrastructure necessary to facilitate global Web3 adoption. We believe this partnership will contribute to the creation of new killer Web3 use cases and deliver unprecedented levels of value.”

Sota Watanabe, CEO of Startale Labs, commented, “We are honored to enter into this partnership with Sony Network Communications, a company of the Sony Group that is renowned for its achievements across industries including gaming & networking services, music, film, entertainment technologies & service, imaging & sensing solutions and finance. With its wealth of IP and expertise in sectors adjacent to the creator economy, Sony Group has tremendous potential in the Web3 space, and we can’t wait to collaborate on tapping into that. We look forward to collaborating with Sony Network Communications to develop global Web3 infrastructure and creating groundbreaking Web3 use cases.”

With a strong dedication to “Supporting human change and infrastructure” within the Internet telecommunications industry, Sony Network Communications is famous for offering cutting-edge infrastructure, such as the fiber-optic internet service NURO Hikari. The firm, which is a part of the Sony Group, has also built up top-notch services and amassed a variety of well-known IP.

https://thenewscrypto.com/ftx-news-ftx-team-reports-recovery-of-whopping-7-billion/

• The exchange has an $8.7 billion debt to its consumers as per the investigation report.
• Misuse of stablecoins and fiat cash accounts for $6.4 billion, according to the research.

A fresh investigation report by the defunct exchange claims that the new FTX management team has recovered $7 billion. Furthermore, the new administration claims to have made “substantial progress” in recouping lost assets.

However, a recently released investigation report indicates the exchange has an $8.7 billion debt to its consumers. At the time of the bankruptcy filings last year, the total sum owing was that high. Misuse of stablecoins and fiat cash accounts for $6.4 billion, according to the research.

Substantial Progress So Far

The demise of FTX is without a doubt the most contentious event in the brief history of cryptocurrencies. The cryptocurrency exchange, which was once thought to be indispensable, has been shown to be a massive scam. Ultimately, at the last year’s end, they filed for Chapter 11 bankruptcy.

There have been fascinating development throughout the bankruptcy procedures. According to a newly published investigation report, FTX’s new management has recouped $7 billion. But the new exchange management team has called the reclaimed assets as “substantial progress” thus far.

Nonetheless, the latest analysis offers some astonishing discoveries. The first shocking piece of news is that over $8.7 billion is still owed to clients. John Ray III, the new chief executive officer of FTX, also acknowledged the bitter reality of the exchange.

Ray stated:

“The release of this report furthers our stated objective of transparency. The image that the FTX group sought to portray as the customer-focused leader of the digital age was a mirage.”

The former CEO of FTX is facing several charges by U.S. authorities. Moreover, recently FTX sued K5 Global over the retrieval of a $700M payment made by the former CEO of SBF.

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https://thenewscrypto.com/bitcoin-news-jack-dorsey-backed-damus-faces-removal-from-apples-app-store/

• Company representatives said that they will be filing an appeal.
• A need to make use of in-app purchases in accordance with guideline 3.1.1 was included.

Apple has decided to formally remove Damus, a decentralized social networking app built on the Nostr protocol, from the App Store because the company has not brought the app in line with its Bitcoin tipping service.

Damus tweeted on Monday that despite the app being updated to make it obvious that users’ tips do not access digital material. The app is still being banned from app stores. Company representatives said that they will be filing an appeal because they felt the move against them was “misapplied.”

BTC Tipping Feature

The social media platform enables users to send “zaps.” These are Bitcoin transactions through Bitcoin’s layer 2 Lightning Network—to their preferred content providers as tips. The program, which is based on the Nostr protocol, functions similarly to Twitter’s tipping service, which was implemented in 2021 and supported lightning as a tipping mechanism under the leadership of Bitcoin advocate Jack Dorsey.

According to Apple’s statement to Damus, voluntary tips and contributions are OK. But only if they are unrelated to the delivery of digital content. A need to make use of in-app purchases in accordance with guideline 3.1.1 was mentioned.

Damus, Bitcoiners, and other prominent figures in the IT industry, including Jack Dorsey, all viewed the denial with suspicion. Dorsey has previously said that Nostr is one of only two “truly censorship resistant technologies at scale” alongside Bitcoin.

Damus deemed Apple’s action “pretty sus” because of the little notice they were given to change their tipping service earlier this month. This occurred just before the company’s presentation on lightning-based decentralized social networks at the Oslo Freedom Forum.

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