#crypto

John Reed Stark, ex-chief of the SEC's Office of Internet Enforcement, believes the current SEC won't approve a Bitcoin spot ETF due to various reasons. However, Stark suggests that if a Republican wins the 2024 presidential election, the SEC might ease its crypto-enforcement and be more open to a Bitcoin spot ETF. He also speculates that SEC chair Gary Gensler might resign, potentially paving the way for Hester Peirce, known as "Crypto Mom", to take a leading role.

Carlyle Group co-founder David Rubenstein, in an interview with Bloomberg, expressed his regret for missing the opportunity to invest in Bitcoin when a single coin was worth just $100. Not one to dwell on past mistakes, David's currently pouring capital into companies making crypto trading accessible for everyone. Sound familiar? David's story echoes in many of us.

"Simply put, no. Bitcoin raises concerns among both local and European regulators. Our primary business demands our focus, and it wouldn't be rational to jeopardize it by engaging with a high-risk asset like Bitcoin," says Mykhailo Rohalskyi. He believes that cryptocurrency lacks advantages over fiat money, apart from the potential to sidestep local currency regulations. Speaking on Ukraine's crypto landscape, the Monobank co-founder added: "I'm skeptical about the widespread acceptance of cryptocurrencies in our country. The approach of the National Bank of Ukraine to crypto regulation remains uncertain."

The purpose of this program is to impose restrictions on certain cryptocurrency-related activities and create a more level playing field for banks involved in serving the digital asset industry. It which aims to ensure consistency in crypto-related regulations for all banks under Federal Reserve supervision. The activities that fall under the purview include custody, lending, trading, issuance, and distribution of crypto, including stablecoins.

Bitdeer Technologies Group, based in Singapore, has successfully set up an avant-garde bitcoin mining facility in Gedu, Bhutan – a nation recently recognized for its crypto investments. As the facility approaches the end of its trial run, many of its mining units are already in operation. Reflecting on the progress, Bitdeer's CEO, Linghui Kong remarked: "We made significant strides on both the operational and infrastructure fronts during July."

The recent debut of PayPal's stablecoin, PYUSD, has drawn concern from Congresswoman Maxine Waters. She criticized PayPal's entry into the cryptocurrency market without a defined federal regulatory structure. Highlighting PayPal's vast clientele, which outnumbers the combined accounts of major banks, Waters stressed the pivotal role of federal oversight in crypto dealings: "As I’ve said for more than a year, without legislation on the books that establishes clear and strong consumer protections at the Federal level, consumers are at greater risk of harm at the hands of bad actors."

After nd4.eth's dramatic incineration of 2500 ETH valued in the millions 15 days prior, the anonymous figure continues to confound the crypto community. This unidentified actor has recently transferred 3 NFTs from top-tier collections BAYC, MAYC, and BAKC to a burn address, with an aggregate value exceeding $88,000. A deliberate obliteration of digital wealth rages on!

US District Judge Analisa Torres in New York had previously indicated that XRP sales to sophisticated investors fulfilled the criteria for an investment contract under federal securities law However, this characterization didn’t extend to programmatic investors, which pertains to the general public buying crypto through exchanges.

The study also revealed that 1 in 3 New York residents views cryptocurrencies as a potential contributor to a more equitable financial system and a valuable investment for the future. The report highlighted the growing adoption of cryptocurrencies within New York, making the state a hub for diverse blockchain initiatives. It pointed out the existence of 692 blockchain organizations and over 800 founders located in the state of New York.

Tether CTO: "The launch of PayPal stablecoin doesn’t impact Tether as the firm does not serve U.S. users. If PYUSD launches in international markets, it could have a positive impact on the crypto industry and potentially erode revenues for payment giants like MasterCard and Visa." Co-founder of zkLend: "PayPal will indeed bolster the perception and acceptance of cryptocurrencies, but it can lead to a diminished market share for decentralized stablecoins, threatening the very principles of decentralization that underpin the crypto space." Analysts at JPMorgan: "This could boost Ethereum activity and enhance Ethereum’s network utility as a stablecoin/DeFi platform. PYUSD could fill the void left by the $20 billion shrinkage of Binance's BUSD stablecoin, which was forced to shut down by U.S. regulators earlier this year." Co-founder of Sei Network: "The gas fees of using PYUSD will be ridiculous, which will disincentivize its usage. To help make the user experience better, PayPal will either need to subsidize transaction costs or will need to help support PYUSD on other networks with cheaper gas fees." It's worth noting that PayPal currently serves 435 million customers globally.