US crypto bills on the move, Worldcoin launches and Russia’s CBDC: Hodler’s Digest, July 23-29
Watch US Crypto Laws, Worldcoin's Launch, And Russia's Digital Ruble
written by the team of writers 7 minutes July 29, 2023
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This Week's Top Stories
US Crypto Wins With Congressional Approval Of Crypto Bills
A crucial committee in the United States House has given the green light to two bills that could bring much-needed clarity to cryptocurrency companies in the country. On July 26, lawmakers voted in favor of the Financial Innovation and Technology for the 21st Century Act, which establishes regulations for crypto firms regarding when they should register with either the Commodity Futures Trading Commission or the Securities and Exchange Commission. The committee also approved the Blockchain Regulatory Certainty Act, which provides guidelines that eliminate obstacles and requirements for "blockchain developers and service providers" such as miners, multisignature service providers, and decentralized finance platforms. Despite the passage of these acts, several Republicans and Democrats refused to support another proposed legislation known as the Digital Assets Market Structure bill.
Vitalik Buterin Reacts To Worldcoin Token Launch
Vitalik Buterin, one of the creators of the Ethereum network, has shared a detailed essay expressing his thoughts on the recently introduced Worldcoin system, which aims to verify human identities. He specifically focuses on the concept of proof-of-humanity, which is closely associated with the Worldcoin token. After nearly two years of development and beta testing, Worldcoin made its public debut on July 25. However, it faced immediate backlash and scrutiny. The Information Commissioner's Office in the United Kingdom is currently deliberating whether to launch an investigation into the project for potentially violating data protection laws. Additionally, the French National Commission on Informatics and Liberty has raised concerns about Worldcoin's legality. In an effort to address criticism about its data collection practices, the project published an audit report on July 28.
Putin Approves Digital Ruble Law In Russia
Russia is taking steps in the advancement of its central bank digital currency as President Vladimir Putin endorsed the digital ruble legislation on July 24. This official approval means that the digital ruble law will come into force on August 1, 2023. Russian citizens will be given the option to decide whether they want to utilize the digital ruble or not. According to Olga Skorobogatova, the Deputy Governor of the Bank of Russia, the government does not anticipate widespread acceptance of the digital ruble in Russia until after 2025.
Binance Cancels Crypto License Bid In Germany
Binance has decided to withdraw its request for a license to store cryptocurrencies in Germany. This comes shortly after the German Federal Financial Supervisory Authority expressed concerns about the application. A representative from Binance explained to Cointelegraph that they plan to reapply for the license, but will make changes to their application based on the evolving regulations. To provide its services in European nations, Binance CEO Changpeng Zhao stated that the company will prioritize compliance with the Markets in Crypto-Assets regulations set by the European Union. However, their efforts to expand in Europe have been hindered due to regulatory issues in the United States.
FTX's Bankman-Fried Wants Silence From Witnesses
Sam Bankman-Fried, the former CEO of FTX, has agreed to a restriction preventing him from making any comments to third parties that could influence his trial. However, he believes that other potential witnesses, including the current CEO of FTX, John Ray, should also be subject to the same restriction. The request for the restriction on Bankman-Fried was originally made on July 20 by the U.S. government, who accused him of trying to manipulate a fair trial by publicly discrediting a former business partner and witness, Caroline Ellison, in an interview with the New York Times. Bankman-Fried's legal team claims that their client has been subjected to a negative media atmosphere ever since the collapse of the exchange.
As the week comes to a close, Bitcoin (BTC) stands at a price of $29,331, Ether (ETH) at $1,876, and XRP at $0.71. According to CoinMarketCap, the combined market value of these cryptocurrencies amounts to a staggering $1.18 trillion.
Out of the largest 100 digital currencies, the three altcoins that performed exceptionally well this week are XDC Network (XDC), with an impressive gain of 45.69%, followed by GMX (GMX) with a respectable increase of 11.82%, and Bone ShibaSwap (BONE) with a solid growth of 9.60%.
The three altcoins that have experienced the highest decline this week are Pepe (PEPE) with a negative change of 12.36%, Gala (GALA) with a decrease of 11.85%, and Injective (INJ) with a drop of 11.58%.
To obtain further information about cryptocurrency prices, it is recommended to peruse Cointelegraph's market analysis.
"Our particular situation and the judgment made by Judge Torres will offer reassurance to other judges that the SEC's reasoning is simply mistaken."
, recently discussed the importance of regulatory clarity in the cryptocurrency market. He stressed the need for clear guidelines and regulations to foster innovation and provide a level playing field for all market participants. Alderoty highlighted the long-standing issue of uncertainty surrounding digital assets, which hinders their mainstream adoption. He emphasized that regulatory clarity would not only benefit the cryptocurrency industry but also protect consumers and promote market integrity. Alderoty concluded by stating that Ripple is committed to working with regulators and policymakers to establish a well-defined regulatory framework that can unlock the full potential of digital assets.
"In the upcoming months, we will enhance [X] with extensive communication features and the capability to manage your entire financial realm. The utilization of the Twitter label seems inappropriate in that particular situation."
and CEO of Tesla and SpaceX, is one of the most influential figures in the tech industry. With his innovative ideas and relentless drive, Musk has revolutionized the electric vehicle and space exploration sectors. Musk's visionary approach to sustainable energy and transportation has propelled Tesla to the forefront of the electric car market. By designing sleek and high-performance vehicles, he has successfully challenged the perception that electric cars are simply dull and slow. Tesla's Model S, Model 3, and Model X have become symbols of luxury, showcasing the potential of electric vehicles as stylish and powerful alternatives to traditional cars. In addition to his endeavors in the automotive industry, Musk's SpaceX is pioneering the future of space exploration. The company's goal is to make space travel more accessible and affordable, with the ultimate objective of establishing a human colony on Mars. Through the development of reusable rockets and spacecraft, SpaceX has made significant strides in reducing the cost of space missions, bringing us closer to a new era of interplanetary exploration. Musk's ambition extends beyond the realms of Tesla and SpaceX. With his company Neuralink, he aims to merge the human brain with artificial intelligence, enabling seamless communication between humans and machines. This groundbreaking venture has the potential to revolutionize healthcare, helping people with neurological disorders and potentially enhancing human cognitive abilities. Despite facing numerous challenges along the way, Musk's resilience and determination have continuously pushed the boundaries of what is possible. His unwavering commitment to sustainable energy, space exploration, and advancing technological frontiers have earned him a reputation as a visionary and trailblazer in the tech world. As we look toward the future, it is clear that Elon Musk will continue to reshape industries, challenge conventions, and lay the groundwork for a more advanced and sustainable future. Whether it's through electric vehicles that redefine transportation or space missions that push the limits of human exploration, Musk's influence is undeniably shaping the world we live in.
A world without any evidence of individual identity is prone to being a world controlled by centralized methods of identification.
, Vitalik Buterin, one of the masterminds behind the creation of Ethereum, Ways to overcome procrastination
“As blockchain companies face ongoing opposition in the West, Asia is embracing us warmly and inclusively.”
Yves La Rose, Chief Executive Officer of the EOS Foundation
"We perceive Bitcoin as an investment that currently presents the most promising opportunity for expanding our financial resources."
Paul Brewster, the chief executive officer of Flooring Hut
"Organizations developing artificial intelligence (AI) technology bear a duty to guarantee its safety, reliability, and continued adherence to human oversight."
, recently shared his insights on the importance of diversity and inclusion in the workplace. According to Smith, fostering an environment where every individual feels valued and included is not just a moral imperative, but also a business necessity. Smith emphasized that diversity goes beyond visible differences such as race and gender but also includes a range of perspectives, experiences, and backgrounds. By embracing diversity, companies can unlock creativity and innovation, leading to better products and services. Furthermore, Smith highlighted the need to create an inclusive culture where all employees feel empowered to express themselves and share their unique insights. By providing equal opportunities and platforms for everyone, companies can tap into a wealth of ideas and make better decisions. Smith acknowledged that achieving true diversity and inclusion takes effort and dedication, but the benefits are worth it. By committing to these values, companies can attract and retain top talent, increase employee satisfaction, and ultimately achieve better business results. In conclusion, Smith urged businesses to embrace diversity and foster inclusion as a strategic imperative. By doing so, companies can create a dynamic and vibrant workplace where everyone can thrive, contributing their best to the organization's success.
Week's Forecast
Bitcoin price remains unaffected by robust personal consumption expenditures (PCE) data, while cryptocurrency traders anxiously monitor the possibility of Bitcoin reaching the $28,000 threshold.
Bitcoin remained within a certain price range by the end of the week, even though the inflation data in the United States performed better than expected. Analytical data from Cointelegraph Markets Pro and TradingView indicated that the price of BTC only received a slight increase from the figures presented in the Personal Consumption Expenditures Price Index.
Within the community of traders, there persisted a keen interest in the potential decrease in the value of BTC. The resistance at $30,000 has managed to hold steady for more than a week now. Well-known trader Crypto Tony, who chooses to remain anonymous, stated that his belief in the decline of BTC continues as long as it remains below $29,600.
"I anticipate a decline to $28,000 eventually, although there is a possibility that we might remain within this range for a brief period before the decrease," he informed his followers on X (formerly known as Twitter).
Weekly FUD-Dispelling
SEC Sues Quantstamp For $28M ICO
Quantstamp, a company that specializes in securing blockchain systems, has been ordered by the U.S Securities and Exchange Commission (SEC) to return the $28 million it raised in a 2017 initial coin offering (ICO). The SEC claims that the ICO was conducted without proper registration of the tokens being sold as securities. The ICO, which occurred between October and November 2017, involved the sale of Quantstamp's QSP tokens to approximately 5,000 investors. The SEC's order states that the company did not comply with the necessary registration requirements for offering securities.
Alphapo Hack: Over $60M Stolen
A recent report by ZachXBT, who investigates crypto transactions, suggests that the hack on Alphapo payments provider resulted in losses of over $60 million. This amount is significantly higher than the previously reported $31 million. Furthermore, the report reveals that an additional $37 million was allegedly taken from addresses on the Tron and Bitcoin networks. ZachXBT, referring to data from Dune Analytics, suggests that the Lazarus Group could be responsible for the attack. While neither Alphapo nor the affected networks have confirmed a hack, experts in cybersecurity believe that the large amounts of money taken from hot wallets, along with delayed withdrawals, indicate that the funds might have been illicitly moved by a hacker.
Millions Lost In Pond0X Token Launch Mishap
According to various posts on social media on July 28, numerous reports suggest that investors have suffered significant financial losses due to the release of memecoin Pond0x (PNDX). Data obtained from the Maestrobots trading application indicates that the value of the token skyrocketed to $0.36, only to rapidly plummet to almost nothing within a mere five minutes. Initial reports indicate that PNDX possessed a defective transfer function that permitted users to transfer coins from any other user's account. Consequently, investors collectively lost a minimum of $2.2 million during the launch. Pseudonymous Not Larva Labs founder Pauly, a developer associated with the NFT trading app for CryptoPunks, as well as the comedic collection known as CryptoPhunks, announced the memecoin on July 28.
Hervé Larren On Bitcoin, Apes, And NFT Psychology
In 2013, I made my initial cryptocurrency transaction by sending Bitcoin from the United States to Venezuela. This was necessary because the economic collapse had caused the banking system to cease functioning between the two nations.
Interview With Simon Davis: 6 Questions For Mighty Bear Games
Simon Davis, the Chief Executive Officer of Mighty Bear Games and affectionately known as "Papa Bear," provided us with an exclusive glimpse into his innovative Web3 gaming studio while sharing his valuable insights on the gaming industry's prospects.
Jameson Lopp's First Impression: Bitcoin's Elegance
According to Jameson Lopp, individuals who have extensive knowledge about Bitcoin do not believe that the protocol should become stagnant. He mentions that there are still numerous tasks and improvements that need to be accomplished.
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Twitter Facebook Reddit LinkedIn WhatsApp Email Copy Link In today's digital era, social media has become an integral part of our lives. It has revolutionized the way we communicate and connect with others. Social media platforms like Twitter, Facebook, Reddit, LinkedIn, WhatsApp, and many others have provided us with a means to share our thoughts, ideas, and experiences with the world. Twitter, with its short and succinct format, allows us to express ourselves in 280 characters or less. It has become a hub for real-time news updates, trending topics, and viral conversations. It gives us the opportunity to connect with like-minded individuals and engage in meaningful discussions. Facebook, the largest social media platform, enables us to connect with our friends, family, and acquaintances. It serves as a virtual community where we can share photos, videos, and updates about our lives. Through Facebook groups, we can join communities of people who share our interests and passions. Reddit, often referred to as the front page of the internet, is a platform where users can discuss and share content on any topic imaginable. It features various communities called subreddits, each dedicated to a specific subject. Users can upvote or downvote posts and comments, allowing the best content to rise to the top. LinkedIn, on the other hand, is a professional networking platform. It provides a space for individuals to showcase their skills, accomplishments, and work experience. It allows us to connect with colleagues, industry professionals, and potential employers. LinkedIn is a valuable tool for career development and job searching. WhatsApp, a messaging app, has transformed the way we communicate with others. It allows us to send text messages, make voice and video calls, and share media files. WhatsApp groups enable us to stay connected with friends, family, and co-workers, no matter where they are in the world. In conclusion, social media has become an essential part of our lives, offering various platforms for us to express ourselves, connect with others, and share our experiences. Whether it is Twitter, Facebook, Reddit, LinkedIn, WhatsApp, or any other platform, social media has undoubtedly changed the way we communicate and interact with the world around us.
This article was collaborated on by the writers and reporters of Cointelegraph Magazine.
