Top news this week
Chairman Gensler Says SEC Reaction To Ripple Decision Is Mixed, Still Under Consideration
US Securities and Exchange Commission Chairman Gary Gensler has publicly commented on the recent ruling on the agency’s lawsuit against Ripple, saying the SEC is “still looking at it and evaluating that opinion.” Gensler declined to comment further on the case, but said that the commission is pleased with the court’s decision that XRP was a security when sold to institutional investors, but was disappointed with the ruling of non-security for retail investors and other XRP distributions. Comments made by the regulator on July 21 in a lawsuit hinted that it could appeal the decision. However, in the crypto community, some believe that this is unlikely to happen, as the SEC profits from the “current confusion”.
Bipartisan Bill to Regulate DeFi, Crypto Security Risks Introduced in US Senate.
A bipartisan bill has been introduced in the US Senate, tightening regulations and sanctions requirements for decentralized finance (DeFi). The bill would subject DeFi operations to the same requirements as “other financial firms, including centralized cryptocurrency trading platforms, casinos, and even pawnshops.” The proposal also holds “anyone who controls that project” liable for the use of the DeFi service by the sanctioned individuals. The bill also establishes new requirements for crypto kiosk (or ATM) operators to prevent their use in money laundering. Kiosk operators would be required to verify the identities of both counterparties in a transaction.
Altcoins ‘Bled’ As Bitcoin Gained Dominance In Q2: CoinGecko
The second quarter of the year has been strong for Bitcoin’s performance, as its market dominance gained against altcoins, which “bled out” throughout the period, according to CoinGecko’s industry report. Bitcoin (BTC) and Ether (ETH) continued to increase their market share in recent months, while Binance Coin (BNB), XRP (XRP) and Cardano (ADA) all suffered double-digit losses during the quarter. DeFi tokens were hit particularly hard during the quarter, with Uniswap (UNI), Chainlink (LINK), and Lido (LDO) also seeing double-digit losses. The top five metaverse and play-to-earn tokens by market cap also posted losses of up to 40%.
Multiple Spot Crypto ETF Applications Go to Federal Register in Step Toward SEC Approval
Applications from several companies for a spot Bitcoin exchange-traded fund (ETF) have been published in the Federal Register, moving them one step further in the US SEC process. According to the records, applications from BlackRock, Fidelity, Invesco Galaxy, VanEck and WisdomTree have been officially registered. Posting the requests gives the SEC a window of opportunity to accept or reject the request, extend the time allowed, or open the request for public comment. The SEC has an initial window of 45 days to make a decision, but the commission has the option to extend the process up to 240 days, until March 2024, for final approval or denial.
Robert F. Kennedy Jr. Vows To Back The US Dollar With Bitcoin If He Is Elected President
Democratic presidential candidate Robert F. Kennedy Jr. has vowed to progressively back the US dollar with Bitcoin if he is elected president. Kennedy said during an event that backing the US dollar with what he called “hard currency”, including gold, silver, platinum or Bitcoin, could help re-stabilize the US economy. Kennedy explained that the process would be gradual and that, depending on the success of the plan, he would adjust the amount of support for the dollar. Additionally, Kennedy stated that he would make conversions from Bitcoin to US dollars exempt from capital gains tax in an attempt to stimulate investment in the country.
Winners and losers
At the end of the week, Bitcoin (BTC) is at $29,883, Ether (ETH) at $1,894, and XRP at $0.78. The total market capitalization is $1.2 trillion, according to CoinMarketCap.
Among the top 100 cryptocurrencies, the top three altcoin gainers for the week are Maker (MKR) with 32.18%, XDC Network (XDC) with 24.19%, and Stellar (XLM) with 20.88%.
The top three altcoin losers for the week are Rocket Pool (RPL) with -14.95%, GMX (GMX) with -10.93%, and Lido DAO (LDO) with -7.90%.
To learn more about cryptocurrency prices, be sure to read Cointelegraph’s market analysis.
Play2Earn: How Blockchain can drive a paradigm shift in building gaming economies
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most memorable quotes
“To me, the lack of protection for retail investors underscores the fierce urgency of passing a market structure bill to protect the average American consumer.”
Ritchie Torres, New York representative
“Japan, Korea, China, all these places are pushing Web3 in a really big way because they see it as an opportunity to break away from the basically dominant technologies in America.”
Yat Siu, co-founder of Animoca Brands
“Backing US dollars and debt obligations with tangible assets [gold, silver, platinum or Bitcoin] could help restore dollar strength.”
Robert F. Kennedy Jr., US Democratic presidential candidate
“Based on the Metcalfe’s Law model, the fair value of Bitcoin is around $55,000. So I think we ascend to that level.”
Mark Yusko, Chief Investment Officer at Morgan Creek Capital
“[The Ripple ruling] It has made our case more compelling and more urgent, which means we can’t just rely on the app to deliver the kind of investor protection standards we need.”
Timothy Massad, former Chairman of the US Commodity Futures Trading Commission.
“The Commission benefits from the current turmoil and losing these issues on appeal would jeopardize its entire compliance agenda. So I’d be surprised if the SEC tried to appeal now.”
Kathryn Haun, CEO of Haun Ventures
prediction of the week
Bitcoin Bollinger Bands echo move ended with 40% gains in January
Bitcoin is lining up a burst of volatility that could rival its 40% gains in January, on-chain data suggests.
BTC price has acted in a tight range for an entire month, using $30,000 as a focal point for sideways behavior, testing both bulls and bears. According to popular analyst Aksel Kibar:
“It seems that $BTCUSD is wearing out the patience of many traders,” he wrote on July 21, before adding that this “is usually the condition seen before strong moves. Although I’m not sure of the address. I will stick to my well-defined boundaries. I know that increased volatility is just around the corner. It captures the directional movement.”
Based on the behavior of Bollinger Bands, a classic volatility indicator, this move should happen sooner rather than later, as it is printing a tell-tale sign that the days of range-bound BTC price action are coming to an end.
FUD of the week
Cryptocurrency firms and influencers may need to start including disclaimers on cryptocurrency memes to comply with UK advertising laws. The country’s Financial Conduct Authority (FCA) published proposed guidance on financial promotions on social media on July 17 that focuses on promotional memes and financial influencers, or “finfluencers.” The FCA considers cryptocurrencies to be a high-risk investment. Under the FCA proposal, cryptocurrencies can be advertised to retail investors in general, but there are requirements such as the inclusion of risk warnings and the prohibition of investment incentives.
Uniswap founder Hayden Adams’ Twitter account was compromised on July 20. His account posted a tweet to his more than 254,000 followers falsely claiming that the platform’s Permit2 contract had been “affected by an unknown exploit” and that users’ tokens were at risk, encouraging them to click on a malicious link. The “Web3 Security Alerts” channel on Telegram detected the scam attempt and reported that Adams had also been blocked from his accounts with MetaMask and Coinbase Wallet.
Couple behind Bitfinex money laundering scheme reach plea deal with US prosecutors.
Two people accused of laundering billions of dollars in Bitcoin related to the 2016 Bitfinex hack have reached a plea deal with US authorities. The couple had been charged with money laundering conspiracy and conspiracy to defraud the US, and are expected to forfeit digital assets related to the case. The Bitfinex cryptocurrency exchange was hacked in August 2016 and approximately 119,754 Bitcoin was stolen.
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Tokenizing music royalties as NFTs could help the next Taylor Swift
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Web3 Gamer: Earn Bitcoin in Minecraft, BGA 50/50 Gender Split, Oath of Peak Hot Take
How To Earn Bitcoin In Minecraft, Sega Is Half In/Half Out Of Blockchain Gaming, BGA Board 50/50 Gender Split And More Web3 Gaming News.
The most compelling reads on blockchain. Delivered once a week.
Writers and reporters at Cointelegraph Magazine contributed to this article.
This post SEC reviews Ripple ruling, US bill seeks control of DeFi and…
was published first on https://cointelegraph.com/magazine/sec-reviews-ripple-ruling-us-bill-seeks-control-over-defi-and-more-hodlers-digest-july-16-22/