top stories of the week
Gensler Chairman Says SEC Reacts to Ripple Decision Mixed, Still Under Consideration
SEC Chairman Gary Gensler publicly commented on the agency’s recent ruling in the Ripple lawsuit, saying the SEC is “still studying and evaluating this opinion.” Gensler declined to comment further on the case, but said the committee was satisfied with the court’s ruling that XRP was a security when sold to institutional investors, but disappointed by the ruling that it was not a security for retail investors and other XRP offerings. The regulator’s July 21 comments in the lawsuit suggested it may appeal the decision. However, some in the cryptocurrency community believe this is unlikely to happen, as the SEC benefits from the “current confusion.”
Bipartisan Bill to Regulate DeFi and Cryptocurrency Security Risks Heads to US Senate
The U.S. Senate has introduced a bipartisan bill that tightens regulatory and sanctions requirements for decentralized finance (DeFi). The bill would subject DeFi businesses to the same requirements as “other financial firms, including centralized cryptocurrency exchanges, casinos, and even pawn shops.” The proposal also provides for “anyone who controls the project” to be liable for the use of DeFi services by sanctioned persons. The bill also introduces new requirements for cryptocurrency kiosk (or ATM) operators to prevent their use for money laundering. Kiosk operators need to verify the identities of both parties to a transaction.
Altcoins ‘bleed’ as Bitcoin dominates in Q2: CoinGecko
According to an industry report from CoinGecko, Bitcoin performed very strongly in the second quarter of this year, as its market dominance increased over altcoins, which have been bleeding during the period. Bitcoin (BTC) and Ether (ETH) continued to expand their market share over the past few months, while Binance Coin (BNB), XRP (XRP) and Cardano (ADA) suffered double-digit losses during the quarter. DeFi tokens were particularly hard hit during the quarter, with Uniswap (UNI), Chainlink (LINK) and Lido (LDO) also suffering double-digit losses. The top five Metaverse and Wanzhuan tokens by market capitalization also lost up to 40%.
Multiple Spot Crypto ETF Applications Filed in the Federal Register Aiming for SEC Approval
Multiple companies’ applications for spot bitcoin exchange-traded funds (ETFs) have been published in the Federal Register, bringing them a step forward in the SEC process. For the record, applications from BlackRock, Fidelity, Invesco Galaxy, VanEck and WisdomTree are officially registered. Publishing an application gives the SEC the opportunity to accept or deny the request, extend the time allowed, or open the application for public comment. The SEC initially has 45 days to make a decision, but the commission has the option to extend the process by up to 240 days (until March 2024) for final approval or rejection.
Robert F. Kennedy Jr. Vows to Back Dollar with Bitcoin if Elected President
Democratic presidential candidate Robert F. Kennedy Jr. has pledged to gradually back the U.S. dollar with bitcoin if elected president. Backing the dollar with what he called “hard money,” including gold, silver, platinum or bitcoin, could help re-stabilize the U.S. economy, Kennedy said at an event. Kennedy explained that the process will be gradual, and based on the success of the program, he will adjust the amount of support in dollars. Additionally, Kennedy announced that he would exempt capital gains tax on the conversion of Bitcoin to U.S. dollars to stimulate investment in the country.
winners and losers
Bitcoin this weekend (bitcoin) lie in $29,883Ether (Ethereum) exist $1,894 and Ripple exist $0.78.total market value $1.2 trillion, according to to CoinMarketCap.
Among the 100 largest cryptocurrencies, the top three altcoin gainers this week are Maker (MKR) 32.18%, XDC Network (XDC) 24.19% and stellar lumens (XLM) was 20.88%.
The top 3 altcoins for this week’s losers are Rocket Pool (RPL) -14.95%, GMX (GMX) -10.93% and Lido DAO (I would) was -7.90%.
For more on cryptocurrency prices, be sure to read Cointelegraph’s market analysis.
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most memorable quote
“To me, the lack of protections for retail investors underscores the urgency of passing a market structure bill to protect ordinary American consumers.”
Rich Torresnew york representative
“Japan, South Korea, China, all these places are pushing Web3 very hard because they see it as an opportunity to move away from a technology that is basically dominated by the US.”
Xiao YiCo-Founder of Animoca Brand
“Backing the dollar and U.S. debt with hard assets (gold, silver, platinum or bitcoin) could help restore dollar strength.”
Robert F Kennedy Jr.U.S. Democratic presidential candidate
“Based on Metcalfe’s legal model, the fair value of bitcoin is around $55,000. So I think we’re drifting upward toward that level.”
Mark YuskoChief Investment Officer, Morgan Creek Capital
“The (Ripple ruling) makes our argument more convincing and more urgent, meaning we can’t rely on enforcement alone to get the investor protection standards we need.”
Timothy Massadformer chairman of the U.S. Commodity Futures Trading Commission
“The Commission benefits from the current confusion, and losing an appeal on these issues would jeopardize its entire enforcement agenda. So I would be surprised if the SEC tried to appeal now.”
Catherine HorneCEO of Haun Ventures
forecast for the week
Bitcoin’s Bollinger Bands Echo a 40% Gain in January
On-chain data shows that Bitcoin is experiencing a bout of volatility that could rival January’s 40% gain.
BTC prices have been trading in a tight range all month, with $30,000 a focal point for sideways action, putting both bulls and bears to the test. Renowned analyst Aksel Kibar said:
“Seems like BTCUSD is running out of patience for many traders,” he wrote on July 21, before adding, “This is usually seen before a strong move. Not sure of direction though. I’ll stick to my clear boundaries. I know volatility is coming. Catch directional movement.”
Based on the behavior of Bollinger Bands, a classic volatility indicator, this move should come sooner rather than later, as it sends a clear signal that the days of range-bound Bitcoin prices are over.
The most talked about FUD this week
The Twitter account of Uniswap founder Hayden Adams was compromised on July 20. His account posted a tweet to its more than 254,000 followers, falsely claiming that the platform’s Permit2 contract had been “affected by an unknown vulnerability,” putting users’ tokens at risk, encouraging them to click on malicious links. The “Web3 Security Alert” channel on Telegram detected the scam attempt and reported that Adams’ MetaMask and Coinbase wallet accounts were also blocked.
Couple Behind Bitfinex Money Laundering Scheme Reach Plea Deal With U.S. Attorneys
Two money launderers accused of laundering billions of dollars worth of bitcoin in connection with the 2016 Bitfinex hack have reached a plea deal with U.S. authorities. The two have been charged with conspiracy to launder money and conspiracy to defraud the United States, and they are expected to have their digital assets forfeited in connection with the case. Cryptocurrency exchange Bitfinex was hacked in August 2016 and approximately 119,754 bitcoins were stolen.
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