Top Stories This Week
Chairman Gensler says SEC reaction to Ripple decision is mixed, still under consideration
Chairman of the US Securities and Exchange Commission Gary Gensler commented publicly on the recent decision on the agency’s lawsuit against Ripple, saying that the SEC “continues to look at it and evaluate that opinion.” Gensler declined to comment further on the case, but said the commission was satisfied with the court’s decision stating that XRP was a security when sold to institutional investors, but disappointed with the non-security ruling for retail investors and other XRP distributors. Comments made by the regulator on July 21 in a lawsuit suggested it could appeal the decision. In the crypto community, however, some believe it is unlikely to happen, as the SEC is taking advantage of the “current confusion.”
A bipartisan bill to regulate DeFi, crypto security risks introduced in the US Senate
A bipartisan bill has been introduced in the US Senate, tightening regulations and sanctions for decentralized finance (DeFi). The bill would subject DeFi operations to the same requirements as “other financial companies, including centralized crypto trading platforms, casinos, and even pawnshops.” The proposal also makes “anyone who controls that project” responsible for the use of the DeFi service by sanctioned persons. The bill also set new requirements for operators of crypto kiosks (or ATMs) to prevent their use in money laundering. Kiosk operators would be required to verify the identities of both counterparties in a transaction.
Altcoins ‘bleed’ as Bitcoin gained dominance in Q2: CoinGecko
The second quarter of the year was solid for Bitcoin’s performance, as its market dominance gained against altcoins, which were “bleeding” throughout the period, according to CoinGecko’s industry report. Bitcoin (BTC) and Ether (ETH) continued to build their market share over the past months, while Binance Coin (BNB), XRP (XRP) and Cardano (ADA) suffered double-digit losses during the quarter. DeFi tokens were particularly hit during the quarter, with Uniswap (UNI), Chainlink (LINK) and Lido (LDO) also taking double-digit losses. The top five metaverses and game-winning tokens by market cap also marked losses of up to 40%.
Multiple spot crypto ETF applications head to Federal Register in step toward SEC approval
Applications from several firms for a spot Bitcoin exchange-traded fund (ETF) have been published in the Federal Register, moving them one step forward in the US SEC process. According to the records, applications from BlackRock, Fidelity, Invesco Galaxy, VanEck and WisdomTree have been officially registered. Publication of the applications gives the SEC a window of opportunity to accept or reject the request, extend the time allowed or open the application for public comment. The SEC has an initial window of 45 days to reach 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 support US dollar with Bitcoin if it elects president
Democratic presidential candidate Robert F. Kennedy Jr. has promised to gradually support the US dollar with Bitcoin if he is elected president. Kennedy said during an event that backing the U.S. dollar with what he called “hard currency,” including gold, silver, platinum or Bitcoin, could help restabilize the U.S. 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 Bitcoin-to-US dollar conversions exempt from capital gains taxes in an attempt to stimulate investment in the country.
Winners and losers
At the end of the week, Bitcoin (BTC) is at $29,883Aether (ETH) at $1,894 and XRP at $0.78. The total market cap is at $1.2 trillions, according to to CoinMarketCap.
Among the top 100 cryptocurrencies, the top three altcoin gainers of the week are Maker. (MKR) at 32.18%, XDC Network (XDC) at 24.19% and Stellar (XLM) at 20.88%.
The top three altcoin losers of the week are Rocket Pool (RPL) at -14.95%, GMX (GMX) at -10.93% and Lido DAO (LDO) at -7.90%.
For more information on crypto prices, be sure to read Cointelegraph’s market analysis.
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Most Memorable Quotes
“To me, the lack of protection for retail investors underscores the fierce urgency around passing a market structure bill to protect the average American consumer.”
Ritchie TorresNew 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 essentially American-dominant technologies.”
Yat Siuco-founder of Animoca Brands
“Backing dollars and US debt obligations with hard assets [gold, silver, platinum or Bitcoin] could help restore strength to the dollar.”
Robert F. Kennedy Jr.US Democratic presidential candidate
“Based on Metcalfe’s legal model, a fair value for Bitcoin is around $55K. So I think we’re drifting up to that level.”
Mark Yuskochief investment officer at Morgan Creek Capital
“[The Ripple ruling] made our case more compelling and more urgent, which means we can’t simply rely on enforcement to get the kind of investment protection standards we need.”
Timothy Massadformer chairman of the US Trade Commission
“The Commission is taking advantage of the current confusion and losing these issues on appeal would jeopardize its entire enforcement agenda. So I would be surprised if the SEC tried to appeal now.”
Kathryn HaunCEO of Haun Ventures
Prediction of the Week
Bitcoin Bollinger Bands echo move that ended in 40% January gains
Bitcoin is lining up a burst of volatility that could rival its 40% January gains, on-chain data suggests.
BTC price has been acting 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:
“Looks like $BTCUSD is running out of patience for many traders,” he wrote on July 21, before adding that this “is usually the condition you see before strong moves. Not sure about the direction though. I’ll stick with my well-defined limits. I know increased volatility is around the corner. Catch the directional move.”
According to the behavior of Bollinger Bands, a classic indicator of volatility, this move should come sooner rather than later, as it prints a signal sign that the days of range of BTC price action are coming to an end.
FUD of the Week
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 was “affected by an unknown exploit” and users’ tokens were at risk, prompting them to click on a malicious link. The “Web3 Security Alerts” channel on Telegram detected the fraud attempt and reported that Adams was also blocked from his accounts with MetaMask and Coinbase Wallet.
Couple behind Bitfinex money laundering reach plea deal with US prosecutors
Two people accused of laundering billions of dollars of Bitcoin linked to the 2016 Bitfinex hack have reached a plea deal with authorities in the United States. The pair have been charged with money laundering conspiracy and conspiracy to defraud the United States, and are expected to forfeit digital assets related to the case. Crypto exchange Bitfinex was hacked in August 2016, with around 119,754 Bitcoin stolen.
Best Features of Cointelegraph
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