Bitcoin News and Finance: What You Need to Know

National Australia Bank (NAB) has joined other major lenders in the country in blocking payments to some cryptocurrency exchanges. The banking institution said it’s introducing new customer protections regarding financial transactions with certain scam-related crypto platforms. Australia’s NAB Bank Intervenes in $184 Million Worth of Payments That Raised Scam Concerns National Australia Bank, one of the four largest Australian banks, is restricting transfers to certain high-risk crypto exchanges. On Monday, the lender announced it’s introducing new blocks on digital asset platforms where scams are more prevalent. Between March and July of this year, NAB customers abandoned payments for more than $270 million Australian dollars (almost $184 million) after receiving scam alerts from the bank. Nearly half of scam funds reported to the Australian Financial Crimes Exchange in a recent 30-day period were linked to cryptocurrencies, the bank noted. Chris Sheehan, NAB executive for group...

An economist with the Heritage Foundation has warned about the potential calamity of the U.S. dollar losing its reserve currency status. He stressed that “The Biden administration has taken so many actions to dethrone King Dollar that it would be difficult to rank them all by their destructiveness.” Economist Warns Biden Administration’s Actions Threaten U.S. Dollar’s Reserve Currency Status Heritage Foundation economist and research fellow E. J. Antoni sounded the alarm on the potential calamity of the U.S. dollar losing its reserve currency status in an interview with the Daily Caller News Foundation, published Sunday. “The Biden administration has taken so many actions to dethrone King Dollar that it would be difficult to rank them all by their destructiveness,” the economist stated, warning: Losing reserve currency status … would mean 70 years of deficits flooding back to the U.S., all competing with existing dollars held domestically to buy goods and services. That’s a hyper...

U.S. lawmakers have called on the U.S. Securities and Exchange Commission (SEC) to drop its regulatory assault on the crypto industry following the landmark ruling on the SEC v. Ripple case regarding XRP . “The SEC has chosen to communicate and regulate not by clear rule or guidance but by enforcement actions, often politically timed,” one congressman described. Congressmen Urge SEC to Stop Regulating Crypto by Enforcement U.S. Congressman Ritchie Torres (D-NY) wrote a letter to U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler on Tuesday regarding how the SEC should regulate crypto following the landmark ruling on the SEC v. Ripple case regarding XRP . “I’m writing to inquire if the SEC intends to come to terms with the folly of the Commission’s crusade against crypto assets in light of the latest decision by Judge Analisa Torres of the Southern District of New York,” he began. “Needless to say, regulation by enforcement had a dreadful day in court.” The lawmaker c...

U.S. Securities and Exchange Commission Chairman Gary Gensler says the SEC could benefit from making greater use of artificial intelligence (AI) in several areas, including enforcement and market surveillance. However, he also raised a number of concerns associated with AI, emphasizing that the regulator is currently developing rules to address AI-related challenges. Gary Gensler on AI Benefits and Challenges U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler discussed AI and the challenges surrounding it, including the impact on financial stability, in his remarks before the National Press Club on Monday. “Today’s AI-based models provide an increasing ability to make predictions about each of us as individuals,” he described. “Models have been developed to assist in making decisions about who gets jobs, loans, credit, entry to schools, and healthcare, to name a few. This raises a host of issues that are not necessarily new to AI but are accentuated by it.” Noting...

Fintech company Wallex.US has launched a new non-custodial crypto and defi wallet app. The app offers a secure and encrypted way to store, send, and receive more than 150 cryptocurrencies. It also provides real-time chart monitoring and analysis capabilities, as well as easy Pay & Get Paid function. The app is designed to be safe, free, and give users full control over their crypto assets. Wallex Opens New Gateway for Web3 Users Wallex.US , a global fintech company, has recently launched a new non-custodial crypto and defi wallet app that is set to revolutionize the way users store, send, and receive cryptocurrencies. The app offers a user-friendly, innovative, and secure solution for managing digital assets, giving users the freedom to control their own money. The wallet is already available for iOS on Apple’s App Store and for Android devices on Google Play . One of the key features of the Wallex.US app is its non-custodial nature. This means that users hold their own keys a...

Binance, the largest cryptocurrency exchange by volume traded, has announced it has completed the integration of the Lightning Network, a BTC scaling layer, on its platform. Now users can execute bitcoin deposits and withdrawals using the network, taking advantage of lower fees. Binance Completes Integration of Lightning Network Binance recently announced the completion of its integration of Lightning Network, a scaling layer for the Bitcoin blockchain. The exchange informed about these new capabilities on July 17, explaining that users can now deposit and withdraw bitcoin from Binance using this new option. The Lightning Network allows users to accelerate the speed of their transactions to and from the exchange, given that there is no need for waiting for transactions as when using Bitcoin in its base layer. Also, the fees for Lightning Network transactions are cheaper than Layer 1-based transactions. This difference is especially notable in times of high congestion on the BTC ...

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue, the Argentine central bank sheds yuan for dollars as its reserves bleed, the Central Bank of Brazil would be able to manipulate balances and block digital real accounts, and the first bitcoin futures contract goes live in Argentina. Argentine Central Bank Sheds Chinese Yuan as Its Reserves Bleed The Central Bank of Argentina is leveraging its Chinese yuan stash to purchase dollars and manage its internal operations as its reserve level dwindles. The bank is making payments to importers using part of the Chinese swap line that government officials extended to $10 billion in June. Local newspaper La Nacion reported that the bank lost $170 million on July 10 and July 11 due to the payments the republic had to disburse to importers and the purchase of dollars. The gross reserves of the central bank bled out $580 million last week, reaching $26 billion...

The Venezuelan cryptocurrency ecosystem remains on shaky ground four months after the intervention of national crypto watchdog Sunacrip, and the arrest of its head, Joselit Ramirez, due to alleged participation in a $20 billion corruption scandal involving the undeclared sale of crude oil for crypto. There have been no official updates from Sunacrip’s restructuring board, but Bitcoin mining activities are still halted per local sources’ reports. Venezuelan Crypto Ecosystem Still Affected After Sunacrip Intervention The situation of the Venezuelan cryptocurrency ecosystem and the current status of its official cryptocurrency asset, the petro, are yet uncertain after four months of the intervention of Sunacrip, the Venezuelan cryptocurrency watchdog. The restructuring board has made no official statements on the processes it is developing, and it is currently not known if the regulatory institution will even survive. The government of Nicolas Maduro issued an executive order to inter...

Nobel Prize-winning economist Paul Krugman says the U.S. dollar’s dominance “won’t last forever.” While recognizing the global de-dollarization trend, he expressed skepticism about the Chinese yuan’s ability to replace the U.S. dollar as the world’s dominant currency. Economist Paul Krugman on U.S. Dollar Dominance and Chinese Yuan Nobel laureate Paul Krugman discussed the U.S. dollar’s dominance and the potential for the Chinese yuan to replace the USD in an opinion piece published in The New York Times earlier this month. Krugman won the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel in 2008 for his analysis of trade patterns and location of economic activity. Krugman acknowledged the growing de-dollarization trend worldwide and the potential decline of the U.S. dollar’s role in international trade, as more countries seek to de-dollarize. However, citing a Federal Reserve report that analyzed various indicators of dollar dominance, he stressed that the U.S...

U.S. Securities and Exchange Commission Chairman Gary Gensler has stated that the regulator is “disappointed” with the SEC v. Ripple ruling on XRP regarding retail investors. “We are still looking at it and assessing that opinion,” he affirmed. Gensler also reiterated the SEC’s commitment to enforcing regulations on the crypto industry and ensuring compliance among crypto firms. Gensler Says SEC Is ‘Assessing’ the Ripple Ruling on XRP The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, commented on the ruling in the SEC v. Ripple case during his remarks at the National Press Club luncheon Monday. The court ruled last Thursday, as described by Ripple’s chief legal officer, that “ XRP is not a security … sales on exchanges are not securities. Sales by executives are not securities. Other XRP distributions — to developers, to charities, to employees are not securities.” The Ripple legal counsel noted: “The only thing the court found constitutes an inv...

As of July 17, 2023, the decentralized finance (defi) sector has been witnessing a great deal of consolidation with total value locked (TVL) figures standing at $44.19 billion. Throughout most of the year in 2023, except for a brief period of seven days in April, the TVL in defi has consistently remained below the $50 billion range. Value Locked in Defi in 2023 Remains Above $40B but Stagnates Below $50B Throughout the first half of 2023, the decentralized finance (defi) landscape has exhibited a lackluster performance, with the value locked in the sector remaining relatively stagnant. Specifically, on Monday, July 17, 2023, the total value locked (TVL) stands at $44.19 billion, according to defillama.com metrics . Within this sum, Lido Finance commands a significant portion, securing $14.78 billion, which accounts for 33.45% of the aggregate TVL. Following Lido, prominent players in the defi realm include Aave ($5.88B), Makerdao ($5.47B), Uniswap ($3.78B), and Justlend ($3.69B)...

On Monday, the Financial Stability Board (FSB), a product of the G20 organization, unveiled its proposed guidelines for a global regulatory structure overseeing the operations of crypto assets. The international entity emphasizes that nations should confront the risks cryptocurrencies pose to global financial stability. The FSB contends that occurrences within the preceding year have underscored the “structural vulnerabilities of crypto assets and related players.” G20’s Financial Stability Board Provides 9 Crypto Industry-Centric Recommendations for Countries and Standard-Setting Bodies As stated in a newly published report , the G20’s Financial Stability Board (FSB) wants to rein in the crypto industry with tighter regulations and standardized frameworks. The FSB’s strategy for governing crypto asset operations hinges on encouraging collaboration between jurisdictional financial authorities and standard-setting bodies (SSBs). This cooperation aims to guarantee that such activities...

Southern District of New York judge Katherine P. Failla called to attention the U.S. Securities and Exchange Commission’s (SEC) approval of Coinbase’s Initial Public Offering (IPO), hinting that the agency could have been more thorough. Failla expressed skepticism about the SEC’s posture that approving the Coinbase S-1 form to go public meant “nothing,” stating that the commission could have called out Coinbase’s behavior. SEC v. Coinbase: Judge Failla Was Skeptical Towards Regulator’s Posture on Coinbase IPO Approval Katherine P. Failla, judge for the Southern District of New York, has called attention to the U.S. Securities and Exchange Commission’s (SEC) behavior when approving the Initial Public Offering (IPO) of Coinbase to go through back in 2021. Failla hinted that the commission might have done more to signal the problems in the exchange’s business model before greenlighting its listing on Nasdaq. During the pre-motion conference of the case, which took place on July 13, Fa...

PRESS RELEASE. July 17th, 2023, Hong Kong. Startup Open Asset Standards has recently announced QED , the world’s first ZK 2.0 blockchain protocol. Unlike existing zero knowledge blockchain protocols, QED has a novel state model which is horizontally scalable, meaning it is no longer limited by TPS restrictions that have previously prevented adoption of blockchain technologies in Web2 use cases such as social networks, traditional finance, and gaming. Enabled by advances in fast recursive zero knowledge proofs, QED is able to achieve this scale without compromising security or decentralization and proves all transactions end-to-end using proof recursion (verifying a zero knowledge proof in a zero knowledge proof ). This process of decentralized recursive proving culminates in a single block proof which can be verified by an Ethereum smart contract, making the protocol only reliant on the Proof of Math itself, rather than an incentive based consensus system vulnerable to collusion...

The U.S. Securities and Exchange Commission (SEC) has accepted the application for a bitcoin exchange-traded fund (ETF) filed by asset manager Blackrock. The move indicates the regulator is preparing to seriously consider a bitcoin ETF and could eventually set the stage for wider adoption of crypto assets and products. SEC Adds Blackrock’s Bitcoin ETF Application to Docket, Seeks Public Comments The U.S. securities regulator has officially accepted Blackrock’s application for a spot bitcoin ETF . Once it’s published in the Federal Register, the SEC will open a 21-day window for submission of public comments on the proposal and they will be posted on its website. The application’s addition to the SEC’s docket on Thursday marks the beginning of a long review process that will be closely followed by the crypto community and industry. Blackrock is the world’s largest asset management firm and the SEC process for its bitcoin ETF sends a signal about the future of crypto-based investmen...

Worldcoin, a startup that aims to build the “world’s largest identity and financial network as a public utility,” has reached two million sign-ups. The company, which uses its biometric World ID system to differentiate human beings, stated it has more than doubled the number of sign-ups since January when it reported having passed its first million. Worldcoin Passes 2 Million Sign-Ups The Worldcoin project, a startup building an identity database of users as a public utility, has reached two million sign-ups using its World ID protocol. The company — which is backed by Openai co-founder Sam Altman — reported that these sign-ups came via people registering from cities such as Barcelona, Berlin, Buenos Aires, New York, Seoul, and Tokyo, as part of the “ world tour ” announced in May. Overall, Worldcoin is registering more than 40,000 sign-ups each week. The World ID protocol requires using special hardware devices for users to register to prove their “uniqueness and humanness in a ...

Larry Fink, the CEO of the world’s largest asset manager, Blackrock, says crypto is so international that it will transcend any one currency. Regarding Blackrock’s bitcoin exchange-traded fund (ETF) filing with the U.S. Securities and Exchange Commission (SEC), the executive stressed: “We are working with our regulators because, as in any new market, if Blackrock’s name is going to be on it, we’re going to make sure that it’s safe and sound and protected.” Blackrock CEO Larry Fink Highlights Crypto’s ‘Differentiating Value’ Larry Fink, the CEO and chairman of Blackrock, the world’s largest asset manager, discussed cryptocurrency in an interview with CNBC on Friday. Blackrock filed to launch a bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC) on June 15. While the SEC has rejected all bitcoin ETF applications so far, many are hopeful that the securities regulator will approve Blackrock’s filing. “Over the last five years, more and more global...

The U.S. Securities and Exchange Commission’s former head of internet enforcement has warned that the ruling on the SEC v. Ripple case “resides on shaky ground” and will likely be reversed. “The Ripple decision grants to the institutional investor full SEC protection … However, the retail investor is not granted any SEC protection at all. This seems backwards to say the least,” he stressed. SEC v Ripple Ruling ‘Troubling on Multiple Fronts’ Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark shared his analysis of the SEC v. Ripple ruling concerning XRP on Linkedin Friday. Stark is currently president of cybersecurity firm John Reed Stark Consulting. He founded and served as chief of the SEC Office of Internet Enforcement for 11 years. He was also an SEC enforcement attorney for 15 years. “The Ripple decision is troubling on multiple fronts,” he stressed, adding: IMHO, the decision resides on shaky ground, is likely (and ripe) for appeal, will likely ...

Central bank digital currency (CBDC) is a “massive threat” to liberty, Republican Governor of Florida Ron DeSantis is convinced. During an interview with former Fox News host Tucker Carlson, DeSantis vowed to send CBDC “to the ash heap of history” if he is elected President of the United States. DeSantis Tells Carlson CBDC is ‘Not Happening’ in America With Him as President Presidential hopeful Ron DeSantis reaffirmed his stance against the introduction of a central bank-issued digital currency such as a digital version of the U.S. dollar. Speaking with conservative political commentator Tucker Carlson on Friday, the candidate for the White House stated: If I am the president, on Day 1, we will nix central bank digital currency. Done, dead, not happening in this country. DeSantis pointed out that the U.S. Federal Reserve has been talking about CBDC and warned that the Fed may try to take unilateral steps in that direction. He doubted that the U.S. Congress would pass a bill all...

According to Nikolay Denisenko, the co-founder and CTO of the financial and earning application Brighty App, the digital version of the pound sterling can be a bridge that enables “easy conversions between different types of crypto, stablecoins, and digital currencies.” Furthermore, the digital pound — also known as britcoin — can potentially “make payments faster, more secure, and less expensive.” The Digital Pound’s Benefits Versus Its Vulnerabilities Nikolay Denisenko, a Revolut alumnus, nevertheless warned that britcoin just like any other central bank digital currency (CBDC) may be susceptible to cyberattacks. He also highlighted the public’s concerns over the digital pound project’s rumoured cost of $1.31 billion versus the benefits which the CBDC is expected to bring. Meanwhile, when asked about the probability of the U.S. Securities and Exchange Commission (SEC) approving asset management giant Blackrock’s Bitcoin exchange-traded funds (ETF), Denisenko highlighted Blackrock...