Bitcoin News and Finance: What You Need to Know

Heartland Tri-State Bank has become the latest bank in the U.S. to fail. The Kansas banking regulator closed the bank and appointed the Federal Deposit Insurance Corporation (FDIC) as the receiver on Friday. Regulator Shuts Down Heartland Tri-State Bank A regional bank in the U.S., Heartland Tri-State Bank, was closed by the Kansas Office of the State Bank Commissioner on Friday. The regulator subsequently named the Federal Deposit Insurance Corporation (FDIC) as the receiver. The FDIC announced: To protect depositors, the FDIC entered into a purchase and assumption agreement with Dream First Bank, National Association, of Syracuse, Kansas, to assume all of the deposits of Heartland Tri-State Bank. The FDIC explained that Heartland Tri-State Bank had approximately $139 million in total assets and $130 million in total deposits as of March 31. In addition to assuming all of the failed bank deposits, Dream First Bank, National Association, “agreed to purchase essentially all of th...

PRESS RELEASE. SINGAPORE — 30 July 2023 — TOKEN2049 , Asia’s premier Web3 and crypto conference, announced a slate of prolific title sponsors and headline speakers for its upcoming Singapore edition. With just 50 days to go in the countdown, TOKEN2049 will take place from 13-14 September 2023 at Marina Bay Sands , ahead of the Formula 1 Singapore Grand Prix 2023 race weekend. Heralding a record-breaking repertoire of over 300 exhibitors, TOKEN2049 is set to welcome over 10,000 attendees with over 80 percent coming from overseas, making it the industry’s largest international gathering of the year. Congregating key business leaders from traditional finance and big tech to crypto-native entrepreneurs and builders as well as policy-makers, TOKEN2049 continues to cement its world-class status as the global premier Web3 event. Panels, keynotes, and fireside chats at this year’s TOKEN2049 will address a myriad of topics including the changing global regulatory landscape, the converg...

Russia’s deputy prime minister has stated that the topic of a common BRICS currency may still be on the table at the economic bloc’s upcoming leaders’ summit. A total of 69 leaders, including all African heads of state, have already been invited to the August summit where de-dollarization will be among the key topics discussed. Russian Official on BRICS Currency Russian Deputy Prime Minister Alexei Overchuk stated in an interview with Russian news outlet Tass on the sidelines of the second Russia-Africa summit this week that the issue of creating a basket of BRICS currencies may be raised at the economic bloc’s upcoming summit that will take place from Aug. 22-24. The BRICS nations comprise Brazil, Russia, India, China, and South Africa. The Russian official was quoted as saying: The BRICS leaders will hold a meeting soon where they may touch upon the settlement system issue. Perhaps, the idea of creating a basket of currencies based on a certain payment unit will also be discuss...

The U.S. House Committee on Financial Services has passed the Keep Your Coins Act of 2023 to protect the self-custody of crypto. “Those attacking self-custody oppose individual freedom. They want someone they control to control your assets,” said Congressman Warren Davidson who introduced the bill. Keep Your Coins Act of 2023 Advances The U.S. House Committee on Financial Services passed the Keep Your Coins Act of 2023 (H.R. 4841) on Thursday. The bill, sponsored by Rep. Warren Davidson (R-OH), “would ensure that consumers are allowed to maintain custody of their digital assets in self-hosted wallets,” ⁦the committee described. Congressman Davidson tweeted Friday: Last night, U.S. House Committee on Financial Services⁩ passed my bill to protect self-custody. Those attacking self-custody oppose individual freedom. They want someone they control to control your assets. Defend Freedom. Keep Your Coins Act of 2023 prohibits federal agencies “from restricting the use of convertible...

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has called crypto “a highly speculative asset class” and a field that is “ rife with fraud.” He stressed that there are far too many bad actors in crypto, noting that crypto platforms often commingle funds and trade against their customers. Gary Gensler Says Crypto Field Rife With Fraud The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, slammed crypto in an interview with Bloomberg on Thursday. “In this field of crypto investing, a lot of investors should be aware it’s not only a highly speculative asset class, it’s also one that they currently should not assume that they are getting the protections of the securities law, even though the securities laws apply to many of those tokens without prejudging anyone. But, you as investors are not getting the full, fair, and truthful disclosure,” the SEC chair cautioned. Gensler added: The platforms, the intermediaries are doing things that we...

BRICS member states India and Brazil stand in the way of China’s bid to quickly expand the bloc, unveiled a media report. The two nations have different reasons to have reservations about Beijing’s plan to soon increase the organization’s geopolitical influence while they both seem to want to slow down the enlargement, sources have indicated. India and Brazil Push Back Against China’s Attempt to Expand BRICS, Officials Say Officials familiar with the discussions on the future composition of the BRICS bloc of developing economies have revealed that India and Brazil are pushing back against a Chinese bid to rapidly expand the group, which currently also includes Russia and South Africa. According to a report by Bloomberg, New Delhi and Brasília have raised their objections in preparatory talks for the organization’s upcoming summit in Johannesburg. During the forum on Aug. 22 – 24, the five nations will discuss the induction of new members. China has repeatedly lobbied for expansion...

Russian President Vladimir Putin has railed against using the dollar as a political weapon in a meeting with the New Development Bank’s president, Dilma Rousseff. Putin stated that this weaponization and the recent developments in global finance complicated the institution’s growth to help third-world countries facing difficult conditions. Russian President Vladimir Putin Talks Dollar Weaponization in Recent Meeting Russian President Vladimir Putin referred to the weaponization of the dollar and its effects on the global economy in a recent meeting with Dilma Rousseff, president of the New Development Bank (NDB) — also known as the BRICS bank — during the second Russia-Africa Summit held in Saint Petersburg. Putin explained this weaponization complicated Rousseff’s task of growing and developing the NDB’s role in the current international arena. Talking to Rousseff, Putin stated : I am confident that … you will make every effort to develop this institution. In the current conditi...

Minnesota has become one of the few U.S. states to permit crypto donations to political campaign committees. However, according to the state’s new rules, crypto donations must be converted to U.S. dollars within five days. In the event of price changes within the five-day grace period, these must be shown separately in campaign finance reports. Converting Crypto Donations to Dollars The U.S. state of Minnesota has become one of the first states in the country to okay crypto donations to political campaign committees. Under the state’s new rules, which took effect in July 2023, recipients of crypto donations are nevertheless required to convert these to U.S. dollars within five days. According to a report by Axios, the crypto contributions must be valued at the digital assets’ respective prices when the donations were made. In the event of the prices changing within the five-day grace period, such changes must be shown separately in campaign finance reports. Minnesota’s decision t...

U.S. lawmakers have advanced the Financial Innovation and Technology (FIT) for the 21st Century Act that establishes a regulatory framework for the crypto market. “Our bill establishes clear principles to ensure financial security and certainty as digital asset developers continue to innovate,” a lawmaker explained. FIT for the 21st Century Act Advances U.S. lawmakers have advanced the Financial Innovation and Technology (FIT) for the 21st Century Act ( H.R. 4763 ). On Wednesday, the House Financial Services Committee passed the bill, followed by the House Committee on Agriculture approving it on Thursday. The FIT for the 21st Century Act establishes a digital asset framework to provide regulatory certainty to the crypto market. Reps. French Hill (R-AR), chairman of the Subcommittee on Digital Assets, Financial Technology and Inclusion; Glenn “GT” Thompson (R-PA), chairman of the House Committee on Agriculture; and Dusty Johnson (R-SD), chairman of the Subcommittee on Commodity Mar...

The long-standing legal feud between FTX Trading and Genesis Global Holdco is taking a turn towards resolution. The two parties have reached an initial agreement, in principle, following bankruptcy protection disputes that have made industry headlines. An official letter to the bankruptcy judge representing their cases has affirmed the intent of the firms to put their settlement into motion. FTX, Genesis Engage in Crypto Bankruptcy Settlement The saga, rooted in the insolvency of FTX Trading, began when the company claimed that Genesis, a crypto lending platform, owed them a sum of nearly $2 billion . This claim could have considerably slowed down Genesis’ court procedures. Now, with the letter to the presiding judge dated July 27, 2023, the path to settlement seems more tangible, promising to bring an end to the bankruptcy bickering. The missive to the court represents a significant step in resolving the issue between the disputing parties. FTX Trading Ltd., and its associated deb...

PRESS RELEASE. ATPBot, the renowned leader in quantitative trading strategy development, proudly introduces its revolutionary auto trading bot to the cryptocurrency market. This cutting-edge bot boasts a user-friendly interface and a proven set of features, designed to cater to both novice and seasoned traders alike. ATPBot leverages the power of artificial intelligence to create and implement winning quantitative trading strategies. Supported by rigorously tested and proven methods, the bot offers meticulous backtest data, instilling investors with confidence in their trading endeavors. The auto trading bot simplifies the complex trading landscape into just three steps: Connect, Select, Run! By connecting to a crypto exchange API, users can effortlessly choose a strategy and set the investment amount. With a single click of the “Run” button, the AI bot takes over, tirelessly working 24/7. ATPBot’s brilliance lies in its constant strategy adjustments, fueled by extensive histori...

A new study conducted in May 2023 sought to uncover insights, perspectives, and outlooks on meme coins from crypto investors around the world. The online survey of 1,503 participants aimed to gauge meme coins’ potential in the cryptocurrency market. It revealed several findings about investor sentiments, behaviors, and perceptions surrounding these unique digital assets. Meme Coins: Gamble or Investment? The study by chainplay.gg titled “State of Meme Coin” revealed a divide between investors who have purchased meme coins (63.9%) and those avoiding them (36.1%). Of the investors purchasing meme coins, a majority (69%) do it for fun. Yet, 79% still perceive them as long-term investments with the potential for profit, even though 70% suspect most meme coins are fraudulent. Additionally, 73% equate investing in meme coins to mere gambling. The primary concerns about meme coins, according to nearly 64% of the study’s respondents, are scams and rug pulls. Over half (55.13%) also expres...

The world’s largest exchange for digital assets, Binance, has withdrawn its application for a German crypto custody license. The trading platform made it clear it’s not giving up on plans to eventually obtain authorization from the Federal Republic but wants its submission to better reflect the changing market and regulatory conditions. Crypto Exchange Binance to Reconsider Attempt at Getting German Regulatory Approval Binance, the leading cryptocurrency exchange by daily trading volume, has pulled out its application for a crypto license in Germany, Reuters reported, noting that the exchange is obviously rethinking its expansion plans in the current difficult regulatory environment. The move comes after about a month ago the German financial news magazine Finance Forward revealed , citing sources, that Germany’s Federal Financial Supervisory Authority ( Bafin ) had informed Binance it would not be licensed as a crypto custodian in the country. “Binance confirms it has proactively...

When asked whether he’d rather be called a “bitcoin evangelist,” or “Bitcoin Jesus” at the recent Webx seminar in Tokyo, Roger Ver responds: “I prefer to be called Roger.” The enthusiastic and outspoken figure in crypto, scattering sats around the world with unapologetic frankness about government, the bitcoin block size wars, and conflations of legality with morality, Roger Ver has been somewhat quiet in recent months. That notwithstanding, the early bitcoin investor had much to say about the state of crypto in Tokyo this week, talking payments, altcoins, FTX, and the role of literal outlaws in changing the world for the better. ‘I Am Not Satoshi Nakamoto’ Taking the stage at the Tokyo International Forum on Tuesday, pioneering Bitcoin investor Roger Ver reassured journalist Kazumoto Ohno that he is indeed, not Bitcoin creator Satoshi Nakamoto. However, according to Ver, the Bank of Japan did contact him early on, around 2012 — having heard he was promoting bitcoin in Japan — aski...

Economy Minister Marcelo Montenegro acknowledged that the Bolivian Central Bank is harnessing the Chinese yuan in its commercial settlements. The switch to using the Chinese currency has to do with the dollar scarcity that the country is facing, having to approve a law to sell part of its gold reserves for U.S. dollars. Bolivian Central Bank Settling International Transactions Using the Chinese Yuan The Bolivian Central Bank is carrying out settlements using the Chinese yuan in some of its international transactions. In a recent press conference, Economy Minister Marcelo Montenegro stated that the bank was already transacting using yuan, even without having Chinese banks in Bolivia. However, Montenegro also explained that having a branch of a Chinese bank in the country would accelerate the adoption process of the currency in such transactions. He stated : It is clear that sometimes it is not necessary to have a bank to carry out operations, but obviously having a Chinese bank or...

Palau, an insular nation in the Philippines Sea, has partnered with Ripple, announcing a limited pilot for its own U.S. dollar-pegged stablecoin issued using XRP technology. According to Jay Hunter Anson, a member of the board of directors of Palau’s Ministry of Finance, the test started about three weeks ago to validate the design of the stablecoin system. Palau and Ripple Announce Test Pilot of U.S. Dollar-Pegged Stablecoin Palau, a country comprising more than 300 individual islands, is testing a U.S. dollar-pegged stablecoin on top of the Ripple network. Jay Hunter Anson, a member of the board of directors of Palau’s Ministry of Finance, stated that the pilot started in March and that the project has been distributing Palau’s Stablecoin (PSC) for three weeks. Hunter Anson was the first to make a purchase using PSC, dubbed the “kluk,” purchasing a Micronesian breakfast at a collaborating vendor on July 13. He explained that PSC was “a prototype digitization of the U.S. dolla...

Economist Peter Schiff has warned that the Federal Reserve is wrong about its recession outlook, advising everyone to get out of the U.S. dollar. He stressed that the U.S. currency is being destroyed, emphasizing that it is losing purchasing power. “Rather than fighting inflation, the Fed fueled the fire,” Schiff claimed. Peter Schiff Warns U.S. Dollar Is Being Destroyed Economist and gold bug Peter Schiff issued multiple warnings on Wednesday following the Federal Reserve’s announcement of a 25 basis point interest rate hike. Responding to Fed Chair Jerome Powell’s statement that the Fed is no longer forecasting a recession for the U.S. economy, Schiff said on Fox Business Wednesday: The Fed is wrong on its recession outlook. We’re going to have a recession. In fact, it’s going to be a severe one … Inflation is going to get worse, not better. “The real rate of inflation, regardless of how the government wants to misreport it … is higher than five percent,” the economist ins...

Rich Dad Poor Dad author Robert Kiyosaki has reiterated his warning about the impending demise of the U.S. dollar as the BRICS summit approaches. The famous author anticipates the launch of a new currency by the economic bloc and the de-dollarization efforts of around 41 nations seeking to join the BRICS group. Robert Kiyosaki on BRICS Currency, De-Dollarization, and End of US Dollar The author of Rich Dad Poor Dad, Robert Kiyosaki, has reiterated his warning about the end of the U.S. dollar. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Kiyosaki tweeted Wednesday that on Aug. 22, about 41 nations will meet in South Africa to de-dollarize the world. He expects the BRICS nations (Brazil, Russia, India, China, and South Africa) to launch a new currency called “bric,” noting tha...

According to a statement published by the South Korean Financial Services Commission (FSC), the entity’s Korea Financial Intelligence Unit held a meeting with virtual asset service providers (VASPs) in order to strengthen regulatory compliance. The top five South Korean cryptocurrency exchanges including Upbit, Bithumb, Coinone, Korbit, and Gopax have created compliance systems to monitor illegal activity. South Korean VASPs Urged to Bolster Regulatory Compliance Standards In an aggressive stand against proliferating unlawful activities in the digital currency market, South Korean authorities announced their commitment to bolstering the compliance efforts of virtual asset service providers, while adequate legislation is debated. The FSC’s Korea Financial Intelligence Unit, a government agency with the express mandate of combating financial crimes, convened a meeting to discuss strengthening compliance with virtual asset service providers (VASPs). The head of the intelligence unit,...

Bitcoin edged closer to the $30,000 level on Thursday, as markets reacted to the Federal Reserve’s decision to hike interest rates. The Fed increased rates by 25 basis points, and have hinted that they could make an additional move in September. Ethereum neared the $1,900 level today. Bitcoin Bitcoin ( BTC ) remained in the green on Thursday, as markets reacted to the latest Federal Reserve interest rate decision. After deciding on a 0.25% hike, Fed Chair Jerome Powell stated that “It is certainly possible that we would raise funds again at the September meeting if the data warranted.” BTC /USD surged to an intraday high of $29,675.55 on Wednesday, following an earlier low of $29,162.46. The move began after the relative strength index (RSI) bounced from a floor at 42.00. It is now hovering around a ceiling at 47.00. The exact reading is at 46.65, which has prompted some earlier bulls to abandon previous positions, and secure profits instead. Traders are likely waiting for the ...

Cryptocurrency exchange Binance will start offering full services in Japan next month, founder Changpeng Zhao (CZ) announced. The leading trading venue for digital assets reenters the Japanese market with a domestic exchange after announcing earlier it was discontinuing services through its global platform. Binance Returns to Japan, Praises Its Web3 Regulatory Framework The world’s largest crypto exchange by daily trading volume, Binance, will provide full services on its new platform in Japan starting from August, its founder and CEO Changpeng Zhao revealed in a virtual address to the participants in the Webx conference in Tokyo on Tuesday. CZ: Japan is a flagship leader for Web3 regulatory environments. Earlier today, @cz_binance virtually addressed the WebX conference in Japan, recognising the country’s clear approach towards the industry. pic.twitter.com/TeLRUaH5Hy — Binance (@binance) July 25, 2023 The crypto giant bought the Japan-regulated Sakura Exchange Bitcoin (SE...