Bitcoin News and Finance: What You Need to Know

Brian Brooks and Charles Calomiris, former officials at the U.S. Office of the Comptroller of the Currency (OCC), have stated stablecoins can be tools that might help the U.S. dollar maintain its status as a reserve currency. In a recent article, Brooks and Calomiris call for regulations to allow stablecoin issuers to have the clarity needed for the assets to thrive. Stablecoins Might Help the U.S. Dollar Maintain Its Reserve Currency Status Brian Brooks, former U.S. Comptroller of the Currency, and Charles Calomiris, former chief economist of the Office of the Comptroller of the Currency (OCC), have issued an op-ed article explaining how stablecoins could contribute to maintaining the status of the dollar as a reserve currency. Brooks and Calomiris detail that stablecoins can be significant tools in the fight against worldwide de-dollarization, serving as catalysts for the demand for dollars for citizens in developing countries, even when their governments do not support dollariz...

Microstrategy’s stock (Nasdaq: MSTR) has risen 206% after the company adopted bitcoin as its primary treasury reserve asset. The business intelligence firm now holds 152,800 bitcoins, acquired for a total cost of $4.53 billion, and it has plans to buy even more. Microstrategy’s Stock Outperforms Bitcoin, S&P500, Nasdaq, Gold, Silver The stock of business intelligence firm Microstrategy (Nasdaq: MSTR) has risen 206% since the company adopted its bitcoin strategy, Executive Chairman Michael Saylor stated on Twitter Friday. He tweeted: Three years ago today Microstrategy announced that it had adopted bitcoin as its Primary Treasury Reserve Asset, purchasing 21,454 BTC for $250 million, or ~$11,653 per bitcoin. Microstrategy adopted its bitcoin strategy on Aug. 10, 2020. In comparison, during the same time period, bitcoin has experienced a 145% increase, while the S&P 500 has risen 33% and the Nasdaq 25%, according to a chart Saylor shared on Twitter. Meanwhile, gold has se...

Cryptocurrency exchange Bittrex has agreed to settle charges with the U.S. Securities and Exchange Commission (SEC). Bittrex and Bittrex Global agreed to pay $24 million. The SEC’s director of enforcement alleged that for years, Bittrex worked with token issuers to “scrub” their online statements “to evade the federal securities laws.” Bittrex Settles With SEC The U.S. Securities and Exchange Commission (SEC) announced Thursday that crypto trading platform Bittrex Inc., its co-founder and former CEO William Shihara, and Bittrex’s foreign entity Bittrex Global GmbH have reached a settlement with the regulator. The SEC charged Bittrex entities and Shihara in April. Specifically, the SEC explained that Bittrex and Shihara “agreed to settle charges that they operated an unregistered national securities exchange, broker, and clearing agency.” Meanwhile, Bittrex Global “agreed to settle charges that it failed to register as a national securities exchange.” The securities watchdog stat...

The accession of new members will allow BRICS to push the West to accept changes in international relations, an expert from UAE has been quoted as stating. That’s valid in particular for cross-border trade and de-dollarization, said Mohamed El Yattioui, professor at the American University in the Emirates. BRICS Bloc to Benefit From Inducting New Members Like UAE and Saudi Arabia, Academic Says “The role of BRICS has been increasing during the last years and in the last decade,” Mohamed Badine El Yattioui, doctor of political science and assistant professor of international affairs and strategy in the College of Security and Global Studies at the American University in UAE, told Russia’s Tass news agency. The academic emphasized that “for the United Arab Emirates, it’s important to become part of the BRICS group,” which currently consists of Brazil, Russia, India, China, and South Africa. He believes that the expansion will allow the bloc to put pressure on the West to recognize ch...

Custodia Bank, the financial institution that aims to bridge digital assets with the U.S. dollar payment system, is now live. Last month, Custodia started serving external business customers in select U.S. states, offering U.S. dollar deposits and government money market fund services, with bitcoin custody pending launch. The launch comes after overcoming regulatory pressures and challenges with the Federal Reserve Board. Custodia Bank Debuts Services Many crypto and narrow banking proponents have awaited the arrival of Custodia Bank , a financial institution that is tech-forward and customer-centric. “We’re grateful to our partners, who appreciate our approach of complying with banking laws and regulations; to Wyoming for its enabling laws; to our team and investors; and to the law-abiding digital asset industry,” said CEO Caitlin Long. Custodia says the bank’s regional bank-style risk management program, along with its dedication to following regulations, sets it apart from compe...

The Nigerian currency continued its slide versus the greenback when it fell to a new all-time low of NGN950 per dollar. Folashodun Shonubi, the acting governor of the Central Bank of Nigeria, insists that the naira is currently undervalued. The International Monetary Fund (IMF) has said Nigeria’s “loose” fiscal and monetary policies are to blame for the naira’s woes. Nigeria May Abandon New Exchange Rate Policy Nigeria’s rapidly depreciating currency recently breached the 900 per dollar mark for the first time after its parallel market exchange rate versus the greenback reportedly fell to a new low of NGN950:USD1 on Aug 9. The currency’s latest plunge came just days after the Economic Intelligence Unit warned that Nigerian authorities may consider abandoning the floating exchange rate regime adopted in mid-June. According to a report from The Cable, the ongoing shortages of the greenback on both the formal and informal markets have fueled the naira’s latest slide versus major cur...

In the course of the previous week, the value of worldcoin (WLD) against the U.S. dollar has plummeted by 24.6%, while a broader view of the past fortnight reveals a decline of 21.4%. Simultaneously, five days ago when the contract recorded 408,721 unique addresses in possession of WLD, the figure modestly rose by 14.61% or roughly 59,745 wallets. Worldcoin Users Claim 15.82 Million WLD, Unique Addresses Rise 14% in Five Days, Market Value Struggles Worldcoin’s activity is still on an upward trajectory, with 2.2 million individuals having registered to scan their irises. To date, the data reveals that 15,825,757 WLD have been successfully claimed by users. As the rate of these claims accelerates, a two-week market analysis confirms a loss of 21.4% against the greenback and a decline of 24.6% over the last seven days. Worldcoin’s price achieved an all-time high 18 days ago, but since that pinnacle, it has tumbled 48.18% from the $3.30 high that was marked on July 24, 2023. Trading...

Fisher Yu, the co-founder and chief technology officer (CTO) at the bitcoin staking protocol Babylon Chain, has argued that when staking bitcoin, stakers “do not need to trust or give their bitcoins to any third parties.” According to Yu, such an attribute helps to “eliminate the need for bridges and lenders” when staking bitcoins. Bitcoin Network’s Inherent Properties and the Security of PoS Chains The CTO told Bitcoin.com News that proof-of-stake (PoS) blockchains and app chains can also potentially benefit from the robust bitcoin-grade security that a bitcoin staking protocol brings. As explained in Babylon Chain’s whitepaper, bitcoin staking means holders of the top crypto asset can “trustlessly stake their bitcoins without bridging them to the PoS chain but yet provides the chain with full slashable security guarantees.” Concerning the so-called blockchain trilemma (a network’s inability to simultaneously excel in security, scalability, and decentralization), Yu insisted that...

The Bank of Russia has announced that all 13 banks intending to participate in the digital ruble pilot have already completed their preparations to join the upcoming test. Olga Skorobogatova, first deputy governor of the Bank of Russia, stated that customers of these banks will be able to apply to join the pilot “after some time.” Bank of Russia Digital Ruble Test Will Include 13 Banks The Bank of Russia is completing preparations for the upcoming digital ruble pilot test that will start on August 15. The bank recently announced that all banks that expressed their desire to be part of this test have already confirmed their participation in the pilot, making technical arrangements specifically directed for this test. According to the Russian state news agency Tass, the first deputy governor of the Bank of Russia, Olga Skorobogatova, stated : 13 banks completed all the preparatory activities as regards technical preparations and development of their own mobile apps and ready to sta...

The U.S. dollar will be stronger if it’s not a central bank digital currency (CBDC), according to candidate for Republican presidential nomination Vivek Ramaswamy. He is convinced that a digitized greenback and other digital fiats represent a threat to democracy in the United States. CBDC Is the ‘Latest Trojan Horse of the Great Reset,’ Opponent Ramaswamy Says Vivek Ramaswamy, one of the runners in the 2024 Republican Party presidential primaries, has criticized the U.S. government for considering a digital version of the dollar. “It’s telling that Janet Yellen is pushing for the U.S. to adopt CBDCs, begging Americans to keep up with the Jinpings,” he tweeted on Wednesday. Ramaswamy believes that “CBDCs are just the latest Trojan horse of the Great Reset and are a clear path to a social credit system that will permanently embed ESG into our currency itself.” In his view, “the dollar will be *stronger* if we protect it from digitization.” In a video posted on X, formerly Twitte...

Digital Currency Group (DCG) has filed a motion to dismiss the lawsuit brought against them by Gemini Trust Company, LLC. The motion, filed in the Southern District of New York, argues that Gemini’s allegations of fraudulent misrepresentations related to the Gemini Earn program are without merit and inadequately substantiated. DCG’s legal team asserts that the lawsuit lacks actionable evidence and calls for the court to dismiss the complaint. Digital Currency Group Seeks Dismissal of Gemini Lawsuit, Citing Lack of Evidence and Inadequate Allegations In the preliminary statement of the motion , DCG outlines Gemini’s claims related to the Gemini Earn program, formerly operated by Gemini in coordination with Genesis Global Capital, LLC (Genesis). DCG argues that Gemini’s allegations , aimed at holding DCG and Barry Silbert responsible for Genesis’s actions, are unfounded. DCG’s motion further points out that Gemini’s allegations fail to adequately allege fraud by the defendants. The a...

Galaxy Digital CEO Mike Novogratz is optimistic that the U.S. Securities and Exchange Commission (SEC) could approve a spot bitcoin exchange-traded fund (ETF) within four to six months. The executive cited his contacts at Blackrock, the world’s largest asset manager, and investment management firm Invesco. Both companies have filed to launch a bitcoin ETF with the SEC. Novogratz Discusses Spot Bitcoin ETF Approval, Says Ripple Ruling Is ‘a Big Deal’ The CEO of Galaxy Digital Holdings, Mike Novogratz, revealed during his company’s Q2 earnings call on Tuesday that the U.S. Securities and Exchange Commission (SEC) could approve a spot bitcoin exchange-traded fund (ETF) within four to six months. Commenting on the likelihood of the SEC greenlighting spot bitcoin ETF filings by Blackrock and Invesco, Novogratz shared: Both our contacts, from the Invesco side and from the Blackrock side, get you to think that this is a question of when, not if, that the outside window is probably six m...

The U.S. Securities and Exchange Commission (SEC) is not appealing District Judge Analisa Torres’ ruling that XRP is not a security, a lawyer has explained. The securities regulator is appealing “programmatic and individual sales issues,” he clarified, adding that “If the SEC wins the appeal on sales, then Ripple couldn’t use exchanges to facilitate sales.” SEC Not Disputing Whether XRP Is a Security The U.S. Securities and Exchange Commission (SEC) has informed District Judge Analisa Torres that it intends to appeal her ruling in the Ripple case. However, the securities regulator is not appealing the non-security status of XRP , Jeremy Hogan, partner at law firm Hogan & Hogan, explained on Twitter Wednesday. “The SEC continues making questionable decisions, requesting an interlocutory appeal ,” Hogan tweeted, emphasizing: Note that it is NOT appealing whether XRP itself is a security — just its losses on the programmatic and individual sales issues. In another tweet, h...

Bitcoin-friendly mobile top-up platform Bitrefill announced support for eSIM purchases with a number of cryptocurrencies. The service will allow travelers to have access to fast internet in different countries around the world after buying prepaid data plans using their digital coins. You Can Now Buy eSIM Cards From Bitrefill Using Your Crypto Wallet Bitrefill, a popular website for buying gift cards and mobile top-ups with cryptocurrency, has introduced support for eSIM purchases. The new feature will allow crypto users to have instant mobile internet connection without the need to change SIM cards when they travel, the company highlighted in a blog post on Tuesday, stating: In our quest to continually innovate and make the lives of our customers easier to live on crypto, you can now enjoy seamless global connectivity, no matter where you are, without the hassle of physical SIM cards. An eSIM is a digital SIM card that allows you to activate a cellular plan from a carrier with...

Bitcoin miners saw a slight increase in mining difficulty on August 9, 2023, at block height 802,368, as the difficulty rose 0.12% from 52.32 trillion to 52.39 trillion. Over the last 2,016 blocks, miners recorded an average hashrate of about 376.5 exahash per second (EH/s). Miners Experience a Slight Increase in Bitcoin Mining Difficulty Bitcoin’s mining difficulty became a bit more challenging on August 9, at block height 802,368. At that time, the network’s mining difficulty rose 0.12% after a 2.94% decrease two weeks earlier at block height 800,352 . The network’s difficulty is now 52.39 trillion , requiring miners to perform a great amount of computational work to find a valid hash. The higher the difficulty, the more computational power and energy is needed to mine new blocks successfully. Since the first change at block height 2,016, Bitcoin’s mining difficulty has changed 397 times. Currently, on Aug. 9, 2023, the network’s hashrate is at 380.33 EH/s. The leading mining p...

Binance has become a fully licensed cryptocurrency exchange in El Salvador, having obtained two licenses: a Bitcoin Services Provider license (BSP) and a Digital Assets Services Provider license (DASP). According to the company, Binance now has approvals and registrations in 18 markets worldwide. Binance Now Fully Licensed in El Salvador Cryptocurrency exchange Binance announced Tuesday that it has obtained two crypto licenses in El Salvador. Binance stated: It has become the first fully licensed crypto exchange in El Salvador after being granted both Bitcoin Services Provider license (BSP) … and the first non-provisional Digital Assets Services Provider license (DASP). The BSP license was granted by the Salvadoran Central Reserve Bank (Banco Central de Reserva), and the DASP license was granted by the National Commission of Digital Assets (Comisión Nacional de Activos Digitales), Binance detailed. With the latest licenses in El Salvador, Binance claimed that it “has approvals ...

Swiss investment banking giant UBS expects the U.S. dollar’s reign to live on. “We firmly believe we will be living in a U.S. dollar-centric world for years to come,” the bank’s executive said, adding that there will be some room for competitors. UBS on US Dollar’s Dominance Switzerland-headquartered investment bank UBS has argued that the U.S. dollar will retain its dominance for years to come. Alejo Czerwonko, Managing Director and Chief Investment Officer Emerging Markets Americas at UBS Global Wealth Management, said on Monday that despite the recent Fitch Ratings’ downgrade : We firmly believe we will be living in a U.S. dollar-centric world for years to come. He provided three reasons to support his argument. Firstly, “global currency regimes are sticky,” the UBS chief investment officer stated. Noting that the U.S. dollar dominates financial markets and international trade, he explained: “Changes in the world’s dominant currency have historically taken a long time to mate...

The U.S. Securities and Exchange Commission (SEC) has sent a letter to District Judge Analisa Torres seeking permission to file an interlocutory appeal in the SEC v. Ripple case over XRP . In addition, the securities regulator’s motion will “seek to stay the district court proceedings.” SEC Seeks to Appeal Ruling in Ripple- XRP Case The U.S. Securities and Exchange Commission (SEC) sent a letter to District Judge Analisa Torres on Wednesday seeking permission to file an interlocutory appeal to her judgment in the SEC v. Ripple case over XRP . An appeal is described as interlocutory when it is made before all claims are resolved to all parties. The letter states: Specifically, the SEC seeks to certify the court’s holding that Defendants’ ‘Programmatic’ offers and sales to XRP buyers over crypto asset trading platforms and Ripple’s ‘Other Distributions’ in exchange for labor and services did not involve the offer or sale of securities under SEC v. W.J. Howey Co., 328 U.S. 293 (...

The Federal Reserve has established a new supervisory program to increase oversight of crypto activities by the banks it regulates. The U.S. central bank also released additional guidelines for banks to follow before engaging in the issuance, possession, or transactions involving U.S. dollar stablecoins. Fed Steps up Crypto Oversight The Federal Reserve announced the establishment of the Novel Activities Supervision Program on Tuesday to increase oversight of novel activities by the financial institutions under its supervision. The Fed explained: The program will focus on novel activities related to crypto-assets, distributed ledger technology (DLT), and complex, technology-driven partnerships with nonbanks to deliver financial services to customers. Moreover, the central bank stressed that the program “will be risk-focused and complement existing supervisory processes.” On Tuesday, the Federal Reserve Board also released guidelines mandating banks to adhere to certain requir...

Officials in law enforcement from Lethbridge, situated in the province of Alberta, Canada, have unveiled that the Lethbridge Police Service (LPS) is now utilizing Chainalysis blockchain forensics software. According to local reports, LPS has acquired the capacity to trace cryptocurrency transactions, enabling them to ascertain the locations where the funds have been deposited. Lethbridge Police Service Embraces Blockchain Surveillance Technology Police in Lethbridge, Canada have told the press that investigators at the station utilize Chainalysis’ Reactor blockchain surveillance software. The Lethbridge Herald discussed the situation with sergeant Kevin Talbot of the Lethbridge Police Service (LPS) Economic Crimes Unit. Talbot has been trained in blockchain analysis, which is considered a significant advancement for a smaller force like the LPS, the report said. The report notes that technology allows the LPS to trace transactions, identify suspects, and determine where funds have...

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has warned that artificial intelligence (AI) technology will be at the center of future financial crises. The securities regulator has put out a specific proposal to address some of the issues that could be embedded in AI models. SEC Chair Gensler on AI and Financial Crises The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, outlined some of his biggest concerns regarding artificial intelligence (AI) in an interview with Dealbook’s Ephrat Livni on Monday. The rise of generative AI tools like Chatgpt indicates that the technology is poised to transform business and society. The SEC chairman said: This technology will be the center of future crises, future financial crises … It has to do with this powerful set of economics around scale and networks. Gensler expressed concern that certain AI models may prioritize the interests of companies over those of investors, leading to potential ...

South Africa, the host of the BRICS summit this year, has published a list of 23 countries that have applied to become members of the economic bloc. Moreover, South African President Cyril Ramaphosa has invited 67 leaders and 20 representatives of major organizations to the BRICS summit. French President Emmanuel Macron, however, is not invited. 23 Countries Apply to Join BRICS South Africa’s Minister of International Relations and Cooperation, Naledi Pandor, revealed at a briefing on the upcoming BRICS summit on Monday that 23 countries have officially applied to join the economic bloc. The BRICS summit will take place on Aug. 22-24 in Johannesburg. South Africa is hosting the BRICS summit this year. South Africa’s President Cyril Ramaphosa, China’s President Xi Jinping, Brazil’s President Luiz Lula da Silva, and Indian Prime Minister Narendra Modi are expected to attend. However, Russian President Vladimir Putin will not attend in person . According to the South African official...