Bitcoin News and Finance: What You Need to Know

At some point in July, there were as many as 350,000 Kenya-based residents who had subscribed and shown interest in receiving Worldcoin’s crypto token. According to a Kenyan legislator, Worldcoin executives are now expected to appear before a parliamentary committee on Sept. 4. Argentina’s Record Sign Ups A Kenyan parliamentary committee tasked with investigating Worldcoin’s activities in the East African nation recently revealed that as many as 350,000 residents had shown interest in the project before its suspension by the government. According to the committee, Kenyan subscribers were accounting for a quarter of Worldcoin’s global total at some point in July. However, as noted in a report published by The Star, the total number of World ID sign-ups from across 34 different countries had topped 2.26 million by August. In addition, the organization suggested an Aug. 31 blog post that demand for the World ID has continued to grow. To prove this, Worldcoin has pointed to the recor...

A U.S. congressman has defended the crypto industry against Securities and Exchange Commission (SEC) Chairman Gary Gensler, who stated that it is rife with noncompliance. The lawmaker’s statement followed a pair of legal cases in which the judges sided with cryptocurrency firms over the securities regulator. ‘Crypto Is Not an Industry Rife With Noncompliance’ U.S. Congressman Tom Emmer (R-MN) has once again slammed the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, for his aggressive stance on the crypto industry. On Saturday, the lawmaker highlighted on social media platform X that the securities regulator already lost legal battles involving Ripple Labs and subsequently Grayscale Investments . He detailed: We will see how pending litigation plays out, but it should be increasingly obvious to policymakers that, despite Gary Gensler’s mass marketing campaign, crypto is not an industry ‘rife with noncompliance.’ In July, District Judge Analisa Torr...

A biography of billionaire investor Elon Musk reveals details about his involvement in the Dogecoin project and an idea to launch a social media platform based on blockchain. The book, which should be available later this month, also mentions a failed attempt by former crypto mogul Sam Bankman-Fried to help Musk’s acquisition of Twitter. Elon Musk Considered Creating Blockchain-Based Social Media Platform With Payments Tech entrepreneur Elon Musk has been quietly funding the development of Dogecoin, according to a new biography of the owner of Spacex and Tesla which will be published on Sept. 12. The cryptocurrency, which started as a joke a decade ago, owes a great deal of its popularity to Musk who also established himself as a crypto influencer. Elon Musk’s comments about dogecoin (DOGE) have been suspected of moving its market. In a class-action lawsuit involving the meme coin earlier this year, plaintiffs accused him of insider trading and inflating the price of the crypto. ...

The U.S. government has charged the founders of crypto mixing and privacy tool Tornado Cash with money laundering, calling them “criminals.” In other news, the U.S. Court of Appeals for the District of Columbia has ruled in favor of crypto asset manager Grayscale against the United States Securities and Exchange Commission (SEC). This and much more just below, in the latest Bitcoin.com News Week in Review. Founders of Crypto Mixer Tornado Cash Accused of Laundering $1 Billion The founders of the cryptocurrency mixing service Tornado Cash were charged last week with allegedly helping to launder more than $1 billion in digital currency, including funds taken by North Korean hackers. Read More Court Rules in Favor of Grayscale Against SEC in Bitcoin ETF Conversion Lawsuit A D.C. court has ruled in favor of Grayscale, the largest crypto asset manager, in its lawsuit challenging the U.S. Securities and Exchange Commission’s decision to deny the conversion of GBTC to a spot bitcoin e...

In a recent submission to the U.S. Securities and Exchange Commission (SEC), Bitwise has decided to retract its registration for its Bitcoin and Ether Market Cap Weight Strategy exchange-traded fund (ETF). The reasoning behind this action remains unknown, but Bitwise’s chief legal officer, Katherine Dowling, briefly noted that the company has postponed plans to launch the fund. Bitwise Halts Plans for Bitcoin and Ether Market Cap Weight Strategy ETF Launch Subsequent to the postponement of seven spot bitcoin ETFs, Bitwise Asset Management has rescinded its Bitcoin and Ether Market Cap Weight Strategy ETF, as stated in an SEC filing on August 31, 2023. The digital asset manager submitted the fund to the SEC on August 3, 2023. It relies on a five-year-diluted market cap among other qualifying factors to ascertain the weight of each cryptocurrency. Owing to the market cap of bitcoin ( BTC ) and ethereum ( ETH ), the combined allocation of these crypto assets within the proposed ETF w...

Online broker Robinhood is going to buy back the stake purchased by a company of crypto exchange FTX founder Sam Bankman-Fried (SBF). The fintech intends to pay $605.7 million for the shares that were transferred to the custody of the U.S. government after the bankruptcy of SBF’s businesses. Robinhood to Proceed With Planned Buyback of Shares From USMS Online stock and crypto brokerage Robinhood Markets announced on Friday it had entered into a stock repurchase agreement with the United States Marshals Service (USMS) for shares acquired by crypto entrepreneur Sam Bankman-Fried’s Emergent Fidelity Technologies. The stock was seized after FTX and Emergent filed for bankruptcy in 2022 and later transferred to the custody of the U.S. government, Reuters noted in a report. The collapse of the exchange, one of the largest in the crypto space, led to the arrest and indictment of SBF, whose trial on fraud and conspiracy charges is set to begin in October. The Menlo Park, California-headqu...

U.S. Securities and Exchange Commission’s former chairman Jay Clayton has explained why he believes the approval of a spot bitcoin exchange-traded fund (ETF) is inevitable. “It is clear that bitcoin is something that retail investors want access to, institutional investors want access to,” he stressed. Former SEC Chief Says Approval of Spot Bitcoin ETFs Inevitable Former U.S. Securities and Exchange Commission (SEC) Chair Jay Clayton offered his perspectives on the likelihood of the securities regulator approving a spot bitcoin exchange-traded fund (ETF) in an interview with CNBC on Friday. The interview followed the SEC delaying its decisions on several bitcoin ETF applications, including one proposed by Blackrock, the world’s largest asset manager. Without stating whether he would approve a spot Bitcoin ETF if he were still the chairman of the SEC, Clayton detailed: It is clear that bitcoin is not a security. It is clear that bitcoin is something that retail investors want acc...

U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) has explained that China does not want a war with the U.S. However, he warned that China wants to “bury” the U.S. economically. “I’m not afraid of the United States competing with China head to head and countries around the world. I think that’s good for us. I think we win that competition,” the presidential hopeful stated. RFK Jr on China and BRICS Competing With US U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) shared his views on several topics in an interview with CNBC on Wednesday. RFK Jr. is a son of former U.S. Attorney General and Senator Robert F. Kennedy and nephew of former U.S. President John F. Kennedy. Among the topics RFK Jr. delved into were China’s global influence and the expansion of the BRICS alliance, which currently consists of Brazil, Russia, India, China, and South Africa. The group recently held its annual summit and invited six countries to join as new members. The BRICS economic blo...

Ripple Labs has filed its opposition to the U.S. Securities and Exchange Commission’s request for Judge Analisa Torres to certify an interlocutory appeal of her ruling regarding XRP . The crypto firm has argued that “the exceptional circumstances required for interlocutory appeal are absent.” Ripple Says Court Should Deny SEC’s Motion On Friday, Ripple Labs filed its response to the motion by the U.S. Securities and Exchange Commission (SEC) to certify an interlocutory appeal. The securities watchdog is seeking to appeal the ruling by District Judge Analisa Torres regarding the “programmatic” offers and sales of XRP over crypto trading platforms and Ripple’s “other distributions.” The regulator also seeks to stay the district court proceedings. The Ripple legal team wrote: The court should deny the SEC’s motion for certification. The court should also deny the SEC’s request for a stay pending appeal. In Friday’s court filing, Ripple argued that “the exceptional circumstance...

The newest layer two (L2) blockchains are being adopted at record speeds, with some reaching one million users within weeks rather than months, according to a study by Coingecko. L2 Blockchains Hit One Million Users Faster Than Ever, Coingecko Study Shows A layer two (L2) blockchain runs alongside an existing blockchain like Ethereum to improve transaction speeds and reduce fees. The Ethereum network now has several popular L2 solutions, but they haven’t always seen rapid adoption. Coingecko recently published a report on the subject which highlights the growth of today’s top L2s. Arbitrum, an ETH-based L2, took 303 days to reach one million unique addresses after its mainnet launch on August 31, 2021, according to Coingecko’s contributor Shaun Paul Lee. The L2 solution Optimism, launched in January 2022, hit the same milestone in 191 days. Zksync, which launched its mainnet on March 25, 2023, needed 71 days to reach one million addresses. But Base, which launched its mainnet on...

The Colorado Department of Motor Vehicles (DMV) has announced it accepts cryptocurrency for its online services via the payment processor Paypal. Besides paying local taxes with coins, residents of the crypto-friendly state will be able to use their digital cash to renew driver’s licenses and plates. Colorado Introduces Online Payments With Crypto at the DMV People in Colorado who use the online services of the state’s Department of Motor Vehicles, like renewing a driver’s license or vehicle registration, can now pay with cryptocurrency through the popular payment platform Paypal, the Denver 7 TV channel reported. Those who chose to pay with crypto will be directed to Paypal, where they can select the digital currency they want to use which will then be converted to U.S. dollars and eventually transferred to the department, DMV officials explained. “At the DMV, we’re always looking for ways to better serve Coloradans and leverage technology to offer our services,” Senior Director...

The share of currencies other than the U.S. dollar and the euro in international reserves is on the rise, according to a Russian representative. The trend is being observed as a growing number of countries try to use their national currencies in foreign trade settlements, the official noted. Russia Sees Alternative Currencies Like Chinese Yuan Replacing U.S. Dollar in Reserves and Settlements The share of the U.S. dollar in international reserves has dropped below 60% amid increasing use of alternative currencies in international settlements, the Spokeswoman of Russia’s Ministry of Foreign Affairs, Maria Zakharova, pointed out on Wednesday, quoted by the official Russian Tass news agency. The Russian diplomat remarked that this indicator for the status of the greenback was at 72% in 2002. “The euro has now fallen to 19%, from 28% in 2008. By the way, the yuan has risen to 3%, a threefold growth since 2016,” Zakharova added. The report did not mention the source of the data she quo...

Meta’s Horizon Worlds, the metaverse flagship app of the company formerly known as Facebook, is reportedly getting legs as part of users’ avatars in the coming weeks. The functionality is already present in a public test version of the app, but it is only present in Horizon Home, the default space of each user. Meta’s Metaverse Gets Legs for Avatars Horizon Worlds, Meta’s metaverse app, has reached a goal proposed almost a year ago: to give legs to its avatars. According to Uploadvr’s reports, the feature will be included in Horizon Worlds in the coming weeks, with the functionality being present in a public test version of Horizon Home, the default room in which all Quest headset users enter when logging on. The legs donned by the virtual avatars will only be visible in third-person view to avoid the awkwardness caused by leg movements not being accurately represented, as leg tracking hardware and software have still not been included in Quest’s headsets. The legs issue was rais...

Economist Peter Schiff has warned that Bidenomics “will soon be exposed for the fraud that it is, as inflation and unemployment heat up while the economy cools down.” He cautioned: “If Americans think the economy is bad now, just wait until they see what’s coming. Once the dollar cracks, both inflation and interest rates will rise sharply. This will send the economy deeper into recession, causing many people to lose their jobs. That’s the real Bidenomics.” Peter Schiff Calls Bidenomics Fraud Gold bug and economist Peter Schiff slammed President Joe Biden’s economic policy, known as Bidenomics, in a series of posts on social media platform X this week. “If Americans think the economy is bad now, just wait until they see what’s coming. Once the dollar cracks, both inflation and interest rates will rise sharply. This will send the economy deeper into recession, causing many people to lose their jobs. That’s the real Bidenomics,” Schiff detailed on Wednesday. “August consumer confiden...

A global macro strategist has explained that the Chinese yuan is unlikely to replace the U.S. dollar as the global reserve currency. She emphasized that the “weaponization” of the USD is one of the top reasons why Russia, China, and other BRICS nations have been seeking an alternative to the dollar. US Dollar v Chinese Yuan Skylar Montgomery, senior global macro strategist at Globaldata TS Lombard, an independent investment research group focusing on global macro and strategy, explained in a note on Wednesday that the Chinese yuan is unlikely to replace the U.S. dollar as the world’s reserve currency. She detailed that the U.S. dollar’s global reserve currency status “is a privilege that gives the U.S. significant political, economic, and market influence.” However, she cautioned that the U.S. government is using the USD as a political tool, as seen in the West’s action to freeze Russia’s currency reserves in response to the invasion of Ukraine. The strategist described: That we...

On September 1, Arkham Intelligence, a crypto analytics and data tracking agency, reportedly pinpointed the ethereum ( ETH ) holdings of Grayscale for its Ethereum Trust. Arkham reveals that Grayscale’s ether stash is spread across 500 distinct addresses. Grayscale’s Ethereum Holdings Mapped by Arkham According to Arkham, the firm has identified the ethereum owned by Grayscale for the Ethereum Trust fund. The fund’s shares are based on a fraction of ether, and each share represents 0.00963214 ETH on September 1, according to Grayscale’s web portal . Grayscale’s Ethereum Trust was initially introduced in December 2017, and Arkham believes the company is now the second-largest holder of ETH . “Arkham has identified the Grayscale Ethereum Trust onchain,” the firm posted to the social media platform X. “It is now the second largest ETH entity globally with $5B in ETH . This had not been previously reported or publicly identified.” The firm added : The Grayscale funds are split o...

The number of verifications for Worldcoin, the biometric digital ID and wallet project, has soared recently in Argentina, reaching a daily signup record in August. According to data provided by the project, Worldcoin verified 9,500 Argentine users in a single day, with only four verification stations in the country. Wordcoin Popularity Peaks in Argentina; Project Reaches 9.5K Verifications in a Day Worldcoin, the biometric ID and digital wallet project, has recently experienced a surge in popularity in Argentina. According to data provided by the project, Argentina reached a record for signups during August, registering more than 9,500 verifications in a single day. Worldcoin project co-founder and CEO of Tools for Humanity Alex Blania attributed this high demand to the interest Argentine citizens have in crypto and innovative tech tools. At the Ethereum Argentina Mainnet Stage, he stated: I think the first major thing that stands out is that Argentina specifically is one of the...

Binance, the largest cryptocurrency exchange by volumes traded, has announced the launch of “Send Cash,” a Latam-focused remittance service. The newly launched tool will allow users in nine countries in the region to send crypto to bank accounts of friends or family in Argentina and Colombia directly, bypassing third-party intermediaries. Binance Seeks to Ease Remittances in Latam With ‘Send Cash’ On Tuesday, Binance announced the launch of ‘Send Cash,’ a new service that seeks to ease the burden of Latam crypto users trying to send remittances to friends and family in Latam. In a press release , Binance explained that this new tool will allow users in 9 countries of Latam – Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, Dominican Republic, Panama, and Mexico – to send funds directly to the bank accounts of users located in Colombia and Argentina “at the lowest cost in the market.” Binance also hinted at the possible expansion of this program to other countries of ...

Several lawmakers have expressed concerns about the privacy risks of the Federal Reserve issuing a central bank digital currency (CBDC). “Americans have a right to financial privacy,” one congressman said, emphasizing: “We do not need a CBDC that can track your purchases like China does with their digital yuan.” Another noted: “CBDC is to sound money what dictatorship is to freedom.” ‘Americans Have a Right to Financial Privacy’ Multiple U.S. lawmakers have warned against the issuance of a central bank digital currency (CBDC) by the Federal Reserve. Congressman French Hill (R-AR), chairman of Congress’ Digital Assets Subcommittee, wrote on social media platform X on Wednesday: Americans have a right to financial privacy. We do not need a CBDC that can track your purchases like China does with their digital yuan. “The authority rests with Congress, not unelected bureaucrats, to create and implement a CBDC. And that’s non-partisan,” the lawmaker stressed. The congressman has been...

A number of U.S. lawmakers have urged regulators, including the Securities and Exchange Commission (SEC), to work with Congress on crypto regulation. “Chair Gensler’s regulation by enforcement is unlawful and does nothing to protect consumers. It’s time for Biden’s regulators to work with Congress to provide clear rules of the road and robust consumer protections through legislation,” said the House Financial Services Committee. Lawmakers Urge Regulators to Work With Congress on Crypto Regulation After the U.S. Court of Appeals for the District of Columbia Circuit ruled in favor of crypto asset manager Grayscale Investments against the U.S. Securities and Exchange Commission (SEC), a number of lawmakers have urged regulators to collaborate with Congress on cryptocurrency regulation. On Tuesday, the Financial Services GOP posted on social media platform X: Chair Gensler’s regulation by enforcement is unlawful and does nothing to protect consumers. It’s time for Biden’s regulators...

Grayscale’s court win over the U.S. securities regulator will help keep crypto innovation in America, Republican presidential hopeful Vivek Ramaswamy is convinced. While praising the “strong decision,” Ramaswamy also commented that the case should have never reached the courts. Federal Courts Are the Only Line of Defense Against Shadow Government, Ramaswamy Says The court ruling in the case of Grayscale Investments against the U.S. Securities and Exchange Commission (SEC) clears a path to keep Bitcoin and blockchain innovation in America, according to Vivek Ramaswamy, a candidate for the Republican Party’s nomination for the 2024 presidential election in the United States. Ramaswamy took to social media to share his thoughts on the recent decision of the U.S. Court of Appeals for the District of Columbia Circuit in favor of the largest crypto asset manager. Grayscale had challenged the SEC’s move to deny the conversion of its bitcoin trust (GBTC) to a spot bitcoin exchange-traded ...

Nexo has introduced a new “Dual Mode” feature on its cryptocurrency Mastercard, allowing users to switch between debit and credit functions to optimize cryptocurrency spending. Nexo Unveils Dual Mode Card Capabilities to Streamline Crypto Payments Nexo ‘s new feature enables real-time toggling between modes within the Nexo app, providing flexibility based on users’ budgets and purchase needs, according to the company’s announcement on Thursday. Nexo said the newly launched service enhances the capabilities of its cryptocurrency card. “The Nexo Card embodies the pinnacle of customer-centric innovation, cultivated from user-driven needs that Nexo has been diligently addressing over the years,” Nexo co-founder and managing partner Antoni Trenchev told Bitcoin.com News. “By bringing the pioneering Nexo Card with the Dual Mode capability to market, Nexo has further strengthened its position as a leading innovator in the crypto space,” Trenchev added. First introduced in 2022, the Nexo ...

The U.S. Securities and Exchange Commission (SEC) has deferred decisions on seven spot bitcoin exchange-traded fund (ETF) applications from Invesco Galaxy, Wisdomtree, Bitwise, Vaneck, Fidelity’s Wise Origin, Blackrock, and Valkyrie. In statements released on Thursday, the SEC underlined the necessity for a more extended timeframe to thoroughly assess the submitted propositions. SEC Delays Spot Bitcoin ETF Decision for 7 Major Applicants On August 31, the U.S. securities overseer resolved to postpone its verdict in order to allocate a lengthier period for scrutinizing the proposed rule amendments for seven distinct spot bitcoin ETFs. The regulator elaborated that this step ensures ample time for the SEC to meticulously examine the proposal and address any worries raised. Decisions for the collection of filings originating from Wisdomtree , Valkyrie , Bitwise, Fidelity’s Wise Origin , Vaneck , Blackrock , and Invesco Galaxy will be extended until mid to late October. Unfortunatel...