Bitcoin News and Finance: What You Need to Know

BNB Chain, the Binance-backed decentralized blockchain network, has announced the launch of Opbnb, its expansion layer built using the Optimism OP stack. The new network allows users to enjoy low-fee transactions in a high-throughput, high-speed transactional layer optimized for interactive applications such as games, with the BNB Chain chain serving as a settlement layer. Optimism-Based Opbnb L2 Launches Mainnet Opbnb, BNB Chain’s layer-two (L2) network, has recently announced the launch of its mainnet, focusing on bringing a scalable tool to developers of BNB Chain. The scalability layer, built on the Optimism OP stack, enhances two aspects of applications on the BNB Chain: finality and costs. The new L2 has short block times, allowing developers to move assets and value quickly to and from the network. Also, Opbnb theoretically can manage more than 4,000 transactions per second, with transaction fees as low as $0.005. This means it is designed with applications that handle

Following the U.S. Securities and Exchange Commission’s (SEC) charges against Stoner Cats, the NFT project backed by Mila Kunis, the digital collectibles have witnessed a staggering surge in sales, soaring by a significant 2,433% within a mere 24-hour span. On September 14, the Stoner Cats’ floor value experienced a notable uptick, surging to 0.084 ether. SEC Crackdown Boosts Stoner Cats’ Secondary Sales In the wake of the SEC’s actions against the Stoner Cats NFT project, there was a significant boost in both floor value and trade volume for the digital collection. According to data sourced from opensea.io and nftpricefloor.com , the floor value reached a high of 0.084 ETH , which translates to approximately $136. Prior to the SEC’s intervention, the Stoner Cats’ floor value was hovering around 0.0189 ether, equivalent to $30.73 based on the prevailing ETH exchange rates. Stoner Cats is an NFT collection with a cannabis theme, linked to an animated series depicting feline char

The CEO of the cryptocurrency exchange Coinbase has encouraged decentralized finance (defi) protocols to fight regulators in court if they face regulatory crackdowns. He stressed that the Commodity Futures Trading Commission (CFTC) “should not be creating enforcement actions against decentralized (defi) protocols,” emphasizing that they are not financial service businesses. “The only thing this is accomplishing is to push an important industry offshore,” Armstrong cautioned. Brian Armstrong Wants Defi Protocols to Fight Regulators in Court The CEO of cryptocurrency exchange Coinbase (Nasdaq: COIN), Brian Armstrong, has urged decentralized finance (defi) protocols to challenge U.S. regulators in court after the Commodity Futures Trading Commission (CFTC) cracked down on some defi platforms. The executive wrote on social media platform X on Wednesday: “The CFTC should not be creating enforcement actions against decentralized (defi) protocols. These are not financial service business

Remilia Corporation, a digital art and non-fungible token (NFT)-related business, has filed a lawsuit against three independent contractors whom it accuses of siphoning $1 million from the company. Founder Krishna Okhandiar denied claims the three had at any point “sought equity shares in Remilia while negotiating their contracts.” Trio ‘Failed to Perform at an Adequate Level’ Remilia Corporation, a digital art and non-fungible token (NFT)-related business, has filed a lawsuit against three individuals accused of illegally taking control of the company’s revenues. In the lawsuit filed with the U.S. District Court of Nevada, Remilia and founder Krishna Okhandiar allege that John Duff, Henry Smith, and Maxwell Roux acted illegally when they allegedly took control of $1 million belonging to the business. Good morning. A developer who worked on Bonkler took steps that allowed him to divert ~$1MM USD in Remilia’s generated fees. The Bonkler reserves, main contract and NFTs are safe;

Yellow Card, the Africa-focused crypto exchange, recently said it had joined forces with Moonpay in an arrangement which is expected to help “enhance the crypto purchasing experience for Nigerians by leveraging local bank transfers.” According to Uzoma James, Yellow Card’s West Africa regional manager, the partnership is expected to “make crypto trading easy, intuitive, and available to all.” Transforming Nigeria’s Crypto Accessibility Landscape The Africa-focused crypto exchange Yellow Card recently said it had established a working arrangement with Moonpay whose objective is to “streamline and enhance the crypto purchasing experience for Nigerians by leveraging local bank transfers.” Yellow Card and Moonpay believe the partnership will help transform Nigeria’s cryptocurrency accessibility landscape which in turn would make it more user-friendly. After the Central Bank of Nigeria (CBN) directed financial institutions to exclude crypto entities from the banking ecosystem, Nigerian

One of the founders of the crypto pyramid Onecoin, British and Swedish national Karl Greenwood, has been sentenced to 20 years in prison in the United States. Greenwood was the architect of the scam’s multi-level marketing structure and served as Onecoin’s global master distributor. Cryptoqueen Ruja Ignatova’s Business Partner Gets Lengthy Sentence for Onecoin Role Karl Sebastian Greenwood, one of the key figures in crypto history’s most notorious Ponzi scheme, Onecoin, is going to spend two decades in prison. The sentence, imposed by U.S. District Judge Edgardo Ramos, was announced on Tuesday by United States Attorney for the Southern District of New York, Damian Williams. Greenwood co-founded Onecoin, which was based in Sofia, Bulgaria and started operations in 2014, together with Ruja Ignatova, a Bulgarian-born German national dubbed the “missing Cryptoqueen” as she is still at large. Onecoin marketed and sold a fake cryptocurrency by the same name through a global multi-level m

Asset manager Franklin Templeton has joined the race to issue America’s first exchange-traded fund (ETF) that invests directly in bitcoin. The company applied with the U.S. Securities and Exchange Commission (SEC), following in the footsteps of other major investment firms like Fidelity and Blackrock. Franklin Templeton Files for Spot Bitcoin ETF With U.S. SEC California-based financial services firm Franklin Templeton, which manages over $1.4 trillion in assets, has become the latest investments powerhouse to try to obtain approval for a spot bitcoin ETF from the U.S. securities regulator. The company filed its application with the SEC on Tuesday. If it gets the green light from the Commission, Franklin plans to use leading U.S. crypto exchange Coinbase as custodian for the fund’s bitcoin holdings and Bank of New York Mellon for cash, Bloomberg detailed in a report. Interest in bitcoin ETFs from leading asset managers as well as the SEC’s decision to accept for review a number o

Blockchain data analytics firm Chainalysis has finalized its latest Global Crypto Adoption Index. India, Nigeria, and Vietnam hold the top three positions, followed by the U.S., Ukraine, Philippines, and Indonesia. “The Central & Southern Asia and Oceania (CSAO) region dominates the top of the index, with six of the top ten countries located in the region,” Chainalysis noted. Chainalysis Previews Latest Crypto Adoption Index Blockchain analytics firm Chainalysis published an excerpt from its upcoming 2023 Geography of Cryptocurrency report on Tuesday, which featured the firm’s fourth annual Global Crypto Adoption Index. The complete report is scheduled for release next month. “We combine on-chain data and real-world data to measure which countries are leading the world in grassroots crypto adoption,” Chainalysis explained, noting that there were 154 countries with sufficient data for evaluation. “We’ve designed the Global Crypto Adoption Index to identify countries where the mo

Economist Peter Schiff has warned of “a rush” to get out of the U.S. dollar. “There’s going to be a massive crisis,” he predicted, adding that “it’s going to send the economy into a tailspin and people are going to feel the economic pain.” Peter Schiff’s US Dollar Warning Economist and gold bug Peter Schiff reiterated his warning about the impending collapse of the U.S. dollar in an interview with David Rodriguez last week. Replying to a question about whether everyone is escaping the U.S. dollar, Schiff said: “They will be. Right now, it’s just kind of like a trickle.” However, he stressed: It’s gonna be a deluge before too long where it’s a rush to get out of the dollar. Schiff explained that a mass exodus of the U.S. dollar will happen “because we have these deficits — $2 trillion-plus annual budget deficits — not only as far as the eye can see, but the eye can see them getting much bigger than $2 trillion, $3 trillion, $4 trillion.” He exclaimed: “It’s completely unsustaina

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler testified before the Senate Banking Committee, stating that crypto is “a field which is rife with fraud, abuse, and misconduct.” He also stated that the securities regulator is still reviewing applications for spot bitcoin exchange-traded funds (ETFs). Gary Gensler’s Testimony Before Senate Committee The chairman of the Securities and Exchange Commission (SEC), Gary Gensler, talked about cryptocurrency during his testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs on Tuesday. Reiterating his view that most crypto tokens are securities , Gensler told lawmakers: “Without prejudging any one token, the vast majority of crypto tokens likely meet the investment contract test. Given that most crypto tokens are subject to the securities laws, it follows that most crypto intermediaries have to comply with securities laws as well.” The SEC chief stressed: In terms of crypto … I’ve been around fi

Oracles are entities that enable various functions in blockchain structures by providing access to legacy or offchain information systems, acting as data ports for decentralized finance applications. These oracles act as information providers for tasks that require either the posting of data or require data to complete specific tasks. What Are Oracles? In ancient times, oracles were priests who were thought to offer advice or prophecy to people in need, seeking answers from the gods. The blockchain meaning of the word is not far off, as oracles are entities (smart contracts) that use various means to obtain information from different sources to enable the completion of tasks on top of a blockchain structure. Oracles empower decentralized finance, bringing information from the real world to onchain processes. Without them, each blockchain would only be a silo of information, allowing programs to exclusively access data self-contained on the selected chain. The implementation of ora

While Ripple has its critics, there exists a passionate ‘army’ of XRP advocates who firmly believe it represents the future of decentralized finance and cross-border settlement. In this Learning and Insights guide, our objective is to walk you through a brief history of Ripple and its native cryptocurrency XRP , examining its roots, purpose, benefits, criticisms, and key players. Unveiling the Ripple Effect: A Journey Through Ripple’s Origins and Impact The origins of XRP can be traced back to 2004 when developer Ryan Fugger created a payments platform called Ripplepay to facilitate financial transactions. In 2012, Jed McCaleb, Arthur Britto, and David Schwartz built upon Fugger’s ideas to create Opencoin, which would later be renamed Ripple Labs . Ripple.com, once in the possession of a telecommunications company named Ripple Communications , underwent a pivotal shift in late 2012 when Ripple Labs assumed ownership . The goal was to develop a real-time gross settlement system,

Alex Mashinsky, the former CEO of Celsius Network, has filed a motion to dismiss the Federal Trade Commission (FTC) lawsuit against him. In the motion, Mashinsky argues the FTC has failed to allege he violated any laws or rules. His lawyers say the FTC is not entitled to monetary relief and cannot substantiate Mashinsky is currently violating the law. Mashinsky Fights Back: Former Celsius CEO Challenges FTC Lawsuit, Claims No Legal Violations In a memorandum filed September 11, 2023, Mashinsky’s legal team asserts the FTC complaint does not show he breached the Federal Trade Commission Act. His lawyers claim the FTC cannot seek monetary damages under the Act per a 2021 Supreme Court ruling. “The complaint cannot substantiate a claim that Mashinsky ‘is violating’ or is ‘about to violate’ the law because Mashinsky resigned from his position as CEO of Celsius [on] September 27, 2023,” the court filing reads. The memorandum states the FTC’s allegations fail to support that Mashinsky

Over the past ten years, fervent supporters of digital currency have engaged in intense debates: Is bitcoin ( BTC ) designed as peer-to-peer electronic cash as illustrated in Satoshi’s groundbreaking white paper, or does it serve as a digital store of value, similar to gold? Additionally, a central question emerges regarding the primary role of money: should its capacity as a medium of exchange take precedence over its value preservation attributes? The following Learning and Insights explainer delves into the Austrian school of economics, shining a spotlight on Carl Menger’s “On the Origins of Money.” From Spontaneous Social Institution to Currency: Menger’s Insight Into Money’s Evolution Rather than debating whether bitcoin (BTC) should function as a medium of exchange (MoE) or a store of value (SoV), this editorial aims to explore the primary consideration when something transitions into a monetary unit. In his book “ On the Origins of Money ,” Carl Menger, the father of Austria

Fifty U.S. lawmakers have reintroduced the CBDC Anti-Surveillance State Act to prohibit the Federal Reserve from issuing a retail central bank digital currency “while protecting innovation and any future development of true digital cash.” Congressman Tom Emmer stressed: “President Biden is willing to compromise the American people’s right to financial privacy for a surveillance-style CBDC. I don’t believe in compromising Americans’ rights.” CBDC Anti-Surveillance State Act Updated, Reintroduced U.S. Congressman Tom Emmer (R-MN) announced Tuesday that he and 49 other lawmakers have reintroduced the CBDC Anti-Surveillance State Act “to halt the efforts of unelected bureaucrats in Washington, D.C. from issuing a central bank digital currency (CBDC) that dismantles Americans’ right to financial privacy.” Rep. Emmer posted on social media platform X: “Today, with 49 of my Republican colleagues, I reintroduced the CBDC Anti-Surveillance State Act.” The congressman explained: If not de

Jamie Dimon, chairman and CEO of JPMorgan Chase, has warned that it is “a huge mistake” to think that the U.S. economy will boom “for years” given that there are so many risks out there. The executive stressed: “I just think people make a mistake to look at real-time numbers and not look at the future. And the future has quantitative tightening. We’ve been spending money like drunken sailors around the world.” Jamie Dimon’s Economic Warning JPMorgan Chase CEO Jamie Dimon warned about where the U.S. economy is headed at the Barclays 21st Annual Global Financial Services Conference in New York on Monday. The executive cautioned: “I just think people make a mistake to look at real-time numbers and not look at the future. And the future has quantitative tightening. We’ve been spending money like drunken sailors around the world, this war in Ukraine is still going on.” Dimon emphasized: To say the consumer is strong today, meaning you are going to have a booming environment for years

David Marcus, CEO of Lightspark and co-creator of Diem, Meta’s failed cryptocurrency project, explained his intentions of turning Bitcoin into a global payments network. Marcus explained that there was no universal protocol for sending value over the internet and that we were still in the “fax era” of global payments. Lightspark CEO David Marcus Wants to Get Payments out of the ‘Fax Era’ David Marcus, CEO of Lightspark and co-creator of the defunct Diem cryptocurrency project, has talked about how Bitcoin might become a global payments network. In an interview on CNBC’s Squawk Box, Marcus detailed the need for a universal platform to allow money transfers to be as easy as text or video communication using today’s messaging apps. When consulted about the need for a global payment system, Marcus stated that we are still in the “fax era” of payments, with no universal way of transacting money from one place to another without using common fintech apps in a fragmented market. Lightsp

With the issue of inflation rising as a real problem for global economies last year, there has been a renewed need for people to seek a way of preserving their purchasing power. Flatcoins, stable currencies that change their value according to the inflation in a determined jurisdiction, have surged as a crypto-based solution for the issue. Flatcoins and Their Proposal The problem of rising inflation has gained notoriety this year as large world economies that had traditionally kept prices relatively under control were affected by a loss of purchasing power. For example, U.S. inflation touched 9.1% during 2022, reaching one of its highest levels since 1981. This rise prompted a swift response from the Federal Reserve, which started hiking interest rates to address inflation. However, the problem of losing purchasing power remains for citizens and companies that have to deal with these price distortions. Flatcoins are designed to address this issue by proposing inflation-adjusted s

The decentralized crypto exchange Sushi is expanding to the Aptos blockchain. The team noted that the move marks Sushi’s first expansion onto a non-EVM blockchain. From Ethereum to Aptos Sushi is a decentralized exchange (dex) and automated market maker (AMM) built on the Ethereum blockchain. It allows users to trade crypto assets and provide liquidity in return for rewards. Launched on August 28, 2020, The dex also has a native governance token called SUSHI. “By leveraging Aptos’s Move programming language, Sushi is initially introducing its v2 Automated Market Maker (AMM), with more integrations to come,” Sushi said in its announcement . The Sushi team believes the Aptos integration will unlock deeper cross-chain liquidity and elevate the trading experience across chains. Aptos is a new layer one (L1) blockchain focused on scalability and claims to provide reliability, security, and usability. Its Move programming language enables developers to build Web3 applications in a diff

Coinbase Cloud and blockchain infrastructure company Kiln are now allowing ethereum ( ETH ) users to stake any amount of ether natively. The new offering removes the previous 32 ETH minimum staking requirement. Staking for All: Coinbase Cloud and Kiln Break Down Minimum Barriers With the integration of Kiln’s onchain staking platform, Coinbase Cloud and its clients can enable partial ETH staking. This allows wallet providers like Coinbase Wallet to give users the ability to earn staking rewards without needing to meet minimums. The press announcement notes that over 99 percent of ether wallets hold less than the 32 ETH previously required to stake on the network. “We are thrilled to have worked with Coinbase Cloud and to welcome them as the first (non-Kiln) node operator leveraging the Kiln Onchain Staking Platform,” said Kiln CEO Laszlo Szabo. The Kiln CEO added: This integration with Coinbase Cloud is unique because it allows them to enable other wallets and services, includ

India’s economic affairs secretary says the Indian government will decide on the country’s crypto position “in the coming months.” He explained that the government will consider all the recommendations presented at the G20 summit regarding crypto regulation “very carefully and decide our own policies and thereafter take further action.” Officials Discuss Indian Crypto Regulation India’s Economic Affairs Secretary Ajay Seth talked about how the Indian government will proceed with establishing a crypto framework for India in an interview with CNBC-TV18 on Sunday. India recently hosted the G20 leaders’ summit where crypto regulation was among the key topics of discussion. At the conclusion of the summit, the G20 leaders endorsed high-level recommendations proposed by the Financial Stability Board (FSB) on the regulation of crypto assets and stablecoins. The G20 also welcomed various proposals by the International Monetary Fund (IMF) and other standard-setting bodies. Seth told the

Coinbase CEO Brian Armstrong has explained that crypto regulation in the U.S. will happen in one of a few ways. He noted that Coinbase is seeing more institutional investors coming in and signing up as they seek “ a flight to quality.” The executive added: “There’s a possibility we’ll just get a different SEC chair in 2024 or beyond.” Brian Armstrong on Crypto Regulation The CEO of cryptocurrency exchange Coinbase (Nasdaq: COIN), Brian Armstrong, discussed various topics, including crypto regulation and stablecoins, in an interview with Yahoo Finance on Friday. Responding to a question about the timing and nature of crypto regulation in the U.S., the Coinbase boss described: It’ll happen in one of a few ways. So, one way is the courts. The courts can be the one to provide the clarity regardless of the outcome of the case. Creating case law is a way to get there if the regulators aren’t going to provide it. “Another way to do it is through Congress. Congress is very engaged in t