Top stories of the week
Gensler said SEC reaction to Ripple’s decision was mixed but still under review
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U.S. Securities and Exchange Commission Chairman Gary Gensler has publicly commented on the recent ruling in the agency’s case against Ripple, stating that the SEC is “still considering it and evaluating its opinion.” Gensler declined to comment further on the matter, but said the committee was pleased with the court’s ruling that XRP is a security when sold to institutional investors, but disappointed with the non-securities ruling for retail investors and other XRP distributions. Comments the regulator made in the lawsuit on July 21 hinted at the possibility of appealing the decision. However, some in the cryptocurrency community believe it is unlikely as the SEC has benefited from the “current turmoil”.
Bipartisan Bill to Regulate DeFi and Cryptocurrency Security Risks Submits to U.S. Senate
A bipartisan bill to tighten regulatory and sanctions requirements for decentralized finance (DeFi) has been introduced in the US Senate. The bill would impose the same requirements on DeFi businesses as “other financial companies, including centralized cryptocurrency trading platforms, casinos, and even pawn shops.” The proposal would also make “who controls the project” responsible for the use of DeFi services by sanctioned parties. The bill also set new requirements for operators of crypto kiosks (or ATMs) to prevent their use in money laundering. Kiosk operators must verify the identity of both parties to a transaction.
Altcoins ‘bleed’ as Bitcoin gains dominance in Q2: CoinGecko
According to an industry report from CoinGecko, the second quarter of this year saw Bitcoin perform well as it gained market power over altcoins, but altcoins “bleeded” throughout the period. Bitcoin (BTC) and Ether (ETH) continued to gain market share over the past few months, while Binance Coin (BNB), XRP (XRP) and Cardano (ADA) suffered double-digit losses in the quarter. DeFi tokens were particularly hard hit in the quarter, with Uniswap (UNI), Chainlink (LINK) and Lido (LDO) similarly suffering double-digit losses. The top five Metaverse and Play-to-Earn tokens by market cap also recorded losses of up to 40%.
Multiple Spot Crypto ETF Applications Filed in Federal Register for SEC Approval
The U.S. SEC has taken a step forward with several companies’ applications for spot Bitcoin exchange-traded funds (ETFs) published in the Federal Register. For the record, applications from BlackRock, Fidelity, Invesco Galaxy, VanEck, and WisdomTree have been officially registered. Publishing the application gives the SEC the opportunity to approve or deny the application, extend the period allowed, or open the application to public comment. The SEC has an initial grace period of 45 days before reaching a decision, but the commission has the option to extend the process for up to 240 days (until March 2024) for final approval or denial.
Robert F. Kennedy Jr. Vows to Support US Dollar with Bitcoin if Elected President
Democratic presidential candidate Robert F. Kennedy Jr. has promised to phase back the US dollar with Bitcoin if he is elected president. During the event, President Kennedy said that backing the US dollar with so-called “hard currencies” such as gold, silver, platinum and bitcoin could help re-stabilize the US economy. Kennedy said the process would be gradual and that the dollar amount would be adjusted depending on the success of the plan. In addition, President Kennedy declared that the conversion of Bitcoin to US dollars would be exempt from capital gains tax to encourage investment in the country.
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winner and loser
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Bitcoin over the weekend (BTC) is in $29,883,ether (ethereum) and $1,894 and XRP and $0.78.The total market capitalization is $1.2 trillion, according to Go to Coin Market Cap.
Among the top 100 cryptocurrencies, Maker is the top three altcoin gainers this week (MKR) 32.18%, XDC network (XDC) 24.19% and Stella (XLM) It was 20.88%.
This Week’s Top 3 Losing Altcoins Are Rocket Pool (RPL) -14.95% on GMX (GMX) -10.93% and Lido DAO (To do) at -7.90%.
For more information on cryptocurrency prices, be sure to read Cointelegraph’s market analysis.
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most memorable quotes
“To me, the lack of protection for retail investors underscores the great urgency of passing a Market Structures Act to protect the average American consumer.”
Richie TorresNew York
“Japan, South Korea, China, all of these countries are pushing Web3 in a big way because they see it as an opportunity to basically break away from US-dominated technology.”
Yat Siuco-founder of Animoca Brands
“Backing Dollars and U.S. Debt with Physical Assets” [gold, silver, platinum or Bitcoin] It may help restore dollar strength. ”
Robert F. Kennedy Jr.US Democratic presidential candidate
“Based on the Metcalfe’s Law model, Bitcoin’s fair value is around $55,000.
Mark YuskoChief Investment Officer, Morgan Creek Capital
“[The Ripple ruling] This made our case more compelling and more urgent. This means that enforcement alone cannot be relied upon to obtain the necessary investor protection standards. ”
Timothy MasadFormer Chairman of the U.S. Commodity Futures Trading Commission
“The Commission has benefited from the current turmoil, and losing these issues on appeal would jeopardize the Commission’s entire enforcement agenda. So I would be surprised if the SEC were to appeal now.”
Kathryn HornHaun Ventures CEO
Forecast for the week
Bitcoin Bollinger Bands Rebound Moves to End January’s 40% Rise
Bitcoin is planning a volatility explosion that could match January’s 40% surge, according to on-chain data.
BTC price has been in a tight range for a month, with $30,000 as the focal point for a sideways move, testing both bulls and bears. Popular analyst Axel Kivar said:
“BTCUSD seems to be exhausting the patience of many traders,” he wrote on July 21, adding that “this is the condition usually seen before a strong move.” Although the direction is not certain. I adhere to clearly defined boundaries. We know that a rise in volatility is imminent. Capture directional movement. ”
According to the movement of the classic volatility indicator Bollinger Bands, this move should happen sooner or later as it shows a clear sign that the era of range-bound BTC price action is over.
FUD of the week
![Sec Reviews Ripple Ruling, Us Bill Seeks Control Over Defi, And... 10 Timothy Massad](https://cointelegraph.com/magazine/wp-content/uploads/2023/07/Timothy-Massad-1024x682.png)
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Uniswap founder Hayden Adams’ Twitter account was compromised on July 20th. His account published a tweet to his more than 254,000 followers falsely claiming that the platform’s Permit2 contract was “impacted by an unknown exploit” and that users’ tokens were at risk, prompting them to click on malicious links. Telegram’s “Web3 Security Alerts” channel detected fraud and reported that Adams was also blocked from his MetaMask and his Coinbase Wallet accounts.
Couple behind Bitfinex money laundering scheme agrees plea deal with US prosecutors
Two people accused of laundering billions of dollars worth of bitcoin in connection with the 2016 Bitfinex hack have agreed a plea bargain with US authorities. Both men have been charged with money laundering conspiracy and conspiracy to defraud the United States, and will face the confiscation of digital assets related to the case. Cryptocurrency exchange Bitfinex was hacked in August 2016 and about 119,754 bitcoins were stolen.
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