Bitcoin Price: US$ 60,301.43 (+3.59%)
Ethereum Price: US$ 2,341.80 (+2.01%)
House Republicans have demanded that SEC Chair Gary Gensler clarify his stance on crypto airdrops, expressing concerns about the SEC’s classification of airdrops as unregistered securities in recent lawsuits. Representatives Emmer and McHenry argue that this approach could hinder technological decentralisation and have asked for responses by the end of September on how these classifications affect on-chain applications, economic growth, and tax revenue. Meanwhile, in South Korea, a rise in the Korea Premium Index has driven cryptocurrency market growth as local demand and institutional trading push prices on local exchanges above global averages. A Chainalysis report highlights that institutional investors engage in arbitrage opportunities, contributing to these price discrepancies. Employees at South Korean crypto firm Dunamu reportedly earn more than their counterparts in major banks, with average salaries exceeding $99,500 per year, according to a Financial Supervisory Service report. In other developments, Circle has integrated its USD-pegged stablecoin USDC with real-time payment systems in Brazil and Mexico, allowing businesses to bypass international wire transfers and access USDC through local banks, significantly speeding up transactions in both countries.
Tether’s stablecoin USDT has surpassed $1 billion in circulating supply on The Open Network (TON), showcasing its dominance and the growing popularity of TON despite challenges faced by Telegram, its creator. USDT’s adoption is notable on Telegram Mini Apps, with the TON Foundation partnering with platforms like Tada for crypto payments, while Tether continues to invest in technology, including a $200 million stake in Blackrock Neurotech and expanding its Bitcoin reserves. Prager Metis has agreed to pay $745,000 to settle SEC charges related to misconduct during audits of the collapsed crypto exchange FTX, accused of failing to meet auditing standards and assessing risks tied to Alameda Research. The settlement includes remedial actions and serves as a reminder to auditors about their responsibilities, with the SEC emphasising investor protection following FTX’s bankruptcy due to fraud and liquidity issues. Meanwhile, PayPal and Venmo’s integration of Ethereum Name Service (ENS) could accelerate mainstream crypto adoption by simplifying transactions with human-readable usernames and potentially reducing address-poisoning scams. ENS Labs views this partnership as a bridge between Web2 and Web3, stressing the importance of collaboration with traditional finance for broader blockchain adoption.
The TON Foundation has partnered with Curve Finance to launch a new stablecoin swap project on The Open Network (TON), utilising Curve’s Constant Function Market Maker (CFMM) technology to enhance stablecoin trading by reducing price volatility and slippage. An independent team will develop the project, with Curve’s founder Michael Egorov serving as an advisor, aiming to improve user experience and promote broader adoption of TON-based stablecoin trading. Meanwhile, Bitcoin faces potential volatility as analysts predict more price swings ahead of the U.S. Federal Reserve’s upcoming interest rate decision. With a rate cut expected, some analysts forecast a possible breakout for Bitcoin in October after its recent dip to a local bottom around $52,000. In other news, the Digital Chamber of Commerce is urging U.S. crypto users to support the new NFT Act, introduced by Rep. William Timmons, which aims to classify certain non-fungible tokens (NFTs) as consumer goods rather than securities, exempting those used for art, collectibles, and intellectual property from federal securities laws. This comes as the SEC increases its scrutiny of the NFT space, recently fining the Flyfish Club $750,000 for selling NFTs without complying with securities regulations.
DBS Bank in Singapore will start offering over-the-counter crypto options trading and structured notes tied to Bitcoin and Ether for institutional clients in late 2024. These products are designed to help investors manage market volatility through hedging strategies, reflecting the growing interest in digital assets among professionals and expanding DBS’s offerings in the space. Meanwhile, Bhutan holds 13,029 Bitcoin, much more than El Salvador’s 5,875 BTC, with Bhutan’s holdings coming from hydroelectric-powered mining. The country plans to further grow its mining capacity, while El Salvador uses geothermal volcanic energy for its Bitcoin mining. In the UK, blockchain-based solutions like the Regulated Liability Network (RLN) are being explored to improve the country’s $14.5 trillion payments sector by reducing fraud and enhancing settlement processes. UK Finance, a trade group, is pushing for closer collaboration between regulators and the private sector to advance this technology.
Source: https://cointelegraph.com
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