top stories of the week

Chair Gensler Says SEC Reaction to Ripple’s Decision Has Been Mixed, Still Under Consideration

Gary Gensler, chairman of the US Securities and Exchange Commission, has publicly commented on the agency’s recent decision on its lawsuit against Ripple, saying that the SEC is “still looking at it and assessing that opinion.” Gensler declined to comment further on the case, but said the commission was pleased with the court’s decision that XRP was a security when sold to institutional investors, but was disappointed by the non-security ruling for retail investors and other XRP distributions. Comments made by the regulator in a filing on July 21 indicated that it may appeal against the decision. However, in the crypto community, some believe this is unlikely to happen as the SEC benefits from the “current confusion”.

Bipartisan Bill to Regulate DeFi, Crypto Security Risks Introduced in US Senate

A bipartisan bill was introduced in the US Senate tightening the requirements for regulations and restrictions for decentralized finance (DFI). The bill would subject DeFi operations to the same requirements as “other financial companies, including centralized crypto trading platforms, casinos and even pawnshops”. The proposal makes “any person controlling that project” liable for the use of a DeFi service by approved persons. The bill also sets new requirements for operators of crypto kiosks (or ATMs) to prevent their use in money laundering. Kiosk operators will need to verify the identity of both the counterparties in the transaction.

Altcoins Decline as Bitcoin Dominance Increases in Q2: CoinGecko

According to an industry report from CoinGecko, the second quarter of the year has been a solid one for bitcoin as its market dominance has gained ground against altcoins, which have “underperformed” throughout the period. Bitcoin (BTC) and Ether (ETH) continued to increase their market share over the past months, while Binance Coin (BNB), XRP (XRP), and Cardano (ADA) posted double-digit losses during the quarter. DeFi tokens were particularly hard hit during the quarter, with Uniswap (UNI), Chainlink (LINK) and Lido (LDO) also posting double-digit losses. The top five metaverse and play-to-earn tokens by market cap also saw losses of up to 40%.

Multiple spot crypto ETF applications head to Federal Register toward SEC approval

Several companies’ applications for spot bitcoin exchange-traded funds (ETFs) have been published in the Federal Register, taking them a step further in the US SEC process. Applications from BlackRock, Fidelity, Invesco Galaxy, VanEck and WisdomTree were officially registered, according to the records. Publishing the applications gives the SEC the opportunity to accept or deny the request, extend the time allowed, or open the application for public comment. The SEC has an initial window of 45 days to reach a decision, but the commission has the option of extending the process for up to 240 days — until March 2024 — for final approval or denial.

Robert F. Kennedy Jr Vows To Back The US Dollar With Bitcoin If Elected President

Democratic presidential candidate Robert F. Kennedy Jr. has pledged to progressively support the United States dollar with bitcoin if elected president. Kennedy said during an event that backing the US dollar in the form of a “hard currency” including gold, silver, platinum or bitcoin could help stabilize the US economy again. Kennedy explained that the process would be gradual and that depending on the success of the plan, he would adjust the amount of support for the dollar. Additionally, Kennedy announced that he would exempt bitcoin to US dollar conversions from capital gains tax in an effort to spur investment in the country.

winners and losers

bitcoin at the end of the week ,B T c, is on $29,883ether ,eth, But $1,894 And XRP But $0.78, Total market cap is $1.2 trillion according to Coinmarketcap.

Among the 100 largest cryptocurrencies, the top three altcoins of the week are profit makers (MKR) At 32.18%, XDC Network (XDC) at 24.19% and stellar (xlm) at 20.88%.

The top three altcoin losers of the week are Rocket Pool (RPL) at -14.95%, GMX (GMX) -10.93% and on Lido DAO (I do) at -7.90%.

For more information on crypto prices, be sure to read Cointelegraph’s market analysis.

most memorable quotes

“To me, the lack of protections for retail investors underscores the acute urgency of passing a market structure bill to protect the average American consumer.”

Richie TorresNew York Representative

“Japan, Korea, China, all these places are really pushing Web3 in a big way because they see it as an opportunity to break away from the fundamentally American-dominant technologies.”

yat siuCo-founder of Animoca Brands

“Backing up the dollar and US debt obligations with hard assets [gold, silver, platinum or Bitcoin] May help restore dollar strength.

Robert F. Kennedy Jr.US Democratic presidential candidate

“Based on the Metcalf’s Law model, the fair value of bitcoin is approximately $55K. So I think we’re trending upward toward that level.

Mark YuskoChief Investment Officer at Morgan Creek Capital

,[The Ripple ruling] This has made our argument more compelling and more urgent, which means that we cannot rely solely on enforcement to achieve the kind of investor protection standards we need.

timothy massadFormer Chairman of the US Commodity Futures Trading Commission

“The Commission benefits from the current confusion and losing these issues on appeal would jeopardize its entire enforcement agenda. So I would be surprised if the SEC tries to appeal now.”

katherine haunCEO of Hone Ventures

week forecast

Bitcoin Bollinger Bands echo move that ended in 40% January gain

On-chain data suggests that bitcoin is showing increasing volatility that could rival its January gains of 40%.

BTC price has been operating in a tight range for the entire month, putting both the bulls and bears to the test, using $30,000 as the focal point of the sideways behavior. According to popular analyst Axel Kiber:

“$BTCUSD seems to be losing the patience of many traders,” he wrote on July 21, adding that “this is usually the situation you see before strong moves. Not sure of the direction though. I’ll stick to my well-defined ranges. I know increased volatility is imminent. Catch the directional move.”

According to the classic volatility indicator, Bollinger Bands behavior, this move should come sooner rather than later as it is printing a clear signal that the days of range bound BTC price action are over.

FUD of the week

Crypto firms and influencers may need to start including disclaimers on crypto memes in order to maintain compliance with advertising laws in the United Kingdom. The country’s Financial Conduct Authority (FCA) issued a proposed guidance on social media financial promotions on 17 July, targeting promotional memes and financial influencers – or “fininfluencers”. The FCA considers crypto to be a high-risk investment. According to the FCA’s proposal, crypto can be advertised largely to retail investors, but this includes requirements such as risk warnings and restrictions on investment incentives.

The Twitter account of Uniswap founder Hayden Adams was compromised on July 20. His account issued a tweet to its more than 254,000 followers, falsely claiming that the platform’s Permit2 contract was “affected by an unknown exploit” and that users’ tokens were at risk, encouraging them to click on malicious links. The “Web3 Security Alerts” channel on Telegram discovered the scam attempt and reported that Adams was also blocked from his accounts with MetaMask and Coinbase Wallet.

Couple behind Bitfinex money laundering scheme agree plea deal with US prosecutors

Two men accused of laundering billions of dollars worth of bitcoin linked to the 2016 Bitfinex hack have entered into a plea agreement with authorities in the United States. The pair were charged with money laundering conspiracy and conspiracy to defraud the United States, and are expected to have digital assets attached to the case confiscated. Crypto exchange Bitfinex was hacked in August 2016, with approximately 119,754 bitcoins stolen.

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Tokenizing Music Royalty as NFTs Could Help Be the Next Taylor Swift

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Web3 Gamers: Earn Bitcoin in Minecraft, BGA’s 50/50 Gender Split, Peek’s Oath Hot Tech

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editorial staff

Writers and reporters from Cointelegraph Magazine contributed to this article.