Bankrupt crypto exchange FTX and crypto lender Genesis have reached an agreement in principle to resolve the claims brought by FTX in its bankruptcy case. On July 27, legal counsels for both firms sent a letter to bankruptcy Judge Sean Lane stating that they had agreed to a settlement. However, the agreement was in principle
Public companies in the United States, including listed crypto firms, will be required to disclose any major cybersecurity incidents within a four-day time limit, under new rules adopted by the United States securities regulator. The rules from the United States Securities and Exchange Commission require any public company to disclose a cyberattack within four days of it
The recent flood of scam tweets on pro-XRP lawyer Jeremy Hogan’s hacked account has finally dried up after nearly four days. Since July 24, the XRP community has been diligently warning others and tagging Twitter’s support after they noticed Hogan’s account tweeting malicious links for a purported XRP (XRP) giveaway. As of 1 am on
Venture capital giant Sequoia Capital reportedly downsized its cryptocurrency fund from $585 million to $200 million, amid a liquidity crunch and a pivot away toward smaller crypto players. According to a July 27 Wall Street Journal report, the tech-focused VC firm told investors in March it would reduce its Sequoia Crypto Fund — along with
Crypto fund manager Grayscale is urging the Securities and Exchange Commission (SEC) to approve all proposed spot Bitcoin (BTC) exchange-traded funds (ETFs) at the same time to avoid one having an advantage. A July 27 post by Grayscale chief legal officer Craig Salm said its legal team submitted a letter regarding eight spot Bitcoin ETF
The upcoming $2 billion Bitcoin (BTC) monthly options expiry on July 28 could potentially establish $29,500 as a support level. Some argue that the recent U.S. Federal Reserve interest rate increase to 5.25% had a detrimental effect on risk-on assets like cryptocurrencies. However, Bitcoin bulls believe that the full impact of a tighter economic policy
Ripple Chief Legal Officer, Stuart Alderoty, has stated that despite the recent federal court ruling that determined XRP as not a security when sold to the general public, Ripple’s battle for regulatory clarity is far from over. Alderoty commented on TechCrunch’s Chain Reaction podcast, highlighting the ongoing need for a rational, comprehensive, and understandable regulatory
Paul Munter, chief accountant of the United States Securities Exchange Commission (SEC), has released a statement warning accounting firms of their obligations to the agency when working with crypto firms. Allowing their finding to be misrepresented could have serious consequences, he said. Crypto firms may engage accountants to “perform some sort of review of
A new wallet that has launched on Optimism allows users to generate an address without storing seed words, and the account can be saved using an ordinary Twitter login. Called “Beam,” the wallet runs in a browser window and requires no downloads, according to a July 27 announcement from its developer. It also allows users
Amid accelerated efforts to expand its global presence, Ripple Labs has allied with Catalyze Research to boost XRP Ledger (XRPL)’s user base in South Korea. Leading web3 and blockchain-focused consultancy firm, Catalyze Research, took to Twitter to announce the strategic collaboration on July 26, following Ripple’s official blog announcement on Tuesday, July 25. This partnership will
The Optimism network has surpassed Arbitrum in transaction volume for the first time in six months, according to July 27 data from blockchain analytics platform Artemis. Both networks are layer 2s of Ethereum that use optimistic rollup technology, which compresses and batches transactions before submitting them to Ethereum, potentially lowering transaction fees. Optimism fell behind
Stablecoins cannot be compared to bank deposits in terms of risk, argues a new policy paper authored by former Federal Reserve Board analyst Brendan Malone on behalf of technology investment firm Paradigm. The document explores the risks stablecoins pose to the financial system, noting that current legislative proposals in the United States could incorporate crypto payment instruments
Brian Korn, a partner at Manatt, Phelps & Phillips LLP, a Los Angeles-based law firm of more than 450 attorneys, has introduced a thought-provoking argument regarding the legal battle between SEC v. Ripple that could have far-reaching consequences for the broader crypto industry’s secondary market. The ruling, which was rendered on July 13, carried some
Tact was pervasive in the United States House of Representatives Agricultural Committee’s consideration of the Financial Innovation and Technology for the 21st Century Act on July 27. With many references to bipartisanship and self-congratulatory mentions of the members’ cooperation and hard work, the committee plowed through a series of amendments calmly and quickly. The bill,
Bitcoin (BTC) ate away at the prior day’s gains on July 27 as United States macroeconomic data produced a muted reaction. BTC/USD 1-hour chart. Source: TradingView Analyst warns of BTC price dip Data from Cointelegraph Markets Pro and TradingView showed BTC price strength waning after a brief push to $29,680 into the daily close. The
United States House Financial Services Committee chair Patrick McHenry has pointed a finger at the Biden administration for the lack of bipartisan agreement on a stablecoin bill. In a July 27 hearing, Rep. McHenry said the version of the Clarity for Payment Stablecoins Act, H.R. 4766, being considered for markup was not based on negotiations
As regulatory scrutiny continues to circle the wider Web3 ecosystem, cryptocurrency lending platform Nexo will look to leverage training resources, connections and data by joining the Association of Certified Sanctions Specialists (ACSS). The association offers training and certification for sanctions professionals across a variety of industries including financial institutions, international corporations, law firms, public institutions
Nonfungible token-focused blockchain Palm Network is about to become a great deal more accessible to users, with plans to transition into being a customized Polygon blockchain. According to a July 26 announcement, Palm Network will soon become a Polygon (MATIC) ZK Supernet, which will see minting, trading, and collecting NFTs becoming more readily available to
The latest legal action against Block.one (B1), the creator and original seller of EOS (EOS), could potentially help plaintiffs get higher compensation, according to EOS Network Foundation (ENF) founder and CEO Yves La Rose. On July 25, La Rose officially announced that ENF is preparing a lawsuit against Block.one for its failure to follow through
Legendary martial artist and actor Bruce Lee, who died in 1973, is set to teach martial arts in the metaverse through a tribute event hosted by a social entertainment platform to celebrate the 50th anniversary of the actor’s passing. Metaverse project Byte City announced on July 26 that those who wish to engage with the