Bitcoin Price: US$ 57,356.70 (-0.53%)
Ethereum Price: US$ 2,340.55 (-2.01%)
Consumers’ Research has raised concerns about Tether’s lack of transparency regarding its US dollar reserves, accusing the company of failing to provide a full audit and possibly facilitating illicit activities. In response, Tether has made efforts to improve transparency by hiring experts to produce USDT usage reports and launching a financial crime unit with Tron to address illicit transactions. Meanwhile, Circle has integrated Arbitrum into its Web3 platform to enhance USDC’s capabilities, offering tools for developers to create wallets and applications. This integration is part of Circle’s strategy to compete with Tether, as USDC seeks to increase its market share, with Arbitrum playing a vital role in stablecoin adoption. Additionally, a TIME Magazine reporter has revealed that El Salvador’s Bitcoin adoption under President Nayib Bukele was more of a public relations move than a genuine economic policy, with advisers describing it as a rebranding effort. Despite Bitcoin’s legal tender status and promises of economic transformation, the initiative has primarily benefited Bukele’s international image rather than significantly improving Salvadorans’ financial situation.
Vega Protocol will retire its chain and VEGA token following a near-unanimous community vote, giving users two months to clear their accounts as the team focuses on launching a new chain, Nebula, and its NEB token. The transition will involve a token swap for VEGA holders, with 20% of assets allocated to support the change, marking the end of Vega’s Alpha phase. Uniswap CEO Hayden Adams has denied allegations of charging for protocol deployments, clarifying that such decisions are made through governance votes and that activity-based requirements apply to interface usage. Meanwhile, Uniswap has settled a $175,000 civil penalty with the CFTC for allegedly offering leveraged crypto trading to US retail investors while maintaining its stance as a software provider. Additionally, Anchorage Digital Bank and BitGo will join Coinbase as custodians for 21Shares’ spot crypto ETFs, reflecting a growing trend among asset managers to diversify custodians and adhere to stringent security and compliance standards in the US.
ParaFi Capital is venturing into fund tokenisation by partially tokenising a $1.2 billion venture capital fund on the Avalanche blockchain, making it available for trading through the Securitize platform. This move demonstrates ParaFi’s commitment to integrating blockchain technology into traditional asset management and aims to make investment opportunities more accessible. Grayscale Investments has introduced the Grayscale XRP Trust, which offers investors exposure to XRP through a structure akin to its other investment trusts and could potentially lead to an XRP exchange-traded fund (ETF) pending regulatory approval. The trust is designed to highlight XRP’s real-world use cases and facilitate broader ETF adoption. Additionally, the Central Bank of the UAE has approved a new custodial risk insurance product for digital assets, with OneDegree and Dubai Insurance offering this coverage under the brand “OneInfinity.” This insurance protects against risks such as hacking and internal fraud, providing UAE-based digital asset service providers with a local solution for managing custodial risks.
eToro is halting trading for nearly all cryptocurrencies in the US following a settlement with the Securities and Exchange Commission (SEC), which charged the platform with operating an unregistered brokerage and clearing agency. eToro has agreed to pay $1.5 million and will limit crypto trading to Bitcoin, Bitcoin Cash, and Ether, giving users up to 180 days from September 12 to sell other assets. This settlement follows earlier regulatory challenges, including accusations from the Philippines SEC for offering unregistered securities. The SEC noted eToro had acted as a broker and clearing agency in the US since at least 2020 without proper registration. The penalty reflects eToro’s commitment to comply with federal securities laws, part of a broader SEC effort that saw enforcement actions against crypto firms surge over 3,000% in 2024, including a $4.47 billion settlement with Terraform Labs and its former CEO, Do Kwon. Meanwhile, Flowcarbon, a blockchain-based carbon credit platform co-founded by Adam Neumann, is refunding investors after its “Goddess Nature Token” failed to launch due to market conditions and resistance from carbon registries. Neumann’s company, which raised $70 million in Series A funding, including $38 million from token sales, required some investors to sign waivers and confidentiality agreements. In a related note, Ethereum co-founder Vitalik Buterin has stated he will only acknowledge layer-2 scaling solutions that achieve at least “stage 1” of decentralisation, signalling a move away from early-stage projects lacking advanced security measures.
Source: https://cointelegraph.com
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