Bitcoin Price: US$ 64,848.66 (-0.14%)
Ethereum Price: US$ 3,513.08 (-1.33%)
Gemini Exchange has launched a campaign finance project to support pro-crypto candidates in the upcoming U.S. Presidential election, following a $2 million donation to former President Trump’s re-election campaign by the Winklevoss twins. Tyler Winklevoss criticized the Biden administration’s approach to the crypto industry, arguing that it only supports success that it can control and manipulate. The crypto industry is becoming increasingly politically mobilized, with Coinbase’s “Stand with Crypto” PAC gaining 1 million signatures from pro-crypto voters, and the establishment of “The Bitcoin Voter Project” by industry executives. Fairshake, a crypto super PAC, has amassed $169 million in donations and actively campaigns against anti-crypto politicians. Additionally, 3iQ, a digital asset manager, has filed for a Solana exchange-traded product listing on Canada’s Toronto Stock Exchange, which would be a first for North America if approved, offering exposure to the digital currency SOL and its daily price movements in U.S. dollars, with Coinbase Custody and Tetra Trust serving as custodians. In the SEC v. Kraken case, the judge suggested he was inclined to deny Kraken’s motion to dismiss, indicating that it was plausible that digital assets were offered and sold as investment contracts on the crypto exchange. The SEC filed its enforcement action against Kraken in November 2023, and Kraken settled with the SEC in February 2023, agreeing to pay $30 million and cease offering staking services or programs to U.S. clients.
Polkadot researchers have proposed reducing the unbonding period for staked tokens from 28 days to 2 days to improve user convenience and competitiveness, with the new mechanism scaling unbonding duration based on queue size. Kraken recovered nearly $3 million from CertiK following a bug bounty exploit, ending the controversy that began when CertiK withdrew the funds to test Kraken’s security, which CertiK claims was necessary to evaluate the exchange’s risk controls. MicroStrategy completed an $800 million convertible note offering to acquire 11,931 Bitcoin, continuing its strategy of accumulating BTC despite reporting a $53 million loss in Q1 2024, and now holds 226,331 BTC acquired for roughly $8.33 billion. Italy plans to enhance crypto market surveillance under the EU’s MiCA framework, with Binance and Uphold adjusting operations to comply, while experts remain optimistic about stablecoins’ future. Solana captured 60% of new DEX volume in May due to its integrated architecture, boosting its DEX volume share and SOL token price, though the network aims to improve reliability with the upcoming Firedancer upgrade.
BNB Chain activated its Haber hard fork, introducing BNB Evolution Proposal (BEP)-336 to reduce fees and optimize data storage, claiming a 90% reduction in layer-2 costs on the BNB Smart Chain. This update, similar to Ethereum’s EIP-4844 but tailored for BSC, also enhances BNB Greenfield’s decentralized storage with BlobHub for better data management. Singapore’s updated Money Laundering National Risk Assessment (MLNRA) identified digital payment token (DPT) service providers as high-risk in the anti-money laundering landscape, along with the banking sector and precious stone dealers, highlighting the vulnerabilities of Singapore’s financial infrastructure to money laundering due to its international status and economic openness. Bitcoin miner reserves have dropped to a 14-year low of 1.90 million BTC, reflecting a trend of miners selling more due to halving pressures reducing their rewards. Despite holding fewer Bitcoin, the dollar value of miners’ reserves remains high, indicating a shift towards maintaining short-term financial stability over long-term accumulation.
Source: https://cointelegraph.com
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