Top stories this week
Chairman Gensler says the SEC’s reaction to the Ripple decision has been mixed and is still under review
Securities and Exchange Commission Chairman Gary Gensler has commented publicly on the recent ruling on the agency’s lawsuit against Ripple, saying the SEC is “still reviewing and evaluating this opinion.” Gensler declined to comment further on the case, but said the commission was satisfied with the court’s decision that XRP was a security when sold to institutional investors, but was disappointed with the non-security decision for retail investors and other XRP distributions. Comments by the regulator on July 21 in a lawsuit suggested it could appeal the decision. However, in the crypto community, some believe this is unlikely as the SEC is capitalizing on the “current confusion.”
Bipartisan bill to regulate DeFi and crypto security risks introduced in US Senate
A bipartisan bill has been introduced in the US Senate that tightens regulations and sanctions requirements for decentralized finance (DeFi). The bill would subject DeFi operations to the same requirements as “other financial entities, including centralized crypto trading platforms, casinos, and even pawn shops.” The proposal also makes “anyone who controls this project” liable for sanctioned individuals’ use of the DeFi service. The bill also establishes new requirements for operators of crypto kiosks (or ATMs) to prevent them from being used for money laundering. Kiosk operators would have to verify the identity of both counterparties in a transaction.
Altcoins “bleeded” as Bitcoin gained dominance in Q2: CoinGecko
The second quarter of the year was a solid year for Bitcoin’s performance as its market dominance increased over altcoins, which CoinGecko’s industry report said “bleeded out” over the period. Bitcoin (BTC) and Ether (ETH) have continued to increase their market share in recent months, while Binance Coin (BNB), XRP (XRP) and Cardano (ADA) all suffered double-digit losses during the quarter. DeFi tokens were hit particularly hard 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%.
Several spot crypto ETF applications are being filed with the Federal Register for SEC approval
Applications from several firms for a spot bitcoin exchange-traded fund (ETF) have been made public in the federal registry, taking them a step further in the US SEC process. According to the filings, applications from BlackRock, Fidelity, Invesco Galaxy, VanEck and WisdomTree have been officially registered. Posting the filing gives the SEC an opportunity to accept or deny the filing, extend the allowable time limit, or open the filing for public comment. The SEC has an initial 45-day window to make a decision, but the commission has the option to extend the process for final approval or denial up to 240 days — until March 2024.
Robert F. Kennedy Jr. promises to back the US dollar with bitcoin if elected president
Democratic presidential nominee Robert F. Kennedy Jr. has promised to gradually support the US dollar through bitcoin if he is elected president. Kennedy said during an event that backing the US dollar with what he called “hard currencies” including gold, silver, platinum or bitcoin could help stabilize the American economy again. Kennedy explained that the process would be gradual and that depending on the plan’s success, he would adjust the level of support for the dollar. In addition, Kennedy stated that he would exempt the exchange of bitcoin into US dollars from capital gains tax to boost investment in the country.
Winner and Loser
Bitcoin at the end of the week (BTC) is at $29,883ether (ETH) at $1,894 And XRP at $0.78. The total market capitalization is at $1.2 Trillions, according to CoinMarketCap.
Among the top 100 cryptocurrencies, makers are the top three altcoin gainers of the week (MKR) at 32.18%, XDC Network (XDC) at 24.19% and Stellar (XLM) at 20.88%.
The three biggest altcoin losers of the week are Rocket Pool (RPL) at -14.95%, GMX (GMX) at -10.93% and Lido DAO (I DO) at -7.90%.
For more information on crypto prices, see Cointelegraph’s Market Analysis.
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Most Memorable Quotes
“To me, the lack of protection for retail investors underscores the great urgency of passing market structure legislation to protect the average American consumer.”
Richie TorresNew York representative
“Japan, Korea, China, all of these places are really pushing Web3 because they see it as an opportunity to break away from essentially US-dominated technologies.”
Yat SiuCo-founder of Animoca Brands
“Hard Assets Support for Dollars and U.S. Debt Securities.” [gold, silver, platinum or Bitcoin] could help strengthen the dollar again.”
Robert F Kennedy JrUS Democratic presidential candidate
“Based on Metcalfe’s law model, Bitcoin’s fair value is around $55,000. So I think we’re getting close to that level.”
Mark YuskoChief Investment Officer at Morgan Creek Capital
“[The Ripple ruling] has made our argument more compelling and compelling, meaning we can’t 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 is benefiting from the current confusion and if these issues are lost on appeal it would jeopardize its entire enforcement agenda. So I’d be surprised if the SEC tried to appeal now.”
Kathryn HaunCEO of Haun Ventures
forecast of the week
Bitcoin’s Bollinger Bands are an echo of the move, which ended January with a 40% surge
According to on-chain data, Bitcoin is poised for a volatility surge that could match its 40 percent gains in January.
BTC price has been range bound for a whole month, using $30,000 as a focal point for sideways action, testing both bulls and bears. According to popular analyst Aksel Kibar:
“It seems like $BTCUSD is trying out many traders’ patience,” he wrote on July 21, adding that this is “usually the state seen before any major moves.” However, I am unsure of the direction. I stick to my clearly defined limits. I know that increased volatility is imminent. Capture the directional movement.”
According to the behavior of Bollinger Bands, a classic indicator of volatility, this move should come sooner rather than later as it is a telltale sign that the days of choppy BTC price action are over.
FUD of the week
Crypto firms and influencers may need to start including disclaimers in crypto memes to comply with advertising laws in the UK. The country’s Financial Conduct Authority (FCA) on July 17 released a proposed directive on financial advertising on social media, targeting promotional memes and financial influencers — or “influencers.” The FCA considers crypto to be a high-risk investment. Under the FCA’s proposal, cryptocurrencies can be widely promoted to retail investors, but there are requirements such as the inclusion of risk warnings and a ban on investment inducements.
Uniswap founder Hayden Adams’ Twitter account was compromised on July 20th. His account posted a tweet to his more than 254,000 followers, falsely claiming that the platform’s Permit2 contract was “affected by an unknown exploit” and that users’ tokens were compromised, encouraging them to click on a malicious link. The Web3 Security Alerts channel on Telegram spotted the attempted scam and reported that Adams had also been banned from his MetaMask and Coinbase wallet accounts.
Couple behind Bitfinex money laundering scheme reach settlement with US prosecutors
Two people accused of laundering billions of dollars worth of bitcoin in connection with the 2016 Bitfinex hack have reached a settlement with authorities in the United States. The two have been charged with money laundering conspiracy and conspiracy to defraud the US and are expected to forfeit digital assets in connection with the case. Crypto exchange Bitfinex was hacked in August 2016 and around 119,754 bitcoins were stolen in the process.
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editorial staff
Cointelegraph Magazine writers and reporters contributed to this article.