CoinCodeCap WeekInFocus: July 7, 2024

News

Global

Philippines Integrates Tether’s USDT for Social Security Payments

• The largest stablecoin issuer in the world, Tether, has given Filipino citizens a new crypto payment options that lets them pay their SSS contributions in USDT.
• According to Uquid, the collaboration with Tether demonstrates how “crypto in general can simplify and enhance our daily lives,” including stablecoins like USDT.

German and US Governments Transfer Millions in Crypto Holdings

• The German authorities sent 600 BTC and 500 BTC to unknown addresses in two separate transactions. 
• The U.S. government transferred millions of dollars in Bitcoin to various crypto exchanges.

Bahamas Seeks to Mandate Bank Support for ‘Sand Dollar’ CBDC

• With the goal of encouraging greater acceptance of its CBDC, the Bahamas is getting ready to present legislation mandating commercial banks to support the “Sand Dollar.”
• There are other nations outside the Bahamas where the penetration of CBDC is less than anticipated.

Singapore Increases Risk Level for Crypto Exchanges in New Update

• Crypto exchanges called  Digital Payment Token service providers have moved from the Medium-Low to the Medium-High risk category.
• Cross-border online payments are considered highly risky as they are identified as a potential new channel to indulge in terror financing.

German Govt Transfers Another $52 Million in Bitcoin Amid Selling Concerns

• Reportedly,  the wallet sent 100 BTC to the Coinbase exchange, 150 BTC to Bitstamp, and over 32 BTC to the Kraken exchange. 
• In the last 10 days, the German govt has sold nearly 1,000 BTC, reducing its BTC holdings by approximately $163.5 million.

Basel Committee Establishes Final Rules on Bank Crypto Exposure

• During its July 2-3 meeting, the Basel Committee decided on policies, including disclosing banks’ exposure to crypto. 
• The committee started looking at banks’ exposure to crypto in 2019. It suggested including crypto in its high-risk Group 2 asset class in 2021.

Nigeria SEC Mandates Local Offices for Virtual Asset Providers

• The move is part of the SEC’s Accelerated Regulatory Incubation Programme, designed to facilitate the onboarding of VASPs in the country.
• ARIP framework aims to accelerate the registration process by providing temporary approval until the Digital Assets Rules are fully operational.

EU Travel Rule Compliance Required for Crypto Exchanges in 6 Months

• The EBA announced the expansion of Travel Rules rules to include crypto service providers and their intermediaries, a major step in strengthening AML procedures.
• It will be necessary for crypto service providers and intermediaries to disclose their policies on cross-border transfers and multi-intermediation. 

Platform and Tokens

Roaring Kitty Hit with Securities Fraud Claims in GME Lawsuit

• A class-action complaint is filed against stock trader Keith Gill, alleging securities fraud.
• According to the lawsuit, Gill engaged in securities fraud by neglecting to provide sufficient disclosure regarding the acquisition and sale of his GameStop options calls.

Binance US Gears Up for Legal Battle with SEC

• Binance US, the US division of the international crypto exchange, is preparing for court cases against the SEC.
• According to Binance US, it was established with the “express purpose of serving” US clients and will abide by US laws and regulations.

Paxos and DBS Secure Approval for Singapore Stablecoin Launch

• The MAS has granted full regulatory certification for Paxos International’s blockchain and tokenization platform.
• With the regulatory license, Paxos can now introduce a stablecoin that complies with the impending regulatory framework of MAS.

CoinDCX Expands, Acquires Dubai-based BitOasis

• BitOasis will be retaining its brand and leadership team to ensure seamless synergy and collaboration between the two firms. 
• The latest development comes  nearly ten months after CoinDCX invested in BitOasis.

Coinbase Intensifies Battle for Access to Gensler’s Private Emails

• In its ongoing legal dispute with the banking regulator, US crypto firm Coinbase has persisted in requesting access to Gary Gensler’s private correspondence.
• The legal director of Coinbase stated in a post on X on July 3 that the company’s efforts for “reasonable discovery” were a reaction to a lawsuit that the SEC had initially initiated.

Judge Rules 2 Obscure Altcoins as Commodities in $120M Ponzi Scheme

• In a crypto Ponzi case, an Illinois district court judge declared two lesser-known altcoins commodities, siding with the CFTC.
• In addition to Olympus (OHM) and KlimaDAO (KLIMA), which the order states also qualify as commodities, these included Bitcoin and Ether.

SBF’s Family Played Huge Role in $100 Million Political Donation Scandal: Report

• Emails show that Bankman-Fried’s father, Joe Bankman, played a major role in advising on financial strategies related to these political donations. 
• Allegedly, SBF’s brother  Gabriel was involved in channeling donations to pandemic prevention efforts.

Project Updates

Robinhood Eyes the Crypto Futures Market with Bitstamp Acquisition

Robinhood plans to leverage its $200 million acquisition of Bitstamp to enter the crypto futures market. Robinhood’s crypto trading volume surged by 224% in Q1 2024.

Tether Partners with Turkey to Promote Crypto Freedom

Through a partnership with a Turkish crypto company, Tether is expanding its footprint in the country and advancing industry knowledge. BTguru markets itself as a partner for strategy and technology, with a focus on virtual crypto assets “for primarily banks.”

Podcasts and Interviews

• “Bitcoin: You Have 6 Months Left!” podcast by Mr. M Podcast
• “WHY IS BITCOIN DUMPING ?” podcast by Crypto India
• “Bitcoin is economic immortality” podcast by Robin Seyr

Job Listings

2k24 Events

• EthCC (Brussels) conference from July 8 to July 11
• ETHGlobal Brussels hackathon from July 12 to July 14
• EDCON Tokyo conference from July 29 to July 30
• Ethereum Argentina conference & hackathon from August 2 to August 4
• Science of Blockchain Conference (New York) from August 

As we wrap up another week of insights and discoveries, remember that staying informed and motivated is an ongoing journey. WeekInFocus by CoinCodeCap is here to accompany you on this path, bringing you a fresh perspective on the news, a doorway to exciting job possibilities, and a collection of thought-provoking podcasts. Let’s embrace the coming week with curiosity and determination. Until next time, keep focused and keep thriving!