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Nasdaq (NASDAQ:NDAQ) has suspended the launch of its digital asset custody business due to regulatory risks in the United States. CEO Adena Friedman announced the decision during the second quarter earnings conference call, citing the changing regulatory and business environment. However, the company reiterated its commitment to digital asset business development and will continue to provide software solutions in this field. Nasdaq is closely monitoring the market for upcoming regulatory events. The company planned to launch the crypto custody division by the end of July.
Forge, a subsidiary of Société Générale (EU:GLE), obtained the first highest access license for crypto services in France. The license allows the company to offer services for the custody, purchase and sale of digital assets. Société Générale has been actively involved in the crypto sector, issuing securities and security tokens on blockchains such as Ethereum and Tezos. While France is cryptocurrency friendly, Binance is under investigation in the country.
The UK’s top financial regulator has warned that crypto memes could constitute criminal offenses if they don’t follow financial promotion rules. A set of guidelines proposed by the Financial Conduct Authority highlighted that any form of communication, including memes, can be considered financial promotion and is subject to the law. The FCA noted the prevalence of meme usage in the cryptocurrency industry and stressed the importance of companies being aware of the rules when running financial promotions. Crypto firms such as Coinbase (NASDAQ:COIN) have praised UK regulators for providing legal clarity regarding compliance with the law. Recently, lawmakers passed a bill to develop a regulatory framework for digital assets.
The United States Senate is about to tackle the crypto industry again with a new bill that would impose strict anti-money laundering requirements on decentralized financial (DeFi) protocols. The Crypto-Asset National Security Enhancement Act of 2023 would require DeFi protocols to implement bank-like controls for their users. The project aims to fight cryptocurrency-related crimes and close loopholes in money laundering and sanctions that affect national security. The bill addresses entities controlling DeFi protocols and establishes identity verification requirements at cryptocurrency kiosks, as well as expanding the Treasury Department’s authority to police suspicious activities in nontraditional financial environments, including crypto.
Congressman Ritchie Torres has sent a letter to US Securities and Exchange Commission (SEC) Chairman Gary Gensler calling for clear rules for cryptocurrencies. Torres expressed his dissatisfaction with the SEC’s lack of clear guidance for the cryptocurrency industry and criticized the agency’s mixed messages. He applauded the recent ruling in SEC v. Ripple Labs, stating that it challenges the SEC’s claim that most digital assets are securities. Torres highlighted the SEC’s lack of fair notice regarding the classification of digital assets as securities.
US Democratic presidential candidate Robert F. Kennedy Jr. has proposed exempting Bitcoin (COIN:BTCUSD) from capital gains tax when converting it to US dollars. He also plans to support the dollar with hard assets like gold, silver, platinum and Bitcoin to strengthen the currency and control inflation. Kennedy advocates for Bitcoin’s self-custody, neutral energy regulation, and encouraging the growth of the technology industry in the United States. The US presidential elections are scheduled for November 4 next year.
The US Secret Service has seized accounts controlled by Deltec Bank of the Bahamas in an investigation into money laundering through cryptocurrencies. More than $58 million was seized from escrow accounts at Mitsubishi Bank in New York. 74 shell companies are involved in the fraud scheme, which used fake websites to entice victims to deposit assets. The Secret Service discovered that these companies transferred wire fraud proceeds to accounts in the Bahamas, avoiding the usual scrutiny of international payments. Authorities also highlighted the lack of KYC information on the companies Axis Digital Limited and GTAL, held by Deltec Bank.
Two years after Bitcoin (COIN:BTCUSD) was adopted as legal tender in El Salvador, adoption remains low and citizens question the cryptocurrency’s benefits, according to Lane Rettig, former lead developer of Ethereum. While the government has promoted Bitcoin significantly, Rettig found that most Salvadorans are not using the cryptocurrency on a day-to-day basis. While there have been improvements in reducing crime and expanding Bitcoin ATMs, concerns persist regarding human rights under the rule of President Nayib Bukele. More work is still needed to build trust and promote financial inclusion through Bitcoin in El Salvador.
Funding for Web3 companies from venture capitalists has seen a significant drop in the second quarter of 2023 compared to the same period last year, according to Crunchbase data. Web3 startups raised just over $1.8 billion this quarter, up from $7.5 billion a year earlier. In the first half of 2023, Web3 startups raised $3.3 billion, a 78% decrease from the $16 billion in the first half of 2022. AI startups, on the other hand, continue to attract significant funding.
Cryptocurrency exchanges are embracing artificial intelligence (AI) to improve their internal processes, according to Gracy Chen, managing director of Bitget. The exchange is incorporating AI tools into various departments such as translation and customer service. Furthermore, Bitget is developing a customized and encrypted chatbot based on ChatGPT to assist users’ trading activities. Zero-knowledge proof technology (ZK-proofs) is also highlighted as a solution to increase the privacy and security of exchanges, protecting user data and enabling self-custody.
The Prime Trust, a major cryptocurrency custodian facing financial troubles, has been ordered into temporary liquidation by Nevada courts. A trustee was appointed to oversee operations and protect clients. The crisis began a month ago, when the company was unable to respond to customers’ withdrawal requests. Reports indicate a shortfall of more than $82 million.
Bitso cryptocurrency exchange, one of the main ones in Latin America, has partnered with the Stellar Development Foundation to join Stellar’s Anchor Network, which specializes in crypto payments. This partnership aims to expand the payments corridor between Latin America and the rest of the world. Through this solution, companies worldwide will be able to transact in USDC for Argentina, Colombia and Mexico, taking advantage of Bitso’s direct connection to local banking systems. During the second half of 2022, Bitso processed $3.3 billion in transactions between Mexico and the United States. In addition, the company saw a 32% increase in the total volume of international transfers.
The Australian Securities and Investments Commission (ASIC) revoked FTX Australia’s license, banning the exchange from operating in the country. FTX Australia will still be able to provide limited services to terminate existing derivatives with customers until July 2024. The license cancellation comes after ongoing ASIC investigations and a stricter stance by Australia towards cryptocurrency exchanges. FTX is exploring options to reboot its flagship platform, but the situation for Australian users is still unclear.
During the Ethereum Community Conference (EthCC), Ken Timsit, Managing Director of Cronos Labs, discussed the emerging use cases and limitations of blockchain-enabled artificial intelligence (AI). He highlighted the importance of AI to increase productivity and user experience in the blockchain industry, especially in areas such as marketing and customer support. Timsit also addressed challenges in implementing decentralized identity and highlighted censorship resistance and the possibility of frictionless commerce as benefits of using blockchain in AI innovation. However, he recognized the need to address security and efficiency issues for decentralized AI computing at scale.
Casper Labs, a leader in enterprise blockchain software, has chosen INX, a regulated exchange and ATS, as its preferred platform to tokenize and list its equity in the secondary market. This partnership will allow Casper Labs shares to be traded globally through the INX Securities ATS. The listing is scheduled for September 2023, solidifying tokenization as a key use case in the digital asset industry.
Ankr and Matter Labs have joined forces to make zkSync Era nodes and Hyperchain blockchain solutions available on Ankr’s Azure Marketplace. This partnership aims to integrate Microsoft’s cloud infrastructure, the zkSync Era blockchain network, and Ankr’s solutions to enable enterprises and web3 projects to develop applications on top of the zkEVM Ethereum Layer-2 protocol. The collaboration seeks to lower barriers to entry and drive enterprise adoption of blockchains while providing improved scalability, performance and privacy. Ankr will also provide support and engineering for companies interested in building their own customizable hyperchain blockchain. This partnership follows the recent announcement of the partnership between Microsoft (NASDAQ:MSFT) and Axelar, aimed at facilitating access to developer services and tools on the Azure Marketplace for advancements in blockchain technology.
Shinhan Bank, a South Korean banking giant, has successfully completed a feasibility test for stablecoin remittance payments on the Hedera network. The pilot involved SCB TechX, Siam Commercial Bank’s technology innovation unit. The proof of concept achieved real-time settlement and exchange rate integration, demonstrating how Hedera’s EVM-compatible technology can eliminate middlemen, reduce costs and speed up the remittance process. Shinhan Bank is actively exploring the use of blockchain and distributed ledger technology for cross-border payments and crypto-related services.
Marinade Finance has launched a new service called Marinade Native, which allows users to stake Solana tokens (COIN:SOLUSD) directly to validators, eliminating smart contract risk. The service seeks to attract institutional investors and promotes decentralized staking in Solana. While net staking adoption in Solana is lower compared to Ethereum, Marinade Native offers an attractive option for SOL holders looking for yields. However, the protocol still faces challenges due to technological differences between the chains.
The Polygon team has announced its plans to implement a new governance structure, seeking greater decentralization in its ecosystem. Inspired by Ethereum’s governance models, the three pillars of governance will focus on core protocol, smart contracts and community treasury governance. Polygon is inviting interested parties to participate in shaping this decentralized governance.
Blockchain BNB Chain held its 24th quarterly burn event on Wednesday, burning over 1.99 million BNB tokens (COIN:BNBUSD). About $484 million worth of tokens were withdrawn from circulation. BNB uses an automatic burn system to reduce its total supply over time. However, the event had no immediate impact on BNB prices.
Non-fungible token (NFT) artist Ellie Pritts is holding her first solo exhibition in New York, entitled “In the Screen I am Everything,” at the pioneering Bitforms gallery. The exhibit features eight brightly colored animations, which are available as NFTs on Ethereum (COIN:ETHUSD), along with some physical prints. Pritts entered the NFT market in 2021, seeing his video work become valuable. The exhibition features her use of artificial intelligence (AI) and glitch techniques to create unique works of art.
A photo of Vitalik Buterin, co-founder of Ethereum, taken in 2014, is being auctioned as an NFT. The portrait, captured by photographer Andrew Miller, shows Buterin wearing formal clothes, a rare occurrence for him. The NFT sale marks the 10th anniversary of Ethereum and tells the story behind the image and the collaboration between Miller and Buterin during the photo shoot.
OpenSea removed a collection of NFTs representing staked Ether, much to the surprise and disappointment of the Ether.fi project. All listings disappeared without notice, and new listings were disabled with vague error messages. The CEO of Ether.fi stated that OpenSea did not mention potential issues during pre-launch discussions.
Cryptocurrency mining company Argo Blockchain (NASDAQ:ARBK) raised £5.7 million ($7.5 million) through a new share sale. The proceeds will be used to reduce the company’s debt. The shares sold at a discount of approximately 14% to the 30-day volume-weighted average price.
Despite the decline of the cryptocurrency market, P0x Labs, the team behind Manta Network, a privacy-preserving protocol on the Polkadot blockchain, has reached a $500 million valuation after a $25 million Series A funding round. Emerging technology called zero-knowledge drives this valuation, enabling anonymous transactions on DeFi services without revealing personal information. Manta Network has demonstrated growth, minting over 300,000 soulbound tokens and amassing over 200,000 installations of its native wallet. The funding will be used to scale the Manta Pacific test network and expand in Asian markets.
Crypto-focused venture capital firm CoinFund has completed a fundraising round for the CoinFund Seed IV Fund, raising $158 million from investors. The fund will support investments in founding teams in the web3 ecosystem. The company is bullish on the industry and will continue to invest in resources and people to support the growth of its portfolio companies.
Cosmic Wire successfully completed its Series Seed round, raising $30 million with investments from the Solana Foundation and Polygon. The company became the first cross-chain funder in the Web3 ecosystem. Funds will be used to accelerate the development of decentralized applications and promote a more transparent, secure and decentralized Web3 ecosystem. Cosmic Wire has also been selected as a participant in Google Cloud’s Web3 Startup Program (NASDAQ:GOOGL).
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