💥Worldcoin cryptocurrency project suspended in Kenya
The new cryptocurrency and digital identity project, Worldcoin, is facing a rough start in Kenya, with the government halting all local activity associated with it. Kenya’s minister of internal security took to Facebook on Aug. 2 to announce that the country has suspended the activities of Worldcoin until relevant public agencies had certified the absence of risks to Kenyans. “Relevant security, financial services and data protection agencies have commenced inquiries and investigations to establish the authenticity and legality of the aforesaid activities,” Minister Kithure Kindiki said in a statement. 🔗 Read more

⚖️ Ripple CEO slams SEC over the use of XRP report in lawsuit
Ripple CEO Brad Garlinhouse on Aug. 2 expressed his disapproval of the United States Securities and Exchange Commission for utilizing Ripple’s quarterly XRP Markets Report, designed to enhance transparency in the cryptocurrency industry, as evidence against the company in the ongoing lawsuit. Garlinghouse stated that the company initiated the reports with the intention of voluntarily offering updates on its XRP holdings. However, the CEO said these reports were later “used against” the company in the SEC’s lawsuit. Garlinghouse reiterated the company’s commitment to transparency but hinted that future reports might undergo some changes. 🔗 Read more

⚖️ Coinbase revenue beat estimates, executives expect to win battle with SEC
Coinbase Global (COIN.O) beat second-quarter revenue expectations on Thursday on higher interest income while its executives said the crypto exchange expects to win its legal battle with the U.S. securities regulator. The company and its rival Binance were sued by the U.S. Securities and Exchange Commission in June. It alleged that Coinbase traded at least 13 crypto assets that are securities without registering them with the regulator. The SEC action marked a dramatic escalation of a crackdown on the crypto industry. 🔗 Read more

🐕 $0.00001 SHIB Price Proves Weighty As Shiba Inu Sprints Towards New Era With Shibarium
Shiba Inu lead developer Shytoshi Kusama has announced plans to mint the remaining BONE tokens and renounce the BONE contract before the Shibarium launch. The announcement, which was made in a Thursday blog, said, “With the incoming launch of Shibarium, our own Layer 2 blockchain, and much more, in the next few days you will notice that we will mint the remaining supply of BONE and renounce the bone contract so that no further minting will be possible.” Kusama further shed light on the significance of the decision, emphasising that it is necessary to kickstart the blockchain, as a substantial portion of BONE will be allocated to validators in the upcoming layer two protocol. Additionally, he noted that BONE would play a crucial role as the token delegators use to claim rewards, as the gas token for Shibarium, and for technology governance within the ecosystem. 🔗 Read more

📉 Ripple whales dump 100 million XRP as XRP price suffers the waning bullishness of SEC lawsuit win
XRP price made a historic rally after securing a partial win last month, but that bullishness now seems to be going away. The cryptocurrency has lost a significant chunk of the recent gains as whales shifted from HODLing to profit-taking. But the altcoin still has a shot to minimize the damage before it loses another key support level. XRP price is currently trading at $0.619, falling by almost 25% in the span of two weeks after marking 2023 highs of $0.85 in July. The year-to-date high was achieved following a 73% rally in the span of a week after Judge Torres granted Ripple a partial win in the SEC lawsuit. 🔗 Read more

📰 This Week In Crypto (CW31)

1. XRP price disappoints after court ruling, Deaton remains optimistic

2. Revolut to stop crypto services for U.S. customers

3. Kenya suspends Worldcoin cryptocurrency, data protection probe

4. Cryptocurrency regulation comes into force in Brazil

5. Cryptocurrencies fall to open August, bitcoin dips under $29,000

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CW30 (last week)

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🪙 PayPal Launches a Stablecoin in Latest Crypto Payments Push
PayPal Holdings Inc. is rolling out a stablecoin, the first by a large financial company and a potentially significant boost to the sluggish adoption of digital tokens for payments. PayPal USD (PYUSD) is issued by Paxos Trust Co. and fully backed by US dollar deposits, short-term Treasuries and similar cash equivalents, the San Jose, California-based payments company said on Monday. It’s pegged to the dollar and will be gradually available to PayPal’s customers in the US. 🔗 Read more

🚀 PayPal USD: Boon for Ethereum but not decentralization
PayPal’s new Ethereum-based stablecoin, PYUSD, has been seen as bittersweet news for the crypto community. While it could finally see Ethereum find its place in mainstream adoption, it could also spell trouble for decentralization and personal control of assets, warns the community. The new stablecoin, PayPal USD, was launched on Aug. 7 and is issued by Paxos Trust Co. — the firm behind Binance USD. It’s built on Ethereum and “designed for digital payments and Web3,” with the firm saying it will soon be available to United States customers. 🔗 Read more

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🚪 Coinbase's Base mainnet officially opens to the general publicCoinbase's Base mainnet has officially opened to the general public, featuring over 100 dapps and service providers as part of the Base ecosystem. Users can explore these dapps and benefit from lower transaction fees and faster transaction speeds compared to Ethereum, said Jesse Pollak, the lead for protocols at Coinbase. Since its testnet debut in February and the subsequent developer-only release in July, Base has integrated with a myriad of crypto projects, including DeFi protocols, wallets, bridges, oracles, and both analytics and infrastructure providers. 🔗 Read more

🏦 Ripple is working with Bank for International Settlements on payments taskforce

The Bank for International Settlements (BIS) announced Ripple (XRP) as an official member of its ‘cross-border payments interoperability and extension taskforce’, on August 9. This taskforce is part of the ‘BIS Committee on Payments and Market Infrastructures’, composed of 33 entities plus the Chair, Ulrich Bindseil, Director of General Market Infrastructure & Payments at the European Central Bank. “Engagement and partnership between the public and private sector is a key element of the G20 cross-border payments programme. Improvements to payment systems and arrangements underlying cross-border payments require global coordination, cooperation and the commitment of a wide range of public authorities and private sector stakeholders.” 🔗 Read more

🔙 Troubling signs for Bitcoin as U.S. investors pull back
The summer’s end is ushering in continued sideways price action for Bitcoin, as critical indicators point to a lackluster spot demand. The Coinbase premium index, a barometer of US investors’ buying pressure gauged by CryptoQuant, has taken a nosedive. This metric delineates the percent disparity between the Coinbase Pro price (USD pair) and the Binance price (USDT pair). A surge in premium values typically signals robust buying pressure. However, the recent plunge aligns with Bitcoin’s fall below the $29,000 mark, mirroring the previous low in the aftermath of the FTX collapse. This suggests that the sell-off pressure primarily stems from Coinbase, usually championed by US investors. 🔗 Read more

⚖️ FTX founder Bankman-Fried headed to jail after judge revokes bail
A US judge has revoked Sam Bankman-Fried’s bail after finding probable cause that the indicted founder of the bankrupt FTX cryptocurrency exchange tampered with witnesses at least twice. United States District Judge Lewis Kaplan announced the decision on Friday at a hearing over Bankman-Fried’s bail conditions in federal court in Manhattan, less than two months before the scheduled October fraud trial. 🔗 Read more

📰 This Week In Crypto (CW32)

1. Sam Bankman-Fried Sent to Jail After Judge Revokes Bail

2. Brazil’s Congress moves to levy higher taxes on cryptocurrencies

3. SEC to seek appeal and stay in Ripple Labs court case

4. PayPal launches PYUSD stablecoin for payment

5. Visa Trials Ethereum Gas Fee Payments Using Cards

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CW31 (last week)

🇺🇸 Donald Trump, Long Skeptical of Crypto, Holds Up to $500,000 In Ethereum
Donald Trump holds up to half a million in cryptocurrency, according to a recently released financial disclosure form submitted to a federal ethics agency. A filing submitted to the Office of Government Ethics included a listing of assets and other sources of income belonging to the former president. In one line on the second to last entry of the 82-page form, it lists a “cryptocurrency wallet (Ethereum)” with a value between $250,000 and $500,000. 🔗 Read more

🇪🇺 Another Important Threshold For Bitcoin Has Been Crossed! First Spot Bitcoin ETF Listed In Europe!
Europe has marked an important milestone in the field of cryptocurrency investments with the listing of the first spot Bitcoin exchange-traded fund (ETF) on the Euronext Amsterdam stock exchange. London-based Jacobi Asset Management has successfully launched the Jacobi FT Wilshere Bitcoin ETF nearly two years after its approval, opening new avenues for European investors to access the world of digital assets. The Jacobi FT Wilshere Bitcoin ETF, regulated by the Guernsey Financial Services Commission (GFSC), will trade under the symbol “BCOIN”. This landmark event represents a remarkable achievement for Europe's financial landscape as it demonstrates the continent's determination to embrace innovative investment opportunities in the burgeoning cryptocurrency sector. 🔗 Read more

⚖️ The future of crypto hinges on a fight between the SEC and a former burger flipper
Binance may not be a household name, but in the world of cryptocurrencies it has a massive presence. And now, the company founded by a former burger flipper turned billionaire is engaged in a massive legal battle against Wall Street's top cop — a fight whose outcome may well define the entire future of the crypto industry. This summer, the Securities and Exchange Commission filed more than a dozen charges against Binance, which operates the world's largest cryptocurrency exchange, and its founder and chief executive, Changpeng Zhao. 🔗 Read more

⚖️ BREAKING: SEC Set to Approve Ethereum Futures ETF!
According to Bloomberg’s report, which is based on people familiar with the matter, the SEC is unlikely to block the approval of products related to Ethereum futures contracts. It is not yet clear which funds will receive approval. The source said several funds could receive approval by October. About twenty companies, including Volatility Shares, Bitwise, Roundhill and ProShares, have applied to issue ETFs. 🔗 Read more