NewsBriefs - Tron unveils gas-free stablecoin solution for Ethereum and Tron chains

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  • Cryptoslate

    Tron unveils gas-free stablecoin solution for Ethereum and Tron chains

    Justin Sun, founder of Tron, has announced plans to launch a gasless stablecoin transfer feature by the fourth quarter of 2024. This initiative, set to first roll out on the Tron network before expanding to Ethereum and other EVM-compatible networks, aims to eliminate gas fees charged on stablecoin transactions. By covering fees within the stablecoins themselves, Trali stands a testing point in defining peer-to-peer stablecoin operations. The feature targets enhancing the usability of stablecoins and fostering broader adoption across large companies. Tron's recent rise in stablecoin metrics positions it as a significant player against competitors like PayPal’s PYUSD and Circle's USDC.

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    • Cointelegraph

      German government sells final Bitcoin holdings

      Germany's government sold its last 3,093 Bitcoin on July 12, concluding weeks of selling pressure that kept Bitcoin below $60,000. The 50,000 Bitcoin dump over three weeks came from an asset seizure. US ETF investors bought the dip with $295 million in inflows. The $9 billion Mt. Gox reimbursement plan may continue to suppress Bitcoin prices.

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    • Cointelegraph

      XRP shows potential for 30% gain against Bitcoin as triple bottom forms

      XRP is poised for a comeback against Bitcoin, with a triple bottom pattern indicating a potential 30% rebound. The XRP/BTC pair is testing neckline support at 793 satoshis, with an RSI of 36 suggesting XRP is undervalued. Bitcoin's recent sell-off, driven by German government sales and Mt. Gox reimbursements, has benefited XRP. Bitcoin dominance has dropped, hinting at a rotation into altcoins. XRP's weekly RSI is rebounding from a two-year low, historically signaling significant rallies. The potential for an XRP ETF adds to its bullish outlook.

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    • Cointelegraph

      Bitcoin bounces off $56,500 support as institutional investors add 100k BTC

      Bitcoin rebounded from $56,500, showing demand at lower levels. Institutional investors bought 100,000 BTC in a week, viewing dips as buying opportunities. The German government's Bitcoin selling is mostly complete, but traders are watching potential selling by Mt. Gox creditors. Altcoins' recovery has slowed due to Bitcoin's weak performance, but bulls are holding positions. The crypto market remains cautious as selling pressure persists.

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    • Coindesk

      MakerDAO announces $1B tokenized treasury investment plan

      MakerDAO plans to invest $1B of its reserves in tokenized US Treasury products. BlackRock's BUIDL, Ondo Finance, and Superstate are set to apply for the open competition starting next month. This move signals a major shift in MakerDAO's reserve strategy and could boost the $1.85B tokenized real-world asset space by 55%. The investment will be funded by redirecting $500-$500M from existing vaults. This initiative follows ArbitrumDAO's recent $27M allocation to tokenized offerings.

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    • Cointelegraph

      EU continues support for blockchain-based sustainability solutions

      The EU has extended its partnership with ChromaWay to develop blockchain-based sustainability solutions. ChromaWay showcased advancements in decentralized apps for Digital Product Passports and IP rights. Their relational blockchain technology combines relational database flexibility with blockchain security. Chromia, a public layer-1 platform, will launch its mainnet on July 16. The EU's positive assessment aligns with its strategy to integrate blockchain solutions across sectors. Further evaluations and workshops are planned for 2024 and 2025.

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    • DeFi Llama News

      Dutch court rejects bail for Tornado Cash dev Alexey Pertsev

      A Dutch court denied bail for Tornado Cash developer Alexey Pertsev, convicted of money laundering $2.2 billion in crypto. Pertsev's lawyers argued he wasn't a flight risk and needed internet access for his appeal. The court rejected these claims, upholding his 64-month sentence. This case has sparked concerns in the open-source community about developer liability for user actions, especially regarding privacy tools. Fellow dev Roman Storm faces similar charges in the US.

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    • Crypto Briefing

      US CPI data for June lower than expected, boosting crypto and equity markets

      Bitcoin and the broader crypto market rallied after cooler-than-expected US CPI data for June. The unadjusted annual core CPI rate was 3.3%, below the 3.4% forecast. This sparked gains in Bitcoin, Ether, and major stock indices. Interest rate traders increased the likelihood of a September rate cut, potentially boosting liquidity and risk appetite for crypto and equities. The global crypto market cap rose to $2.29 trillion, up 1.6% in 24 hours.

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    • The Block

      Trump to speak at Bitcoin 2024 conference in Nashville

      Former US President Donald Trump will speak at Bitcoin 2024 in Nashville, showcasing his growing support for crypto. Trump has pledged to advocate for Bitcoin mining if re-elected and now accepts crypto donations. Other politicians, including Robert F. Kennedy Jr., will also speak at the event. Biden's campaign is engaging with the crypto industry, while prediction markets favor Trump for the upcoming election.

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    • Cointelegraph

      BitMEX pleads guilty to violating Bank Secrecy Act

      Crypto exchange BitMEX admitted guilt for violating the Bank Secrecy Act by operating without a proper Anti-Money Laundering program from 2015 to 2020. The US Department of Justice stated that BitMEX facilitated large-scale money laundering and sanctions evasion. The exchange faces potential fines and prison time for responsible parties. This case highlights the importance of crypto companies complying with US laws when operating in the US market.

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    • The Block

      Biden advisor and crypto leaders discuss industry future at DC roundtable

      Crypto leaders, lawmakers, and a Biden advisor met in DC to discuss the industry's future. Key topics included debanking, SEC actions, and crypto custody. Attendees called for White House support of legislation over litigation. The meeting was seen as productive, with the Biden administration showing engagement on crypto issues. Industry leaders emphasized the need for clear support from the administration as elections approach.

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    • DeFi Llama News

      Cambodian firm linked to ruling family runs $11B crypto scam operation

      A Cambodian online marketplace, Huione Guarantee, is implicated in an $11b crypto scam operation with ties to the prime minister's family. The platform has received over $11b since 2021, with strong indications of illicit activity. Merchants openly offer money laundering services and tools for "pig butchering" scams. Hun To, cousin of PM Hun Manet, is a director in a related company. This development highlights the industrial-scale proportions of crypto fraud in Southeast Asia, with Huione Guarantee acting as a clearing house for thousands of instant messaging app channels.

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    • Crypto Briefing

      Ethereum co-founder calls for automated defenses against 51% attacks

      Vitalik Buterin advocates for Ethereum to develop automated responses to potential 51% attacks and censorship threats. He emphasizes the need for validator nodes to run software capable of detecting and counter-censoring majority chain censorship. Buterin also suggests wider adoption of light clients, support for zk-EVM verification, and addressing quantum resistance concerns. These proposals aim to enhance Ethereum's resilience and improve its functionality for developers and users.

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    • Crypto Briefing

      Bitcoin fails to break $60,000 as German government eases selling pressure

      Bitcoin struggled to surpass $60,000 despite reduced selling pressure from the German government. The government moved 5,853 BTC to various platforms, lowering their reserves to 18,100 BTC. Bitcoin's price fluctuated between $57,500 and $58,000. The recent price drop is also attributed to Mt. Gox creditor repayments. Bitcoin is currently trading at $58,600, up 1% in 24 hours.

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    • Coindesk

      Pro-crypto City Minister appointed to oversee UK crypto regulation

      UK Prime Minister Keir Starmer has appointed Tulip Siddiq as the City Minister, responsible for overseeing financial services, including crypto. Siddiq, a proponent of regulating the crypto sector to mitigate risks and leverage its potential, aims to transform the UK economy by integrating properly regulated crypto assets. Her role will also support the Labour party's initiative to advance the Bank of England's digital-pound and make the UK a hub for tokenization.

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    • The Block

      Elliptic links Huione Guarantee to money laundering and other criminal activities

      Blockchain analytics firm Elliptic has alleged that Huione Guarantee, a Cambodia-based marketplace, is involved in money laundering and other illegal operations. According to their report, crypto wallets linked to Huione have received over $11 billion since 2021, with a significant portion suspected to derive from illicit activities. Prominently, USDT serves as a major payment method on the site, which lacks oversight of merchant activities, facilitating criminal enterprises. Elliptic has identified numerous crypto addresses associated with Huione, enabling exchanges to screen and limit further laundering.

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