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• Aug 9, 3:35 PM DeFi Llama News

  SEC subpoenas three crypto VCs, signaling how an industry crackdown is gaining momentum

  The SEC has subpoenaed at least three crypto venture capital firms this year, signaling an expansion of its crypto industry crackdown. The investigation focuses on potential violations of federal securities laws, with subpoenas requesting contracts for all token deals. This move suggests the SEC is scrutinizing the initial funding sources for crypto startups. The agency may be examining whether crypto VCs are acting as statutory underwriters or marketers of tokens, potentially distributing unregistered securities to the public market. This development follows recent SEC actions against major crypto entities like Binance, Coinbase, and Uniswap.

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• Aug 9, 3:02 PM Protos

  Do kwon extradition controversy divides montenegro's government

  Former Luna founder Do Kwon's extradition case is causing political turmoil in Montenegro. The ex-justice minister accused the prime minister of trying to prevent Do's extradition to the US, citing potential business ties. The PM's office denied these claims, calling them fabricated affairs. This controversy threatens Montenegro's EU membership prospects and raises concerns about corruption at high levels of government. The situation continues to escalate, putting pressure on PM Spajić's political career.

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• Aug 9, 12:41 PM DeFi Llama News

  Trump and Biden memecoins fade as cute animal tokens surge

  Memecoins based on US election candidates have plummeted, with attention shifting to animal-themed tokens. A Shiba Inu named Neiro inspired multiple tokens, with one reaching a $300 million market value. Political memecoins like MAGA, Boden, and KAMA have significantly declined. Donald Trump Jr. warned of fake tokens claiming association with a rumored Trump family crypto project. The trend highlights the volatile nature of memecoins and the crypto market's quick shifts in focus.

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• Aug 9, 6:50 AM Bloomberg

  Tether plans to double staff by mid-2025, focusing on compliance and finance

  Tether, issuer of the $115 billion USDT stablecoin, aims to double its workforce to 200 by mid-2025. The expansion focuses on compliance and finance departments. CEO Paolo Ardoino emphasizes lean operations and selective hiring of senior staff. Tether's growth comes amid scrutiny over illicit USDT use. The company has partnered with Chainalysis for transaction monitoring and has invested $2 billion in crypto startups over the past two years.

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• Aug 9, 4:29 AM Cointelegraph

  Donald Trump Jr. plans to launch crypto platform to challenge banks

  Donald Trump Jr announced plans for a decentralized finance crypto platform aimed at addressing banking access inequality. The platform, still in early stages, isn't a memecoin but aims to challenge traditional banking systems. Trump Jr emphasized the appeal of DeFi for those who've been debanked. He warned against fake tokens claiming association with Trump projects, stating official announcements will come directly from them. The news follows recent crypto-related tweets from both Donald Jr and Eric Trump, sparking speculation in the crypto community.

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• Aug 8, 5:13 AM Coindesk

  Trump and Harris tied on Polymarket polls, MAGA and Tremp meme coins drop 40%

  Trump's odds for winning the 2024 election dropped 13 percentage points in the last month on Polymarket, now tied with Harris. This aligns with recent polling showing a statistical tie. Trump-themed crypto tokens have declined more sharply, with MAGA down 38% and Tremp down 40%. The shift follows Biden's withdrawal and Harris' entry as the Democratic candidate.

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• Aug 8, 3:55 AM Bloomberg

  Robinhood CEO responds to SEC on crypto scrutiny

  Robinhood submitted a response to the SEC's Wells notice regarding its crypto business, said CEO Vlad Tenev in a recent interview with Bloomberg with no additional updates. The firm has diversified its offerings beyond trading, expanding into retirement products and credit cards. Robinhood's technology performed well during recent market volatility, with customers primarily buying during the dip. The company reported strong Q2 earnings, beating analyst expectations with $682 million in net revenue.

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• Aug 7, 12:29 PM Protos

  Craig Wright misses deadline to appeal UK ruling in Bitcoin case

  Craig Wright failed to file an appeal against a UK court verdict by the August 5 deadline. The UK's Judicial Office confirmed no appeal was submitted, contradicting claims made on Wright's social media accounts. This marks Wright's third unsuccessful appeal attempt in crypto-related cases. The courts also referred Wright to the Crown Prosecution Service for potential perjury and are uncertain of his current location. Wright's legal obligations and injunctions from the July 16 ruling remain in effect.

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• Aug 7, 10:21 AM Cryptoslate

  Bitcoin outperforms ethereum as historical data suggests widening gap in second half

  Bitcoin maintains its position as a top-performing asset with a 63% CAGR and 30% growth in 2024. Ethereum lags behind, rising only 8% year-to-date. The ETH/BTC ratio has dropped 17% this year to 0.043. Historical data indicates Bitcoin's performance typically improves in H2, while Ethereum's declines, suggesting the gap between the two cryptos may widen further. Solana has surged 40% YTD, outpacing both Bitcoin and Ethereum in 2024.

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• Aug 6, 2:15 PM DeFi Llama News

  Arthur Hayes predicts Bitcoin price surge amid global monetary shifts

  Arthur Hayes, crypto industry veteran, expects Bitcoin to reach up to $1 million in the current cycle due to global monetary changes and debt rollover needs. He views the crypto industry as maintaining its innovative spirit despite increasing involvement from traditional finance giants. Hayes downplays the importance of US election outcomes and SEC leadership on crypto's trajectory, emphasizing that monetary policies will continue to drive crypto prices upward regardless of who's in power. He remains skeptical about the likelihood of a US Bitcoin reserve but supports the concept theoretically.

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• Aug 6, 1:15 PM The Block

  Kamala Harris selects Minnesota Gov Tim Walz as running mate

  VP Kamala Harris chose Minnesota Governor Tim Walz as her running mate, potentially boosting her Midwest appeal. Walz, who hasn't openly discussed crypto, oversaw legislation regulating crypto kiosks in Minnesota. Harris' team has been reaching out to the crypto industry, and her campaign recently added David Plouffe, who has ties to Binance and Alchemy Pay. The GOP has expressed support for crypto firms in its 2024 platform.

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• Aug 6, 12:44 PM Crypto Briefing

  Bitcoin rebounds to $55,000 as ETF investors hold strong

  Bitcoin surged 8.5% to $55,000 after a sharp correction. Spot BTC ETFs showed resilience with zero outflows from BlackRock's IBIT on August 5. Major altcoins like Solana saw even larger gains. The $49,000 support held, but Bitcoin could retest this level if macroeconomic conditions worsen. A potential upside target is between $59,400 and $62,550 due to a CME gap. ETF trading volume exceeded $5 billion, the highest since mid-April, with minimal outflows, surprising analysts who expected larger withdrawals.

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• Aug 6, 4:42 AM The Block

  SEC asks court to deny Coinbase subpoena for crypto asset documents

  The SEC urged a New York court to reject Coinbase's subpoena request for documents related to crypto assets. The agency claims Coinbase's demands are overly broad and irrelevant. Coinbase, facing a lawsuit for operating as an unregistered securities exchange, argues that most cryptos are digital commodities, not securities. The dispute highlights ongoing regulatory challenges in the crypto industry.

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• Aug 5, 6:07 PM The Block

  Polymarket users bet $1.4 million on federal interest rate cut by September 2024

  Polymarket's decentralized prediction platform saw a $1.44 million bet on the Federal Reserve cutting interest rates by September 2024. Users estimate a 58% chance of a 50+ basis point cut and a 40% chance of a 25 basis point cut. This prediction aligns with regulated futures markets, which show an 83.5% probability of a 50 basis point cut. Polymarket's trading volume hit an all-time high of $387.01 million in July, with US political events driving cumulative volume above $1 billion in August.

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• Aug 5, 3:00 PM Cryptoslate

  Aave protocol generates $6 million revenue overnight amid market volatility

  DeFi platform Aave earned $6 million in revenue during recent market turbulence. The protocol saw $233 million in liquidations, its highest single-day figure. Aave's founder emphasized the platform's resilience, securing $21 billion worth of value across 14 active markets. The platform remains the largest crypto-lending protocol with $9.8 billion in total value locked. This performance reflects DeFi's strength, with key protocols functioning smoothly despite market volatility.

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