NewsBriefs - Coinbase, Ripple, and a16z to attend national conventions for pro-crypto policy

Jul 15, 11:30 PM Cryptoslate

Coinbase, Ripple, and a16z to attend national conventions for pro-crypto policy

Coinbase, Ripple, and a16z plan to attend the RNC and DNC to advocate for crypto-friendly policies. The GOP has added crypto issues to its 2024 platform, opposing CBDCs and supporting mining and self-custody rights. Democrats' draft platform doesn't mention crypto. These firms are part of the Fairshake super PAC, which has spent $70.9 million in the 2024 election cycle to support pro-crypto candidates across party lines. The move highlights crypto's growing importance in US politics.

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• Aug 22, 2:30 PM Protos

  Binance founder CZ moves to halfway house but remains in custody

  Former Binance CEO Changpeng Zhao (CZ) has been transferred from FCI Lompoc II prison to RRM Long Beach halfway house in California. Despite social media claims, CZ is not free yet and still has 38 days left on his sentence, with a release date of September 29. The move to a halfway house is part of the standard process for inmates nearing release. Additionally, CZ faces a new lawsuit from crypto traders alleging lax AML and KYC practices at Binance led to their fund losses.

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• Aug 22, 1:34 PM Coindesk

  Fed chair Powell expected to signal September rate cut at Jackson Hole

  Fed Chair Jerome Powell is anticipated to indicate a 25 basis point rate cut for September at the Jackson Hole Economic Symposium. Markets have already priced in this move, with the FOMC minutes suggesting broad support. Powell is likely to advocate for a cautious approach to further cuts. While traditional markets rally, Bitcoin remains below its all-time high despite positive catalysts like growing institutional interest and potential crypto-friendly political developments.

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• Aug 22, 9:38 AM Cryptoslate

  FTX reorganization plan gains strong creditor support as former exec files lawsuit

  FTX's reorganization plan has received over 95% creditor support, representing 99% of claims by value. The plan aims to return 100% of bankruptcy claim amounts plus interest for non-governmental creditors. Critics argue the plan disadvantages creditors by using November 2022 asset values. Former FTX exec Ryan Salame filed a lawsuit against the US government, alleging breach of his plea deal. Salame is set to serve a 7.5-year prison sentence starting October 13.

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• Aug 21, 4:17 PM DeFi Llama News

  Wrapped Bitcoin ownership change sparks competition for $9bn market share

  BitGo's plan to transfer control of Wrapped Bitcoin (WBTC) has sparked concern among DeFi protocols, leading to potential market shifts. Competitors are eyeing the $9bn WBTC market, seeing an opportunity to bring Bitcoin into DeFi. Decentralized alternatives are emerging, promising more secure and ideologically aligned solutions. Adoption strategies include protocol integration and innovative staking solutions. The shift could potentially inject a significant portion of Bitcoin's $1.2 trillion market value into DeFi, despite past setbacks and uncertainties about demand for Bitcoin on Ethereum.

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• Aug 21, 11:44 AM Coindesk

  German regulator BaFin seizes 13 crypto ATMs over licensing issues

  German regulator BaFin seized 13 crypto ATMs operating without required permissions, citing money laundering risks. The raid covered 35 locations, resulting in the confiscation of nearly 250,000 euros. BaFin requires licensing for crypto ATM operators, with illegal operations facing potential prosecution and up to five years imprisonment. This action aligns with Germany's enforcement of the EU's Markets in Crypto Assets legislation framework.

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• Aug 20, 2:00 PM The Block

  Galxe launches alpha mainnet of Gravity Layer 1 blockchain

  Galxe launched the alpha mainnet of its Layer 1 blockchain Gravity, integrating its Web3 products for over 25 million users. Gravity, an EVM-compatible proof-of-stake chain built on Arbitrum Nitro, aims to solve Web3 fragmentation. It supports G token staking and chain-agnostic gas payments. The full mainnet launch is planned for Q2 2025. Galxe previously raised $10 million from Multicoin Capital and Dragonfly Capital in 2022.

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• Aug 20, 1:05 PM Cointelegraph

  Base reaches 4 million active addresses during onchain summer campaign

  Base, Coinbase's layer-2 solution, hit a record 4 million active addresses last week amid its "Onchain Summer" campaign. The initiative, offering $2 million in ETH rewards, aims to boost network adoption and development. Base previously saw success with its 2023 campaign, driving significant NFT minting and daily wallet activity. The network also partnered with Atari to bring classic games onchain, though some developers question the true blockchain integration of these games.

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• Aug 20, 12:34 PM Cryptoslate

  VanEck asserts Solana ETF application still active despite form removal

  VanEck's head of digital assets research confirms their Solana spot ETF application remains active, despite the removal of 19b-4 forms from Cboe's website. VanEck maintains SOL should be classified as a commodity like Bitcoin and Ethereum. The firm highlights Solana's decentralization progress, citing decreased concentration of token holdings and a high Nakamoto Coefficient. VanEck believes evolving legal perspectives support SOL's commodity status in secondary markets.

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• Aug 19, 10:50 PM The Block

  SEC discusses Solana security concerns with ETF issuers before Cboe removes filings

  The SEC discussed concerns about Solana's potential security status with ETF issuers before Cboe BZX removed 19b-4 filings. This led to an agreement not to file forms to the Federal Register, avoiding pressure on the SEC for decisions. VanEck's S-1 for a Solana ETF remains on EDGAR, while 21Shares' filing is less visible. Issuers may file new or amended 19b-4s to argue Solana isn't a security. Experts doubt Solana ETF approval under the current administration, with potential for reconsideration in 2025.

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• Aug 19, 3:58 PM Protos

  Montenegro justice minister investigates predecessor's non-extradition decisions

  Montenegro's Justice Minister Božović is probing non-extradition rulings by his predecessor Milović, including the case of Do Kwon. Milović opposes Kwon's extradition to South Korea, citing US investigations. The probe mainly focuses on the refusal to extradite alleged Kurdish crime boss Camgoz to Turkey. This situation highlights the political turmoil in Montenegro and the complexities surrounding extraditions. Kwon's lawyer, who predicted a grim year-long wait for extradition, now seeks $500,000 from the Luna estate for representation.

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• Aug 19, 1:15 PM Blockworks

  Trump rakes in millions from memecoin taxes and NFT royalties

  Trump's crypto wallets are generating substantial passive income through NFT royalties and memecoin taxes. His Polygon wallet received 782.32 ETH ($2 million) from NFT secondary sales, while unofficial memecoins on Ethereum paid 137.3 ETH ($354,000) in taxes to Trump's wallet over the past four months. Trump's financial disclosure reveals $1-5 million in ether holdings and $7.2 million in NFT licensing fees. The crypto market is down 3%, with Bitcoin trading around $58,000 and Ethereum at $2,500.

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• Aug 16, 9:28 AM Bitcoin Magazine

  Korea's national pension scoops up $34 million in MicroStrategy shares

  South Korea's National Pension Service purchased $34 million worth of MicroStrategy shares, indirectly investing in Bitcoin. The NPS bought 24,500 shares at an average price of $1,377 in Q2, now equivalent to 245,000 shares post-split. MicroStrategy, holding over 226,500 BTC worth $13.2 billion, is the largest public company Bitcoin holder. This move aligns with other pension and sovereign wealth funds gaining Bitcoin exposure through MicroStrategy, signaling growing institutional acceptance of crypto as a treasury asset.

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• Aug 15, 2:28 PM The Block

  Aave token price surges as weekly borrowers hit record high

  Aave's token price jumped 9% to $110.09 as weekly active borrowers reached an all-time high of 40,000. The token's futures funding rate turned positive, indicating increased trader optimism. Aave's usage spike led to $431.51 million in liquidations this month, compared to $73 million in July. The wider DeFi lending market also saw a surge in liquidations, reaching a multi-year high in August.

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• Aug 15, 1:54 PM Coindesk

  Bitso partners with Coincover for enhanced crypto security measures

  Latin American crypto exchange Bitso has integrated Coincover's security services. The partnership includes non-custodial disaster recovery and real-time transaction monitoring. This move addresses the high preference for centralized exchanges in Latin America, which has made them targets for hacks and scams. Bitso operates in multiple countries and claims 8 million customers. The collaboration aims to bolster protection against crypto asset theft and loss, amid rising security concerns in the industry.

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• Aug 14, 10:28 PM Coindesk

  Trump Organization to launch crypto real estate initiative says Eric Trump

  The Trump Organization plans to unveil a new crypto initiative, according to Eric Trump. The project may involve digital real estate, allowing lending and borrowing. Eric Trump expressed enthusiasm for crypto and DeFi, citing financial independence from traditional banks. He hinted at a "big announcement" coming soon but provided no specific details. The initiative aims to address financial discrimination and provide equitable access to collateral.

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