NewsBriefs - Putin warns of crypto mining power shortages and urges CBDC expansion

Editor-curated news, summarized by AI

  • Cryptoslate

    Putin warns of crypto mining power shortages and urges CBDC expansion

    Russian President Putin cautioned about potential power shortages due to crypto mining, particularly in regions like Irkutsk, Buryatia, and Trans-Baikal Territory. He revealed that crypto mining consumes 1.5% of Russia's total electricity. Putin called for federal mining legislation and wider implementation of the digital rouble CBDC. The CBDC pilot has seen 27,000 transfers and 7,000 payments, with potential domestic use starting in 2025. Lawmakers are set to discuss draft legislation on crypto mining regulations.

  • Latest


    • The Block

      Treasury Department and IRS repeal controversial crypto broker rule

      The US Treasury Department and IRS have repealed a rule requiring decentralized exchanges and other crypto protocols to report customer transaction information for tax purposes. This move ends a protracted controversy over the rule, which was deemed unenforceable by crypto advocates due to privacy and feasibility concerns, and threatened the growth of the DeFi sector and broader crypto industry in the US.

      Expand
    • Ethereum Foundation

      Ethereum Foundation expands EcoDev to accelerate ecosystem growth

      Ethereum Foundation is expanding its Ecosystem Development (EcoDev) initiatives to better support and accelerate the growth of the Ethereum ecosystem. The new EcoDev structure focuses on areas such as enterprise relations, developer growth, app relations & research, and founder success. Furthermore, the expansion includes enhancing ecosystem support through strategic funding initiatives, grant support, and operational assistance via the Launchpad team.

      Expand
    • Hyperliquid

      Hyperliquid lists PUMP-USD hyperps with up to 3x leverage

      Hyperliquid has launched PUMP-USD hyperps, offering users the ability to long or short the upcoming PUMP token with up to 3x leverage. Hyperps, which operate like perpetual contracts, do not require external oracles for price determination, relying instead on a funding rate connected to the mark price's moving average. This structure aims to provide more stable prices and reduce manipulation risks, especially critical in pre-launch futures trading environments. Traders should be cautious of potential risks, including low liquidity and high volatility.

      Expand
    • The Block

      YZi Labs collaborates with 10X Capital to launch BNB treasury company aiming for US IPO

      YZi Labs, linked to former Binance CEO Changpeng 'CZ' Zhao, is supporting 10X Capital to launch a BNB treasury company targeting a public listing on a major US stock exchange. The company aims to provide US investors access to BNB, the 4th largest crypto token by market cap, focusing on the BNB Chain ecosystem. Details about the specific exchange listing and fundraising goals were not disclosed.

      Expand
    • CoinDesk

      Circle forms USDC revenue sharing deal with crypto exchange Bybit

      Circle has established a revenue sharing agreement with Bybit, providing terms similar to existing deals meant to boost USDC adoption on the exchange platform. This strategy mirrors arrangements with other exchanges like Coinbase and Binance, where Circle allocates a portion of the interest from its reserves and other financial incentives to facilitate the deployment and usage of the USDC stablecoin. This move comes as Circle seeks to expand its footprint in the competitive stablecoin market, where USDC's circulation is significant but trails behind leader Tether.

      Expand
    • Bitcoin Sistemi

      Peanut the Squirrel meme coin PNUT jumps following Elon Musk's statement

      Following a social media post by Elon Musk about a squirrel named Peanut on platform X, the price of the cryptocurrency memecoin PNUT experienced a significant increase. Musk's reference to Peanut in the context of US governance criticism reiterated his notable impact on crypto markets through his statements.

      Expand
    • The Block

      Murano Global Investments pursues Bitcoin treasury strategy with $500 million equity deal

      Murano Global Investments, a Nasdaq-listed company focusing on Mexican hotels and resorts, has announced a bitcoin treasury strategy to enhance capital efficiency and liquidity using operating cash flows, real estate assets, and capital market access. The company has entered a Standby Equity Purchase Agreement with Yorkville to secure up to $500 million, mainly for bitcoin acquisition, reinforcing the balance sheet against inflation and systemic risks. Murano has also joined the Bitcoin for Corporations alliance to support corporate bitcoin adoption and is exploring additional initiatives like accepting bitcoin payments and bitcoin reward programs.

      Expand
    • The Block

      Pump.fun sets July 12 date for PUMP token sale

      Pump.fun, a Solana-based platform for creating meme coins, is set to list its new PUMP token on Gate exchange with a sale beginning on July 12. The sale, scheduled to last 72 hours, will offer 150 billion tokens at $0.04 each in USDT with 15% of the total 1 trillion token supply available. Pump.fun, experiencing significant trading activity on Solana, has until now generated approximately $700 million in cumulative revenue since its inception. The upcoming token sale could potentially implement a revenue-sharing feature for token holders.

      Expand
    • The Block

      Paradigm leads $11.5 million funding round for Kuru Labs to develop decentralized exchange

      Paradigm has led a Series A funding of $11.5 million for Kuru Labs, which is constructing a decentralized exchange using a hybrid model combining automated market maker (AMM) and central limit order book (CLOB) functionalities on the Monad Layer 1, Ethereum-compatible platform. This architecture merges traditional and crypto exchange features, offering liquidity and enabling placement of limit orders.

      Expand
    • The Block

      CoreWeave to acquire Core Scientific in $9 billion deal strengthening US data-center capabilities

      CoreWeave has agreed to acquire bitcoin miner Core Scientific in a $9 billion all-stock transaction, providing CoreWeave over a gigawatt of US data-center power for scaling artificial intelligence operations. Core Scientific shareholders will receive 0.1235 CoreWeave Class A shares per Core Scientific share, valuing each share at about $20.40. The deal, expected to close in Q4 2025, comes after Core Scientific filed for Chapter 11 bankruptcy in 2022 and will result in Core Scientific shareholders owning less than 10% of the new entity.

      Expand
    • Decrypt

      SEC pauses Grayscale ETF trading approval, citing regulatory concerns

      Grayscale expressed surprise at the SEC's decision to pause the approval of its Digital Large Cap Fund ETF, which includes cryptocurrencies like Bitcoin, Ethereum, Solana, XRP, and Cardano. This action reflects an evolving regulatory environment. Despite the setback, Grayscale remains committed to launching its product as an exchange-traded fund and is actively working with stakeholders to fulfill all regulatory prerequisites.

      Expand
    • Bitcoin Sistemi

      KBC to offer Bitcoin and Ethereum purchasing options this fall

      KBC, a leading Belgian financial institution, is set to offer Bitcoin (BTC) and Ethereum (ETH) purchasing options through its Bolero investment platform beginning this fall. This makes KBC the first major bank in Belgium to integrate direct crypto transactions. The bank is currently undergoing regulatory processes to become an official crypto asset service provider. Initiatives for user education and secure transaction platforms are highlighted as part of their forthcoming services.

      Expand
    • The Block

      BlackRock's Bitcoin ETF surpasses its S&P 500 fund in revenue

      BlackRock's iShares Bitcoin ETF (IBIT) generates more revenue than its $624 billion iShares Core S&P 500 ETF (IVV), primarily due to a higher expense ratio. Despite being significantly smaller in size with $70 billion in assets, IBIT earns slightly more through its 0.25% expense ratio compared to the 0.03% charged by the S&P 500 ETF. The increase in IBIT's assets under management reflects growing investor interest in Bitcoin and supports the trend of higher fees for niche crypto exposures.

      Expand
    • The Block

      Standard Chartered projects bitcoin to hit $200K by year-end, driven by ETFs and corporate demand

      Standard Chartered predicts significant gains for Bitcoin, foreseeing a potential rise to $200,000 by the end of 2025, propelled by increased ETF inflows, corporate treasury investments, and favorable policy conditions. The bank's outlook, influenced by current and projected ETF purchases and strategic corporate buying, could outpace previous buying records set by firms like Strategy and boost Bitcoin's price to unprecedented levels.

      Expand
    • Bloomberg

      Binance maintains Singapore-based staff amid new crypto regulations

      Despite stringent regulations by the Monetary Authority of Singapore requiring unlicensed crypto operators to cease activities by June 30, Binance plans to keep its hundreds of remote workers in Singapore. The new regulations are said to have minimal impact on Binance's operations in the region as these employees mainly engage in non-client-facing roles such as compliance and technology. Binance has emphasized a remote-first working strategy and does not solicit customers in Singapore, aligning with the local regulatory frameworks.

      Expand
    Loading...