TL;DR Breakdown According to an investment note from Berenberg analyst Mark Palmer on July 31, a recent amendment to the 2024 National Defense Authorization Act (NDAA) may introduce stringent Know Your Customer (KYC) and Anti-Money Laundering (AML) measures that stablecoin issuers might struggle to meet. The proposed amendment calls for the U.S. Treasury Secretary to establish examination standards for crypto assets to ensure compliance with money laundering and sanctions laws. Description Circle’s USD Coin (USDC) and other stablecoins could face significant compliance challenges if a newly passed national defense bill in the U.S. becomes law. According to an investment note from Berenberg analyst Mark Palmer on July 31, a recent amendment to the 2024 National Defense Authorization Act (NDAA) may introduce stringent Know Your Customer (KYC) … Read more Circle’s USD Coin (USDC) and other stablecoins could face significant compliance challenges if a newly passed national defense bill in the U.S. becomes law. According to an investment note from Berenberg analyst Mark Palmer on July 31, a recent amendment to the 2024 National Defense Authorization Act (NDAA) may introduce stringent…

TL;DR Breakdown The IRS issued a ruling impacting cryptocurrency investors engaged in proof-of-stake networks, requiring them to include token rewards in taxable income. U.S. taxpayers must report the “fair market value” of validation rewards in the year they gain control over the tokens. The ruling applies to investors staking tokens through cryptocurrency exchanges, particularly if they receive additional units as rewards. Description The Internal Revenue Service (IRS) issued a crucial ruling on Monday, affecting cryptocurrency investors engaged in proof-of-stake networks. According to the judgment, investors who receive rewards for validating activities must include the value of those tokens as part of their taxable income in the year they gain ownership of them. This legal analysis specifies that … Read more The Internal Revenue Service (IRS) issued a crucial ruling on Monday, affecting cryptocurrency investors engaged in proof-of-stake networks. According to the judgment, investors who receive rewards for validating activities must include the value of those tokens as part of their taxable income in the year they gain ownership of them. This legal analysis specifies that U.S. taxpayers must incorporate the…

TL;DR Breakdown Crypto research firm Delphi Digital published a Twitter thread that shed light on loans taken by Curve Finance founder Michael Egorov. Recognizing the dangers posed by the accumulated debts and the potential for a CRV token dump, Michael Egorov has already taken steps to lower the debt and utilization rate.  Some members have drawn comparisons to other notable figures, like FTX founder Sam Bankman-Fried, who have used tokens as collateral, while others view it as a potential black eye for the DeFi industry.  Description Curve Finance, a prominent decentralized finance (DeFi) protocol, is grappling with the aftermath of a recent $47 million hack. However, another pressing issue has surfaced, raising concerns among holders of the protocol’s native token, Curve DAO (CRV). On August 1, crypto research firm Delphi Digital published a Twitter thread that shed light on loans taken … Read more Curve Finance, a prominent decentralized finance (DeFi) protocol, is grappling with the aftermath of a recent $47 million hack. However, another pressing issue has surfaced, raising concerns among holders of the protocol’s native token, Curve DAO…

TL;DR Breakdown BaFin investigates Bitcoin Bank Breaker for suspected illegal activities in the cryptocurrency exchange. BaFin warned German consumers to be cautious when dealing with the platform due to a lack of company information. Allegations of unlicensed financial services offered by Bitcoin Bank Breaker under BaFin scrutiny. Description Germany’s Federal Financial Supervisory Authority, BaFin, has initiated an investigation into cryptocurrency exchange Bitcoin Bank Breaker, citing various warning signs that raise suspicions of illegal activities. The regulator expresses concerns over the platform’s failure to provide essential company information on its website, such as a full company name, legal form, or place of business. Consequently, … Read more Germany’s Federal Financial Supervisory Authority, BaFin, has initiated an investigation into cryptocurrency exchange Bitcoin Bank Breaker, citing various warning signs that raise suspicions of illegal activities. The regulator expresses concerns over the platform’s failure to provide essential company information on its website, such as a full company name, legal form, or place of business. Consequently, BaFin has warned German consumers, urging caution while interacting with the platform. BaFin alleges that Bitcoin Bank Breaker’s developers…

TL;DR Breakdown RBA has chosen not to alter the cash rate, keeping it steady at 4.10% in August for the second consecutive month. Inflation in Australia has been declining, but it remains at a relatively high level of 6 percent. RBA is set to release updated economic forecasts on Friday, although the statement indicates that its outlook remains largely unchanged. Description The Reserve Bank of Australia(RBA) has chosen not to alter the cash rate, keeping it steady at 4.10% in August for the second consecutive month. Over the past year since May, interest rates have risen significantly by four percentage points to achieve a stable equilibrium between supply and demand within the economy.  Given the uncertainties … Read more The Reserve Bank of Australia(RBA) has chosen not to alter the cash rate, keeping it steady at 4.10% in August for the second consecutive month. Over the past year since May, interest rates have risen significantly by four percentage points to achieve a stable equilibrium between supply and demand within the economy.  Given the uncertainties surrounding the current economic outlook, Governor…

TL;DR Breakdown Sam Bankman-Fried’s (SBF) links to the BALD liquidity rug pull have been exposed. Crypto Twitter points out similarities between phrases used by the BALD Twitter account and SBF. FTX and Alameda allegedly deposited into the BALD developer’s wallet over two years. Certain crypto experts argue that it is improbable for SBF to be involved due to the stringent restrictions on internet usage as part of his bail conditions. Description On Monday, an unidentified developer drained all the liquidity from the BALD meme coin on the Ethereum layer-2 network Base. Certain observers in the blockchain community suggest that the wallets utilized by the responsible party seem to be linked to Sam Bankman-Fried(SBF), the previous CEO of FTX, who is currently under house arrest. SBF links … Read more On Monday, an unidentified developer drained all the liquidity from the BALD meme coin on the Ethereum layer-2 network Base. Certain observers in the blockchain community suggest that the wallets utilized by the responsible party seem to be linked to Sam Bankman-Fried(SBF), the previous CEO of FTX, who is currently under…

TL;DR Breakdown LeetSwap has halted trading operations due to potential security breaches, suspecting hackers infiltrated its liquidity pools. Due to the halt, on-chain security experts collaborate with LeetSwap to retrieve frozen funds. The hackers may have exploited an unprotected smart contract function, artificially inflating a token price and siphoning 342.5 ETH (over $630,000). Description Due to potential security breaches, the decentralized cryptocurrency exchange, LeetSwap, temporarily suspended its trading operations on August 1st. The suspension comes from suspicions that hackers infiltrated the exchange’s liquidity pools. To tackle the situation, LeetSwap revealed on Twitter that it is collaborating with on-chain security experts. This partnership aims to retrieve the funds currently frozen … Read more Due to potential security breaches, the decentralized cryptocurrency exchange, LeetSwap, temporarily suspended its trading operations on August 1st. The suspension comes from suspicions that hackers infiltrated the exchange’s liquidity pools. To tackle the situation, LeetSwap revealed on Twitter that it is collaborating with on-chain security experts. This partnership aims to retrieve the funds currently frozen due to the halt. As our DEX is forked from Solidly, our factory…

TL;DR Breakdown XRPScan unveils the XRPSCAN API platform, a developer portal for the XRPL, offering user-friendly REST APIs for real-time monitoring and analysis of XRP transactions on the ledger. The enhanced platform is set to attract developers from diverse domains, fostering a new wave of innovation on the XRPL and driving mainstream adoption Description The XRP Ledger (XRPL) takes a giant leap forward in mainstream adoption as XRPScan, a vital component of the protocol, launches its new and improved developer portal – the XRPSCAN API platform. Offering a more streamlined and user-friendly experience, this cutting-edge toolset provides developers with a series of REST APIs, opening up a world of … Read more The XRP Ledger (XRPL) takes a giant leap forward in mainstream adoption as XRPScan, a vital component of the protocol, launches its new and improved developer portal – the XRPSCAN API platform. Offering a more streamlined and user-friendly experience, this cutting-edge toolset provides developers with a series of REST APIs, opening up a world of possibilities for real-time monitoring and analysis of XRP transactions on the ledger. Contents…

TL;DR Breakdown Shiba Inu’s lead developer invites Elon Musk to the Shibarium launch at the Blockchain Futuristic Conference in Toronto. Shibarium, a Layer-2 scaling protocol, aims to improve Ethereum’s scalability and empower developers to build decentralized applications. Musk’s recent mention of Shiba Inu adds to the buzz, and the beta test, Puppynet, has already achieved significant milestones. Description Renowned billionaire investor and ardent Dogecoin supporter, Elon Musk, has been cryptically invited to attend the highly anticipated launch of Shibarium, Shiba Inu’s Layer-2 scaling protocol. The invitation was extended by none other than Shytoshi Kusama, the lead developer of Shiba Inu, via a subtle tweet. The event is scheduled to take place during the … Read more Renowned billionaire investor and ardent Dogecoin supporter, Elon Musk, has been cryptically invited to attend the highly anticipated launch of Shibarium, Shiba Inu’s Layer-2 scaling protocol. The invitation was extended by none other than Shytoshi Kusama, the lead developer of Shiba Inu, via a subtle tweet. The event is scheduled to take place during the Blockchain Futuristic Conference, set to be held between August…

TL;DR Breakdown Binance CEO CZ announces plans for new USD stablecoin and algorithmic stablecoin development, seeking to collaborate with numerous stablecoin projects for diversification. The exchange faces regulatory uncertainties and legal challenges, highlighted by the CFTC lawsuit, prompting Binance to prioritize transparency and regulatory compliance in its stablecoin initiatives. Description In a recent Ask-Me-Anything (AMA) session, Binance CEO Changpeng Zhao (CZ) announced the exchange’s intention to develop a new partner for an additional USD stablecoin alongside FDUSD. CZ also shed light on Binance‘s efforts to explore algorithmic stablecoins, expressing concerns over the lack of audit reports for widely used stablecoins like USDT. The conversation around … Read more In a recent Ask-Me-Anything (AMA) session, Binance CEO Changpeng Zhao (CZ) announced the exchange’s intention to develop a new partner for an additional USD stablecoin alongside FDUSD. CZ also shed light on Binance‘s efforts to explore algorithmic stablecoins, expressing concerns over the lack of audit reports for widely used stablecoins like USDT. The conversation around stablecoins drew significant attention during the AMA, with CZ highlighting the industry’s various issues and regulatory challenges,…