TL;DR Breakdown Federal Reserve Chair Jay Powell attributes reduced inflation to factors beyond the Fed’s control and rate hikes that have curbed credit demand. Despite the rise in federal funds rate, credit growth in the U.S. still exists, primarily due to credit cards. Description There’s a subtle cunning to the Federal Reserve’s latest endeavors in tackling inflation. Chair Jay Powell, when questioned about the downturn in inflation, offered a comprehensive defense. He noted the subsiding impacts of the pandemic and the Ukraine conflict, falling food and energy prices, and a consumer shift back to services over goods. All these … Read more There’s a subtle cunning to the Federal Reserve’s latest endeavors in tackling inflation. Chair Jay Powell, when questioned about the downturn in inflation, offered a comprehensive defense. He noted the subsiding impacts of the pandemic and the Ukraine conflict, falling food and energy prices, and a consumer shift back to services over goods. All these factors were beyond the Federal Reserve’s influence. However, Powell also alluded to their efforts in managing credit demand through rate hikes. Credit demand…

TL;DR Breakdown Alameda has announced its intention to file an amended complaint against Grayscale, with the goal of adding additional plaintiffs who own at least 10% of the outstanding shares of the GBTC Trust. Recently, David Bailey, the CEO of Bitcoin Magazine, encouraged GBTC shareholders to join the lawsuit by registering on RedeemGBTC.com. Description The bankrupt cryptocurrency investment firm, Alameda Research, is seeking support from claimants who hold 10% of Grayscale’s Bitcoin Trust (GBTC) shares in its ongoing lawsuit against Grayscale and its parent company, Digital Currency Group (DCG). Alameda has announced its intention to file an amended complaint against Grayscale, with the goal of adding additional plaintiffs who … Read more The bankrupt cryptocurrency investment firm, Alameda Research, is seeking support from claimants who hold 10% of Grayscale’s Bitcoin Trust (GBTC) shares in its ongoing lawsuit against Grayscale and its parent company, Digital Currency Group (DCG). Alameda has announced its intention to file an amended complaint against Grayscale, with the goal of adding additional plaintiffs who own at least 10% of the outstanding shares of the GBTC Trust. The…

TL;DR Breakdown Hester Pierce, the commissioner of the United States Securities and Exchange Commission (SEC), recently voiced her concerns about a statement made by the SEC’s chief accountant, Paul Munter.  Pierce expressed skepticism about discouraging good-faith efforts to provide more transparency, questioning the reasoning behind accounting firms being cautious about providing assurance work to crypto firms. The SEC, as the primary regulatory authority, aims to strike a balance between encouraging transparency and accountability while also addressing potential risks and misleading practices. Description Hester Pierce, the commissioner of the United States Securities and Exchange Commission (SEC), recently voiced her concerns about a statement made by the SEC’s chief accountant, Paul Munter. The statement advised accounting firms to exercise caution when taking on non-audit work for crypto firms. In a tweet on July 28, Pierce challenged the notion of … Read more Hester Pierce, the commissioner of the United States Securities and Exchange Commission (SEC), recently voiced her concerns about a statement made by the SEC’s chief accountant, Paul Munter. The statement advised accounting firms to exercise caution when taking on non-audit…

TL;DR Breakdown Representative Ritchie Torres criticizes SEC’s crypto regulation as a “war on the whole industry.” Torres proposes FIT Act to reform the crypto market structure and define SEC’s jurisdiction. Crypto assets may shift to CFTC oversight upon demonstrating decentralization. Description Representative Ritchie Torres (D-CA) has taken a stand against the U.S. Securities and Exchange Commission (SEC) in what he calls a “war on the whole industry” in the cryptocurrency space. On July 28, Torres publicly criticized the regulatory agency’s approach under Chair Gary Gensler, accusing the SEC of “regulation by enforcement” and imposing arbitrary actions … Read more Representative Ritchie Torres (D-CA) has taken a stand against the U.S. Securities and Exchange Commission (SEC) in what he calls a “war on the whole industry” in the cryptocurrency space. On July 28, Torres publicly criticized the regulatory agency’s approach under Chair Gary Gensler, accusing the SEC of “regulation by enforcement” and imposing arbitrary actions on crypto innovators. In response to these concerns, Torres has put forth the Financial Innovation and Technology (FIT) for the 21st Century Act. This proposed legislation…

TL;DR Breakdown US lawmakers Bilirakis and Schakowsky have written to Apple to clarify App Store’s crypto-related app policy. The legislators wrote to CEO Tim Cook to voice their displeasure over the limitations placed on emerging technologies like blockchains and NFTs. The crypto industry is in support of the legislators calling out Big Tech. Description Apple faces a bipartisan investigation into the App Store’s regulations and procedures addressing applications connected to NFTs and the larger crypto industry. Gus Bilirakis, a Republican, and Jan Schakowsky, a Democrat, have written a letter to CEO Tim Cook requesting details on the restricted crypto policy of the App Store. Apple’s policies may be undermining … Read more Apple faces a bipartisan investigation into the App Store’s regulations and procedures addressing applications connected to NFTs and the larger crypto industry. Gus Bilirakis, a Republican, and Jan Schakowsky, a Democrat, have written a letter to CEO Tim Cook requesting details on the restricted crypto policy of the App Store. Apple’s policies may be undermining US technological leadership The two representatives who are also the chairman and ranking…

TL;DR Breakdown Worldcoin, a blockchain-based protocol, has successfully passed two separate security audits conducted by Nethermind and Least Authority. The audits began in April 2023 and covered various aspects of the Worldcoin protocol, including its cryptographic constructs, smart contracts, and resistance to potential attacks. Description Worldcoin, a blockchain-based protocol, has recently undergone two separate security audits conducted by renowned audit firms Nethermind and Least Authority. The audits began in April 2023 and focused on various aspects of the Worldcoin protocol, including its cryptographic constructs, smart contracts, and resistance to potential attacks. The results of these audits have now been made … Read more Worldcoin, a blockchain-based protocol, has recently undergone two separate security audits conducted by renowned audit firms Nethermind and Least Authority. The audits began in April 2023 and focused on various aspects of the Worldcoin protocol, including its cryptographic constructs, smart contracts, and resistance to potential attacks. The results of these audits have now been made public, demonstrating Worldcoin’s commitment to transparency and security. Worldcoin’s protocol, which includes both off-chain and on-chain components, is based on Semaphore from…

TL;DR Breakdown The launch of the memecoin Pond0x has led to significant financial losses for investors, with the token’s price collapsing from $0.36 to near zero within five minutes of launch. Confusion arose as the web app allowed users to mint new PNDX tokens in exchange for Ether (ETH), while some users expected the fundraiser to be done on Uniswap. Investors reportedly lost over $2.2 million in the launch, with some users claiming to have lost thousands or even millions of dollars. A user reported that PNDX has a faulty transfer function that allows users to transfer coins from any other user. Description The launch of the memecoin Pond0x has led to a significant financial loss for investors, with losses amounting to millions of dollars, according to multiple reports on social media on July 28. Data from the Maestro trading app shows that the Pond0x (PNDX) token reached a price of $0.36 before collapsing to near zero within … Read more The launch of the memecoin Pond0x has led to a significant financial loss for investors, with losses amounting to…

TL;DR Breakdown Andre Cronje, a controversial figure in the crypto space, has clarified that he never really left the Fantom Foundation, contrary to previous public statements. Cronje stated that his public distancing from Fantom was due to concerns about negative press impacting the project. Fantom Foundation CEO Michael Kong convinced Cronje to publicly associate himself with Fantom again. Description In a recent revelation, controversial crypto entrepreneur Andre Cronje clarified his association with the Fantom project, stating that he never really left the foundation. This comes after a period of speculation and uncertainty surrounding his role at Fantom, which had significant impacts on the token’s price. Between March and November 2022, Andre Cronje claimed to … Read more In a recent revelation, controversial crypto entrepreneur Andre Cronje clarified his association with the Fantom project, stating that he never really left the foundation. This comes after a period of speculation and uncertainty surrounding his role at Fantom, which had significant impacts on the token’s price. Between March and November 2022, Andre Cronje claimed to no longer be working at the Fantom Foundation….

TL;DR Breakdown The US Senate approved an $886B defense bill with provisions targeting crypto mixers. This reflects the rising global recognition and regulatory trends of cryptocurrencies. The bill has sparked debate about deterring crime versus potential overreach. Description The United States Senate recently approved an $886 billion defense bill, a move that resonates across various sectors, including the cryptocurrency industry. The legislation, known as the National Defense Authorization Act (NDAA), includes anti-money laundering (AML) provisions targeting cryptocurrency mixers. Cryptocurrency mixers, or tumblers, are privacy tools designed to mix potentially identifiable or ‘tainted’ cryptocurrency … Read more The United States Senate recently approved an $886 billion defense bill, a move that resonates across various sectors, including the cryptocurrency industry. The legislation, known as the National Defense Authorization Act (NDAA), includes anti-money laundering (AML) provisions targeting cryptocurrency mixers. Cryptocurrency mixers, or tumblers, are privacy tools designed to mix potentially identifiable or ‘tainted’ cryptocurrency funds with others, making it difficult to track the original source. Although these services are lawful, they have attracted regulatory scrutiny due to their potential misuse by criminals seeking…

TL;DR Breakdown NFTs are gaining traction in the food and beverage industry. Their use provides transparency, traceability, and unique marketing opportunities. Brands like Pizza Hut Canada and Papa John’s are already using NFTs for marketing. Challenges include limited adoption, high costs, technical expertise, and regulatory issues. Description Look alive, folks! The food and beverage industry is getting a savory taste of the digital revolution, with Non-Fungible Tokens, or NFTs, as the main course. Renowned food brands have started cooking up a storm, mixing up traditional marketing with a sprinkle of this exciting, albeit complex, digital asset. NFTs are finding their way onto … Read more Look alive, folks! The food and beverage industry is getting a savory taste of the digital revolution, with Non-Fungible Tokens, or NFTs, as the main course. Renowned food brands have started cooking up a storm, mixing up traditional marketing with a sprinkle of this exciting, albeit complex, digital asset. NFTs are finding their way onto the menu, and trust me, the implications are far from trivial. NFTs stirring up the industry pot An NFT is…