TL;DR Breakdown Miami Mayor Francis Suarez has signaled his intention to run for the US presidency in 2024. The mayor continues to champion the use of technology. Miami Mayor Francis Suarez, a prominent advocate for cryptocurrencies, has officially declared his candidacy for the United States presidency in 2024. By filing the necessary paperwork with the U.S. Federal Election Commission on June 14, Suarez has joined a growing list of contenders seeking the Republican nomination, including former President Donald Trump and Florida Governor Ron DeSantis, both of whom share his enthusiasm for Bitcoin (BTC). Mayor Francis Suarez joins the US presidential race Suarez, known for his pro-crypto stance, is expected to delve deeper into his presidential plans during a speech at the Ronald Reagan Presidential Library in Simi Valley, California, on June 16. This event will provide a platform for him to outline his vision for the country and elaborate on his agenda. The Miami Mayor has been vocal about his belief in Bitcoin’s potential to become a global currency. In June 2022, he expressed his optimism regarding the widespread adoption…

TL;DR Breakdown BlackRock, the world’s largest asset manager, is close to filing an application for a Bitcoin ETF, in partnership with Coinbase Custody. The collaboration aims to provide secure storage and management of digital assets within the ETF, while incorporating Coinbase’s spot market data for accurate pricing. The Securities and Exchange Commission (SEC) has historically been cautious about approving spot Bitcoin ETFs, citing concerns about fraud and manipulation, but BlackRock’s application could potentially reshape the industry if approved. BlackRock, the world’s largest asset manager with $9 trillion in assets under its control, is on the verge of submitting an application for a Bitcoin exchange-traded fund (ETF), according to reports. However, this move by BlackRock marks a potential breakthrough in the cryptocurrency industry, as the company aims to provide institutional investors with a regulated avenue to access the digital asset market. BlackRock is planning to partner with Coinbase Custody, a leading cryptocurrency storage and management platform, to ensure the security and integrity of the digital assets held within the ETF. By leveraging Coinbase Custody’s technology, BlackRock aims to establish a robust…

TL;DR Breakdown The economic bloc known as BRICS has received membership applications from 20 countries, indicating its growing influence on the global stage. The upcoming BRICS Summit will discuss these applications, potentially shaping the bloc’s future expansion strategy. Rather than a leader-follower dynamic, BRICS operates based on a mutually agreed upon and constructive agenda set by its member states. BRICS, the economic bloc comprising Brazil, Russia, India, China, and South Africa, has sparked international interest, becoming a central player on the world stage. Ahead of the upcoming BRICS Summit, a significant development has come to the fore: nearly two dozen nations have expressed their keen interest in joining this influential alliance. This unprecedented surge in membership requests underscores the alliance’s increasing prominence and hints at a shifting economic landscape. Russian Deputy Foreign Minister Sergey Ryabkov confirmed the reports, noting an uptick in the number of states wishing to be part of this burgeoning association. The BRICS alliance has gained traction for its efforts to destabilize the unipolar order of world politics and their initiatives towards de-dollarization, and it appears that…

TL;DR Breakdown Ripple partners with Banco de la República, Colombia’s central bank, to explore blockchain’s potential in transforming the country’s payment system. The collaboration aims to leverage Ripple’s CBDC platform, powered by the XRP Ledger, for faster, scalable, and transparent financial transactions while ensuring the security of public resources. Through a pilot program guided by the Ministry of Information and Communications Technologies, Banco de la República and Ripple will educate public entities on blockchain’s transformative capabilities and drive financial innovation in Colombia. Ripple, a global leader in blockchain solutions, has teamed up with Banco de la República, Colombia’s central bank, to explore the potential use cases of blockchain technology in the country’s high-value payment system. This collaboration aims to drive innovation and efficiency in Colombia’s financial landscape, leveraging Ripple’s Central Bank Digital Currency (CBDC) platform to revolutionize payment systems. Piloting Ripple’s CBDC platform for enhanced efficiency and security Under the guidance of the Ministry of Information and Communications Technologies (MinTIC), Banco de la República and Ripple will embark on a pilot program as part of the third phase of blockchain…

TL;DR Breakdown Bybit, a top cryptocurrency exchange, has launched a new tool called ToolsGPT, developed in collaboration with ChatGPT. ToolsGPT uses AI to provide traders with technical analysis, backtested price data, and other key market metrics. The tool can generate insights into price trends for cryptocurrencies, including Bitcoin and Ethereum, based on past and present data. Bybit, one of the world’s top-ranking digital currency exchanges, has launched an innovative new tool known as ToolsGPT. This platform is the result of a groundbreaking collaboration between Bybit and ChatGPT, integrating their robust market data with leading-edge artificial intelligence (AI) technology. The result? A revolutionary tool that promises to redefine how traders strategize and profit in an ever-fluctuating market. Bybit leveraging AI to unlock actionable insights At the core of ToolsGPT is the application of ChatGPT’s cutting-edge machine learning technology to Bybit’s extensive market data. This potent combination allows the tool to generate actionable insights through technical analysis, backtested price data, and various crucial market metrics. The ultimate goal? To equip traders with answers that go beyond generalities, focusing on providing data-driven solutions…

TL;DR Breakdown After FTX’s bankruptcy, crypto exchanges pooled $2.5 billion for user protection. The incident pushed exchanges towards transparency and measures like Proof of Reserves. Protection funds guard customers against exchange hacks. Binance, Bybit, and Bitget maintained stable trading volumes post-FTX. Exchanges are facing increasing regulatory demands, including KYC and Anti-Money Laundering measures. Following the unexpected bankruptcy of the once-celebrated cryptocurrency exchange FTX, which led to a loss of $4 billion in customer deposits, the crypto landscape has been undeniably shaken. As a response, crypto exchanges have pooled a staggering $2.5 billion, making significant strides in safeguarding their users and renewing their focus on credibility. The emphasis on credibility and transparency The fall of FTX threw the spotlight on credibility and transparency in the crypto exchange industry, with users demanding higher levels of both. The industry response has been promising with many exchanges now offering Proof of Reserves (PoR), a public declaration of their reserve assets backed by an independent audit. This move towards transparency serves to instill trust, though it does not entirely guarantee the solvency of an exchange….

TL;DR Breakdown South Korean lenders join NongHyup’s bank consortium for security token offerings (STOs). STOs, unique to South Korea, leverage blockchain and DLT to represent assets like stocks, bonds, real estate, and art ownership. Hana Bank, Shinhan Bank, Woori Bank, and fintech firms join the consortium, bringing the member count to 18. In a significant development, several influential lenders in South Korea have now become part of a bank consortium. This consortium, led by Seoul’s NongHyup, centers around the exciting new world of security token offerings (STOs). These STOs, unique to South Korea, are essentially traditional investments with a twist. They exist on blockchain or DLT, representing assets like stocks, bonds, or even art and real estate ownership. On Thursday, the Korea Herald revealed a notable update. Hana Bank, Shinhan Bank, and Woori Bank have joined NongHyup’s innovative consortium. Fintech firms such as Funble, Trackchain, and Artipio have also joined in, pushing the consortium’s member count to 18.  Earlier this year, South Korea responded to the skyrocketing demand for digital assets by legalizing security token offerings. Consequently, the Financial Services…

TL;DR Breakdown Despite recessionary fears and regional bank failures, the U.S. economy continues to grow, with the S&P 500 index rising more than 14% this year. The success is primarily driven by a few tech giants, creating an illusion of overall market health. The dominance of these firms is leading to market concentration and overvaluation risks. The biggest contributors to this rally are seven tech giants – Apple, Microsoft, Alphabet, Amazon, Nvidia, Tesla, and Meta, with gains between 40% and 180% this year. In a surprising twist for financial markets, 2023 stands in stark contrast to expectations, defying the pessimistic forecasts of investors and analysts who entered the year bracing for an economic downfall in the U.S. Contrary to predictions, despite a series of regional bank failures and rising interest rates, the U.S. economy continues its growth trajectory. Fueling this wave of optimism is the S&P 500 index, the barometer for U.S. blue-chip stocks, which has surged upwards by more than 14% this year. Driving the rally: Tech heavyweights reign supreme However, a deeper dive into the elements behind this…

TL;DR Breakdown Mark Cuban and John Reed Stark, had a detailed Twitter conversation about the future and regulation of cryptocurrencies. The entrepreneur likened the struggles of small crypto startups to a child trying to operate a lemonade stand under extensive licensing laws. He also predicted that 99% of crypto tokens would fail, much like early internet companies, but the survivors would be game changers. An impassioned exchange unfolded recently in the Twitter universe, featuring two influential personalities with contrasting views on the promising yet controversial domain of cryptocurrencies. The sparring partners: former Chief SEC Office of Internet Enforcement, John Reed Stark, and entrepreneur, investor, and anticipated presidential candidate, Mark Cuban. In a dialogue touching on numerous aspects of crypto regulations, the capabilities of blockchain technology, and the role of the SEC, Cuban posited a statement that sent ripples through the world of digital currencies, saying 99% of crypto tokens were destined for bankruptcy. A debate between titans: Cuban vs Stark The conversation began with a tweet from Stark referencing a U.S. District Judge’s preference for Binance and the SEC to…

TL;DR Breakdown Apple rejects the latest version of the non-custodial Bitcoin wallet Zeus, demanding proof of necessary licenses and permissions. The rejection follows Apple’s warning to another Bitcoin app, Damus, regarding its Bitcoin tipping feature. Critics question Apple’s classification of non-custodial wallets as money transmitters and call for consistent guidelines for crypto app developers. In a move that has garnered attention from the cryptocurrency community, Apple (AAPL) has rejected the latest version of the non-custodial Lightning Network-enabled Bitcoin wallet, Zeus. The rejection comes shortly after Apple’s warning to another Bitcoin-related app, Damus, suggesting the tech giant’s increased scrutiny of cryptocurrency apps on its platform. The decisions have sparked concerns among legal experts and industry figures, questioning Apple’s stance on crypto apps and the need for clearer regulatory guidelines. Apple’s rejection of Zeus, version 0.7.6, has stirred controversy in the crypto community. Founder Evan Kaloudis tweeted that Apple cited the app’s facilitation of virtual currency transmission without being submitted by a recognized financial institution or corresponding exchange. The tech behemoth demanded Zeus provide documentary evidence of the necessary licenses and permissions…