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World$tateCoin (W$C) is the official currency of the 1st crypto state, The World State, which already has over 17,000 citizens.
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In two weeks, the $WSC price has surged significantly and retains potential for further growth. To reach the set goal of a $1B market cap, the price needs to climb another 20 times (+1900%). It's worth noting that the price increase is happening without significant corrections, which shows the loyalty of the holders who don't want to sell at current levels and believe in the success of the $1B challenge.
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☄️BUSD falls to fourth position among stablecoins
After a dip of over $1 billion💸 in the past 30 days, BUSD now sits fourth in market capitalization among stablecoins.
The United States🇺🇸 dollar-pegged Binance USD stablecoin now sits at fourth position in market capitalization among other stablecoins, following a dip of over $1 billion in the past 30 days.
🔫At the time of writing, the BUSD market cap stands at $4.3 billion, down 29% from $5.54 billion on May 18. The stablecoin has been in a downward trend since December 2022, when its market cap topped $23 billion.
🌿The decline in BUSD’s market cap parallels major developments surrounding Binance following FTX’s dramatic collapse in November 2022. In December 2022, a report indicating the U.S. Department of Justice🫶 would target Binance led to net withdrawals of $3.6 billion in seven days. The exchange saw massive BUSD redemptions from market makers, including more than $245 million from Jump Finance.
A partnership between Binance😏 and Paxos Trust created the BUSD stablecoin in September 2019. 💦
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SEC Chair Gary Gensler Tried To Land a Job at Binance, the Exchange’s Lawyers Allege 💪
🟢 Before becoming head of the US Securities and Exchange Commission, Gary Gensler offered to serve as an adviser for Binance, according the crypto exchange, which is now facing heat from the regulator.
⚡️ In a letter directed towards the SEC’s division of enforcement, counsel for Binance and the exchanges CEO Changpeng Zhao, said Gensler should have been recused from the agency's enforcement actions against Binance.
🆒 Binance said they conveyed that about four months ago and argued that Gensler could be a “material fact witness.”
💬 “To date, the Staff has never confirmed whether Mr. Gensler has recused himself, and if he has not, the Commission’s explanation for why not. We remain deeply troubled by this history and the Staff’s refusal to acknowledge it, which compounds our concern about the course of action threatened by the Staff in this matter,” Binance’s lawyers said.
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FTX Exchange Objects to Prolonged Mediation Talks with Bankrupt Genesis ‼️
🔔 In a recent court filing, FTX said it had not been invited to a court-appointed mediation in May that involved Genesis, its parent company Digital Currency Group, and creditor Gemini Trust Co, despite being a major Genesis creditor.
📣 The bankrupt crypto exchange also objected to a motion filed by Genesis Global that sought to estimate the FTX debtors’ claims at $0.00, claiming that it was the largest creditor in Genesis’ Chapter 11 proceedings with claims worth a whopping $3.9 billion.
💬 On the other hand, Genesis argued that throwing out the FTX claims “is critical to avoid undue delay in the timing and amount of creditor distributions, and to expeditiously pursue confirmation of a Chapter 11 plan.”
📌 FTX’s filing adds to more than a dozen other individual Genesis creditors who have filed objections to extend the mediation.
📊 A hearing on the extension is scheduled for Monday but these objections are delaying Genesis and its creditors’ attempts for a settlement.
Crypto Too Risky for ‘Most’ Russians, Says Finance Ministry – But Could Be ‘Suitable’ for ‘Some’ 🇷🇺
➡️ Crypto is too risky for “most” Russians, the nation’s Finance Ministry has claimed. But the ministry claimed tokens could be “suitable” for “professional investors.”
Per the media outlet Nizhny Novgorod, the comments were made by Ivan Chebeskov, the director of the ministry’s financial policy department.
⚡️ Chebeskov said that most Russians should not “consider cryptocurrencies” to be a “form of savings.” He called tokens “high-risk financial instruments.”
☁️ But the policy department did not back a ban on crypto, or suggest that all Russians shun tokens.
Instead, Chebeskov claimed that coins were only “suitable for citizens who already invest in” assets like “securities and real estate.”
➡️ Chebeskov said that “a certain amount of risk still remains” for crypto investors.
He claimed that “the volatility of cryptocurrencies can reach the 100-200% mark.”
Central Bank: Crypto May ‘Infect’ Russian Economy – Is a Crackdown Incoming? ❤️
⚠️ Cryptoassets have the power to “infect” the Russian economy, the nation’s crypto-skeptic Central Bank has warned.
🔛 Per the domestic news agency Interfax, the bank’s First Deputy Chairwoman Ksenia Yudaeva made the comments at a recent economic forum.
She claimed that the government and regulators needed to ensure that cryptoassets were restricted to the fringes of economic activity.
➡️ But Yudaeva conceded that it was “necessary” for Russian firms to “use cryptocurrencies in cross-border settlements.”
However, she insisted that this be done in a manner that “does not lead to the spread throughout the Russian financial system.”
🟢 The First Deputy Chairwoman said:
“The main concern of the Central Bank is that the creation of such[trading networks does not lead to the infection of our financial system with cryptocurrencies.”
✅ Yudaeva added:
“We have always been, are, and remain against encouraging and generally allowing the use of cryptocurrencies within Russia. But we believe that cryptocurrencies and digital assets can be used in international trade.”
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Paraspace NFT protocol 'usurper' resigns after failing to overthrow CEO 🔔
➡️ The Paraspace NFT protocol saga over the whereabouts of the protocol’s fund took another turn on May 19 as the project's consultant Jay Yao resigned from his position in the company. Last Week, the NFT protocol made headlines over the missing funds and a barrage of accusations by chief executives and CEO against each other.
🟢 "Yubo has never done any embezzlement. The whole issue is a setup Jay & Thomas are neither shareholders nor co-founders of ParaSpace. Their action have no relation with ParaSpace."
💬 The spokesperson also claimed that "Jay & Thomas are illegally using multi-sig and Twitter account to threaten Yubo as they collude to take over ParaSpace." The same day, blockchain analytics firm Secure3 published a report stating "all funds are repaid" and "we didn't see any evidence of fund embezzlement."
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Ethereum validators earn a record $46M as staking rewards rate surges😱
Ethereum’s staking rewards hit a record 8.6% post-Merge, with validators earning $46 million in the first week of May, citing the memecoin craze responsible.🙊
😊Validators earned $46 million in the first week of May due to an increase in the staking rewards rate, which is a metric for validators’ annualized yield. According to data, validators earned 24,997 Ether in the week, representing a 40% increase over the previous week’s income of $33 million, when 18,339 ETH were distributed as rewards.
The recent trading craze of a new memecoin called Pepe 😳(PEPE) is the reason behind the increased rewards for validators. In the past week, the average fees on the Ethereum network have exceeded 100 gwei, marking the highest level since May 2022. As gas fees increase, end users pay over $30 per swap, resulting in higher fee income for validators from processing transactions and the regular validator rewards.
👉Beaconchain states that the present staking rate signifies the anticipated annualized return for validators. In order to engage in the network’s consensus procedure, validators on Ethereum are mandated to stake a minimum of 32 ETH, valued at roughly $58,000.
👉There are two types of rewards identified by ETH Store, a company that measures reward rates: consensus rewards for proposing and attesting blocks, and transaction fees for processing transactions on the Ethereum network.
🌸Since Ethereum’s network moved to a proof-of-stake consensus mechanism with the Merge in 2022, and following the recent Shapella upgrade enabling validator withdrawals for the first time, ETH staking has attained significant interest from institutions.
Pepe Coin Short Seller Loses Millions As PEPE Nears $1 Billion Cap
Pepe Coin (PEPE), the new trending meme crypto in the market is moving ahead displacing other existing meme tokens.
However, a recent bet raised by Pepe short sellers has turned out to be the biggest mistake for them as PEPE marches towards fresh gains.
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JPMorgan Enables Euro-Denominated Blockchain Payments through JPM Coin 💎
🔴 JPMorgan has expanded its JPM Coin blockchain payment service to include euro-denominated transactions for corporate clients.
➡️ The platform, launched in 2019 for dollar payments, allows wholesale payments clients to transfer dollars or euros between JPMorgan accounts around the world, or make payments to other customers of the bank using blockchain technology instead of traditional payment methods.
➡️ Basak Toprak, JPMorgan’s head of Coin Systems for Europe, the Middle East, and Africa, reportedly said corporate treasurers could use the system to manage liquidity more effectively, such as initiating payments just before they are due to earn more interest income on their deposits.
➡️ “There are cost benefits to paying at the right time,” Toprak said. “This could mean they could earn more interest income on their deposits.”
➡️ JPM Coin payments operate 24 hours a day, unlike traditional transactions that are typically only processed during business hours and are executed more quickly.
Former SEC Advisor: Gensler's Crypto Crackdown Could be Stopped by Legal Doctrine ‼️
🟥 The crypto industry crackdown spearheaded by the U.S. Securities and Exchange Commission (SEC) could be put to rest by a decades-old legal doctrine, according to one of the regulator’s previous advisors.
🤔 In a recent episode of The Scoop podcast, J.W. Verret – a former advisory committee member to SEC chairman Gary Gensler – explained how the major questions doctrine could affect the result of the agency’s latest lawsuits against two of crypto’s largest global companies: Binance and Coinbase.
❕ Verret said the major questions doctrine affects “how courts look at what executive agencies do in the so-called independent agencies and consider how much deference to give the things that they do.”
🔠 Historically, the Chevron doctrine has granted regulatory agencies broad discretion in how they oversee certain industries based on broad mandates from Congress with vague specifics.
🔴 However, the major questions doctrine, which is viewed as a competing doctrine, states that an agency must receive explicit approval from Congress before trying to regulate a matter of “national, economic or political importance.”
🟠 Verret said the major questions doctrine most likely won’t come into play until the Coinbase and BinanceUS cases reach the appellate courts. “But it's one of the things that looms over these cases, without a doubt,” he said.
Bitcoin-Based Strike Debuts Lightning Network Cross-Border Payments in Mexico ℹ️
➡️ Bitcoin payments firm Strike has extended the reach of its cross-border payments service to Mexico, as the company aims to leverage the country’s expansive remittances market.
👍 As of June 14, 2023, the company has introduced its 'Send Globally' service to the third-largest country in Latin America. The service allows users to send funds internationally, providing a convenient solution for cross-border transactions.
➡️ Based on data from BBVA Research, in 2021 94.9% of remittance payments flowing to Mexico originated in the US.
According to the digital payments firm, transfers to the country’s citizenry account for approximately 95% of total remittances processed by Strike from overseas senders.
🗺 With this move, U.S. dollars (USD) sent to Mexico via Send Globally “will be received as Mexican Pesos in the recipient’s bank account.” – helping to reinforce Strike’s presence in Latin America.
🟥 The announcement follows closely on the heels of Strike CEO and co-founder Jack Mallers' recent revelation that the company has decided to bring its custody operations in-house.
Latin American Crypto Holders Shift to Bitget Exchange Following Binance and Coinbase SEC Crackdown ✍️
🎉 In the aftermath of the US Securities and Exchange Commission’s crackdown on major crypto exchanges Binance and Coinbase, Latin America’s crypto holders have reacted to this development with a surge of new accounts registered with Bitget, a crypto derivatives exchanges.
❗️ The American regulator filed lawsuits against both Binance, the globe’s largest cryptocurrency exchange, and Coinbase, the largest US-based crypto exchange, in the past days.
▶️ The SEC pressed 13 charges against Binance and its US-based affiliates. These ranged between accusations of allegedly operating as an unregistered exchange, and offering unregistered securities to customers. The commission also filed similar charges against Coinbase.
🔵 With the regulator targeting two major US exchanges, Latin American crypto holders are intensifying efforts to shift their funds to Bitget, among others. Compared to daily averages, new users from the region expanded by 43% between June 6 and 9. Brazil and Argentina, which boast the continent’s largest populations, led market share growth.
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Binance Sees $700 Million in Ethereum Outflows Amid SEC Charges 💲
✅ The world’s largest crypto exchange, Binance, saw outflows of more than $700 million on the Ethereum network alone on Monday after news broke that the exchange is being sued by the US Securities and Exchange Commission (SEC).
❕ The news of the outflows was shared by on-chain analysis platform Nansen on Twitter on Tuesday, with the tweet noting that net flows, even in the past hour, continues to be negative.
➡️ According to Nansen’s data, the 24-hour net outflow from Binance on the Ethereum network (ETH and ERC-20 tokens & stablecoins) now stands at $778.6 million.
🟢 Looking solely on BinanceUS, the US-based branch that is actually targeted by the SEC, the net outflows on Ethereum over the same period stood at $13 million, Nansen said.
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XRP to Exceed All Expectations In 2023? 🤔
➡️ Ripple's 2023 New Value Report reveals strong and widespread excitement regarding the potential of cryptocurrencies despite regulatory issues between the United States Securities and Exchange Commission (SEC) and many crypto firms, including Ripple.
➡️ The report noted that more than 70% of global finance leaders emphasized an increase in their confidence in the crypto industry over the past six months.
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Huobi Global ordered to halt operations in Malaysia ⏳
🌟 According to an official statement from Securities Commission Malaysia (SCM) on May 22, Huobi Global failed to register as a cryptocurrency exchange operator and must cease all activity. The company has been directed to disable its website and mobile applications on Apple Store and Google Play.
✨ The cryptocurrency exchange is also expected to cease advertising its products and services to Malaysian users via email and social media.
❕ SCM noted that its decision was driven by concerns about Huobi’s “compliance with local regulatory requirements.“ Having failed to obtain SCM registration, the regulator has also directed Malaysian investors to stop trading on the platform, withdraw funds and close their accounts.
‘Trusted’ marketplace sold fake Trezor wallets stealing crypto: Kaspersky🧐
👉Amid the rising popularity of hardware cryptocurrency wallets, the Russian cybersecurity firm Kaspersky has reminded users about the importance of using authentic crypto devices.
Kaspersky cyber incident expert Stanislav Golovanov on May 10 reported on an issue with fake hardware wallets impersonating major wallet firm Trezor. The incident occured in March 2022.
According to the blog post, the fake Trezor wallet allowed fraudsters to steal Bitcoin via a replaced microcontroller, which enabled attackers to take over control of the user’s private keys.
😁The victim reportedly purchased a tampered hardware wallet that posed as Trezor’s advanced crypto wallet Trezor Model T. The fake wallet appeared to be exactly the same as a genuine Trezor Model T wallet, providing a standard set of wallet functions.
“When handling the wallet, nothing felt suspicious either: all the functions worked as they should, and the user interface was no different from the original one,” Golovanov wrote.
😅The fake wallet was tampered from the inside, though. According to the Kaspersky team, attackers managed to access users’ crypto assets by replacing the inner firmware. “The actual mechanism of the theft remains unclear,” Golovanov noted, adding that the issue was caused by a “typical supply chain attack.”
😃To prevent supply chain attacks, Kaspersky’s cybersecurity experts advised users to only buy hardware wallets directly from the official vendor. The firm noted that the victim bought the fake Trezor wallet through a “trusted seller through a popular classifieds website.”
Coinbase establishes advisory council with former US lawmakers😤
💎 Former Senator Patrick Toomey, former Representative Tim Ryan, former Representative Sean Patrick Maloney, and others will advise Coinbase on crypto policies.
👍 Following some of its leadership team visiting the United Arab Emirates, crypto exchange Coinbase has announced the formation of an advisory council staffed with many former United States lawmakers and industry leaders.
👑 In a May 12 blog post, Coinbase said its Global Advisory Council would aim to navigate the “increasingly complex and evolving” crypto landscape globally. Former Pennsylvania Senator Patrick Toomey, former Ohio Representative Tim Ryan, former New York Representative Sean Patrick Maloney, and other industry insiders will sit on the council and advise the company on crypto policies.
➡️According to Coinbase, the council currently consists of only five members, with plans to expand “with a bipartisan group of leaders with deep regulatory expertise.” Former Securities and Exchange Commission (SEC) chair Jay Clayton sits on a different board for the exchange, advising the firm on regulatory policy.
➡️ The announcement followed speculation by many that the U.S.-based crypto exchange could be considering moving its operations outside the country amid the lack of regulatory clarity. The exchange is currently in a legal battle with the SEC after receiving a Wells notice in March, prompting Coinbase to file a motion to force the commission to clarify its position on digital assets.🌸
➡️ “We chose to build in America because we want to be part of the solution and believe America would be best served by embracing the potential of crypto and blockchain technology,” 👈said the May 12 blog post.
✅ Coinbase launched its global derivatives platform in May, opening its services to users in more than 30 jurisdictions worldwide.
Artists face a choice with AI: Adapt or become obsolete 🤔
☁️ The artificial intelligence art gold rush began around 2018 when Christie’s auctioned “Portrait of Edmond Belamy” for an astounding $432,500. Since then, it has been an up-only journey for AI-generated images.
💛 “Théâtre D’opéra Spatial,” Jason Allen’s AI artwork, even won a prize at the Colorado State Fair art competition. This shows how AI-generated images have not only become more popular but also very sophisticated recently. But not everyone is happy about this development, and their concerns are valid.
✍️ The evolution of AI art has sparked feisty debates around originality, authorship and authenticity — themes fundamental to artistic expression. Generative AI, like any other technology, is intent-neutral. Whether the outcome is good or bad depends on how we use it.
SEC has 10 days to respond to Coinbase complaint: Legal exec😓
Coinbase’s legal battle for regulatory clarity over the trading of digital crypto assets saw a development as a U.S. court responded to its complaint against the SEC.
👉According to a May 4 announcement from Coinbase chief legal officer Paul Grewal, the United States Court of Appeals for the Third Circuit responded to the complaint against the U.S. Securities and Exchange Commission (SEC) regarding the need for clear rules for trading digital assets. This marks a development in the legal battle for regulatory clarity.
🧐According to Grewal, the court’s response to their complaint against the SEC was a text-only order. The court has instructed the SEC to respond to Coinbase’s writ of mandamus within ten days. A writ of mandamus is a court order addressed to an inferior government official, ordering them to fulfill their official duties properly.
Grewal stated that the court had granted Coinbase the right to file a reply to the SEC’s response within seven days of the filing. He also expressed appreciation for the court’s thorough examination of the case.😎
😅Coinbase — the largest U.S.-based cryptocurrency exchange — filed a lawsuit in April requesting that the court compel the SEC to publicly disclose its stance on a petition submitted several months prior. In the petition, the exchange posed 50 specific questions about the regulatory treatment of certain digital assets. The questions were wide-ranging, covering topics such as how tokens are classified as securities and seeking clarification on various other matters.
🙊Despite the lack of public response to the petition, the SEC has increased enforcement and issued warnings to crypto exchanges. The commission has even issued a Wells notice to Coinbase in the past. A Wells notice letter typically warns a company that the SEC may follow with an enforcement action.
