Lucie (@LucieSHIB), marketing lead for Shiba Inu, confirmed the closed beta launch for Shiba Eternity Web3. This game, built on the Shibarium network, brings the collectible card game into the Web3 era using Shibarium's Layer-2 blockchain.

Angel from the Shiba Eternity team announced the closed beta release for this week, offering a unique gaming experience for the Shiba Inu token community. To join the beta, players must stake LEASH tokens through Shibaswap, linking game entry with community involvement. Future access will expand to holders of Shiboshi, Sheboshi, or Shiba Eternity Lore NFTs, increasing engagement and enhancing the tokens' value.

The community responded eagerly. Shib Mehta (@shib_mehta) shared that the game is already accessible, and Lucie confirmed this with a playful reply. Lucie highlighted the benefits for the Shiba Inu ecosystem: more gameplay leads to more transactions on Shibarium, higher BONE usage, increased SHIB burning, and greater demand for Shiboshis. She stressed that every token in the ecosystem is crucial for its growth.

The Web3 version of Shiba Eternity allows players to own in-game assets, making the experience more valuable. All transactions use Bone ShibaSwap (BONE), supporting SHIB token burning. Upcoming features like ranked tournaments, strategic gameplay enhancements, and NFT minting will enrich the game and integrate it more deeply with Shibarium's crypto aspects.

LEASH tokens, with a supply capped at 107,565, are vital for governance and strategy within the ecosystem. Lucie hinted at future airdrops, metaverse access, and other developments requiring LEASH, making it a crucial exclusivity token.

The closed beta of Shiba Eternity Web3 integrates the card game with Shibarium blockchain, requiring LEASH token staking for access. Future expansions will include NFT holders, and strategic use of BONE for transactions and SHIB burning shows the ecosystem's thoughtful design. LEASH plays a central role in upcoming developments, promising a richer, integrated gaming experience leveraging Web3 technologies.

Rumors suggest Vice President Kamala Harris is trying to mend her relationship with the cryptocurrency community. However, her recent actions seem to contradict her goals. Harris is considering Michigan lawmaker Gary Peters as her running mate for the 2024 elections, which has alarmed Bitcoin enthusiasts.

Peters strongly opposes Bitcoin due to his support for the Money Laundering Act of 2023, targeting the illicit use of cryptocurrency for terrorism. This stance has raised concerns among crypto supporters, fearing stricter regulations and a less favorable environment for digital currencies. Peters emphasized the threat of cryptocurrencies funding militant organizations and urged the administration for more details on their plans to curb these activities.

Harris’s potential endorsement of Peters is a strategic move. Michigan, a crucial swing state with strong union support and a significant Democratic base, makes Peters an appealing choice. His backing by unions and other Democrats could strengthen Harris’s campaign, despite his controversial stance on cryptocurrency.

The cryptocurrency community is worried about Peters’s possible inclusion on the Harris ticket. Industry leaders, like XRP attorney John Deaton and Galaxy Digital chairman Mike Novogratz, have urged Harris to reconsider. Novogratz advised Harris on the stance of Senator Elizabeth Warren, a vocal Bitcoin critic. Deaton, running against Warren, suggested Harris should remove SEC Chair Gary Gensler, seen as anti-crypto, if she wins the presidency.

Despite the crypto community’s concerns, Harris’s team remains firm. A top advisor for Peters emphasized respecting Harris’s choice of running mate. Rep. Dan Kildee (D-Mich.) highlighted Peters’s strong pro-union stance as a key factor. "Labor wants someone undoubtedly pro-union, and Gary fits that definition well," Kildee said.

The endorsement of Peters, vocal about the risks of cryptocurrency, has led to anxiety within the crypto community. Many fear Peters’s involvement in the administration could result in stricter regulations, stifling the growth and adoption of digital currencies. His firm stance on crypto control, due to concerns over its use in illicit activities, contrasts sharply with the objectives of many in the crypto space.

Advisors to Harris and Peters stress the broader political strategy at play. They argue that aligning with Peters brings political advantages, particularly in Michigan. However, this alignment hasn’t eased the fears of those invested in the future of digital assets.

Harris’s decision reflects the complex balance she must maintain to satisfy diverse groups. Securing support from traditional Democratic bases like unions is crucial for her campaign. However, alienating the growing and influential crypto community poses risks, given the increasing integration of digital assets into mainstream finance.

The potential selection of Peters highlights the evolving political landscape around cryptocurrency. As digital assets gain prominence, political leaders must navigate the challenging terrain of regulation and innovation. Harris’s choices will be scrutinized for their political impact and long-term implications on the cryptocurrency sector.

Kamala Harris’s consideration of Gary Peters as a running mate has sparked a debate in the cryptocurrency community. While Peters’s anti-crypto stance aligns with his legislative priorities, it conflicts with the interests of many digital asset proponents. Harris’s decision will reflect her strategic priorities and approach to balancing the diverse demands of her political coalition. As the 2024 elections approach, the implications of her choices on cryptocurrency regulation will be closely watched by all stakeholders.

Russia has enacted a new law to regulate cryptocurrency mining and digital assets, effective 10 days after its publication. This legislation requires miners to register and follow energy usage limits and imposes several restrictions on who can mine.

The bill, introduced by Anatoly Aksakov in November 2022, faced delays due to disagreements but was finalized in April 2024 and passed its first reading on July 24, 2024. The new law specifies that only companies and individual entrepreneurs registered in Russia can mine. Home miners are exempt from registration if they comply with government-set energy limits.

Miners with criminal records for economic crimes, or those listed under Federal Law No. 115-FZ, are prohibited from mining. The government can also ban mining in certain regions to control energy consumption.

Miners must report their earnings and wallet addresses to an authorized body, with the frequency set by the government. The Federal Financial Monitoring Service will monitor addresses involved in illegal activities. Non-compliant miners risk being disconnected from the power grid and facing legal action.

The initial law banned the use and sale of mined cryptocurrency in Russia, but this restriction was removed. Russian platforms can now trade foreign digital financial assets (DFA) under Central Bank oversight. The bank can ban specific coins if they threaten financial stability. Advertising cryptocurrency and related services is prohibited to protect the public from high-risk investments.

The State Duma Committee on the Financial Market approved draft law No. 341257-8 in its third reading. Initially focused on crypto payments in foreign economic activities, the revised law empowers the Central Bank to set rules for trading digital currencies within this experimental framework.

The Russian Central Bank has traditionally opposed crypto assets. However, external pressures are causing a shift in their stance. As reported earlier, El Salvador proposed using cryptocurrency, possibly Bitcoin, to address trade challenges with Russia. This proposal is part of El Salvador’s strategy to strengthen economic ties with Russia.

Alexander Ilyukhin, first secretary of the Russian embassy in Nicaragua and head of the office in El Salvador, shared this initiative. He noted El Salvador's early adoption of Bitcoin as a legal tender. "Within the country, any tourist can pay for services with Bitcoin. However, in our country, Bitcoin is not widespread, so we seek other ways to enhance trade. El Salvador is ready to continue economic cooperation with Russia," Ilyukhin said.

El Salvador maintains an independent foreign policy, avoiding taking sides in the Russia-Ukraine conflict. While Ukraine has sought El Salvador's support, Ilyukhin stated they have not succeeded. El Salvador is also considering joining the BRICS economic bloc, which includes Brazil, Russia, India, China, and South Africa. BRICS is actively pursuing de-dollarization, using cryptocurrencies as an alternative to the US dollar.

Russia’s new digital asset law is a significant step in regulating its cryptocurrency industry. With strict requirements for miners, bans on those with criminal records, and detailed reporting obligations, the law aims to create a controlled environment for digital assets. The evolving stance on cryptocurrency, influenced by external proposals like El Salvador's, highlights the dynamic nature of the global crypto landscape. As Russia navigates these changes, balancing regulation and innovation will be crucial for the future of digital assets in the country.

The Mt. Gox estate, which manages billions in creditor funds, recently transferred a large amount of Bitcoin to an unidentified wallet. This move is part of the final steps to resolve the decade-old hack.

On Tuesday, blockchain analytics firm Arkham Intelligence reported that the Mt. Gox estate moved around 33,964 BTC, worth $2.25 billion, to a new wallet. This significant transfer marks a key phase in addressing the aftermath of the hack. Additionally, $3.1 billion in Bitcoin was shifted between two cold wallets held by the estate. Despite these large movements, Bitcoin's price has remained relatively stable over the past day.

Last week, exchanges like Kraken announced they had completed the return of funds to creditors. Kraken is one of five exchanges tasked with distributing the recovered funds to approximately 127,000 creditors affected by Mt. Gox's 2014 collapse. The trustee managing the Mt. Gox estate confirmed repayments in Bitcoin and Bitcoin Cash to over 17,000 creditors through "designated cryptocurrency exchanges." This is a significant step towards compensating those who lost funds in the hack.

Remaining repayments will occur after verifying registered accounts and agreeing to distribution terms with designated crypto exchanges. Exchanges involved include Bitstamp, SBI VC Trade, Bitbank, and Coincheck. Bitstamp, SBI VC Trade, and Bitbank have confirmed the completion of their part, while Coincheck has yet to respond.

The Mt. Gox estate's main wallet still holds about 80 BTC, worth approximately $5.3 billion. It's unclear if these assets are being prepared for liquidation.

Both Arkham Intelligence and the Mt. Gox trustee have not commented on the recent transfers. This follows a similar move last week, where the estate transferred $2.8 billion in Bitcoin to a new wallet. These movements come amid Bitcoin's price fluctuations. These large Bitcoin transfers are part of the ongoing process of resolving the Mt. Gox hack fallout. Once a major player in the crypto market, Mt. Gox filed for bankruptcy in 2014 after losing 850,000 Bitcoins to hackers.

Recent actions by the Mt. Gox estate and participating exchanges show ongoing efforts to compensate affected creditors. This process involves not only fund repayments but also managing legal and logistical aspects. Kraken, Bitstamp, SBI VC Trade, and Bitbank have confirmed their roles in returning funds, indicating progress in resolving one of the crypto world's most infamous incidents. Full compensation to all creditors will take additional time.

Bitcoin's price stability amid these transfers suggests a resilient market, though ongoing volatility remains a concern. The final liquidation of assets by the Mt. Gox estate will be closely watched and could impact the market further. In summary, the Mt. Gox estate's recent Bitcoin transfers are crucial in resolving the aftermath of the hack and compensating creditors. While progress is significant, the complete resolution requires continued efforts and coordination among all parties involved.

San Francisco-based blockchain firm Ripple has partnered with Fenasbac to boost fintech opportunities in Brazil through the Next accelerator program. This program is the largest startup accelerator in Brazil’s financial sector, supporting innovative fintech companies like AmFi, LoopiPay, and Liber.

Ripple chose Brazil for its favorable regulatory environment and strong developer community, marking it as a prime target for investment. The company has had a significant presence in Brazil since 2019, using it as a hub for expanding throughout Latin America. In 2022, Ripple launched an On-Demand Liquidity (ODL) corridor with Travelex to improve cross-border payments.

Ripple aims to support startups using the XRP Ledger, an open-source blockchain technology that facilitates faster and more efficient payments. This investment helps these startups address challenges in the financial sector and promote financial inclusion. In addition to business ventures, Ripple demonstrated social responsibility by donating $100,000 to victims of the Brazil floods in May. This highlights the company’s commitment to positively impacting local communities.

Ripple’s president, Monica Long, discussed how cryptocurrency is transforming the financial landscape in Latin America, promoting more accessible and efficient financial systems. Her comments align with Ripple’s mission to improve global finance through blockchain technology. Brazil's regulatory environment is also evolving. The central bank plans to introduce a comprehensive digital asset regulatory framework by 2024, providing stability for companies in the sector. This move encourages innovation and investment in the digital asset market.

Ripple’s partnership with Fenasbac and involvement in the Next program reflects a strategic effort to integrate blockchain technology into Brazil’s financial sector. By supporting fintech startups, Ripple aims to drive innovation and enhance financial services, contributing to Brazil’s financial modernization.

In summary, Ripple's investment in Brazil underscores the country’s potential as a fintech innovation hub. With supportive regulations and a vibrant developer community, Brazil is well-positioned to lead in blockchain technology adoption. Ripple’s initiatives highlight its vision for a more inclusive and efficient financial system through blockchain.

The US Securities and Exchange Commission (SEC) is changing its stance on digital token classification. This follows the SEC seeking permission to revise its complaint against Binance, the largest crypto exchange by trading volume.

The SEC's updated complaint might include new claims about “Third Party Crypto Asset Securities.” Previously, the SEC aimed to classify cryptocurrencies like Solana (SOL) as securities, which would subject them to the same rules as traditional securities. However, recent court filings suggest the SEC might drop this demand, significantly impacting the broader crypto sector.

The SEC’s move to revise its complaint indicates a potential change in its regulatory approach to cryptocurrencies. The filing suggests the SEC is avoiding a court ruling on the allegations regarding these tokens, which might signal a more nuanced understanding of digital assets. This could lead to a more supportive regulatory environment that still addresses crypto-related risks.

If the SEC withdraws its classification request, regulatory pressure on exchanges like Binance and other crypto projects could ease. This relief might encourage more innovation and investment in the sector, as businesses would feel less threatened by strict regulations.

The SEC's revised stance could lead to a more balanced regulatory framework, differentiating between various digital assets while ensuring investor protection. This approach might foster a cooperative relationship between regulators and the crypto community, promoting the growth of the digital asset space.

In summary, the SEC's decision to update its complaint against Binance and reconsider classifying certain tokens as securities marks a significant shift. This move could reduce regulatory burdens on the crypto industry, encouraging innovation while maintaining necessary safeguards.

Cantor Fitzgerald, a leading financial firm valued at $13.2 billion, is making a significant move into the cryptocurrency market. The company announced plans to start a specialized Bitcoin financing business, marking a big step towards integrating traditional finance with digital assets. This new venture will offer leverage to Bitcoin investors, highlighting the growing connection between established finance and cryptocurrency.

With an initial $2 billion investment, Cantor Fitzgerald aims for rapid growth in its Bitcoin financing business. This decision shows the firm's strong commitment to expanding in the crypto finance sector. Howard Lutnick, Chairman of Cantor Fitzgerald, expressed enthusiasm for the project, citing the company's extensive experience in handling securities and commodities. Lutnick emphasized the firm's dedication to supporting Bitcoin and its goal to create a state-of-the-art platform for Bitcoin investors' financing needs.

Lutnick said, "Cantor Fitzgerald arranges and finances large amounts of securities and commodities. As strong supporters of Bitcoin, we will now build an excellent platform to meet Bitcoin investors’ financing needs. We are excited to help Bitcoin reach its full potential and bridge the gap between traditional finance and digital assets." To ensure the success of this initiative, Cantor Fitzgerald will work with selected Bitcoin custodians, though specific partners have not yet been revealed.

Recently, the US government transferred $2 billion worth of Bitcoin to a new address. This move was detected by data analytics platform Arkham, which noted the transfer of 10,000 BTC early on Monday. This transfer is likely a deposit into an institutional custody or service provider.

James Seyffart, a Bloomberg ETF expert, suggested that this transfer might be related to the US Marshals Service's partnership with Coinbase. This partnership, reported in early July, aims to improve the custody, management, and disposal of the government’s digital asset portfolio. The arrangement is expected to enhance the handling of large quantities of cryptocurrency assets under the government’s forfeiture programs.

The partnership between the US Marshals Service and Coinbase is a major step towards better management of government-held cryptocurrencies. Last month, the US Marshals Service recognized the need for reliable storage and liquidation methods for large amounts of popular cryptocurrencies, known as Class 1 cryptocurrencies. This led to the selection of Coinbase as a partner.

The purpose of these transfers is not yet clear, whether for custody or potential future sales. If the US government decides to sell the transferred Bitcoin, it could impact Bitcoin’s current upward trend. However, establishing a reliable custody system through Coinbase may also stabilize the handling of these assets, reducing potential market volatility.

Cantor Fitzgerald's move into the Bitcoin financing market with a $2 billion investment is a significant development in merging traditional finance with digital assets. The firm's commitment to creating a Bitcoin investment platform underscores the growing acceptance and support for cryptocurrencies among established financial institutions. Meanwhile, the US government's strategic management of its Bitcoin assets through partnerships like Coinbase highlights the evolving landscape of cryptocurrency regulation and asset management.

These changes reflect the increasing maturity and institutionalization of the cryptocurrency market. As more traditional financial firms like Cantor Fitzgerald embrace digital assets, the gap between traditional finance and the crypto world continues to close, paving the way for broader adoption and integration of cryptocurrencies in the global financial system.

The U.S. Securities and Exchange Commission has delayed its decision on whether Solana, Cardano, and Filecoin are securities. In a major update, the SEC has revised its lawsuit against Binance, removing these cryptocurrencies from its list of assets classified as securities. This change has sparked optimism within the Solana community despite the coin's recent sluggish price performance. This regulatory shift could have significant implications for global crypto market regulations.

Previously, the SEC accused Binance of multiple violations of federal securities laws. The allegations included classifying several digital assets traded on Binance, such as Solana (SOL), Cardano (ADA), and Filecoin (FIL), as securities. Other tokens under scrutiny included Binance Coin (BNB), Binance USD (BUSD), Polygon (MATIC), Cosmos (ATOM), SandBox (SAND), Decentraland (MANA), Algorand (ALGO), Axie Infinity (AXS), and COTI (COTI). These tokens are part of the 67 assets the SEC had categorized as securities, impacting over $100 billion in the crypto market.

In a recent court response dated July 9, 2024, the SEC stated its intention to amend its stance on the “Third Party Crypto Asset Securities” mentioned in its opposition to Binance’s motion to dismiss. This change removes the immediate need for the court to decide if these tokens are securities. This decision may indicate a significant shift in how some cryptocurrencies are regulated in the U.S., potentially bringing more clarity to the regulatory status of many altcoins.

Despite the positive regulatory news, Solana’s price remains sluggish, trading at around $182, a decline of 5.51% in the last 24 hours. Other altcoins have also shown muted price movements. However, community members remain hopeful about Solana’s future. Optimistic price targets have been suggested, with one member, Yelo, saying, “Solana to $1,000 easily lol.”

The SEC’s revised legal approach extends beyond just Binance. This case could influence regulatory frameworks for crypto assets worldwide. By refining its stance, the SEC may pave the way for the approval of future exchange-traded funds (ETFs), further legitimizing the cryptocurrency market.

The removal of Solana, Cardano, and Filecoin from the SEC’s list of securities is seen as a positive development by many in the crypto community. This regulatory adjustment might encourage more investor confidence in these digital assets. It also shows a growing recognition of the unique characteristics and roles of various cryptocurrencies within the digital economy.

While the immediate market reaction has been subdued, the long-term implications of the SEC’s actions could be substantial. By providing more regulatory clarity, the SEC is helping to create a more predictable investment environment. This could lead to increased institutional interest and broader adoption of cryptocurrencies.

In summary, the SEC’s revised stance on Solana, Cardano, and Filecoin marks a significant development in the regulation of cryptocurrencies. While the market's immediate reaction has been modest, the long-term effects could be profound, potentially shaping global regulatory frameworks and opening new opportunities in the crypto market.

The US government has transferred $2 billion in Bitcoin seized from the Silk Road to new addresses, according to Arkham Intelligence’s on-chain data. This action follows former President Donald Trump’s plan to halt the sale of government-held Bitcoin if he returns to office. On July 29, Arkham Intelligence revealed that around 28,000 BTC were moved from the Silk Road DOJ Confiscated Funds to new addresses. This transfer has sparked significant interest and debate in the crypto community.

Initially, the Bitcoins were sent to the address 'bc1qs' and then split between two new addresses. One received 10,000 BTC, worth $669.35 million, and the other got 19,800 BTC, valued at $1.33 billion. Arkham suggested the first address might be an institutional custody service. Despite this move, the US government still holds over $12 billion in Bitcoin.

The timing of this transaction is crucial, occurring just two days after Trump announced his plan to prevent the sale of government Bitcoin if he regains office. This has led to speculation about the government's strategic use of Bitcoin.

Tyler Winklevoss, co-founder of Gemini, pointed out the timing on Twitter. He noted the contrast between Trump's pledge and the Biden administration's action. Galaxy Digital CEO Mike Novogratz criticized the timing, calling it "tone deaf". He remarked that moving the Bitcoin so soon after Trump’s announcement seemed unwise.

Economist Peter Schiff suggested that Trump's announcement may have prompted the current administration to act quickly. He speculated that if Trump intended to use Bitcoin as a strategic reserve, he should have kept his plans secret until taking office. In April, a government wallet transferred nearly 2,000 BTC to a Coinbase Prime hot wallet. The US Marshals Service, which manages and sells seized assets, also recently paid Coinbase $32.5 million for custodial services.

This large Bitcoin transfer by the US government has led to various reactions and speculations. The significant amount and the timing of the transfer have prompted questions about the government's strategy and future plans for these digital assets. As the situation develops, the crypto community will be closely watching to understand the implications of these moves.

Decentralized exchanges (DEXs) have reached a new peak in market share, surpassing centralized exchanges (CEXs). According to The Block's Data Dashboard, DEXs now account for 14.22% of the monthly trade volume, beating the previous record of 13.7% set in May 2023. The current DEX trading volume stands at $139.67 billion, with Uniswap leading the way at $48.52 billion. Raydium follows in second place with $27.78 billion in trading volume for July, though the data for the month is not yet complete.

DeFiLlama reports that Uniswap has the highest total value locked (TVL) among DEXs at $5.585 billion. Curve Finance and PancakeSwap also hold significant amounts, with TVLs of $2.029 billion and $1.825 billion, respectively. Raydium’s TVL is $1.259 billion. Uniswap’s native token, UNI, is trading at $7.77, having increased by 2.31% in the last 24 hours. This rise reflects growing investor confidence in decentralized platforms.

Several factors are driving the shift towards DEXs. They offer better security and privacy than CEXs, as users control their own private keys and funds, reducing the risk of hacks and fraud. Transparency is another key advantage, with all transactions recorded on the blockchain. The rise of DeFi (decentralized finance) applications also boosts DEX's popularity. DeFi platforms offer lending, borrowing, and yield farming integrated with DEXs, providing users with seamless financial services without intermediaries.

Regulatory pressures on CEXs are pushing users towards decentralized alternatives. Governments are imposing strict compliance requirements on centralized platforms, while DEXs, operating in a decentralized manner, are less affected by these regulations. This trend towards DEXs reflects a broader shift towards decentralization in the cryptocurrency world. As blockchain technology advances, new DEX protocols are being developed to improve scalability, reduce costs, and enhance user experience.

In summary, DEXs are gaining ground over CEXs. With rising trading volumes and significant amounts of locked value, platforms like Uniswap and Raydium are leading the market. As regulatory pressures increase and DeFi grows, DEXs are poised to capture even more market share, signaling a shift towards a more decentralized financial system.

US spot Ethereum exchange-traded funds (ETFs) are experiencing positive growth despite some leading funds facing notable outflows. Recent data from James Butterfill, Head of Research at CoinShares, shows that US spot Ethereum ETFs, excluding Grayscale’s ETHE and ProShares’ EETH, saw a net inflow of $1.183 billion for the week ending July 26, 2024.

Grayscale’s ETHE saw a significant net outflow of $1.513 billion, and ProShares’ EETH lost $8 million. Including these, the overall spot Ethereum ETFs market had a total net outflow of $338 million last week. However, most funds recorded positive inflows, indicating increased investor interest in the broader Ethereum ETF market.

BlackRock’s ETHA and Fidelity’s FETH led this positive trend with substantial capital inflows last week. ETHA received $453 million in new investments, and Fidelity’s FETH saw a net inflow of $224 million. These figures show growing confidence among Ethereum investors, separate from the withdrawals by Grayscale and ProShares.

Butterfill’s data also suggests a shift in the crypto investment scene. Newer, more flexible funds are attracting more capital than established ones. For example, the overall Bitcoin spot ETF market had a net inflow of $535 million last week. This suggests investors are exploring opportunities beyond traditional Bitcoin funds.

The inflows into ETFs like ETHA and FETH indicate that investors view these funds as safer alternatives. While BlackRock and Fidelity faced specific issues causing withdrawals, Ethereum continues to gain popularity. If this trend continues, Ethereum ETFs could see further growth, attracting both seasoned and new investors.

This shift in investor sentiment is significant. Newer funds are becoming more attractive, reflecting a broader change in the cryptocurrency investment landscape. The growing interest in Ethereum ETFs compared to Bitcoin funds shows this evolution.

The growing confidence in Ethereum ETFs appears to be a sustained shift. Continued inflows into BlackRock’s ETHA and Fidelity’s FETH underscore this change. Investors see these funds as viable and potentially more profitable than older ones, especially in the current volatile financial market.

The broader impact of this trend is profound. Increased capital in newer Ethereum ETFs could lead to more liquidity and stability in the Ethereum market, attracting even more investors. This positive feedback loop could further strengthen Ethereum ETFs' market position. The success of these funds could drive more innovation in the ETF space. Fund managers might develop more diverse investment products, offering investors a wider array of options.

In summary, the recent surge in US spot Ethereum ETF inflows, led by BlackRock’s ETHA and Fidelity’s FETH, marks a significant milestone. Despite outflows from Grayscale and ProShares, the overall trend is positive, reflecting growing investor confidence in newer, more flexible funds. This shift highlights Ethereum's increasing traction and a broader transformation in crypto investment as investors seek innovative opportunities.

This week, over $75 million was invested in various crypto projects, with notable contributions from traditional finance giants and former Coinbase employees. Key highlights include Bitlayer’s Series A funding, Kintsu’s seed round, and Galaxy Ventures' new fund.

Bitlayer, a layer-2 blockchain, raised $11 million in a Series A round, increasing its valuation to $300 million. Franklin Templeton, known for its Bitcoin and ETH ETFs, led the funding, with investment fund ABCDE also participating. Bitlayer is the first Bitcoin layer-2 infrastructure project to receive strategic investment from an ETF-licensed institution. Kevin Farrelly of Franklin Templeton Digital Assets highlighted Bitlayer’s potential to create new Bitcoin use cases. GSR Ventures, Stake Capital Group, and FalconX also invested.

Kintsu, a DeFi liquid staking protocol, secured $4 million in a seed round led by Castle Island Ventures, with Brevan Howard Digital and Animoca Ventures also involved. Founder Stephen Novenstern emphasized the protocol’s aim to create liquidity for Monad while promoting decentralization. The validator registry contract allows validators to join the registry and have their weights controlled by the DAO, maximizing decentralization.

Other notable investments include Mezo, which raised $7.5 million led by Ledger Cathay’s fund; Igloo, the parent company of Pudgy Penguins, which raised $11 million led by Founders Fund; Caldera, which secured $15 million in a Series A led by Founders Fund; NPC Labs, which raised $21 million in preseed and seed rounds led by Pantera; and OpenSocial Protocol, which raised $6 million co-led by Framework Ventures and North Island Ventures.

Galaxy Asset Management announced closing $113 million for a new venture capital fund, Galaxy Ventures Fund, focusing on early-stage crypto companies. This move highlights ongoing interest and investment in early-stage crypto ventures despite market fluctuations.

The crypto funding landscape is evolving, with significant investments from both traditional finance giants and crypto innovators. Bitlayer's funding, led by Franklin Templeton, shows the growing interest in Bitcoin layer-2 solutions, while Kintsu’s approach to liquid staking emphasizes developments in DeFi. Other significant raises, including those for Mezo, Igloo, Caldera, NPC Labs, and OpenSocial Protocol, reflect the diverse and dynamic nature of the crypto ecosystem.

This week's funding activities demonstrate continued momentum in the crypto space, driven by a mix of traditional finance and innovative blockchain solutions, contributing to the broader adoption of blockchain technologies.

Justin Sun, the founder of the Tron blockchain, is urging China to improve its Bitcoin policies. He believes stronger competition with the US would benefit the crypto industry. This call comes as China continues to restrict cryptocurrency activities. Sun's plea for China to adopt a more progressive cryptocurrency policy aligns with former US President Donald Trump’s plans to make Bitcoin a key part of the global economy if he returns to office.

On July 18, Sun used social media to advocate for better Bitcoin policies in China. He argued that competition between China and the US in Bitcoin regulation would benefit the entire industry. “China should make further progress in this area. Competition between China and the U.S. in Bitcoin policy will benefit the entire industry,” Sun stated.

While Sun highlights the potential benefits of competition, market analysts believe Bitcoin’s role as digital gold could become crucial in global power dynamics. Trump’s support for Bitcoin might push China to rethink its stance on digital assets. “Bitcoin and stablecoins could help counter the expansion of China’s digital authoritarianism [and] bolster U.S. sovereign debt markets,” wrote Matthew Pines, a national security fellow at the Bitcoin Policy Institute.

China and the US, both major players in global finance, hold about 400,000 BTC together, according to Bitcoin Treasuries data. However, their approaches to cryptocurrency regulation are diverging significantly. The US, influenced by Trump’s advocacy, is rethinking the sector, while China has largely distanced itself from crypto. Since 2017, China has restricted cryptocurrency trading, banning banks and payment systems from handling digital assets. In May 2021, the People’s Bank of China (PBOC) declared all transactions involving Bitcoin and other cryptocurrencies illegal.

Critics like Professor Wang Yang from Hong Kong University of Science and Technology have challenged China’s crypto ban. Wang has urged the government to reconsider its stance on crypto mining, highlighting the geopolitical risks and potential benefits of embracing digital assets.

China’s strict stance on cryptocurrency began in 2017, with restrictions on trading and a ban on banks handling digital assets. The PBOC intensified these measures in May 2021 by declaring all transactions involving Bitcoin and other cryptocurrencies illegal. These actions are part of China's broader strategy to control financial transactions and prevent capital flight.

However, critics argue that these restrictions could have geopolitical disadvantages. Professor Wang Yang believes that embracing cryptocurrencies could offer significant benefits, especially in global competition with the US. In contrast to China’s restrictive policies, the US is reconsidering its approach to the crypto sector. Former President Donald Trump has proposed making Bitcoin central to the global economy, which could significantly impact the industry and global financial dynamics.

Analysts suggest that Trump’s support for Bitcoin could push China to change its stance. The potential for Bitcoin and stablecoins to counter China’s digital authoritarianism and support US debt markets has been highlighted by experts like Matthew Pines. If the US adopts a more crypto-friendly approach, it could encourage China to revise its policies.

Sun’s call for China to enhance its Bitcoin policies underscores the importance of competition in the crypto industry. By encouraging China to compete with the US in Bitcoin regulation, Sun believes the entire industry could benefit. This competition could drive innovation, improve regulations, and create a more dynamic crypto ecosystem.

In summary, Justin Sun’s appeal for China to improve its Bitcoin policies comes at a crucial time for the cryptocurrency industry. With the US showing signs of embracing a more proactive approach to crypto regulation, China faces a choice: continue its restrictive policies or adapt to the changing global landscape. The outcome of this competition could significantly impact the future of Bitcoin and the broader crypto market.

Shiba Inu (SHIB), the second-largest meme coin, is advancing with new projects despite mixed community reactions and recent underperformance compared to other meme coins. Lucie, Shiba Inu's marketing lead, announced plans for a layer-3 blockchain and new tokens, aiming to build a stronger ecosystem.

Lucie emphasized the ecosystem's growth with new tokens and a layer-3 blockchain. “Our ecosystem offers endless possibilities with tokens like SHIB, LEASH, BONE, SHEB, Shiboshis, ShibtheMV, and soon TREAT and SHI. The most exciting is our own L3,” Lucie stated.

Despite these efforts, SHIB faces criticism and performance concerns. The token has lagged behind other meme coins, and some community members are frustrated with the project's pace and scope. A common complaint is the focus on new initiatives before completing existing ones. “We jump to new things before finishing the current ones. What is L3 before L2 is finished?” a community member questioned.

The layer-3 blockchain initiative follows a $12 million investment in April for this platform. Fundraising efforts have led to valuations of $200 million. The new layer-3 blockchain, built on the Ethereum layer-2 blockchain Shibarium, will use Fully Homomorphic Encryption (FHE) for secure data processing, collaborating with Zama, an open-source cryptography firm.

Shiba Inu aims to bring real-world utility to its ecosystem. In December 2023, developer Shytoshi Kusama shared a vision of moving beyond memes. However, the rapid expansion and new plans have been met with skepticism within the community. Concerns include the project’s ability to deliver on promises and the potential for overextending resources.

Lucie’s announcements come when Shiba Inu is about 80% down from its all-time highs. This has led to a mix of excitement for new developments and frustration over current strategies. “This is why I switched to Bonk coin. Shiba Inu has too many coins but won’t focus on SHIB. They don’t burn tokens or increase the auto burn,” another frustrated community member commented.

Despite the criticism, Shiba Inu’s marketing lead is optimistic. The introduction of new tokens like TREAT and SHI, along with the layer-3 blockchain, is seen as a move toward a more utility-driven ecosystem. Lucie believes these efforts will benefit the community with diverse, decentralized applications and opportunities.

In summary, Shiba Inu is making significant changes to expand its ecosystem and increase its utility. However, the project faces challenges in managing community expectations and delivering on promises. The new tokens and the ambitious layer-3 blockchain aim to secure Shiba Inu’s place in the crypto world despite criticism and performance issues.

Former President Donald Trump addressed the Bitcoin 2024 conference in Nashville, Tennessee, outlining his vision for cryptocurrency and his policies if re-elected. He criticized the current administration and made several promises to the crypto community.

Trump called the Biden-Harris administration "fascist" and said Bitcoin is essential to avoid government control. He stressed that Bitcoin would play a crucial role in preserving individual freedoms under his leadership, appealing to crypto enthusiasts who prefer minimal government interference.

Trump promised to fire SEC Chairman Gary Gensler on his first day back in office. This announcement was met with cheers from the audience, highlighting dissatisfaction with current regulations. Trump aimed to position himself as a pro-crypto candidate who was willing to make significant changes to support the industry.

Trump described Bitcoin as a "miracle of cooperation and human achievement." He noted that Bitcoin has already grown larger than ExxonMobil and compared its growth to the steel industry 100 years ago. He praised the camaraderie among Bitcoin leaders and developers, emphasizing the strong community.

Trump also promised that, if re-elected, he would prevent the government from selling its 210,000 BTC holdings and any future acquisitions. He proposed creating a Strategic National Bitcoin Stockpile, which would serve as a national asset benefiting all Americans.

Trump was highly critical of Vice President Kamala Harris, calling her a "radical" and worse than Biden. He accused the administration of repressing cryptocurrency and Bitcoin, claiming their actions are harmful to the country. He warned that a win for them would lead to severe consequences for the crypto community.

His comments came shortly after a group of Democrats acknowledged that the public sees the party as anti-crypto. They warned that this perception could significantly impact the upcoming elections and advised adopting a more crypto-friendly stance, including selecting a supportive SEC chair and vice-presidential candidate.

Trump proposed building fossil fuel-based power plants to support Bitcoin mining and artificial intelligence (AI) operations. He stressed the need for a large electricity supply for both sectors and promised to drill for fossil fuels in an environmentally friendly way. Trump's goal is to make the U.S. a "Bitcoin mining powerhouse" by ensuring the lowest energy costs globally by the end of his potential new term. However, it's worth noting that Trump has previously called AI a "dangerous thing," showing a complex stance on the technology.

As of July 28, 2024, at 3:13 PM UTC, Bitcoin is ranked #1 by market cap, although its price has dropped 1.87% in the past 24 hours. Bitcoin’s market capitalization is $1.34 trillion, with a 24-hour trading volume of $34.17 billion.

In June, the Solana blockchain became a hot spot for fans of joke currencies, launching 30 tokens themed around celebrities like influencers, singers, and TV stars. Despite the initial excitement, many of these tokens saw their prices plummet soon after release.

30 celebrity coins launched on Solana last month.

Here’s where they are now:

🧵👇 pic.twitter.com/X1i2XvNfuq

— Slorg (@SlorgoftheSlugs) July 25, 2024

Statistics from the Solana network show that celebrity-backed meme coins dropped by 94% within the first month. About 50% of these tokens lost 99% of their peak value, highlighting the risky nature of meme coins, especially those dependent on celebrity support.

Despite the poor performance of these tokens, the Solana ecosystem remains active with community-driven projects. Sealana has gained attention for raising nearly $150,000 shortly after its presale, while Base Dawgz offers unique features like staking rewards and a share-to-earn mechanism.

In May, over half a million tokens were created on Solana, reflecting the growing interest in meme coins. The low transaction fees and fast processing times make Solana an attractive option for meme coin traders.

According to Bubblemaps, there is a network of insider wallets controlling large portions of these tokens. Insiders, which can include team members and celebrities, held between 20% to 90% of the supply for June’s tokens. This control raises concerns about fairness and potential market manipulation, as insiders benefit the most from initial hype.

While Solana's meme coin scene is bustling with activity, the performance of these tokens has been disappointing. The sharp declines underscore the speculative and risky nature of these investments. However, community-driven projects and established tokens like Dogwifhat and Bonk still attract interest. Investors should be cautious, conduct thorough research, and be aware of the potential for insider manipulation in this volatile market.

The US Commodity Futures Trading Commission (CFTC) has achieved a significant win against fraudulent crypto investor Abner Alejandro Tinoco and his company, Kikit & Mess Investments, LLC, concluding a three-year legal battle.

In October 2021, the CFTC filed a civil enforcement case against Tinoco and Kikit & Mess Investments, accusing them of fraud and misappropriation of over $3.9 million from 61 clients. Tinoco presented Kikit as a company managing portfolios in foreign exchange and cryptocurrency markets, but investigations revealed that he used client funds to finance his lavish lifestyle, including a private jet, mansion, luxury cars, and real estate.

The scheme was a Ponzi operation, using new investors' funds to pay fake profits to earlier investors. The CFTC successfully convinced Judge David C. Guaderrama to freeze Tinoco’s assets to prevent further misuse.

By March 2022, the CFTC secured a permanent injunction against Tinoco, banning him from trading in any CFTC-regulated market. On July 26, 2024, Judge Guaderrama ordered Tinoco and his company to pay over $31 million in fines. They must jointly pay $6.20 million in restitution to 199 fraud victims, $6.25 million in disgorgement with credit for restitution, and an $18.7 million civil monetary penalty.

Currently, Tinoco is serving an 84-month sentence in Salford, Arizona, after pleading guilty to wire fraud in November 2022. He was also ordered to pay $9.02 million in restitution to victims as part of his criminal case.

This victory underscores the CFTC’s commitment to protecting investors and maintaining market integrity. It serves as a strong warning against fraudulent activities in the financial markets.

The CFTC’s actions, in this case, highlight the importance of regulatory oversight in the cryptocurrency market. Investors should be cautious and conduct thorough research before investing. The CFTC remains dedicated to identifying and prosecuting fraud to ensure a fair and transparent market.

Hong Kong legislator Johnny Ng is considering adding Bitcoin to the city's financial reserves, emphasizing the importance of regulatory compliance and Bitcoin’s potential as "digital gold."

Ng’s interest follows Donald Trump’s announcement at the Bitcoin 2024 conference in Nashville about establishing a strategic Bitcoin reserve in the US. Inspired by Trump, Ng sees the value in exploring Bitcoin's inclusion in national reserves due to its increasing global acceptance.

Ng stated, “I will discuss the feasibility and opportunities of including Bitcoin in financial reserves with various stakeholders in Hong Kong and report the situation in a timely manner.” This indicates a careful and regulated approach, ensuring all steps comply with existing standards.

Bitcoin supporters have long encouraged governments and companies to adopt Bitcoin for their treasuries, arguing it can act as a hedge against inflation. Companies like MicroStrategy and Metaplanet have already diversified their reserves with Bitcoin, believing it protects against economic instability. Ng’s exploration aligns with this broader trend.

Ng also highlights Hong Kong's role in advancing the Web3 ecosystem. He notes that blockchain technology has brought many financial innovations and practical applications that support global development. Enhancing Hong Kong's ecosystem to attract global talent, investment, public blockchain projects, and exchanges is essential.

“Hong Kong must accelerate the development of the Web3 ecosystem,” Ng said. He emphasized that Hong Kong is leading the region in compliant regulation and industry development and believes the government will open the market gradually and responsibly.

Ng’s comments come as Hong Kong positions itself as a crypto hub. Recently, the city introduced regulations to protect crypto users and attract investments, such as proposed stablecoin legislation. This contrasts sharply with China’s crackdown on crypto trading and mining.

Hong Kong’s goal to be a top crypto hub is evident in its regulatory efforts. The government is creating a favorable environment for the crypto industry, implementing policies that support blockchain and digital assets while ensuring strong oversight to protect investors.

Adding Bitcoin to Hong Kong’s financial reserves would be a significant step. By exploring this, Hong Kong could set a precedent for others to follow, showcasing a forward-thinking approach to financial management and the benefits of integrating digital assets into traditional systems.

Ng’s proposal is about financial benefits and reinforcing Hong Kong’s position as a leader in financial innovation. Considering Bitcoin in financial reserves could attract global attention and investment, strengthening its status as a crypto-friendly destination.

In summary, Johnny Ng’s proposal to explore Bitcoin in Hong Kong’s financial reserves shows the city's commitment to financial innovation and regulatory compliance. As Hong Kong develops its crypto ecosystem, integrating Bitcoin could lead to a new era of digital asset adoption and financial stability, positioning Hong Kong as a global leader in digital finance.

Several Democratic lawmakers are advocating for pro-crypto policies as the 2024 elections approach, aiming to improve the party's relationship with the cryptocurrency industry. Vice President Kamala Harris is playing a key role in these efforts.

On July 26, over a dozen House Democrats, including Ro Khanna, Wiley Nickel, and Ritchie Torres, sent a letter to the Democratic National Committee (DNC). They urged the DNC to adopt pro-crypto language in the party's platform and suggested choosing a Vice Presidential candidate with strong digital asset policies. They also recommended appointing a pro-innovation Chair for the SEC and increasing industry engagement.

The letter highlighted the importance of crypto issues in the upcoming elections, noting that over 20% of voters in key states view cryptocurrency as a major issue. The lawmakers emphasized the need for the Democratic Party to present a strong case to crypto voters while ensuring consumer protection through proper regulation.

Cryptocurrency has become a significant political issue, with the Republican Party gaining support from the crypto community due to Donald Trump’s pro-crypto stance. Meanwhile, Democrats have faced criticism for the Biden administration’s approach to the industry.

Crypto stakeholders like Uniswap founder Hayden Adams are calling for a bipartisan approach to the elections. Adams pointed out that there is a growing pro-crypto sentiment within the Democratic Party. He hopes that both parties will compete to be the most pro-crypto, which would prevent policy swings based on which party is in power.

Vice President Kamala Harris is actively working to improve the party's relationship with the crypto industry. Reports indicate her advisers have reached out to major crypto companies like Coinbase, Circle, and Ripple Labs. This effort shows a more open and innovative approach to digital assets and blockchain technology.

Billionaire Mark Cuban suggested that a Harris-led government might be more favorable to crypto than the current administration. Lawmaker Wiley Nickel praised these initiatives, highlighting blockchain technology’s potential to drive innovation, economic growth, and financial inclusion. Nickel has been advocating for a reset in the party's approach to digital assets and commended Harris for her forward-thinking stance.

The push for pro-crypto policies is driven by the recognition that cryptocurrency is important to many voters. By adopting a more favorable stance, the Democratic Party aims to appeal to crypto enthusiasts and support technological innovation and economic progress.

As the 2024 elections near, it remains to be seen how successful these efforts will be. However, the actions of Harris and other lawmakers suggest a significant shift in the party's approach to digital assets. Embracing pro-crypto policies, the Democratic Party hopes to position itself as a forward-thinking force in American politics, promoting economic growth and technological advancement.

A new report by TRM Labs shows a significant rise in Russia’s involvement in illegal cryptocurrency activities in 2023. Russian-speaking hacker groups took nearly 70% of all ransomware earnings, demonstrating their leading role in this area. These groups have stolen nearly half a billion dollars, showcasing Russia's major influence in global hacking.

The report highlights ALPHV/BlackCat and Lockbit as major ransomware operators, together making over $320 million. Lockbit, a sanctioned hacker group, targeted big names like Boeing and the UK's Royal Mail. BlackCat/ALPHV attacked MGM Resorts and Henry Schein, a large dental and medical supplier. These attacks show the vast reach and sophistication of these groups and the huge financial damage to their victims.

Russia is at the center of sanctioned crypto transactions, according to TRM Labs. One Russian exchange, Garantex, handled over 80% of all sanctioned crypto transactions. Garantex has become a key global player in these illegal activities, continuing to operate despite penalties, highlighting the difficulties law enforcement faces in stopping illegal crypto actions. The dominance of sanctioned transactions on one exchange calls for better monitoring and regulation.

The report also notes the increasing use of cryptocurrencies to avoid sanctions, especially in the context of the Russia-Ukraine conflict. US officials have repeatedly banned Bitcoin and Ether addresses used for sanction evasion, showing how criminals quickly adapt to new technologies for illegal purposes. The widespread use of cryptocurrencies for criminal activities stresses the need for a global effort to combat and regulate these practices.

Despite the focus on Russia, North Korea remains a major player in cryptocurrency crime. North Korean hackers stole $1 billion in Bitcoin in 2023, proving they are a significant global cybersecurity threat.

The TRM Labs report indicates an urgent need for international cooperation to address the challenges of illegal cryptocurrency use. The concentration of illegal activities in certain regions and exchanges demands stricter oversight. Law enforcement agencies must improve their strategies to keep up with the changing tactics of cybercriminals.

The report's insights into Russian-speaking hacker groups and the role of exchanges like Garantex highlight the complexities in fighting cybercrime. The persistence of these groups despite sanctions shows gaps in current enforcement.

A global response is essential to tackle these issues. Stronger regulations, better international collaboration, and advanced technology are key to reducing illegal crypto use. Raising awareness and promoting security best practices can also help lessen the impact of cybercrime on global financial systems.

In summary, the TRM Labs report highlights the dominant role of Russian-speaking hackers in ransomware and the challenges posed by concentrated sanctioned crypto transactions. Increased vigilance, stronger regulations, and international cooperation are crucial to effectively combat the growing threat of crypto-based cybercrime and protect the global financial system.