American mining companies and the 2024 Presidential election
The Bitcoin mining industry in the United States has come under sharper focus after former President Trump declared that Bitcoin should be "made in the USA," and hosted a private meeting with industry leaders from Riot Platforms, CleanSpark, and TeraWulf.
A picture of Riot Platforms CEO Jason Les and former President Trump. Source: Jason Les.
In a June 12 social media post, the 2024 Presidential candidate argued that Bitcoin might be America's "last line of defense" against a central bank digital currency (CBDC), before suggesting that Bitcoin could make the United States energy dominant.
Trump's comments have ignited a firestorm within the crypto community, with some arguing that he has no idea about the crypto industry and is merely pandering for votes. However, others like Shapeshift founder Erik Vorhees say that the details behind Trump's comments are much less significant than the welcome gesture they represent.
Mining industry reacts 
Immediately following Trump's meeting with mining industry players and his stated support for the broader crypto industry, executives from Marathon Digital Holdings, CleanSpark, and Riot Platforms launched "The Bitcoin Voter Project."
The 501(c)(4) non-profit organization is a non-partisan voter education initiative aimed at raising awareness and disseminating knowledge about the nascent digital asset market and the blockchain industry, rather than supporting any candidates or parties. #Write2Earn

IOHK partners with Ethiopian government to revamp education system
Blockchain technology will be used to enhance the educational experience of five million students and 750,000 teachers across the east African nation.
Input Output Hong Kong, or IOHK, is helping the government of Ethiopia leverage blockchain technology to overhaul its education system. 
The research and development arm behind Cardano is deploying its expertise to provide Ethiopian authorities with a new system for student and teacher identification, digital grade verification and the remote monitoring of school performance. IOHK’s Atala PRISM ID will allow authorities to create a tamper-proof record of educational performance for five million students across 3,500 schools. It will also enable the Ethiopian government to narrow down locations and causes of educational under-achievement.
John O’Connor, the director of IOHK’s Africa Operations unit, called Ethiopia’s blockchain-based education system a “key milestone” for his organization. He explained:
“After five years of R&D, Cardano is now mature enough to underpin a blockchain solution which can scale to serve an entire national population.”
IOHK believes that the current blockchain-based transformation of Ethiopia’s education system could also be extended to post-secondary institutions, especially in the application of digital verification.
Getahun Mekuria, Ethiopia’s education minister, commented on the initiative:
“We believe blockchain offers a key opportunity to end digital exclusion and widen access to higher education and employment.”
Africa has been one of IOHK’s primary development targets over the years. In 2019, the organization embarked on a new training initiative in Ethiopia and Uganda teaching women how to code in Haskell, the primary programming language behind Cardano. Beyond local initiatives, Africa is a central part of IOHK’s vision of bringing financial services to the world’s “unbanked population,” which is estimated at roughly 1.7 billion.
Cardano founder Charles Hoskinson believes Africa will play an important role in deploying blockchain infrastructure over the next five years. He expects to have several headquarters throughout the continent over that period. #Write2Earn

Ethiopia takes first step toward CBDC in economic reform
The country plans to have a legal framework and regulatory sandbox in place for CBDC introduction “as necessary.”
The National Bank of Ethiopia (NBE) has prepared two proclamations as part of an economic reform plan. One of them includes the establishment of a legal framework for introducing a central bank digital currency (CBDC). 
The policy changes foreseen by the NBE Proclamation include creating a legal framework for a CBDC “as necessary,” as well as increasing the NBE’s capital and creating a legal basis for consumer protection. The accompanying Banking Business Proclamation addresses liberalization of foreign investment in banking, corrective measures regarding “problem” banks and the creation of a regulatory sandbox for innovative financial solutions.
The Council of Ministers has approved the proclamations and will soon be introduced into the House of Representatives.
The central bank has broad reforms in mind
The proclamations are part of the government’s Homegrown Economic Reform Agenda. The privately owned Ethiopian newspaper The Reporter mentioned the government’s interest in a CBDC in April. It said a study would be launched in June. It added that the NBE also aims to join “the Cross Border Payment System” by December. It did not provide any specifics about that system.
Ethiopia has already taken steps toward economic liberalization, including ending the state monopoly on mobile money services. The country already uses blockchain-based digital infrastructure for large government payments.

Africa has mixed experience with crypto
Crypto adoption is making headway in several African countries, despite barriers such as low internet penetration. Not all attempts to introduce crypto have been successful. Notably, the Central African Republic adopted Bitcoin as a currency and launched a non-CBDC government cryptocurrency called the Sango with limited success. The Sango currency website is not functional at the time of writing.
Digital currencies remain illegal in Ethiopia, although the licensing of “dozens” of data mining firms have sought to take advantage of the country’s cheap electricity to mine crypto. Plans were also in place to introduce the Web3 Fuse payment system there.
At least 18 African countries are researching CBDCs. Nigeria has had mixed luck with the eNaira, launched in 2022 as the world’s second live CBDC. Zimbabwe used a government-issued gold-based token as the foundation for the introduction of the latest currency.

Why is the crypto market down today?
A hawkish Fed official and alarming outflows from the U.S.-based spot Bitcoin ETFs have helped drive the crypto market sell-off.
The cryptocurrency market took a hit today, with the total market capitalization dropping by over 4.30% to about $2.50 trillion on June 18. This plunge has left many investors scratching their heads, trying to understand the core catalysts behind this downturn and whether a recovery is on the horizon.

Fed official's rate cut projection hurt crypto market
Today's crypto market decline is part of a correction that started over the weekend when Minneapolis Federal Reserve chief Neel Kashkari made a "reasonable prediction" about only one rate cut in 2024. 

“We need to see more evidence to convince us that inflation is well on our way back down to 2%,” Kashkari said during a June 16 telecast on CBS’s Face the Nation, adding: 
“We’re in a very good position right now to take our time, get more inflation data, get more data on the economy, on the labor market, before we make any decisions.”
His comments contrasted bond traders' expectations of at least two interest rate cuts in 2024 in September and November. For instance, the target rate probabilities for the September rate cut have fallen to 55% on June 18 from 66% over the weekend.
The lowering of rate cut expectations coincides with a relief rebound in U.S. Treasury yields, with the annual returns on the benchmark 10-year bond (US10Y) rising 14 basis points since the weekly session opened on June 17.

Higher bond yields reduce the opportunity cost of holding riskier assets like cryptocurrencies, a reason why the crypto market has gone down considerably this week, including the losses today.
Bitcoin ETF outflows continue
Today's crypto market decline further takes cues from a de-risking strategy undertaken by the Bitcoin exchange-traded fund (ETF) traders and investors. 

Notably, the U.S.-based spot Bitcoin ETFs witnessed a 3.65% drop to around $15.10 billion in its holdings in the week ending June 14. The outflows trend continued this week, with the investment vehicles witnessing $145.90 million worth of withdrawals on June 17, bringing the net ETF reserves to $14.956 billion. 

Spot Bitcoin ETF cumulative inflows. Source: Farside Investors
These outflows coincide with a rise in the U.S. dollar's strength versus a basket of top foreign currencies, as tracked by the U.S. dollar index (DXY) metric below

A stronger dollar often signals a lower risk appetite among investors, which helps explain the accelerating outflows from Bitcoin ETFs and the resulting anxiety in the crypto market.
Long liquidations hurt crypto market bulls
The crypto market declines have accelerated further due to long liquidations overpowering the short ones in the last 24 hours.
Data from Coinglass shows that long traders—those betting on the crypto market upside—have witnessed circa $403 million worth of liquidations in the last 24 hours. In comparison, short traders suffered over $61 million in liquidations in the same period.

When long positions are liquidated, traders who are betting on prices going up are forced to sell their positions, often at a loss. This increased selling pressure has driven the crypto market valuation lower today.
Will the trendline support level hold? 
From a technical standpoint, today's crypto market declines are part of a correction inside its prevailing symmetrical triangle pattern. For instance, the market capitalization has dropped 12.34% after testing the triangle's upper trendline as support, as shown below.

Looking forward, the crypto market valuation may rebound toward the upper trendline after testing the lower trendline as support. This could ideally take the market cap toward $2.48 trillion by June, up 9.5% from the current levels 
Conversely, a breakdown below the lower trendline will likely crash the crypto market cap toward its 200-day exponential moving average (200-day EMA; the blue wave) at around $2.09 trillion.

Report Says Biden Administration, Mark Cuban, and Ro Khanna Set for Critical Crypto Roundtable

Members of the Biden administration are reportedly convening for a bitcoin and blockchain roundtable with American entrepreneur and “Shark Tank” star Mark Cuban. This news comes after presidential candidate Donald Trump vowed to “end Joe Biden’s War on Crypto.”
Reported Crypto Roundtable With Biden Administration Scheduled for July
The former 45th U.S. President, Donald Trump, has recently begun to assure bitcoin (BTC) and blockchain advocates that he would be the optimal choice for U.S. President in 2024 to safeguard these technologies. Incumbent U.S. President Joe Biden and the Democratic Party have faced accusations of choking cryptocurrency innovations, including non-custodial solutions.
As often seen with politicians, the Biden administration may be altering its position. Bitcoin Magazine has reported that California U.S. Congressman Ro Khanna is organizing a bitcoin and blockchain roundtable with members of the Biden administration. In addition, members of both the U.S. House of Representatives and Senate are expected to participate in this purported meeting. Billionaire Mark Cuban, known for his use of cryptocurrency and investments, is also set to attend, according to the report.
Whether the meeting will actually take place is still uncertain. The letter describes the roundtable as “the most significant meeting between policymakers and innovation leaders in blockchain to date.” Although Cuban is supportive of crypto and not necessarily a leader in the space, the letter does not mention any other blockchain sector representatives. The meeting is reportedly scheduled for “early July.” Cuban has warned in the past that the U.S. Securities and Exchange Commission’s (SEC) actions could cost Biden the election.
What do you think about the alleged bitcoin and blockchain roundtable with members of the Biden administration? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn

Bitcoin Miners Face 8.4% Profit Decline Amid Falling Hashprice and Market Pressures

In the last three days, bitcoin miners have experienced an 8.4% drop in profits, echoing a decrease in bitcoin prices. Since then, the network’s hashrate has fallen below the 600 exahash per second (EH/s) mark.
Price Drop Squeezes Bitcoin Mining Profits
Revenue for bitcoin miners has declined as the hashprice, the revenue from 1 petahash per second (PH/s) of hashing power per day, has diminished by 8.4% since June 14, 2024. Just three days prior, miners were earning $57.36 per petahash, but now, the hashprice stands at $52.53.
On June 12, two days beforehand, bitcoin was trading just above $69,000. As of today, the price per bitcoin has dropped to $65,539, impacting Bitcoin’s hashprice. The decline in profits appears to have influenced the network’s total hashrate, as the computational power retracted on the same day, June 14.
Prior to this, the hashrate had briefly exceeded the 600 EH/s range. According to the seven-day moving average (MA), the hashrate now stands at 594 EH/s, while the more fluctuating three-day MA is approximately 590 EH/s. However, block intervals remain steady at nine minutes and 40 seconds.
Given the current block times, the difficulty adjustment on June 20 is expected to result in only a slight 0.1% increase. Miners experienced a minor reprieve during the last difficulty adjustment, which saw a decrease of 0.79%, particularly after the previous retarget resulted in a 1.48% increase in difficulty.
With the reduced block reward from the recent halving and the lower bitcoin prices, which have subsequently depressed the hashprice, bitcoin miners are facing increased pressure. Last week, Julio Moreno, the head of research at cryptoquant.com, noted that miners were selling off their BTC reserves more than usual. As market conditions shift, the resilience of these miners will play a vital role in upholding Bitcoin’s security.
What do you think about bitcoin miners feeling the pressure from lower revenues? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn

Fidelity's Director of Global Macro Sees Bitcoin as 'Exponential Gold' on Store of Value Team

Fidelity Investments’ Director of Global Macro sees bitcoin as “exponential gold” and “an aspiring player on the store of value team.” According to his analysis, bitcoin’s price is “driven primarily by the growth in its network, which is in turn driven by bitcoin’s unique scarcity feature, as well as the monetary and fiscal policy cycle, and of course sentiment.”
‘Bitcoin Is Exponential Gold’
Fidelity Investments’ Director of Global Macro, Jurrien Timmer, shared his perspective on bitcoin in several posts on social media platform X on Thursday. Timmer specializes in global macro strategy and active asset allocation within Fidelity’s Global Asset Allocation Division. He wrote:
In my view, bitcoin is exponential gold and an aspiring player on the store of value team.
“My work suggests that the price of bitcoin is driven primarily by the growth in its network, which is in turn driven by bitcoin’s unique scarcity feature, as well as the monetary and fiscal policy cycle, and of course sentiment,” he explained.

He provided a chart showing “Bitcoin’s growing network along a simple power curve,” he detailed, adding: “The number of non-zero addresses has converged towards this power curve, with Bitcoin’s price oscillating around it like a pendulum. Such is Bitcoin’s unique series of boom-bust cycles.”
Timmer pointed out: “The growth of Bitcoin’s network has slowed in recent months, while its price has continued to gain.” He opined:
In my view, this divergence between price and adoption could explain why bitcoin has slowed down a bit along its path to potential new all-time highs. The pendulum will only swing so far.
“For the new highs to continue, the network may have to accelerate again. Could this be driven by the next chapter in the fiscal dominance thesis (i.e., monetary subordination)?” the Fidelity director of Global Macro pondered.
What do you think about the statements by Fidelity’s director of Global Macro, Jurrien Timmer? Let us know in the comments section below. #Write2Earn

Korean Exchanges Set to Reevaluate Over 600 Listed Virtual Assets

South Korean cryptocurrency exchanges are set to reevaluate more than 600 digital assets, and those failing this process will ultimately be delisted. Once the process is completed, crypto exchanges will be required to conduct maintenance reviews quarterly. The reputation of the issuers and user protection tools are among the factors related to virtual assets that will be reviewed.
Implementation of the Virtual Asset User Protection Act
South Korean cryptocurrency exchanges are reportedly set to reevaluate about 600 listed digital assets. Assets failing to meet the required standards will be issued a trading caution before being delisted. The reevaluation process is intended to ensure virtual assets listed on South Korea’s 29 crypto exchanges adhere to the Virtual Asset User Protection Act. South Korea is set to implement the law on July 19.
According to a local report, implementation of the law will see Korean authorities formally introduce best practices that crypto exchanges operating in the country must follow. The report quotes an unnamed official who disclosed plans to review listed digital assets regularly.
“We will allow virtual asset exchanges to review whether to maintain trading support for virtual asset items that have been trading for six months. After that, maintenance reviews will be conducted once every three months,” the unidentified official said.
Alternative Reevaluation Methods for Decentralized Virtual Assets
The official also reiterated South Korea’s plan to temporarily halt transaction support for virtual assets not meeting the required standards.
According to the report, factors set for review include the issuer’s standing, user protection tools, security, and compliance with relevant laws. Crypto exchanges will also evaluate the distribution of virtual assets, potential conflicts of interest, and the security of the assets’ respective blockchains.
However, for virtual assets without a centralized issuing entity, such as bitcoin, or those issued by a decentralized autonomous organization (DAO), an alternative reevaluation method will be applied, the report stated.
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Bitmain's New S21 Bitcoin Mining Rigs Debut With up to 473 TH/s of Hashpower

At the World Digital Mining Summit in Las Vegas, Bitmain, a leading manufacturer of application-specific integrated circuit (ASIC) bitcoin mining rigs, introduced two new mining machines. Both models—one air-cooled and one hydro-cooled—boast an efficiency rating of under 14 joules per terahash.
Bitmain Introduces S21 XP and S21 XP Hydro
Bitmain’s new Antminer S21 series mining rigs outperform market rivals in joules per terahash (J/T) efficiency. The first model, the S21 XP air-cooled unit, delivers 270 terahash per second (TH/s) with an efficiency rating of 13.5 J/T. As of now, with the hashprice at $0.0524 per TH/s per day, the S21 XP is projected to generate $10.84 in daily profits, assuming electricity costs $0.04 per kilowatt hour (kWh).
Alongside the new air-cooled Antminer, Bitmain also unveiled the S21 XP Hydro ASIC mining rig. This hydro-cooled model offers a significantly higher hashrate and superior efficiency in joules per terahash. The Antminer S21 XP Hydro achieves an estimated 473 TH/s with an efficiency rating of 12.7 J/T. Given the current hashprice and $0.04 per kWh in operational costs, this machine is estimated to earn $21.48 per day.
The introduction of Bitmain’s S21 series highlights the relentless pace of innovation in bitcoin mining technology. As the industry advances, these highly efficient machines set new standards, potentially driving competitors to enhance their offerings. Bitmain’s emphasis on reducing energy consumption while increasing profitability underscores a crucial trend in the sector, balancing operational expenses with economic incentives.
What do you think about the new Bitmain Antminers? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn

Cleanspark Acquires 5 Bitcoin Mining Facilities in Georgia for $25.8 Million
Cleanspark Inc. has announced the acquisition of five new bitcoin mining facilities in Georgia for $25.8 million. The deal is expected to close immediately, increasing the company’s operating hashrate to over 20 EH/s by the end of the month.
Publicly Listed Miner Cleanspark Obtains 5 New Mining Facilities
The newly acquired sites, which range from 8 megawatts (MW) to 15 MW each, will bring Cleanspark‘s total infrastructure in Georgia to over 400 MW once fully operational. The acquisition includes interruptible-load power purchase agreements, enhancing load balancing capabilities for local electric municipal cooperatives.
The company currently operates infrastructure in Georgia, Mississippi, New York, and has announced plans for additional locations in Wyoming. Zach Bradford, CEO of Cleanspark, stated that this acquisition is a significant milestone in the company’s growth strategy.
“These sites not only enhance the load balancing capabilities for the local cities we work with, but lock in the achievement of our mid-year target of achieving 20 EH/s of operating hashrate,” Bradford detailed in an email sent to Bitcoin.com News.
The new facilities will utilize the latest generation S21 pro miners, contributing to an anticipated combined hashrate of 3.7 EH/s. This acquisition is part of Cleanspark’s broader strategy to analyze nearly one gigawatt of new opportunities, aiming to drive innovation and shareholder value in the bitcoin mining industry.
What do you think about Cleanspark’s latest acquisition? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn

Analyst Forecasts Silver Shortage, Price Increases As Consumers Tap Dwindling Secondary Inventories

Peter Krauth, a silver market analyst and author of “The Great Silver Bull,” has predicted an upcoming silver shortage produced by the increased demand for the precious metal for different applications. Krauth states that demand for silver has outpaced supply, and there are probably 12 to 24 months of silver available before inventories run out.
Silver to Skyrocket as Above Ground Inventories Collapse, Analyst Claims
Silver is making headlines again due to the forecast of a price explosion in the next two or three years. Peter Krauth, a major silver market analyst and author of “The Great Silver Bull” believes that silver is especially positioned to be one of the largest trades in the commodities market in the near future.
In a recent interview, Krauth explained that demand has been rising with almost the same supply for a while, with silver maintaining the same price range. Further investigation led him to conclude that big silver consumers were tapping secondary above-ground inventories corresponding to the largest silver futures markets (Comex, LBMA, and Shanghai) and exchange-traded funds (EFTs), given that these have seen their inventories drop 40% on average during the last three years.
Krauth predicts that, if this situation continues, above-ground inventories of these sources will collapse in 12 to 24 months, setting the stage for silver prices to explode as shortages affect the supply of the precious metal. In addition, he explained that the forecast of new mines going into production might even be negative in the future, which might accentuate this shortage situation.
Furthermore, Chinese consumers are already preparing for this upcoming supply crisis. Krauth stated that he has received reports from silver producers that Chinese consumers are paying over $3 per ounce more than international prices, accumulating more of this supply. This might accentuate the crisis in the West, given that Asian producers are prepared to pay over-market prices for the metal.
Other analysts have also predicted a rise in the price of commodities, including precious metals, for the near future. In May, Peter Schiff recommended investors to take advantage “of what could be the biggest precious metals bull market in history.”
What do you think about silver as an investment opportunity? Tell us in the comments section below.
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El Salvador Views Bitcoin as a Tool to Liberate the Nation From Fiat Currencies

Felix Ulloa, Vice-President of El Salvador, stated that the government has considered de-dollarizing the country and returning to its national currency, the colon. However, he said that it would be too costly. For Ulloa, bitcoin presents an opportunity to liberate the country from central banks and fiat currency.
El Salvador’s Vice-President Felix Ulloa: Bitcoin Offers an Option to Liberate the Country From Fiat Currencies
El Salvador’s bitcoin roadmap might include a deeper integration of the crypto asset as part of its economic future. Felix Ulloa, Vice-President of El Salvador, recently stated that bitcoin might become a tool to liberate El Salvador from using fiat currencies, including the U.S. dollar.
In an interview with Russia Today (RT) at the sidelines of the San Petersburg International Economic Forum (SPIEF), Ulloa highlighted the opportunities that bitcoin adoption has brought to the country regarding economic freedom. When asked about the possible de-dollarization of El Salvador and its relation to bitcoin, Ulloa stressed that they had studied that case before and that returning to the Salvadoran colon would burden the state heavily.
El Salvador adopted the U.S. dollar in 2020, allowing its use for all commercial and financial transactions while seeking to improve its economic numbers. Ulloa stated that El Salvador wants to liberate its economy from central banks and also from the implied dependence on fiat currencies, such as the U.S. dollar, the euro, the sterling pound, and others.
“For this, bitcoin has become an option; and not only bitcoin but also other cryptocurrencies that circulate in international markets,” Ulloa specified. Last year, El Salvador passed a digital assets law, that encompasses cryptocurrency, tokens, and other digital assets to further this economic liberalization, Ulloa explained.
Previously, Ulloa highlighted the role of bitcoin in the rebirth of the Salvadoran economy, reinforcing the link between crypto and the tourism industry. In October, he assessed that “tourism and the use of digital currencies go hand in hand and are a sign of that future and the rebirth of our country.”
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Block Earner Co-Founder: Lack of Regulation Limits Australian Crypto Market to Token Sales Only

Regulation through enforcement often yields suboptimal outcomes for all stakeholders, including consumers, as it creates a negative stigma around industry companies,” asserted the co-founder of an Australian crypto startup. The co-founder expressed optimism that the Australian Securities and Investments Commission’s recent court setback would encourage Parliament to establish a regulatory framework for the Aussie crypto industry.
Regulators Must Differentiate Between Bad Actors and Those Acting in Good Faith
Regulation through enforcement actions often yields the worst outcomes, not only for regulators but also for users, as it creates a negative stigma around industry companies, Charlie Karaboga, co-founder of the Australian crypto startup Block Earner, has argued. Karaboga emphasized that while regulators are obligated to protect consumers and investors, they must differentiate between malicious actors and good-faith innovators when carrying out their mandate.
The remarks by Karaboga were made just days after an Australian Federal judge ruled against imposing a financial service law penalty on Block Earner. As Bitcoin.com News recently reported, Judge Ian Jackman concluded that the crypto startup, having acted “honestly and not carelessly,” should not be penalized with the AUD 350,000 fine sought by the Australian Securities and Investments Commission (ASIC).
Furthermore, the court criticized ASIC for issuing a press release with a misleading headline. Court documents revealed that the release suggested Block Earner was still breaching financial service laws, leading several media outlets to report inaccurately on the February 9 judgment. Block Earner claimed that the erroneous press statement title saw some of its business prospects go up in smoke.
Therefore, in addition to relieving Block Earner of the penalty obligation, the Australian judge ruled that the ASIC should cover the crypto startup’s legal costs incurred after the court’s Feb. 9 judgment. This favorable judgment thus reduced the financial burden on Block Earner, whose operations were negatively impacted by the ASIC’s misleading press release.
Australian Judge Commends Block Earner’s Conduct
Reacting to the court ruling, Karaboga cautioned that while the outcome is quite positive for Block Earner, the damage has already been done. He added that the mere fact the regulator decided to take Block Earner to court has caused problems for the startup. However, Karaboga expressed gratitude for the judge’s comments regarding Block Earner’s conduct during the ASIC’s investigation.
“That sentence [of comments by the Australian Federal judge] was everything for me, because I don’t need to repeat myself in every single conversation with our partners,” the Block Earner co-founder said.
Meanwhile, Karaboga told Bitcoin.com News that stakeholders in Australia’s cryptocurrency market are hopeful the court’s decision not to penalize Block Earner will encourage the ASIC to adopt a less aggressive stance. Similarly, stakeholders anticipate that ASIC’s setback will prompt the Australian Parliament to establish “clear rules for everyone, allowing us to legitimately operate businesses here.”
Karaboga noted that Australia is making steady progress in regulating the cryptocurrency sector, with the consultation phase now concluded. He anticipates the first draft bill will be circulated in the last quarter of 2024 or the first quarter of 2025, should Parliament decide to expedite the process.
However, he warned that without progress and clear regulations, Australian cryptocurrency market participants will be limited to selling tokens only.
“So we can’t throw the utility of these assets or digital currencies or the blockchain technology without a clear regulation, because anything that we do as an attempt creates this type of friction between us and the regulator,” Karaboga said.
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Ethiopian Airlines Partners With Blockchain-Based Loyalty Rewards Firm Loyyal

Ethiopian Airlines Group has partnered with Loyyal to leverage the latter’s blockchain infrastructure for its customer loyalty program. The partnership, which is earmarked for Ethiopian Airlines’ Shebamiles members, enables them to earn rewards daily, driving further engagement and loyalty.
Three-Way Partnership
One of the leading African airlines, Ethiopian Airlines Group, has appointed blockchain-based loyalty rewards service provider Loyyal as its innovative tech loyalty partner. Under the arrangement, Loyyal will gain access to the airline’s flagship solution as a rewards management system within its loyalty offering.
According to a statement, Ethiopian Airlines and Loyyal will also collaborate with another rewards platform, Finfare Connect. The three-way partnership will enable the airline to leverage Finfare Connect’s payment-linked incentives solution, powered by Loyyal’s blockchain infrastructure for loyalty systems.
Ashish Kumar Singh, CEO of Loyyal, praised the arrangement, which is earmarked for Ethiopian Airlines’ ShebaMiles members “to experience everyday earnings, driving further engagement and stickiness.” Brad Blake, Chief Growth Officer at Finfare, said the partnership would result in incremental sales for its network of partner brands. This will provide “more value and personalized experiences for customers,” Blake added.
The statement noted that Ethiopian Airlines’ flagship solution uses a smart contract to streamline and automate deals, helping the airline efficiently collaborate with renowned brands such as Nike and Marks & Spencer.
Rahel Assefa, Group VP of Marketing at Ethiopian Airlines, said combining forces with Loyyal and Finfare Connect adds value to loyal customers’ mile-earning experiences.
“We are excited for the unique partnership we have established with Loyyal’s patented platform and Finfare’s extensive ecosystem to boost our members’ mile-earning experience through everyday purchases from various leisure and lifestyle brands,” Assefa said.
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Former House Speaker Paul Ryan: Stablecoins Can Help Fight an Upcoming US Debt Crisis and China's Growing Influence

Paul Ryan, a former speaker of the House of Representatives, has assessed the possible role that stablecoins will play in fighting an upcoming U.S. debt crisis. According to Ryan, the demand derived from the increasing relevance of dollar-backed stablecoins, which use U.S. treasuries as backing, will help keep a healthy demand on U.S. debt and counter the growth of the Chinese yuan in international markets.
Paul Ryan: Stablecoins Might Help Avoid a U.S. Debt Crisis
Paul Ryan, Republican politician and former speaker of the House of Representatives, has referred to the relevance that stablecoins might have for the future of the U.S. debt. In a recent opinion piece, Ryan discusses that the exploding U.S. debt, currently hovering over $34 billion, is poised to test the American experiment if politicians fail to address the increased budgetary spending.
A failed Treasury auction would kickstart this crisis, forcing budgetary cuts and destroying the trust behind the U.S. dollar. At the same time, while the dollar is still the international reserve benchmark currency, countries like Saudi Arabia and China have been shedding their treasury holdings and seeking alternatives to settle payments outside the dollar-led financial system.
This is where stablecoins come in, as a source of demand for treasuries and U.S. dollars that are not driven by state nations, but by institutions and individuals in weak economies. Ryan remarked that stablecoins should be taken seriously, as they would be held outside the top ten nations owning U.S. debt. if combined.
This financial battle would also extend to international markets, Ryan states, where China seeks to embed the yuan using investment and infrastructure in emerging markets. Using stablecoins in public blockchains would counter the growth of the yuan’s influence, as they would come “packaged with the deeply American values of freedom and openness.”
Promoting dollar-backed stablecoins would create an “immediate, durable increase in demand for U.S. debt, which would reduce the risk of a failed debt auction and an attendant crisis,” Ryan concluded.
Tether, the company behind USDT, the largest stablecoin in crypto markets, had referred to this issue before. In a September report titled “Tether USDT and U.S. Treasury Dynamics,” the company declared that “as foreign purchasing of treasuries declines, and issuance of U.S. debt is slated to increase, Tether is able to help support US and global financial stability.”
What do you think about U.S. debt and its relation with stablecoins? Tell us in the comments section below. #Write2Earn

CBDC Interest Climbs Steadily Over Five Years, Google Trends Data Shows

Google Trends data reveals a consistent increase in search interest for “CBDC,” which stands for central bank digital currency, over the past five years. The term has maintained a score above 20 since August 2022, on a scale of 1 to 100, where 100 signifies peak interest.
CBDCs See Consistent Search Growth, Top Regions Include South Korea and Jamaica
In recent years, central bank digital currencies (CBDCs) have become a significant topic in discussions about modern finance and the global economy. Essentially, a CBDC is a digital version of a country’s fiat currency, managed and issued by the central bank, facilitating digital transactions. Interest in CBDCs has increased, driven by both positive and negative discussions on the topic.
Google Trends assigns a score between 1 and 100 to represent a term’s search interest relative to its peak during a specific period and location. A score of 100 indicates maximum popularity, while lower scores denote lesser interest. From December 4-10, 2022, the search term “CBDC” achieved a score of 74.

Between March 19-25, 2023, “CBDC” reached a top score of 100. The previous high was 64 in July 2023, after which interest declined. Over the past 90 days, Google Trends shows the term “CBDC” hit a score of 100 on March 28, 2024, and 79 on May 23 of this year. Most of the 90-day chart scores fall between 20 and 50.

Over five years, South Korea leads as the most popular region for “CBDC” searches, followed by Jamaica. Hong Kong, Singapore, and China to complete the top five. Related topics and queries include “Reserve Bank of India,” “Stablecoin,” “World Economic Forum,” “RBI,” and “CBDC countries.”
As of March 2024, more than 130 countries were researching CBDCs, with three countries launching CBDCs and 36 conducting pilot programs. The growing interest in CBDCs, as shown by Google Trends, highlights a significant move towards integrating digital currencies into global economies. This trend reflects not only increased public curiosity but also a stronger commitment from policymakers to explore and potentially adopt these types of digital currencies.
What do you think about the interest in CBDCs over the past five years? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn

Crypto Friendly Evolve Bank Under Scrutiny: Cease and Desist Order Issued 

The Federal Reserve and Arkansas State Bank Department have mandated sweeping reforms at Evolve Bank & Trust following significant compliance breaches. The order highlights issues in anti-money laundering efforts and consumer protection, especially in its dealings with fintech companies and prominent crypto players like FTX.
Compliance Concerns Trigger Regulatory Action Against Evolve Bank
Evolve Bank & Trust, based in West Memphis, Arkansas, has entered a cease-and-desist agreement after federal and state regulators uncovered inadequate risk management and compliance systems.
According to the U.S. central bank, these deficiencies primarily concern the bank’s Open Banking Division, which facilitates services for various fintech partners. This arrangement, the Federal Reserve detailed, has led to substantial regulatory scrutiny, impacting both consumer operations and broader financial stability.
The scrutiny further extends to Evolve’s role within the crypto sector, serving as a banking partner to Blockfi and providing financial services to FTX customers. Evolve reportedly lacked a direct connection with Blockfi; instead, it collaborated with Deserve, a credit card platform, to issue Blockfi credit cards.
The court filing reports that recent examinations have exposed that Evolve’s lax controls around anti-money laundering and consumer protection may have indirectly affected these partnerships.
“Supervisors conducted a further examination of the Bank, issued on January 10, 2024, that identified additional deficiencies with respect to the bank’s risk management and compliance with applicable laws, rules, and regulations relating to anti-money laundering, including the Bank Secrecy Act; the rules and regulations issued thereunder by the U.S. Department of the Treasury,” the cease and desist order states.
What do you think about the cease and desist order against Evolve Bank? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn

New York Recovers $50 Million From Gemini — Bans the Exchange From Crypto Lending in the State

New York Attorney General Letitia James has secured a $50 million settlement from cryptocurrency exchange Gemini for Earn program investors. This settlement ensures that all defrauded investors will fully recover the assets they invested but were unable to withdraw when the program collapsed. Additionally, Gemini is now banned from operating any crypto lending program in New York.
Gemini to Return Approximately $50 Million in Digital Assets to Earn Investors
New York Attorney General (NYAG) Letitia James’ office announced Friday that James has recovered approximately $50 million from the cryptocurrency platform Gemini Trust Company LLC “for more than 230,000 investors, including at least 29,000 New Yorkers, who invested in the Gemini Earn program and were defrauded.”
The announcement details, “Gemini allegedly misled thousands of investors on the risks associated with Gemini Earn, an investment program it offered with another cryptocurrency company, Genesis Global Capital (Genesis),” elaborating:
The settlement provides all defrauded investors full recovery of the assets they invested in the Earn program but were unable to withdraw when the investment program collapsed.
Friday’s settlement follows Attorney General James’ $2 billion agreement with Genesis and resolves claims against Gemini. The settlement “bans Gemini from operating any cryptocurrency lending program in New York,” the announcement explains, adding that it also mandates the crypto firm to cooperate with the Office of the Attorney General’s litigation against Digital Currency Group (DCG), Barry Silbert, and Genesis’ former CEO Soichiro Moro.
The New York Attorney General’s Office further noted:
Under today’s settlement, Gemini will return approximately $50 million worth of digital assets to Gemini Earn investors who were locked out of their accounts.
“Investors do not need to take any action to recover their digital assets and they will be able to access their digital assets in their accounts,” the announcement clarifies.
Attorney General James filed a lawsuit against Gemini in October of last year, accusing the company of misleading investors about the safety of its Gemini Earn program. Gemini had repeatedly assured investors that investing in the program with Genesis was low-risk. However, the lawsuit alleged that Gemini knew Genesis’ loans were under-secured and heavily concentrated with a single entity, Sam Bankman-Fried’s Alameda, but did not disclose these risks to investors. Last month, Attorney General James secured a $2 billion settlement from Genesis to compensate the defrauded victims.
What are your thoughts on Gemini’s settlement with New York Attorney General Letitia James? Also, what do you think about New York’s decision to ban Gemini from operating any cryptocurrency lending programs in the state? Share your opinions in the comments section below. #Write2Earn

Nigerian Regulator Warns Against Investing in Meme Coin Linked to Davido

The Nigerian securities regulator warned residents against investing in a meme coin linked to singer and celebrity Davido. The regulator described the meme coin as a highly risky investment, saying investors who invest in it do so at their own risk. The Commission will continue to monitor the ecosystem and will exercise its authority if necessary.
SEC Warns Davido’s Meme Coin is Highly Risky
The Nigerian Securities and Exchange Commission (SEC) warned local investors against participating in or investing in a meme coin linked to singer and celebrity Davido. In an investment alert issued on June 14 via the social media platform X, the regulator described the coin, known as $DAVIDO, as “highly risky” and cautioned that individuals who invest in it do so at their own risk.
Before the SEC’s alert, Imran Muhammad, a member of the Nigerian governing party, claimed in a post on X that the Commission had warned residents about the risks associated with meme coins. Muhammad also revealed that the SEC had clarified that Davido’s meme coin fell outside its regulatory scope.
As reported by Bitcoin.com News, Davido, whose real name is David Adedeji Adeleke, was recently accused of using his influence to promote a pump-and-dump scheme. After a brief surge, the DAVIDO token’s value plummeted mere hours after Davido publicly endorsed it.
Davido Accused of Scamming Residents, Investors
However, before the meme coin’s collapse, Davido reportedly sold millions of the meme coin, profiting over $450,000. Many Nigerians, including prominent crypto industry players, condemned Davido for using cryptocurrency to scam residents and his followers. Following the public outcry, the Nigerian SEC has released a statement explaining the origins of meme coins.
The Commission, however, warned capital market players against associating with risky crypto assets like Davido’s meme coin.
“Capital market operators are by this Notice warned not to associate with instruments that fall outside the SEC’s regulatory purview. Such instruments should not in any manner be distributed or monitored through any capital market mechanism,” the SEC said.
Meanwhile, the Commission said it will continue to monitor developments in the ecosystem and will not hesitate to exercise its authority if necessary.
What are your thoughts on this story? Share your opinions in the comments section below. #Write2Earn