Hello, crypto champ. This is #Melega Finance, the world’s leading decentralized digital asset exchange platform. Welcome to our latest edition of the weekly cryptocurrency news roundup, where we will uncover the most interesting updates from the crypto market from July 23rd to 29th, 2023.

Top coins like Bitcoin (BTC) and Ethereum (#ETH ) had a quiet price performance this week. #BTC dropped from $30,300 to around $29,300 at press time. However, there are some exciting developments and challenges that filled up the cryptocurrency world in the past seven days.

#Binance and its CEO CZ prepare for a high-stakes court battle against CFTC charges while US prosecutors drop campaign finance charges against SBF. In a significantly positive development, US House Committee takes a bold step in regulating the digital asset industry.

 

Ready to get refreshed by the top crypto news of the week? Let’s dive in!

CRYPTO NEWS RECAP: (JULY 23rd to 29th, 2023)

●      Binance and CZ set to challenge CFTC charges in court

●      US prosecutors drop campaign finance charge against SBF

●      FTX and Genesis forge a path to settle bankruptcy case

●      US House Committee approves digital asset regulations

●      Worldcoin's (WLD) launch creates a stir in the global community

●      Russia approves Digital Ruble Bill and makes usage voluntary for citizens

Binance and CZ set to challenge CFTC charges in court

Binance and CEO Changpeng Zhao (CZ) plan to challenge CFTC charges filed in March 2023 for US commodities and compliance law violations. The CFTC alleges the crypto company operated an unregistered derivatives exchange in the US, and CZ and Samuel Lim, the former compliance officer, used a deceptive compliance program. 

In their 49-page motion, Binance argues that the CFTC's charges go beyond its authority, targeting foreign entities and activities. They demand the court to drop counts 1 - 6 as "impermissibly extraterritorial." 

Moreover, they call for Count VII's dismissal, claiming the CFTC is testing a novel claim against an industry that didn't exist when the regulation was formed

US prosecutors drop campaign finance charge against SBF

United States prosecutors have dropped criminal campaign finance charges against Sam Bankman-Fried (SBF), former CEO of defunct crypto exchange FTX. The decision was said to have been influenced by complexities arising from the US-Bahamas extradition treaty. Meanwhile, SBF argued his campaign contributions weren't part of the extradition document. 

The Bahamian government clarified it won't extradite him on that charge, citing a violation of the treaty. However, other charges related to alleged fraud within FTX and associated ventures still stand.

FTX and Genesis forge a path to settle bankruptcy case

Crypto exchange FTX and lender Genesis reach an in-principle agreement to settle their bankruptcy case. The agreement aims to resolve claims made by both firms against each other, pending motions, and objections. Though specifics remain undisclosed, it's a significant step forward for the bankrupt entities. 

FTX had initially claimed $4 billion owed by Genesis, later revising it to $2 billion. Genesis, filing for Chapter 11 protection after a crypto hedge fund collapse, is FTX's largest unsecured creditor with $226 million owed. However, the settlement will hopefully bring closure to the legal dispute and foster a more stable crypto industry future.

US House Committee approves digital asset regulations

The United States House Committee has approved clear regulations for digital assets, a significant step towards establishing a comprehensive regulatory framework in the country. Interestingly, crypto advocates celebrate the long-awaited regulatory progress and despite some Democratic differences, the bill advanced with bipartisan support. 

However, Representative Patrick McHenry advocates extending the CFTC's jurisdiction to address concerns over SEC overreach. The outcome of these regulatory processes carries global implications, fostering innovation, consumer protection, and investment opportunities in cryptocurrencies.

Worldcoin's (WLD) launch creates a stir in the global community

The debut of the blockchain-powered digital passport platform, Worldcoin, has stirred heated debates in the cryptocurrency community. Launched with support from major exchanges like Binance, Worldcoin relies on iris scans through specialized Orb hardware for "proof-of-personhood." 

While some laud its potential for universal basic income distribution, critics, including Ethereum's Vitalik Buterin, express concerns about privacy, security, and centralization. 

Twitter's Jack Dorsey finds the project's "global scale alignment" attempt amusing. Anita Posch warns of data management risks. As the community remains divided, Worldcoin faces challenges to prove its worth amidst skepticism and criticism.

Russia approves Digital Ruble Bill and makes usage voluntary for citizens

Russia has signed the digital ruble bill into law, which will take effect on August 1, 2023. The digital ruble is designed to serve as a payment and money transfer method and will act as the third form of money alongside cash and non-cash rubles 

However, Russian citizens will not be forced to use the central bank's digital currency (CBDC), and the use of the digital ruble will be a voluntary choice left up to individuals to decide. The government doesn't expect mass adoption of the digital ruble in Russia before 2025 or even 2027.

NEW LISTINGS ON MELEGASWAP

Here are a few of our new cryptocurrency project listings on MelegaSwap!

Mobster (MOB)

Mobster is the first meme coin of its kind! Bringing the 70’s up to today, fashion never dies. Mob means power and success, and nobody wants to mess with it. Mobster is sick and tired of seeing all those other shit memes that come every day filling the crypto space with rats, rabbits, cats, dogs, frogs, and all kinds of animals, and Mob is here to send them all back to the zoo where they belong!

Young Degens (YD)

$YD isn't just a token; Young Degens is a movement fueled by energy, humor, brotherhood, and the struggle of hustling in the crypto game. $YD represents your game, and you have the power to make it successful together with all the other $YD chads. 

                                            •••

Risk warning: Cryptocurrency investment or trading is subject to high market risk. Hence, you might lose your money in the process. Please do adequate research and plan your investments cautiously. We at MelegaSwap will always make the best efforts to list high-quality and potential coins, but we will not be responsible for your losses.