This week, the crypto market faced significant losses, with Bitcoin falling below $60,000, its lowest point in weeks.BTC declined from a weekly high of $70,000 to around $59,000, following the US government's transfer of over $2 billion in Bitcoin.
In related news, more than 2,200 letters were sent to US senators in 48 hours, urging support for Senator Cynthia Lummis's proposed Strategic Bitcoin Reserve bill.
Additionally, crypto executives are set to meet privately next week with White House aides and Representative Ro Khanna to discuss urgent issues and policy proposals.
Now, we've handpicked six of the most noteworthy news stories from the past week to keep you in the loop. Join us as we dive into the most impactful events because who doesn't love a good dose of crypto drama?
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TOP CRYPTO NEWS RECAP (Jul. 28- Aug. 03, 2024)
● England's Law Commission Proposes New Property Category for Crypto Assets
● Genesis Completes $4 Billion Restructuring Plan
● Trump Suggests Bitcoin to Tackle National Debt
● Congress Receives 2,200 Support Letters After Senator Lummis Proposed Strategic Bitcoin Reserve Bill
● Ripple Invests $10 Million in Tokenized T-Bills on XRPL
● Telegram Launches In-App Browser for Decentralized Web Access
England's Law Commission Proposes New Property Category for Crypto Assets
The Law Commission of England and Wales recommended creating a new category of personal property to encompass digital assets like cryptocurrencies and NFTs. In their final report, the commission highlighted the inadequacy of existing classifications, which include tangible and intangible property.
They proposed a "third category" to clearly define and protect the unique features of digital assets, facilitating clearer legal rights and dispute resolutions. A draft bill has been issued, and regulators are reviewing it to ensure robust legal frameworks for the digital asset sector.
Genesis Completes $4 Billion Restructuring Plan
Genesis, a bankrupt institutional lending platform, completed its Chapter 11 restructuring on August 2, 2024, disbursing $4 billion to creditors. Bitcoin creditors will recover 51.28%, Ether creditors 65.87%, and most altcoin creditors 87.65% of their digital assets.
Solana creditors will receive only 29.58%. Stablecoin and cash creditors are set to recoup 100% in US dollars. A $70 million fund has been established for further legal action against third parties like Genesis’ parent company, Digital Currency Group (DCG).
Trump Suggests Bitcoin to Tackle National Debt
Former President Donald Trump proposed using Bitcoin to address the U.S.'s $35 trillion national debt, suggesting a "crypto check" could mitigate the crisis. In an interview, Trump highlighted the potential of digital assets, warning that if the U.S. doesn't innovate, other countries will.
The debt has ballooned, with $1 trillion added every 100 days, raising concerns about inflation. Trump and others argue that Bitcoin could hedge against the dollar's devaluation.
Congress Receives 2,200 Support Letters After Senator Lummis Proposed Strategic Bitcoin Reserve Bill
Senator Cynthia Lummis introduced a bill on July 31 to create a U.S. Bitcoin reserve, aiming to bolster national financial reserves with the cryptocurrency. The proposal includes securing 1 million Bitcoins, about 5% of the total supply, with bipartisan support evident from over 2,200 letters sent to senators.
The plan suggests using U.S. Treasury funds to establish secure Bitcoin vaults, potentially positioning the U.S. as a leader in cryptocurrency management and spurring global demand for Bitcoin.
Ripple Invests $10 Million in Tokenized T-Bills on XRPL
Ripple has invested $10 million in OpenEden's initiative to launch tokenized U.S. Treasury bills (T-bills) on the XRP Ledger (XRPL). These TBILL tokens are backed by short-term U.S. government T-bills and collateralized reverse repurchase agreements, marking the first time a traditional finance instrument has been available on a decentralized platform.
The initiative aims to drive institutional access to decentralized finance by tokenizing real-world assets and ensuring security with KYC and AML compliance.
Telegram Launches In-App Browser for Decentralized Web Access
Telegram has introduced an in-app browser that supports decentralized websites, dubbed "TON Sites," available on mobile and desktop. This feature provides instant Web3 access to Telegram's 950 million users, allowing seamless switching between browsing and messaging.
The platform also launched a Mini App store and introduced a " Stars payment system." Telegram’s new features integrate with The Open Network blockchain, utilizing its cryptocurrency, Toncoin.
NEWS FROM THE MELEGASWAP ECOSYSTEM
Melega (MARCO) Launched on Polygon
MELEGA (MARCO), MelegaSwap's flagship utility token, drives the fast-growing black AMM DEX on the BNB and BASE Chains. It is now extending its reach to the POLYGON Chain.
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