On June 20, Ripple Labs Inc. achieved a critical legal victory in the federal class action suit filed in the Northern District of California. 

This case, monitored closely by the XRP community, revolves around the classification of the digital asset under US securities law. Judge Phyllis J. Hamilton presided over the case (4:18-cv-06753-PJH), granting Ripple’s motion for summary judgment and dismissing class claims regarding the unregistered sale of XRP.

The court’s ruling in favor of Ripple dismissed both federal and state class claims that alleged XRP was sold as an unregistered security. Pro-XRP lawyer Fred Rispoli explained the court’s decision on social media, emphasizing that the win was procedural rather than definitive. 

“Win for Ripple in the Oakland class action. Judge grants Ripple’s summary judgment motion on federal class claims for unregistered securities as well as the state law securities claims. But these were procedural wins,” Rispoli stated.

Despite this favorable outcome, the court did not make a legal determination on whether XRP itself constitutes a security. Instead, the decision leaves it to a jury to decide if XRP meets the criteria outlined in the Howey test, which determines the status of securities under US law. This means the broader issue of XRP’s classification remains unresolved, with Rispoli noting, 

“The class action is now over at the district court level. As to whether XRP is a security, however, the Court held it is for a jury to decide whether all three prongs of the Howey test are met.”

Contradictory Legal Opinions and Future Implications

The ruling has generated diverse reactions among legal experts. Marc Fagel, another lawyer specializing in the crypto sector, pointed out contradictions with a previous ruling by Judge Torres regarding programmatic sales.

“Just read the opinion. Directly contradicts Torres on programmatic sales (though would’ve been more interesting if the court had gone a step further and found them to be securities sales as a matter of law rather than punting to the jury),” Fagel commented.

This contradiction illustrates the complexities in the legal interpretation of digital assets and suggests that the final resolution on XRP’s status is far from certain. While Ripple has achieved a procedural victory, the question of XRP’s classification as a security continues to loom large, leaving the company and its supporters in a state of legal limbo.

The ongoing litigation involves class action claims against Ripple Labs Inc., its subsidiary XRP II, LLC, and CEO Bradley Garlinghouse. The plaintiffs argue that XRP was offered and sold as an unregistered security, violating federal and state securities laws. Judge Hamilton’s ruling addressed several key issues in the case.

The federal securities claims were dismissed based on the “first-offered” rule under the statute of repose, which bars claims related to offers made more than three years before the lawsuit. Similarly, the state claims were dismissed due to insufficient evidence of privity, a necessary element under California law. This significantly narrows the scope of the lawsuit against Ripple.

However, not all claims were dismissed. The court denied Ripple’s motion for summary judgment on an individual claim against Garlinghouse, which alleges he made misleading statements about his investment in XRP. This claim will proceed to trial, focusing on whether Garlinghouse’s statements influenced investor expectations and decisions.

The Road Ahead for Ripple and XRP

Ripple’s procedural victory offers a temporary respite, but the broader legal questions surrounding XRP’s classification as a security remain unresolved. Rispoli highlighted the limited scope of the ruling: 

“Sadly, it depends. XRP (via Judge Torres) has legal clarity only (1) as it involves the SEC making allegations of federal securities violations and (2) in the Southern District of New York, which other courts can ignore in non-SEC cases.”

As the legal battle continues, the upcoming jury decision on the application of the Howey test to XRP will be crucial. The verdict could have a significant impact on the regulatory treatment of cryptocurrencies in the US. Rispoli emphasized the need for federal legislation to address these issues: 

“Ultimately, crypto world needs to keep pressure on getting federal legislation, because we are on track to having XRP be a security in California but not in New York.”

The post Ripple Wins Court Case but Jury to Decide on XRP Security Status appeared first on Coinfomania.

According to recent data from Lookonchain, the 24-hour trading volume of Tether (USDT) on the Tron network has reached $53.031 billion, marking a 10% increase within the last 24 hours. 

This surge has allowed Tron USDT to surpass Visa’s average daily trading volume, a notable achievement given Visa’s status as one of the world’s leading payment processing companies. Visa processes billions of transactions across more than 200 countries and regions, making Tron’s accomplishment particularly significant.

The 24-hour trading volume of $USDT on #TronNetwork is $53B, exceeding Visa's average daily trading volume.Visa's trading volume in Q1 2024 was $3.78T and the average daily trading volume was $42B. pic.twitter.com/jolGKIUcxE

— Lookonchain (@lookonchain) June 21, 2024

The increasing demand for stablecoins, particularly during periods of market downturn, has contributed to this rise in trading volume. USDT, as a stablecoin, offers a relatively stable asset compared to other cryptocurrencies, which are more prone to volatility.

Growing Adoption and Holder Numbers

The value of Tron USDT has seen rapid growth, with over 45 million holders and more than 1.8 billion transfers recorded. This substantial increase in the number of holders and transactions indicates a broader acceptance and utilization of stablecoins in the cryptocurrency market.

Tron, developed for building decentralized applications, has also experienced a rise in its total value locked (TVL), which now exceeds $8.1 billion. This makes Tron the second-largest blockchain network, trailing only Ethereum. Additionally, the Tron ecosystem has generated over $730 million in revenue this year, positioning it just behind Ethereum’s $1.6 billion.

Data from Nansen, an on-chain analytics firm, revealed that the top three largest stablecoins—Tether, USDC, and DAI—have surpassed Visa in trading volumes. Analysis conducted around March showed that the combined monthly volume of these stablecoins exceeded Visa’s total for 2023. Specifically, Tether processed $654 billion, DAI $394 billion, and USDC $321 billion, totaling $1.369 trillion, compared to Visa’s $1.23 trillion for the same year.

Tether’s monthly volume was also comparable to Mastercard, the second-largest card provider, which had an average monthly volume of $750 billion in 2023, totaling $9 trillion for the year. Moreover, Tether surpassed PayPal, which processed $125 billion each month in 2023.

Potential Challenges for Traditional Payment Processors

The growth of USDT and other stablecoins poses potential challenges to traditional payment processors like Visa. To stay competitive, companies like Visa might need to explore launching their own blockchain-based systems and stablecoins. This shift would allow them to tap into the growing market of cryptocurrency and stablecoin transactions.

Visa has long been a dominant player in global payment processing, but the rise of cryptocurrencies and stablecoins indicates a shift in the financial landscape. The increasing volume and adoption of stablecoins reflect a broader trend towards digital assets as viable alternatives to traditional financial instruments.

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Eight financial firms, including BlackRock and Fidelity, have recently filed S-1 amendments for their Spot Ethereum ETFs, bringing the market closer to the launch of these investment vehicles. 

These amendments reveal crucial details such as fees and seed investments, and the final approval from the Securities and Exchange Commission (SEC) is now highly anticipated.

Among the eight firms—BlackRock, Fidelity, 21Shares, Grayscale, Franklin Templeton, VanEck, iShares, and Invesco—only Franklin Templeton and VanEck have publicly disclosed their ETF fees. Franklin Templeton has set its fee at 0.19%, while VanEck has positioned itself with a slightly higher fee of 0.20%.

All spot eth ETF S-1 amendments are now IN…Bitwise, Fidelity, 21Shares, Grayscale, Franklin, VanEck, iShares, & Invesco.Known fees so far are Franklin (0.19%) & VanEck (0.20%).Now we wait for SEC. https://t.co/7Uo4kIOQg8

— Nate Geraci (@NateGeraci) June 21, 2024

Eric Balchunas, a senior ETF analyst at Bloomberg, commented, “VanEck’s fee of 0.20% is quite low, putting pressure on BlackRock to keep their fee under 30bps.” This competitive pricing aims to attract investors by offering lower-cost options compared to existing cryptocurrency ETFs. With the SEC having approved the 19b-4 forms for these ETFs last month, the effective registration statements are the final hurdle before trading can commence.

Seed Investments Signal Commitment

Several firms have disclosed substantial seed investments, underscoring their commitment to these ETFs. BlackRock leads the pack with a notable $10 million seed investment, a detail that was made public prior to the recent filings. 21Shares has acquired 20,000 shares, amounting to a seed investment of $340,739. Franklin Templeton and Invesco have each disclosed seed investments of $100,000 for their respective ETFs.

BlackRock is in.. no fee posted but they did report seeding with $10m (altho I think that may have been known already in prev filing). Anyway that's basically a wrap. Ball in SEC's court now. pic.twitter.com/nbYoJo8Xj4

— Eric Balchunas (@EricBalchunas) June 21, 2024

These seed investments are crucial as they provide the initial capital necessary for the ETFs to begin trading. They also demonstrate the firms’ confidence in the future performance and market demand for Spot Ethereum ETFs.

The SEC’s rigorous review process ensures that all regulatory requirements are met before the ETFs can start trading. With the launch date rumored to be July 2, the market is eagerly waiting for the SEC’s final decision. The approval of Spot Bitcoin ETFs earlier this year, which featured fees ranging from 0.21% to 0.39%, has set a precedent and paved the way for the introduction of Ethereum ETFs.

The low fees proposed by Franklin Templeton and VanEck indicate a price war among issuers to offer more attractive investment options to potential investors. The lower fees could also put pressure on other firms, such as BlackRock, to maintain competitive pricing.

Global Interest in Cryptocurrency Investment Products

The enthusiasm for Ethereum ETFs extends beyond the US market. In Europe, Standard Chartered has announced the launch of a Spot Bitcoin and Ethereum trading desk, reflecting the growing global interest in cryptocurrency investment products. This international interest could potentially influence the demand and adoption of Ethereum ETFs once they receive regulatory approval in the United States.

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Marathon Digital Holdings, a leading force in the Bitcoin mining sector and the world’s largest company of its kind, has embarked on a groundbreaking initiative to heat an entire Finnish town using recycled heat from its Bitcoin mining operations.

The pilot project, based in the Satakunta region, is Marathon’s first foray into district heating in the Euro area and aims to provide heating for over 11,000 residents.

Financial Stature and Competitors

This initiative utilizes a district heating method, which involves centrally heating water and distributing it through an underground pipe network to residential buildings.

This method efficiently uses the surplus heat generated by Bitcoin mining rigs, presenting a sustainable and forward-thinking solution for residential heating needs.

With a robust market capitalization exceeding $5.84 billion, Marathon Digital Holdings stands out in the industry, holding a 33% higher market value than its closest competitor, CleanSpark, which is valued at $4.36 billion.

In Finland, we launched a 2-megawatt pilot project to warm a community of 11,000 residents with recycled heat from digital asset computing. Take a look: pic.twitter.com/eIIlncxD3I

— MARA (@MarathonDH) June 20, 2024

This financial stature underpins its pioneering efforts in utilizing Bitcoin mining byproducts for community heating solutions. Other firms are also exploring similar Bitcoin mining-based heating solutions albeit on a smaller scale.

For instance, Heatbit offers a “plug-and-play” device that serves as both a heater and an air purifier while mining Bitcoin. Another example is Hashlabs Mining, which in April rolled out a project using hydro-cooled WhatsMiner M63S devices.

These devices not only mine Bitcoin but also produce hot water at approximately 70°C during the cooling process, showcasing an innovative reuse of energy.

The impetus for these diversified applications of Bitcoin mining operations stems from the evolving financial landscape of the cryptocurrency industry, especially after the 2024 Bitcoin halving event.

This event saw the block rewards for miners halved from 6.25 BTC to 3.125 BTC, prompting miners to seek additional revenue streams. Marathon has been at the forefront, actively looking to monetize the excess heat from its numerous mining facilities and data centers.

The company’s strategic plan includes developing sustainable revenue streams and achieving zero-cost power solutions for its digital asset computing needs, contributing significantly to global energy transformation efforts.

The Potential Financial Benefits

The sale of excess heat from its mining operations presents a promising financial opportunity for Marathon, which operates over 11 mining sites globally and controls 4.8% of the total Bitcoin network’s hashrate.

This initiative not only promises to optimize operational costs but also positions the company to play a crucial role in the practical application of recycled energy.

Recently, the prospect of Bitcoin mining received a potential boost from political quarters in the United States. Former President Donald Trump, a presidential candidate, pledged to enhance mining operations in the country.

Source: Jason Les

In a statement, Trump expressed his vision for the United States to become a leader in energy production and to mine all remaining Bitcoin domestically, emphasizing his aim for the country to achieve energy dominance.

This assertion followed his meeting with top executives from the Bitcoin industry, where he reportedly assured them of his support should he win the presidency in the upcoming November elections.

These developments underscore the growing intersection of technology, energy, and policy in shaping the future of Bitcoin mining and its ancillary benefits.

The post Finnish Town Gets Cozy with Bitcoin Mining Heat appeared first on Coinfomania.

The crypto tokens MOTHER, endorsed by rapper Iggy Azalea, and DADDY, associated with Andrew Tate, faced significant selling pressure on Friday. DADDY plunged over 20% to an all-time low of $0.074, causing its market capitalization to drop from a peak of $362 million to just over $84 million.

Similarly, MOTHER fell to $0.0666 from a high of $0.2340, reducing its market cap from $246 million to around $66 million.

Market Context and Investor Sentiment

These declines occurred despite DADDY being available on Wintermute, a prominent algorithmic trading platform, and its listing on Coins.ph, a leading crypto exchange in the Philippines.

The drop in both tokens coincided with a broader sense of fear spreading through the crypto market, reflected in the crypto fear and greed index retreating to a neutral level of 52, approaching the fear threshold. Historically, cryptocurrencies tend to underperform when investor sentiment leans towards fear.

The entire crypto industry was affected, with Bitcoin falling to $63,000, its lowest point since May 15th, after forming a double-top pattern at $72,000.

Happy to announce $MOTHER x @wintermute_t Are officially besties pic.twitter.com/wzo0jIHXyU

— IGGY AZALEA (@IGGYAZALEA) June 19, 2024

As Bitcoin often sets the market tone, its decline influenced other major coins like Chainlink, Solana, and Cardano, which also saw significant drops. Popular meme coins such as Pepe, Beercoin, and Bonk experienced double-digit losses.

The key question now is whether the DADDY and MOTHER tokens will rebound or continue their downward trend. Despite weak sentiment, there’s potential for a near-term recovery as traders might buy the dip.

A sustained rebound is likely if Bitcoin stages a comeback and surpasses $70,000. Notable crypto enthusiasts like billionaire Michael Novogratz believe Bitcoin could reach $100,000 if it moves above its all-time high of $73,600, with similar bullish predictions from Cathie Wood and Robert Kiyosaki.

The Enduring Popularity of Meme Coins

Altcoin Sherpa, a crypto analyst, shared insights on X (formerly Twitter) about the enduring popularity of meme coins. He explained that these coins often see explosive growth followed by sharp declines, a pattern that shifted in 2024.

Meme coins have evolved from a fleeting trend to a prominent sector, overtaking more technical altcoins in terms of attention and investment. Coins like Dogwifhat (WIF), BONK, and PEPE have gained significant traction.

Sherpa attributes the appeal of meme coins to their simplicity and accessibility, making them easy for retail participants to understand and trade. This low barrier to entry is reminiscent of the 2021 NFT boom.

Additionally, the liquidity for meme tokens has surged, with market depth reaching an all-time high of $128 million in early June due to both price appreciation and increased transaction volumes.

However, Sherpa also highlighted the risks associated with meme coins, such as high scam potential and insider manipulation, which could negatively impact market dynamics.

Despite these risks, he advocates for including meme coins in diversified investment portfolios alongside established cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).

Shifting Focus in the Crypto Community

In contrast, Ki Young Ju, CEO of CryptoQuant, observed a decline in meme coin dominance and suggested a broader shift in the crypto community’s focus.

This shift may indicate a changing landscape in the cryptocurrency market, with investors potentially moving away from meme coins towards other types of assets.

Crypto fear and greed index. Source: CoinMarketCap

Overall, the recent turmoil in the crypto market underscores the volatility and unpredictability of digital assets. While meme coins have gained popularity for their simplicity and speculative appeal, the broader market remains highly susceptible to changes in investor sentiment and broader economic trends.

The future performance of tokens like DADDY and MOTHER will likely depend on broader market conditions and the behavior of leading cryptocurrencies like Bitcoin.

The post DADDY & MOTHER Tank Amidst Crypto Market Downturn appeared first on Coinfomania.

Bitget, a giant cryptocurrency exchange and web3 company, today has officially introduced pre-market trading for the HMSTR Futures Coin (HMSTRBG), providing users with early access to this promising new token. This strategic move aligns with Bitget’s ongoing efforts to support innovation in the cryptocurrency space, particularly within the GameFi sector.

#Bitget has launched the pre-market trading for HMSTR Futures Coin (HMSTRBG).Trade $HMSTR before it becomes available on spot market! https://t.co/P1oKH0QWWAMore details: https://t.co/ksno3k7rWM pic.twitter.com/103XTGo9ri

— Bitget (@bitgetglobal) June 21, 2024

Details of the Pre-Market Launch

The pre-market trading for HMSTRBG begins on June 21, 2024, at 8:00 UTC. This trading will allow users to engage in transactions involving HMSTRBG prior to its official listing on the spot market. Unlike traditional spot trading, HMSTRBG will solely be available for pre-market trades, providing an exclusive window for early access to the coin. Bitget has outlined the following key procedures for the launch:

Initiation and Confirmation: The pre-market trading of HMSTRBG will commence after confirming its total supply.

Trade Transfer: Completed pre-market trades will be transitioned to the HMSTR pre-market trading. The volume of pre-market orders will remain unchanged, but the coin quantity and price will adjust based on the total supply of HMSTRBG and HMSTR.

Future Announcements: Bitget will announce the specific delivery time for HMSTR, completing the delivery process​.

Objectives and Implications for Users

By launching HMSTRBG, Bitget aims to provide its users with an edge in the evolving GameFi landscape. This initiative allows investors to participate in the market before the token becomes widely available, potentially securing favorable pricing and positioning.

The Hamster Kombat game, which backs HMSTR, is a popular multiplayer clicker game on Telegram with over 60 million players. The game allows players to earn in-game coins, which can be converted into HMSTR tokens, thus bridging virtual achievements with real-world value.

About Bidget

Bitget has become one of the top 10 crypto spot trading platforms, offering over 900 coins and more than 1000 trading pairs. It also remains a leader in the crypto derivatives market, with its Open Interest (OI) surpassing $6 billion on May 4, capturing a significant 25% share of the total market. In the past month, Bitget recorded the highest monthly inflow among all centralized exchanges, with $975.4 million in new capital, further solidifying its position as an industry leader.

Since its launch in April 2024, Bitget’s Pre-market has provided users with early access to various projects, including EigenLayer (EIGEN), Merlin Chain (MERL), Renzo (REZ), BounceBit (BB), Meson Network (MSN), Zerolend (ZERO), Notcoin (NOT), ZeroLayer (ZRO), ZkSync (ZKSYNC), and most recently, Hamster Combat (HMSTR).

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In a significant development within the asset management sector, Fidelity disclosed a substantial $4.7 million seed investment for its proposed spot Ethereum exchange-traded fund (ETF). This information was revealed in Fidelity’s latest amended regulatory filing.

The investment was made through FMR Capital, Inc., a subsidiary of Fidelity, which initially acquired one share at $40 in late May. This initial acquisition was followed by a larger purchase of 125,000 shares on June 4 at approximately $38 each.

Regulatory Progress and Market Dynamics

The transactions culminated in total proceeds of $4,749,975 to the Trust. According to the filing, these funds were then used to purchase 1,250 ether. Notably, the registration form did not mention any associated fees, reflecting a common practice among issuers of similar financial products.

Bloomberg Senior ETF Analyst Eric Balchunas noted that this is typical, as issuers often wait to disclose fees at the last minute or after competitors have revealed theirs. Balchunas also mentioned that Franklin is currently the only issuer to have disclosed a fee, set at 19 basis points.

The broader context of Ethereum ETFs saw the Securities and Exchange Commission (SEC) approve 19b-4 forms for eight Ethereum ETFs last month. However, issuers must still wait for their S-1 statements to become effective before trading can commence.

Eric Balchunas highlighted on social media that additional amendments to these S-1 filings are expected as the approval process continues.

Gary Gensler Suggests the Approval of Ethereum ETFs Towards the End of Summer

Another asset manager, Bitwise, updated its registration form earlier this week. Bitwise disclosed a $2.5 million seed investment and revealed that Pantera Capital Management LP expressed interest in purchasing up to $100 million of shares.

Similar to Fidelity, Bitwise has yet to disclose its fee structure, likely awaiting BlackRock’s fee announcement to make necessary adjustments.

Strategic Implications for Investment and Regulation

Adding to the anticipation, Bloomberg analysts Eric Balchunas and James Seyffart predicted that the Ethereum ETF could launch as early as July 2. Their optimism is based on minimal comments from SEC staff regarding the S-1 documents and proactive efforts to clear regulatory hurdles ahead of the holiday weekend.

Fox reporter Eleanor Terrett provided an exciting update on the regulatory front via social media. She shared that SEC Chairman Gary Gensler hinted at the potential approval of Ethereum Spot ETF S-1 filings this summer, likely between June and September.

This timeline positions the launch just ahead of the presidential elections on November 5, indicating a strategically timed rollout that could influence broader market dynamics.

U.S. Senator Bill Hagerty, a member of the Senate Banking Committee, also entered the regulatory dialogue, urging the SEC to provide clearer regulations for the cryptocurrency industry.

Hagerty contended that without a proper regulatory framework, the cryptocurrency sector risks being driven out of the United States. In response, SEC Chairman Gary Gensler emphasized that the issue lies more in the enforcement of existing laws rather than a lack of regulatory clarity.

Investment Recommendations and Future Outlook

As the potential launch date for Ethereum ETFs approaches, Matt Hougan, Chief Investment Officer at Bitwise—which launched its own spot Bitcoin ETF earlier this year—advocated for the inclusion of Ethereum ETFs in investment portfolios. In a memo to clients, Hougan outlined three compelling reasons for investors to consider Ethereum alongside Bitcoin.

He pointed out the benefits of diversification, Ethereum’s broader utility beyond just being a form of money, and historical data supporting improved returns and risk-adjusted performance when Ethereum is added to traditional portfolios.

Weekly Ether ETP Flows. Source: K33 Research

Hougan noted that most investors typically do not limit themselves to a single stock but rather invest in a basket of assets. Applying this strategy to cryptocurrency, he suggested an allocation that reflects Ethereum’s substantial market presence: about one-third the size of Bitcoin’s.

Given Ethereum’s $420 billion market cap compared to Bitcoin’s $1.3 trillion, a starting investment ratio of 75% Bitcoin to 25% Ethereum seems prudent.

As these developments unfold, the asset management sector is closely watching for further updates and regulatory approvals. The strategic investments and regulatory advancements mark a pivotal moment for Ethereum ETFs, with significant implications for investors and the broader cryptocurrency market.

The post Fidelity Makes $4.7 Million Play on Ethereum ETF in SEC Filing appeared first on Coinfomania.

Binance has recently broadened its cryptocurrency management services by incorporating support for the Tether (USDT) stablecoin on The Open Network (TON) blockchain. This enhancement not only introduces new options for deposits and withdrawals but also signifies a pivotal development for TON, given that USDT is the largest stablecoin by market capitalization.

Strategic Partnership Between Tether and TON

The role of stablecoins like USDT is critical in providing stability within the inherently volatile blockchain market. USDT’s dominance is maintained through its liquidity, accessibility, widespread use in decentralized finance (DeFi), and its utility in facilitating cross-border transactions.

In a strategic move in April, Tether, the entity behind USDT, forged a partnership with TON. This collaboration is aimed at facilitating global cryptocurrency transactions and offering financial solutions to the unbanked populations.

Source: CryptoQuant

The alliance intends to craft a borderless financial system utilizing decentralized technologies, which could revolutionize accessibility and improve the efficiency of transactions.

Despite these advancements, Toncoin, the native token of the TON blockchain, has not yet achieved a spot listing on Binance and is currently available only in the form of perpetual futures. However, the growing demand for TON could potentially prompt Binance to add Toncoin to its spot trading lists soon.

According to Maarten, a community manager and analyst at CryptoQuant, TON is emerging as one of the most popular blockchains. He has noted significant increases in various on-chain metrics, indicative of the network’s robust growth.

Dramatic Increase in Toncoin Holders

One of the primary metrics showcasing the expansion of TON is the transfer volume, which measures the total dollar value of tokens transacted over the network within a specific timeframe. Maarten’s analysis indicates that the transaction volume on TON oscillates between $5 billion and $10 billion.

When compared to Bitcoin’s average daily transfer volume of about $50 billion, TON’s achievement of reaching up to 10% of Bitcoin’s capacity is remarkable, especially considering that TON is only four years old.

Moreover, the growth of Toncoin’s holder base has been meteoric. The count of distinct addresses holding Toncoin has leaped from 2.9 million to 32 million in just one year, marking a 1003% increase. This dramatic surge underscores the escalating popularity of the TON token.

Source: CryptoQuant

The appeal of TON is further enhanced by its integration with user-friendly, token-rewarding games such as Notcoin (NOT), Yescoin, and Hamster Kombat, which are available on Telegram.

Telegram, with its substantial user base of nearly one billion, utilizes TON as its preferred blockchain for Web3 integrations. Notcoin started as a social clicker game on Telegram, where participants could earn in-game currency by tapping a virtual golden coin.

Community-Driven Development with NOT Token

At the heart of the Notcoin ecosystem is the NOT token, which is designed to actively involve users in the project’s development. Participants who engage with new games and delve into Web3 projects earn NOT tokens, thereby fostering a community-driven platform.

This model not only allows users to influence the project’s direction but also promotes equitable resource distribution and empowers the Notcoin community. The rising value of the NOT token mirrors the broader growth and increased activity within the TON blockchain.

The bullish sentiment surrounding TON is further reinforced by a significant investment from Pantera Capital, a venture capital firm. This recent financial injection into The Open Network marks a crucial milestone, confirming the growing interest and confidence in TON’s potential, particularly as it continues to integrate and expand within Telegram’s extensive user network.

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The legal battle between Ripple Labs and the SEC may have just taken a surprising, perhaps “unforeseen” twist, with a recent California Jury filing and court ruling reigniting the dispute. The California Judge alleges that Ripple, through its CEO Brad Garlinghouse, misled investors about XRP, a digital asset developed by Ripple.

The case took a significant turn when U.S. District Court Judge Phyllis Hamilton dismissed four of the five claims in the class action lawsuit against Ripple. These dismissed claims were termed as “failure to register claims.” However, the claim regarding Garlinghouse’s alleged misleading statements will proceed to trial.

Breaking California Judge Breaks With New York Counterpart, Sends Ripple Securities Lawsuit to TrialU.S. District Court Judge Phyllis Hamilton dismissed all four of the class action claims against Ripple but will allow one state law claim to proceed to trial. #xrp #ripple…

— Coach, JV (@Coachjv_) June 21, 2024

Key Details and Allegations

Garlinghouse had professed to be “very, very long” on XRP, a term used in the trading world to indicate a strong belief that a particular asset’s price will rise. However, the lawsuit alleges that this statement was false as Garlinghouse was simultaneously selling “millions of XRP on various cryptocurrency exchanges” throughout 2017. According to the plaintiff, this constitutes a violation of California’s securities laws.

The trial will focus on whether Garlinghouse’s statements during the 2017 interview were misleading and whether they violated state securities laws. 

Ripple’s Chief Legal Officer, Stu Alderoty, expressed satisfaction with the dismissal of the class action claims but acknowledged that the remaining claim would be subject to trial.

You’ll recall that this comes after their partial victory in a case against the U.S. Securities and Exchange Commission (SEC), where a U.S. court ruled that selling XRP on exchanges did not constitute an investment contract.

Parallel Cases and Legal Opinions

Interestingly, Judge Hamilton’s ruling diverged from a similar case in the Southern District of New York (SDNY), where Judge Analisa Torres ruled that XRP did not meet all the prongs of the Howey Test when sold directly to retail participants on crypto exchanges.

Judge Torres’ ruling had been seen as a step toward regulatory clarity for the crypto industry. However, Judge Hamilton’s decision in California indicates that the legal landscape remains complex and nuanced.

Judge Hamilton’s ruling has stirred the pot in the crypto community as it diverges from the earlier celebrated ruling by Judge Torres. This divergence highlights the ongoing debate and uncertainty surrounding the regulatory status of cryptocurrencies.

Analyst Pantoja summarizes next year’s XRP’s price trajectory in this tweet.

$XRP true value is $8-$20 by 2026. It's the easiest trade of my life. 1. Historical Precedent Powerhouse 2. Institutional Adoption Tsunami3. Market Trends and Utility Explosion4. Future Financial Services Demand 5. Legal Clarity & Partnerships will Boom pic.twitter.com/mrKjgrW6FZ

— Armando Pantoja (@_TallGuyTycoon) June 18, 2024

The post Ripple Contends New Lawsuit in California Post Winning the SEC Case appeared first on Coinfomania.

BitoPro, a cryptocurrency exchange in Taiwan, has announced a partnership with Far Eastern International Bank Bankee aimed at launching the world’s first dedicated crypto-friendly bank account. 

Meanwhile, this move is part of a broader trend of international crypto firms enhancing their educational efforts and infrastructure in Taiwan.

The partnership between BitoGroup, the parent company of BitoPro, and Far Eastern International Bank Bankee has been designed to streamline the process of fiat transactions between the exchange’s customers and banks. According to a press release by BitoGroup, the company expects to increase the average daily transaction amount per user by 25%.

BitoGroup CEO Titan Cheng emphasized the importance of security and user experience in this collaboration. The Bankee dedicated account, which can be linked to BitoPro’s exchange account, can be set up in as little as one hour, significantly enhancing user convenience. During the pilot phase, the average daily transaction amount per user increased by 25%, indicating positive feedback from the community.

Expanding Crypto Payment Solutions in Taiwan

In addition to the partnership with Far Eastern International Bank Bankee, BitoPro has also teamed up with Neweb Technologies, a third-party payment processor in Taiwan. This collaboration aims to launch BitoPay, a payment service that would enable approximately 300,000 merchants across Taiwan to accept crypto payments.

BitoPay is expected to become the most widely accepted crypto payment solution in Taiwan, with over one million members. The service is anticipated to drive explosive growth once it is officially launched, further integrating cryptocurrency into the country’s financial ecosystem.

The partnership between BitoGroup and Far Eastern International Bank Bankee is part of a broader effort to strengthen the cryptocurrency ecosystem in Taiwan. In early June, Tether, the largest stablecoin issuer by market capitalization, invested $18.75 million in Taipei-headquartered crypto exchange XREX to expand use cases for USDT-based payments in emerging markets.

Moreover, Tether also announced a collaboration with the National Taipei University of Technology to bolster blockchain and digital asset education in the region. This partnership aims to equip students with comprehensive knowledge and practical skills in blockchain technology, Bitcoin, and stablecoins.

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The crypto world is an exciting place. While OG cryptocurrencies like BTC, ETH, ADA, etc., are strongly maintaining their position in the market, investors are intrigued by the newcomers entering the market through presales. These new crypto projects promise up to 10x returns on your $1000 investments. They are backed with solid real-life use cases, which adds another level of trust to their returns. 

In this article, we will look at the five best crypto presales currently running which promise up to 10x profits. 

This article, based on extensive research and analysis of various reputable crypto sources, dives into the Best Crypto Presales in June 2024. Topping our list of the Best Crypto Presales is 5thscape, followed by DarkLume, Wiener AI,, and Mega Dice.

5 Best Crypto Presales in June 2024 $1000 Investments Poised for 10x Returns

These are the five best crypto presales that we will explore in our post: 

5thScape (5SCAPE)

DarkLume (DLUME)

Wiener AI (WAI)

Mega Dice (DICE)

PlayDoge (DOGE)

Are you ready to look into these five best crypto presales that are ready to deliver maximum profits? Then, read this post till the end as we go through each project in detail. 

1. 5thScape (5SCAPE)

The 5thScape project offers VR experiences with its library of VR-compatible content. Its content hub includes movies, games, learning materials, and more that is yet to be added. The platform’s development team continues to add fresh experiences to the platform so that there is always something new for its users to explore.

>>Click Here To Visit 5thScape Presale Page 

These exclusive VR experiences offered by 5thScape under one roof are accessible through the platform’s utility token named 5SCAPE. It not only secures the Ethereum based blockchain foundation of this platform, but also gives you an easy access to the number of VR experiences present in its platform.

Its presale recently crossed a huge milestone of $7 million, which left a positive impression on new crypto investors. The project is now gearing up for its official listing on the crypto exchanges, which will give over 600% returns to those investors who purchased the 5SCAPE tokens in its first presale round. 

With the unstoppable growth of VR technology on a global scale, which is translating into a new user base for the 5thScape platform, getting 10x gains from investing in 5SCAPE does not seem like a distant possibility.

2. DarkLume (DLUME)

The DarkLume platform is all set to make you ditch your traditional social media channels and get yourself immersed in the metaverse world! It comes with a unique concept of virtual travels and citizenships, which will make the globetrotter in your jump with happiness. 

>>Click Here To Visit DarkLume VR

While most of the features of this new metaverse platform are still under development, its presale has already attracted a large number of metaverse lovers around the world. 

Digital interactions are taking a new shape with platforms like DarkLume, and when they are combined with the blockchain and cryptocurrency world, they become a lucrative option for crypto investors! 

This unique metaverse platform uses its native DLUME token to let people purchase virtual citizenships and other exclusive features within its virtual worlds. 

The token is currently available at a presale that you can participate in if you want to generate wealth with the new era of socializing! 

3.WienerAI (WAI)

WienerAI is a meme coin with a purpose. It offers an artificial intelligence (AI) based trading bot that can help you make your crypto investment decisions easier. The bot helps you find interesting crypto tokens that could be hidden gems. 

This AI bot uses the WAI to function. The token has raised over $6.1 million in presale and is in continuous demand. Get ready to change your investment game with WAI!

4. Mega Dice (DICE)

The online gambling scene now has a new entrant: Mega Dice. It is a blockchain-based casino platform with plans to include a gaming ecosystem in the future. Its DICE token can be used to place bets in its casino gaming. 

One of the unique factors about the Mega Dice platform that makes it stand out from the rest of the casino platforms is that it shares a portion of its daily casino profits with DICE token holders which gives the players an additional bonus. 

5. PlayDoge (PLAY)

Get ready for a nostalgic experience with PlayDoge! It will remind you of the Tamagotchi era as you tried to keep your “handheld” digital pets alive! 

PlayDoge is bringing back the concept of virtual pets using blockchain technology! On this platform, you can raise a virtual pet and participate in the play-to-earn model, which will make this experience highly rewarding. 

Considering the existing popularity of such cute pet-based games, we don’t doubt the platform’s ability to capture the attention of a large audience that may want to reminisce about their childhood again with PlayDoge. 

Get the PLAY tokens in the platform’s presale now – whether you want to relive your childhood all over again with this game or consider it a profitable investment. 

Final Thoughts – 5 Best Crypto Presales: Which One Stands Out?

All five of the best crypto presales we explored in our article have something new to offer a larger audience base. One of the projects that stands out from the rest is 5thScape. 

With the growing trend of VR technology, 5thScape has undoubtedly entered the crypto market right on time, having a vast range of VR-compatible experiences to explore. Its first-mover advantage also gives it a market edge as no other such platforms are offering a bundle of VR experiences under one roof from different niches. The project has already proved its mettle by its massive presale raise. Now, everyone in the crypto market has their eyes set on its official debut. 

The post 5 Best Crypto Presales in June 2024: $1000 Investments Poised for 10x Returns appeared first on Coinfomania.

In a move that could broaden investor access to Solana (SOL), leading Canadian investment management firm 3iQ, on Thursday, filed a prospectus with the Ontario Securities Commission (OSC) to launch a new exchange-traded product (ETP) on the Toronto Stock Exchange (TSX), solely focused on the cryptocurrency. 

3iQ Corp. is pleased to announce that we have submitted a preliminary prospectus for The Solana Fund (QSOL) in Canada in relation to an initial public offering. This continues our track record of innovation, and if receipt of applicable regulatory approvals is obtained, the… pic.twitter.com/7ghv05f8gU

— 3iQ Digital Asset Management (@3iq_corp) June 20, 2024

The ETP, dubbed the “Solana Fund,” will trade under the ticker QSOL if approved by the OSC and would be the first of its kind in North America, allowing investors to gain exposure to SOL’s price movements without the need to directly purchase and hold the underlying asset or navigate the complexities of blockchain technology.

Streamlined Solana Exposure for Traditional Investors

Exchange-traded products are structured investment vehicles that track the underlying price of an asset, similar to stocks or ETFs that track traditional assets like gold or oil. In the case of 3iQ’s Solana ETP, the fund would hold SOL tokens, and the value of the ETP would fluctuate based on the price of SOL.

For investors interested in gaining exposure to SOL but unfamiliar or uncomfortable with cryptocurrency wallets and exchanges, a Solana ETP offers a more familiar and potentially more accessible investment avenue, an opportunity, in fact, to diversify their crypto portfolios. According to recent market data, institutional interest in crypto assets is at an all-time high, with SOL often being highlighted as a top pick due to its technological advancements and strong developer community.

Potential Benefits of a Solana ETP

The launch of a Solana ETP, with SOL’s Proof of History (PoH) consensus mechanism, in Canada could usher in several potential benefits for investors and the broader cryptocurrency ecosystem:

Increased Investor Adoption: By providing a regulated and transparent investment vehicle, a Solana ETP could attract new investors to the cryptocurrency space, potentially accelerating Solana’s mainstream adoption.

Enhanced Liquidity: The introduction of an ETP could improve Solana’s liquidity, making it easier for investors to buy and sell the cryptocurrency. This increased liquidity could benefit both institutional and retail investors.

Simplified Investment Process: For investors who are new to the cryptocurrency space or hesitant about dealing directly with cryptocurrency exchanges, a Solana ETP offers a familiar and potentially more streamlined investment process.

Regulatory Approval Key for Launch

While the potential benefits of a Solana ETP are significant, the product’s launch hinges on securing approval from the OSC. The regulatory landscape surrounding cryptocurrency in Canada is still evolving, and the OSC’s decision will likely set a precedent for future cryptocurrency ETP listings.

3iQ has a history of launching innovative cryptocurrency products in Canada, having already secured approval for a Bitcoin ETF in 2020. The firm’s experience in navigating the regulatory landscape could prove beneficial in expediting the approval process for the SOL ETP. As such, while the application represents a significant step forward, the launch of the ETP is not yet a done deal.

Potential Impact on Solana’s Price

The news of 3iQ’s application to launch a Solana ETP has already generated positive sentiment within the cryptocurrency community. If approved, the ETP could provide a significant boost to Solana’s adoption and potentially drive its price upwards.

However, it’s important to remember that the cryptocurrency market remains volatile, and SOL’s price is subject to a wide range of factors beyond the launch of an ETP.

At press time, Solana (SOL), which ranks #5 among cryptocurrencies by market capitalization—according to Coinmarketcap data—is trading at a live price of shy $132 today, down by almost 4% since yesterday, with a significant 24-hour trading volume of approximately $2.46 billion, and a current market cap which stands impressively at $62.75 billion.

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A recent video posted by CryptoGeek revealed that the Securities and Exchange Commission (SEC) is offering Ripple Labs a settlement of over $103 million. 

This development comes as a shift in the ongoing lawsuit concerning XRP. Initially, the SEC demanded $2 billion, which Ripple countered with an offer of $10 million. The substantial reduction in the SEC’s demands suggests a willingness to expedite the resolution of crypto-related legal matters, possibly influenced by political motivations ahead of upcoming elections.

The settlement negotiations are reportedly scheduled for June 27, 2024. The SEC’s revised stance might indicate a move to settle disputes swiftly and garner political favor. This reduction in the penalty demand underscores the evolving nature of regulatory approaches towards cryptocurrency entities.

Potential Price Surge of XRP Discussed

The video further speculates on the potential rise in the value of XRP, proposing a dramatic increase to $266 per XRP in just ten days. This speculation is based on the projected daily doubling of XRP’s price within this period. Such a prediction, though ambitious, reflects the speaker’s confidence in the future utility and adoption of XRP.

According to CoinMarketCap data, XRP traded at $0.4893 at press time, having declined 1.43% in the past 24 hours.

XRP/USD 1-day price chart (Source: CoinMarketCap)

The speaker emphasizes the increasing use of the XRP Ledger and mentions upcoming partnerships and the introduction of new tokens, such as the dpay token. These developments are anticipated to boost the transaction volumes on the XRP Ledger, possibly leading to a significant price increase.

The utility of the XRP Ledger is highlighted as a critical factor in the potential appreciation of XRP. The speaker points to the upcoming release of the Dpay card, which is expected to enhance the value of both XRP and the Dpay token. This card is projected to facilitate more transactions, increasing the demand for XRP.

Moreover, the XRP Ledger’s ability to handle large transaction volumes efficiently is an advantage. Its scalability is touted as a feature that can cater to a global user base, driving further adoption and potentially increasing its market value.

Encouragement to Accumulate XRP

Throughout the video, viewers are encouraged to consider accumulating XRP in light of its anticipated price surge and enhanced utility. The speaker underscores the importance of the XRP Ledger’s scalability and potential to serve a global population.

Additionally, a former Ripple employee’s confirmation of XRP’s infinite scalability is critical. This scalability, coupled with the introducing new tokens and partnerships, forms the basis for the speaker’s optimistic outlook on XRP’s future value.

The post Ripple’s $103M Settlement Offer from SEC Could Boost XRP to $266, Analyst appeared first on Coinfomania.

The billionaire Winklevoss twins, Cameron and Tyler, founders of the cryptocurrency company Gemini, have made donations to support former President Donald Trump. 

Each twin donated $1 million in bitcoin, totaling around $2 million. The donations were announced on X, where Tyler Winklevoss stated his support for Trump and criticized the Biden administration’s stance on cryptocurrency.

I just donated $1 million in bitcoin (15.47 BTC) to @realDonaldTrump and will be voting for him in November. Here’s why:Over the past few years, the Biden Administration has openly declared war against crypto. It has weaponized multiple government agencies to bully, harass, and… pic.twitter.com/qOQSpmanBR

— Tyler Winklevoss (@tyler) June 20, 2024

Criticism of Biden Administration’s Crypto Policies

Tyler Winklevoss has been vocal about his discontent with the current administration. He accused President Joe Biden’s Democratic administration of waging a war on cryptocurrency. 

According to Tyler, Trump is seen as a more favorable candidate for the cryptocurrency industry, being “pro-Bitcoin, pro-crypto, and pro-business.” The twins believe that Trump’s leadership would be more supportive of the crypto sector.

The donations come when the Winklevoss twins and their company, Gemini, deal with various legal and regulatory challenges. Earlier this year, the New York Department of Financial Services (NYDFS) ordered Gemini to return $1.1 billion to customers and pay a $37 million fine for unsafe practices. 

Additionally, Gemini settled a lawsuit with the U.S. Securities and Exchange Commission (SEC) for $21 million without admitting or denying wrongdoing.

Political Influence of the Crypto Industry

The cryptocurrency industry is increasingly trying to influence U.S. politics amidst heightened regulatory scrutiny. The Winklevoss twins’ support for Trump is part of a broader trend of crypto executives backing political candidates who they believe will favor their industry. 

Moreover, Trump has positioned himself as a champion for crypto, criticizing the Democrats’ regulatory efforts. The twins’ donations highlight their ongoing battle with regulatory bodies and their hope for a more favorable political environment under a Trump administration.

Cameron and Tyler Winklevoss fame after suing Facebook and its CEO, Mark Zuckerberg, alleging that he stole their idea for the social networking site. They settled the lawsuit in 2008, receiving cash and Facebook stock. Since then, they have become prominent figures in cryptocurrency through their company Gemini.

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Over thousands of cryptos are launched every day and only some of them make it to the top. The crypto world is associated with many scams and fraudulent cases, so it is crucial to identify which the legitimate altcoins are. When new cryptos are launched in the market there is much hype revolving around them. 

With strategic marketing and strong fundamentals a startup is able to find its way to the top of crypto charts. The potential for higher profits and the excitement of investing at the early stages of the project development draw investors’ attention. This article brings you some of the best new crypto coins to invest in June 2024 and why they are worth the money.

This article, based on extensive research and analysis of various reputable crypto sources, dives into the new crypto coins to invest in June 2024. Topping our list of the new crypto to invest in June is  5thscape,Darklume, followed by Rollblock, Sponge V2, and eTukTuk.

7 New Crypto Coins To Invest In June 2024

The year 2024 is proposed to see a positive change in the crypto universe. With the possible increase in the crypto values demand for altcoins will power up.

5thScape (5SCAPE)

DarkLume (DLUME)

Rollblock (RBLK)

Sponge V2 (SPONGEV2)

eTukTuk (TUK)

PlayDoge (PLAY)

Base Dawgz (DAWGZ)

New Crypto Coins To Invest In June – An Overview

It is crucial to conduct your research and understand the unique value propositions and growth potential of each cryptocurrency. This will empower you to make informed decisions and add them to your crypto portfolio, bringing you closer to your dream after retirement. 

1. 5thScape (5SCAPE)

Do you have any VR coins in your portfolio? Try this new altcoin which has made a sensation across the globe. 5thScape’s virtual landscape is completely immersive and action-packed. It is far from the boring flat screen television sets. Gone are the days when gaming was confined to the consoles and arcades. 5thScape allows you to participate in fun 3D games from your homes. It mixes the boundaries between what’s real and what’s virtual. 

Click here to join 5thScape’s presale>>

The ecosystem is full of unmatched VR content that has ever been released in the crypto realm. 5thScape takes a step further and enters the world of education, cinema, training, enterprise, and healthcare with its virtual immersiveness. If you’re searching for coins to invest in June, 5thScape is the best investment option. With contests and rewards, 5thScape is winning hearts!

2. DarkLume (DLUME)

Dreaming of a luxurious home, hanging around with friends and exploring the world is every individual’s dream. Or it is a much needed break from your strenuous work life at least. What if you can experience this without having to march out of your homes or spend thousands of dollars? Exciting, isn’t it? DarkLume will give you a thrilling metaverse waiting to be explored.

Click Here To Join DarkLume’s presale>>

DarkLume’s ecosystem is laced with high-resolution immersive games, premium virtual countries, social interaction sites, and more. DLUME, its native currency, facilitates all transactions that happen in the metaverse. Currently, DarkLume’s ongoing presale has attracted many financiers and is moving towards its vision to bring every luxury to life!

3. Rollblock (RBLK)

The online gambling industry is also setting benchmarks in the cryptocurrency space. Its innovative approach and promising growth opportunities is opening new avenues for GameFi sector. Experts predict Rollblock to surpass $744 billion market cap and expand impressively by 2028. 

The project meets stringent license norms required for the gambling projects and allows user-friendly access to token holders. RBLK, its digital asset, can be staked for bolstering rewards and attract substantial funding.

4. Sponge V2 (SPONGEV2)

Investors looking for 100x stakes should consider allocating funds to SpongeV2. Backed by the success of its V1 token, SpongeV2 has promising growth potential as it launches its play-to-earn crypto model. These tokens can be bought from the website or transitioned from its original V1 variant. The platform uses a stake-to-bridge mechanism for a seamless transition. Once V2 tokens are locked and SpongeV2 promises upto 42% staking benefits after a four year vesting period.

5. eTukTuk (TUK)

The AI-driven token that aims to reform transportation in the developing countries is next on our list of the best new cryptos to invest in June. eTukTuk strives to solve environmental issues by prompting the use of electric vehicles by tokenizing its decentralized ecosystem. 

The green coin is partnering with locals to facilitate the set up of charging stations and manufacturing units to offer cost-effective transportation to people. Investing in TUK not only capitalizes your income but also allows you to benefit mankind at large. 

6. PlayDoge (PLAY)

Meme lovers, stay alert. Here is something you’re waiting for. Doge family’s new dog coin, PlayDoge, is the best gaming crypto with meme culture. Launched on the Binance smart chain last month, this project is a P2E game that transforms a Dog meme to a Tamagotchi-style virtual pet using the digital token, PLAY. 

The modern gameplay has attracted investors and the team is getting constant support from the dog loving families. It’s worth grabbing your play tokens immediately.

7. Base Dawgz (DAWGZ)

The newbie of crypto town, Base Dawgz, is creating hype all over the internet. Launched a couple of weeks ago, it is a base chain token that offers multi-chain access to explore the decentralized realm without any limits. Base Dawgz is interoperable with various blockchains including Ethereum, Solana, Avalanche and Binance. 

Currently priced at $0.00527, DAWGZ tokens are the most sought-after crypto coin in the market. Join the project on X to know about its upcoming “Be Social for Airdrop” and await your rewards.

New Crypto Projects Worth Investing In June

This article provides a comprehensive list of the best new cryptocurrencies that investors can allocate their funds to generate 100x profits. While all the seven crypto coins are best in their niches, 5thScape is the one worth keeping an eye for. 

Its immersive VR approach, strong fundamentals, and well-defined roadmap bring it to the top of any best crypto list. 5thScape is gaining traction with its gamified VR world and VR hardware for immersiveness at its best.

The post 7 New Crypto Coins To Invest In June 2024 – New Crypto Projects appeared first on Coinfomania.

Staking cryptocurrencies is an excellent way to earn passive income, which is why investors are always searching for the best crypto staking coins that promise the highest rewards. The concept behind staking involves locking your tokens on a blockchain network for a period of time to support its operation. This system ensures the security and transparency of the network.

Staking allows you to earn interest on your holdings, making it more profitable than simply leaving your assets idle in a wallet.

However, to maximize your staking returns, you need a coin that offers a higher APY and a favorable staking period. With so many options available, it’s important to know the best crypto coins to stake that offer the best returns.

To help you make the most of this opportunity, our team at Coinfomania has reviewed the best crypto staking coins that offer the highest rewards.

Coin Staking APY Minimum Deposit TVL Staked Link Ethereum (ETH) 4%

32 ETH

32.8M ETH Stake ETH Binance Coin(BNB) 12.99%

1 BNB

206.6K BNB Stake BNB Cardano (ADA) 3%

5 ADA

23.5B ADA Stake ADA Solana (SOL) 6%

0.01 SOL

299.0M SOL Stake SOL Avalanche (AVAX) 8%

25 AVAX

215.2M AVAX Stake AVAX Tron (TRX) 4%

1 TRX

43.3B TRX Stake TRX Polkadot (DOT) 12%

10 DOT

824.9M DOT Stake DOT Toncoin (TON) 3%

1 TON

563.7M TON Stake TON Polygon (MATIC) 20%

1 MATIC

3.7B MATIC Stake MATIC Internet Computer Power (ICP) 11%

1 ICP

– Stake ICP Near Protocol (NEAR) 9%

1 NEAR

537.0M NEAR Stake Near

Best Crypto Staking Coins for Highest Rewards

Now that you’ve had a glimpse of the coins that we have picked, let’s evaluate each coin in detail –

#1 Best Crypto Staking Coin

Ethereum (ETH)

Staking APY: 4%

Staking period: Few hours to 18 months

Platform: Ethereum, Binance, Coinbase, Ledger, OKX, Kraken

Volatility: High

Stake Ethereum Now

Ethereum (ETH) is the second largest and most highly valued proof-of-stake coin, topping our list of the best crypto staking coins. 

Ethereum switched from a Proof-of-Work (PoW) consensus to a Proof-of-Stake (PoS) consensus in September, 2022, in a process known as The Merge. The PoW consensus was energy-intensive and bad for the environment, whereas the PoS consensus cut the blockchain’s energy consumption by 99.99% and allows staking.

To participate in the validation process, you must stake a minimum of 32 ETH. The more ETH staked, the more reward they get. Moreover, when the pool of staked ETH increases, the annual interest rate decreases. 

If you want to participate in the validation of blocks but cannot afford the minimum 32 ETH required, you can opt to join a staking pool. This way, you can combine your financial resources in order to participate in the validation process on the network.

Staked ETH cannot be used or withdrawn until the lock-up period is over, which can range from a few hours up to 18 months. Stakers can earn up to 4% of the annual percentage yield (APY) on the amount of ETH they stake, but this can vary depending on the platform you stake on.

Pros

Offers full rewards to stakers directly from the protocol

Stakers receive unburnt transaction fees for blocks they propose

ETH is the most highly valued staking coin

Cons

Malicious behavior results in penalties and forceful ejection from the network

Staking fees apply when staking on centralized cryptocurrency exchanges and other staking protocols

Binance Coin (BNB)

Staking APY: 12.99%

Staking Period: 1-120 days

Platform: Crypto exchanges and wallets.

Volatility: High

Stake BNB Now

Binance Coin (BNB) is the utility token on the Binance exchange, one of the world’s largest crypto exchanges by trading volume. It was officially launched on the Ethereum blockchain before moving to the BNB Smart Chain.

The BNB chain uses the Proof-of-Stake consensus mechanism and has over 40 validators, allowing users to stake Binance Coin. Validators are elected every 24 hours by delegators, another group that stakes their token to select validators that will secure the network.

BNB is used to pay for gas fees on the Binance Smart Chain as well as travel bookings, online services, entertainment, and financial services.

The minimum amount required for staking is 1 BNB. And depending on the platform, stakers can earn rewards of up to 12.99%.

Pros

Being the native coin of the Binance exchange, BNB is quite high in demand

Gas fees on the network are discounted, lowering the cost of high volume trading

BNB staking is available on several platforms, including exchanges and wallets

Cons

There is a huge number of stakers on the network, resulting in lesser rewards

High rewards require long-term staking

The BNB Chain has no inflation, leading to lower rewards compared to other blockchains

Solana (SOL)

Staking APY: 3-6%

Staking Period: 2-3 days

Platform: Crypto exchanges, Mobile wallets

Volatility: High

Stake Solana Now

The Solana blockchain was launched to address the challenges of the Ethereum blockchain, like congestion, high gas fees, and slow transactions. And Solana’s native token, SOL, can be staked on the blockchain as it uses the Proof-of-Stake and Proof-of-History (PoH) consensus model.

The PoH model helps speed up transactions by generating timestamps for different transactions, allowing validators to simply agree on the order of transactions without having to wait for confirmations from others. 

Solana contains 25 blocks, which are validated by 25 people at once. Stakers receive rewards in the form of newly minted SOL tokens depending on the amount they stake and the network’s inflation rate which reduces by 15% every year.

Solana staking is available in major crypto exchanges including Binance, Coinbase, Kraken, and mobile wallets like Trust Wallet and Phantom Wallet. Stakers can earn rewards up to 6% rewards depending on the platform they are using. 

Pros

Solana is quite popular in DeFi protocols and gaming projects

Solana blockchain hosts decentralized applications

Solana blockchain is faster and cheaper compared to others such as Ethereum and Cardano

Cons

The Solana blockchain is susceptible to bugs, vulnerabilities, and downtime

Solana is very volatile, and changes in price affect rewards

Cardano (ADA)

Staking APY: 3%

Staking Period: None

Platform: Crypto exchanges and wallets

Volatility: High

Stake Cardano Now

Cardano (ADA) is a cryptocurrency with one of the highest market capitalization. The Cardano blockchain was launched to address Ethereum’s scalability issues, and now, Cardano hosts several DeFi projects, including apps and games.

Cardano uses the Proof-of-Stake consensus mechanism, allowing investors to earn passive income with Cardano (ADA) by staking their tokens on the network. Stakers earn rewards of up to 3% on their staked ADA.

Stakers have two options for earning: operating a stake pool or pledging their tokens to an existing pool. Stake pools are trusted nodes that validate transactions. Operating a stake pool involves monitoring the node, renting servers, and performing other administrative duties.

Pros

There is no lock-up period, allowing users to withdraw their staked tokens at any given time

The Cardano blockchain is faster compared to other blockchains, such as Bitcoin and Ethereum

Stakers have the freedom to choose a staking pool

Available on major crypto exchanges, including Binance and Coinbase, that offer high rewards

Cons

Low staking rewards on the Cardano network

High inflation rate

As a token, ADA has very little utility

Avalanche (AVAX)

Staking APY: 4-8%

Lock-in period: 14 days

Platform: Crypto exchanges and wallets.

Volatility: High

Stake Avalanche Now

AVAX is the native token of the Avalanche blockchain, which is popular for its high speed and security. AVAX holders can stake their tokens on Avalanche to help secure the network and earn interest rewards. Stakers can earn rewards of up to 7.6% by staking as low as 25 AVAX, making it one of the best crypto staking coins.

Avalanche supports decentralized applications and side chains, including P-Chain, C-Chain, and X-Chain. And it is available to stake on major exchanges, such as Coinbase and Binance, and mobile wallets, like Ledger.

Pros

There is no slashing of staked tokens as penalties in the Avalanche network

Avalanche has the lowest hardware requirements compared to other blockchains

The blockchain supports other DeFi projects like dApps

Pros

Does not penalize malicious actors

Only supports a limited number of nodes

Tron (TRX)

Staking APY: 1-4%

Staking period: 3 days

Platform: Crypto exchanges and wallets

Volatility: High

Stake Tron Now

Tron (TRX) is the native token of the Tron blockchain. The network is designed to support the creation and deployment of smart contracts and decentralized applications. Justin Sun founded and launched it in 2017 to compete with the Ethereum platform. 

Tron holders can earn passive income on their tokens through staking on the Tron network, crypto exchanges, or mobile wallets. Holders can stake as little as 1 TRX and earn rewards of up to 4%, depending on the platform they are staking on.

Tron (TRX) is available for staking on major crypto exchanges, including Binance, Kraken, Coinbase, and also wallets like Ledger, Trust Wallet, and Bit2Me, showing that it stands out as one of the top coins to conduct crypto staking on.

Pros

Holders can stake as little as 1 TRX

Punishes malicious actors through the slashing of staked tokens

Tron network is faster and more cost-efficient compared to other blockchains like Ethereum

The network is open-source, inviting developers to build on it

Cons

Tron’s founder, Justin Sun, was involved in controversial activities that raised concerns about the credibility of the network

Tron (TRX) faces regulatory uncertainties in various jurisdictions

The Tron blockchain has been criticized for being too centralized, as more than half of the tokens in circulation are held in a few addresses

Polkadot (DOT)

Staking APY: 12%

Staking period: 1 year

Platform: Crypto exchanges and wallets

Volatility: High

Stake Polkadot Now

The Polkadot blockchain, launched in 2020 by Ethereum co-founder Gavin Wood, connects different blockchains for secure data transfer without intermediaries. DOT is Polkadot’s native token, which holders can stake to earn rewards.

DOT holders can act as validators or nominators. Validators operate nodes, stake DOT, and verify transactions, earning tokens and reduced fees. Nominators delegate their DOT to trusted validators and receive a share of the earned rewards.

Polkadot has 1,000 validators and over 37,000 nominators. Stakers can earn up to 12% in rewards, depending on the platform and stake duration. The minimum amount to stake is 10 DOT for validators and 250 DOT for nominators.

DOT also acts as a governance token, allowing holders to vote on proposed upgrades. You can stake Dot on major crypto exchanges, including Binance, Coinbase, Kraken, Crypto.com, and ByBit, as well as wallets like Ledger, proving that it is among the best crypto coins for staking.

Pros

Polkadot connects seamlessly with other blockchains, allowing cross-chain communication and easy data transfer

Validators are penalized for downtime, mistakes and malicious activities

Large community of members works together to help secure the network

Cons

Long lock-up period of up to 365 days

Validators risk losing their tokens if they make a mistake

It is highly volatile

Toncoin (TON)

Staking APY: 3%

Staking period: 1 year

Platform: Coinbase, Bybit

Volatility: High

Stake Toncoin Now

Toncoin (TON) is the native cryptocurrency of The Open Network (TON), a layer-1 blockchain designed by the team behind Telegram. TON was launched to provide fast, scalable solutions for DeFi projects such as dApps and smart contracts.

Toncoin holders can stake tokens to support the operations of the blockchain network. The blockchain uses the Proof-of-Stake consensus mechanism. To become a validator on the network, one can stake a minimum of 1 TON.

Stakers can get rewards of up to 3% on their stake, depending on the platform they are staking on. Currently, you can easily stake Toncoin on Coinbase and ByBit.

Pros

Stakers can earn passive income while contributing to the network’s security

TON allows cross-chain transfers to other networks like Ethereum

It supports instant withdrawals

Cons

Validators get fined for being idle or malicious.

Staking on the TON network requires high-performance hardware

Long lock-up period

Polygon (MATIC)

Staking APY: 3-20%

Staking period: None

Platform: Crypto wallets

Volatility: High

Stake Polygon Now

Polygon (MATIC) is the native token of the Polygon Network, a layer-2 sidechain scaling solution that runs alongside the Ethereum blockchain. It was launched in 2017 to allow speedy transactions at lower fees.

Polygon holders can stake their tokens and earn passive income while contributing to the network’s development. Investors can either participate in staking as validators or delegators.

You can stake as little as 1 MATIC on the Polygon network and earn as high as 20% interest on their stake, depending on the platform you stake on.  Platforms that support Polygon staking include Polygon Wallet, MetaMask, and Ledger.

Pros

Connected to the Ethereum blockchain

Offers high staking rewards of up to 20%

Have very strict policies for malicious actors

Cons

MATIC is highly volatile in nature

The network is prone to hacks and attacks that can result in the loss of tokens

The network has limited space for accepting new validators

Internet Computer (ICP)

Staking APY: 11%

Staking period: 6 months

Platform: Crypto exchanges and wallets

Volatility: High

Stake ICP Now

Internet Computer Protocol is an innovative blockchain that seeks to bring better speed, efficiency, and decentralization to computation and data storage. The blockchain, launched by the DFINITY foundation, allows developers to build online services, such as websites and applications, without relying on traditional information technology (IT) like web servers and cloud services. This makes online services run on ICP fully decentralized.

ICP is the native token of Internet Computer Protocol that is used to participate in governance and reward network participants. Stakeholders can participate in voting and earn passive income on the ICP network.

To become a stakeholder, users must lock up their tokens for a period of more than 6 months to 8 years. Staked tokens are held in neurons. Neurons contain information about how much is staked, for how long, and the amount of rewards it has accrued. Neurons that are locked for over 6 months gain the ability to submit proposals and vote on them. 

Being one of the best crypto staking coins, the minimum amount required to stake ICP is 1 ICP token with up to 11% APY. However, this APY could vary, according to the lock-up period and platform staked on.

Pros

Faster transaction processing speeds

Staking on ICP requires long-term commitment, aligning investors’ interests with the growth and development of the ICP network

Staking lock-up reduces selling pressure and helps stabilize the price of ICP

Cons

Long lock up period

Staking ICP requires technical knowledge

Near Protocol (NEAR)

Staking APY: 9%

Staking period: 1 day

Platform: Crypto wallets

Volatility: High

Stake NEAR Now

NEAR uses a new consensus mechanism called Nightshade, a modification of the Proof-of-Stake mechanism, which offers higher speeds and better security. It is the native token of the Near protocol that is used to pay for gas fees and staking.

You can stake as little as 1 NEAR and be able to participate in the development of the network while earning passive income. You can earn up to 9% interest on their staked tokens depending on the platform you use, making it one of the best crypto coins for staking.

Users can stake NEAR in crypto wallets such as the Near wallet, Trust Wallet and Ledger, as well as crypto exchanges like Kraken and Coinbase.

Pros

The minimum staking amount is low, making it accessible to many investors.

Validators are penalized and have their tokens slashed for malicious behavior.

Cons

Staking on the NEAR protocol requires technical knowledge

How Does Crypto Staking Work?

Crypto staking involves locking up a certain amount of cryptocurrency to support the operations of a blockchain network. Investors can stake their crypto coins either through an exchange or directly via a crypto wallet. The network will use the staked coins to make new blocks on the blockchain. The more you stake, the higher your chances are of being selected to verify a transaction. 

Staked coins are marked so they can be used to validate new tokens added to the blockchain. The tokens used in the validation process generate rewards in the form of interest to the owner. However, if an investor validates data incorrectly, they lose some of their staked crypto as a penalty.

However, staking locks up your crypto in a blockchain as a form of insurance for a certain period of time. This means you won’t be able to withdraw or trade your crypto even if prices shift.

Factors to Consider When Choosing Staking Coins

With a variety of staking coins available in the market, it can be difficult to choose right ones. Therefore, here we have compiled some factors you should consider when selecting the best crypto staking coins for you –

Staking Rewards: The main motivation for staking cryptocurrency is earning rewards passively, without having to trade your crypto. Be sure to select a coin that offers high rewards consistently. 

Lock-up period and flexibility: Staked tokens are often locked up and cannot be withdrawn for a specific period of time. Lock-up periods can range from a few days to months. Some coins are flexible and allow you to unstake anytime, while others have stricter requirements. Investors should consider their need for liquidity before staking.

Minimum Staking Requirements: Different networks have different staking requirements. Some require a substantial amount to become a validator while others require a minimum amount. It is important to consider how much you are willing to stake before choosing a coin.

Coin value: It is advised to avoid coins with high inflation rate and volatility. High inflation might mean that even though you receive more tokens, their value might not increase proportionally.

Coin Supply: Consider going for coins that have a fixed supply as this ensures healthy demand and price boost.

Coin Utility: Select coins that have ample real-world utility such as digital payments. A coin with little to no utility is less likely to have demand therefore the price might be low.

Where to Stake Crypto Coins

With the growing popularity of staking, multiple platforms that support staking have emerged. Here are some of the platforms where you can stake tokens –

Crypto Exchanges

Crypto exchanges such as Binance and Coinbase provide users with a simplified user interface that allows them to stake tokens with just a few clicks. Crypto exchanges offer simplicity, security and a wide selection of cryptocurrencies to stake.

However, it is important to note that investors do not have custody of their assets in centralized crypto exchanges. Moreover, exchanges charge additional fees that reduce the overall staking rewards.

Crypto Wallets

Many cryptocurrency wallets such as Ledger, MetaMask and TrustWallet offer crypto staking services. Crypto wallets provide a balance of security and convenience by allowing users to stake directly from their wallets. Hardware wallets like Ledger add an extra layer of security.

The good thing about non-custodial wallets is that users have full control of their assets unlike in crypto exchanges.

Native Staking on Blockchain Network

Most PoS blockchains allow for native staking on the network e.g. Ethereum, Polkadot and Cardano. Native staking requires holders to operate validator nodes or join a validator pool. Native staking is however a bit technical and requires a certain level of expertise.

However, it offers more rewards as validators operate with discounted transaction fees.

DeFi Staking Platforms

DeFi staking platforms such as Lido provide non-custodial staking solutions for users to stake other tokens such as ETH. DeFi staking platforms usually have high rewards due to their low overhead costs.

However, smart contracts are more vulnerable to security risks compared to wallets and crypto exchanges. 

FAQs

What is crypto staking?

Crypto staking is locking a potion of your tokens on a blockchain network in order to support its operations and earn rewards in return. Staking normally occurs on blockchains that use the Proof-of-Stake consensus mechanism. 

How do I stake cryptocurrency?

Investors can stake cryptocurrency by becoming validators, or joining a staking pool. Validators operate nodes and verify transactions in exchange for lower transaction fees and a potion of the newly added tokens. Joining a staking pool involves entrusting your tokens to select validators who you trust to do things the right away and split the rewards with you. 

What are the risks of staking crypto?

Staking cryptocurrency means you lock up your tokens for a specific period of time. This means you cannot easily withdraw or trade your tokens. Also, cryptocurrencies are volatile and rewards may fluctuate depending on the price of the token. 

What are some of the best staking coins in 2024?

The best coins to stake in 2024 are Ethereum (ETH), Binance Coin (BNB), Solana (SOL) and Cardano (ADA). These coins have high crypto staking APY, flexible lock-up periods, and minimum staking requirements. Moreover, the tokens are highly valuable and have real-world utility.

What are some of the alternatives to staking coins for earning passive income?

Users who do not wish to stake can opt for Yield Farming to earn passive income with crypto. Yield Farming is lending tokens to DeFi protocols in order to provide them with liquidity and in exchange get rewards in the form of interest or fees. Yield farming is however complex and risky due to high volatility.

The post 11 Best Crypto Staking Coins for Highest Rewards appeared first on Coinfomania.

Worldcoin, the cryptocurrency project co-founded by OpenAI’s Sam Altman, is expanding its operations by launching its World ID orb verifications in Ecuador.

This initiative marks a significant milestone for Worldcoin, which is also preparing to resume operations in Kenya after a year-long suspension due to regulatory issues.

New Initiatives in Ecuador

Starting June 26, Worldcoin will offer orb verifications at six locations in Guayaquil and Quito, allowing Ecuadorians aged 18 and older to join the 5.7 million participants in the Worldcoin network.

The expansion in Ecuador reflects a broader global trend toward technologies that verify human identity online. Surveys conducted by Tools for Humanity (TFH), a contributor to Worldcoin, reveal strong local support for such technologies, indicating a collective desire to combat online bots and fraud.

Source: Worldcoin’s Website

Worldcoin’s entry into Ecuador is part of a larger plan that includes establishing Argentina as its hub in Latin America. This strategy involves substantial investment and the creation of professional opportunities for at least 50 qualified developers, operations specialists, software engineers, and data analysts.

Resuming Operations in Kenya

Simultaneously, Worldcoin has received clearance to resume its iris-scanning operations in Kenya. Local media reported that the Directorate of Criminal Investigations (DCI) issued a letter on June 14, closing the investigation that had halted Worldcoin’s activities nearly a year ago.

The DCI forwarded the investigation file to the Office of the Director of Public Prosecutions for independent review. Upon review, the Director of Public Prosecutions concurred with the findings and directed that the file be closed with no further police action.

Despite this clearance, the DCI emphasized the necessity for Worldcoin to register its business and acquire the necessary licenses. It also highlighted the importance of vetting vendors for continued operations.

Kenya was one of the initial countries for Worldcoin’s iris-scanning scheme, designed to create a new identity and cryptocurrency system. However, regulatory concerns about data protection and the legality of its services led to a suspension shortly after its launch.

Regulatory Challenges and Investigations

The suspension triggered a parliamentary investigation, which recommended shutting down Worldcoin’s operations due to violations of data protection and consumer protection laws, and concerns over espionage and state security.

The investigation revealed that Worldcoin and its affiliates were not registered businesses in Kenya and lacked approval for their orb hardware.

Thomas Scott, TFH’s Chief Legal Officer, expressed gratitude for the fair investigation and reiterated the company’s commitment to working with the Kenyan government. He emphasized that the closure of the investigation marks a new beginning for Worldcoin in Kenya.

Scott stated that they would continue collaborating with the Kenyan government and others, aiming to resume World ID registration across the country soon. He underscored that the focus remains on advancing Worldcoin’s mission to create opportunities for people in Kenya and globally to participate in the economy.

However, Worldcoin and TFH continue to face investigations in other countries, including Spain and Germany. This ongoing scrutiny highlights the complex regulatory landscape that Worldcoin must navigate as it seeks to expand its global footprint and promote its innovative identity verification technologies.

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Italy is preparing to enhance its surveillance of cryptocurrency markets as part of its adherence to the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework.

This regulatory measure, initially passed in 2022, aims to ensure stricter oversight of the digital asset markets, targeting insider trading and market manipulation.

Challenges for Blockchain Firms and DeFi Protocols

The new decree mandates fines ranging from 5,000 to 5 million euros ($5,400 to $5.4 million) depending on the severity of the violations. This step is part of a broader effort to ensure compliance and maintain market integrity.

The MiCA regulatory framework poses significant challenges for blockchain firms and decentralized finance (DeFi) protocols. These protocols must choose between fully decentralizing their networks or adhering to the framework’s Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.

MiCA regulatory framework. Source: European Union

Fully decentralized networks are exempt from MiCA’s reporting requirements. However, many DeFi protocols use foundations and intermediaries to moderate their communities, risking non-compliance with MiCA’s definition of decentralization.

As a result, these protocols face the dilemma of either fully decentralizing or requiring users to submit verification data, a difficult decision for many participants.

Adjustments by Centralized Exchanges in Response to MiCA

In response to MiCA, centralized exchanges like Binance have begun adapting their operations. Binance recently informed its European customers of a shift towards a model that categorizes stablecoins as either authorized or unauthorized, in line with MiCA’s requirements.

The exchange plans to transition users to this new system gradually. Binance CEO Richard Teng emphasized that the company is not delisting these stablecoins from spot markets but is limiting their availability for certain products to European users.

Similarly, Uphold has made changes to comply with the EU’s regulatory changes, announcing the delisting of six stablecoins: Tether (USDT), Frax Protocol (FRAX), Pax Dollar (USDP), Dai (DAI), TrueUSD (TUSD), and Gemini Dollar (GUSD).

Despite the increasing regulatory pressure in Europe, experts remain optimistic about the future of stablecoins. Many believe that stablecoins could potentially alleviate debt crises caused by overprinted fiat currencies.

Former U.S. House of Representatives Speaker Paul Ryan recently argued that stablecoins could help mitigate economic shortfalls linked to the debt-laden U.S. dollar.

The Promising Future of Stablecoins

Jeremy Allaire, CEO of stablecoin issuer Circle, echoed this sentiment. He predicted that stablecoins would represent 10% of the money supply within the next decade.

Allaire highlighted that many of the world’s largest payment companies are already using this technology and exploring ways to expand their usage. He emphasized that the benefits of public blockchains and stablecoins are becoming increasingly apparent.

Allaire believes the potential market size for stablecoins is in the “billions,” and that deploying digital dollars on blockchains can fulfill promises of financial inclusion, lower remittance costs, and enable seamless cross-border commerce.

USDC, USDT, PYUSD, USDP: Stablecoin Transaction Volumes. Source: Visa.

He projected that cryptocurrency adoption could grow to billions of users across millions of applications over the next ten years. During this period, more commerce and financial transactions could be executed via smart contracts on public blockchain infrastructure.

Allaire also suggested that some on-chain organizations might outperform multinational corporations within this timeframe, although he did not provide specific details on how or in which sectors this would occur.

Within the framework established by MiCA, this forward-looking perspective underscores the transformative potential of stablecoins and blockchain technology in the global financial system.

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Milojko Spajic, the Prime Minister of Montenegro, has been revealed as an early investor in the now-defunct crypto project Terraform Labs. This revelation emerged from court documents dated April 2024.

According to these documents, filed by the United States Securities and Exchange Commission (SEC), Spajic invested $75,000 in April 2018, acquiring 750,000 Terra (LUNA) tokens. This transaction took place just days before Terraform Labs was officially registered in Singapore on April 23, 2018.

Spajic’s Distancing from Terraform Labs

Previously, Spajic had distanced himself from the beleaguered crypto project, attributing any investments to Das Capital SG, a Singaporean company where he was employed from 2017 until 2020.

However, the SEC’s findings explicitly list Spajic as an investor, citing a contract dated April 17, 2018, that underscores his early involvement with Terraform Labs. The company was behind the creation of the infamous LUNA and TerraUSD (UST) crypto tokens, which once boasted a market capitalization of $2 billion.

However, the dramatic collapse of Terra in May 2022 erased nearly $40 billion from the market and precipitated the failure of multiple crypto hedge funds that had provided collateral to Terraform Labs.

Montenegro PM’s Terra Investment Contract. Source: SEC

The SEC’s legal actions against Terraform Labs culminated in April 2024, when a jury found the company and its co-founder, Do Kwon, guilty of defrauding investors. Kwon, who had evaded international law enforcement for months, was captured in March 2023.

The association of Spajic with Terraform Labs, as detailed in the SEC documents, raises serious concerns about his transparency and the ethical dimensions of his involvement with such a controversial venture. This connection poses a significant threat to his credibility and may diminish public trust in his leadership.

The collapse of Terraform Labs not only led to a significant financial loss in the cryptocurrency ecosystem but also had far-reaching consequences. The downfall of Terra wiped out nearly $40 billion from the market, impacting numerous investors and firms that had collateral ties with the company.

In April 2024, a jury found Terraform Labs and its co-founder Do Kwon guilty of defrauding investors in a civil case brought by the SEC. Kwon had been on the run for several months before being apprehended by international law enforcement agencies in March 2023.

Massive Settlement and Financial Challenges

Adding to the complexity of this case, last week, Judge Jed Rakoff of the Southern District of New York approved a massive $4.5 billion settlement in the civil case against Terraform Labs and Kwon.

The settlement, which follows an initial SEC proposal of $5.3 billion, includes disgorgement and civil penalties, and imposes a permanent ban on Terraform Labs and Kwon from engaging in transactions involving “crypto asset securities,” particularly those related to the Terra ecosystem.

The agreement was reached after Terraform Labs contested the SEC’s initial penalty, advocating for a considerably lower fine of $1 million. Both Kwon, who is detained in Montenegro pending extradition, and legal representatives for Terraform Labs consented to the revised $4.5 billion settlement proposal on June 6.

Despite operating under Chapter 11 bankruptcy protection, Terraform Labs now confronts the daunting task of fulfilling its financial obligations from the settlement.

The trial testimony by the company’s current CEO, Chris Amani, revealed that Terraform Labs holds about $150 million in assets, casting doubt on how the company will manage to cover the hefty fines.

Political Repercussions for Spajic

The new documents linking Spajic directly to Terraform Labs could have severe political repercussions. His failure to disclose this investment might lead to questions about his transparency and the ethical implications of his involvement in such a controversial project.

As Prime Minister, Spajic’s direct investment in a failed crypto project could undermine public trust and his political standing. This development, particularly his early and undisclosed financial ties to Terraform Labs, poses a significant threat to his credibility and might prompt closer scrutiny of his financial decisions.

Montenegrin Prime Minister Milojko Spajic. Source: Wikimedia Commons

The intertwining of Spajic’s financial history with Terraform Labs highlights the broader implications of the crypto project’s collapse, which continues to reverberate through both financial and political spheres.

The impact on public perception and the potential political fallout underscore the gravity of these revelations and their potential to influence Montenegro’s political landscape significantly.

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The United States Securities and Exchange Commission (SEC) recently concluded its investigation into whether Ether (ETH) is a security, causing a significant stir within the cryptocurrency industry. This decision marks a notable shift in the regulatory landscape for one of the most prominent cryptocurrencies.

SEC Ends Probe into Ether’s Classification

On June 19, 2024, the SEC officially ended its probe into Ether’s classification, a move that took many by surprise. According to Laura Brookover, a lawyer for Consensys, this cessation means there will be no further assertions from the SEC labeling Ether as a security.

Brookover noted that this decision was not voluntary but rather a response to pressure to lift subpoenas on Consensys, especially following the recent approval of Ether exchange-traded funds (ETFs). The approval of these ETFs implied a reclassification of ETH as a commodity rather than a security.

Despite Consensys’ claims, the SEC has not publicly confirmed this new classification. Carol Goforth, a professor specializing in business associations and securities regulation at the University of Arkansas School of Law, explained that the approval of a spot Ether ETF does not inherently mean that ETH is considered a commodity.

Source: Consensys

Goforth pointed out that the approval of an ETF is unrelated to the classification of the underlying asset, emphasizing that many ETFs are based on commodities without affecting their legal status.

This raises the question: why did the SEC decide to halt its investigation into Ethereum? Goforth believes that the SEC likely realized it would struggle to convince a court that ETH is a security under the Howey investment contract test, given the widespread ownership and market-driven nature of Ether.

She suggested that the SEC might have wanted to avoid an embarrassing defeat, especially given past statements by SEC officials suggesting that Ether’s classification should be clear.

Notably, in 2018, former SEC director William Hinman declared that Ethereum was not a security, citing the network’s decentralization as a critical factor in this determination.

Inconsistent Guidance from the SEC

The crypto industry’s primary grievance has been the SEC’s inconsistent guidance on applying the Howey test to Ethereum and similar cryptocurrencies. The SEC’s decision to drop the investigation is seen as a positive development for Ethereum.

Goforth described it as a favorable move for the Ethereum network, but she cautioned that the SEC’s letter only indicated a temporary halt in the investigation, not a final determination.

She emphasized that the ongoing uncertainties surrounding the classification of most crypto assets mean the industry is far from achieving regulatory clarity.

Consensys hailed the SEC’s decision as a significant victory but stressed that it does not resolve the broader issues facing blockchain developers, technology providers, and other industry participants.

Source: Joseph Lubin

The company called for a clear regulatory framework that allows for compliance, accurate information for purchasers, and accountability for illicit activities. While Consensys may have won this particular battle, the war over crypto regulation in the U.S. continues.

One of the ongoing areas of contention is the scrutiny of staking, a fundamental aspect of the Ethereum ecosystem. The SEC has already reached a $30 million settlement with American crypto exchange Kraken over its staking services, which the commission alleged constituted a security.

Coinbase CEO Brian Armstrong has stated that the exchange is prepared to take the SEC to court over staking if necessary. Goforth noted that staking is a complex issue and that the SEC’s stance on staking as an investment contract could persist regardless of whether the underlying crypto asset is a security.

SEC’s Double Standard: Ethereum vs. Ripple

The broader struggle for a clear regulatory framework in the U.S. crypto industry remains challenging. However, recent developments have provided Ethereum advocates with a temporary respite from some of the uncertainties surrounding Ether’s classification, offering a glimmer of hope in an otherwise tumultuous regulatory landscape.

The SEC’s inconsistent treatment of Ethereum and Ripple has also drawn criticism. Bill Morgan, a prominent XRP community member, and several analysts have accused the SEC of regulatory inconsistency.

Morgan argued that the SEC’s leniency towards Ethereum, particularly with the nearing approval of a spot ETF, exemplifies a double standard.

If you're wondering why the SEC concluded its investigation into #Ethereum relatively quickly compared to #Ripple and decided not to classify ETH as a security, but rather as a commodity, here's the explanation.This outcome was influenced by powerful interests and investments… pic.twitter.com/V3PmImmA0r

— Vandell | Black Swan Capitalist (@vandell33) June 19, 2024

The XRP community’s frustration is rooted in what it perceives as biased treatment, with Morgan highlighting that the SEC’s recent letter to Consensys, clarifying Ethereum’s status, contradicts its aggressive stance against Ripple. He contended that the criteria for classifying tokens remain ambiguously applied, leading to regulatory uncertainty and uneven enforcement.

The swift resolution of Ethereum’s status contrasts sharply with the prolonged investigation into Ripple, prompting scrutiny over regulatory consistency and potential underlying influences.

The SEC’s regulatory approach remains under critical examination as the crypto industry continues to navigate the complexities of compliance and classification.

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