The Bahamian government is set to mandate commercial banks to distribute its central bank digital currency (CBDC), known as the Sand Dollar. Despite low usage, the Central Bank of The Bahamas plans to enforce CBDC distribution through regulations. This move mirrors Nigeria's strategy of incentivizing CBDC adoption with discounts and ultimately resorting to cash withdrawal to boost usage. The contrast between public and private sector responses is evident, with governments having the power to enforce compliance. While businesses adapt or close based on market demand, governments can resort to force. The push for CBDC adoption raises concerns about the necessity of coercion in promoting digital currencies. Central bankers should consider that if a concept requires force, it may not be viable. The examples of Nigeria and The Bahamas highlight the challenges and implications of government-led initiatives in the crypto space. Read more AI-generated news on: https://app.chaingpt.org/news

The United States Securities and Exchange Commission (SEC) has decided to end its inquiry into stablecoin provider Paxos without pursuing any enforcement actions. In a letter dated July 9, Jorge Tenreiro, the acting head of the crypto assets and cyber unit, stated that the SEC will not be taking any enforcement measures against Paxos regarding the Binance USD (BUSD) token. This decision comes after Paxos received a Wells notice from the SEC in February 2023, alleging that BUSD was an unregistered security. Paxos has consistently maintained that their USD-backed stablecoins do not fall under federal securities laws. The SEC's move to drop the investigation comes amidst legal setbacks for the regulator, such as the ruling in SEC v. Ripple that XRP is not a security. Despite ongoing enforcement actions against other crypto companies, the SEC may need to reassess its approach following a Supreme Court ruling that reduces deference to federal agencies in policy interpretation. Read more AI-generated news on: https://app.chaingpt.org/news

A federal judge presiding over the SEC case against Coinbase hinted that the exchange might not be able to access Chair Gary Gensler's private communications prior to his leadership. During a hearing, Coinbase's lawyers argued for access to Gensler's personal device data, as the SEC did not assure transparency on his communications with market makers. The SEC's legal team urged the judge to block the subpoena into Gensler's personal communications, stating he was not a relevant witness. Despite not fully agreeing with Coinbase's stance, Judge Failla agreed to consider their arguments, expressing concerns about the burden of probing Gensler's pre-chair statements. The court requested both parties to submit letters by July 15. The subpoena was part of discovery in the SEC's case alleging Coinbase's unregistered securities brokerage. The exchange had sought Gensler's personal communications, claiming he shared views on crypto since 2017 in a personal capacity. Read more AI-generated news on: https://app.chaingpt.org/news

The Solicitors Regulation Authority (SRA) in the United Kingdom has issued a caution regarding a recent scam involving fraudulent lawyers sending emails demanding Bitcoin payments. The scam email, supposedly from 'joyti.henchie@attwaters.co,' threatens to expose personal data and damaging videos unless a BTC payment is made. The email includes a link to a Bitcoin wallet that may contain malware. The SRA clarified that the name 'Patrice Joyce' and the associated firms Attwaters Solicitors and Attwaters Jameson Hill Solicitors are not authorized or regulated by them. Individuals are advised to verify the authenticity of such emails by contacting the law firm directly and checking the SRA's records. This incident underscores the need to be cautious of email scams, especially those involving cryptocurrency payments like Bitcoin. Similar scams have targeted website owners and individuals in the past, emphasizing the importance of thorough investigation before responding to such demands. Read more AI-generated news on: https://app.chaingpt.org/news

The upcoming November presidential election in the United States is rapidly approaching, with cryptocurrency emerging as a hotly debated topic among candidates and voters. A recent study by Coinbase, published on July 11, highlighted the significant influence of crypto voters in key races, especially in the seven battleground states. The study revealed that crypto voters are predominantly younger and more diverse, with Gen Z and Millennials constituting 65% of registered voters who own cryptocurrency. These voters are actively engaged in the political process, with a high likelihood of participating in the election. They show a strong preference for pro-crypto candidates and exhibit bipartisan tendencies. Various initiatives, such as Stand With Crypto and the Bitcoin Voter Project, have emerged to mobilize and influence crypto voters. Both major party candidates, Donald Trump and Joe Biden, have faced scrutiny over their stances on cryptocurrency, with some leveraging crypto to sway election outcomes. Overall, crypto voters seek candidates who support the industry and embrace innovative, pro-crypto policies. Read more AI-generated news on: https://app.chaingpt.org/news

Bitcoin's price has been hovering between $55,000 and $58,200 for about a week, with the 200-day EMA at $58,000 acting as a strong resistance. Despite trading at $57,841, up 0.36%, lower trading volumes indicate a prolonged consolidation phase. The recent drop below the 200-day EMA was influenced by selling pressure from the German government and Mt. Gox repayments. While attempts to reclaim this level have failed to initiate a significant price movement, Bitcoin whales have been accumulating more coins, as indicated by Glassnode data. The current accumulation trend, similar to patterns seen in 2023, suggests a potential rise in Bitcoin's value. With low volatility and a cautious market sentiment, investors are advised to monitor onchain metrics closely for any sudden changes in the market dynamics. Read more AI-generated news on: https://app.chaingpt.org/news

An investment manager predicts a $10 billion influx with the introduction of Ethereum exchange-traded funds (ETFs). Compound Finance falls victim to a hack, while the US commodities regulator advocates for oversight of Bitcoin and Ether. Tom Dunleavy of MV Global anticipates significant inflows for spot Ether ETFs, potentially reaching new highs by early Q4. He suggests that Ether's scarcity on exchanges could drive substantial investments. Despite the approval of eight spot Ether ETFs by the SEC, trading has not commenced. Meanwhile, a security breach at Compound Finance prompts warnings to users to avoid the compromised website. The breach, confirmed by a team member, poses a risk to personal data and funds. US Commodity Futures Trading Commission Chair asserts Bitcoin and Ether as commodities under their jurisdiction, emphasizing the need for a regulatory framework and education on crypto in the US. Read more AI-generated news on: https://app.chaingpt.org/news

The US Consumer Price Index (CPI) increased by 3% year-over-year in June, slightly below expectations. Analysts suggest this was positive for Bitcoin, yet its price remains below $58,000. Factors like scalpers liquidating leveraged longs and potential interest rate cuts by the US central bank contribute to Bitcoin's weakness. Despite high odds of rate cuts, Bitcoin stays below $60,000 while traditional markets perform well. Bitcoin's underperformance is linked to FUD from the German government's BTC sale, miners selling holdings post-halving, and concerns over global economic growth. These factors hinder Bitcoin's recovery to $60,000 despite a favorable macroeconomic backdrop. The article emphasizes the need for individual research before making investment decisions, as all trading involves risks. Read more AI-generated news on: https://app.chaingpt.org/news

On July 11, multiple decentralized finance (DeFi) apps fell victim to a domain registry attack, as reported by blockchain security platform Blockaid. The attacker seized control of the DNS registry for Compound Finance and attempted, unsuccessfully, to do the same with Celer Network. The attacker targeted domain names hosted by Squarespace, putting any DeFi app with a Squarespace domain at risk. Security experts noticed the attack when the Compound interface redirected to a malicious site that aimed to steal users' tokens. Celer Network also faced an attack but managed to intercept it in time. Blockaid warned of potential hijacking of DeFi front ends, with several incidents already occurring. MetaMask is alerting users about compromised apps. This incident adds to a series of attacks on the Web3 industry, highlighting the importance of cybersecurity in the crypto space. Read more AI-generated news on: https://app.chaingpt.org/news

Portal, a unified blockchain gaming platform, has launched PortalPay to streamline in-game transactions. The service aims to enhance user experience by offering an interoperability solution for paying and cashing out in-game assets using any of the 5,000 supported digital assets. To engage with blockchain games, users typically need a MetaMask wallet or similar service to interact with decentralized applications and purchase game assets or NFTs. However, the fragmentation of blockchain ecosystems poses challenges. PortalPay addresses these issues by providing onchain solutions, allowing developers to focus on game quality. Despite the sector's growth, mainstream adoption remains a hurdle, with regulatory concerns also impacting the industry. Portal's initiative not only aims to boost user adoption but also simplifies Web3 onboarding and enhances user retention by offering a user-friendly interface. Read more AI-generated news on: https://app.chaingpt.org/news

The Energy Information Administration (EIA) is considering resuming surveys of crypto mining companies later this year. During a recent webinar, the agency discussed gathering feedback on survey content and design. Challenges include distinguishing mining operations from general energy consumers and monitoring companies relocating to cheaper energy areas. Previous survey attempts faced controversy, with industry members suggesting broader data center inclusion. Suggestions were made to partner with non-government agencies for data collection. Legal disputes arose over survey approval processes, leading to a temporary halt. The EIA aims to improve data collection methods and address industry concerns. The article also highlights the backgrounds of crypto writers Mike and AJ, offering insights into their journalistic experiences. Readers are advised to conduct their own research before engaging in cryptocurrency activities, as they carry inherent risks. Read more AI-generated news on: https://app.chaingpt.org/news

Recent on-chain data reveals that Shiba Inu whales have been moving substantial amounts of tokens off exchanges, indicating a potentially bullish outlook for SHIB's value. Santiment, an on-chain analytics firm, has identified two categories of these large holders: exchange whales and non-exchange whales. Exchange whales, associated with centralized exchanges, have significantly reduced their SHIB holdings, while non-exchange whales, self-custodial wallets, have seen an increase in their holdings. This shift suggests a transfer of tokens from exchanges to long-term investors, potentially boosting SHIB's price. Despite a recent price decline, whale accumulation at lower levels indicates confidence in the asset's future prospects. The coming days will reveal whether this trend reversal will propel SHIB towards a positive trajectory amidst a challenging period for the cryptocurrency market. Read more AI-generated news on: https://app.chaingpt.org/news

Goldman Sachs is set to introduce three tokenization initiatives by year-end, aiming to distinguish itself from competitors in the crypto market. The move comes as traditional finance players increasingly explore blockchain technology due to rising client interest in digital assets. The projects, led by Mathew McDermott, Goldman Sachs' global head of digital assets, will focus on asset tokenization, particularly Real World Assets (RWA). Initial plans target the US market, emphasizing the US fund complex and European debt issuance using private blockchains for regulatory compliance. This strategic move aligns with other financial giants like BlackRock and JPMorgan venturing into crypto. The rise of Bitcoin and Ethereum ETFs is expected to boost liquidity, attracting more institutional investors. Industry experts predict the RWA market to reach trillions by 2030, signaling a transformative shift in capital markets. Tokenizing tangible assets like bonds and real estate on blockchain networks is gaining traction, with projects like BlackRock's BUIDL leading the way. Read more AI-generated news on: https://app.chaingpt.org/news

The open interest of the Solana-based meme coin Book of Meme (BOME) hit a four-month low of $39 million on July 7 but has since increased by 10%. Open interest reflects outstanding options or futures contracts, indicating trader activity. Despite BOME's price rise to $0.0078, there have been more long liquidations than short ones, possibly due to margin calls. A potential bullish crossover in BOME's Moving Average Convergence Divergence (MACD) suggests a price increase to $0.0081. However, a false signal could lead to a drop to $0.0077. This analysis serves for informational purposes only, not financial advice. Market conditions can change rapidly, so conduct thorough research and seek professional guidance before making investment decisions. Read more AI-generated news on: https://app.chaingpt.org/news

The emergence of cryptocurrency has revolutionized the financial landscape, offering a decentralized alternative to traditional banking systems. With the rise of Bitcoin and other digital currencies, investors are exploring new avenues for wealth accumulation. Cryptocurrency transactions are secure, transparent, and efficient, making them an attractive option for individuals seeking financial independence. The blockchain technology that underpins cryptocurrencies ensures trust and immutability, further enhancing their appeal. As the world embraces this digital revolution, governments and financial institutions are also taking notice, leading to increased regulation and integration of cryptocurrencies into mainstream finance. The future of finance is being reshaped by the growing influence of cryptocurrency, paving the way for a more inclusive and accessible financial system. Read more AI-generated news on: https://app.chaingpt.org/news

Video gaming has long been a popular form of entertainment, especially among millennials and Gen-Zs. However, the need for high-end devices to run graphic-intensive games has limited accessibility. Cloud gaming has emerged as a solution to this issue, offering the promise of high-quality gaming experiences without the need for expensive hardware. The appeal of cloud gaming lies in its ability to stream games from remote servers, allowing users to play on any device from anywhere. Despite its potential, challenges such as internet quality and distance from data centers can impact gameplay. DePin (Decentralized Physical Infrastructure Network) aims to address these challenges through edge computing technologies, reducing latency and improving gaming performance. Companies like Aethir and Flux are already leveraging DePin to enhance cloud gaming services, providing decentralized alternatives to traditional consoles. With advancements in technology, cloud gaming is poised to revolutionize the gaming industry in the coming years. Read more AI-generated news on: https://app.chaingpt.org/news

The percentage of cryptocurrency startups launching in Africa and Asia reached record highs in the first half of 2024, surpassing the United States and Canada amidst regulatory uncertainties. Europe emerged as the top destination for new crypto startups with a 31.4% share, followed by Asia at 26.8%. Alliance DAO experts attribute this shift to regulatory concerns in the US and increased adoption of digital assets in emerging markets. Africa's share rose to 5.2%, just below Latin America, while Oceania accounted for only 1.8% of total crypto startups. Regulatory challenges in the US have led some service providers to exit the market, while the number of startup founders from Big Tech companies has declined. Additionally, there has been a decrease in founders from top-ranked universities. The data, compiled by Alliance, provides valuable insights into the evolving landscape of the cryptocurrency industry. Read more AI-generated news on: https://app.chaingpt.org/news

A Marathon Digital mining site manager in Texas, David Fischer, was acquitted by a jury of 12 noise violations following complaints from locals about the site's operations near Granbury. Despite claims of noise levels potentially causing hearing loss, Fischer was found not guilty. The accusations were directed at Fischer rather than the crypto-mining firm itself. The site's noise levels were reportedly over 85 decibels, with residents attributing health issues to the loud cooling fans of the mining rigs. Fischer's lawyers argued that he was not the appropriate target for the violations. The mining process, which involves solving cryptographic puzzles to secure the blockchain, generates heat that needs to be cooled. Marathon plans to transition to immersion cooling to address the noise concerns. Bitcoin's mining operations are facing challenges related to environmental promises. Read more AI-generated news on: https://app.chaingpt.org/news

Bankrupt crypto company Terraform Labs is aiming to offload four of its entities in a $4.5 billion agreement with the US securities regulator, marking the end of its operations. Terraform announced plans on July 9 to explore selling its assets, including Pulsar Finance, Station crypto wallet, Enterprise DAO management platform, and Warp smart contract protocol. Following its bankruptcy filing in January, Terraform is looking to maximize value for creditors and stakeholders. The company's settlement with the SEC involves hefty payments and bans from the crypto sector for its co-founder Do Kwon. Terraform's ecosystem suffered a setback when its stablecoin, TerraClassicUSD, lost its peg to the dollar, leading to a drastic decline in token prices. Interested buyers can reach out to CAVU Securities, Terraform's investment banker. Read more AI-generated news on: https://app.chaingpt.org/news

Binance, a major cryptocurrency exchange, is reportedly in the final stages of negotiations to sell a majority stake in the South Korean exchange Gopax to the cloud service provider Megazone. The move aims to decrease Binance's current 72.6% ownership in Gopax to as low as 10%, following requests from local financial authorities to enhance governance. This decision comes after regulatory hurdles in South Korea, including the denial of a capital injection due to concerns over Binance's regulatory issues in the US. The sale of Gopax shares is part of Binance's strategy to re-enter the South Korean market, with the exchange expected to renew its real-name account contract with Jeonbuk Bank soon. Despite reaching out for comment, Binance has not responded to inquiries regarding the sale of Gopax shares. Read more AI-generated news on: https://app.chaingpt.org/news