It appears that the co-founder of Ethereum, Vitalik Buterin, doesn’t trust the security of infrastructure allowing ETH staking. Consequently, in a recent interview, Buterin stated that he would only stake a limited amount of coins to ensure the network is distributed and remain robust against malicious agents who might try to take over the platform, reversing transactions.

Vitalik Buterin Has Doubts On Ethereum Staking

Buterin has raised concerns about the potential risks of ETH staking through third-party infrastructure, specifically regarding the exposure of private keys and the danger it poses to his entire stake. He believes that implementing a multi-signature system could provide better protection. However, the current process is more difficult to set up, leading to his increased caution.

In a multi-sig system, users have their private key to sign transactions. A specific number of signatures must be provided to approve a transaction, which varies based on the Ethereum wallet’s configuration. This setup boosts security and reduces the risk of unauthorized access to funds.

During the Bankless Podcast, the co-founder explains:

Probably the biggest reason why I personally am not just staking all of my ETH, that I’m instead staking a fairly small portion, is because if you stake your ETH, it has to be all out, like the keys that access it have to be public on some system that’s online, and for safety, it has to be a multi-sig, and multi-sigs for staking are still fairly difficult to set up, and it gets complicated in a bunch of ways.

ETH Prices Stable Below $2,000

His remarks have generated a lot of discussion. Most critics are concerned about the entire security framework of Ethereum. After shifting from a proof-of-work to a proof-of-stake system, Ethereum relies on a network of validators who have to stake at least 32 ETH for a chance to approve a block of transactions and earn block rewards and transaction fees. These validators are also needed to secure the network; without them, the blockchain will be susceptible to attacks.

Related Reading: Binance CEO Goes Bullish On Bitcoin – What’s The Inside Scoop?

According to on-chain data, there are over 643,000 validators spread across the globe who have staked over 20.5 million ETH. On average, each validator has staked 32.17 ETH. Notably, the validator count has steadily risen over the years, and the number of ETH staked has sharply increased despite the recent upgrade permitting stakers to unlock their coins.

Charles Hoskinson, the founder of Cardano and one of the original co-founders of Ethereum, said he was “lost for words,” clarifying that all their ADA is staked as expected in a “properly designed proof-of-stake system.”

At the time of writing, ETH prices remain firm and weren’t affected by Buterin’s comments. However, the coin is yet to breach $2,000 and trends below April 2023 highs in early July 2023.

#ETH #Ethereum #universalcryptoworld

The US Securities and Exchange Commission began cracking down on crypto in 2017. At the time, there was a vogue for what were called ICOs, initial coin offerings, in which some crypto company or project would raise money by selling crypto tokens to public investors. The ICO promoters — the people behind the crypto project — would put out a white paper describing their project and promising brilliant innovations and huge profits, and they would sell a bunch of tokens for money. There would generally be very little in the way of disclosure or investor rights. For promoters, the ICO was attractive because it was a way to raise a lot of money from enthusiastic and gullible retail investors without following securities laws. Many, many, many ICOs turned out to be complete vaporware, either frauds or functionally indistinguishable from frauds.

For the #SEC the ICO was obviously illegal: These tokens were obviously securities, and the ICOs were obviously unregistered securities offerings. (Also, many of them were frauds.) And so the SEC started bringing enforcement actions against ICO promoters, basically making them give the money back and promise not to do it again, and the #ICO boom quickly fizzled.

#BinanceTournament #Binance #universalcryptoworld

Bitcoin hit its highest price in nearly 13 months so far this year on Friday following a major legal victory for crypto industry when a US judge ruled that Ripple Labs did not violate federal securities law by offering its XRP token on public exchanges.

Bitcoin rose to $31,818 , before edging down to trade around $30,935 at 1730 GMT on Friday.

Second-biggest token ether had its best session since March on Thursday and XRP, which the US judge ruled could be legally sold on public crypto exchanges, soared 73% on Thursday and held most of these gains on Friday.

"The regulatory environment is changing," said Matthew Dibb, chief investment officer at crypto asset manager Astronaut Capital. "And by what we have seen in the last 24 hours, it could be for the better."

Justin d'Anethan, head of business development in Asia at Keyrock, a digital assets market maker in Hong Kong, said finding that XRP tokens sold on public crypto exchanges were not securities under law "probably serves as a precedent".

"Ripple stakeholders were waiting for some regulatory clarity. Yesterday the court seems to have provided just that," he said.

Following the decision, several major cryptocurrency exchanges, including Coinbase and Bitstamp, resumed trading of XRP on their platforms, after having suspended trading of the token in 2021 due to the SEC's lawsuit.

Binance.US said on Friday it had also enabled XRP trading on its exchange.

Coinbase, which was sued by the SEC last month for alleged securities laws violations, saw its shares surge nearly 25% on Thursday as investors hoped that the ruling in the Ripple case would bode well for Coinbase.

The case marks the first win for a cryptocurrency company in a lawsuit brought by the US Securities and Exchange Commission.

Although the decision was specific to the individual case, it unleashed a wave of optimism among crypto investors that more cryptocurrencies may also not be deemed securities.

Still, the enthusiasm for some was tempered by a report from the Wall Street Journal that Binance, the world's largest cryptocurrency exchange, has laid off more than 1,000 people in recent weeks. The lay-offs are ongoing and could result in the exchange losing more than a third of its staff, the report said, citing a person familiar with the matter.

#BTC #XRP #universalcryptoworld

We all know how valuable cryptocurrencies are, but it becomes a whole lot more interesting if you can earn free crypto.

Buying crypto with your fiat currencies is a no-brainer. There are many excellent cryptocurrency exchanges and platforms for that.

Some also take a more technical route in mining crypto.

However, we are here to tell you about a surefire way to pocket some of them without spending anything.

So without any wait, I’ll start with the list depicting platforms to earn free crypto.

Freecash

Freecash partners with advertisements and research companies, which incentivize performing certain tasks.

You can complete these location-specific offers and surveys to grab free cryptocurrencies. Alternatively, one can also utilize Freecash earned coins as gift cards, Counter-Strike Global Offensive skins, etc. Some other features are:

Instant Crypto cashouts starting at 0.10$

DOGE, Bitcoin, Litecoin & more

Play games and complete other tasks

Users earn more than $20.00 per day on average on Freecash

For instance, this was a survey with the reward amount mentioned at the top right corner:

Sign up is extremely simple; use your Google or Steam account. Besides, you can register by email to get started.

Every 1000 Freecash coins equals 1 USD.

While regular withdrawals take 5-10 minutes, a PayPal payout can typically take 24 hours to realize. You can use Freecash on your desktop or smartphone.

They have a useful FAQ section that I’ll recommend reading before signing up.

Coinbase

There are many cryptocurrencies. At Coinbase, you can learn about some of these crypto projects while earning a few tokens.

It’s as simple as it sounds, earn while you learn.

The only downside is that you may not fulfill some of the eligibility terms unless you relocate to a different country. So, this program is for selected countries, and Coinbase is trying to add more as we speak of it.

CoinMarketCap

CoinMarketCap has a similar learn & earn program for crypto enthusiasts. But it gets one step ahead of Coinbase in that it has quizzes to verify your knowledge.

In addition, it’s not just about qualification; you have to score a perfect 100% to earn crypto for free. Besides, there may be specific tasks associated with your course.

And unfortunately, CoinMarketCap also restricts participation from a few listed countries.

Bear in mind this program functions on a first-come-first-serve basis. So, the candidates will only receive the tokens until the pre-decided distribution amount dries up.

Coin Hunt World

This isn’t another course! Coin Hunt World is a Pokemon-go sort of game available on Android and iOS. Based on your geo-location, you will walk around collecting keys, opening boxes, making friends, and much more.

Coin Hunt Word helps you to earn small amounts of Bitcoin and Ethereum for free.

Coin Hunt Worlds is from the people behind a renowned cryptocurrency exchange, Bittrex. And you can find people on Reddit talking about earning 50 to 100 USD per week from it.

So, what’s the catch?

There is none if you’re based out of the USA, Canada, the UK, and EL Salvador. Notably, the Philippines is listed as coming soon. Others will have to wait till their country is added.

Crypto PopCoin

Crypto Popcoin is yet another game to earn free crypto: Ethereum and PopCoin. The gameplay is simple. You have to group coins and then tap to pop them.

The idea is to pop as many coins as you can till the end of each stage. And a bonus is attached based on the coins you pop in every stage.

Every game point will earn you 1 PopCoin.

While you need a Coinbase account to earn Ethereum, any ERC-20 wallet address will suffice for earning PopCoin. For starters, Metamask is an ERC-20-compatible wallet that you can use for free.

Brave Rewards

Brave Rewards are by far the easiest way to earn free crypto. Just use the Brave web browser with Brave Rewards turned on.

You can Start using Rewards to add in free Basic Attention Tokens (BATs) without doing anything special like a course or game.

Originally, Brave started to support the creators we love; you could only tip the websites. But now, you can also cash in those rewards by verifying your Brave wallet.

Notably, you get 70% of your ad revenue.  While the net amount may not be significant, it adds to the perks of using an excellent, privacy-respecting browser that Brave is.

In addition, this isn’t targeted advertising. You won’t see ads inspired by your browsing history. And you can change the frequency from the default five ads/hour.

LunrCrush

LunrCrush is a platform that brings all the crypto talk from the entire internet to you. It collects all the mentions any crypto gets and presents so that you don’t miss anything trendy.

And Lunr is the crypto token that you can earn for free by engaging on LunrCrush.

There are points for every activity: account signup, connecting to Twitter, referrals, every minute you spend on LunrCrush, etc.

While your individual activity helps you earn free crypto, it depends on the other participants as well because the platform distributes a set of 65,000 Lunr each day. So you get based on your share of interactions against all the activities by all the users.

Finally, one can check the earned Lunr into the respective LunrCrush account and transfer it to an associated crypto wallet. You can check out how Lunr works for more details.

Presearch

Presearch came up from search privately. It’s a community-powered search engine that uses blockchain technology. This essentially means that it is run by the nodes operated by Presearch users.

But you should create your account for collecting PRE tokens. Besides, Presearch browser extension lets you use Presearch directly from the address bar.

You can withdraw once you collect 1000 PRE tokens. You can check on the respective account page.

Conclusion

So that was our round-up on how to earn free crypto. There is everything for everyone: learners, gamers, or professionals.

Personally, I feel the Brave Rewards and Presearch stand out if you’re short on spare time. However, the courses and games have their takers as well.

You should also check out our compilation on how to secure your cryptocurrency.

#universalcryptoworld

David Hirsch, who runs the agency’s office that handles crypto enforcement, says that apart from Coinbase and Binance, there are other exchanges and DeFi straying from the law.
The regulator's crypto enforcer made broad assertions that the SEC has more in store for the crypto industry.Still, David Hirsch acknowledged that the agency's current litigation load is heavy, and the SEC can't go after everything.
The U.S. Securities and Exchange Commission (SEC) isn’t done chasing down crypto exchanges and decentralized finance (DeFi) projects it sees as violating securities laws in the same vein as Coinbase Inc. (COIN) and Binance, said David Hirsch, head of the agency’s Crypto Assets and Cyber Unit.
His enforcement office, which has been litigating at a very unusual pace for the SEC, is aware of and investigating other firms involved in much the same activity seen at those two major platforms and that the industry’s compliance breeches “hold true well beyond any two entities,” Hirsch said Tuesday at the Securities Enforcement Forum Central in Chicago.
“We’re going to continue to bring those charges,” said Hirsch, who said the regulator has a number of other businesses on its radar that are operating in similar ways to Coinbase and Binance. His agency is already embroiled in a number of complex crypto cases in federal courts, and – as seen in its effort to appeal a recent Ripple ruling – not always with complete success.
Hirsch said the SEC’s interest in crypto goes well beyond the high-profile exchanges.
"We're going to continue to be active as to intermediaries,” he said. “That can be brokers, dealers, exchanges, clearing agencies or any others who are active in this space, are within our jurisdiction and not meeting their obligations, either through registration or failure to provide adequate or complete disclosures.”
Hirsch said DeFi projects won’t escape the enforcement division’s attention, either.
“We're going to continue to conduct investigations, we're gonna be active in the space, and adding the label of DeFi is not going to be something that's going to deter us from continuing our work,” he said.
The U.S. securities regulator has previously been accustomed to a relatively sedate approach to enforcement, in which it targets misdeeds at regulated businesses – often large, Wall Street firms with extensive legal departments – that quickly begin negotiating settlements. Because the charges against digital assets companies routinely threaten their existence, they tend to take the agency to court.
The SEC has a finite enforcement budget that is often less than the financial giants it’s used to facing, so its bandwidth is limited.
“We do have a lot of litigation going on,” Hirsch conceded.
“It feels like you're at capacity,” observed the event’s moderator, A. Kristina Littman, who served as the SEC’s crypto enforcement chief before Hirsch and who now works at Willkie Farr & Gallagher.

#SEC #etf #universalcryptoworld

Is the US out to kill crypto?

By Natalie Sherman (Business reporter, New York)

Maybe.

Three years ago, the majority of the firms in the sector that Andrew Durgee's company invested in were based in the US.

This year, he estimates that just one out of every 10 will be - a reflection of his firm's judgement that the country has been growing increasingly hostile to digital assets such as cryptocurrencies and tokens.

"The administration really has a target on the industry," says Mr Durgee, managing director of the crypto division for tech firm Republic. "The regulatory uncertainty makes the investments in the US higher risk."

The sector was already under pressure, after prices of virtual currencies collapsed last year. Further damage came from the meltdown of several high-profile firms, including FTX, run by the so-called "Crypto King" Sam Bankman-Fried, whom prosecutors have accused of conducting "one of the biggest financial frauds" in US history.

Jolted by the turmoil, US regulators stepped up their policing of the sector, which authorities say has been on notice since at least 2017 that their activity runs afoul of US financial rules intended to protect investors.

The campaign has yielded a steady drumbeat of charges against crypto firms and executives, alleging violations ranging from failing to register properly with authorities and provide adequate disclosure of their activity to, in some cases, more damaging claims such as mishandling of consumer funds and fraud.

Bitcoin, which represents the biggest chunk of value in a sector in which thousands of currencies have circulated, is viewed by officials as a commodity, like gold. That means it has been largely unaffected by the current regulatory debate, which hinges on the legal question of what constitutes a "security" - an investment like a stock or bond that is overseen by the SEC.

The efforts have instead ensnared firms issuing tokens or coins to raise money - and increasingly the exchanges on which such digital assets are bought and sold, which often hold customer funds, execute trades and engage in other activity that is separated in traditional finance.

The crackdown culminated this month in legal actions against two of the biggest platforms: Coinbase and Binance.

US sues Coinbase as crypto crackdown widens

Binance accused of 'web of deception' in US

Do Kwon: US regulator charges 'cryptocrash' boss with fraud

Gary Gensler, the chairman of the Securities and Exchange Commission, defended the moves this month, comparing the state of affairs in the industry to the 1920s, before the US put in place many of the rules in question: "Hucksters. Fraudsters. Scam artists. Ponzi schemes. The public left in line at the bankruptcy court."

Will Paige, research analyst for Insider Intelligence, says sentiment has soured significantly since 2021, when the industry was worth more than $3 trillion (£2.4tn) by some estimates and seemed poised for wider acceptance.

"It's very much back on the fringe of finance," he says. "Trust in the system is battered and it's definitely gotten worse."

SEC chairman Gary Gensler has said the sector is rife with "hucksters" but critics say he has been unwilling to engage with the industry

In the wake of the lawsuits, customers yanked billions of dollars of funds. US banks limited their work with Binance, forcing it to stop accepting US dollars and Robinhood, the trading app, said it would stop listing certain assets named in the lawsuits, citing the "cloud of uncertainty" surrounding the tokens.

Critics accuse the SEC under Mr Gensler of hostile "regulation by enforcement" aimed at boosting his own political profile.

They say that despite repeated efforts by the industry to propose new rules, the agency has refused to acknowledge the distinctions between different types of crypto firms and the characteristics of the technology, like decentralised automated processing, that challenge existing frameworks.

"It's been a very frustrating experience," says Bart Stephens, managing partner of Blockchain Capital, a venture capital firm that has invested in hundreds of crypto firms, some of which he says have been struggling to find banks willing to do business with them. "There is no doubt a regulatory attack is going on."

Bill Hughes, senior counsel of Consensys, a Texas-based software company that uses crypto's blockchain technology, puts it even more bluntly: "The SEC has essentially determined that on its watch crypto shouldn't exist in the United States anymore."

Whether the SEC's moves could actually kill the industry - in which by at least one estimate one in every six Americans has invested - is another question.

Crypto's wider market value remains roughly a third of what it was at its peak. Trading volumes have plunged and developer interest is falling. Trust remains low. The failures in March of some of the few traditional banks willing to do business with it marked a further blow.

Hilary Allen, a law professor at American University, thinks crypto is inherently susceptible to boom-and-boost cycles and manipulation by insiders, and thinks it should be banned. She says the SEC's actions could help re-confine crypto to the realm of tech enthusiasts, given the wider state of the industry.

"If we combine these enforcement actions with waning trust from the public, with possibly waning interest from venture capital, then maybe there isn't a future," she says.

Coinbase chief Brian Armstrong is among the crypto firms who has threatened to leave the US over its regulatory approach

But Mr Stephens, who has weathered two "crypto winters" already, says he thinks the future remains bright - if at risk of ending up overseas, given America's current approach, which is seen as less friendly than other jurisdictions, including the UK and the EU.

He points to Bitcoin's price, which is hovering around 2020 levels, but has gained significantly from the start of the year. Ether has also risen.

Some indicators tracked by venture firm and crypto-investor Andreessen Horowitz, such as the number of addresses active on blockchain and the number of smart contracts being executed, are also climbing.

"We're not seeing founders stop forming new companies or protocols," says Mr Stephens, who says Blockchain Capital invested more money in the first three months of 2023 than in any quarter in the previous 10 years, as prices fell and rival firms backed away from the sector.

Even if the sector thrives outside the US, losing the American market would severely limit its prospects, warns Gina Pieters, a crypto expert who teaches at the University of Chicago.

"It would be a mistake to think that the US… could kill the industry. It can absolutely, though, make the crypto industry smaller," she says.

Many in crypto are hoping for a reprieve - from the courts, which could decide the SEC has overstepped its authority; from Congress, where draft legislation for the industry is under review; or from a change in the White House, which could prompt a policy reversal.

However those questions get decided, the issues are finally coming to a head, says Angela Walch, a research associate at the University College of London Centre for Blockchain Technologies.

"We are at a real inflection point," she says. "The showdown is here."

#BinanceTournament #universalcryptoworld #SEC #Binance

$BTC $ETH $BNB

A video from June has drawn the ire of Ripple CEO Brad Garlinghouse on X. In June, Cameron Winklevoss (@cameron), the co-founder of Gemini crypto exchange and Winklevoss Capital, shared a clip of the former SEC Chair Jay Clayton on CNBC’s Squawk Box. In the video, Clayton condemned the regulatory strategy being employed by the SEC under Gensler.
The SEC’s Regulatory Strategy
According to Clayton, the current regulators believe that “If we’re not losing cases, if we’re not being pushed back by the courts, we’re not doing enough.” Clayton points out the flaw in this strategy and describes it as a “fundamental shift” in how Americans view their government’s role.
Clayton said he wouldn’t want to be in a place where the government could bring lawsuits they knew they would lose, and then he asked the interviewer to put themselves in the shoes of the person being sued.
Clayton stated that regulators with the power of the state should only bring cases and make rules that would pass judicial scrutiny.
Garlinghouse Claps Back
Garlinghouse was unhappy with Clayton’s statement, saying, “Watching this clip makes my blood boil.” Although Clayton’s statement about regulators only taking on credible cases is right, he isn’t innocent, and Garlinghouse points out his hypocrisy. He adds, “The hypocrisy is shocking. @CNBC @SquawkCNBC should be calling him out for the bullshit.”

Clayton was the SEC chair who filed the lawsuit against Ripple in December 2020, which is still going on and has harmed the adoption of XRP in the U.S. He was also the instigator of the case against Brad Garlinghouse and Chris Larsen, charging them with aiding and abetting the sales of unregistered securities, charges that the SEC recently dropped.
Garlinghouse stated, “As a reminder, Jay Clayton brought the case against Ripple, me and Chris Larsen.  And left the building the next day.”
The Community Stands Behind Garlinghouse
As expected, the crypto community called out Clayton and the SEC for their hypocrisy. This isn’t the first time the SEC has been called out for hypocrisy, and if Gensler continues with this strategy, it might not be the last.
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One user highlighted the bright side of the situation, stating that Ripple survived the SEC’s corruption, and it was a win for the crypto community. However, it is still sad because of all the legal expenses Ripple has incurred.

#Sec #XRPUpdate #XRPPriceTargets #XRPWave #universalcryptoworld