The Terra Classic community is currently engaged in a series of crucial votes on various proposals, all amidst concerns about a noticeable surge in spam activity following a decline in Luna Classic (LUNC) prices.
In response to this pressing issue, a novel proposal, known as Proposal 11780 or the “Initiative to Address Spam Proposals by Raising Minimum Deposit to 5M LUNC,” has emerged as a potential solution.
This initiative aims to bolster the existing minimum deposit requirement from 1 million LUNC to 5 million LUNC, effectively creating a more formidable barrier to deter scam proposals from advancing beyond the initial deposit phase.
The primary goal here is to counteract the influx of spam and irrelevant proposals that have inundated the Terra Classic community’s voting system.
Validator consensus within the community is that the existing 1 million LUNC threshold is no longer adequate in discouraging these detrimental proposals.
Hexxagon, a developer team responsible for the community-owned Station wallet, has been closely monitoring the situation and has observed a substantial uptick in spam proposals, which has prompted the need for this proposed adjustment.
As of the latest update, Proposal 11780 has garnered support from 34% of the community votes in favor, while 64% have cast their votes against it, and a small fraction of 2% has opted for “No with veto.”
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Notably, nine validators, including prominent entities such as Hexxagon, Lunanauts, and Coinpayu, have endorsed the proposal, signaling their belief in its potential effectiveness.
In parallel to these developments, Terra Classic developers are actively preparing for the upcoming v2.2.1 core upgrade, scheduled for September 12 at 9:57 am UTC.
Simultaneously, the TerraUSD Classic (USTC) quant team is taking proactive steps by initiating contact with centralized exchanges in an effort to reestablish the peg of USTC.
Furthermore, both LUNC and Terra have recently experienced a significant surge in trading volumes, driven by a series of pivotal community-approved proposals.
LUNA, under the leadership of Terraform Labs, has witnessed a remarkable growth rate of over 5% in the past week, while LUNC is also exhibiting upward momentum in anticipation of the impending core upgrade, spearheaded by its developer team.
These developments underscore the dynamic nature of the Terra Classic ecosystem as it strives to address its evolving challenges and embrace opportunities for growth and improvement.
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Arkham Intelligence, a crypto analytics platform, has unveiled Robinhood, a financial services firm and crypto trading platform, as a significant holder of Ether (ETH) and the proprietor of the fifth-largest ETH wallet.
This wallet boasts a substantial sum of approximately $2.54 billion in cryptocurrency.
The announcement made on Arkham’s X (formerly Twitter) account highlighted that while the recognition of Robinhood’s possession of the third-largest Bitcoin wallet had garnered notable attention, its identification as the owner of the fifth-largest ETH wallet had received comparatively less recognition.
It is important to note that these funds are designated as user balances under Robinhood’s custody.
As per the data from BitInfoCharts, the most substantial Bitcoin wallets globally belong to Binance and Bitfinex, indicating their significant holdings in the crypto sphere.
Arkham Intelligence’s findings further disclosed that Robinhood’s associated wallet also contains various other cryptocurrencies, including 122,076 BTC (equivalent to $3.3 billion), a staggering 34.1 trillion Shiba Inu tokens (approximated at $277.8 million), 4.9 million Chainlink tokens (approximately $29.7 million), and 2.6 million Avalanche tokens (about $29.6 million).
Despite Robinhood’s prominence in traditional stock trading, its involvement in cryptocurrency trading has experienced a decline.
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In the second quarter, its crypto revenue dwindled to $31 million from the preceding quarter’s $38 million.
Recently, on August 30th, Robinhood disclosed the expansion of its wallet product offerings.
This extension incorporates features such as custodial services, as well as sending and receiving capabilities for Bitcoin and Dogecoin.
This augmentation is a direct response to the growing demand from users for enhanced support, as explicitly stated by the company.
During its initial launch in March, Robinhood Wallet rolled out self-custody services, catering to the Polygon and Ethereum networks.
The wallet also provided a selection of various tokens, including Compound, Polygon, SHIB, Solana, Uniswap, and the USD Coin stablecoin.
In conclusion, Arkham Intelligence’s revelations about Robinhood’s considerable holdings of Ethereum and other cryptocurrencies, coupled with the expansion of Robinhood’s wallet functionalities, signify the company’s continuous efforts to address user needs and diversify its offerings in the dynamic crypto landscape.
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The Grayscale Bitcoin Trust (GBTC) might see its BTC price “discount” eliminated by 2024, according to CoinGlass, a monitoring resource.
After Grayscale secured a legal victory over US regulators on August 29th, the declining performance of GBTC could potentially be addressed.
With a holding of over 600,000 BTC, the fund has been trading below the Bitcoin spot price, known as net asset value, since February 2021.
The once-positive “GBTC premium” has been negative for more than two and a half years, but this trend might be reversing soon.
The US Securities and Exchange Commission’s requirement to consider GBTC’s conversion into a Bitcoin spot price exchange-traded fund under the same terms as other applicants pushed the “discount” to its lowest point since December 2021, now standing at just -17%, less than half of its peak around 50%.
CoinGlass expressed optimism in a future recovery: “Expect Grayscale $GBTC premium to close the discount next year.”
Dylan LeClair, senior analyst at digital asset fund UTXO Management, emphasized GBTC’s significance in influencing Bitcoin’s journey to record highs in 2021 due to its vast assets under management.
He noted, “Today’s discount move from -26% to -17% is the equivalent of 56,000 BTC returning to the AUM of $GBTC if shares are marked to market.”
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The recent Grayscale development might also impact Bitcoin’s price action by reintroducing key moving averages (MAs).
The 200-week and 200-day trend lines, which failed to provide support during Bitcoin’s previous drop in August, could potentially regain their importance.
Despite BTC/USD struggling to maintain these levels, Rekt Capital, a prominent trader and analyst, highlighted the significance of these MAs in reclaiming bullish momentum.
Rekt Capital noted, “This is great initial momentum from ~$26K support which never broke down to fully confirm the Double Top.”
He also stressed the importance of Bitcoin reclaiming Bull Market moving averages as support to confirm a bullish outlook.
In summary, the Grayscale Bitcoin Trust (GBTC) could reverse its negative price “discount” in 2024, supported by recent legal developments and positive sentiments.
The fund’s large BTC holdings and its potential impact on Bitcoin’s price movement were highlighted, along with the significance of reclaiming key moving averages for sustained bullish momentum.
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Hashdex, a crypto asset management firm, has entered the race to establish a Bitcoin exchange-traded fund (ETF) in the United States.
To secure its spot, the company has filed an application with the U.S. Securities and Exchange Commission (SEC) for a Bitcoin futures ETF that will encompass actual spot Bitcoin holdings.
ETFs are investment vehicles traded on stock markets, deriving their value from an underlying assortment of assets like stocks, bonds, and commodities.
Similarly, Bitcoin ETFs mirror the value of BTC and are traded on traditional stock exchanges, distinguishing them from crypto exchanges.
Notably, Hashdex’s approach diverges from recent filings by sidestepping the Coinbase surveillance sharing agreement.
Instead, it plans to acquire spot Bitcoin from physical exchanges within the CME market.
As disclosed in a 19b-4 filing by NYSE Arca with the SEC, Hashdex aims to incorporate spot Bitcoin into its Bitcoin futures ETF and intends to rename it as the Hashdex Bitcoin ETF.
Industry experts have reacted to Hashdex’s novel Bitcoin ETF proposal. James Seyffart, an analyst at Bloomberg, highlighted the strategy’s exclusive reliance on exchange-for-related-positions transactions.
This technique involves exchanging futures contracts for an equivalent exposure to the spot market, bypassing direct cash purchases from exchanges.
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Seyffart speculates that Hashdex’s approach might enhance its chances of SEC approval.
This outlook is informed by the regulatory pressure faced by Gary Gensler, influenced by the Grayscale lawsuit, Ethereum futures submissions, and BlackRock’s implementation of the Coinbase surveillance sharing agreement.
Other specialists, such as Nate Geraci, President of The ETF Store, investor Alistair Milne, and finance attorney Scott Johnsson, have also commented on Hashdex’s distinct ETF submission.
They posit that Hashdex’s approach could address certain SEC concerns related to market manipulation and liquidity issues associated with the Bitcoin market.
As of now, the SEC, led by Chair Gary Gensler, has refrained from commenting on the status of spot Bitcoin ETF applications, the influx of Ethereum ETFs, and the potential approval timeline for a spot Bitcoin ETF within the current year.
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Bitcoin’s influence in West Africa is particularly prominent in Nigeria, a key player in the region’s economic landscape.
Yet, amid growing anti-French sentiment, French-speaking West African nations are also witnessing a surge in Bitcoin-related activities.
Senegal has inaugurated Bitique, its inaugural physical Bitcoin exchange and educational hub. Additionally, a Bitcoin Forum is scheduled for December in Dakar, Senegal’s capital.
Notably, a local Bitcoin advocate, Nourou, manages an autonomous Bitcoin node via satellite technology.
Meanwhile, Benin, located west of Nigeria, is preparing for its first exclusive Bitcoin Mastermind conference.
This pioneering event will unite local crypto enthusiasts and entrepreneurs from groups like Izichange, GoesPay, and Flash, fostering a space for Bitcoin education.
Nourou, founder of Dakar Bitcoin Days and Bitcoin Senegal, and Loïc Kassamoto, creator of Bitcoin Mastermind, offer insight into West Africa’s crypto evolution.
These French-speaking countries are beholden to the West African CFA franc currency, a remnant of colonialism.
Dissatisfaction with this currency has amplified anti-French sentiment, evidenced by recent public demonstrations and actions like Mali’s abandonment of the French language.
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The region is witnessing a surge in alternative currency initiatives, with Bitcoin gaining traction as a savings mechanism and medium of exchange.
In contrast to online discussions in the West, West African countries prioritize in-person meetups for financial discourse.
Although the pandemic temporarily shifted discussions to virtual platforms, a post-pandemic resurgence of physical spaces is underway.
Kassamoto highlights the significance of real-world interactions in advancing financial literacy and demonstrating Bitcoin’s potential in West Africa. He emphasizes the role of conferences, meetups, and stores in educating and engaging the community.
Nourou has established Bitique as Dakar’s inaugural physical Bitcoin store, not only facilitating cryptocurrency transactions but also offering in-person educational programs. Moreover, Bitcoin Senegal’s “Baol Digital Kids” initiative imparts Bitcoin and Lightning Network usage to children.
Across borders in Benin, Kassamoto and his peers maintain one of the country’s first Bitcoin nodes.
While Bitcoin adoption grows, Kassamoto acknowledges associated risks due to the broader crypto space’s challenges.
He distinguishes Bitcoin from other cryptocurrencies and underscores the importance of the West African community’s grasp of this distinction.
Bitcoin meetups continue to expand, providing platforms to differentiate Bitcoin from the broader crypto market.
Notably, the Central African Republic’s adoption of Bitcoin as legal tender garnered attention, though its subsequent development of Sango Coin and experimentation with asset tokenization diverted focus.
Ghana will also host a significant Bitcoin and educational conference this year, contributing to the ongoing Bitcoin education drive in West Africa.
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Cryptocurrency influencer Evan Luthra has initiated a legal battle against Bitget, a crypto exchange, alleging the freezing of his account following a new token listing in March.
Luthra asserts that his withdrawal requests were halted and approximately $200,000 in Tether was locked up while his attempts to gain clarity were met with silence.
This incident is intertwined with Luthra’s association with the Reel Star project.
He had been engaged as an advisor to Reel Star, a startup dedicated to a social media app for content creators.
As part of his compensation, Luthra received Reel Token (REELT), the project’s utility token. Following its listing, Luthra sold 1.3 million REELT tokens on Bitget.
However, this action led to the suspension of his account over suspicions of market manipulation.
Bitget’s spokesperson disclosed, “Bitget faced a manipulative attack by a group of traders attempting to profit by manipulating trades on the exchange.”
Bitget claims to have reached out to Luthra for an explanation, but despite admitting to the token sale, he reportedly failed to provide a satisfactory reason for the behavior.
Luthra contends his innocence, referencing alleged approval from Reel Star’s co-founder Navdeep Sharma for the token sale.
Seeking $16 million in damages and the release of his $200,000 held by Bitget, Luthra filed a lawsuit against the exchange, Foresight Ventures, and key executives.
He argued that Bitget unjustly restricted his tokens, which he had acquired through legitimate means.
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Gracy Chen, Bitget’s managing director, stated that the exchange prioritizes user protection and undertakes immediate action against illegal activities.
Bitget unveiled an investigation into the matter, disclosing findings and a compensation plan for over 500 affected clients.
The exchange’s response clarified, “After our investigation, we believe the account mentioned has been involved in suspicious trading behaviors on Bitget.”
The cryptocurrency community exhibited mixed reactions on platforms like X (formerly Twitter). While some supported Luthra, highlighting challenges faced by users of centralized exchanges, others defended Bitget’s actions as protective of users’ interests.
Well-known figures within the crypto space, including Changpeng Zhao, CEO of Binance, also chimed in on the dispute.
At present, Bitget’s CEO Chen notes that the exchange was unaware of the lawsuit. Evan Luthra contends he was merely a token recipient for consultation and should not be deemed a part of the project team.
The ongoing case underscores the evolving complexities of the crypto landscape and the vital role of exchanges in maintaining security and fairness.
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The United States House of Representatives Democrats have taken a proactive step towards the regulation of artificial intelligence (AI) by establishing an AI working group.
Comprising 97 members, the New Democrat Coalition unveiled this group on August 15th.
Their primary goal is to collaborate with President Joe Biden’s administration, stakeholders, and representatives from both sides of the political spectrum to construct sensible and bipartisan regulations for the rapidly growing AI sector.
With an emphasis on nurturing AI’s potential for economic growth, the working group acknowledges the importance of safeguarding the workforce.
They are dedicated to devising strategies that will protect individuals whose jobs might be threatened by the rise of AI-driven technologies, ensuring that they can remain employed.
Heading this initiative is Representative Derek Kilmer, who will serve as the chair of the AI working group.
Kilmer highlighted the pressing concern regarding the dissemination of misinformation and the proliferation of sophisticated AI-generated deepfakes across the internet.
He expressed the urgency of addressing these issues, emphasizing the need for Congress to swiftly grasp the intricacies of such matters to effectively counteract them.
The AI working group’s intentions align with the broader sentiment expressed by various stakeholders, including legislators, academics, and prominent tech CEOs.
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Recognizing the potential risks associated with unchecked AI advancements, Vice President Kamala Harris and senior advisors under President Biden convened with industry CEOs in May.
This meeting aimed to discuss the inherent dangers AI poses and explore ways to mitigate them.
Furthermore, President Biden, acknowledging the significance of AI, convened a meeting in June with leading AI experts in Silicon Valley.
This meeting served as a platform for thorough deliberation on the potential hazards brought about by AI’s rapid evolution and strategies to manage and regulate its growth.
In conclusion, the United States House of Representatives’ Democrats have formed an AI working group composed of 97 members, aimed at responsibly shaping AI legislation.
Their collaborative approach, involving various stakeholders, seeks to harness AI’s benefits while addressing concerns about misinformation and deepfakes.
These efforts align with recent discussions led by Vice President Kamala Harris and President Joe Biden, underlining the growing recognition of the need to regulate and manage the risks associated with AI advancements.
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A consortium of six accomplished legal experts, specializing in the realm of securities law and its interconnected domains, have formally presented an amicus brief in a show of support for cryptocurrency exchange giant, Coinbase.
This legal endeavor takes place within the context of Coinbase’s ongoing legal tussle with the United States Securities and Exchange Commission (SEC).
In the sphere of law, an amicus brief is a significant document filed in court by an entity that is not directly enmeshed in the specific litigation.
The primary purpose of such a document is to contribute auxiliary arguments to one side of the case.
Notably, it underscores the far-reaching implications of the case beyond just the immediate litigants.
This collective of legal scholars submitted their amicus brief to the U.S. District Court for the Southern District of New York on August 11th.
Coinciding with this development, Senator Cynthia Lummis also extended an amicus brief in favor of the cryptocurrency exchange.
The cadre of scholars participating in this filing includes renowned names like Stephen Bainbridge from the University of California, Los Angeles; Tamar Frankel representing Boston University School of Law; Sean Griffith hailing from Fordham University School of Law; Lawrence Hamermesh associated with Widener University’s Delaware Law School; Matthew Henderson linked with the University of Chicago Law School; and Jonathan Macey, a distinguished personality from Yale Law School.
Within their filing, these scholars assert that established federal legal precedents and the well-regarded Howey test collectively recognize that investment agreements inherently entail expectations of business-generated income, profits, or assets.
In light of this, they beseech the court to uphold the recognized legal definition of an “investment contract” when interpreting the boundary of its application.
Elaborating on this, they elucidate that for an investment contract to be in play, investors must be assured, by virtue of their investment, an ongoing contractual claim to the enterprise’s income, profits, or assets.
In the documentation, the scholars delve into an examination of pertinent cases that bolster their stance.
Importantly, these legal scholars explicitly emphasize that their connections to various universities or law schools hold no bearing on their involvement in the amicus brief.
In summation, the collaborative effort of these accomplished legal minds underlines a poignant testament to the complexity and significance of the ongoing legal dispute between Coinbase and the SEC, while striving to elucidate the intricate legal frameworks that encompass this scenario.
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Voyager Digital, the cryptocurrency lender that recently filed for bankruptcy, has made significant token transfers raising eyebrows within the crypto sphere.
On August 11th, according to Etherscan, the company sent 1,500 Ether (ETH) valued at approximately $2.77 million and a staggering 250 billion Shiba Inu (SHIB) tokens worth about $2.7 million to Coinbase, a renowned crypto exchange.
The intention behind these sizeable transactions has ignited a wave of speculation throughout the cryptocurrency community.
One prevailing theory suggests the likelihood of a massive sell-off, stemming from the fact that these transfers have significantly depleted Voyager’s distressed wallet holdings to a mere $81.63 million in digital assets.
Notably, these transfers were executed at precise one-hour intervals, as recorded by Etherscan. This sudden movement of tokens has prompted intense discussions about the potential initiation of a liquidation process.
However, insider sources have countered these notions, asserting that Voyager is simply consolidating its tokens from various addresses into a central primary address for streamlined management.
The prevailing conjecture of an imminent sell-off gains traction from Voyager’s ongoing pattern of divestment in SHIB holdings since the commencement of 2023.
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A telling instance occurred in February when the company orchestrated a series of transfers totaling nearly $10 million worth of digital assets across several cryptocurrency exchanges in a single day.
These transfers encompassed an assortment of tokens, including 270 billion SHIB tokens valued at $3.2 million, 4.9 million Voyager Tokens (VGX) amounting to $2.1 million, 3,050 ETH equating to $3 million, and 221,000 Chainlink (LINK) tokens with a valuation of $1.5 million.
The context surrounding Voyager’s financial state is further accentuated by the backdrop of Binance.US’s legally sanctioned acquisition of the lender’s assets.
Blockchain analytics platform Lookonchain divulged that Voyager had liquidated an aggregate of over $56 million in digital holdings across three distinct cryptocurrency exchanges.
A mere three months later, the insolvent exchange continued its involvement in an intricate web of transactions, transferring approximately 350 billion SHIB tokens.
In summation, the recent movement of a significant volume of tokens by Voyager Digital, coupled with its prior divestment activities and the broader context of its financial status, has spurred vigorous speculation within the cryptocurrency domain.
The community keenly observes these developments for insights into the future trajectory of both Voyager Digital and the cryptocurrency market as a whole.
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United States Senator Cynthia Lummis, a well-known advocate for cryptocurrency, has lodged an amicus brief in support of Coinbase’s bid to have the U.S. Securities and Exchange Commission (SEC) lawsuit against the company dismissed.
An amicus brief is a legal document submitted to a court by a third party that isn’t directly involved in the case.
Its purpose is to provide additional arguments and perspectives in favor of one side of the legal dispute, often highlighting the wider implications of the case.
According to the filing on August 11 in the U.S. District Court for the Southern District of New York, Lummis underscored that the SEC’s action against Coinbase is far from an ordinary enforcement case.
She contended that the SEC’s lawsuit, alleging securities violations by Coinbase, seeks to establish significant control over the cryptocurrency sector, precisely when discussions about regulation and related matters are ongoing both in Congress and various governmental bodies.
Lummis emphasized that the authority to legislate in matters of such economic and political importance lies with Congress, not the SEC.
She criticized the SEC’s effort to exert extensive influence over crypto asset markets, particularly at odds with legislative proposals that propose distributing such authority to other agencies.
Lummis accused the SEC of trying to sidestep the political process and seize such power for itself.
Coinbase had filed its motion to dismiss on August 4, asserting that the SEC had acted against due process and deviated from its previous interpretations of securities laws by asserting jurisdiction over the exchange.
Lummis’s court submission further argued that the SEC has exceeded its boundaries by attempting to categorize nearly all crypto assets as securities.
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She questioned the agency’s regulatory approach, likening it to trying to make laws through enforcement actions, which she deemed beyond the SEC’s powers.
Lummis isn’t alone in supporting Coinbase through an amicus brief. Various crypto advocacy groups, such as the Blockchain Association, Crypto Council for Innovation, Chamber of Progress, and Consumer Tech Association, filed a collective brief on August 11.
These groups, in line with Lummis, stressed that the SEC’s authority is restricted to what Congress has granted it, expressing concerns over the potential misapplication of regulatory measures.
Marisa Tashman, senior counsel at the Blockchain Association, concurred with Lummis’s stance, highlighting that the SEC’s interpretation risks classifying non-security assets as such, potentially deviating from Congress’s intended scope of the SEC’s regulatory authority.
She refuted the SEC’s claim that most digital assets on the secondary market are investment contracts under securities laws, asserting that these transactions lack ongoing contractual obligations, making the SEC’s position untenable.
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