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Crypto Advocate John Deaton to Bolster Coinbase’s Legal Challenge Against SEC
Prominent cryptocurrency advocate and legal expert John Deaton is slated to file an amicus brief today, April 26, in support of Coinbase's petition for an interlocutory appeal. This move underscores a significant development in the ongoing debate over cryptocurrency regulation. According to Eleanor Terrett of Fox News, Deaton’s brief aims to address the critical demand for clearer regulatory guidelines within the digital asset space. His submission draws attention to what he perceives as the U.S. Securities and Exchange Commission's (SEC) erratic regulatory framework, which he argues has adversely affected industry stakeholders. Deaton's critique extends to the SEC's fluctuating stance on the classification of crypto tokens as securities. He is poised to leverage previous court rulings involving major cases like Ripple, LBRY, and
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Ripple Adopts USDT for ODL Services in the U.S. Amid Regulatory Compliance
Ripple, the prominent blockchain payments company, has transitioned its On-Demand Liquidity (ODL) services for U.S. clients from its native XRP token to Tether’s USDT stablecoin. This strategic pivot follows a pivotal court decision that declared the institutional sales of XRP tokens a violation of U.S. securities laws. In response to the legal constraints, Ripple has recalibrated its business operations by partnering with entities outside the U.S. to manage XRP sales to its ODL clientele. This realignment facilitates U.S. clients to employ USDT as a bridge currency in their transactions, thus ensuring compliance and continuity in services. Monica Long, President of Ripple, has been proactive in adhering to these regulatory demands, as noted by Moon Lambo, a prominent XRP-focused YouTuber. According to Moon Lambo, Ripple's s
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Stripe Revives Cryptocurrency Payments, Focuses on USDC Integration
At the recent Global Internet Economy conference, Stripe disclosed its plans to reintroduce cryptocurrency payments. The announcement came during the event's climax, in a keynote titled "The Future of Payments," delivered by Stripe's President, John Collison. Collison revisited Stripe's historical engagement with cryptocurrencies, noting that their journey with digital currencies began years ago. He recalled the company's initial foray into supporting Bitcoin in 2018, which was eventually phased out due to its limited adoption. With renewed vigor, Collison shared the company's enthusiasm for reintegrating cryptocurrency payments, specifying that this time, the focus would solely be on the Circle’s USDC stablecoin to ensure an enhanced payment experience. The revival of crypto payments at Stripe is driven by the tangible i
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Upcoming economic events 26 April 2024
Time(GMT+0/UTC+0)StateImportanceEventForecastPrevious01:302 pointsPPI (YoY) (Q1)---------4.1%01:302 pointsPPI (QoQ) (Q1)---------0.9%02:302 pointsBoJ Monetary Policy Statement------------------02:302 pointsBoJ Outlook Report (YoY) ------------------03:003 pointsBoJ Interest Rate Decision0.10%0.10%06:302 pointsBoJ Press Conference ------------------08:002 pointsECB's De Guindos Speaks------------------12:303 pointsCore PCE Price Index (YoY) (Mar)2.6%2.8%12:303 pointsCore PCE Price Index (MoM) (Mar)0.3%0.3%12:302 pointsPCE Price index (YoY) (Mar)2.6%2.5%12:302 pointsPCE price index (MoM) (Mar)0.3%0.3%12:302 pointsPersonal Spending (MoM) (Mar)0.6%0.8%14:002 pointsMichigan 1-Year Inflation Expectations (Apr)3.1%3.1%14:002 pointsMichigan 5-Year Inflation Expectations (Apr)3.0%3.0%14:002 pointsMichigan Consumer Expectations (Ap
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BlackRock's IBIT ETF Observes No New Inflows for the First Time Since Launch
The BlackRock iShares Bitcoin Trust (IBIT), a pioneering figure in the U.S. Bitcoin ETF landscape, has recorded its inaugural day without new inflows since the advent of these funds in the United States this past January. Despite a robust beginning with continuous daily inflows amassing approximately $15.5 billion within the first 71 days, April 24 marked a notable shift as IBIT logged zero new investments. This stagnation in inflows was not isolated to BlackRock. The U.S. Bitcoin ETF market, comprising 11 registered funds, saw minimal activity with only the Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARKB) registering inflows of $5.6 million and $4.2 million, respectively. Conversely, the Grayscale Bitcoin Trust ETF (GBTC) reported significant outflows, losing $130.4 million on the same day, netting a
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TON Blockchain Announces Substantial Cuts to Transaction Fees
The development team behind the TON blockchain has officially declared a notable reduction in transaction fees by 2.5 times across its network. This strategic move aims to enhance the blockchain's efficiency and user affordability. Detailed in the announcement, transaction fees within the TON network will now be dynamically adjusted based on the dollar value of its native token, Toncoin. Initially, the cost for the first transaction using Jettons is set at approximately $0.06, with subsequent transactions costing around $0.04. Furthermore, a specific reduction has been applied to transactions involving the USDT stablecoin, commencing April 16. The revised fee structure offers a reduced rate of 0.02 TON for the first transaction, down from 0.032 TON, and 0.0145 TON for subsequent transactions, promoting more frequent use of this
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Upcoming economic events 25 April 2024
Time(GMT+0/UTC+0)StateImportanceEventForecastPrevious07:002 pointsECB's Schnabel Speaks------------------08:002 pointsECB Economic Bulletin ------------------12:302 pointsContinuing Jobless Claims1,810K1,812K12:302 pointsGDP (QoQ) (Q1) 2.5%3.4%12:302 pointsGDP Price Index (QoQ) (Q1)3.0%1.7%12:302 pointsGoods Trade Balance (Mar) -91.10B-91.84B12:302 pointsInitial Jobless Claims214K212K12:302 pointsRetail Inventories Ex Auto (Mar) ---------0.4%14:002 pointsPending Home Sales (MoM) (Mar)0.3%1.6%17:002 points7-Year Note Auction---------4.185%20:302 pointsFed's Balance Sheet---------7,406B23:302 pointsTokyo Core CPI (YoY) (Apr)2.2%2.4%
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SEC Postpones Decision on Grayscale's Ethereum ETF Application
The U.S. Securities and Exchange Commission (SEC) has postponed its decision regarding Grayscale's application to transform its Ethereum Trust into a spot Ethereum ETF. The regulatory authority has set a new decision deadline for June 23, as it requires additional time to review the proposal and address concerns highlighted in the amended application. In a detailed statement, the SEC expressed the necessity for an extended period to adequately assess the rule change proposal and its implications, as outlined in Amendment No. 1. This amendment is critical as it pertains to allowing U.S. national securities exchanges to list and trade this new type of ETF. Grayscale initially filed a Form 19b-4 with NYSE Arca in October, seeking to convert its existing Ethereum Trust (ETHE) into a spot ETF. This filing follows the successful
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Surge in Scams Targeting Toncoin Investors Amidst Growing Blockchain Interest
Cybersecurity leader Kaspersky has documented a marked increase in fraudulent activities aimed at holders of Toncoin, the native cryptocurrency of The Open Network (TON). This upsurge in scams coincides with heightened interest in the TON blockchain, notably since Telegram, the popular messaging service, enhanced its support for TON. From November 2023, a notable rise in deceptive schemes ensnaring Toncoin investors has been observed. These fraudsters typically entice victims via a Telegram bot purporting to be a secure cryptocurrency storage solution. Users are misled into linking their Web3 wallets to the bot, which subsequently coerces them into purchasing so-called "boosters" under the guise of facilitating earnings. Unfortunately, such purchases result in the irreversible loss of control over their digital assets. The
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Upcoming economic events 24 April 2024
Time(GMT+0/UTC+0)StateImportanceEventForecastPrevious01:302 pointsCPI (YoY) (Q1)3.4%4.1%01:302 pointsCPI (QoQ) (Q1)0.8%0.6%01:302 pointsTrimmed Mean CPI (QoQ) (Q1)0.8%0.8%08:152 pointsECB Supervisory Board Member Tuominen Speaks ------------------10:002 pointsEurogroup Meetings------------------12:302 pointsCore Durable Goods Orders (MoM) (Mar)0.3%0.3%12:303 pointsDurable Goods Orders (MoM) (Mar)2.5%1.3%13:152 pointsECB McCaul Speaks ------------------14:002 pointsECB's Schnabel Speaks ------------------14:303 pointsCrude Oil Inventories1.700M2.735M14:302 pointsCushing Crude Oil Inventories---------0.033M16:302 pointsAtlanta Fed GDPNow (Q1)2.9%2.9%17:002 points5-Year Note Auction---------4.235%
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Shiba Inu Secures $12 Million Investment for Advanced Layer 3 Network Development
The Shiba Inu project team has successfully secured a $12 million investment to propel the development of a pioneering Layer 3 network. This new initiative leverages the homomorphic encryption technology provided by Zama, previously attracting a substantial $73 million in funding. The anticipated test version of this Layer 3 network is slated for release in the third quarter of 2024, aiming to meet stringent regulatory standards while prioritizing the security and privacy of its users. This financial boost was achieved through the sale of the TREAT token to a select group of venture investors. The forthcoming blockchain network emphasizes privacy and will be constructed atop Shibarium, Shiba Inu’s Layer 2 solution designed to enhance Ethereum scalability. Despite the significant interest from the investment community, Shytoshi K
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Upcoming economic events 23 April 2024
Time(GMT+0/UTC+0)StateImportanceEventForecastPrevious00:302 pointsau Jibun Bank Japan Services PMI---------54.108:002 pointsHCOB Eurozone Manufacturing PMI (Apr) 46.546.108:002 pointsHCOB Eurozone Composite PMI (Apr) 50.850.308:002 pointsHCOB Eurozone Services PMI (Apr) 51.851.508:152 pointsECB Supervisory Board Member Fernandez-Bollo Speaks ------------------10:002 pointsEurogroup Meetings------------------12:002 pointsBuilding Permits1.458M1.524M13:452 pointsS&P Global US Manufacturing PMI (Apr) 52.051.913:452 pointsS&P Global Composite PMI (Apr) ---------52.113:452 pointsS&P Global Services PMI (Apr)52.051.714:002 pointsNew Home Sales (MoM) (Mar)----------0.3%14:002 pointsNew Home Sales (Mar)668K662K17:002 points2-Year Note Auction---------4.595%20:302 pointsAPI Weekly Crude Oil Stock---------4.090M
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Swiss Bitcoin Advocates Revive Campaign for BTC Inclusion in National Bank Reserves
In a strategic revival of efforts to bolster Switzerland's financial independence, a cohort of Swiss Bitcoin advocates, led by Yves Bennaïm of the non-profit think tank 2B4CH, has initiated a renewed campaign. This movement aims to persuade the Swiss National Bank to adopt Bitcoin (BTC) into its reserves via a constitutional referendum, citing the enhancement of Switzerland's sovereignty and neutrality amid rising global instability. Yves Bennaïm, while addressing Neue Zürcher Zeitung on April 20, disclosed the final stages of preparations, which include the organizational setup and drafting of the necessary documents. These documents are slated for submission to the State Chancellery, marking the commencement of the referendum process. The campaign must gather 100,000 signatures from Swiss citizens within an 18-month window to meet
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BlackRock's Bitcoin ETF Experiences Continued Strong Inflows, Coinciding with the April 20th Halving Event
In an era punctuated by financial innovations, Bitcoin, represented by its ticker BTC and priced at $64,748, has become synonymous with both volatility and viral culture. This week, the cryptocurrency sector not only celebrated the iconic April 20th halving event but also witnessed the continuation of a notable inflow streak into the United States' largest spot Bitcoin exchange-traded fund (ETF). On the digital stage of X (previously known as Twitter), Bloomberg Intelligence's ETF analyst Eric Balchunas highlighted the serendipitous confluence of these events. Remarkably, the halving day coincided with the 69th consecutive day of inflows into BlackRock’s iShares Bitcoin Trust (IBIT), the foremost ETF in terms of assets under management within the domain. Balchunas commented on the alignment as "a little too perfect," reflecting the u
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Upcoming economic events 22 April 2024
Time(GMT+0/UTC+0)StateImportanceEventForecastPrevious01:152 pointsChina Loan Prime Rate 5Y (Apr)3.95%3.95%01:152 pointsPBoC Loan Prime Rate3.45%3.45%10:002 pointsEurogroup Meetings------------------15:302 pointsECB President Lagarde Speaks------------------
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HashKey Suspends Transactions with Binance Amid Increasing Global Regulatory Pressures
In a strategic policy shift, HashKey Group, headquartered in Hong Kong, declared its imminent cessation of all financial transactions linked to Binance, including deposits and withdrawals. The directive, effective from next month, will see the suspension of deposits by May 10 and withdrawals by May 17, as stated in HashKey's announcement on April 19. The reasons behind this decision were not elaborated upon, with HashKey merely citing a "policy change." Nevertheless, the exchange will maintain its services for transactions involving cryptocurrency assets to and from verified and authenticated non-custodial, or 'whitelisted,' wallet addresses. This development marks another significant setback for Binance amidst increasing regulatory scrutiny worldwide. Earlier in February, the Nigerian government imposed a ban on Binance over
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TON Foundation Designates 11 Million Toncoin to Incentivize USDT Adoption on Its Network
The TON Foundation has unveiled a new incentive scheme in collaboration with Tether, aiming to boost the integration and usage of the USDT stablecoin within its network. A recently issued statement by the foundation detailed an allocation of 11 million Toncoin (TON) specifically set aside to reward early adopters of USDT on the TON blockchain. This initiative seeks to foster broader adoption of the stablecoin by offering significant incentives for participation. As part of the integration, the TON network will feature comprehensive on-ramps fully compatible with numerous global fiat currencies at its inception. Additionally, forthcoming features will include integrated off-ramps, allowing for straightforward withdrawals of supported fiat currencies directly into users’ bank accounts or cards. In a breakdown of the allocation, t
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