NewsBriefs - Blockchain Association reports $400 million in SEC enforcement costs under Gensler
10/31/2024 22:43
The Blockchain Association claims its members have spent $400 million on SEC enforcement actions since Gary Gensler became chair. This figur...
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Blockchain Association reports $400 million in SEC enforcement costs under Gensler
The Blockchain Association claims its members have spent $400 million on SEC enforcement actions since Gary Gensler became chair. This figure represents only a portion of the industry's costs. A survey by the association and HarrisX found that two-thirds of voters believe the SEC should wait for clearer guidelines from Congress before regulating crypto. The poll also revealed that voters are split on which political party is more likely to support crypto innovation.
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Blockchain Association reports $400 million in SEC enforcement costs under Gensler
The Blockchain Association claims its members have spent $400 million on SEC enforcement actions since Gary Gensler became chair. This figure represents only a portion of the industry's costs. A survey by the association and HarrisX found that two-thirds of voters believe the SEC should wait for clearer guidelines from Congress before regulating crypto. The poll also revealed that voters are split on which political party is more likely to support crypto innovation.
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Fortune reports Polymarket rife with wash trading
Fortune claims prediction market Polymarket is experiencing significant wash trading, potentially up to a third of its volume. Blockchain analytics firms Chaos Labs and Inca Digital provided data supporting this assertion. The practice, illegal in traditional finance, may be motivated by airdrop farming for a potential future token. Polymarket's no-fee policy could be facilitating this activity. The news follows recent concerns about different market manipulation on the platform.
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US spot Bitcoin ETFs see massive $870 million inflow as Bitcoin nears all-time high
US spot Bitcoin ETFs saw a record $870 million net inflow on Tuesday, coinciding with Bitcoin reaching $73,000. BlackRock's IBIT led with $643 million in inflows, its highest since March. Other ETFs also reported gains, while Grayscale's GBTC experienced $17 million in redemptions. US Bitcoin ETFs are expected to surpass Satoshi Nakamoto's estimated 1.1 million BTC holdings by December. Bitcoin traded at $72,200 at press time, up 1.8% in 24 hours and close to its all-time high.
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Bhutan government sells $66 million of Bitcoin as price surpasses $71k
Bhutan's government transferred $66.5 million worth of Bitcoin to Binance, likely for sale, as Bitcoin's price topped $71,000. The government wallet still holds about $886 million in Bitcoin, potentially creating further selling pressure. This move came after five years of mining and holding Bitcoin, coinciding with Bitcoin reaching a significant price level that often triggers volatility and profit-taking by whales.
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Truth Terminal founder's X account compromised, hacker nets $600K
A hacker exploited Truth Terminal founder Andy Ayrey's X account, promoting a scam token that briefly reached a $25 million market cap. The attacker profited over $600,000 before a sell-off crashed the token's value by 98%. Ayrey temporarily regained control, citing a possible SIM swap attack on his mobile carrier. Truth Terminal, a crypto-focused chatbot, previously gained attention for amassing over $1 million in crypto holdings and receiving a $50,000 Bitcoin donation from Marc Andreessen. Despite regaining access, the account continued to display suspicious activity.
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Coinbase unveils new tool to let users build AI agents with crypto wallets
Coinbase launched Based Agent, enabling users to build AI agents using their crypto wallets in under three minutes. The tool allows for autonomous on-chain task execution, including trading and staking. Based Agent integrates with smart contracts and offers X API functionality. Built using Coinbase SDK, OpenAI, and Replit, it aims to simplify AI agent creation for crypto operations.
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Tether probe by the DOJ sends Bitcoin tumbling to $66K
Crypto prices dropped after a WSJ report revealed a US probe into Tether for potential sanctions and anti-money laundering violations. Bitcoin fell from near $69,000 to $66,000 following the news. Tether, the largest stablecoin with a $120 billion market cap, dismissed the report as "old noise." The investigation's impact disrupted an earlier crypto market uptrend.
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Thailand shifts crypto market focus from retail to institutional investors
Thailand's crypto market is transitioning from retail to institutional as the country aims to become a Southeast Asian fintech hub. The Thai SEC proposed rules allowing institutional-grade funds to invest in crypto products like US-based spot crypto ETFs. This move is seen as legitimizing the crypto ecosystem and potentially positioning Thailand as a regional digital asset hub. Real-world asset tokenization is emerging as a major trend, with traditional banks exploring blockchain-tradeable digital assets. Despite the institutional shift, retail crypto trading remains popular in Thailand.
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Vietnam launches national blockchain strategy to enhance the country's blockchain capabilities.
Vietnam's MIC unveiled a National Blockchain Strategy focusing on five key areas to develop the country's blockchain capabilities. The plan aims to create 20 blockchain brands, establish testing centers in major cities, and build a national blockchain network. Vietnam also plans to legally recognize digital assets, aligning with international standards to combat financial crimes. The strategy seeks to position Vietnam as a leader in blockchain technology and the Fourth Industrial Revolution.
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Marc Andreessen calls GOAT token first convergence of AI and crypto
Marc Andreessen, in a new a16z podcast, described the origins of Truth Terminal and the creation of the GOAT meme coin. In the podcast, Andreessen describes how the AI bot started promoting the GOAT meme, and then a meme token was created for it, which rapidly grew to a $500M valuation. Andreessen described this as the first true convergence of AI and crypto.
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Avalanche Foundation launches Visa card for spending crypto tokens
Avalanche Foundation has introduced the Avalanche Card, a Visa-enabled payment solution for spending crypto tokens like AVAX, WAVAX, USDC, and sAVAX. The card offers both physical and virtual options, 24/7 support, and compatibility with popular apps. Users can join a waitlist for this new crypto payment method, which aims to enhance the utility of Avalanche-based tokens in everyday transactions.
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Crypto ETFs unlikely to expand beyond Bitcoin and Ether under Harris presidency
Experts predict that crypto ETFs beyond Bitcoin and Ethereum are unlikely to gain approval under a Kamala Harris presidency. Applications for ETFs tracking smaller coins like Ripple's XRP and Solana are in progress, but analysts suggest their chances hinge on the outcome of the US presidential election. If Donald Trump wins, the likelihood of these ETFs being approved could improve significantly, as his administration has shown more support for the crypto industry, while Harris’ stance is expected to continue the current administration’s cautious approach.
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$1.5 trillion Legal & General eyes tokenization for liquidity funds
UK pension giant Legal & General, with $1.5 trillion in assets, is exploring tokenization for its liquidity funds. This move aligns with other major players like BlackRock, Franklin Templeton, and Abrdn offering blockchain-based money market funds. LGIM's global head of trading, Ed Wicks, emphasized the importance of digitization in improving efficiency and reducing costs in the funds industry. L&G's interest in blockchain tech dates back to 2019 when it planned to use Amazon's managed blockchain for bulk annuities.
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AI bot Truth Terminal becomes crypto millionaire after Fartcoin rally
AI chatbot Truth Terminal has become a crypto millionaire after its Fartcoin holdings surged, while GOAT’s market cap soared to $420 million. Created by Andy Ayrey using Anthropic's Claude 3 Opus, the bot was initially funded with $50,000 in Bitcoin by Marc Andreessen. Truth Terminal's portfolio includes significant holdings in GOAT and FART tokens, alongside other memecoins on Solana. The bot's success highlights how meme-based narratives can push tokens to greater market caps, creating cult followings on X.
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Decentralized AI network Masa accused of hiding six-figure hack as upgrade
Blockchain sleuth Zachary Wolk, also known as ZachXBT, has accused Masa Network of not disclosing a hack in September 20 which resulted in losses amounting to six figures. In an Oct. 17 post on X, Wolk questioned Masa Network about their failure to disclose a six-figure hack that allegedly took place on September 20, 2024. He also provided more details about the incident, including the involvement of deployer addresses and the potential impact on multiple victims. Wolk suggested that the Masa team might be attempting to cover up the incident by portraying it as an "upgrade." Masa Network has yet to respond to these allegations.
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