Author: Max Bauer
EigenLayer, a popular restaking protocol, is preparing to lift restrictions on the transferability of its EIGEN token on September 30. This significant development will allow stakeholders to trade and transfer their EIGEN tokens, including the airdropped rewards. Following the successful completion of its second “stakedrop” season, EigenLayer distributed 86 million EIGEN tokens to active stakeholders. However, these tokens were initially non-transferable. The upcoming removal of restrictions will provide greater flexibility for token holders. It’s important to note that those who have staked their EIGEN tokens will need to observe a 7-day withdrawal period before they can unstake their tokens. This…
As the House Financial Services Committee prepares to question all five members of the Securities and Exchange Commission (SEC), including Chairman Gary Gensler, Commissioner Mark Uyeda has provided an exclusive preview of what to expect during the highly anticipated hearing. This marks the first time since 2019 that all commissioners will testify together, reflecting the urgency of oversight as potential political shifts loom ahead of the upcoming elections. A Unique Oversight Hearing The committee typically conducts annual oversight hearings with the SEC chair, but this year’s session is especially significant given the possibility of a changing political landscape. Following Gensler’s…
Turkey has officially abandoned plans to impose a new tax on profits from stock trading and cryptocurrencies, a move that has provided relief to investors. Vice President Cevdet Yilmaz confirmed this decision in an interview with Bloomberg on Monday, stating that the government is currently focused on narrowing existing tax exemptions rather than introducing additional levies. The initial proposal to tax stock market gains had sparked significant public backlash earlier this year, leading to a decline in trading activity. While the government had initially paused the plan, Yilmaz’s recent statement definitively ends any hopes of its revival. This decision is…
This week marks a pivotal moment for both cryptocurrency stakeholders and U.S. lawmakers as SEC Chair Gary Gensler and other SEC commissioners prepare to testify before Congress. Scheduled hearings with the U.S. House Committee on Financial Services and the Senate Banking, Housing, & Urban Affairs Committee promise to be anything but routine. A Departure from the Norm Typically, Gensler’s annual testimony is a quieter affair, with members of Congress taking their usual party lines. However, this year presents a unique scenario. With upcoming elections, the dynamics of party allegiance are shifting. Gensler has faced increasing scrutiny not just from the…
The Celestia Foundation today announced that it has secured $100 million in funding, led by Bain Capital Crypto. The investment, which brings the project’s total raised to $155 million, will support the continued development and expansion of Celestia’s modular blockchain technology. Celestia, launched in October 2023, is the industry’s first specialized modular consensus and data network. It offers a unique approach to scaling permissionless blockchains by separating the consensus and execution layers, allowing for greater flexibility and scalability. Since its launch, Celestia has seen significant growth, with developers deploying over 20 rollup chains and the network processing more than half…
A recent analysis by financial commentator Fejau suggests that a loosening of financial conditions could be a significant tailwind for Bitcoin. The Chicago Fed’s National Financial Conditions Index (NFCI) has been steadily declining, indicating a more accommodative environment for risk assets. Fejau’s analysis, shared on X, highlights the historical correlation between the NFCI and Bitcoin’s price. In periods of looser financial conditions, when liquidity is more readily available, Bitcoin has tended to outperform. This pattern was evident in 2013, 2017-2018, and more recently, as Bitcoin’s price surged from $25,000 to over $73,000 in March 2024, coinciding with a decline in…
Telegram founder Pavel Durov has announced a series of measures aimed at combating the misuse of the messaging app’s powerful search function. In a recent post on his personal channel, Durov stated that users who violate Telegram’s terms of service may face significant consequences, including the potential disclosure of their personal information. Durov explained that while Telegram’s search feature is intended to help users connect with friends and discover news, it has been exploited by some individuals to promote illegal goods. To address this issue, the platform has taken several steps:
DefiLlama founder 0xngmi has publicly criticized Coinbase’s cbBTC token for its lack of transparency. In a social media post, the founder stated that while most cross-chain bridges, including WBTC, provide proof of reserves to ensure user confidence, Coinbase has failed to implement this standard. 0xngmi explained that DefiLlama has not listed cbBTC on its platform due to the inability to verify its Total Value Locked (TVL). The founder emphasized that the platform maintains consistent standards for all projects and will not make exceptions, even for major players like Coinbase. Previously, Coinbase CEO Brian Armstrong admitted in a statement that cbBTC…
Police in China’s Shanxi province have dismantled a criminal gang involved in money laundering through USDT, arresting seven individuals, according to a report from the Heshun Public Security Bureau. After an extensive investigation, the Criminal Investigation Brigade successfully took down the gang, which specialized in defrauding victims, withdrawing cash, and using the cryptocurrency USDT to launder funds. The case began in early September 2024 when a local resident, identified as Zhao Moumou, was defrauded of 50,000 yuan by someone impersonating a government official. The funds were withdrawn from a bank in Chongqing, prompting police to investigate. Officers analyzed bank surveillance…
In a recent analysis, cryptocurrency research firm QCP Capital assessed the implications of Vice President Kamala Harris’ renewed support for the crypto industry, following her remarks at a fundraiser over the weekend. Harris pledged to assist in the growth of the cryptocurrency sector, aiming to win over the crypto community as part of her campaign strategy. Notably, her efforts are supported by prominent crypto advocates, including Anthony Scaramucci, who are collaborating on her campaign’s crypto policies. QCP Capital suggests that a victory for Harris in the upcoming election may not be as bearish for the cryptocurrency market as some analysts…