Author: Andrei Ionescu
In a landmark legal action, Nigerian cryptocurrency advocate James Utudor has filed a lawsuit against the Nigerian government, challenging its restrictions on digital assets such as Bitcoin (BTC) and stablecoins. The suit aims to lift the ban on cryptocurrency exchanges and ensure unrestricted access for all Nigerians. Lawsuit Seeks to Protect Digital Asset Rights Filed on August 9, the lawsuit names several high-profile defendants, including the Nigerian presidency, finance minister, attorney general, Central Bank of Nigeria, Securities and Exchange Commission (SEC), Economic and Financial Crimes Commission (EFCC), Nigerian Police Force, National Information Technology Development Agency (NITDA), and the Nigerian Communications…
Anchorage Digital Bank is enhancing its service offerings with new custody support for tokens on the Solana blockchain. The federally chartered crypto custodian will initially support a select range of tokens that adhere to Solana’s SPL standard. This includes notable assets such as USDC, HNT, W, PYTH, and MPLX. The move marks an important expansion for Anchorage, which began offering custody for Solana (SOL) tokens in 2022 and introduced staking support in the following year. McCauley emphasized that the company has been deliberate in rolling out custody support for SPL tokens, taking time to ensure robust infrastructure and security measures…
Thailand’s Securities and Exchange Commission (SEC) has unveiled a new regulatory sandbox aimed at facilitating the development and testing of innovative crypto-related services. This initiative marks a significant step in the country’s effort to establish a more efficient and forward-thinking crypto market. In a recent announcement on its website, the SEC invited interested parties to participate in the Digital Asset Regulatory Sandbox, designed to test and promote cutting-edge services within the cryptocurrency space. The sandbox is open to a range of participants, including exchanges, brokers, dealers, fund managers, advisers, and custodial wallet providers. Following hearings held in March, the SEC…
Adidas has launched a unique collaboration with Ethereum NFT collection Doodles, offering virtual collectible packs that could grant buyers access to exclusive physical apparel. This new venture combines the worlds of sportswear and digital art, with a special focus on Pharrell Williams’ latest music project. The limited-edition Doodles x Adidas packs are available for purchase through August 16. Each pack, priced at $4.99, includes two virtual items. Bundles containing between two and 100 packs are also available, with prices ranging from $8.49 to $374.99, according to the Adidas Originals x Doodles online store. Among the special items in the packs…
Binance.US has announced that it will facilitate the migration of Render (RNDR) tokens to the newly rebranded Render (RENDER) tokens. As part of this migration, RNDR tokens will be exchanged at a 1:1 ratio for RENDER tokens. Key Dates and Changes for Render Token Holders: August 12, 2024, 8 p.m. PDT / 11 p.m. EDT: Buy & Sell, Convert, and OTC trading for RNDR will be suspended. August 13, 2024, 8 p.m. PDT / 11 p.m. EDT: Trading for RNDR will be halted, and the RNDR/USDT trading pair will be removed. All Advanced Trading orders will be automatically canceled once…
As the first week of August concluded, publicly traded bitcoin miners have released their July performance updates, revealing a mixed picture for the industry. The latest data highlights that while many miners are grappling with reduced revenues following the April bitcoin halving, Riot Platforms and Bitfarms have managed notable improvements. Bitcoin miners have been under significant pressure since the halving event, which reduced block rewards and intensified competition within the sector. Short-seller Kerrisdale Capital raised concerns in a June report about the sustainability of US-listed miners in this increasingly competitive environment. According to recent reports, Cipher Mining is considering a…
The supply of the two leading stablecoins, Tether’s USDT and Circle’s USDC, has surged nearly $3 billion in just one week, signaling renewed investor confidence and a rebound in the cryptocurrency market following a recent downturn. Since Monday, Tether has transferred approximately $1.3 billion worth of USDT to exchanges and market makers, according to blockchain analytics firm Lookonchain. This substantial movement has driven USDT’s market capitalization to a new record high of over $115 billion. Similarly, USDC, the second-largest stablecoin, saw its market capitalization increase by about $1.6 billion this week, reaching $34.5 billion, its highest level since March 2023.…
The U.S. Internal Revenue Service (IRS) has introduced a revised draft of its crypto tax form, the 1099-DA, which will be used to report proceeds from certain digital asset transactions starting with the 2025 tax year. The update is part of a broader initiative to streamline tax reporting for crypto transactions. Effective from 2026, crypto investors utilizing brokers primarily centralized exchanges such as Coinbase and Kraken will receive the 1099-DA form from these brokers. This form will document taxable events related to crypto sales and exchanges. The updated 1099-DA, released on Friday, features several notable changes from the initial draft…
The U.S. Securities and Exchange Commission (SEC) has postponed its decision on Hashdex’s proposed exchange-traded fund (ETF) designed to hold spot bitcoin and ether. The agency has extended the timeline for evaluating the ETF application until September 30, 2024, according to a filing released on Friday. In its statement, the SEC noted that the extension is necessary to allow sufficient time to consider the proposed rule change and address the issues raised. “The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change,” the SEC said. Hashdex initially filed its registration…
This development marks a significant milestone in Ripple’s ongoing efforts to enhance the utility of its platform, offering high-quality assets and expanding opportunities for liquidity and institutional use cases. According to an official blog post from Ripple, the company is conducting rigorous testing of RLUSD in collaboration with its enterprise partners. The beta phase is essential for ensuring that the stablecoin meets the highest standards of security, efficiency, and reliability. Ripple emphasized that RLUSD is not currently available for purchase or trading as it awaits regulatory approval. Ripple USD is designed to maintain a 1:1 value with the US dollar…