09 May Crypto News- Insights Into Today’s Crypto Scene
Crypto News– Binance refuted allegations reported by the Wall Street Journal regarding market manipulation by DWF. Former U.S. President Donald Trump’s gala dinner for Mugshot NFT holders featured notable quotes. In the U.S., lawmakers are considering a temporary ban on crypto mixers.
Binance refutes allegations of market manipulation by DWF Labs, as reported
Binance has rebuffed recent allegations of market manipulation attributed to DWF Labs.
Claims regarding DWF Labs‘ market manipulation resurfaced, with an anonymous former Binance insider asserting that Binance investigators detected $300 million in wash trading from DWF during 2023, as reported by The Wall Street Journal on May 9.
According to the WSJ report, DWF Labs allegedly manipulated the prices of the Yield Guild Game (YGG) token and at least six other cryptocurrencies in 2023. However, Binance asserted that its surveillance program would render such actions impossible.
Unforgettable Moments at Donald Trump’s ‘Mugshot’ NFT Affair
Former US President Donald Trump delivered several noteworthy remarks during a gathering of nonfungible token (NFT) enthusiasts at his Florida residence. Among the highlights, Trump pledged to foster a more favorable regulatory environment for crypto businesses and entrepreneurs, aiming to alleviate existing hostility toward the crypto sector. He also credited his Mugshot NFTs and other collections with revitalizing interest in NFTs amid a perceived downturn in the market, eliciting enthusiastic cheers from attendees. Additionally, Trump expressed his disapproval of the Joe Biden-linked Jeo Boden (BODEN) meme coin, which currently boasts a market capitalization exceeding $260 million.
The U.S. Blockchain Integrity Act Proposal: A Two-Year Ban on Crypto Mixers
A group of five U.S. Democrats has put forth a bill in the House of Representatives aiming to enact a temporary prohibition on the utilization of cryptocurrency mixers.
Named the Blockchain Integrity Act, the proposed law would levy a civil penalty of up to $100,000 on financial institutions found dealing with funds derived from mixers. The envisaged measure is slated to be in force for a duration of two years, allowing lawmakers ample time to compile a detailed report outlining the specifics of mixer usage and its ramifications.
Unsurprisingly, the reaction from the crypto community has been fiercely critical. Many users have argued that traditional currencies like the U.S. dollar are also used to fund illicit activities such as terrorism, asserting that cryptocurrencies are being unfairly singled out or made a scapegoat to deflect attention from broader global and financial issues.
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