Crypto News: SEC’s Paxos Inquiry Concludes, Trump to Speak at Bitcoin Conference, Hamster Kombat
Crypto News– Hello Thursday! Here’s today’s roundup: The SEC closes its BUSD stablecoin investigation, Donald Trump will speak at Bitcoin 2024, the German government reduces its BTC holdings to under 5,000, and more.
In other news, U.S. lawmakers did not succeed in overturning President Biden’s veto of a crypto accounting bulletin.
SEC Ends Investigation into BUSD After Paxos Probe
- The Securities and Exchange Commission (SEC) has concluded its investigation into the Binance USD (BUSD) stablecoin through blockchain infrastructure firm Paxos.
- Paxos received a formal termination notice from the SEC on July 9, signaling the investigation’s closure without enforcement action.
- Paxos believes this decision will encourage broader adoption of well-designed stablecoins with robust consumer protections, potentially transforming financial systems in payment, settlement, and remittance applications.
- Initially, the SEC issued a notice to Paxos last year regarding its association with BUSD, subsequently suing crypto exchange Binance and categorizing BUSD as a security.
- The SEC’s stance on whether stablecoins should be classified as securities remains unclear following this decision.
- SEC Chair Gary Gensler has previously likened stablecoins to money market funds and other securities.
- Concurrently, U.S. lawmakers are drafting legislation aimed at regulating stablecoins, sparking debates over which regulatory body should oversee stablecoin issuers.
Donald Trump Scheduled to Speak at Bitcoin 2024
- Former U.S. President and presumptive Republican presidential nominee Donald Trump is confirmed as a speaker at the Bitcoin 2024 conference in Nashville, scheduled from July 25-27.
- Trump has voiced robust support for the cryptocurrency industry in recent months, garnering endorsements from prominent figures such as Gemini founders Cameron and Tyler Winklevoss, Kraken co-founder Jesse Powell, and Ark Invest CEO Cathie Wood.
- His agenda includes advocating for bitcoin mining, promoting self-custody of cryptocurrencies, advocating for the release of Silk Road creator Ross Ulbricht, and opposing Central Bank Digital Currencies (CBDCs) if elected president.
- Other notable U.S. political figures attending the event include independent presidential candidate Robert F. Kennedy Jr., potential Trump VP pick Vivek Ramaswamy, and Republican Senators Bill Hagerty and Marsha Blackburn.
German Government Reduces BTC Holdings Below 5,000
- A German government authority transferred 10,627 bitcoins, worth $615.3 million, to various exchanges like Bitstamp, Kraken, and Coinbase on Thursday, as reported by Arkham.
- This follows previous transfers on Wednesday totaling over 10,853 bitcoins ($637.7 million), with 2,422 bitcoins ($142 million) returned to the government, likely unsold from a prior sale agreement.
- These transactions are part of a strategy to divest 50,000 bitcoins seized from the Movie2K film piracy site in January.
- Starting June 18, the German government has been progressively sending bitcoins to exchanges, leaving them with 4,925 bitcoins valued at approximately $283 million.
- Meanwhile, CryptoQuant analysts noted that increased trading activity by short-term holders, rather than government actions, has driven recent surges in bitcoin exchange reserves.
Celer Network Issues Alert on DNS Hijacking Threat
- Interoperability protocol Celer Network has issued a warning regarding a potential DNS hijacking attack targeting multiple crypto projects.
- Users are advised against accessing Celer Network’s front-end websites, Celer.network and cbridge.celer.network, due to the perceived threat.
- The alert follows a report by a contributor from Compound Finance about a similar attempt to hijack its website, compound.finance.
- Information from who.is indicates that the compromised websites are registered with domain registrar Squarespace.
- DNS vulnerabilities can allow attackers to redirect legitimate website traffic to malicious sites.
- Fortunately, no incidents of fund losses have been reported from these recent attacks.
Hamster Kombat Founders Discuss Game’s Origins and Future Plans
– The founders of the popular Telegram-based clicker game, Hamster Kombat, revealed its origins and ambitious plans for mass adoption, targeting up to 1 billion users to educate them about the web3 world.
– Claiming a user base of over 250 million already, the game’s anonymous creators have been involved in crypto since 2013, drawing inspiration from Notcoin, meme stocks, and social media games to develop their unique concept.
– They have announced intentions for a second airdrop following the initial one scheduled on the TON blockchain this month. This move aims to bolster the game’s longevity and increase its community value.
For the latest in crypto updates, keep tabs on Crypto Data Space.
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