Coinspeaker MicroStrategy Plans Major Stock Sale to Fund $500 Million Bitcoin Buy

MicroStrategy, a business intelligence company, has announced its intention to sell $500 million worth of convertible senior notes to fund further Bitcoin (BTC) acquisitions. This move aims to bolster the company’s already substantial Bitcoin portfolio.

In an official announcement on Thursday, MicroStrategy detailed that the notes will be due in 2032 and will be offered in a private sale to qualified institutional buyers, in accordance with Rule 144A of the Securities Act of 1933.

Conditional Offering

MicroStrategy emphasized that the planned offering is subject to market and other conditions. As a result, there is no guarantee regarding the timing, completion, or terms of the offering.

The company also plans to grant initial purchasers an option to buy up to an additional $75 million aggregate principal amount of the notes within a 13-day period from the initial issue date.

Additionally, the business intelligence firm said the notes will be unsecured senior obligations of MicroStrategy, bearing interest payable semi-annually on June 15 and December 15, starting December 15, 2024. The maturity date is set for June 15, 2032, unless the notes are repurchased, redeemed, or converted earlier.

Purpose of the Sale

Upon approval of the proposed offering, MicroStrategy intends to use the proceeds primarily for purchasing more Bitcoin and for general corporate purposes.

MicroStrategy began its Bitcoin journey in August 2020 when the company started investing in Bitcoin as a hedge against inflation. At that time, the company was the first publicly traded company to adopt Bitcoin as an alternative to holding cash. The company’s then-CEO Michael Saylor said its decision to start investing in Bitcoin stemmed from the company’s belief that Bitcoin is a good store of value.

“This investment reflects our belief that Bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash,” he said.

Since initiating its Bitcoin acquisition strategy, MicroStrategy has become the largest corporate holder of the cryptocurrency. As of May 1,  2024, the firm owns approximately 214,400 BTC, valued at around $7.5 billion after its last purchase in April.

These assets were accumulated at different time intervals with an average price of $35,158 per Bitcoin.

Most of the Bitcoin purchases were acquired through the sale of the company’s stock. However, in 2022, the company announced that its subsidiary MacroStrategy had secured a $205 million loan from Silvergate Bank to increase its Bitcoin portfolio. Both MacroStrategy and Silvergate agreed to use the crypto asset as collateral for the firm. The move showed the company’s unwavering commitment and support for the leading crypto asset.

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MicroStrategy Plans Major Stock Sale to Fund $500 Million Bitcoin Buy

Coinspeaker Crypto’s Fight for Clarity: Coinbase CEO Brian Armstrong Lobbies for Crypto Regulations

Coinbase CEO Brian Armstrong has revealed that he has been meeting with lawmakers in Washington, D.C., over the past 48 hours, discussing with more than a dozen Democratic and Republican senators. Armstrong, who has always been very vocal about the need for clarity within the crypto space, wrote on his X page that the focus of these meetings is to emphasize the need to formulate clear rules for the crypto industry and establish consumer protection measures for crypto users.

I met with more than a dozen Dem and GOP Senators in DC over the last 48 hrs to discuss creating clear rules for the crypto industry and consumer protection for crypto users. There’s strong bi-partisan momentum to get this done in the Senate now that FIT21 has passed in the… pic.twitter.com/KWVylw1kDL

— Brian Armstrong (@brian_armstrong) June 12, 2024

The Coinbase CEO remained optimistic about the growing bipartisan momentum in the US Senate to address this issue, linking it to the recent passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) in the House of Representatives as a pivotal step. He stated:

“There’s strong bi-partisan momentum to get this done in the Senate now that FIT21 has passed in the House. Glad to see the voice of the crypto voter having an impact.”

The Coinbase co-founder hailed the House when the FIT21 bill was passed. He believed that if the bill became law, it would bring much-needed clarity and safety for consumers in the crypto space. Armstrong also pointed out the efforts of crypto voters, and he’s excited to see that their voices are already having an impact.

Members of the crypto community have hailed his movement. Seth, a crypto commentator with over fifty thousand users on X, commented on the post, asking if a lobby group for the crypto industry can begin in Washington.

Coinbase’s Regulatory Battles Calls for Clarity in Crypto

Brian Armstrong’s movement is a part of Coinbase’s fight for clear regulations. Recall that Coinbase launched the ‘Stand With Crypto’ movement, an alliance that focused on bringing the crypto community together to ensure the voices of crypto users are heard and their interests are protected. Recently, the protest group announced on its X page that its members have reached up to 1 million sign-ups.

The exchange’s operations have also been affected by unclear regulations in the crypto space. It has been sued by the SEC a couple of times for various reasons, one of the most popular being operating unregistered securities, an allegation the company denied.

The US-based exchange has also filed a suit against the SEC through its Chief Legal Officer, Paul Grewal, stating that the regulator has acted arbitrarily and capriciously by refusing to provide rules to clarify the crypto space. Additionally, the crypto exchange has already told the court to instruct the SEC to write new cryptocurrency rules.

With bipartisan support for this move in the Senate, the crypto community remains hopeful that meaningful progress will be made in establishing clear rules and safeguards for consumers in the near future.

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Crypto’s Fight for Clarity: Coinbase CEO Brian Armstrong Lobbies for Crypto Regulations

Coinspeaker Space and Time Introduces Proof of SQL Prover System

California-based crypto startup Space and Time (SXT) has released its sub-second zero-knowledge (ZK) prover stack called Proof of SQL. The Verifiable Compute Layer for AI and Blockchain is designed to grant its users access to this high-performance zero-knowledge prover on GitHub. Integration of the prover can be done on any SQL database like Google BigQuery. Such databases could either be centralized or decentralized.

So far, Space and Time have secured some of the most prominent Web 3.0 DApps, financial institutions, and enterprises. Notably, the prover system was initially pushed out to a few SxT clients in alpha in August 2023 but the latest GitHub release makes it available to members of the public.

The Uniqueness of Proof of SQL

Proof of SQL is designed as a novel ZK proof that cryptographically guarantees the accurate computation of SQL database queries against untampered data. One key intricacy of ZK models is the fact that they allow developers or users to confirm the validity or veracity of data or transactions without revealing confidential information.

It affords developers the opportunity to compute over both on-chain and off-chain datasets in a trustless manner. The result is then proven back to their smart contracts just in time during a transaction to power more sophisticated Decentralized Finance (DeFi) protocols with data-driven smart contracts.

Jay White, PhD, Co-Founder and Head of Research at SxT, who is also the inventor of the Proof of SQL protocol said:

“Space and Time is thrilled to lead Web3 into a new era of data-driven smart contracts and the next generation of DeFi.”

“Our team pioneered sub-second ZK proofs so that smart contracts and AI agents can ask questions about a chain’s activity, as well as off-chain data, and receive back trustless SQL query results on-chain during a transaction without having to wait for 30-minute proof times,” he added.

Proof of SQL and Insight into Key Prospects and Capabilities

With Proof of SQL, community members get to perform trustless queries on SxT on the Space and Time Studio.

Also, developers can download the repository directly from GitHub. Proof of SQL’s capacity to execute analytic queries over 100k-row tables in less than a second on a single GPU was touted. This is in addition to its capacity to aggregate over millions of rows of indexed data within Ethereum block time on a single NVIDIA T4.

The architectural design of the Proof of SQL protocol promotes the processing of larger volumes of data than generalized zkVMs and co-processors.

Generalized zkVMs are widely known to offer an extensible solution for arbitrary computations, however, data processing has shown to be slow to prove on the system. Integrating these zkVMs with Proof of SQL brings renewed hope, providing verifiable source data that arbitrary code can be executed over.

Space and Time has opened its doors to contributions from community members. It also encourages ZKP engineering teams to collaborate in the repo.

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Space and Time Introduces Proof of SQL Prover System

Coinspeaker MiCA Might Push EUR Stablecoin to Challenge Dominance of USD Variants

The crypto market is rife with speculations that the MiCA’s entry into the industry could propel EUR stablecoin to challenge the dominance of USD variants. Notably, Markets in Crypto-Assets (MiCA) is the regulatory framework proposed by the European Union, with an implementation timeline set for June 30.

EUR Stablecoin Hits an All-Time High

The speculation regarding the EUR stablecoin dominance in relation to its USD counterparts was spearheaded by recent data shared by Patrick Hansen, Director of Strategy and Policy at Circle.

Hanson highlighted in a post on social media X that Euro stablecoins have hit an all-time high (ATH), as regards euro-dominated crypto transactions. Specifically, 1.1% of euro-denominated crypto transactions are done using EUR-stablecoins.

1.1% of euro-denominated crypto transactions are done using EUR-stablecoins. The same number is 90% for USD-stablecoins.

It sounds funny, but the 1.1% is actually an all-time high.

It was basically zero a few years ago. If you ask me, it will only continue to grow from here,… pic.twitter.com/47LKuF8fhm

— Patrick Hansen (@paddi_hansen) June 13, 2024

While this is comparatively lower than the 90% used by the USD-backed coins, it marks a notable uptick from the zero percentage observed a few years ago. This shift in position indicates a rising momentum for the euro-backed stablecoins.

The Circle Director believes this momentum will continue to rise going forward, fueled by MiCA’s full implementation into application. “Let’s check again in 6-12 months,” Henson concluded the post. His projection is hinged on the potential increase in liquidity and volume of the EUR stablecoin upon implementation of MiCA.

Hanson’s view regarding euro-backed stablecoin has been met with mixed reactions from the crypto community. One commenter agreed with Hanson, noting that “the CEXs don’t earn anything holding customer fiat. With EUR stables, they can strike rev. share agreements with issuers and gain another revenue source. High interest rates and MiCA coming into force are the catalyst here”.

In a contrary opinion, another commenter stated:

“Ideally new regulation (MICA) would make the asset (EUR stablecoins) more attractive to hold and use globally. Seems to me the opposite is likely here – the burdensome nature of MICA means those outside the EU will stick with USD stablecoins. And EU residents get a smaller mkt cap EUR coin.”

What to Expect from the MiCA Implementation

Essentially, the MiCA regulation is regarded as a functional crypto rulebook for the European Union. MiCA has received global attention as the most comprehensive framework for digital assets. MiCA covers basically different areas including token offerings, stablecoin issuance, crypto asset services like exchange and custody, plus new market abuse rules for the entire space. In general, it aims to streamline processes in the crypto market.

Following the approval of MiCA, major banks in Europe like LBBW have announced plans to venture into crypto. Lukas Enzersdorfer-Konrad, deputy CEO of Bitpanda crypto exchange noted in a previous Coinspeaker report that the attraction stems from clarity in regulation.

Despite these achievements, the EU’s regulatory framework has received criticism from market experts. Tether CEO Paolo Ardoino raised concerns that MiCA’s requirements could make EU-licensed stablecoins extremely vulnerable and riskier to operate.

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MiCA Might Push EUR Stablecoin to Challenge Dominance of USD Variants

Coinspeaker Ripple Labs Extends Collaboration with UK’s Archax to Enhance RWA Adoption on XRPL

Ripple Labs, a top-tier multinational blockchain payment company based in the United States, has announced a collaboration extension with Archax, a digital asset exchange regulated by the United Kingdom’s Financial Conduct Authority (FCA). According to the announcement, the collaboration extension between Ripple and Archax will help onboard more institutional investors seeking to tokenize real-world assets (RWA) on the XRP Ledger (XRPL).

The collaboration is key to the mass adoption of XRP and XRPL in the coming years amid heightened competition in the blockchain space. Moreover, dozens of blockchains have emerged in the past few years, all offering almost similar services and focused on the same markets of tokenizing real-world assets.

“Ripple is excited to see Archax’s vision of driving the adoption of blockchain and digital assets technology amongst financial institutions come to life, while further underlining the credentials of the XRPL as one of the leading blockchains for RWA tokenization,” Markus Infanger, SVP at RippleX, noted.

Ripple and Archax on RWA Adoption

The partnership announcement was made during the XRP Ledger APEX 2024, which happened between June 11-13 in Amsterdam. The relationship between Archax and Ripple was cemented after the blockchain payment company established a partnership with Metaco in 2022 to offer digital asset custody services.

As Coinspeaker previously reported, Ripple acquired the Swiss-based web3 company, Metaco for $250 million. Ripple has used Metaco to extend its global reach, especially in the European market amid the implementation of the MiCA regulations.

Both companies will be working in onboarding institutions seeking to tokenize assets through regulated channels. Moreover, Ripple and Archax have succeeded in offering regulated web3 services in the past, especially to institutional investors.

“There is clear real-world utility in use cases like RWA tokenization for the operational efficiency, access to liquid markets, and transparency inherent to crypto, and Archax has already tokenized assets such as equities, debt instruments, and money market funds. Financial institutions are now understanding this and we are excited to play our part in helping them to embrace the technology by bringing their assets onto the XRPL,” Graham Rodford, CEO at Archax, noted.

Impact on XRP Price Action

Ripple has in the recent past accelerated the development of XRPL to improve XRP’s liquidity amid the ongoing crypto bull run. Despite the legal hurdles that Ripple is facing in the United States, the company remains optimistic about an amicable settlement that will free XRP holders.

Moreover, the US SEC has already made a settlement deal with Terraform Labs and Do Kwon of over $4.3 billion.

The notable XRPL developments, including an AMM and an EVM sidechain, have increased the chances of an XRP bullish breakout. The large-cap altcoin, with a fully diluted valuation of about $48 billion and a daily traded volume of around $1.2 billion, has hovered around 50 cents for the past few years, thus signaling imminent breakout soon.

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Ripple Labs Extends Collaboration with UK’s Archax to Enhance RWA Adoption on XRPL

Coinspeaker Jupiter Founder Identifies Ethereum’s Core Issue: Overinvestment in L2/3/4 Networks

The founder of Jupiter, a well-known figure in the crypto space, recently pointed out a major concern about Ethereum’s current path. According to his June 13 tweet, Jupiter’s founder believes Ethereum’s main problem is the large amount of money and incentives going into Layer 2 (L2), Layer 3 (L3), and Layer 4 (L4) networks.

This focus is coming at the cost of building useful applications and value on the main Ethereum network.

Ethereum’s Liquidity and Community Fragmentation

The tweet explains that this trend is causing Ethereum’s liquidity and community to become fragmented, which is the opposite of what many in the community want. Despite calls for a more unified network, the current focus on additional layers is likely to lead to more division.

Liquidity fragmentation occurs when assets and trading volumes are spread across various Layer 2 solutions, potentially reducing overall market efficiency. It may increase transaction costs and security risks for users as they constantly have to bridge assets between Layer 2s.

On a positive note, the Ethereum mainnet will see a reduction in transaction fees as more transactions are moved to Layer 2s, reducing congestion on the mainnet. Even with this reduction, Ethereum’s mainnet fees aren’t competitive enough to match layer 2 fees or those from other new-generation layer 1s, so it’s uncertain whether fee reduction would enhance its appeal for direct usage.

Potential Issues for Solana

The Jupiter founder also mentioned that Solana, another major blockchain network, might face similar issues if competition for blockspace increases. Currently, the infrastructure for Solana Virtual Machine (SVM) app chains and L2 solutions is growing similarly to Ethereum’s early L2 stages.

However, there is still a lot of value in building directly on Solana, which might help avoid the same problems Ethereum is facing.

Previous Insights from VanEck’s Report

In line with the current discussion, analysts from the investment management firm VanEck previously provided a detailed outlook on the growth of Ethereum L2 networks. In an April 3 report, they predicted that Ethereum L2s could reach a market capitalization of $1 trillion by 2030. This report highlights the massive growth potential of L2 networks.

VanEck’s analysis suggests that thousands of specific L2 networks will emerge, each tailored to different applications. These networks are expected to revolutionize various industries, from decentralized finance (DeFi) to social media, unlocking many new possibilities.

However, despite the promising future for L2 networks, VanEck’s report advises caution. The analysts warn of intense competition among L2-related tokens, noting that the top seven Ethereum L2 tokens already have a valuation of $40 billion.

This competitive environment indicates that the market is getting saturated, with a few key players taking the lion’s share. Many new Layer 2 projects may fail, resulting in huge losses for investors, and a potential loss of confidence in the viability of Layer 2 solutions.

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Jupiter Founder Identifies Ethereum’s Core Issue: Overinvestment in L2/3/4 Networks

Coinspeaker Polygon Labs Spins Out Polygon ID, Rebrands as Privado ID to Expand Reach

In a bold move to fight ide­ntity theft, Privado ID steps forward as the late­st project from Polygon Labs. This new project is de­veloped by the same­ team behind Iden3 Protocol and PolygonID and aims to be­ a global solution for digital identity and reputation.

Privado ID puts users in charge­ of their own data. With a protocol-agnostic design, it allows people­ to verify credentials like­ age and qualifications without sharing sensitive de­tails. This is achieved using cryptography and zero-knowle­dge proofs, addressing the ne­ed for privacy in the Web3 e­ra.

Technically, Privado ID is very capable. It follows W3C ide­ntity standards and can integrate with any EVM-compatible blockchain. The­ team also plans to support non-EVM blockchains in the future, e­nsuring wide compatibility.

Blockchain Experts Drive Privado ID’s Vision

Privado ID is powere­d by a team with deep blockchain e­xpertise. Polygon co-founders David Schwartz and Antoni Martin le­ad the charge as CEO and COO, respe­ctively. Jordi Baylina, who played a major role in cre­ating Polygon zkEVM, provides technical advice. Sande­ep Nailwal, another co-founder of Polygon Labs, supports the­ team as a growth advisor, showing their dedication to e­xpanding Privado ID’s impact.

“We envision Privado ID’s technology – with its emphasis on privacy, user control, and interoperability – revolutionizing how individuals, agents, and organizations find each other and interact in connected spaces,” stated Antoni Martin in a recent press release. 

Martin further emphasized Privado ID’s commitment to protocol agnosticism, aligning with the vision of unified data for seamless blockchain interoperability and enhanced user experience – both crucial for Web3’s success.

Privado ID’s New Partnerships

Privado ID is partnering with e­stablished institutions and collaborating with multinational banks and financial service companie­s to develop interope­rable and compliant identity frameworks. The­se frameworks will ensure­ that only eligible participants can use spe­cific DeFi protocols with verifiable cre­dentials.

In addition to these partne­rships, Privado ID has integrated with the Ve­rax attention registry on Consensys’ Line­a zkEVM chain. This integration improves cross-chain identity ve­rification, combats fake identities, and he­lps applications quickly establish user trust using verifie­d data.

Privado ID has also joined Avail, a modular blockchain project from Polygon Labs that launched in March 2023. Avail re­cently raised $43 million in a Serie­s A funding round co-led by Peter Thie­l’s Founders Fund, showing the growing intere­st in digital solutions.

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Polygon Labs Spins Out Polygon ID, Rebrands as Privado ID to Expand Reach

Coinspeaker Synonym’s Bitcoin Wallet Bitkit Launches on Popular App Stores

Bitcoin enthusiasts seeking self-custody options now have a new tool to deploy for this purpose. This follows after Bitcoin software company Synonym announced, on Thursday, that the Bitkit wallet has officially launched on iOS and Android app stores, giving users full control of their Bitcoin (BTC) holdings, without the need for intermediaries.

For Synonym, transitioning from beta testing to public release is a noteworthy stride toward its vision. This vision and core value was once again emphasized by company CEO John Carvalho, who said:

“Bitkit is more than a typical Bitcoin wallet…it is fundamentally designed to empower users with self-custody.”

By all means, this approach stands in stark contrast to custodial wallets, where users entrust their assets to a third party.

Bitkit to Offer a Winning Combination of Security and Usability

Designed with security and user-friendliness in mind, Bitkit caters to a broad audience. The wallet facilitates both on-chain BTC transactions and transactions using the Lightning Network, a faster and cheaper payment technology. Meanwhile, the company took high consideration of user feedback over the last year. That was during the beta phase. This has helped it refine the interface and address any bugs for a smooth user experience.

Another major aspect of the self-custody wallet is how it preserves the essence of Bitcoin. For Bitcoin absolutists, who value the decentralized nature of the cryptocurrency, the common phrase ‘Not your keys, not your coins’ is not a joke. Carvalho insists that the same philosophy holds true for Bitkit, whose commitment to user control is second to none.

The CEO further highlighted the need for an alternative to the surge in custodial wallets that have dominated the Lightning Network space in recent years. Hence, the reason why Bitkit was created is more like a countermeasure to this growing trend of relying on centralized systems.

More Plans Ahead

While Synonym has already launched a robust solution for self-custody with Bitkit, it appears that there is room for more improvement. The team shared that it has a “comprehensive rewrite” planned post-launch. This means that the developers are keen on carrying out thorough re-evaluation and possible redesign of the wallet’s core code, architecture, and features.

Typically, a process such as the one that the team is planning about focuses on performance enhancement, optimization, as well as security improvements. This overhaul paves the way for future upgrades and other additions as dictated by user feedback.

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Synonym’s Bitcoin Wallet Bitkit Launches on Popular App Stores

Coinspeaker 10X Research Asks Investors to Avoid Ethereum amid Fed Rate Cut Uncertainty

Despite the favorable US CPI data, Bitcoin price gave a brief run up to $70,000 on Wednesday, while falling again to $67,000 as the Federal Reserve gave hawkish interest rate projections.

On Wednesday, June 12, the US central bank kept the benchmark interest rates unchanged at 5.25%- 5.5% as per the market expectations. However, the Fed stated that there could be only one rate cut this year, dropping significantly from three rate cuts in March.

The Fed’s new rate cut prediction despite the softer-than-expected CPI data has spooked markets. As a result, 10x Research stated that it would be better for crypto investors to gain exposure to safe-haven assets like Bitcoin while ignoring other assets like Ethereum. In a note to clients on Thursday, June 13, Markus Thielen, founder of 10x Research, said:

“Our recommendation remains unchanged: to stick with the winners (Bitcoin) and avoid others (such as Ethereum). Our previous analysis has shown that a lower CPI number tends to lift Bitcoin prices, and we anticipate this trend will continue”.

Bitcoin ETF Inflows to Continue

Thielen stated that the slowdown in inflation has always resulted into strong inflows taking place in spot Bitcoin ETFs. Soon after the CPI numbers came on Wednesday, the US spot Bitcoin ETFs registered inflows of $100 million after facing two consecutive days of outflows earlier this week.

Thielen noted that ETF inflows halted after the January 11 debut due to higher-than-expected December CPI, which weakened the argument for Fed rate cuts. However, inflows resumed in February, driving Bitcoin higher.

In a note by the end of May, Thielen said:

“ETF flows turned positive at the end of January but only started to accelerate slightly ahead of the CPI data release on February 13. But when inflation again increased to 3.2% on March 12, Bitcoin ETF inflows stopped as the market priced out the narrative of 2-3 rate cuts.”

On the other hand, QCP Capital anticipates a rate reduction in September, citing economic indicators that suggest a cautious approach from the Fed in subsequent meetings scheduled for November and December.

The outlook from QCP Capital remains bullish, driven by expectations surrounding the approval of the ETH ETF S-1 and potential rate adjustments later in the year. This forecast underscores ongoing market uncertainties and the pivotal role of Fed decisions in shaping economic trends moving forward.

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10X Research Asks Investors to Avoid Ethereum amid Fed Rate Cut Uncertainty

Coinspeaker Binance Holds In-person Training with Macao Judiciary Police

Top digital asset service provider Binance recently conducted its first in-person law enforcement training in collaboration with the Macao Judiciary Police in South China. The syllabus of the training included insights on how to combat cybercrime and financial fraud that involves cryptocurrencies. Much more, it was focused on explaining the roles of law enforcement officers in fighting this category of cyber fraud.

Collaborative Efforts to Combat Crypto Crimes

An invitation was extended to the crypto exchange by the police, marking a significant milestone in Binance’s vision to ink partnerships with law enforcement agencies globally. It reflects Binance’s commitment to ensuring security and regulatory compliance with the digital asset space.

Security agencies are also making intense efforts to ensure that cybercrimes involving cryptocurrencies are mitigated or eliminated.

“We are committed to combating digital-age criminal activities by enhancing our crime prevention strategies and professional training. Binance’s willingness to share insights on blockchain and virtual-asset investigations is invaluable, and we look forward to further cooperation,” a spokesperson from the Macao Judiciary Police stated.

During an earlier AMA session where Binance’s new CEO Richard Teng celebrated 200 million users, he mentioned that the exchange is keen on partnering with governments across different jurisdictions for crypto and blockchain awareness. Hence, it has dedicated its resources and efforts to enhancing security in the blockchain ecosystem and the wider digital space.

Notably, its training with the Macao Judiciary Police is not the first of such but the first offline version of such a program. Binance has constantly provided training programs to law enforcement agencies, empowering security personnel with the latest blockchain knowledge and investigation techniques as well as equipping them with the appropriate approach to tackle crypto scams.

Binance Organizes Multiple Online Trainings for Law Enforcement Personnel

In 2022, the Binance Global Law Enforcement Training Program was launched. It was aimed at helping law enforcement to “detect financial and cyber crimes and assist in the prosecution of bad actors who exploit digital assets”. Last year, the exchange held about 120 online trainings and seminars for law enforcement agencies worldwide.

In May 2024, Binance celebrated the first-ever online Law Enforcement Training Day, with over 1,300 law enforcement officers as participants. Once again, this reflects law enforcement agencies’ focus on combating digital asset-related crimes.

The more than 40 officers who sat in for the recent Macao training were from the Criminal Investigation Department and the Gaming-related and Economic Crimes Investigation Department. The training featured the Binance investigation team specialist Carlos Mak who led the training. Mak highlighted that:

“Deepening cooperation with global law enforcement underlies Binance’s commitment to protecting users and combating financial crime.”

While the overall effect of these collaborative efforts may not be often spoken of, it is worth noting that the advent of crypto crimes and attacks has seen a sizable drop year-over-year.

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Binance Holds In-person Training with Macao Judiciary Police

Coinspeaker Bitcoin’s 92-Day Consolidation Signals Potential Huge Rally, Traders Say

Bitcoin (BTC) has been in a consolidation phase for 92 days, and traders are increasingly optimistic that this extended period of stability could lead to a significant rally. Pseudonymous crypto trader DaanCrypto highlighted the potential for a major price movement in a June 11 post on X, formerly Twitter, stating:

“Generally, the longer a consolidation, the larger the expansion afterward.”

Another trader thescalpingpro echoed this sentiment to their 79,500 followers on June 9, emphasizing that the current consolidation period is the longest seen in recent times. “Once price breaks out of this consolidation range, we are going to witness a massive upside rally,” they noted, pointing out that shorter consolidation periods in past cycles have still led to new all-time highs.

Historical Patterns and Current Data

Historically, Bitcoin’s consolidation phases have been followed by substantial price increases. After the 2020 Bitcoin halving, there was a 21-day consolidation period before BTC broke out and eventually reached an all-time high of $69,000 in November 2021. Current data shows that Bitcoin has been consolidating since it hit an all-time high of $73,679 on March 13, lasting 92 days so far.

Consolidation periods are characterized by lower trading volume and reduced volatility. Since reaching its all-time high, Bitcoin has traded within a narrow 26% range, briefly dropping to its lowest point of $58,253 on May 2.

This tight trading range and extended consolidation period have traders anticipating a significant price movement once Bitcoin breaks out of its current pattern. Crypto analysts have previously suggested that the current consolidation could last until at least September or even October.

Other Metrics Support Possible Breakout

Bitcoin (BTC) is currently forming a Descending Broadening Wedge on its daily timeframe chart, indicating potential volatility and a bullish reversal if the $71,300 resistance is breached. This pattern typically precedes upward movements in price.

Recent data shows Bitcoin’s exchange supply at its lowest since December 2021, with approximately 942,000 coins held on platforms. Low exchange supply often signals bullish sentiment as investors withhold selling, anticipating higher prices.

At the same time, whale accumulations are on the rise, accompanied by a significant decline in Bitcoin’s transaction volume in spot markets. Reduced trading activity suggests investors are holding onto Bitcoin, typically seen before price increases.

These metrics collectively suggest favorable conditions for Bitcoin price to break out soon. Traders and analysts alike are watching these metrics closely, expecting that Bitcoin’s breakout could trigger a new bullish cycle and potentially set new all-time highs.

It’s important to approach the market with caution due to its unpredictable and ever-changing nature. While indicators suggest a possible price breakout, market conditions can quickly shift. Investors are advised to stay informed and flexible to navigate these fluctuations effectively.

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Bitcoin’s 92-Day Consolidation Signals Potential Huge Rally, Traders Say

Coinspeaker Injective Announces Injective Builder House 2024, INJ Jumps 5% to Monthly Highs

INJ, the native token of the interoperable layer one blockchain Injective, and one of the top 40 cryptocurrencies by market capitalization, rose significantly in the past 24 hours while the broader digital asset sector remained sluggish.

The INJ token was up close to 5% and was priced at $29.98 at the time of writing. Notably, in the past few hours, the altcoin went as high as $32.85, almost touching its monthly high from a low of $28.22, printing a gain of 16.4%.

Moreover, the trading volume of the INJ token went up 52.16% and is currently standing at $337 million with a market capitalization of $2.79 billion. It is important to note that the digital asset is ranked as the 36th largest cryptocurrency by market capitalization and is about to challenge the dominance of Cosmos (ATOM) and Filecoin (FIL).

In the past seven days, the token has witnessed a 12.62% increase in price followed by a 28.48% surge in 30 days. While INJ is significantly up from its all-time low price of $0.6557 seen in November 2020, the altcoin is 42.93% lower than its all-time high witnessed in March 2024 at a price of $52.75.

The popularity of Injective surged recently after it debuted the whitepaper for the INJ token and announced Gumi, one of the largest gaming giants based in Tokyo, as a validator. The whitepaper outlined the various use cases for the cryptocurrency which also includes staking. The INJ coin will also be used for community-led governance across all parameters of the chain.

Injective Builder House 2024

The price of INJ soared in the last 24 hours after Injective announced the Injective Builder House 2024, described a convergence point for developers, entrepreneurs, and blockchain enthusiasts to explore and shape the future of decentralized finance, on social media platform X (previously known as Twitter).

As per a blog post, the Injective Builder House 2024 is a one-day event providing “an exclusive hands-on opportunity” to developers to build on the L1 blockchain “while also getting direct connections to core contributors, VCs, liquidity providers, and angel investors in the industry”.

“In conjunction with ETHCC, The Injective Builder House will take place in Brussels on Wednesday, July 10th, inviting builders, new and old, to join the Injective mission to democratize finance through decentralization,” read the blog.

Additionally, “Injective aims to empower developers to build groundbreaking applications that can transform the world of finance” through the event and increase the on-chain activity.

Participants will have the opportunity to interact directly with influential people and receive hands-on support. Topics will range from integrating the Injective Chain API to ensuring project liquidity, as well as insights into emerging trends in Web3.

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Injective Announces Injective Builder House 2024, INJ Jumps 5% to Monthly Highs

Coinspeaker Polygon PoS Considering Merger with AggLayer, Here’s Implication

Polygon hinted at a possible merger with AggLayer that would involve its Proof-of-Stake (PoS). This will mark phase 1 of its zkPoS evolution. If the proposal is accepted by the community, the expectation is that the pool of unified liquidity for chains connected to the AggLayer would grow by $2 billion.

Polygon Foundation Lauds PoS Capabilities

There are two main consensus mechanisms in the blockchain ecosystem; the Proof-of-Stake and the Proof-of-Work. Many cryptocurrencies including the firstborn digital currency Bitcoin (BTC) utilize the PoW. It wasn’t until 2022 that Ethereum (ETH) went through a transition to the PoS consensus algorithm through The Merge.

Polygon Foundation believes strongly that PoS is one of the most used blockchains in the world. The algorithm boasts more than 400 million unique addresses and thousands of applications. Polygon PoS prides itself in handling more transactions than the entire Ethereum Layer 2 protocols put together. With these ‘success stories’, Polygon highlighted that the potential effects of the merger can not be overstated for AggLayer.

Today, the Polygon community began discussing a proposal that would see Polygon PoS connected to the AggLayer.

This is zkPoS Phase 1 and, if accepted, the pool of unified liquidity for chains connected to the AggLayer would grow by $2B

— Polygon Foundation (@0xPolygonFdn) June 12, 2024

The merger will see the involvement of decentralized prover protocol Succinct Labs which will serve as a support for the use of the SP1 zkVM. This particular zkVM will permit AggLayer to prove the execution of Rust code with the performance benefits of the Polygon Plonky3 proving system.

Polygon PoS connection to the AggLayer will be established via the Plonky3-secured pessimistic proof, a novel zero-knowledge Proof written in Rust. Noteworthy, the pessimistic proof is flexible enough to accommodate both zk and non-zk chains. Additionally, the pessimistic proof is preferred because of how it treats all chains suspiciously.

Polygon PoS to Utilize AggLayer Pessimistic Proof

Ordinarily, the AggLayer unifies liquidity across all connected chains via a single bridge. As the only bridge contract for chains connected to the AggLayer, the unified bridge allows users to send and receive native, but never-wrapped tokens. However, the presence of a single bridge becomes a challenge for all the tokens on the bridge as it entices malicious actors.

The pessimistic proof steps in to tackle this setback by providing two guarantees. First, each chain has updated its state truthfully and secondly, no chain is withdrawing more tokens than have been deposited to it. Not meeting these conditions means that the proof cannot be verified and the chain cannot settle to Ethereum.

Meanwhile, at a high level, proof of consensus would validate PoS and it will reach its new state faithfully. Also, this proof of consensus would allow Polygon PoS to prove finality to the AggLayer. The pessimistic proof would ensure any withdrawals from PoS do not exceed the deposits made into to it.

Noteworthy, no validator, alterations to consensus mechanisms, or network client is required to utilize this upgrade. In the long run and with the community’s approval, this upgrade would marry the Polygon chain with the final form of Ethereum scaling.

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Polygon PoS Considering Merger with AggLayer, Here’s Implication

Coinspeaker Bitcoin (BTC) Supply on Crypto Exchanges Hits Multi-year Low amid Heightened Whale Demand

Bitcoin (BTC) supply on cryptocurrency exchanges has dropped to the lowest level since December 2021 amid heightened demand. According to on-chain data analysis provided by Santiment, Bitcoin supply on exchanges has dropped to about 942k coins, worth around $64 billion.

Meanwhile, Santiment indicated that the supply of Ethereum (ETH) and Tether (USDT) has gradually increased. Ideally, an increase in exchanges’ balance is attributed to an increase in selling pressure and vice versa.

However, the increase in stablecoins supply in exchanges is perceived as an increase in the overall buying pressure, thus a bullish sentiment. Moreover, the stablecoins industry has in the past been used as the exit liquidity from the high cryptocurrency volatility.

According to on-chain data analysis provided by CryptoQuant, more than 20K Bitcoins have been accumulated by crypto whale wallets in the past 48 hours.

The heightened crypto whale accumulation for Bitcoin has triggered heightened volatility, and also liquidation for leverage traders. Meanwhile, El Salvador has been purchasing 1 Bitcoin per day in addition to its mining operations, thus holding more than 5,779 coins.

$BTC : Are whales still buying?

“More than 20,000 #Bitcoin flow to whale wallets. It appears that the whales took advantage of yesterday’s correction in Bitcoin and accumulated additional quantities.” – By @abramchart

Read more 👇https://t.co/OAXOA5uBFz pic.twitter.com/KUDnP6BVyb

— CryptoQuant.com (@cryptoquant_com) June 12, 2024

Direct Impact on Bitcoin Price Action

Bitcoin price has continued to consolidate below $72K and above $61K in the past four months. The flagship coin has seen its crypto market dominance gradually increase to about 55.62, since the beginning of last year.

The approval of spot Bitcoin exchange-traded funds (ETFs) in the United States, Thailand, Hong Kong, and Australia has significantly improved the bullish sentiments. Moreover, Bitcoin price has hovered around 2021’s all-time high (ATH) during the past few months, in a different manner compared to prior major bull cycles.

According to a popular crypto analyst alias Captain Faibik, Bitcoin price has been forming a descending broadening wedge on the daily timeframe. However, the crypto analyst indicated that Bitcoin price against the United States dollar must consistently close above the resistance level of around $72K in the coming weeks.

$BTC Descending Broadening Wedge on the Daily Timeframe Chart is Still in Play.

Bitcoin bulls need to clear the $71.3k Resistance to confirm the breakout.

Once the wedge breakout happens, the bulls' party will start. 🔥📈#Crypto #Bitcoin #BTC pic.twitter.com/uqsQGVcEaH

— Captain Faibik (@CryptoFaibik) June 13, 2024

If the Bitcoin whales continue with the high accumulation rate as observed in the recent past, the likelihood of a bullish reversal will significantly increase. In such a case, Bitcoin price will be aiming for the next midterm target of between $80K and $86.8K, which coincides with the 0.5 and 0.618 weekly Fibonacci Extension.

Bigger Picture

The heightened adoption of Bitcoin by institutional investors is an indication of increased liquidity for the altcoin industry. As a result, the inevitable altseason will be wilder than prior bull cycles.

Furthermore, the recent approval of spot Ethereum ETF in the United States and Hong Kong has signaled a possible approval of similar products for other altcoins. Additionally, more investors can seamlessly invest in the cryptocurrency industry in the near term.

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Bitcoin (BTC) Supply on Crypto Exchanges Hits Multi-year Low amid Heightened Whale Demand

Coinspeaker Galaxy Digital CEO Reiterates Support for Memecoins Calling It ‘Cornerstone’ of Crypto

In a world where many crypto enthusiasts and industry experts dismiss meme coins for their perceived lack of utility and origin as jokes or internet memes, Galaxy Digital CEO Mike Novogratz has become a vocal supporter of the asset category.

The billionaire  founder and CEO of the crypto investment company reiterated his support for this controversial asset category on Thursday, calling meme coins the “cornerstone” of the crypto economy

A Strong Defense of Memecoins

In a social media post on X, accompanied by a video, Novogratz said that currently, meme coins are one of the “most powerful narratives out there”, despite others having varying opinions.  He also pointed out that meme coins in the permissionless market have a combined valuation of around $60 billion.

Memecoins – whether you're a fan or not – have become a cornerstone of the crypto economy… In today's market, they're one of the most powerful narratives out there. At @galaxyhq we estimate that memecoins on permissionless blockchains have an aggregate market cap of more than… pic.twitter.com/wihxYIPwxi

— Mike Novogratz (@novogratz) June 12, 2024

The Galaxy CEO also explained that memes are not a passing trend as others claim. He argued that there are two key ways to profit from investing in meme coins.

First, investors need to make the right call and pick a good meme with strong community support. According to him, a successful meme investor needs to have a “quirky, frickin’ sense of humor” and the ability to foresee which memes will resonate with people.

“One is to have that one quirky frickin ‘sense of humor and say ‘people are going to laugh at that, people are going to love that,’” he said.

The second way to profit, Novogratz said, is to create a memecoin. He believes that meme creators have a unique opportunity to make significant fortunes in the market.

A Great Meme Investor

Novogratz also shared a personal anecdote about his son-in-law, who is actively involved in the memecoin market.

According to Novogratz, his son-in-law is an avid supporter of Dogecoin (DOGE) and Dogwifhat (WIF), and has proven to be a “great meme investor”.

He also praised his son-in-law for his uncanny ability to consistently make money in the memecoin market, even though he never sells his holdings.

“Yeah, my son-in-law is a great meme investor, I didn’t think there was such a thing until I met the guy, and he just keeps making money, he never sells, he loves Doge, he loves Dogwifhat,” he said.

He further noted that Dogwifhat gives off a funny impression that amuses people at first when the name is mentioned but now, it has a market cap of over $3 billion.

A Divisive Opinion

Despite Novogratz’s enthusiastic support, not everyone in the industry agrees with his views on meme coins. Charlie Silver, CEO of Permission.io, a decentralized finance (DeFi) platform, responded to Novogratz’s post by dismissing meme coins as “silly casino chips”. Silver argued that the true cornerstone of the crypto economy has yet to be created.

“Hate to disagree. Memes Coins are just silly casino chips. The cornerstone of the crypto economy has yet to emerge,” he wrote on X.

Another user on X, McGavin, labeled meme coins as “inefficient market activities”, reflecting a common sentiment among critics.

However, despite these varied opinions, some meme coins have recently outperformed major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).

For example, Daddy Tate (DADDY), associated with media personality Andrew Tate, soared 218% in the last 24 hours, according to DEX Screener, while BTC saw a modest increase of just 0.32%.

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Galaxy Digital CEO Reiterates Support for Memecoins Calling It ‘Cornerstone’ of Crypto

Coinspeaker South Korean Retailers Begin Scaling Back NFT Operations

Top South Korean NFT retailers are shutting down their non-fungible token (NFT) platforms as the broader market cools down. Lotte Home Shopping has announced that it will shut down its NFT shop on July 2nd. Lotte Home, which is Lotte’s e-commerce arm, was launched in May 2022 as part of the company’s project to create a metaverse business.

Lotte’s NFT Shop differentiated itself from others when it used Korean won (KRW) as its transactional currency. This system was implemented to allow non-crypto users to access the platform. The company also released its own Bellygom NFT character and partnered with artists and brands like virtual influencer Lucy and the horror movie “The Witch: Part 2” to expand its NFT offerings.

Following the termination of its NFT shop service, Lotte Home Shopping will disengage itself from the NFT business as the remaining digital assets of the company, including Bellygom NFT, will be managed by Daehong Communications. According to a local news outlet, an official from Lotte Home stated:

“In order to streamline the NFT business, we will terminate the operation of our own NFT shop… Daehong Communications will operate the NFT business, including Veligom NFT, as the NFT project hub.”

Decline in NFT Trading Volume Prompts Strategic Shift

Lotte is not the only major South Korean retailer scaling back its NFT ambitions. Hyundai Department Store has also shut down its H.NFT electronic wallet service, which offers customers discounts and benefits. Meanwhile, Shinsegae, another South Korean retail store, has reduced the perks associated with its NFT-based loyalty program.

Large companies are terminating their NFT business due to declining NFT trading volume. According to data from Dune Analytics, the monthly NFT trading volume on leading marketplace OpenSea has plunged from a peak of $3.6 billion in February 2022 to just $41 million as of last month, a 99% drop. Aside from this, according to NonFungible.com’s market tracker, between January and December 2023, NFT’s sales volume dropped from 18,939 to 1,796.

Thus, with this decline in sales volume, industries are now refocusing their efforts on strengthening their core business areas rather than investing resources into NFT initiatives that have failed to gain traction. The exit of these prominent players represents a setback for the NFT market in South Korea, which had seen a flurry of activity from major brands just a year ago.

Cautious Optimism amid a Cooling NFT Market

As the hype around NFTs fades and trading activity plummets, South Korean retailers are pragmatically reassessing their strategic priorities and allocating resources accordingly. Despite the noise reduction and market value decline, some NFT holders are still optimistic about the future growth of digital assets.

According to research conducted by FastCompany, some NFT owners, like Jacob Jackson, a technology writer, remain hopeful in the bullish movement for NFTs. However, he agreed that not all his acquired digital assets had surged in price. He’s not in a hurry to offload any, as the market is still quiet, and as new buyers start entering the space, there is a chance for the older NFTs to start yielding profits.

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South Korean Retailers Begin Scaling Back NFT Operations

Coinspeaker Taiwan Takes Aim at Crypto Regulation by Forming Self-Regulating Association

Taiwan is taking no chances with its crypto sector and, as such, has taken a major step towards self-regulation. This follows after the country officially formed an industry association today as part of its commitment to developing a robust framework that will oversee its rapidly evolving digital asset space.

Taiwan Crypto Firms Join Forces for Regulation

According to the Thursday announcement, the association, named the Taiwan Virtual Asset Service Provider Association (TVASP), marks a turning point in the way that Taiwan has been approaching crypto regulation. Established by 24 crypto firms already registered with the Financial Supervisory Commission (FSC) for anti-money laundering (AML) compliance, the association aims to shape the future of the industry through self-governance.

Led by Titan Cheng, CEO of major Taiwanese exchange BitoPro, and Winston Hsiao, co-founder and chief revenue officer of XREX, the TVASP Association has its sights set on developing clear and concise guidelines for the industry.

For what it’s worth, Taiwan’s FSC has claimed many times that it will continue to support responsible growth within the crypto sector. “We recognize the vital role a healthy virtual asset industry plays in our society and economy,” stated Hsiho Huang, director of the FSC’s securities firms division.

Therefore, it may appear that the establishment of the TVASP Association already aligns with this vision.

As earlier stated, the association will primarily focus on establishing self-regulatory guidelines, particularly regarding the classification and grading of VASPs (Virtual Asset Service Providers). That is as the system aims to strike a balance between industry growth, government oversight, and consumer protection.

Building on Existing AML Regulations

Taiwan has already made reasonable progress in regulating crypto. Since July 2021, the FSC has mandated AML compliance for crypto service providers. Also, just last month, the Ministry of Justice proposed amendments to existing AML laws. These amendments sought to make it a requirement for domestic and foreign crypto firms to first register for AML before they can operate within Taiwan. According to the proposal, any firm found wanting in the area of compliance could face imprisonment penalties of up to two years.

By Forming the TVASP Association, it appears that crypto firms are taking it upon themselves to create a responsible and well-regulated crypto ecosystem. That is by working hand in hand with the government to ensure a thriving and secure digital asset environment.

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Taiwan Takes Aim at Crypto Regulation by Forming Self-Regulating Association

Coinspeaker Andrew Tate’s Token Surpasses MOTHER, Faces Insider Trading Allegations

The cryptocurrency token promoted by social media personality Andrew Tate has recently surpassed the token launched by rapper Iggy Azalea, despite facing allegations of significant insider trading. Known as Daddy Tate (DADDY), this Solana-based meme coin has achieved a market capitalization of $300 million and is currently trading at $0.30, marking a 218% increase in the last 24 hours.

Meanwhile, Iggy Azalea’s Mother Iggy (MOTHER) token has experienced a sharp decline, with its market cap dropping from a peak of $267.58 million on June 6 to about $153 million. Its price has similarly fallen from a high of $0.27 on June 6 to $0.15.

Initially, Andrew Tate was skeptical about launching his own cryptocurrency. However, with the rise in popularity of meme coins, he decided to leverage this trend. His success can be attributed to a highly aggressive marketing campaign, despite the lack of substantial backing.

However, DADDY’s rise has not been without controversy.

Tate’s Token Insider Activity Claims

An analysis by Bubblemaps has raised concerns about insider trading activities surrounding the DADDY token. According to their findings, a few wallets purchased 30% of the DADDY supply before Andrew Tate started promoting it online.

These wallets, funded through Binance with nearly identical amounts at the same time, bought 20% of DADDY on June 9, before the first promotional tweet by Daddy Tate’s CTO. These wallets now hold about 19% of the total supply, worth $61 million at current prices.

A tweet from Bubblemaps highlighted these insider activities.

1/ We found huge insider activity on $DADDY 🚨

Insiders bought 30% of the supply at launch, before Andrew Tate (@Cobratate) started to promote it on X, and are currently sitting on $45M+

A thread 🧵 ↓ pic.twitter.com/UyB4SpAs9Z

— Bubblemaps (@bubblemaps) June 12, 2024

Further, it was revealed that Andrew Tate himself received 40% of the DADDY token supply from DaddyTateCTO on June 9. While Tate bought and burned $10,000 worth of tokens, the fact that he hasn’t burned the 40% supply he holds means he could start selling at any moment, which could significantly impact the token’s value. This remaining 40% is currently worth $122 million.

Additionally, two other clusters of wallets, connected through wallet 4SfQWh, hold 10% of the total supply, worth $30 million at the current price. These clusters were also bought before Tate’s first tweet promoting the token. Despite these insider activity claims, the aggressive marketing campaign and Tate’s influence continue to propel Daddy Tate (DADDY) to new heights in the memecoin market.

Last month, Bublemaps reported similar insider activity with the MOTHER token, revealing that insiders purchased 20% of its supply at launch before Iggy Azalea made her initial promotional post. Ethereum founder Vitalik Buterin has previously criticized celebrities for launching their own coins, warning that these ventures often lack transparency and can mislead investors.

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Andrew Tate’s Token Surpasses MOTHER, Faces Insider Trading Allegations

Coinspeaker Biden Administration Prepares to Accept Crypto Donations, Faces Backlash from Community

Following the footsteps of Donald Trump, the Biden administration is also mulling accepting crypto donations via Coinbase Commerce, said sources familiar with the matter.

Payments service Coinbase Commerce allows merchants to accept dozens of different cryptocurrencies. The service provider already powers cryptocurrency donations to the campaign of Republican presidential candidate Donald Trump. As we know, Trump has already started accepting crypto donations since the last month.

As we know, the Biden administration has been taking several steps to woo the crypto community. Their latest campaign efforts hint at attracting crypto-focused voters ahead of the Presidential Elections 2024, later this year.

Additionally, according to one source speaking to The Block, Biden’s team may be considering bolstering its financial resources with contributions from wealthy pro-crypto donors. One of the sources who works with crypto industry leaders and politicians stated:

“They’re paying attention to issues around crypto and are trying to find quick wins to show that they’re supportive of the industry. [They want] to show that they’re not the enemy.”

As per the sources familiar with the matter, Biden’s campaign efforts to push crypto messaging have intensified. The efforts have particularly escalated after President Biden faced a major backlash after vetoing the controversial SAB 121 repeal. Crypto industry members have voiced strong opposition to SAB 121 stating that it continue to stifle crypto innovation. One of the sources said:

“People in [Biden’s] outer inner circle are now specifically telling the Biden team, ‘if you’re quiet on this crypto thing and you don’t get up to speed, you could lose the election’.”

Crypto Community Reacts to Biden’s Crypto Donations

While the consideration of accepting crypto donations by the Biden administration is still in the exploratory stage, the crypto community has expressed a strong dissent to this development.

“I will never be able to look at anyone who donates to this campaign using crypto – before ANY concessions or policy reversals – without spitting venom. Would be an act of complete cowardice, betrayal, and show negative self-worth,” founder and CEO of Messari Crypto Ryan Selkis said.

Pro-crypto donors have been actively mobilizing, attracting the interest of political candidates from various parties. According to consumer rights advocacy group Public Citizen, crypto-backed super PACs amassed a war chest totaling $100 million, as reported in May based on Open Secrets data.

The distribution of these funds and their recipients will be crucial, as political votes often align with the direction of financial contributions from wealthy donors, sources informed The Block.

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Biden Administration Prepares to Accept Crypto Donations, Faces Backlash from Community

Coinspeaker Coinbase: US Falling Behind in Crypto Development amid Talent Shortage

Renowned crypto exchange platform Coinbase has recently reported that corporate giants are planning to transition to on-chain platforms but the nation lacks the skilled talent to support this shift.

According to its “State of Crypto” report, the number of developers with roots in America has declined 14% in the past five years. Notably, the region accounts for only 26% of the world’s crypto developers, a concerning trend for crypto enthusiasts.

Paul Grewal, the Chief Legal Officer at Coinbase, pointed out the potential repercussions of this decline in a post on social media platform X. He said that while corporate adoption of crypto and on-chain activities is on the rise, the US might lose its position as the global leader in technological innovation. Moreover, Grewal urged the Biden administration to take proactive measures to reverse this trend.

“Global leadership in technological innovation is ours to lose, but the US government has to want – and choose – to do better,” he stated.

Coinbase State of Crypto Report

The report reveals that during the first quarter of 2024, Fortune 100 companies announced a record number of initiatives related to crypto, blockchain, and Web3 technologies. Despite this surge, the major hurdle identified was the lack of trusted talent with the right skills to implement these initiatives.

Approximately 50% of executives from Fortune 100 companies cited the absence of skilled talent as the primary barrier to adopting chain technology. This talent shortage is compounded by the declining share of US-based crypto developers. Currently, only one in four crypto developers are from the US, highlighting a significant drop over the past five years.

Despite the challenges, the interest in blockchain technology remains robust. The report found that 70% of Fortune 500 executives are keen to learn about stablecoin use cases, attracted by the benefits of instant processing times and lower fees. Similarly, small businesses are increasingly drawn to digital assets for their potential to provide faster and more cost-effective payment solutions.

Coinbase believes that the clear comprehensive crypto regulations in the country are essential for the motivating developers in the nation. It states:

“Clear rules for crypto are key to keeping developers in the US – and to the US continuing to lead the world in cutting-edge technological innovation.”

The report resonates with some lawmakers who are advocating for a strategic shift in the US approach to crypto development. Crypto-friendly Wyoming Senator Cynthia Lummis voiced her support for the report’s conclusions, criticizing the government’s stance on digital assets, adding that “the Biden admin and Gary Gensler’s unrelenting persecution of Bitcoin and digital assets is pushing the industry overseas and causing America to fall behind.

“We are the global leader in financial innovation. Let’s act like it and provide the industry a home,” she stated.

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Coinbase: US Falling Behind in Crypto Development amid Talent Shortage