Author: Savannah Fortis, CoinTelegraph; Compiler: Songxue, Golden Finance
The ten stories range from U.S. presidential candidates vowing to ban central bank digital currencies (CBDCs) to a court ruling that XRP is not a security, to bankruptcies and ETF filings.
These articles reflect the pulse of the cryptocurrency space over the past year, providing the topics that resonate most with readers.
#1 Ron DeSantis vows to ban CBDCs in the US if elected president
U.S. presidential candidate Ron DeSantis has reiterated his opposition to central bank digital currencies (CBDCs) and pledged to ban them in the United States if elected.
On July 14, DeSantis announced during a speech at the Family Leadership Summit that “from day one, we will abolish central bank digital currencies.” He had previously signed a bill in Florida that banned both federal and foreign CBDCs, citing concerns about a transfer of power.
While opponents worry about privacy threats, others see CBDCs as a tool for blockchain adoption. The Fed currently has no immediate plans to launch a digital dollar, but that could change after the 2024 election.
According to the CBDC Database, CBDC projects have proliferated globally, with more than 100 countries conducting research and more than 39 countries implementing pilots, proofs of concept, or related initiatives.
#2 Breaking News: In SEC case against Ripple, judge rules that XRP is not a security
On July 13, the U.S. District Court for the Southern District of New York ruled in partial favor of Ripple Labs in a 2020 U.S. Securities and Exchange Commission (SEC) case.
#3 SVB analysis shows that more than 186 US banks are at risk of failure
The March 10 collapse of Silicon Valley Bank (SVB) triggered an analysis by economists that highlighted the vulnerability of nearly 190 U.S. banks to a potential run. Rising interest rates, large amounts of uninsured deposits, and long-term asset losses were revealed as threats to bank stability.
The study showed that if just half of uninsured depositors decided to withdraw their money, about 190 banks could be potentially exposed, with up to $300 billion in insured deposits at risk.
#4 SEC Lawsuit: 68 Cryptocurrencies Now Considered Securities by the SEC
As a result of numerous lawsuits, the SEC expanded its classification of cryptocurrencies as securities to include at least 68 digital assets.
Combined, the lawsuits filed against Binance and Coinbase put 23 cryptocurrencies on the SEC list, with a combined market cap of over $100 billion. Notable additions include: BNB, SOL, ADA, MATIC, MANA.
Gary Gensler, chairman of the U.S. Securities and Exchange Commission, commented that “everything but Bitcoin” falls within the agency’s purview. The legal review covers about 10% of the total cryptocurrency market capitalization, indicating the SEC’s growing involvement in regulating the cryptocurrency space.
#5 Former Coinbase CTO Bet $2 Million on Bitcoin’s Performance
The bet was launched on March 17, with Srinivasan accepting it against anonymous Twitter user James Medlock. The terms offered odds of 40:1.
#6 BlackRock’s Spot Bitcoin ETF Now Listed on Nasdaq Clearing Corp. — Bloomberg Analyst
BlackRock’s proposed iShares Spot Bitcoin exchange-traded fund (ETF) has been listed with the Depository Trust & Clearing Corporation (DTCC), suggesting that it could potentially receive approval from the U.S. Securities and Exchange Commission (SEC).
Bloomberg ETF analyst Eric Balchunas commented that such a listing could be part of the process before launching a crypto ETF and looks positively at SEC approval. The SEC must make a decision on BlackRock’s application by January 10, 2024. If approved, it could open the door to other spot crypto ETFs.
#7 ChatGPT-4 How to spend $100 in cryptocurrency transactions
Cointelegraph conducted a cryptocurrency trading experiment using OpenAI’s GPT-4 version of artificial intelligence (AI) ChatGPT, in which it allocated $100 to various cryptocurrencies based on its learned insights.
#8 Genesis plans to file for bankruptcy
On January 18, it was reported that Genesis Global Capital, a cryptocurrency lending company under Digital Currency Group, was preparing to file for bankruptcy due to liquidity issues.
Prior to the bankruptcy filing, the SEC filed charges against Genesis and cryptocurrency exchange Gemini for offering unregistered securities through the Gemini “Earn” program. Gemini co-founder Cameron Winklevoss claimed that Genesis owed the exchange $900 million.
Genesis has faced liquidity challenges related to the collapse of Three Arrows Capital and the bankruptcy of FTX, where Genesis held approximately $175 million.
#9 Mark Cuban Loses $870,000 in Hot Wallet Hack
In September, billionaire investor Mark Cuban reportedly lost nearly $900,000 in cryptocurrency from one of his hot wallets.
This isn’t the first time Cuban has suffered losses in the cryptocurrency market, having previously suffered a “Rug Pull” in June 2021.
#10 Missing “Bitcoin Millionaire” and ONFO Coin Co-Founder Found Dead
Dr. John Forsyth, co-founder of the ONFO cryptocurrency project, has been found dead with apparent gunshot wounds about a week after he was reported missing.
Forsyth, an emergency room doctor and cryptocurrency advocate, went missing on May 21, causing concern among his family. His body was found on May 30 less than a mile from the hospital where he worked. Forsyth co-founded ONFO coin, a referral-based crypto project, in 2020 with his brother Richard.
