Decentralized Diaries for the Week of 6/25/24

511

Government control was still apparent, with bad actors finding (new) ways to perform their nefarious activities. The good thing is that everyone is catching up with them while innovation continues moving things forward.

The headlines:

  • State regulators were (increasingly) active in the space;
  • Circle unveiled plans for (new) hires;
  • The SEC dropped its Ethereum investigation;
  • Riot Platforms went all out for Bitfarms;
  • Plus, the Vatican Libary launched an NFT rewards program for Italian residents;
  • And much more!

As always, these are your decentralized diaries!


Bitcoin Slid to $60k

The bears regained control of the Week, with Bitcoin taking a hit amid liquidations and fund outflows. From a $67,188.32 high, Bitcoin prices slid to $60,597.04 (as of 6/24/24). Dominance remains at 53.7%.

The Altcoins are in similar straits. Ethereum (ETH) is at $3,261.38, Solana (SOL) at $126.45, Avalanche (AVAX) at $24.15, Polkadot (DOT) at $5.60, and Chainlink (LINK) at $13.17.

North Dakota’s State Regulator Cancelled Binance US Money Transmitter License

In a June 17 announcement, the North Dakota Department of Financial Institutions (DFI) announced the nullification of the money transmitter license (previously) granted to BAM Trading Services (also known as Binance.US). The State regulator’s order cited the federal conviction of Binance and Changpeng Zhao, its founder.

Additionally, the commissioner iterated that Binance (does not) meet the requirements to apply for a new license. The order took (immediate) effect from the date of publication.

Binance (also) announced support for the USDT token on the Ton blockchain.

Tether Ceased USDT Support for the EOS and Algorand Blockchains

In a June 24 statement, stablecoin issuer Tether revealed the discontinuation of USDT support for the Algorand and EOS blockchains. While USDT minting has stopped on both blockchains, token redemptions will continue for the (next) year. Similarly, Tether’s sister firm Bitfinex became the first cryptocurrency exchange to list the AUSDT.

Circle Increased its Talent Pool

According to a June 18 Bloomberg report, stablecoin issuer Circle increased its headcount by 137 employees. Circle (allegedly) intends to employ 140 more people. Similarly, in related news, in a June 19 post on his X handle, Circle CEO Jeremy Allaire touted several advantages digital currencies offer, including bridging the gap between the banked and unbanked.

Furthermore, Allaire predicted that stablecoins will account for 10% of global money supply by 2030.

Michael Saylor Made a Bold Prediction

In a June 22 podcast interview, MicroStrategy Chairman Michael Saylor made a (bullish) prediction for Bitcoin prices. Saylor expects Bitcoin prices to hit $10 million per token by 2030. Furthermore, Saylor called Bitcoin “perfect money” and “economic immortality.”

The SEC Closed its Consensys Investigation

Surprisingly, the SEC reversed course after sending a Wells Notice to Ethereum ecosystem developer Consensys. The regulator dropped its Ethereum securities investigation. In a statement, Consensys founder Joseph Lubin described the event as a win for the crypto industry.

However, Lubin iterated that the SEC has not (yet) provided legal clarity. Consequently, in a June 20 letter to the IRS, Consensys found fault with the lack of clear instructions to complete the new (draft) Form 1099-DA.

Consensys intends to continue its suit against the SEC.

Washington’s State Regulator Warned Against a New Pig Butchering Scheme

The Washington State Department of Financial Institutions (DFI) on June 20 warned against a new pig butchering scheme. The DFI had received a complaint from a victim who lost $200,000 in a (fake) investment scam.

Tennessee’s State Regulator Raised Crypto Investment Concerns for Seniors

Amid the rising crypto scams, the Tennessee Department of Commerce & Insurance (TDCI) Division of Securities highlighted the risks of investing in unregulated, particularly crypto-related products. TDCI Commissioner Carter Lawrence stressed the need to preserve the financial independence of older adults.

Additionally, the TDCI made several recommendations. They include understanding crypto-related risks and (comprehensive) verifications. The TDCI (also) advised seniors to steer clear of sharing personal identifying information (PII) with digital avatars.

The DoJ Indicted Money Launderers in a Drug Bust

On June 18, the Department of Justice announced a 10-count indictment against California-based (alleged) money launderers. The DoJ alleged that the accused were associates of the infamous Sinaloa drug cartel.

Additionally, the authorities accuse the indicted individuals of moving funds, cryptocurrencies, and cash (via money mules) and of conspiring with Chinese underground banking networks. The feds also allege that the operation moved $50 million, which was the proceeds of drug sales. Chinese and Mexican law enforcement authorities cooperated with the DoJ.

Riot Platforms Dropped its Bitfarms Takeover Proposal

Interestingly, the corporate drama between Riot Platforms and Bitfarms reached a crescendo. Riot Platforms ended its Bitfarms buyout bid, preferring to nominate directors to the board. In a June 24 press release, Riot announced the nomination of three independent directors to the Bitfarms board.

Additionally, Riot requested a special shareholders meeting to allow everyone to vote (again).

The Vatican Library Announced Donor NFT Reward Plans

We move across the pond to Rome, where the Vatican Library revealed plans to offer donors NFTs. Supporters who support the Library’s manuscript collections will receive NFTs.

Additionally, the Library will give Italians promoting the collections of silver NFTs with fifteen high-resolution images of selected manuscripts. Financial supporters will receive gold NFTs that access 21 high-resolution images.

The Vatican has indicated that the project is “experimental” and open to Italian residents only.