📌 SEC Relaxes Crypto Reporting Rules for Banks and Brokerages

➡️ The US Securities and Exchange Commission (SEC) has opened the door to a more lenient approach on crypto reporting. On July 11, the regulatory body announced exemptions that would spare banks and brokerages from including customers' digital asset holdings in their financial statements.

🔍 Depth Details into SEC Crypto Report Overturn
According to Bloomberg, the SEC is now offering guidance that could exempt certain crypto arrangements from being classified as liabilities on balance sheets. This development is especially significant for major banks, who have been engaging with the SEC since 2023.

🛡 Conditional Approval and Safeguarding Customer Assets
To enjoy this newfound flexibility, financial institutions must demonstrate their ability to effectively manage the risks associated with digital assets. In other words, they need to prove they can keep customer assets safe even in the event of bankruptcy.

⏳ Controversy Surrounding SAB 121 and Congressional Pressure
The SEC's move comes two years after the introduction of SAB 121, a regulation aimed at enhancing transparency in the crypto space. However, critics argued that it went too far and stifled innovation. Congress also got involved, with an attempt to overturn SAB 121 falling short.

✅ A Potential Shift in Approach?
With sustained pressure from lawmakers favoring a more flexible regulatory framework, some are wondering if the SEC's new exemptions signal a willingness to adapt. It remains to be seen how this will impact the evolving cryptocurrency market.

🔍 South Korean Crypto Exchange Upbit Under Monopoly Scrutiny

📉 Market Share Decline: South Korean MP Min Byeong-deok raises concerns over Upbit's growing dominance, accounting for 60% of the country's crypto trading volumes, down from over 80% last year.

⚡️ Banking Partner: The exclusive partnership with K Bank has further fueled worries, as it held a staggering 76.87% share of the crypto sector in 2020, dwarfing competitors like Nonghyup.

💻 Digital Success: K Bank's neobanking platform, enabling online account creation, has seen a surge during the pandemic, cementing Upbit's position in the market.

🔄 Competition Attempts: Rival Kakao Bank's collaboration with Coinone has made little impact, capturing only about 3% of the domestic market.

➡️ Monopolization Concerns: With South Korea's virtual asset trading ranking high globally, Min emphasizes the need to address this "unique phenomenon" of continued sector monopolization.

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🌐 State-Owned Italian Bank CDP Makes History with Digital Bond on Polygon Blockchain

⚡️ Italy's Cassa Depositi e Prestiti SpA (CDP) and Intesa Sanpaolo have accomplished a groundbreaking feat in the world of finance. They have successfully issued the first-ever digital bond on the Polygon (MATIC) blockchain.

💰 This €25 million digital bond has a four-month duration and offers investors an attractive fixed coupon rate of 3.633% at annual maturity.

🔍 The European Central Bank (ECB) is closely watching this development, as it aligns with their ongoing efforts to explore blockchain's potential for wholesale fiat money settlement.

💡 The payment for this bond was facilitated using the Bank of Italy's innovative TIPS Hash Link solution, which seamlessly connects traditional payment systems with blockchain networks.

🚀 Fabio Massoli, CDP's director of admin and finance, sees this as a significant stride in capital market innovation, demonstrating CDP's commitment to embracing cutting-edge technologies.

📈 Tokenization is not just a passing trend; it's becoming a strategic move for financial institutions worldwide. BlackRock's recent foray into asset tokenization is a testament to this growing trend.

⚙️ Niccolò Bardoscia from Intesa Sanpaolo recognizes the power of public blockchains, highlighting their ability to enhance transaction speed and security. He believes that tokenization will revolutionize not only bonds but all asset classes in the years to come.

🚫 India's Crypto Tax Remains Unchanged: Uncertainty Looms

🔍 Budget Leaves Crypto in the Shadows
India's Union Budget for 2024-25 was unveiled, but the cryptocurrency industry was left out in the cold. Finance Minister Nirmala Sitharaman's silence on digital assets has raised concerns.

🌐 Mixed Reactions in the Crypto Community
With no explicit mention of cryptocurrencies, stakeholders are feeling unsure about the future. The budget focused on growth priorities like agriculture and innovation, but the crypto space was left hanging.

📢 Not a Word on Crypto, Not Good News
Prominent voices like developer Vijay Saran expressed disappointment, noting that there wasn't even a whisper about crypto. The lack of clarity is causing worry among enthusiasts.

💼 Keeping Taxes Steady: A Stifling Move?
CEO Sathvik Vishwanath believes that maintaining the current tax rates signals a missed opportunity for global innovation and dampens investor enthusiasm.

💰 Strict Taxes, Shrinking Volumes
India's crypto tax regime, with its hefty 30% flat tax and 1% TDS, is being blamed for a drastic decline in trading activity. Reports suggest a staggering drop in volumes and active users.

💸 A Revenue Gap and Lost Potential
The consequences of strict taxation are hitting hard. The treasury is estimated to be losing billions in tax revenue as trading activity on Indian exchanges dwindles.

⚡️ India's Crypto Policy: A Balancing Act Amidst Regulatory Challenges

🚀 Landmark Paper on the Horizon
India is gearing up to release a discussion paper on its stance towards cryptocurrencies. Economic Affairs Secretary Ajay Seth has confirmed that this document will be out by September 2024, setting the stage for a comprehensive dialogue.

🤝 Consultation Over Legislation
Rather than rushing into laws, India aims to foster a collaborative approach. The focus is on engaging stakeholders and seeking their input before formulating concrete regulations. It's a move towards inclusivity and understanding diverse perspectives.

🌐 A Global Outlook
India isn't operating in isolation. Taking cues from global practices, the country is keen on analyzing different approaches to crypto regulation. This aligns with its efforts during the G20 presidency, where consensus-building on digital rules was a priority.

❗️ Taxes and Compliance
While legislation may be pending, India hasn't shied away from imposing taxes on crypto transactions. Additionally, registration with the Financial Intelligence Unit is now mandatory, ensuring adherence to anti-money laundering and terrorism financing standards.

🔍 Darknet Dilemma
The rise of cryptocurrency-related drug crimes has caught India's attention. The Narcotics Control Bureau is stepping up surveillance in the dark corners of the web. In response, a Special Task Force on Darknet and Cryptocurrency has been formed to monitor suspicious activities closely.

💪 Building Investigative Muscle
To stay ahead of the game, the NCB is investing in specialized training programs for digital forensics and darknet investigations. As cryptocurrencies evolve, so do India's efforts to combat their misuse while striking a balance between innovation and security.

🔒 UK-Based Coinbase Hacker Sentenced to 42 Months in Jail

📌 Justice Served: The Norwich Crown Court has delivered its verdict, and Elliott Gunton is facing a hefty sentence of 42 months for his role in the Coinbase hack. This 24-year-old hacker left a trail of digital mayhem in his wake.

💰 A Digital Heist: Gunton's cyber escapades saw him gain unauthorized access to over 500 Coinbase accounts, netting him a staggering haul of more than $900,000. But his actions didn't go unnoticed.

🌐 Web of Deception: Gunton and his cohorts employed a cunning strategy, tricking users into logging into a fake website that gave them the keys to the crypto kingdom. They even went as far as manipulating phone calls with telecom companies using their best "sob stories."

🔔 Not His First Rodeo: This isn't Gunton's first brush with the law. He previously made headlines for stealing data from TalkTalk and hacking Instagram accounts, leaving a trail of financial damage in his wake.

🔴 The Judge's Verdict: Judge Alice Robinson didn't mince words, calling Gunton's actions "highly sophisticated" and highlighting that it was all about the money, not just the thrill of hacking.

💻 A New Leaf?: Gunton's defense paints him as an "obsessive loner," but he claims to be turning over a new leaf with a furniture business. Only time will tell if this is genuine remorse or just another layer of deception.

🔓 Coinbase's Woes Continue: Unfortunately, this isn't the first time Coinbase has been targeted by hackers. The exchange has faced multiple breaches, with cybercriminals finding ways to bypass even the most robust security measures.

💔 A Costly Breach: For one Coinbase user, a phone hack resulted in a staggering loss of $96,000. The exchange initially washed its hands of the matter, but the victim fought back with a lawsuit.

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⚡️ XRP Ledger Revolutionizes Finance with Tokenized US Treasury Bills

💼 Ripple, the trailblazer in blockchain innovation, is joining forces with OpenEden to tokenize US Treasury bills on the XRP Ledger (XRPL). This groundbreaking collaboration opens up a world of possibilities for decentralized finance (DeFi) and institutional adoption.

➡️ With the Department of Treasury's backing, XRPL users will gain access to short-term government debt obligations. This move not only showcases the growing trend of real-world asset tokenization, but also strengthens the XRPL's position as a leading blockchain for such ventures.

💰 Ripple is putting its money where its mouth is, investing a cool $10 million into OpenEden's TBILL tokens. Markus Infanger from RippleX highlights this as a testament to OpenEden's prowess in unlocking utility and creating fresh opportunities.

📈 OpenEden has already attracted significant attention from institutions, boasting an impressive $75 million Total Value Locked for its T-bill tokens. Notably, Moody's has bestowed an investment-grade "A" rating upon this innovative product.

👥 Jeremy Ng, co-founder of OpenEden, reveals that their clientele spans diverse sectors, including foundations and corporate treasuries. The ability to mint TBILL tokens using stablecoins like Ripple USD adds another layer of convenience.

🔒 Security is paramount in this digital age. To ensure the highest level of protection and compliance, minters must undergo rigorous KYC/AML screenings—a testament to the commitment to safety within this exciting ecosystem.

⚡️ Web3 Community Celebrates The Olympics In The Metaverse and Beyond

🎮 The Web3 community is taking the 2024 Olympics to a whole new level, bringing the games to life in the digital realm.

🌐 The Metaverse is not just a buzzword anymore; it's becoming a hub for Olympic-themed games and NFT artworks, making the event more accessible and inclusive.

📌 The Sandbox, a Paris-based Metaverse company, is leading the charge with four exciting activations, says Co-Founder Sebastien Borget.

👥 With millions unable to attend in person, Borget aims to bridge the gap by offering virtual experiences that capture the spirit of the Olympics.

🔴 The Sandbox Team Uniforms drop is just the beginning, rewarding avatars with athletic-inspired styles and hosting in-game events like soccer, boxing, and golf.

➡️ And let's not forget about "The City Jam," an immersive Metaverse version of Paris during the 2024 Olympics, giving players a taste of the real thing.

🌍 The response has been incredible so far, with 25,000 visits and counting, as users complete quests and spend hours exploring this digital Olympic wonderland.

🇧🇷 Last but not least, a special shoutout to Brazil! The Sandbox has teamed up with Hermit Crab Game Studio to create a unique experience honoring Team Brazil with their very own virtual hub.

✅ Crypto Super PAC Fairshake Launches $25M Ad Blitz for Pro-Crypto Candidates

💰 In a bold move, Crypto Super PAC Fairshake has declared its intention to spend a whopping $25 million on television ads during the upcoming 2024 election cycle. The target? A group of digital asset-friendly candidates who have caught the eye of the crypto community.

⚡️ Among the lucky 18 receiving this financial boost are Don Davis (D-NC), Michelle Steel (R-CA), and Pat Ryan (D-NY). It seems that Fairshake is keen to back politicians from both sides of the aisle who are willing to embrace innovation and job creation.

🌐 "Crypto and blockchain are not just buzzwords anymore," says Fairshake spokesperson Josh Vlasto, highlighting the growing consensus around these technologies. With over 52 million Americans now owning cryptocurrencies, it's clear that this sector is here to stay.

💼 But it's not all smooth sailing for incumbents. Just ask Reps. Cori Bush and Jamaal Bowman, who faced Fairshake-funded ad campaigns that ultimately led to their defeats. The message is clear: those who fail to recognize the importance of responsible crypto regulation may find themselves out of a job.

➡️ As we gear up for the 2024 elections, it's becoming increasingly evident that crypto is no longer a niche issue. Recent data suggests that around 20% of swing state voters consider digital assets when casting their ballots, putting pressure on presumptive nominees like Kamala Harris and even catching the attention of the Trump family.

📢 With whispers of a "big announcement" on the horizon, it seems that both sides of the political spectrum are starting to realize that embracing crypto could be a key factor in securing victory at the polls. The race is on, and the blockchain sector is making its voice heard!

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🏆 CFTC Rewards Whistleblower with $1M in Digital Asset Case

🚨 The CFTC has just handed out a hefty sum of $1 million to a whistleblower who played a pivotal role in exposing misconduct in the world of digital assets.

📢 In an official statement, the CFTC revealed that this courageous informant's tip-off led to an enforcement action against wrongdoers, shedding light on unlawful conduct.

💰 Under the CFTC's Whistleblower Program, informants can receive anywhere between 10 and 30 percent of the fines collected, all thanks to the Customer Protection Fund.

🔴 Crucially, this means that innocent victims aren't left footing the bill; the funds are sourced solely from penalties imposed on those who break the rules.

🌐 "As digital asset scams continue to prey on everyday Americans, cracking down on illegal activities in this space is a top priority," emphasized CFTC's Director of Enforcement, Ian McGinley.

📈 With digital asset cases accounting for nearly half of the CFTC's workload last year, it's clear that whistleblowers are playing an increasingly vital role in keeping things above board.

💼 Since its inception in 2014, the Whistleblower Program has doled out a staggering total of around $380 million, empowering those who dare to speak up.

💸 Meanwhile, in a separate but equally eye-opening development, it appears that crypto exchange FTX may have paid out a jaw-dropping sum of $25 million as hush money to seven whistleblowers before its downfall.

🔍 An independent examination into FTX's practices revealed that these payouts were allegedly related to employee severance packages and raised concerns about a lack of proper documentation.

🚨 Iran's $20 Bounty on Shady Crypto Miners Amid Power Crisis

⚡️ Power Shortages Spark Rewards: Iran is grappling with a severe power crisis, and now it's offering a $20 reward to citizens who report illegal crypto mining operations that are worsening the electricity grid's strain.

🔥 Heatwave Amplifies Woes: With a scorching heatwave hitting the country, Iran's power infrastructure is already under immense pressure. The surge in unauthorized mining activities is only adding to the chaos, warns Mostafa Rajabi Mashhadi of Tavanir, Iran's state electricity company.

⚡️ Unprecedented Disruptions: Over 230,000 illicit mining devices, guzzling up to 900 MW of electricity, have been identified so far. This consumption rivals that of an entire province and necessitates building a new 1,300-MW power plant!

🔒 Cracking Down on Illicit Trade: It's not just about mining; Iranian intelligence services have also been targeting accounts involved in illicit trading since 2022. The aim is to tackle potential connections between crypto and evading U.S. sanctions.

🌐 Global Concerns: This move comes after U.S. senators raised concerns about Iranian crypto mining potentially aiding terrorism and military actions. Elizabeth Warren and Angus King are pushing for a thorough investigation into these alleged connections.

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💼 With this latest injection of capital, the company's total funding now stands at an impressive $39 million.

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