24/07/2023. Weekly CryptoNews Digest (July, 17 – July, 23)

Hello everyone! Welcome again to the MNO blog that has been a leading force and a guiding light for many thousands of HYIP investors over more than sixteen years. However, we can safely say that the current time is definitely not the best for putting your money into high-risk ventures, but the crypto world promises much higher returns and with much less risk involved.

We are also perfectly well aware of the fact that summer is traditionally slow anyway when it comes to HYIP investments. That is why to diversify and offer different angle of money making process MNO has been recently also switched to putting more emphasis on crypto market, and every Monday I deliver you an overview of the most prominent and talked about events in the crypto industry you might find worthy of your attention.

It does not mean that MNO has completely given up on HYIPs and I fully expect we will see more activity once the autumn comes. And as the MNO blog is a one-stop shop for the most prominent investment projects I only list projects that have been vetted by myself, and I charge a high price to be listed. This means that you can be confident that the projects you find on my blog are the cream of the crop.

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With the usual summer silence in the HYIP industry I believe now it’s the right time to check out the latest news from the crypto market that happened over the last seven days, July, 17 to July, 23, 2023. Let’s start Monday’s journey and make it exciting and informative, shall we?

RFK JR. PROPOSED BACKING USD WITH BITCOIN

Robert F. Kennedy Jr., the son of the late U.S. Senator Robert F. Kennedy, has proposed a plan to back the U.S. dollar with Bitcoin. He has also proposed exempting Bitcoin from capital gains tax.

Kennedy’s plan is based on the idea that Bitcoin is a “hard asset” that is not subject to inflation or government manipulation. He believes that backing the dollar with Bitcoin would help to stabilize the U.S. economy and protect American citizens from financial instability.

Kennedy’s plan has been met with mixed reactions. Some people believe that it is a sound idea that could help to improve the U.S. economy. Others believe that it is a risky proposition that could destabilize the dollar and lead to economic turmoil.

It is too early to say whether Kennedy’s plan will ever be implemented. However, it is an interesting proposal that is worth considering.

Here are some of the pros and cons of Kennedy’s plan:

Pros:
– It could help to stabilize the U.S. economy.
– It could protect American citizens from financial instability.
– It could promote innovation in the financial sector.

Cons:
– It could be risky for the U.S. economy.
– It could lead to inflation.
– It could be difficult to implement.

Ultimately, the decision of whether or not to implement Kennedy’s plan would be up to the U.S. government. However, it is an interesting proposal that is worth considering as it is coming not only from an influential US senator, but also the prominent member of the famous Kennedy clan.

BITCOIN SPOT ETFS UNDER SEC REVIEW

Last week, the SEC formally accepted six spot Bitcoin ETF proposals for review. These proposals were submitted by: BlackRock, Bitwise, VanEck, WisdomTree, Fidelity, Invesco.

This is the most significant development in the space since the SEC approved the first Bitcoin futures ETF in October 2021. The approval of these spot Bitcoin ETFs would make it easier for investors to invest in Bitcoin directly, rather than through futures contracts.

The SEC has yet to make a decision on whether or not to approve these proposals. However, the fact that the SEC has formally accepted them for review is a positive sign. It suggests that the SEC is taking the issue seriously and that it is considering approving a spot Bitcoin ETF.

The approval of these spot Bitcoin ETFs would be a major milestone for the cryptocurrency industry. It would legitimize Bitcoin as an investment asset and make it more accessible to investors. It would also likely lead to increased institutional investment in Bitcoin, which could further legitimize the cryptocurrency.

However, there are still some concerns that the SEC may not approve these proposals. These concerns include:
– Concerns about fraud and manipulation: The SEC is concerned that the Bitcoin market is not as regulated as other financial markets, and that this could make it more susceptible to fraud and manipulation.
– Uncertainty about how to regulate Bitcoin ETFs: The SEC is not sure how to regulate Bitcoin ETFs in a way that protects investors. This is because Bitcoin is a new and evolving asset class, and there is no clear precedent for how to regulate it.
– Lack of market data: The SEC is concerned that there is not enough market data available to track the price of Bitcoin accurately. This could make it difficult for investors to make informed decisions about whether or not to invest in a Bitcoin spot ETF.

Ultimately, the decision of whether or not to approve these spot Bitcoin ETFs is up to the SEC. However, the recent progress suggests that the SEC is taking the issue seriously. If the SEC does approve these proposals, it would be a major milestone for the cryptocurrency industry.

FRANCE’S FIRST CRYPTO LICENSE GRANTED TO SOCIETE GENERAL

France’s first crypto licence was granted to Societe Generale’s crypto unit, Forge, on July 19, 2023. This makes Societe Generale the first traditional financial institution in France to be able to offer crypto services.

The licence allows Forge to offer a range of crypto services, including custody, trading, and sales. It is the first step in a wider effort by the French government to regulate the crypto industry.

The granting of the licence is a significant development for the crypto industry in France. It shows that the French government is taking a positive approach to crypto and that it is willing to work with traditional financial institutions to develop the industry.

It is also a positive sign for the wider crypto industry. It shows that mainstream financial institutions are starting to take crypto seriously and that they are willing to invest in the space.

The granting of the licence is not without its critics. Some people have argued that it gives Societe Generale an unfair advantage over other crypto firms. They have also argued that the licence does not go far enough in terms of regulating the crypto industry.

However, the granting of the licence is a positive step forward for the crypto industry in France. It shows that the French government is willing to work with the industry and that it is taking a positive approach to crypto.

Here are some of the key benefits of the licence:
– It will allow Societe Generale to offer a wider range of crypto services to its customers.
– It will give Societe Generale a competitive advantage over other crypto firms in France.
– It will help to legitimize the crypto industry in France.

Here are some of the key challenges of the licence:
– It could give Societe Generale an unfair advantage over other crypto firms.
– It could lead to increased regulation of the crypto industry in France.
– It could make it more difficult for small crypto firms to operate in France.

Overall, the granting of the licence is a positive step forward for the crypto industry in France. It shows that the French government is willing to work with the industry and that it is taking a positive approach to crypto. However, there are some challenges that need to be addressed in order to ensure that the licence is used in a fair and responsible way.

COINDESK MIGHT BE SOLD FOR $125 MILLION

CoinDesk, a leading cryptocurrency news and information website, is reportedly close to being sold to a group of investors for $125 million. The deal is still in the works, but if it goes through, it would be a major shakeup for the crypto industry.

CoinDesk was founded in 2013 and has quickly become one of the most trusted sources of information about cryptocurrency. The website’s audience has grown significantly in recent years, and it now reaches millions of people around the world.

The sale of CoinDesk is being led by Matthew Roszak, a well-known blockchain investor and entrepreneur. Roszak is the co-founder of Tally Capital, a venture capital firm that invests in blockchain and cryptocurrency companies.

The other investors in the deal include Peter Vessenes, the founder of Capital6, a venture capital firm that invests in early-stage technology companies. Vessenes is also the co-founder of BitAngels, one of the first angel investment groups for Bitcoin and blockchain companies.

The sale of CoinDesk is a sign of the growing interest in cryptocurrency. The industry has seen a surge in investment in recent years, and there is a growing demand for information about cryptocurrency.

The sale of CoinDesk could also help to legitimize the cryptocurrency industry. By selling to a group of well-known investors, CoinDesk is sending a signal that the industry is here to stay.

It is still too early to say what the future holds for CoinDesk. However, if the sale goes through, it would be a major development for the cryptocurrency industry.

Here are some of the key reasons why CoinDesk is being sold:
– The cryptocurrency industry is growing rapidly: The cryptocurrency industry is growing rapidly, and there is a growing demand for information about cryptocurrency. CoinDesk is well-positioned to capitalize on this growth.
– CoinDesk is a valuable asset: CoinDesk is a valuable asset, with a large audience and a strong reputation. The sale of CoinDesk would allow the investors to monetize this asset.
– The investors have a strong track record: The investors in the deal have a strong track record in the cryptocurrency industry. They are well-positioned to help CoinDesk grow and succeed.

The sale of CoinDesk is a significant development for the cryptocurrency industry. It is a sign of the growing interest in cryptocurrency and the growing legitimacy of the industry. It will be interesting to see how CoinDesk changes under new ownership.

NORTH KOREAN HACKERS ATTACKED JUMPCLOUD

On July 20, 2023, cybersecurity firm JumpCloud announced that it had been hacked by a North Korean state-sponsored hacking group. The hackers were able to gain access to the company’s systems and steal data from some of its customers.

The hackers targeted JumpCloud because the company provides a directory platform that allows enterprises to authenticate, authorize, and manage users and devices. This makes JumpCloud a valuable target for hackers who are looking to steal data from cryptocurrency companies.

The hackers were able to gain access to JumpCloud’s systems by exploiting a vulnerability in the company’s software. Once they had access, they were able to steal data from “fewer than 5” of JumpCloud’s customers. The stolen data included usernames, passwords, and other sensitive information.

JumpCloud has since patched the vulnerability that was exploited by the hackers. The company has also notified the affected customers and is working to help them mitigate the damage.

This is not the first time that North Korean hackers have targeted cryptocurrency companies. In 2022, a group of North Korean hackers stole over $600 million worth of cryptocurrency from the Ronin Network.

North Korean hackers are known for their sophisticated hacking skills and their willingness to target high-value targets. They are also known for using their stolen funds to support the North Korean government’s nuclear and missile programs.

The attack on JumpCloud is a reminder that cryptocurrency companies are a high-value target for hackers. It is important for cryptocurrency companies to take steps to protect themselves from cyberattacks. These steps include:
– Using strong passwords and two-factor authentication
– Keeping their software up to date
– Monitoring their systems for suspicious activity
– Having a plan in place to respond to a cyberattack

By taking these steps, cryptocurrency companies can help to protect themselves from cyberattacks and the loss of sensitive data.

MEME COINS MIGHT BE REGULATED IN THE UK SOON

It is possible that meme coins will be regulated in the UK in the future. The UK government is currently considering how to regulate cryptocurrencies, and meme coins could be included in any new regulations.

There are a few reasons why the UK government might regulate meme coins. First, meme coins are often seen as being more risky than other cryptocurrencies. They are often based on memes or jokes, and they do not have any underlying value. This means that they are more likely to be used for speculation, and they could be more susceptible to fraud and manipulation. Second, meme coins could be used for illegal activities. For example, they could be used to launder money or to finance terrorism. This is a concern for the UK government, and it could lead to them being regulated.

However, there are also some arguments against regulating meme coins. Some people believe that meme coins should be allowed to operate freely, as they are a form of free speech. They also argue that meme coins are not as risky as they are made out to be, and that they can be a legitimate investment.

Ultimately, the decision of whether or not to regulate meme coins in the UK is up to the government. However, the recent interest in meme coins has put them on the radar of regulators, and it is likely that they will be considered as part of any new cryptocurrency regulations.

That’s about all the news from the crypto world I found most interesting over the last seven days guys. For more information of what’s about to come this week please come back next Monday when another Weekly CryptoNews Digest is scheduled to be posted on the MNO blog.

I hope you have found the above information useful and I guess I’ll talk to you all again next week on MNO – For Money Lovers!