04/09/2023. Weekly CryptoNews Digest (August, 28 – September, 03)

Hello all, and welcome back to the MNO blog which has been running for over sixteen years now and providing readers with food for thought on the most promising money-making opportunities you can only find online. Since 2007 the MNO blog and monitor has been at the forefront of the HYIP industry that used to be a locomotive for the whole profit generating investment projects one could usually only dream of. Surely most people without any inside knowledge of the internal processes might have lost some money by not entering the best HYIPs at the right time or by not leaving early enough to profit, but overall with MNO’s help and support you all stood a good chance to earn.

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I guess that many readers would agree with me on the point that the golden era of HYIPs is well behind us, which only becomes more obvious with the closure of one of the biggest monitors in the industry that was running even well before MNO. Such an unfortunate fate has been shared by many other similar websites, but I can assure you MNO will not become one of them. My own aim has been not only money-making for myself but providing my readers with essential information of some lucrative investment opportunities. Well, it was good while it lasted and maybe at some point we will see a revival of such programs. Before that happens though shifting my focus towards something else looks to me a sound proposal.

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And now with all introductions said and done let’s have a look at the Weekly CryptoNews Digest. This time it covers the period from August, 28 to September, 03, 2023. I will be discussing the latest news and trends that happened in the crypto market over the last seven days. Let’s get down to business, shall we?

BTC AND MAJOR CRYPTOCURRENCIES PLUMMET AFTER SEC DELAY

The last week saw the 15% slide of BTC and other major cryptocurrencies. The recent sell-off was partly triggered by regulatory decisions in the United States.

On Thursday, the U.S. Securities and Exchange Commission (SEC) delayed its decision on whether to approve a Bitcoin exchange-traded fund (ETF) proposed by Grayscale Investments. This was a major disappointment for many investors, who had been hoping for a positive decision that would have legitimized Bitcoin as an investment.

The SEC has also been taking a more cautious approach to regulating other cryptocurrencies. In June, the SEC rejected a Bitcoin ETF proposal from Valkyrie Investments. And in July, the SEC fined cryptocurrency exchange Binance $100 million for violating anti-money laundering regulations.

These regulatory decisions have created uncertainty in the cryptocurrency market, and have led some investors to sell their holdings. It is unclear how the SEC’s regulatory approach will evolve in the future, but it is likely to continue to be a major factor affecting the price of cryptocurrencies.

In addition to the regulatory decisions in the United States, there are also regulatory concerns in other countries. China has banned cryptocurrency trading and mining, and Russia has proposed a law that would criminalize the use of cryptocurrencies for payments. These regulatory developments could also have a negative impact on the price of cryptocurrencies.

Overall, the regulatory environment for cryptocurrencies is still uncertain. This uncertainty is likely to continue to be a major factor affecting the price of cryptocurrencies in the near future.

Here are some of the potential implications of increased regulation of cryptocurrencies:
– It could make it more difficult for people to buy and sell cryptocurrencies.
– It could reduce the liquidity of the cryptocurrency market.
– It could make it more difficult for businesses to accept cryptocurrencies as payment.
– It could stifle innovation in the cryptocurrency sector.

However, it is also possible that regulation could have some positive implications for cryptocurrencies. For example, it could help to protect investors from fraud and scams. It could also help to promote the use of cryptocurrencies for legitimate purposes, such as payments and remittances.

Ultimately, the impact of regulation on cryptocurrencies is uncertain. It will depend on how the regulations are implemented and enforced. However, it is clear that regulation is a major issue that will need to be addressed if cryptocurrencies are to become a more mainstream asset class.

GRAYSCALE DECISION SENDS BTC RALLYING

Before that SEC decision sent BTC downhill on Thursday the crypto market had much better outlook and BTC surged by more than 7% reaching a price of $27,851.82 after the following event that was met by the industry with an overwhelmingly positive response.

On Tuesday, August 29, 2023, the U.S. Court of Appeals for the District of Columbia Circuit ruled that the Securities and Exchange Commission (SEC) was wrong to deny Grayscale Investments’ application to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin exchange-traded fund (ETF).

The court found that the SEC’s decision was “arbitrary and capricious” because it failed to provide a “rational explanation” for why it approved Bitcoin futures ETFs but not a spot Bitcoin ETF. The court also found that the SEC’s concerns about market manipulation were “unfounded“.

The ruling was a major victory for Grayscale and the cryptocurrency industry. It opens the door for the approval of a spot Bitcoin ETF in the United States, which would make it easier for investors to buy and sell Bitcoin.

The approval of a spot Bitcoin ETF would be a major milestone for the cryptocurrency industry. It would legitimize Bitcoin as an investment and make it more accessible to mainstream investors. It would also likely lead to increased investment in Bitcoin and other cryptocurrencies.

However, it is important to note that the SEC could still appeal the court’s decision. If the SEC does appeal, it could be several months or even years before a spot Bitcoin ETF is approved in the United States.

Overall, the Grayscale decision is a positive development for the cryptocurrency industry. It is a step towards greater regulatory clarity for Bitcoin and other cryptocurrencies, and it could lead to increased investment in the sector.

TWITTER PAYMENTS OBTAINS US CRYPTO LICENCE

Twitter Payments LLC, a division of X (formerly Twitter), has obtained a currency transmitter license from the state of Rhode Island. This license allows Twitter Payments to store, transfer, and exchange cryptocurrency on behalf of its users.

The license is required by the state of Rhode Island for any company that wants to engage in the business of transmitting money or currency. It is a significant step for Twitter as it moves towards integrating cryptocurrency into its platform.

Twitter has been exploring the use of cryptocurrency for payments since 2021. In 2022, the company began allowing users to tip each other in Bitcoin. It also integrated non-fungible tokens (NFTs) into its platform, allowing users to display NFTs as their profile pictures.

The recent acquisition of the currency transmitter license suggests that Twitter is moving closer to launching a full-fledged cryptocurrency payment service. However, the company has not yet announced any specific plans.

It is important to note that the currency transmitter license does not allow Twitter to offer its own cryptocurrency. Twitter would still need to partner with a cryptocurrency exchange or wallet provider in order to offer its users the ability to buy, sell, and store cryptocurrency.

Overall, the acquisition of the currency transmitter license is a positive development for Twitter. It is a sign that the company is serious about integrating cryptocurrency into its platform, and it could pave the way for the launch of a full-fledged cryptocurrency payment service in the future.

BINANCE LAUNCHED REMITTANCE SERVICE IN LATIN AMERICA

Binance, the world’s largest cryptocurrency exchange by trading volume, has launched its new ‘Send Cash’ remittance service in Latin America. The service allows users to send crypto from 9 countries in Latin America to bank accounts in Colombia and Argentina, at the lowest cost in the market.

The Send Cash service is powered by Binance Pay, Binance’s crypto payment platform. Binance Pay allows users to make payments with cryptocurrency at merchants around the world. The Send Cash service uses Binance Pay to facilitate the transfer of crypto from one bank account to another.

The Send Cash service is available in the following countries: Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, Dominican Republic, Panama, Mexico.

To use the Send Cash service, users need to create a Binance account and verify their identity. They can then transfer crypto from their Binance account to the bank account of the recipient. The recipient will then receive the funds in their bank account in a matter of minutes.

The Send Cash service charges a flat fee of 0.1% for each transaction. This is significantly lower than the fees charged by traditional remittance providers.

Binance is targeting the remittance market in Latin America with the Send Cash service. The remittance market in Latin America is worth billions of dollars, and it is growing rapidly. Binance hopes to tap into this growing market by offering a cheaper and faster way to send money.

The launch of the Send Cash service is a significant development for Binance. It is the first time that Binance has launched a remittance service. The service could help Binance to expand its reach in Latin America and to attract new users.

US DISTRICT JUDGE CALLS ETHER COMMODITY IN UNISWAP CASE

On August 31, 2023, a US District Judge in New York called Ether (ETH) a commodity while throwing out a lawsuit against decentralized exchange Uniswap.

The lawsuit was filed by a group of investors who alleged that Uniswap was responsible for causing them to lose money by allowing scam tokens to be issued and traded on the protocol. The investors argued that ETH was a security, and that Uniswap violated securities laws by failing to register as an exchange or broker-dealer.

However, Judge Katherine Polk Failla dismissed the lawsuit, finding that ETH was not a security. She reasoned that ETH is not an investment contract, because it does not represent an investment in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others.

Judge Failla’s decision is a significant victory for the cryptocurrency industry. It is the first time that a US court has classified ETH as a commodity. This could pave the way for other cryptocurrencies to be classified as commodities, which would provide them with greater legal certainty.

The decision is also a setback for the SEC. The SEC has been taking a more aggressive approach to regulating cryptocurrencies, and it has argued that many cryptocurrencies are securities. Judge Failla’s decision could make it more difficult for the SEC to regulate cryptocurrencies.

It is important to note that Judge Failla’s decision is only applicable to the specific facts of the case. It is possible that other courts could reach different conclusions in different cases. However, the decision is a positive development for the cryptocurrency industry, and it could have a significant impact on the future regulation of cryptocurrencies.

SOUTH KOREA PLANS TO FREEZE NORTH’S CRYPTO ASSETS

South Korea is reportedly planning to submit a bill that will track and freeze North Korean crypto and virtual assets that are used to fund its capital Pyongyang’s illicit weapons program.

The bill is being proposed by the Ministry of Justice and the Financial Services Commission (FSC). It would require cryptocurrency exchanges and other financial institutions to report any suspicious transactions to the authorities. The authorities would then be able to freeze those transactions if they believe they are being used to fund North Korea’s weapons program.

The bill is still in the early stages of development, but it is gaining support from lawmakers and government officials. The FSC has said that it is “positive” about the bill, and the Ministry of Justice has said that it is “considering” it.

If the bill is passed, it would be a major step in South Korea’s efforts to crack down on North Korea’s use of cryptocurrency. North Korea has been using cryptocurrency to evade sanctions and to fund its weapons program. In 2021, the United Nations estimated that North Korea had earned about $2 billion from cryptocurrency hacks and other illegal activities.

The bill would also be a significant development for the cryptocurrency industry. It would be the first time that a government has taken steps to specifically target the use of cryptocurrency for illicit purposes. This could set a precedent for other governments around the world.

It is important to note that the bill is still in the early stages of development, and it is possible that it could be amended or even defeated. However, it is a sign that South Korea is taking the issue of North Korea’s use of cryptocurrency seriously.

That’s about it for this latest Weekly CryptoNews Digest on the MNO blog. I’ll be posting the next update on cryptocurrency in a week, so be sure to check back. I’ll be covering all the latest developments and news you might want to be aware of if you’re genuinely interested in what is going on in the cryptocurrency world, such as new projects and regulations.

So thanks for reading and I hope your business week will be fruitful and productive. Be sure to check out the MNO blog often and I hope you’ll come back to read the upcoming Weekly CryptoNews Digest next Monday. Until then stay safe and thanks for staying loyal to MNO – For Money Lovers!