Coinatory

Ripple is pushing forward with its partnership with Colombia's central bank, Banco de la República, to explore the potential uses of blockchain technology and a central bank digital currency (CBDC). Despite facing a legal battle with the U.S. Securities and Exchange Commission (SEC) over the classification of its native token XRP as a security, Ripple remains committed to advancing its network. The collaboration with Banco de la República demonstrates Ripple's ongoing dedication to innovation and the exploration of blockchain applications. The central bank, in conjunction with the Ministry for Information and Communications Technologies (MinTIC), has expressed interest in testing Ripple's CBDC platform. They aim to leverage this technology to enhance their existing high-volume payment system. This initiative aligns with MinTIC's c Read more about Ripple works with Colombia’s central bank for CBDC development #Adoption, #Altcoin, #Bitcoin, #Blockchain, #Colombia, #Crypto...

Following the consecutive lawsuits filed by the U.S. Securities and Exchange Commission (SEC) against Binance and Coinbase, two major cryptocurrency exchanges in terms of trading volume, the entire crypto market experienced a decline last week. This downward trend has affected the size of Binance's Secure Asset User Fund (SAFU). Established by the exchange in July 2018, SAFU serves as an emergency fund to safeguard user assets in the event of theft or hacking incidents. Starting June with a value close to $950 million, the fund's assets have now diminished to approximately $861 million, reflecting a 10% decrease. Based on blockchain addresses disclosed by Binance, the majority of SAFU comprises Bitcoin (BTC) and Binance's native token, BNB. Since the SEC's legal actions were initiated, both Bitcoin and BNB have experienced Read more about Binance's Emergency Fund Shrinks Amid SEC Legal Pressure #Binance, #Cryptonewstoday, #SAFU, #SEC

Paul Grewal, the chief legal officer at Coinbase, a cryptocurrency company based in the United States, has expressed his opposition to a proposed rule alteration by the Securities and Exchange Commission (SEC). The suggested change aims to redefine what constitutes an exchange and how digital assets are regulated. On June 14, Grewal took to Twitter to voice his concerns, stating that the SEC proposal is fundamentally flawed both in terms of its process and substance. He likened the attempt to fit a square peg into a round hole, emphasizing that it should not proceed. Specifically, Grewal was referring to the SEC's decision to extend the comment period for a proposed amendment to the Securities Exchange Act of 1934. This amendment could potentially subject decentralized exchanges to securities laws, mirroring the current regulations Read more about Requiring DEXs to register with SEC like other exchanges is impossible #Binance, #Coinbase, #Cryptonewstoday, #Regulations, #SEC

The executive branch of the European Union is preparing to propose a plan for the introduction of a digital euro. Under this plan, the European Central Bank (ECB) will be tasked with establishing regulations governing the use of digital currency. However, specific limits on transactions or holdings have not yet been put forward. To ensure financial stability, the ECB will determine the necessary tools, aiming to allow digital euro transactions that do not pose risks to stability while applying regulations uniformly across the euro area. The draft proposal suggests the possibility of imposing limits on the use of the digital euro as a store of value in order to maintain financial stability, facilitate credit availability, and ensure the effectiveness of monetary policy transmission. The project will be discussed by finance Read more about EU firms up plans for introduction of digital euro #Bitcoin, #Blockchain, #Cryptocurrency, #Cryptomarket, #Cryptonewstoday, #ECB, #Ethereum, #EU, #New...

Brazilian President Luiz Inácio Lula da Silva has approved a new law granting regulatory authority to the central bank of Brazil over cryptocurrency firms. This move aims to ensure the supervision and control of digital asset businesses, such as bitcoin trading platforms, centralized crypto exchanges, and wallet providers, in order to protect consumers and mitigate risks associated with digital assets. The law also clarifies that Brazil's securities regulator, the Comissão de Valores Mobiliários (CVM), will retain its oversight of token projects classified as securities. This regulatory approach acknowledges the distinct nature of cryptocurrencies, encourages innovation, and safeguards investors' funds. This development aligns with Brazil's commitment to establishing a regulatory framework for its emerging crypto industry. Fu Read more about Brazil authorizes its central bank to regulate crypto #Bitcoin, #Blockchain, #Brazil, #Brazilia, #Cryptocurrency, #Cryptomarket, #Cr...

Reports suggest that Faruk Fetih Özer, the founder of the now-defunct Turkish cryptocurrency exchange Thodex, has refuted all allegations of fraud against him during a court appearance in his home country. Following the cessation of trading services and the closure of the exchange's official website, the 29-year-old is said to have fled Turkey. Speculations emerged, claiming that he embezzled more than $2 billion belonging to users, marking it as the largest cryptocurrency scam in Turkey's history. Özer was apprehended in Albania last year and subsequently extradited to Turkey, where the legal process will determine his involvement in the collapse and the potential prison sentence he might face. As reported by Sabah, one of the prominent Turkish media outlets, the trial against Faruk Fetih Özer commenced with a marathon 11-hour h Read more about Thodex Founder Denies Fraud Charges, Says He Was Framed  #Cryptonewstoday, #Regulations, #Thodex, #Turkey

Binance.US and the SEC have reached an agreement to prevent a complete freeze of assets at the cryptocurrency trading platform. The SEC has accused the platform of operating illegally. On Tuesday, US District Judge Amy Berman Jackson stated that both parties are relatively close to finding solutions that would safeguard customer funds, allowing the exchange to continue operating while the SEC's lawsuit progresses. She recommended that they seek the assistance of a magistrate judge to negotiate a compromise agreement. Related: SEC sues Binance and CZ for securities violations “The nitty-gritty of it is better handled by you than by me,” Jackson said during a hearing in Washington. The judge said if a deal is struck, she would no longer need to rule on the SEC’s request for a temporary restraining order.   During the hea Read more about Binance.US, SEC Working on Deal to Avoid Full Asset Freeze #Binancce, #Cryptonewstoday, #Regulations, #SEC, #USA

Dr. Emin Gün Sirer, who is at the forefront of developing the Avalanche protocol, is scheduled to provide testimony before the U.S. House Financial Services Committee. Dr. Emin Gün Sirer, a renowned computer scientist and one of the key developers behind the Avalanche protocol, is poised to give testimony before the U.S. House Financial Services Committee. This announcement was initially made through a tweet, which was later confirmed by Sirer himself on his own Twitter account, expressing his gratitude for the opportunity. Sirer's testimony comes at a crucial time when policymakers' understanding of cryptocurrencies and their underlying technologies is of utmost importance. With his extensive experience and knowledge, he will offer valuable insights to policymakers regarding the benefits, complexities, and potential risks a Read more about Ava Labs CEO to testify before US House #Ava, #AvaLabs, #Cryptocurrency, #Cryptomarket, #Cryptonewstoday, #News, #Regulations