Data reveals that newly released bald (BALD) tokens on the Base blockchain dropped as much as 90% following Monday’s peak when the token’s deployer took away millions of dollars’ worth of liquidity.During the early hours of Monday morning in Europe, BALD held up to $32 million ether (ETH).The developer reportedly transferred millions, forcing rates to drop from 9 cents to 1 cent.At the time of writing, prices appeared to be recovering to 4 cents as few traders purchased the dip. Bald coins’ market valuation reached $50 million on Sunday as their acceptance in trade circles increased.Late on Sunday, it reached a capitalization of $85 million, making traders like @cheatcoiner more than $1.4 million from a $500 investment.Blockchain data indicates that the deployer was providing liquidity at the time of writing by adding ether in smaller chunks.Prices increased steadily, but fearful holders kept offloading tokens in large quantities. Based on applications submitted to Base, which was developed by cryptocurrency exchange Coinbase on OP Stack, opened to developers in mid-July after launching its testnet in January.Except for Sunday, when companies like BALD caused a sudden influx of funds and people to the blockchain, traction has been minimal thus far.

Senator Elizabeth Warren, a strong opponent of cryptocurrencies, has introduced legislation that would subject digital assets to specific Anti-Money Laundering (AML) regulations. The Bank Policy Institute (BPI), a lobbying group for American banks, has welcomed this proposal.The Digital Asset Anti-Money Laundering Act was reintroduced on July 28 by Warren, Joe Manchin, Roger Marshall, and Lindsey Graham, according to a Bloomberg article.The law, which calls for greater openness in digital asset transactions to thwart money laundering and terrorism financing, has the support of the BPI.The BPI stated that the U.S.’s current AML framework does not take into consideration digital assets. “The existing anti-money laundering and Bank Secrecy Act framework must account for digital assets, and we look forward to engaging in this process to defend our nation’s financial system against illicit finance in all its forms.” If the seven-page measure is approved, it will be necessary for miners, suppliers of digital asset wallets, and other parties involved in validating and securing blockchain transactions to maintain records of the identities of their clients.Financial institutions would also be prohibited from employing digital asset mixers, like Tornado Cash, that are intended to conceal blockchain data. Among those who favor the legislation are the National Consumers League, the Massachusetts Bankers Association, and the National Consumer Law Center.In response to the announcement, Tyler Winklevoss, co-founder of the cryptocurrency exchange Gemini, tweeted on July 28 that individuals opposed to Warren’s planned legislation are “doing the right thing.” Warren first proposed the legislation to the U.S. Senate in December 2022, claiming that the majority of the crypto business is not covered by the current AML regulations.Warren stated that cryptocurrency should be subject to the same laws as banking institutions on February 14 during a Senate Banking Committee hearing titled, “Crypto Crash. Why the FTX Bubble Burst and the Harm to Consumers.” “Senator Marshall and I introduced a bipartisan bill today that requires crypto to follow

The European Union is being urged to relax forthcoming regulations for open-source artificial intelligence (AI) models in an open letter signed by digital companies including GitHub, Hugging Face, Creative Commons, and others. According to the letter, regulating upstream open-source projects as if they are deployed AI systems or commercial products would impede the development of open-source AI. It also asks policymakers to revisit certain of the rules of the EU’s Artificial Intelligence Act. “This would be incompatible with open source development practices and counter to the needs of individual developers and non-profit research organizations,” stated GitHub in a blog post.  The group made five recommendations in particular to make sure the AI Act applies to open-source models, including clearly defining AI components, making it clear that developers working collaboratively on open-source models are exempt from the bill’s requirements, protecting researchers’ exceptions by allowing some limited testing in real-world scenarios, and establishing proportional requirements for “foundation models.” Open-source software, as the name suggests, is software that is available for everyone to view, modify, and improve thanks to its publicly available source code. Open-source software aids in the development and use of AI models.With 499 votes in favor, 28 votes against, and 93 abstentions, the European Parliament passed the act by a substantial margin in June. Once the 27-member European Council agrees on a common version of the language proposed in 2021, the act will become a law.Individual discussions with EU members are required in the following stage to iron out the details. The measure establishes a global precedent for regulating AI to handle its hazards and promote innovation, claims the open letter. “The regulation has an important opportunity to further this goal through increased transparency and collaboration among diverse stakeholders,” reads the open

To prevent one from having an advantage, cryptocurrency fund manager Grayscale is pleading with the Securities and Exchange Commission to approve all proposed spot Bitcoin exchange-traded funds (ETFs) at once. Grayscale’s legal team filed a letter about eight spot Bitcoin ETF registrations, including its own, claiming the SEC shouldn’t pick “winners and losers” and should instead make a fair and orderly judgement, according to a post by Grayscale Chief Legal Officer Craig Salm on July 27. According to the letter, the SEC might approve the spot ETFs based on its approval of Bitcoin futures ETFs because the two fund types are “inextricably linked.” The most recent surveillance sharing agreements (SSAs) between Coinbase and the spot ETF providers, according to Grayscale, are “not a new idea” and would not comply with SEC requirements. SSAs with Coinbase have just been added to ETF filings from Invesco, BlackRock, Valkyrie, VanEck, Wisdom, Fidelity, and ARK Invest.In order for the SEC to keep an eye out for any potential market manipulation or erroneous trading activity, Coinbase will submit information about its trading books as well as other data. Due to the lack of SSAs, the SEC opposed the ETFs in late June, arguing that they were required due to the possibility of manipulating the crypto markets.The SSAs, according to Grayscale, “would neither satisfy nor be necessary” in accordance with SEC requirements because Coinbase is neither registered with the SEC as a securities exchange or broker-dealer nor with the Commodity Futures Trading Commission as a futures exchange. It was stated that allowing the ETFs would “improperly grant these proposals an unfairly discriminatory and prejudicial first-mover advantage” and represent “a positive but sudden and significant change” in how the SEC applied its standard.According to Salm, the Grayscale Bitcoin Trust (GBTC), which tries to monitor Bitcoin’s price, has close to 1 million investors. There is “simply no reason” the SEC should prevent GBTC investors from purchasing a spot Bitcoin ETF, he added, adding that if it were converted to an ETF, investors would receive billions in value back.In June of last year, the SEC rejected Grayscale’s request to change the GBTC into a spot Bitcoin ETF. In response, Grayscale filed a lawsuit against the regulator, claiming that by refusing to treat comparable investment vehicles consistently, it was acting arbitrarily.

The Supreme Court of India has recently expressed concern over the lack of clear norms and regulations governing cryptocurrencies in that nation. The court characterised the absence of such law as “unfortunate,” highlighting the urgent need for a legal framework to oversee the quickly developing cryptocurrency industry. As the number of criminal proceedings involving cryptocurrencies

According to John Deaton, the unfair treatment raises questions about both the broader framework for digital assets and the effectiveness and fairness of the regulatory agency. John Deaton, an attorney who supports XRP, claims that the United States Securities and Exchange Commission’s (SEC) actions against the crypto business are motivated by a larger goal to

Bitget, a prominent cryptocurrency derivatives and copy trading platform, has announced the listing of its native token BGB on the renowned cryptocurrency exchange MEXC. The listing, which is anticipated to increase the BGB token’s liquidity, accessibility, and overall value, is planned for July 31, 2023. BGB, which has a total supply of 2 billion and

Before his October trial, U.S. prosecutors filed a motion to revoke FTX founder Sam Bankman-Fried’s bond and send him to prison on the grounds that he has frequently attempted to sway witness evidence and that his bail terms are insufficient to safeguard the public. Following up on their declaration on Wednesday that they were “seeking

The community of Arbitrum is currently working out the specifics of two multi-million dollar projects, and they may soon start giving out grants.To create grant programs that will finance ecosystem development, two governance proposals ask for around $5 million in ARB tokens from Arbitrum’s over $4 billion treasury.Voting for one of the grant programs has been ongoing among ARB stakeholders since last week; voting for the second program will begin on Monday. The ability to vote on the projects might give ARB token holders significant grantmaking power, allowing them to decide which programs receive funded and in what amounts.The creator of Plurality Labs, which is proposing one of the ideas, went by the alias DisruptionJoe and described them as independent but not necessarily competing projects. “In the event that both proposals succeed, the entities involved are eager to collaborate, thereby establishing a precedent of pluralism from the very beginning,” DisruptionJoe said in a comment. In addition to these active votes, other Arbitrum-based entities, such as the trading DEX Camelot, have pushed for their own multi-million dollar token allocations.That endeavor fell short this week.

A new internal VR gaming studio called Ouro Interactive is helping Meta update its Horizon Worlds metaverse platform.The faltering platform recorded $3.7 billion in losses for the second quarter of 2023, and it looks that consumer interest in the metaverse is waning.Through a new internal VR gaming studio, Meta is attempting to revitalize its flagging Horizon Worlds platform in an effort to help it recover significant losses and pique users’ fading interest in its metaverse. Vishal Shah, vice president of Metaverse, said that the company is creating fresh first-party games through a brand-new internal studio called Ouro Interactive in an interview with the tech publication Lowpass.The creator of the newsletter, who played “Super Rumble,” one of their newest titles, claimed that the studio is utilizing new technology developments to create “much better-looking and immersive experiences.” “We’ve really raised the ceiling on what can be built in Horizon in terms of visual complexity, interactivity and fun gameplay,” Meta’s metaverse VP Vishal Shah told Lowpass. Although it’s unclear when it will do so, Shah claims that the platform is also attempting to better target the allegedly billions of mobile gamers throughout the world. Cross-platform play, according to Shah, will move the platform even further away from being “VR only to a place where we’re going to be VR first.” The smartphone version is intended to serve as a bridge for individuals who don’t own a VR gear. The ability for developers to import assets from games created with third-party technologies has been a major priority for Horizon Worlds during the past year.In order to enable people to construct in its environment without being familiar with specialized 3D rendering tools, it is also investing in generative AI technologies. “This is definitely more than just a new world,” Shah told Lowpass. “[It’s] the next generation of Horizon Worlds.” In an earnings call on Wednesday, CEO Mark Zuckerberg reaffirmed Meta’s dedication to AI and the metaverse, calling them both “major priorities” that are now “overlapping and complementary.” “For Horizon,

FTX and Genesis, two bankrupt cryptocurrency companies, have struck a preliminary understanding that would resolve all of the claims made by both sides in their ongoing dispute. The parties have “reached an agreement in principle, subject to documentation, regarding a settlement that would resolve, among other things, the claims asserted by the FTX Debtors against

Bullshark Quest 2 will officially launch on July 28, 2023 at 12:01 A.M. PDT, according to a statement from Mysten Labs. The first Bullshark Quest, which saw tremendous community participation and raised major awareness of the Sui ecosystem, was successfully completed just before the launch of the new quest. A collaboration between Mysten Labs and

The Securities and Exchange Commission (SEC) mandated that publicly traded businesses, including cryptocurrency businesses, submit yearly reports on their “cybersecurity risk management, strategy, and governance.” In an effort to increase investor confidence in publicly traded corporations, the new rule mandates that businesses disclose any “material” cybersecurity issues within four business days. Along with a report

According to etherscan data, Coco, a new cryptocurrency casino modeled after the Milady NFT project, launched on the Ethereum blockchain with a transaction volume of $36 million on the first day following its launch.The native coin of the network (COCO) has increased to 8 cents, giving it a $8.8 million market valuation.On Friday, the coin was launched on the crypto platform Poloniex. Crypto traders commonly focus on on-chain betting platforms, such as the hamster racing event from last week, as the larger cryptocurrency market continues to stagnate and lack volatility.A slot machine in Coco’s casino is based on Milady NFTs, and another is dedicated to the well-known memecoins pepe (PEPE) and dogecoin (DOGE).Additionally, it offers casino hold’em, baccarat, and blackjack, three classic table games.The casino advertises itself as “provably fair” due to the fact that each game creates a seed before play and uses the SHA256 method to expose its hash. This ensures that nothing can be tampered with. With its native token (RLB) growing to 7 cents from 2 cents this month, well-known crypto casino Rollbit has also been gaining popularity in light of the stable market.

The Dutch central bank (DNB) has formally recognized Crypto.com as a crypto service provider, the most recent in a line of governmental recognitions that the firm has praised.Despite previously taking a hard position against businesses like Binance and Coinbase, the Netherlands has now joined other countries like the U.K., Dubai, and France in recognizing the firm, which is officially known as Foris DAX Global Ltd. “This registration approval from De Nederlandsche Bank is a significant milestone for our business and the latest testament to our commitment to compliance,” said Kris Marszalek, CEO of crypto.com in a statement. “We look forward to continuing to work with DNB and other regulators around the world.” Due to allegations that they supplied Dutch consumers without registering, a regulatory process that certifies compliance with anti-money laundering and sanctions rules, DNB has previously penalized businesses like Binance and Coinbase millions of euros.Binance just made the announcement that it is leaving the nation after failing to get recognition.New EU regulations that go into effect in 2024 would allow exchanges and wallet providers licensed in one EU member, like the Netherlands, to operate throughout the 27-nation union. This licensing procedure is more rigorous than registration and entails checks on governance and financial health.Although the registration was not visible on DNB’s public registry at the time of writing, a central bank representative verified it.

To equip it with token infrastructure, Near Foundation has teamed with Colombian web3 social network Blumer.According to Blumer CEO Ernesto Ruiz, the company started using the Near Protocol to store the rewards tokens that users receive for seeing advertisements on the network. Users will be able to exchange tokens for other cryptocurrencies or send them to wallets using the Near blockchain, he added. According to Ruiz, there are already 790,000 members on the platform, with Colombia, Mexico, and Venezuela following Colombia in popularity. members typically receive $7 per month for using Blumer.Users of Blumer can make money off the platform by watching advertisements, selling NFTs, or making cryptocurrency transactions, according to a statement from the Near Foundation. In Colombia, users could exchange their Blumer tokens for cash at nearby Davivienda banks prior to the company’s agreement with Near, according to Ruiz. Blumer delivered its tokens using its own blockchain infrastructure.

According to Jake Brukhman, founder and CEO of CoinFund, the venture capital firm supporting the project, Worldcoin (WLD), the identity system formally introduced this week by Sam Altman of OpenAI, could spread cryptocurrency more broadly than bitcoin. “One of the core propositions of Worldcoin is to build a system that can create a distribution of a cryptocurrency that’s even wider around the world than bitcoin is today,” Brukhman said. According to a blog post this week by Austin Barack, a partner at CoinFund, Worldcoin could bring “billions of users” to the cryptocurrency markets.According to a Dune analytics dashboard on the project, 941,000 World App wallets have been generated as of the time of writing. Worldcoin had just over two million confirmed users globally prior to the launch.Worldcoin is fundamentally an identification protocol that uses iris scans, AI, and zero-knowledge proofs to confirm that users are distinct and human.The network began on Monday, raising concerns about its tokenomics and privacy policies. Despite this, enrollment has continued.On Wednesday, Altman asserted on Twitter that one individual registers every eight seconds worldwide.Users have been requested to upgrade their apps so they may build Optimism wallets and move their beta tokens to the new blockchain since the protocol is switching from Polygon to Optimism, a Layer 2 ethereum scaling solution, at launch.According to Crunchbase, CoinFund joined industry titans like a16z and Multicoin Capital in investing in Worldcoin at its series A round in February 2021. “What attracted CoinFund to Worldcoin is its large global vision and Web 3-focused technology,” Brukhman said Thursday. The CEO stated that he is not concerned that the token is currently unavailable in the United States owing to regulatory issues and that WLD would soon be made available domestically.

One of the biggest decentralised finance (DeFi) lending networks, MakerDAO, is increasing returns for token holders in an effort to increase demand for its $4.6 billion DAI stablecoin. The community of the network supported the introduction of the so-called Enhanced DAI Savings Rate (EDSR) in a governance vote that was completed on Thursday. This rate

A recent press release states that the Israeli government has established a special inspection team to investigate the regulation of decentralised governance organisations, or DAOs, and that the team will be soliciting public input on the subject until September. The team, which is led by the Ministry of Justice’s Head of the Corporations and Capital

Canadian authorities published capital measures for banks and insurers that hold crypto assets on Wednesday, with a consultation period ending on September 20. The Office of the Superintendent of banking Institutions stated that it was based its ideas on those proposed by the Basel Committee on Banking Supervision in December, which might determine how far

Binance has withdrew its application for a licence from the German financial authority BaFin. The decision comes after a retreat from nations such as Austria, Belgium, and the Netherlands, and as its US branch is being sued by regulators for operating an unlicensed exchange. “Binance confirms that it has proactively withdrawn its BaFin application,” a

Singapore’s High Court has recognised crypto as a property capable of being held on trust, in a case involving Seychelles-based exchange Bybit and a contractor, according to a court recent judgement. Bybit brought a case against Ho Kai Xin, claiming that in breach of her employment contract, she abused her position to transfer over 4.2

The layer 1 blockchain Solana has been used to launch a new private credit lending pool by decentralized finance (DeFi) credit marketplace Credix Finance, the company announced on Wednesday.Credix, which expects the pool could increase to $150 million over the next several months depending on capital demand in the country, said lenders can earn up to 11% annually by investing in insurance-protected private credit to Colombian farmers backed by receivables. The new service comes as traditional finance and DeFi are becoming more and more entwined, with crypto native enterprises collaborating with legacy financial institutions to transfer traditional instruments to the blockchain, like private credit and bonds, often known as real-world assets (RWAs).According to a Boston Consulting Group analysis, the tokenization of RWAs might upend banking by increasing the efficiency, accessibility, and transparency of capital markets, which by 2030 could represent a $4 trillion to a $16 trillion market. This year, the demand for RWAs from digital asset investors increased as a result of the rising yields in the traditional loan markets.Additionally, this occurred as a result of people losing faith in cryptocurrency loans following last year’s huge explosions.Through a bankruptcy remote trust and a pledge of the receivables as security, Colombia-based fintech company Clave and its affiliate Liquitech underwrite and originate the loans in Colombian pesos.The underlying private note is settled in USDC stablecoin via the Credix platform.The receivables are insured by the Spanish Export Credit Agency subsidiary CESCE Colombia. “This groundbreaking initiative not only brings a unique offering to the market but also holds power to make a significant social and economic impact by providing crucial financial support to farmers in Colombia,” Thomas Bohner, chief executive of Credix, said in a statement. The pool will pay out an annualized yield (APY) of 11% to accredited investors who deposit USDC stablecoin.This is much greater than the 2.6% APY offered to lenders on the DeFi protocol Aave, according to DefiLlama.Solana Foundation, the company responsible for developing Solana, and the creator of the digital asset market, Keyrock, are among the pool’s initial investors.With its tax receivables pool, released earlier this year, rival credit marketplace Maple Finance has created $36 million in loans. Credix’s new service follows in their footsteps. According to RWA data firm RWA.xyz, the market for blockchain private credit is worth $557 million.

In an effort to grow in Latin America, Ramp Network, a firm that provides payment infrastructure to link traditional finance with cryptocurrency, created a local organization in Brazil.The firm will make its software development kit (SDK) available in the South American nation for clients, including Web2 enterprises, crypto wallets, and Web3 games, allowing their users to purchase cryptocurrencies via an end-to-end, non-custodial on-ramp and providing a crypto to fiat off-ramp. “This year, we are fully dedicated to establishing a strong presence in Latin America, and the reason for that is that this is a very interesting market for us,” Łukasz Anwajler, chief technology officer at Ramp, said in a statement, citing latest survey published by blockchain data analytics platform Chainalysis. According to data from Chainalysis, which he cited, Latin America as a region accounted for 9.1% of all crypto value received globally last year, and Brazil was sixth on the list of nations with the largest adoption of cryptocurrencies.According to Anwajler, recent crypto legislative clarification in Brazil was one of the factors driving Ramp to establish a presence there.A law was passed in Brazil in December that establishes a “virtual service provider” license that firms dealing in digital assets, such as exchanges and trading intermediates, must apply for. Recently, a number of businesses have been growing in Latin America, particularly in Brazil.Giant cryptocurrency exchange Coinbase (COIN) said earlier this year that it had integrated the Pix payment system used by the Brazilian government and had begun enabling real-currency crypto purchases.Anwajler added that Brazil will act as Ramp’s hub for Latin America as the firm wants to continue expanding in the region. Ramp will look to connect with regional payment networks in Brazil, such as the popular Pix, which is also hiring there. According to a statement from the company, it recently introduced the Brazilian real and other Latin American currencies to its portfolio. It also made it possible for consumers in Brazil to buy cryptocurrency using card payments.In a Series B investment round co-led by Mubadala Capital, a division of one of the sovereign wealth funds of the United Arab Emirates, and Korelya Capital in November 2022, Ramp raised $70 million.The business offers a platform for websites and applications to integrate with, enabling consumers to purchase and sell cryptocurrencies.Credit cards, debit cards, bank transfers, Apple Pay, and Google Pay are all accepted payment options on Ramp for purchasing cryptocurrencies. According to Ramp’s website, some of its more significant clients include Argent, Trust Wallet, Axie, Brave, and Opera.

Craig Wright’s legal attempt to obtain more than insignificant damages from a libel lawsuit brought against bitcoiner and podcaster Peter McCormack over Wright’s assertion that he is Satoshi Nakamoto, the creator of Bitcoin, has failed.The London Court of Appeal in London unanimously decided on Wednesday that giving Wright only 1 British pound ($1.29) in compensation was appropriate given the false claims Wright made. In an earlier case, High Court Judge Martin Chamberlain was “clearly right to treat Dr Wright’s lies and deception as ‘disreputable facts that are properly before the court’,” Lord Justice Mark Warby said in a ruling dated July 26. “Where the libel was an accusation of dishonesty, the dishonest conduct of the litigation was

Crypto exchange Rain has secured a licence to offer a virtual asset brokerage and custody service for its clients in the United Arab Emirates, the business announced on Tuesday. “Today, Rain is launching in the UAE as the first licenced retail exchange,” said Joseph Dallago, CEO and co-founder of the Bahrain-based startup, in a tweet.

According to blockchain security firm CertiK, the largest lending protocol on Ethereum scaling blockchain zkSync was targeted by a $3.4 million read-only reentrancy attack. According to DefiLlama data, the total amount of capital locked on EraLend dropped to $10.75 million from $18.5 million following the exploit. “Today, we had a security incident on our platform.

According to a recent filing made on Monday, the leading cryptocurrency exchange Binance wants the U.S. Commodity Futures Trading Commission’s (CFTC) lawsuit against it to be dismissed.In March, the CFTC filed a lawsuit against Binance, its founder Changpeng Zhao, and compliance manager Samuel Lim in an Illinois federal court, alleging that the exchange ran a derivatives trading operation there and gave orders to its American staff to hide their locations in order to circumvent regulations. The Securities and Exchange Commission (SEC) has filed a lawsuit against Binance, requesting that a temporary restraining order be put in place on all funds transferred there.US is the company’s US division.The restraining order, which was described as a “death penalty” by a lawyer for Binance.US, was never implemented because of Binance.The assets and servers of the branch would solely be under the management of its American-based staff, according to a settlement reached by the US and the SEC. As a result of Ripple’s partial victory over the Securities and Exchange Commission earlier in July, perceptions of the American regulatory landscape have changed since that time.This coming Thursday, on July 27, Binance must respond to the CFTC’s complaint.Binance simply requested a 15-page extension due to the intricacy of the issue, the petition did not include any additional details regarding its defense.A separate Motion to Dismiss will also be submitted by Lim, the document states.

Hashdex, a global pioneer in crypto asset management, announced the appointment of Brian Brooks to its Board of Directors. The board has grown from four to five members. Brooks, a representative of Hashdex investor Valour Capital Group, will serve as a strategic advisor, providing counsel on global regulation to advance Hashdex’s global market growth. Hashdex,