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Here’s How Bitcoin Could Smoothly Replace Central Banking System, According to Macro Guru Lyn Alden
Popular macroeconomics expert Lyn Alden is unveiling a path for countries to adopt the Bitcoin (BTC) Standard.
In a new interview with crypto trader Scott Melker, Alden discusses the potential emergence of the Bitcoin Standard as the United States records a historic high of $35 trillion in debt.
The Bitcoin Standard is a concept introduced by economist Saifedean Ammous in 2018. The term is now being used to advance Bitcoin as a decentralized, apolitical and free-market alternative to national central banks.
Alden lists several steps a country can take to move closer to the Bitcoin Standard.
“If I put my hat on and think what would you do if you wanted that to be smoother: basically adding some to the reserves would be one of the options. Read More
England’s Law Commission proposes new property category for crypto assets
The Law Commission’s final report advocates for legal reforms to better protect the unique features of digital assets.
The Law Commission of England and Wales urged the United Kingdom government to categorize all crypto assets as a new form of personal property in its final report on digital assets.
The Law Commission is an independent body primarily tasked with reviewing and recommending law reforms in England and Wales. On July 30, it published a supplemental report highlighting the inadequacy of the current categorization of personal property and its legal implications on crypto assets.
English law categorizes personal property into two main types: things in possession (tangible property) and things in action (intangible property, such as debts or rights). The commission argued that digital assets, including cryptocurrencies and non-fungible tokens, can possess both qualities and hinder dispute resolution in court proceedings. Read More
SEC likely still believes SOL is a security, say crypto execs
Many crypto observers may be “overreading” the security regulator’s latest filing for its Binance lawsuit, meaning Solana and other tokens may not be off the hook yet.
The United States securities regulator hasn’t necessarily let Solana off the hook as a security despite retracting its request for a court to decide on the matter as part of its Binance lawsuit on July 30.
“There is no reason to think SEC has decided SOL is a non-security,” said Jake Chervinsky, chief legal officer at crypto-focused venture capital firm Variant Fund, in a July 30 X post.
Chervinsky’s post refers to the latest response from the US Securities and Exchange Commission, seeking to amend its complaint regarding the “Third Party Crypto Asset Securities.” Essentially telling the court it is no longer asking to determine whether the tokens listed in the lawsuit are securities or not.
While Chervinsky didn’t expand on what that “litigation tactic” may be, he highlighted that the SEC still refers to the same tokens as securities in other crypto exchange lawsuits, including its one with Coinbase. Read More
Over 70% of hacked funds are lost to CeFi entities — Cyvers
Real-time threat detection and AI integrations could further bolster Web3 security, according to the CEO of Cyvers.
Centralized finance (CeFi) entities are the largest target for cryptocurrency hackers in 2024.
Over 70% of the funds lost through cryptocurrency hacks are stolen from CeFi entities, according to Deddy Lavid, the co-founder and CEO of Web3 security firm Cyvers.
The CEO told Cointelegraph that CeFi entities account for about 70% of incidents both in terms of lost funds and amount of exploits:
“[CeFi] is roughly 70% of the incident landscape. Having said that, attacks against smart contract-based projects are on the rise. The biggest security vulnerabilities today stem from both the code and personal negligence.”
Cyvers has announced a partnership with layer-1 blockchain Arthera Chain to enhance Web3 security by providing real-time threat detection and comprehensive monitoring solutions, according to a statement shared with Cointelegraph. Read More
BRICS Countries Advancing with a New Payment System. A Breakthrough for Global Commerce Potentially Disrupting the Dominance of the US Dollar
Recent headlines suggested that the longstanding 50-year agreement between the United States to exclusively price oil in US dollars had expired, sparking concerns that the era of the Petrodollar may end. Despite initial fears, it was later confirmed that this information was inaccurate. Nevertheless, significant developments occurred during this period as BRICS introduced a new payment system, and Saudi Arabia subsequently became a participant in this initiative.
A potentially game-changing development is on the horizon as a consortium of emerging nations, known as BRICS, prepares to unveil a new payment system, which it has been working on for years and is based on the Ethereum blockchain. This innovation, with its potential to disrupt the US dollar's dominance, could signal a long-awaited breakthrough for global commerce and provide relief to countries struggling with crippling economic sanctions and the exploitative petrodollar system. Read More
Crypto.com-Backed ZKX Protocol to Shutdown Amid Economic Challenges
Effective immediately, all markets on ZKX have been delisted, and positions closed with funds returned to users’ trading accounts
Decentralized finance trading platform ZKX Protocol is set to cease operations, citing insurmountable economic challenges, according to a statement from co-founder Eduard Jubany Tur on Wednesday.
"With much regret, we have to announce the discontinuation of the ZKX protocol. Despite our best efforts, we have been unable to find an economically viable path for the protocol," Tur said.
Effective immediately, all markets on ZKX have been delisted, and positions closed with funds returned to users’ trading accounts. Users can transfer their funds from their trading accounts to their self-custodial accounts on Starknet. Read More
Binance Executive Discusses Impact of US Government Potentially Holding Bitcoin as Strategic Reserve
Catherine Chen, Binance’s head of VIP & Institutional, has shared her view regarding the discussion of bitcoin as a strategic reserve for the U.S. government and its impact on the crypto market. She believes the growing recognition of BTC by politicians and industry leaders underscores its rising significance in the financial system.
“It is a positive sign for the digital assets market that bitcoin is being cited more frequently and is becoming a significant topic of discussion. Robert Francis Kennedy Jr’s pledge to create a strategic bitcoin reserve that matches U.S. gold reserves level solidifies bitcoin’s utility as digital gold,” she said in a statement, adding:
Implementation of a U.S. strategic bitcoin reserve will require legislative and technical processes but what is clearly meaningful is that politicians and prominent industry leaders are explicitly stating their positions, recognizing the value of bitcoin in the monetary system, and making it clear that crypto is important on their agenda. Read More
Russia Moves to Legalize Cryptocurrency Payments Amid Sanctions Pressure: Report
On Tuesday, Lawmakers in the State Duma, Russia’s lower house of parliament, will deliberate on a cryptocurrency bill in its second and third readings. Additionally, separate legislation regulating crypto mining will also be considered.
According to Anatoly Aksakov, head of the Duma’s financial market committee, these draft laws are expected to quickly pass through the Federation Council before being signed into law by President Vladimir Putin, with an effective date of September 1.
“Previously, there were fears that the legalization of cryptocurrency could create problems for the development of the domestic market,” Aksakov said. However, he added that cryptocurrencies’ potential to help Russia bypass Western sanctions has become “an objective phenomenon and cannot be ignored” by regulation.
Under the new legislation, cryptocurrencies will be regulated like foreign currencies. Aksakov noted that businesses involved in crypto and mining pushed for the law to ensure they can operate legally without fear of investigation. Read More
21Shares Integrates Chainlink Proof of Reserve to Boost Transparency of Ethereum Reserves
This integration follows the launch of the first spot Ethereum ETFs in the US, which began trading on July 23.
21Shares – which is part of 21Shares AG – has announced the integration of Chainlink Proof of Reserve on the Ethereum mainnet. It improves the transparency of the Ethereum reserves backing the 21Shares Core Ethereum ETF (CETH), which is physically backed by Ether and tracks its performance.
The Zurich-based financial institution said that the latest move aligns with its broader goals to expand its US product lineup and strengthen its presence in the US market. Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
