• The United States Securities and Exchange Commission (SEC) has recently taken action against prominent crypto firms such as Binance and Kraken, issuing a fine of $30 million to Kraken.
• Jesse Powell, the former CEO of Kraken, criticized the SEC on its regulatory enforcement, saying that it is creating an imbalance in the crypto industry by focusing on genuine crypto exchanges while letting bad actors run free.
• Powell and Caitlin Long previously warned regulators about impending doom through crypto scams and fraud in the industry, but their warnings were ignored.
The SEC’s Regulatory Enforcement
The United States Securities and Exchange Commission (SEC) has been cracking down on some prominent crypto firms. The regulator closed Kraken’s staking services and issued a fine of $30 million, which the exchange has paid. But in a recent development, the former CEO of Kraken, Jesse Powell, criticized the SEC on its regulatory enforcement of digital firms amid all compliance efforts by the firms.
Imbalance In The Crypto Industry
Powell took to Twitter to mention that the SEC regulatory strategies are creating an imbalance in the crypto industry. The former executive noted that while the regulator is busy hunting genuine crypto exchanges, bad players have continued their schemes. Powell believes this diversion might paint cryptocurrency black and shut down good crypto companies. He also analyzed why regulators left bad actors to continue business – suggesting that these suspicious firms help their hidden agendas.
Warning Ignored By Regulators
Powell’s criticism of regulators comes after some events conflicted with his previous warning to watchdogs. A tweet from CryptoSlate revealed that Powell and Caitlin Long – CEO of Custodia Bank – both warned regulators about impending doom through crypto scams and fraud in the industry; however their warnings went unheard.
Bad Actors Destroying Resources
Bad platforms will destroy resources within the cryptocurrency space thereby dragging down growing adoption globally according to Powell’s analysis This could lead to losses for investors as they take down prominent digital participants with incompetency or malicious acts toward customers or other stakeholders in cryptosphere .
Powell’s criticism towards SEC shows us how important it is for government institutions to pay close attention when someone brings evidence regarding potential crimes committed by a big firm . If these cases are not handled properly , it can lead into bigger issues like loss for investors due to bad actors taking over legitimate businesses .
• Elon Musk announced his intention to step down as CEO of Twitter in December, with the intention of finding someone else to run the company by the end of 2023.
• In a poll conducted in December, over 60% of those questioned supported his resignation due to concerns about him being distracted from Tesla.
• Since purchasing Twitter last October, Musk has fired around 50% of its employees and tried to implement Twitter’s paid verification component before suspending it.
Elon Musk Steps Down as CEO of Twitter
Elon Musk announced in December of last year that he will step down as CEO of Twitter once a replacement is found, but will continue to operate some important divisions of the popular social media network. He tweeted at the time that he would quit as chief exec as soon as he found “someone foolish enough” to assume the post.
Poll Results Support Resignation
After conducting a survey of his followers in December, Elon Musk announced his intention to relinquish control of Twitter. In that poll, over 60% of those questioned supported his resignation due to concerns about him being distracted from Tesla.
Controversies After Takeover
Musk’s $44 billion acquisition of Twitter last October was marred by turmoil and debate. Since purchasing the social media site, he has fired around 50%of its employees and tried to implement Twitter’s paid verification component before suspending it.
Finding A Replacement
Musk stated last year that finding someone to take over Twitter could be difficult. He reportedly told remaining employees that the company might suffer “net negative cash flow of several billion dollars” in 2023 and that “bankruptcy is not out of the question” after letting go personnel last summer.
Good Timing To Find New CEO By End-2023
On Wednesday ,the billionaire again making public his intention to stand down, saying it would be “good timing”to find someone else to runTwitter bythe endof2023 , whe he believes the social media networkto be stable .
• Brave and Solana have partnered to enable support for SOL dApps in the Brave browser.
• The aim of the collaboration is to push for increased adoption of cryptocurrencies, particularly among mobile users.
• Since the beginning of 2021, Solana has seen a surge in value and activity from whales, resulting in a 70% increase over the past 30 days.
Brave Partners with Solana To Push Crypto Adoption
Brave has announced that it has added support for SOL dApps following its partnership with Solana network to boost crypto adoption. By providing a wallet on the browser which allows sending, receiving, storing, and purchasing SOL-based tokens, Brave is making crypto usage more seamless and efficient.
CEO and co-founder of Brave, Branden Eich said that this integration will provide faster and more friendly ways to use their crypto on the go: “with the addition of Solana dApp support on mobile, we are expanding that reach to another key group seeking fast and friendly ways to use their crypto on the go.”
Head of partnerships at Solana Foundation Amelia Daly stated: “User experience can be very fragmented in crypto. The Brave dApp integration is important because it allows for seamless browser-based connections to your favorite Solana programs, and it is optimized for mobile.”
Solana Becomes More Attractive
The news has made both the network and native token SOL attractive to large investors as millions of SOL tokens have been seen moving according to WhaleAlerts – an on-chain transaction monitoring platform. As such, since 2021 began, Solana has recorded bullish trends spiking nearly 70% in the past 30 days.
In conclusion, by partnering with Solana Network and enabling support for SOL dApps in its browser – Brave Browser is taking steps towards pushing crypto adoption while making usage efficient for users. This move has also resulted in an increase in both network activity as well as value – making it a great time for those interested in investing or using cryptocurrency services.
• U.S. regulators have set a new record for enforcement actions against crypto projects and companies.
• The SEC has taken the lead with 30 actions in 2022, while the CFTC and FinCEN have taken 19 and 9 respectively.
• The SEC’s “regulation by enforcement” approach has been a detriment to the nascent industry.
The United States is currently at the forefront of a new era in the cryptospace, one where regulatory enforcement is on the rise and the nascent industry is under attack. According to data shared by Solidus Labs, the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Financial Crimes Enforcement Network (FinCEN) have taken a total of 58 legal actions against crypto projects and companies, shattering all previous records since 2013.
The SEC has been the biggest opposer to the cryptospace, announcing 30 enforcement actions against projects and companies in the sector this year alone. The agency appears to be following a “regulation by enforcement” approach, which has been a detriment to the industry. The SEC has been successful in their legal battles against the peer-to-peer digital marketplace LBRY and payment company Ripple, among others, and their case against the latter is still ongoing.
The CFTC has also been increasing its legal action against the sector, with 19 cases in the past year. The agency has taken aim at companies such as Block.one, a blockchain software company that was fined $24 million for conducting an unregistered initial coin offering, and BitMEX, a crypto derivatives trading platform that was charged with operating an unregistered trading platform and violating multiple CFTC regulations.
FinCEN has also been active in the cryptospace, issuing nine enforcement actions this year. Most recently, the agency fined a U.S. individual $60 million for willfully violating the Bank Secrecy Act and operating an unlicensed money transmitting business involving cryptocurrencies.
Overall, the U.S.’s stance on the cryptospace has been clear – it will not tolerate any violations of its regulations, and it is willing to take the necessary legal action to ensure that the industry is compliant. While this may be a detriment to the cryptospace in the short-term, the increased regulatory clarity should be beneficial in the long-term, as it will provide more certainty and stability to the sector.
– Ripple’s Vice President of Central Bank Engagements and CBDCs, James Wallis, will be delivering the keynote at a webinar addressing the potential use cases and benefits of a digital pound in the United Kingdom.
– The panel is hosted by the Digital Pound Foundation, which Ripple joined in October 2021, and includes various industry leaders discussing the benefits of CBDCs.
– The webinar is crucial to Ripple’s leadership team’s predictions for 2023, which highlighted Central Bank Digital Currencies (CBDCs) as one of the biggest trends.
On Thursday, January 26th, Ripple’s Vice President of Central Bank Engagements and CBDCs, James Wallis, will be delivering the keynote at a webinar addressing the potential use cases and benefits of a digital pound in the United Kingdom. Wallis will be joined by various industry experts and leaders to discuss the benefits of CBDCs, and the potential implications they may have for the future of digital payment systems.
The webinar is hosted by the Digital Pound Foundation, which Ripple joined in October 2021. Ripple’s Head of Policy, Susan Friedman, was appointed to the foundation’s board to strengthen Ripple’s initiative to engage with central banks worldwide on technical and policy issues related to CBDCs. Participating in the discussion with Wallis will be William Lorenz (co-leader of the Digital Pound Foundation’s use case working group), Chris Ostrowski (CEO and co-founder, SODA), Jakub Zmuda (strategy officer, Modulr), Andrew Dare (CTO banking and financial markets director advisory expert, CGI), Claire Conby (managing director at Billon), and David Karney (head of digital assets, Worldline).
The webinar is crucial to Ripple’s leadership team’s predictions for 2023, which highlighted Central Bank Digital Currencies (CBDCs) as one of the biggest trends. To drive this agenda, Ripple continues to actively work with the private and public sectors. Through its involvement in the Digital Pound Foundation, Ripple is aiming to develop and launch a digital pound in the United Kingdom, which will provide a variety of benefits for digital payment systems.
During the webinar, Wallis and the panel of experts will discuss the potential benefits of CBDCs, such as increased efficiency and cost savings for financial institutions, better access to financial services for underserved populations, and improved economic stability. They will also touch on the challenges that come with the implementation of CBDCs, such as security, privacy, and scalability.
The webinar is an important step in Ripple’s mission to help shape the future of digital payments and make them more accessible to everyone. With CBDCs becoming increasingly popular, the panel of experts will be able to provide valuable insight into the potential uses and implications of a digital pound. The webinar is sure to be an informative and engaging event that will provide attendees with a better understanding of the potential of CBDCs.
• The number of validators on the Ethereum network has recently surpassed the 500,000 benchmark, indicating major growth in the Proof-of-stake (PoS) mechanism.
• This follows the scheduled launch of the Shanghai upgrade, which will provide an option for validators to withdraw their staked ETH and profits.
• This is an indication of the growing confidence in Ethereum’s PoS consensus mechanism.
The Ethereum network is one of the most talked-about networks in the world of cryptocurrencies and blockchain technology. Recently, it has made headlines for its successful Merge upgrade, which saw the number of validators on the Ethereum network shoot up to more than 500,000. This indicates the growing acceptance of the Proof-of-stake (PoS) consensus mechanism that Ethereum has adopted.
The Ethereum network’s growth in the number of validators is also attributed to the upcoming Shanghai network upgrade. This upgrade is scheduled for March and promises to bring about various changes to the Ethereum network, one of which is the ability for validators to withdraw their staked ETH and profits. This is a major development for the network as it provides an incentive for validators and encourages them to remain active on the network.
Validators on the Ethereum network must stake a minimum of 32 ETH, which is currently worth around $50,302 in order to be qualified to validate transactions. This is one of the key requirements of the PoS consensus mechanism, and it ensures that the network remains secure and that the transactions within it are valid.
The increase in the number of validators on the Ethereum network is a major sign of confidence in the network’s PoS consensus mechanism. It shows that the users of the Ethereum network are confident in the security of their transactions and the rewards that they can receive from participating in the network.
The Shanghai network upgrade is expected to be a major milestone for the Ethereum network as it will provide additional features and improvements to the network. This includes the ability for validators to withdraw their staked ETH and profits, as well as various other features that will help to further improve the security and scalability of the Ethereum network.
Overall, the recent increase in the number of validators on the Ethereum network is a sign of growing confidence in the PoS consensus mechanism. This is further evidenced by the upcoming Shanghai network upgrade which promises to bring about various improvements and features to the network. With the number of validators continuing to grow, it is likely that the Ethereum network will continue to be a leader in the world of cryptocurrencies and blockchain technology.
• According to Glassnode’s weekly report, the non-fungible token (NFT) dominance on Ethereum has rebounded to 22%.
• This metric measures the percentage of total gas usage on the ETH network that a particular transaction type is consuming.
• When the value of this metric increases for a specific type of token, it means that the token is seeing relatively higher usage from holders than other transaction types.
The non-fungible token (NFT) market on Ethereum has been experiencing a resurgence recently, according to the latest report from Glassnode. The report indicated that the NFT dominance on Ethereum had rebounded to 22%, suggesting that these unique digital assets are making a comeback.
NFTs are unique digital assets that have been gaining traction in recent years, thanks to their ability to represent real-world items such as artwork, collectibles, and even real estate. Ethereum has been the primary platform for these tokens, with the majority of the NFT market existing on the blockchain.
The report from Glassnode indicated that the NFT dominance on Ethereum had dropped to only 13% recently. This metric measures the percentage of total gas usage on the ETH network that a particular transaction type is consuming right now. When the value of this metric increases for a specific type of token, it means that the token is now making up for a higher part of the total gas consumption on the Ethereum network and is, thus, seeing relatively higher usage from holders than the other transaction types.
Apart from NFTs, other popular applications that exist on Ethereum include ERC20 tokens, bridges, MEV bots, and DeFi. Each of these applications are consuming gas on the Ethereum network and can be measured by the same metric. The report indicated that the NFT dominance on Ethereum had declined to only 13% in the recent past, but had since rebounded to 22%, suggesting that the interest in these tokens is making a comeback.
This resurgence in NFTs is further evidenced by the increasing number of projects and platforms that are entering the market. Companies such as Nifty Gateway and OpenSea have been at the forefront of this trend, by providing users with easy to use interfaces to purchase and trade NFTs.
The rebound of NFTs on Ethereum is an exciting development for the blockchain industry, as it shows that these digital assets are gaining traction with users and investors. If the trend continues, it could lead to more projects and platforms entering the market, further driving up the demand for NFTs.
• Sam Bankman Fried, the founder and former CEO of FTX, appeared in a Federal Court in New York and pleaded not guilty to eight charges of wire fraud and conspiracy to commit fraud.
• SBF was granted a $250 million bail and released under the custody of his parents after his extradition from the Bahamas.
• Judge Kaplan accepted SBF’s plea and set the trial date for October 2, 2023.
Sam Bankman Fried, the founder and former CEO of FTX, recently appeared in a Federal Court in New York to face eight charges of wire fraud and conspiracy to commit fraud. It was a highly anticipated court appearance, as it was believed that the outcome of the case could have serious ramifications not only for Mr. Bankman Fried, but also for the cryptocurrency industry as a whole.
After his extradition from the Bahamas, Mr. Bankman Fried was granted a $250 million bail and released under the custody of his parents. Upon his arrival in court, he pleaded not guilty to all eight of the charges against him, much to the surprise of many observers. This not-guilty plea was seen as a potential sign of an agreement between SBF and law enforcement agencies, as rumors of such a deal had been swirling for some time.
The charges against Mr. Bankman Fried are related to the collapse of FTX in late 2022, which allegedly caused users billions of dollars in lost funds. Furthermore, it is alleged that he used customers’ funds to prop up his trading arm, Alameda Research. This not-guilty plea was seen as outrageous by those FTX users awaiting resolution, who blamed SBF for their losses.
Judge Lewis Kaplan accepted SBF’s plea and set the trial date for October 2, 2023. It is unclear if Mr. Bankman Fried will stick to his plea or change it later as part of an alleged deal with local authorities. Whatever the outcome of the case is, it is sure to have a lasting impact on the cryptocurrency industry and the reputation of those involved.
• The CRV token has seen a 1.46% decrease in price and has weakened in terms of Total Value Locked (TVL) in 2022.
• Despite its dip in TVL, CRV still dominates the DeFi market with 44% of the market share.
• Curve Finance has recently integrated with zkSync 2.0 mainnet to improve transaction speeds and security.
The Curve Finance platform and its native token, CRV, have been making waves in the decentralized finance (DeFi) space, with CRV becoming one of the top two cryptos in terms of Total Value Locked (TVL). However, recent events have caused a dip in the token’s price and TVL, but traders remain optimistic for the future of the token.
At the time of writing, the CRV token’s price had dropped by 1.46%, trading for $0.5323 according to CoinMarketCap. Despite the drop in price, CRV still managed to dominate the DeFi market, with 44% of the market share as of January 1, 2023. The token has also been leading the space in terms of volume, processing more than $100 million daily.
To further scale its security and privacy, Curve Finance recently announced that they would be integrating with zkSync 2.0 mainnet. This integration has allowed Curve to become an Automated Market Maker (AMM) and build several liquidity pools. With these updates, Curve transactions have improved significantly, boosting the overall performance of the platform.
Overall, the traders remain optimistic about the future of Curve Finance and its CRV token, with many believing that the recent dip in TVL is nothing more than a minor setback. With the ongoing integration with zkSync 2.0 mainnet and the platform’s continued success in the DeFi space, CRV could very well become one of the top cryptos in terms of TVL in 2023.
• Ripple CTO David Schwartz and self-proclaimed Bitcoin inventor Craig Wright clashed in a verbal altercation on Twitter around the Christmas holidays.
• The dispute ended with Schwartz ignoring his counterpart while Wright threatened to submit a scientific paper on XRP to the U.S. Securities and Exchange Commission.
• Wright and Schwartz debated the merits and weaknesses of XRP compared to Wright’s Bitcoin alternative – BSV.
During the Christmas holidays, Ripple CTO David Schwartz and Craig Wright, who claims to be the original inventor of Bitcoin, engaged in a heated verbal altercation on Twitter. The exchange of words quickly escalated, with Schwartz ignoring his counterpart while Wright threatened to submit a scientific paper on XRP to the U.S. Securities and Exchange Commission as a means of supporting his case in the lawsuit.
Following a brief lull in the fight, the two antagonists continued their verbal battle two days ago. Wright responded to a screenshot of a tweet from Schwartz in which he stated that Wright is not the inventor of Bitcoin, Satoshi Nakamoto. Wright then argued that Schwartz does not understand that the issue is “not just” a computer science problem. He asserted that this is why XRP is failing and challenged Schwartz to explain his definition of failing.
Schwartz accepted the challenge, and pointed out that XRP’s market cap is currently around $17 billion, and BSV’s is less than $1 billion, while XRP’s market volume is $330 million versus BSV’s $20 million. He argued that Wright’s minor fork of a minor fork is failing by every conceivable metric.
The conversation then evolved to Wright’s claim that the XRP Ledger cannot scale. Both competitors debated the merits and weaknesses of XRP compared to Wright’s Bitcoin alternative – BSV. According to Wright, the blockchain that can scale is Bitcoin – not Ripple’s XRP. He argued that in order for XRP to scale, it would need to be a blockchain, which it is not. He asserted that XRP is not a blockchain, and that it is “just a system of bookkeeping.”
Schwartz argued that XRP is able to scale, and he explained how the XRP Ledger utilizes sharding, probabilistic finality, and other mechanisms to ensure scalability. He added that XRP is faster, cheaper and more energy efficient than Bitcoin, and that it is also more secure than Wright’s Bitcoin SV (BSV).
The debate between Wright and Schwartz is ongoing, and it remains to be seen whether it will reach a resolution. In the meantime, the two will continue to clash over the merits and weaknesses of XRP and BSV.