Republican lawmakers Tom Emmer and Patrick McHenry have sent a letter to SEC Chair Gary Gensler, urging for clear guidance on the regulatory status of crypto airdrops. They argue that the SEC’s current approach could stifle innovation in the burgeoning digital asset space.
Paul Frambot, CEO of lending protocol Morpho, believes DeFi’s growth depends on fintech pioneers like Revolut and Robinhood. He sees these companies as key to attracting mainstream users and pushing DeFi beyond its current speculative state. Frambot highlights the potential for DeFi to revolutionize payment processing, offering an alternative to traditional systems.
This week saw a flurry of activity across the crypto, political, and tech landscapes. From the latest developments in the crypto world to the drama surrounding US politics, we break down the key stories impacting these sectors.
As the 2024 US presidential election approaches, the CEO of IBC Group, Mario Nawfal, discusses the potential impact of a change in leadership on crypto regulations. Nawfal expresses optimism about regulatory changes under a potential Trump presidency, highlighting the former president’s stance on crypto compared to Vice President Harris. He also emphasizes the need for the crypto industry to shift its focus from quick profits to developing user-friendly and sticky products.
The iShares Bitcoin Trust ETF (IBIT) is facing headwinds after a strong start to 2024. While it has seen gains year-to-date, recent performance has been weak, leading to questions about the sustainability of Bitcoin ETF hype. Technical indicators also suggest a bearish trend, with IBIT trading below key moving averages and exhibiting negative momentum. Despite some bullish sentiment, investors may need to brace themselves for more volatility.
Ether.fi has unveiled its new blockchain-based credit card, Ether.fi Cash, which allows users to spend fiat currency while using their crypto assets as collateral. The card offers 3% cashback on all purchases, no restrictions, and leverages Scroll’s Ethereum Layer-2 network for faster and cheaper transactions.
Shiba Inu (SHIB) has seen a surge in coin burns, with over 12 million coins removed from circulation in the past 24 hours. This activity comes amid a wave of positive developments for the meme coin, including the launch of ShibDev and the continued growth of Shibarium, its layer-2 scaling solution.
BullRush, a gamified trading platform, is hosting a trading competition with a $10,000 prize pool for the top 100 traders. The competition allows participants to practice trading skills in a demo account, test strategies, and learn from experienced traders. With courses, tutorials, and a vibrant community, BullRush aims to make trading accessible and enjoyable.
Nvidia’s strong Q2 earnings sparked market volatility, pushing chip stocks higher while dragging down other sectors. AI crypto tokens saw gains despite Nvidia’s performance, reflecting the broader tech trend. Meanwhile, Donald Trump’s latest NFT collection generated over $2 million in sales within a day.
The Securities and Exchange Commission (SEC) is poised to sue NFT marketplace OpenSea, alleging that certain NFTs traded on its platform should be classified as securities. OpenSea CEO Devin Finzer vehemently disagrees, arguing that NFTs are fundamentally creative goods and should not be subject to traditional financial regulations. This action marks a significant expansion of the SEC’s regulatory reach into the world of non-fungible tokens, further intensifying the ongoing scrutiny of the cryptocurrency and blockchain space.
