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This week’s crypto news roundup highlights the newest developments and trends in the cryptocurrency market.
The Trump Organization, led by Eric Trump, is preparing to launch a cryptocurrency initiative described as “digital real estate.” The venture is expected to focus on decentralized finance (DeFi) and aims to challenge traditional banking systems by offering a more accessible and equitable form of collateral.
The move aligns with broader ambitions within the Trump family, particularly if Donald Trump wins the 2024 presidential election. The former president has indicated plans to transform the U.S. into a major hub for cryptocurrency, with intentions to fire the current SEC chair and end what he perceives as a “war on crypto.”
Meanwhile, Binance has completed its registration with India’s Financial Intelligence Unit (FIU-IND), allowing it to resume full operations in the country. The registration follows a $2.25 million fine imposed on the exchange earlier this year for failing to comply with India’s anti-money laundering (AML) regulations.
Trump Organization Unveils Crypto Venture
The Trump Organization will soon unveil its new cryptocurrency initiative. In a recent interview, Eric Trump said that the crypto project would be publicly announced the “moment everything is final and ready to go.” However, details of the project remain under wraps.
Eric Trump previews major Trump Org move into crypto as he charts the family company’s future (NY Post)
Binance Re-Enters India
Binance has registered as a “reporting entity” with India’s Financial Intelligence Unit, indicating that the world’s largest crypto exchange is now allowed to operate in India after being blocked there since January. The move comes after the Indian regulator blocked nine crypto websites in January for illegal operations.
Binance re-enters India after settling a $2.25 million penalty with FIU (The Block)
Crypto Bill to Come by Year-End
Senate Majority Leader Chuck Schumer has expressed optimism that a bipartisan cryptocurrency regulation bill could be passed by the end of this year. Speaking at a virtual event for supporters of Vice President Kamala Harris, Schumer emphasized the importance of creating sensible and balanced crypto legislation.
Schumer says a crypto bill can pass Senate this year (CNBC)
The U.S. Federal Trade Commission (FTC) has introduced new regulations to crack down on deceptive practices by social media influencers, particularly within the cryptocurrency sector. These rules, which will take effect in October 2024, target the use of fake social media metrics, such as followers, likes, and views, that are often artificially inflated to mislead the public.
Beware, Crypto Influencers! FTC is On to You (Techopedia)
Goldman Sachs Reveals $400M in Bitcoin ETF Holdings
Goldman Sachs has revealed more than $400 million in holdings across several Bitcoin exchange-traded funds (ETFs)during the second quarter of 2024. The most significant portion of Goldman Sachs’ investment is in BlackRock’s iShares Bitcoin Trust, followed by substantial holdings in other ETFs such as Fidelity’s Wise Origin Bitcoin ETF.
Goldman Sachs Held More Than $400M In Spot Bitcoin ETFs, Filing Shows (Investopedia)
Kamala Harris Surpasses Trump on Polymarket
Vice President Kamala Harris has recently surpassed former President Donald Trump in the 2024 U.S. presidential election odds on the prediction platform Polymarket. Harris’ odds surged to 52%, while Trump’s dropped to 46%.
Kamala Harris has opened up a 6% lead over Trump. pic.twitter.com/ZAiszaxC7n
— Polymarket (@Polymarket) August 10, 2024
Kamala Harris Surpasses Donald Trump in Presidential Election Odds on Polymarket (Cryptonews)
MetaMask Rolls Out Blockchain-Based Debit Card
MetaMask, in collaboration with Mastercard and Baanx, has begun rolling out a blockchain-based debit card that allows users to spend cryptocurrency directly from their MetaMask wallets. The card, which is initially available in the EU and UK, enables seamless conversion of crypto to fiat for everyday purchases wherever Mastercard is accepted.
MetaMask’s New Crypto Debit Card with Mastercard Rolls Out in EU and UK (BeInCrypto)
South Korea’s National Pension Service (NPS), one of the largest pension funds globally, purchased nearly $34 million in shares in MicroStrategy during the second quarter of 2024. The move expands the fund’s portfolio into companies heavily involved in digital assets, with MicroStrategy being a prominent corporate holder of Bitcoin.
South Korea’s Pension Service Invests $34 Million In MicroStrategy Shares (FinanceFeeds)
Bitcoin Mining Profitability Resumes Decline
In August 2024, Bitcoin mining profitability reached an all-time low, driven by a significant increase in the network’shashrate, which measures the total computational power used for mining. The surge in hashrate, combined with a decline in Bitcoin prices and rising operational costs, has severely squeezed miners’ profit margins.
Bitcoin Mining Profitability Fell to All Time Lows in August, JPMorgan Analyst Says (CoinDesk)
Binance Reaches Settlement with Brazil
Binance has settled with Brazil’s Securities and Exchange Commission (CVM) to pay approximately $1.76 million (9.6 million reais) to resolve a long-standing investigation into unauthorized derivatives trading. The settlement concludes a dispute that began in 2020 when the CVM accused Binance of offering derivatives without the necessary authorization.
Binance ends Brazil dispute with $1.76 million settlement over derivatives (CryptoSlate)
Crypto.com Secures Sponsorship Deal with UEFA
Crypto.com has secured a multi-year sponsorship deal with the UEFA Champions League, making it the first cryptocurrency platform to partner with Europe’s premier club football competition. The agreement, which spans from 2024 to 2027, will see Crypto.com serve as the official global sponsor of the Champions League.
UEFA and Crypto.com announce UEFA Champions League sponsorship (UEFA)
SEC Files Charges Against NovaTech
The U.S. Securities and Exchange Commission (SEC) has filed charges against NovaTech Ltd., its founders Cynthia and Eddy Petion, and several promoters for allegedly orchestrating a $650 million cryptocurrency pyramid scheme. The scheme, which ran from 2019 to 2023, involved more than 200,000 investors globally, including many Haitian-Americans.
SEC charges crypto firm NovaTech with fraud (TechCrunch)
