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This week’s crypto news roundup highlights the newest developments and trends in the cryptocurrency market.
Ripple has begun testing its stablecoin Ripple USD (RLUSD) on both the Ethereum blockchain and the XRP Ledger. Earlier this year, Ripple said it would launch a USD-pegged stablecoin to rival established stablecoins like USDT and USDC.
Ripple USD (RLUSD) is backed by short-term U.S. Treasuries, dollar deposits, and cash equivalents. According to their blog post, the reserves will be audited by a third-party accounting firm, and Ripple plans to report monthly attestations.
Meanwhile, Brazil’s Securities and Exchange Commission (CVM) has approved the first Solana-based exchange-traded fund (ETF). QR Asset Management’s fund will track Solana’s performance and provide investors with exposure to the digital asset without needing to hold it directly.
Ripple Begins Testing Its Stablecoin
Ripple has begun testing its stablecoin on the Ethereum mainnet and XRP Ledger. “RLUSD has not yet received regulatory approval and therefore is not available for purchase or trading,” the company said in a blog post.
A New Era of Stablecoins: Ripple USD Begins Testing on the XRP Ledger Mainnet (Ripple)
Ripple Fined $125 Million
In a long-running case with the SEC, Ripple has been fined $125 million and prohibited from future securities law violations. Notably, the amount is a fraction of what US regulators had sought in a lengthy legal battle with the cryptocurrency company.
Ripple Hit With $125 Million Penalty, Fraction of SEC Claim (Bloomberg)
Brazil Launches Solana-Based ETF
The Brazilian SEC has approved a Solana-based ETF, the first of its kind in the country and one of the very first Solana-based exchange-traded products (ETPs) globally. Switzerland’s 21Shares launched the initial Solana ETP on the SIX Swiss Exchange in June 2021.
Brazilian Securities and Exchange Commission Approves First Solana ETF (Cryptonews)
Trump and Harris Tied on Polymarket
On the prediction market platform Polymarket, U.S. Vice President Kamala Harris and former President Donald Trump are currently tied in the odds for who will be the next U.S. president in 2024. The race represents the largest betting pool on the crypto prediction platform, with over $541 million at stake.
Polymarket is moving in favor of Harris today and A+ pollster Marquette has Harris leading Trump 53% / 47% pic.twitter.com/QNdNRq5U78
— Pedro L. Gonzalez (@emeriticus) August 8, 2024
Trump and Harris in Dead Heat for Presidency, Polymarket Betting Shows (Wall Street Journal)
Mox Adds Crypto ETFs to its Offerings
Mox, a digital bank in Hong Kong, has added crypto ETFs to its offerings and is planning to introduce direct cryptocurrency investing services. So far, only two exchanges, HashKey and OSL, are licensed to offer crypto trading in Hong Kong.
Hong Kong virtual bank Mox starts bitcoin, ether ETF trading (South China Morning Post)
Stripe Partners With Bitstamp to Offer Crypto Purchases in Europe
Stripe has partnered with Bitstamp to streamline cryptocurrency purchases for European users. The collaboration allows Stripe’s European customers to buy crypto directly using their bank accounts, making the process more accessible and user-friendly.
Bitstamp helps Stripe scale crypto purchases in the EU (Cointelegraph)
Binance Hit With $86M Tax Notice by India
Binance is contesting an $86 million tax notice issued by Indian authorities, arguing that the claims are unjustified. The notice pertains to alleged tax evasion related to services provided to Indian users, with authorities focusing on compliance with the Goods and Services Tax (GST).
India’s $86M Tax Notice to Binance — Why it Matters (Techopedia)
CoinDCX Launches Investor Protection Fund
Following the recent hack of WazirX, India’s crypto exchange CoinDCX has launched a $6 million Investor Protection Fund. The initiative is designed to safeguard users against potential losses from future security breaches and to build trust in the platform.
1/ 🚨 Announcing a new First for Indian Crypto Exchanges: CoinDCX’s INR 50 Crore Crypto Investors Protection Fund (CIPF)@smtgpt, @mri_gup, I, and the entire 500+ team at @CoinDCX work hard to provide the best investing and trading experience and also ensure everyone’s funds are… pic.twitter.com/kbcp1anX7J
— Neeraj Khandelwal (@neerajKh_) August 7, 2024
India’s CoinDCX Launches Investors Protection Fund After WazirX Hack (99Bitcoins)
Do Kwon’s Extradition Postponed Again
Do Kwon’s extradition from Montenegro has been postponed again as legal complications delay his transfer. Terraform’s co-founder has been embroiled in multiple legal battles following the collapse of the Terra ecosystem, and his extradition has become a point of contention between several countries.
Do Kwon’s Extradition to South Korea Delayed Again by Montenegro Court (The Defiant)
MetaPlanet Takes $6.8M Loan to Buy More BTC
MetaPlanet, a venture capital firm, has arranged a loan to purchase $6.8 million of Bitcoin. The move is part of the firm’s broader plan to expand its cryptocurrency portfolio, taking advantage of current market conditions.
Metaplanet Secures ¥1 Billion Loan to Buy More Bitcoin (Bitcoin Magazine)
OneMedNet Adopts Bitcoin Treasury Strategy
OneMedNet, a medical data company, is the latest to adopt a Bitcoin treasury strategy after raising capital. Following in the footsteps of other companies, OneMedNet plans to allocate a portion of its newly raised funds to Bitcoin as a store of value.
Medical Data Company OneMedNet Latest to Pursue Bitcoin Treasury Strategy After Capital Raise (Yahoo Finance)
Franklin Templeton’s Money Fund Expands to Arbitrum
Franklin Templeton’s tokenized money market fund has expanded to the Arbitrum blockchain, a move aimed at enhancing the accessibility and efficiency of its financial products in the decentralized finance (DeFi) space. The expansion allows investors to interact with the fund through a layer-2 Ethereum scaling solution.
Franklin Templeton Brings Tokenized Money Market Fund to Arbitrum (BeInCrypto)
SEC Requests Court to Deny Coinbase’s Subpoena Request
The SEC has requested that a New York court deny Coinbase’s broad subpoena request, which the agency argues is “breathtakingly broad” and unnecessary. Coinbase sought detailed information from the SEC to defend against allegations that it operated as an unregistered securities exchange.
SEC Claims Coinbase’s Subpoena For Millions Of Documents Is A Waste Of Time (Decrypt)
