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Terra’s UST fiasco cited by Yellen, who warns about stablecoins

U.S. Treasury Secretary Janet Yellen reiterated her stance on stablecoin regulations and said it’s “highly appropriate” to have a framework ready by the end of this year, as TerraUSD (UST) loses its dollar peg. See related article: Run on UST cuts the ground from under Terra’s feet Fast facts Yellen said at a Tuesday hearing […]

Twitter spinoff Bluesky releases its first code ADX

Twitter-backed Bluesky, a company researching and developing open and decentralized standards for social media, released its first code on Thursday called Authenticated Data Experiment (ADX) on GitHub. See related article: Twitter’s Bluesky announces new project lead Fast facts Unlike centralized social media platforms where user-generated content is stored in the platform’s servers, ADX data is […]

Binance, a16z among investors backing Musk’s Twitter bid with US$7B

Three dozen investors, including Binance, Sequoia Capital, Andreessen Horowitz and Fidelity Management & Research, have provided financing commitments of US$7.14 billion in support of Elon Musk’s bid to buy Twitter, regulatory filings show.  See related article: Twitter accepts Musk’s US$44B bid, sends Dogecoin to crypto top 10 Fast facts Oracle co-founder Lawrence Ellison was the […]

Bitcoin flirts with US$40K as Fed stamps highest rate hike in 22 years

Total cryptocurrency market capitalization rose by 5.4% as the U.S. Federal Reserve announced it is raising interest rates by 50 basis points, the sharpest since 2000. See related article: Has Bitcoin become a victim of its own success? Fast facts The increase creates a target range of between 0.75% and 1% following a 25 basis […]

Bitcoin lobbyists rebut ‘misconceptions’ over environmental impact

Signed by MicroStrategy’s Michael Saylor, Castle Island Ventures’ Nic Carter and Block’s Jack Dorsey, the Bitcoin Mining Council’s (BMC) letter to the Environmental Protection Agency (EPA) sought to respond to legislators’ “serious concerns.” See related article: Almost 60% of Bitcoin mining now on sustainable energy: BMC Fast facts BMC’s letter was written in response to […]

Is Elon Musk’s Twitter grab good for crypto?

Top blockchain and crypto news: Tweet dreams come true for world’s richest man. Instagram scam hits Bored Apes. Bilibili tests China’s NFT boundaries.

Elon Musk is buying Twitter to colonize our headspace and send his pet DOGE to the moon

Elon Musk’s Twitter takeover isn’t really about free speech, writes Ben Armstrong, aka BitBoy Crypto. It’s an attempt to push you out of Bitcoin and sell your data.

Binance may set up shop in G-7 country in Europe, says founder CZ

The world’s largest crypto exchange may soon establish a regulated entity in a G-7 nation in Europe, Binance founder and CEO Changpeng Zhao said Tuesday at the Financial Times Crypto and Digital Assets Summit. See related article: Binance wants to play ball with regulators Fast facts Zhao said Binance already has a standard corporate structure […]

DOGE jumps on Twitter deal; Australian crypto ETFs delay

Dogecoin skyrockets as Elon Musk’s Twitter deal finalizes. Meanwhile, a Korean music platform registers NFTs patent.

Twitter accepts Musk’s US$44B bid, sends Dogecoin to crypto top 10

Dogecoin is back in the crypto top 10 after Twitter accepted Tesla CEO Elon Musk’s US$44 billion offer to purchase the social media platform. See related article: Will the dog have its day on Doge Day? Fast facts The world’s leading memecoin reached a high of US$0.1677 before retreating slightly, its highest point since Musk […]

Terra inspires Tron to pursue US$10B in crypto-backed stablecoin

TRON founder Justin Sun announced on Thursday a new decentralized dollar-pegged algorithmic stablecoin on the Tron blockchain called USDD. See related article: What are stablecoins, and why are some governments so afraid of them? Fast facts The TRON Decentralized Autonomous Organization (DAO) intends to raise US$10 billion within the next year to fund a crypto […]

Will the dog have its day on Doge Day?

Holders of the world’s leading memecoin are hoping for a repeat of 2021 where a community effort helped propel the token’s price into the stratosphere. But one industry watcher says the market is a very different place now.

DTCC unveils prototype to support Fed-issued digital dollar

The Depository Trust & Clearing Corporation (DTCC), one of the largest financial service providers in the U.S., unveiled “Project Lithium” to test infrastructure in support of a U.S. digital currency using blockchain technology.  See related article: 5 US digital dollar pilots launching to chase China’s CBDC lead Fast facts Project Lithium is based on blockchain […]

Jack Dorsey’s Block funds Japanese fintech company Kyash in $41M round

Tokyo-based mobile financial platform Kyash has raised US$41.2 million (about 4.9 billion yen) in its Series D funding joined by Jack Dorsey’s Block. See related article: After Facebook’s name change to Meta, Square has now become Block Fast facts Kyash has accumulated a total funding of about US$107.7 million since its launch in 2015, which […]

Biden pushes the U.S. on CBDCs in sweeping crypto executive order

President Joe Biden on Wednesday urged the federal government to research and develop a digital dollar in an executive order describing broader directives for a coordinated and comprehensive U.S. approach to digital assets. See related article: CBDC tracker shows U.S. falling further behind Fast facts “My Administration places the highest urgency on research and development […]

NFTs Explained in Less than 4 Minutes

When 3D artist Beeple sold a digital piece of art for a record $69 million through Christie’s, the world went NFT crazy. But what exactly is an NFT?

Biden to order crypto oversight: report

President Biden’s executive order directing agencies to devise a comprehensive strategy to regulate cryptocurrencies and other digital assets and examine a digital dollar may be issued next week, according to Yahoo! Finance. Fast facts The order, expected weeks ago, was delayed by a disagreement between the White House and the Treasury over its scope, Bloomberg […]

Binance US under probe for ties with trading affiliates: report

The U.S. securities watchdog has launched a probe into crypto exchange Binance’s relationship with two trading firms with ties to founder Changpeng Zhao, the Wall Street Journal reported. Fast facts The Securities and Exchange Commission (SEC) is examining whether Binance’s U.S. arm properly discloses to users its links to two trading firms — Sigma Chain […]

Peirce dissents from SEC’s US$100M BlockFi settlement

SEC Commissioner Hester Peirce, dubbed Crypto Mom, dissented in Monday’s US$100M BlockFi settlement, saying the punishment does not fit the crime.

Binance to take $200M stake in Forbes

Binance, the world’s largest cryptocurrency exchange, plans to take a US$200 million stake in Forbes through a private placement, making it one of the two largest shareholders of the 104-year-old business magazine. Fast facts The investment comes as Forbes seeks to go public on the New York Stock Exchange via a deal with a special […]

Will blockchain’s future be cross-chain or multi-chain?

Vitalik Buterin caused an uproar over his recent criticisms of blockchain bridges. Here is a rebuttal in support of this nascent technology.

As Binance shrinks away in Asia, will it put down roots in the Middle East?

Binance’s CEO is now the richest Asian man, but the crypto exchange giant’s presence in Asia—where Binance got its start—is withering under regulatory heat.

Cardano ADA beats Bitcoin as Ethereum alternative: Twitter poll

Cardano’s ADA edged out Bitcoin as the currency of choice in a Twitter poll posted by Ethereum creator Vitalik Buterin on a hypothetical future without ETH. Fast facts Buterin asked his 3.1 million followers on Friday what currency, aside from Ethereum, they would prefer to be used in 80% of all global transactions by 2035, […]

Binance CEO Changpeng Zhao is the richest Asian, Bloomberg data shows

Binance CEO Changpeng Zhao is now the richest Asian person with an estimated net worth of US$96 billion, even without counting his crypto fortune, according to the Bloomberg Billionaires Index. Fast facts The daily index ranks the world’s 500 richest people, a list on which the 44-year-old Canadian founder would place 11th, according to the […]

US central bank chief says he will tackle higher inflation

Federal Reserve Chairman Jerome Powell will reiterate his pledge to prevent entrenched inflation, in testimony released before his Senate nomination hearing on Tuesday.  Fast facts “We will use our tools to support the economy and a strong labor market and to prevent higher inflation from becoming entrenched,” he said in a statement prepared for delivery. […]

Crypto Santa’s naughty and nice list for Christmas 2021

Who in the crypto world deserves Santa love this year, and whose chimney should be snubbed? The elves at Forkast.News help the big man with his list.

What Sam Bankman-Fried thinks will happen with NFTs and crypto exchanges in 2022

Which blockchain sector will flourish, and what’s not yet ripe for mass adoption just yet? FTX CEO Sam Bankman-Fried offers his crystal ball in a special Forkast.News video.

CBDC tracker shows U.S. falling further behind

Of the Big Four central banks, including those of the EU, UK and Japan, only the Federal Reserve has not progressed beyond research mode in central bank digital currencies.

H&R Block claims trademark infringement by Square’s new name ‘Block’

U.S.-based tax preparation service company H&R Block has filed a trademark infringement case over Square’s new name, Block. Fast facts The lawsuit states: “Block brings this lawsuit to protect consumers from being deceived and to prevent a Silicon Valley tech company from stealing Block’s name.” According to a press release from H&R Block, fintech firm […]

Latest Elon Musk plug sends Dogecoin price soaring — briefly

Dogecoin rallied 31% when Elon Musk tweeted that Tesla will accept it for payment of “merch.”

Elon Musk named Time Person of the Year

One of the most influential cheerleaders for cryptocurrency is named Time’s 2021 Person of the Year for his work on electric cars and space rockets.

Top crypto CEOs face House committee grappling with regulations

Stablecoins, US dollar primacy and energy consumption were among the topics in the questioning homing in on how to regulate the crypto industry.

Self-proclaimed Satoshi to pay US$100M in damages

A jury cleared Craig Wright of all but one charge in a civil trial brought by the estate of his alleged former business partner, David Kleiman.

Binance chief CZ wants to bring business back to UK: report

Binance, the world’s largest cryptocurrency exchange by trading volume, is working to rebuild its operations in the U.K. after it was told to close down the business there back in June, the company’s CEO Changpeng Zhao, or CZ, told the newspaper the Sunday Telegraph. Fast facts CZ told the local press the company is making […]

Foxconn’s Terry Gou: mainstream monetary finance could not be decentralized

Terry Gou, founder of Foxconn, which manufactures components for Apple’s iPhone, said Saturday at an event that mainstream monetary finance could not really be decentralized and only an underground economy would adopt cryptocurrency, as reported by Taiwanese local media Economic Daily News. Fast facts Gou later said in a Facebook post — to clarify comments […]

After Facebook’s name change to Meta, Square has now become Block

When Facebook and payments giant Square launched, they were trailblazers in the industry. Now, after Facebook, Square too has changed its name — to Block — in a bid to embrace the future of technology. Fast facts Square CEO Jack Dorsey and Facebook CEO Mark Zuckerberg have never gotten along. Dorsey has jibed at Zuckerberg […]

Investors queasy as prospect of India crypto ban returns

Top blockchain and crypto news: Are India’s CBDC plans crowding out crypto? Jack Dorsey goes full Bitcoin bro. China’s digital yuan hopes claim another victim.

Twitter CEO Jack Dorsey resigns

Twitter’s stock rose 10% on the news, and his other company, Square, also opened up 4%.

What would Jerome Powell’s second term mean for crypto?

Top blockchain and crypto news: Fed nominations suggest no sudden moves. El Salvador’s Bitcoin lava affair. Dodgy dealings in China’s digital yuan.

Elon Musk takes on Binance with Dogecoin withdrawal glitch

Another day, another fight, on Twitter. Tesla CEO Elon Musk, who has supported Dogecoin, tagged Binance CEO Changpeng Zhao (CZ) and tweeted Tuesday that “what’s going on with your Doge customers? Sounds shady,” after a technical glitch appeared to occur during a recent upgrade of the Dogecoin network. Fast facts A network upgrade of Dogecoin […]

Square releases white paper for DEX to allow exchange of crypto, fiat and more

U.S. payments giant Square wants to build a decentralized platform called tbDEX for exchanging cryptocurrencies like Bitcoin as well as fiat currency and real-world goods. Fast facts Square released a white paper on Friday detailing how the platform would work. The white paper was released on the GitHub community for contributions. The protocol “facilitates decentralized […]

Vitalik Buterin imagines a future of crypto cities

In a speech, Ethereum creator Vitalik Buterin notes the rise in cities experimenting with crypto, DAO and NFTs. What are the possibilities of blockchain cities?

Beeple’s first physical artwork sells for $29M at auction

The digital artist who helped launch the non-fungible token craze earlier this year, Beeple, has sold his first physical artwork and accompanying NFT for US$28.9 million at a live Christie’s auction in New York on Tuesday night. Fast facts Beeple’s first physical work “Human One” is a seven-foot-tall box with LED screens on each side […]

Why the crypto industry needs compromise and education

FTX founder and CEO Sam Bankman-Fried says building products that people want is what matters most, and the crypto industry and regulators will need to find compromises to resolve some of the industry’s pressing issues.

What is the future of crypto and DeFi regulations?

From China’s crackdowns to El Salvador’s Bitcoin adoption, where is the world headed in how governments regard crypto? An expert panel explores the future of decentralized finance in the global economy.

Thinking big: Blockchain paradigm shift may upend the social contract

Trust, data privacy and job elimination are some of the challenges that society will face as blockchain ushers in Web3.0, according to Don Tapscott.

Vitalik Buterin: How DeFi, NFTs and DAOs are building a value exchange layer for Web 3.0

Speaking at the Singapore FinTech Festival, Ethereum’s creator discusses DeFi adoption and why he expects Ethereum’s ‘killer ecosystem’ to grow over the next few years.

US$66 billion at stake but only mild interest in Bitcoin trial

The outcome of a Miami civil trial may uncover who Bitcoin creator Satoshi Nakamoto really was, and who owns his rumored US$66 billion in Bitcoin.

13 years after Bitcoin’s whitepaper, what would Satoshi say?

Bitcoin is growing up in ways not imagined in Satoshi Nakamoto’s 2008 writings that gave birth to it. How will Bitcoin’s future unfold?

What will Ethereum prices be as 2021 ends?

As Ethereum surges to a new all-time high, 50 fintech experts surveyed by Finder offer predictions on ETH’s year-end and longer-term price outlook.

Vitalik Buterin: Layer 2 is the future of Ethereum scaling

Ethereum’s creator explains why rollups can help scale Ethereum while preserving decentralization.

SEC set to receive formal authority to regulate stablecoins

U.S. Securities and Exchange Commission chair Gary Gensler has reiterated over time that most stablecoins are securities and should, therefore, fall under the purview of the securities watchdog. Now, Gensler is one step closer to achieving his aim of regulating stablecoins. Fast facts The U.S. Treasury Department and other agencies are putting together a report […]

What the coming Bitcoin-futures ETF bonanza means for investors

The first US Bitcoin futures EFT is set to begin trading today. Will this exchange-traded fund bring Bitcoin closer to the masses?

What Powell’s ‘No intention to ban’ means for crypto

  Jerome Powell’s remarks on Sept. 30 following his testimony about the financial hardships of the pandemic caught the attention of crypto enthusiasts. Taking questions from the House Committee on Financial Services, Chairman Powell said the Federal Reserve would not seek a ban on crypto but reiterated that stablecoins should be regulated.  Bitcoin jumped by […]

SEC chair Gensler: No plans to ban crypto, says it’s ‘up to Congress’

The U.S. Securities and Exchange Commission has no plans to ban cryptocurrencies, chair Gary Gensler said during a congressional hearing on Tuesday. He added that any decision to ban crypto is “up to Congress.” Fast facts Gensler responded to Rep. Ted Budd’s question about whether the U.S. plans to ban crypto along the lines of […]

SEC chair says most cryptocurrencies including stablecoins are securities

In his testimony before the Senate Banking Committee, Gary Gensler, chairman of the U.S. Securities and Exchange Commission, said that Coinbase lists “dozens of tokens that may be securities.” Fast facts In response to Senator Pat Toomey’s questions about whether cryptocurrencies classify as securities, Gensler said “very many” of the cryptocurrencies, including stablecoins, are in […]

SEC chair reiterates call for crypto platforms to ‘come in and talk to us’

Ahead of the U.S. Banking Committee’s hearing on the “Oversight of the U.S. Securities and Exchange Commission” today, SEC Chairman Gary Gensler reiterated his call for crypto platforms and projects that have securities to register with the agency. Fast facts In prepared remarks, Gensler emphasized the concerns he sees over the lack of investor protection […]

Mark Cuban to Coinbase: ‘Go on the offensive’ against SEC over high-yield product

Billionaire investor Mark Cuban says Coinbase should “go on the offensive” against the U.S. Securities and Exchange Commission in its feud over high-yield savings account Lend. Brad Garlinghouse, CEO of Ripple — which is itself embroiled in ongoing litigation with the SEC — quipped “Welcome to the party” in a GIF tweet. Fast facts In […]

What is the outlook for a US central bank digital currency?

It’s hard to move forward on a CBDC when those in charge can’t agree. Is time running out for an American digital dollar?

FTX FTT token hits all-time high after LedgerX acquisition

FTX’s exchange token — FTT — has reached a new all-time high following the exchange’s acquisition of crypto derivatives platform LedgerX earlier this week. Fast facts The token hit US$66.33 this morning, according to CoinMarketCap, breaking its previous high of US$61.28, which it set back on May 11, right before the market-wide crash. FTT had […]

Square’s Jack Dorsey to build decentralized Bitcoin exchange

Jack Dorsey, CEO of tech giants Square and Twitter, announced on Friday that Square’s new decentralized finance division, TBD, plans to build a decentralized Bitcoin exchange. Fast facts “We’ve determined TBD’s direction: help us build an open platform to create a decentralized exchange for Bitcoin,” he tweeted. Project lead for TBD Mike Brock also tweeted […]

Justin Sun’s Weibo account blocked again

TRON founder Justin Sun’s social media account on Weibo, China’s Twitter-like microblog platform, appears to have been blocked again, along with the accounts of several other cryptocurrency-related interests. Fast facts TRON is a blockchain with a cryptocurrency native to the system founded by Sun in 2017. Sun, 31, has been active on social media, and […]

Dogecoin Foundation re-established, Vitalik Buterin now on board

Following a few years of inactivity, the Dogecoin Foundation is being reestablished with Ethereum co-founder Vitalik Buterin serving as the organization’s “blockchain and crypto adviser,” according to an announcement posted Tuesday on the foundation’s website. Fast facts Originally founded in 2014, the non-profit organization aims to support the Dogecoin ecosystem and community with a particular […]

Twitter’s Bluesky announces new project lead

Twitter’s much anticipated decentralized social media standard, Bluesky, finally has a project lead in crypto developer Jay Graber, Graber announced yesterday on her own Twitter account. Fast facts Bluesky was announced in late 2019, and Twitter CEO Jack Dorsey said decentralization could address some of the key issues surrounding social media, such as moderation. “Centralized […]

SEC’s Gensler tells Warren: crypto investors not adequately protected

In a much-anticipated reply, U.S. Securities and Exchange Commission Chair Gary Gensler has written to Sen. Elizabeth Warren saying “crypto investors are not adequately protected.” Fast facts “In my view, the legislative priority should center on crypto trading, lending, and [decentralized finance] platforms. Regulators would benefit from additional plenary authority to write rules for and […]

SEC chair labels crypto industry ‘Wild West,’ asks for more powers

The cryptocurrency trading industry has been labeled a “Wild West,” riddled with fraud and investor risk, by U.S. Securities and Exchange Commission Chair Gary Gensler, according to a Reuters report. Fast facts Calling on Congress at the Aspen Security Forum to give the SEC more power to regulate the industry, Gensler said many of the […]

Square acquires Afterpay for $29B to expand into ‘buy now pay later’

Global payments giant Square — which recently made moves into decentralized finance — is acquiring Australian “buy now pay later” fintech company Afterpay for US$29 billion (AU$39 billion) to expand its range of services, according to a recent company press release. Fast facts The purchase will enable Square’s CashApp and Seller business units to offer […]

Binance CEO reiterates willingness to replace self, beefs up KYC

Binance also tightens withdrawal limits and unveils new tax reporting tool, to counter recent flurry of government investigations and bad publicity.

Tesla reports $1.3B in Bitcoin holdings in Q2 2021

Electric carmaker Tesla on Monday reported that it held US$1.3 billion of Bitcoin, according to the company’s Q2 2021 financial results update. Fast facts There was no change to Tesla’s Bitcoin holdings from the previous quarter, but the company took a Bitcoin-related impairment hit of US$23 million due to the fall in Bitcoin prices, according […]

The many benefits that blockchain can bring to the internet of things (IoT) | Part 3

Blockchain technology can make a big impact on the world we live in, according to authors Kosrow Dehnad and Joe Duncan. A prime example: Tesla’s driverless vehicles.
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Binance and FTX slash leverage limit from 100x to 20x amid crypto regulations heat

FTX CEO Sam Bankman-Fried says it’s time to move on from high leverage in crypto trading. Binance also seeks new CEO with a stronger regulatory background.

Chinese fireworks artist Cai Guoqiang auctions first NFT for $2.5M

Chinese fireworks artist Cai Guoqiang has entered the world of non-fungible tokens, recently auctioning off his first NFT work for US$2.5 million. Fast facts Cai’s work “Transient Eternity — 101 Ignitions of Gunpowder Paintings,” commissioned by the Rockbund Art Museum in Shanghai, was auctioned on TR Lab for US$2.5 million after a 48-hour bidding period […]