Top Crypto Stories This Week: From Guilty Trump to Overruled Coinbase
It goes without saying that law and order are critical for any functional society. However, in its prevailing quest to establish justice, law and order can often rustle some feathers, for better or worse.
To the resentment of Republicans and celebration of Democrats, Donald Trump has been found guilty on all 34 felony counts thrown at him. Becoming the first American president to be criminally indicted and the first US president-felon, Trump's unanimous verdict against him has wider implications on the American political structure moving forward. But the verdict has done little to shake the crypto industry's impression of him, with the former president still the favourite to win the upcoming election.
Indeed, verdicts tell only part of the tale. Earlier this week, Coinbase lost its case in the Supreme Court over its controversial 2021 Dogecoin sweepstakes competition. Whilst the crypto industry usually stands in solidarity against lawmakers, this particular ruling could usher in a new era of consumer protection across not only crypto but the wider business landscape.
Perhaps the least divisive ruling this week came in the form of the SEC being ordered to pay $1.8 million in legal fees in its misconduct against crypto firm Debt Box. Sure, the sum is mere pennies for the regulator but it's gratifiying to see US lawmakers siding with the crypto industry against US regulation bullies.
As for the markets, Bitcoin and Ethereum have traded relatively sidewise this week, down 0.23% and 2.15% respectively.
Risk appetites on the Fear & Greed Index have slipped from 74, "Greed," to 73, "Greed."
The Fear & Greed Index uses 5-6 measurements to assess the current sentiment of the market and then rates that level of emotion on a scale of 1-100 – 1 is extreme fear and 100 is extreme greed.
But what happens next? Out fine analysts at brn believe:
"Following one of the biggest pumps in?Ethereum?history, we expect ETH to trend in a range between $3,650 and $3,850 until a new catalyst arrives, while for?Bitcoin, institutional interest continues growing so breaking through the $70,000 resistance seems increasingly likely in the near future."
Trump's Crypto Support Unfazed By Guilty Verdict
Donald Trump?has been found guilty on all 34 felony counts he faced including falsifying documents to cover up paying porn star Stormy Daniels to keep quiet.
While the unanimous verdict has wider implications it seems to have barely impacted his support from the crypto industry.
Why the Supreme Court's Latest Ruling Against Coinbase is a Good Thing for Crypto
Coinbase's "Trade Doge, Win Doge" misled consumers into believing a $100 DOGE purchase was necessary.
The US Supreme Court has?ruled?against?Coinbase?but despite the industry's derision towards the lawmakers, the decision could be a welcomed move.
SEC Ordered to Pay $1.8M in Legal Fees After "Gross Abuse" of Power in Debt Box Case
Debt Box was accused by the SEC of defrauding investors of at least $49 million but a US federal Judge sanctioned the regulator for its "gross abuse of power."
The Securities and Exchange Commission (SEC) has been ordered by a US federal judge to cough up $1.8 million in legal fees in its case against?Debt Box.
Singapore's DBS Denies Being a $650M Ethereum Whale
Singapore's largest bank,?DBS, has denied holding $650,000,000 worth of Ethereum.
Blockchain address?0x9e927c02c9eadae63f5efb0dd818943c7262fb8e, which was believed to be owned by DBS, currently owns 173,387.85 ETH, valued at $650,448,199.75.
However, a DBS spokesperson said to the media, "In relation to the post, DBS does not have this position on our book."
Franklin Templeton Doubles Down on Digital Assets: From Running Blockchain Nodes to Tokenization, ETFs
Franklin Templeton?is no stranger to the digital asset space, having?launched?the first money market fund available on-chain using the Stellar network in 2023.
But the asset manager with $1.6 trillion under management, has been actively engaging with the underlying technology. During a recent panel discussion at Consensus 2024, the company's president and CEO Jenny Johnson revealed the company's focus on blockchain technology, real-world asset tokenization, and crypto exchange-traded funds (ETFs).
Vitalik Buterin Donates 30 ETH to Tornado Cash Legal Defence
Vitalik Buterin?has given 30 ETH to support the legal fees of?Tornado Cash?developers?Alexy Pertsev?and Roman Storm.
The?Ethereum?founder's transaction was witnessed on chain, with the $113,000 of Ethereum being sent from his wallet to Juicebox, an open-source crypto crowdfunding platform.
Winklevoss-Owned Gemini Returns $2.18B to Users After Genesis Bankruptcy
Gemini?is?distributing?$2.18 billion in digital assets to 232,000 Gemini Earn users following?Genesis's?bankruptcy.
The figure represents a 242% return on assets locked up since January 2023. Those who loaned 1 Bitcoin (BTC) to Genesis will receive 1 BTC back, benefiting from BTC's recent price surge.
PayPal Doubles Down on Crypto: PYUSD Expands to Solana, Integrated by TripleA
Fintech giant PayPal is doubling down on its commitment to digital assets. This week, it announced two key developments that signal their intention to be a major player in the payments landscape.
Hong Kong's Crypto Regulatory Regime in Flux as VATP Applicants Pull Out
Several applicants for licenses to operate crypto trading platforms in Hong Kong have withdrawn their applications ahead of inspections by the Securities and Futures Commission (SFC), which will decide if licenses are granted.
Mt.Gox Transfers $9B Bitcoin to New Wallet as Part of Repayment Plans
More than 140,000 BTC were transferred from?Mt. Gox?wallets to an unknown wallet through thirteen transactions on Tuesday morning.
72 different Mt. Gox-related wallets sent 141,686 Bitcoin to a new wallet, "1Jbez."
U-Zyn Chua Formally Exits Cake Group After Months of Co-Founder Dispute
Cake Group?CTO and co-founder,?U-Zyn Chua, has officially left the building after a rather public falling out with fellow co-founder?Julian Hosp.
Posting his final farewell on LinkedIn, Chua wrote, "Today marks the end of my journey at Cake Group.?It's been an incredible journey, and I'm immensely proud of the achievements of the team, especially thinking back how far the initial prototype I built in 2018 has led to."
Binance Exec Collapses in Nigerian Court, Judge Adjourns Money Laundering Trial
Binance's?drama in?Nigeria?continues as executive Tigran Gambaryan collapsed in court, resulting in his trial being adjourned.
Gambarayan fainted on the second day of his money laundering trial after he was called to the dock.?Described?as looking "gaunt and stressed," Gambarayan was helped to a chair by one of
his lawyers.
Events
Coinfest Asia
On Blockcast this week, we take a closer look at the crypto media space and the opportunities for Web3 adoption in Southeast Asia. Our guest, Steven Suhadi, co-founder of?Indonesia Crypto Network?(ICN) and?Coinfest Asia, and board member of the Indonesian Blockchain Association shares his insights on building a successful Web3 media business, navigating the current market trends, and the potential of Web3 projects in the region. We also delve into?ICN's publications?and the upcoming Coinfest edition.
Get ready to connect with 6,000+ people from 2,000+ companies at the largest Web3 festival in Asia.?Get your tickets now?with Blockhead's 10% discount code: CA24BLOCKHEAD
SuperAI
SuperAI?is kicking off on 5-6 June at Marina Bay Sands, Singapore, marking Asia's largest artificial intelligence (AI) event in 2024.
Attracting 5,000 attendees from over 1,000 companies, the event will play host to industry leaders including Microsoft, Google, Amazon, OpenAI, and more, boasting 150 speakers and a 70% international attendance.
Crypto and AI aren't exactly synonymous but both are often framed as disruptive technologies that potentially can transform industries around the world.
Consequently, crypto enthusiasts will be quick to recognise a few names represented at SuperAI.
Blockhead is a media partner of SuperAI. For more information and ticketing,?click here.