CoinCodeCap WeekInFocus: June 30, 2024

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WeekInFocus is your ally in plugging in the gaps in the news you might have missed during the course of the previous week. Beyond that, it serves as a catalyst for your professional and personal development by introducing you to new ideas and exciting job opportunities. Join us in accepting both what is occurring and what is conceivable.

News

Global

Louisiana Bans CBDC, Passes BTC Custody Protection Bill

  • The bill allows users and businesses the ability to accept crypto for legal goods/services and to self-custody crypto in non-custodial and hardware wallets.
  • The new amendment prohibits Louisiana from participating in tests and accepting or requiring payments using a CBDC.

Hong Kong Demonstrates Crypto and Web3 Prowess in Toronto

  • Hong Kong government representatives who drew in foreign investment attended a tech conference in Toronto, Canada, to promote their offshore technology hub.
  • According to Mo, investment from the public and commercial sectors is available to Canadian companies operating in Hong Kong.

German Authorities Move $24M in Bitcoin Amid Market Decline

  • The German Federal Criminal Police Office moved 400 BTC to Coinbase and Kraken
  • Bitcoin’s price is down over 10% monthly, with sentiment shifting from greed to fear. The German authorities’ current Bitcoin holdings stem from a massive 2013 seizure linked to the Movie2k.

US Politician Introduces Bill to Enable Income Tax Payments Using Bitcoin

  • Although this year is an election year in the US, politicians have always used hot-button subjects to deflect criticism from the media.
  • On June 25, Gaetz presented a measure that would mandate that American residents submitting their federal income taxes use Bitcoin to make payments to the IRS.

North Carolina Passes Bill Restricting CBDC Usage

  • If the bill passes into law, it will prohibit state agencies and courts from accepting payments using CBDC
  • The bill aims to discourage the federal government from advancing plans that could undermine the US dollar’s global status. 

Platform and Tokens

Julian Assange Released from Jail After US Plea Deal

  • After accepting a plea agreement with authorities, Julian Assange was released from a London prison on Monday after serving more than five years.
  • His sentence hearing on the island of Saipan is scheduled for Wednesday, June 25.

Ex- Hydrogen Tech CEO Sentenced for Multi-Million Dollar Crypto Fraud Scheme

  • From October 2018 to April 2019, they used an automated trading application, or “bot,” to flood the market with fake orders.
  • Price Manipulation resulted in approximately $7 million in “wash trades” and over $300 million in “spoof trades.” 

Metallica’s X Account Hacked to Promote Solana Meme Coin

  • Posts from Metallica’s account claimed MoonPay was involved with the token, which MoonPay president Keith Grossman later dismissed
  • The posts claimed that users could cash in their METAL tokens to redeem exclusive items, like “free concert tickets.”

Binance Tightens Measures to Combat Account Misuse

  • Binance has strengthened platform integrity and prevented account feature abuse by implementing additional security measures.
  • For legitimate use cases, the platform provides a range of account types, such as fund manager accounts, managed sub-accounts, and sub-accounts.

Coinbase Sues SEC and FDIC for FOIA Noncompliance

  • Coinbase sued the FDIC and the United States SEC on June 27.
  • Coinbase claims that federal agencies are trying to keep the crypto business out of the banking sector.

Bolivia Revokes Crypto Ban, Allowing Banks to Transact in BTC

  • The BCB emphasized that cryptocurrencies are not considered legal tender in Bolivia.
  • The new regulation allows banks to transact in crypto via approved electronic channels.

IRS Finalizes Crypto Reporting Rules to Tackle Tax Evasion

  • The rule, effective in 2026, requires crypto exchanges and payment processors to report user sales and trades to the IRS. 
  • As per the guidelines, decentralized exchanges and self-custody wallets will not be subject to the new reporting rules.

Majority of SEC Claims Against Binance Can Proceed, Says Judge

  • The Federal Judge dismissed the SEC’s claim that secondary sales of BNB tokens qualify as securities. 
  • Judge rejected arguments that the SEC cannot bring enforcement actions against crypto entities under the “major questions doctrine,”

Project Updates

Defunct Mt Gox to start repaying creditors After a Decade

The repayment schedule will start in early July 2024. Mt Gox announced that the repayments will be made in bitcoin and bitcoin cash.

Jump Crypto President Steps Down from Position

In the wake of many rumors of a CFTC inquiry, Jump Trading’s head of digital assets, Kanav Kariya, stated he was resigning as president of Jump Crypto. Following the infamous collapse of the Terra ecosystem in May 2022, the trading firm was hit by an investor lawsuit.

Dormant Whale Wallet Awakens, Transfers 1,000 BTC to Coinbase

As per reports, the crypto wallet identified deposited a substantial 1,000 BTC, valued at more than $61 million, to Coinbase Pro. Earlier this week, a Bitcoin wallet that had been dormant for 14 years transferred 50 BTC, worth over $3 million, to Binance.

Podcasts and Interviews

  • “Bitcoin is economic immortality” podcast by Robin Seyr
  • “Ethereum’s BIG WIN Against the SEC” podcast by Thinking Crypto
  • “ACTUAL Reason Cardano Will Flip Bitcoin” podcast by Altcoin Daily

Job Listings

2k24 Events

  • EthCC (Brussels) conference from July 8 to July 11
  • ETHGlobal Brussels hackathon from July 12 to July 14
  • EDCON Tokyo conference from July 29 to July 30
  • Ethereum Argentina conference & hackathon from August 2 to August 4
  • Science of Blockchain Conference (New York) from August 

As we wrap up another week of insights and discoveries, remember that staying informed and motivated is an ongoing journey. WeekInFocus by CoinCodeCap is here to accompany you on this path, bringing you a fresh perspective on the news, a doorway to exciting job possibilities, and a collection of thought-provoking podcasts. Let’s embrace the coming week with curiosity and determination. Until next time, keep focused and keep thriving!

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