CoinCodeCap WeekInFocus: May 26, 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

US House of Representatives Passes Blockchain Development Bill

  • The bill establishes the Secretary as the principal presidential adviser on blockchain.ย 
  • Secretaryโ€™s main responsibilities includes policy development, research, and the promotion of blockchain tech.

Donald Trumpโ€™s Campaign to Accept Crypto Donations

  • The former president of the US has said that he will accept crypto payments for his 2024 presidential campaign. Trump is now being prosecuted in four different states.
  • With less than six months until Election Day, Trump is the likely Republican Party nominee for US President in 2024.

US House Greenlights FIT21 Crypto Bill with Bipartisan Backing

  • Legislation to create regulatory certainty over digital assets was supported by the majority of members of the US House of Representatives.
  • The Financial Innovation and Technology for the 21st Century Act is a significant advancement towards the goal of greater regulatory clarity in the US.

US Congress Demands Clarity from SEC-FINRA Over Prometheum ETH Custody

  • On May 17, Prometheum launched a custody service for ETH as a security stirring up controversyย 
  • Prometheum has long been criticised by crypto enthusiasts for parroting the SECโ€™s stance and arguing that a compliance pathway exists for crypto firms

US House Passes New Bill Banning Federal Reserve from CBDC Issuance

  • The bill, introduced by House Majority Whip Tom Emmer (R-Minn.), aims to block the Federal Reserve from creating its own CBDC.
  • Ranking member Maxine Waters has described the bill as โ€œanti-innovation.โ€ย 

Delaware Court Revives BitGoโ€™s $100M Lawsuit Against Galaxy Digital

  • The ruling allows BitGo to challenge the termination of a $1.2 billion merger agreement by Galaxy Digital.
  • In August 2022, Galaxy terminated the takeover, alleging that BitGo failed to deliver audited 2021 financial statements by a July 31 deadline.

Platform and Tokens

Court Approves Genesis Globalโ€™s $3 Billion Payout Plan

  • Genesis Global, a bankrupt crypto lender, has obtained court permission to reimburse its creditors with almost $3 billion in cash and crypto.
  • Judge Lane rejected DCGโ€™s legal appeal, finding that Genesisโ€™s parent company lacked the necessary legal standing to dispute the Chapter 11 plan.

Pump Fun Exploiter Nabbed by UK Authority, Released on Bail

  • British law enforcement in London has captured a person who is thought to be responsible for the Pump Fun incident.
  • Dunn allegedly stated that he had to report back to a police station in August.

Dark Web Market Owner Arrested in New York for $100M Narcotics Operation

  • Authorities claim to have monitored crypto payments that revealed the identity of a man who was detained in New York and charged with making money from a dark web drug market.
  • Rui-Siang Lin faced charges of money laundering, participating in a criminal business, and conspiring to distribute counterfeit medications.

SEC Challenges Rippleโ€™s Effort to Redact Key Financial Evidence

  • SEC opposes Rippleโ€™s attempt to redact financial and securities sales information.
  • Ripple argues that disclosing this information poses significant operational risks.

Hong Kong Orders Worldcoin to Cease Operations

  • After completing its investigation of the Worldcoin project, Hong Kongโ€™s Office of the PCPD found that the projectโ€™s activities in Hong Kong violated the PDPO.
  • From December 2023 to January 2024, the PCPD made ten surreptitious inspections to six locations that are important to the Worldcoin projectโ€™s operation.

Gate.HK Crypto Exchange Ceases Operations in Hong Kong

  • Gate.HK closed down and withdrew its crypto trading license application in Hong Kong.
  • Gate.HK plans to return to the Hong Kong market after obtaining the necessary regulatory approvals

Crypto YouTuber Ian Balina Loses Against SEC In Unregistered Securities Case

  • The judge stated that U.S. securities laws applied to Balina and that the SPRK tokens met the Howey Test criteria.
  • The SEC failed to prove that Balina did properly disclose a compensation agreement with Sparkster CEO Sajjad Daya

Montenegroโ€™s High Court to Decide on Do Kwonโ€™s Extradition 

  • Montenegroโ€™s High Court will reconsider Do Kwonโ€™s extradition to the U.S. or South Korea.
  • Kwon, arrested in Montenegro for using falsified documents, faces charges.

FTX Bankruptcy Lawyer Cleared of Conspiracy in Investigation

  • The law firm that managed the FTX bankruptcy was found to have been ignorant of the severe financial circumstances and underlying fraud that caused the exchange to collapse.
  • Following a string of unsettling events that led to the exchangeโ€™s complete collapse, FTX filed for Chapter 11 bankruptcy on November 17, 2022.

Project Updates

Kraken Says No Plans to Delist USDT Amid Speculations

Greenberg stressed that European users โ€œvalue access to USDT,โ€ and Kraken maintains stablecoin offerings. He added that Kraken will remain legally compliant but will find ways to continue to offer all relevant stablecoins to its European customers.

Kronos Hacker Moves $2.6 Million in Ether to Tornado Cash

The hackerโ€™s wallet currently still holds over 60 Ether, worth about $223,000. On May 20, the hacker moved three transactions of 100 Ether each, followed by 7 more transfers of 100 Ether each on May 21.

Gala Games Recovers $22 Million in Ether After $240 Million Exploit

They utilized a new GalaChain blocklist protocol feature to freeze 4.4 billion of the 5 billion minted GALA tokens within 45 minutes. Gala Games plans to hold a governance vote to decide whether to burn the frozen tokens.

Podcasts and Interviews

  • โ€œDecentralize Everything: The Crypto Takeover Of Mainstream Mediaโ€ podcast by Scott Melkar
  • โ€œParabolic Stage of the Crypto Bull Runโ€ podcast by AltCoin Daily
  • โ€œConnecting Crypto Projectsโ€ podcast by Thinking Crypto

Job Listings

2k24 Events

  • ETHBerlin hackathon from May 24 to May 26
  • ETHDublin hackathon & conference from May 31 to June 2
  • ETHPrague conference & hackathon from May 31 to June 2
  • ETH Belgrade hackathon & conference from May 31 to June 5
  • ETHKyiv hackathon & conference from June 21 to June 23

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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