CoinCodeCap WeekInFocus: September 10, 2023

Share IT

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.



Australian Parliament Votes Down Andrew Bragg’s Proposed Crypto Bill

  • The cryptocurrency legislation proposed by Senator Andrew Bragg has finally received comment from Australia’s Senate Committee on Economics Legislation.
  • The dissenting lawmakers suggested expanding the definition of a stablecoin to include certain asset-based tokens.

‘Blanket Ban on crypto costly’: IMF & FSB’s new paper on crypto regulation

  • Blanket bans make all crypto-asset activities such as trading and mining illegal costly. 
  • Paper proposes an “implementation roadmap” to guide the development of crypto-asset policy frameworks.

Taiwan Cracks Down on Unregistered Foreign Crypto Exchanges

  • Taiwan is apparently preparing new regulations for VASPs, including limits on foreign crypto exchanges that are not registered there.
  • In addition to requiring operators to develop rules for examining listing and delisting, the draft guidelines also call for improving information sharing.

MAS Regulatory Sandbox Has Not Approved Any Crypto Payment Providers

  • The MAS has approved no companies participating in its FinTech Regulatory Sandbox framework as crypto payment providers.
  • The letter criticized Singapore for “unwisely” granting cryptocurrency businesses access to the FAST interbank payment system.

Three DeFi Protocols Charged by CFTC: Breaching AML Rules, Operating Without Licenses

  • CFTC has issued orders against three DeFi protocols—Opyn, ZeroEx, and Deridex—for not registering their derivative trading offerings.
  • These decentralized finance (DeFi) platforms are facing fines of $250,000, $200,000, and $100,000, respectively.

G20 Leaders Call for Swift Global Crypto Asset Reporting Framework

  • G20 leaders called for swift implementation of the Crypto-Asset Reporting Framework 
  • G20 leaders endorsed recommendations from the Financial Stability Board (FSB) for crypto asset regulation

Platform and Tokens

Gala Games Legal Battle: CEO & Co-founders Sue Each Other

  • Gala Games faces internal turmoil as its CEO and Co-Founder have filed lawsuits against each other, causing significant disruptions within the company.
  • The ongoing legal disputes have led to a 72% drop in Gala Games’ stock value in 2023, eroding investor confidence and financial stability.

Crypto Casino Stake Targeted drained for $40M Exploit 

  • Stake, a crypto-based betting platform, fell victim to a security exploit resulting in over $15 million in suspicious outflows, including 6,000 ether and $5.9 million in stablecoins.
  • The platform has temporarily halted deposits and withdrawals following the incident, but an official statement from Stake is still pending.

Visa now supports stablecoin settlements on Solana

  • Visa is enhancing cross-border payment speed by extending its stablecoin settlement capabilities to Solana (SOL) blockchain, leveraging Circle’s USDC stablecoin.
  • This move aims to facilitate high-speed performance in cross-border transactions, as announced by Visa in a recent statement.

DCG backed Genesis Global Trading to Cease Crypto Spot Trading

  • Genesis Global Capital will continue to provide spot and derivatives trading services. 
  • Reportedly, Genesis Global Trading’s decision to cease spot trading was voluntary and made for business reasons.

Grayscale Seeks SEC Meeting on Bitcoin ETF Conversion Plans

  • The asset manager’s flagship Bitcoin fund is being changed into a spot ETF, and Grayscale has informed the SEC that it no longer has any legal justification.
  • The SEC should find “no grounds” to treat the GBTC differently from Bitcoin futures ETFs whose filings “the Commission has previously approved.”

Coinbase’s Ethereum Layer-2 Network, Base Faces Temporary Outage

  • Around 45 minutes on Sept. 5, no new blocks were produced on the Base chain
  • The Base mainnet was launched less than a month ago. 

Celsius Network Takes Legal Action Against EquitiesFirst

  • To recover assets, insolvent cryptocurrency lender Celsius Network has filed a complaint against lending company EquitiesFirst Holdings.
  • Indianapolis-based EquitiesFirst Holdings owed Celsius Network $439 million as of July 2022.

SEC Urges Court to Grant Ripple Labs’ Appeal, Citing Complex Legal Issues

  • The Ripple Labs lawsuit resulted in a decision that XRP was not a security when marketed to retail investors.
  • According to Judge Analisa Torres’ ruling from July, XRP is generally not considered a security under SEC regulations.

ETH Co-Founder Vitalik Buterin’s Twitter Account Hacked, Over $650K lost

  • Hackers a tweet announcing NFT to celebrate the introduction of the “Proto-Danksharding” feature on the ETH with a malicious link
  • Account has now been recovered.

NFT video Protocol Glass shuts down as bear market looms over

  • Founders noted the demand for digital, tradable video NFTs was insufficient to sustain the project.
  • Glass NFTs will continue to exist alongside the website and protocol.

Project Updates

Matter Labs Co-Founder Advocates for an ‘Ethereum Supreme Court’ to Resolve On-Chain Disputes

  • Alex Gluchowski has proposed an Ethereum court system that resembles a hierarchical one like the one seen in the real world. The hierarchy of on-chain courts would manage disputes and emergency upgrades, according to Gluchowski’s notion.

Metamask Announces New Crypto to Fiat Feature

  • MetaMask Portfolio has introduced a new sell feature, enabling users to exchange their ETH for fiat currency. This selling capability follows MetaMask’s earlier feature that allowed users to buy cryptocurrencies using fiat from bank accounts.

Ripple-Based Palau Stablecoin Pilot Program Abruptly Halted

  • Palau Stablecoin will be frozen after September 15, becoming unavailable for spending by users. A survey will be sent out to all pilot program participants in the coming week.

Solana Foundation Announces Partnership with CryptofinTech Lab at Hong Kong University of Science and Technology

  • On September 6th, the Solana Foundation established a partnership with the Cryptocurrency and FinTech Laboratory at the Hong Kong University of Science and Technology (HKUST). In order to build blockchain gaming courses in Solana, the Solana Foundation will fund the laboratory and provide financial and technological support for student innovation initiatives.

Podcasts and Interviews

  • Interview with Ruud Feltkamp, founder of Cryptohopper
  • “1 Hour with Robert Kiyosaki” podcast by Finance with Sharan
  • “The Blockchain Trilemma” podcast by BankLess

Job Listings

Looking for an internship? Don’t worry; we’ve got you covered this week.

2k23 Events

  • Ethereum Singapore hackathon and conference from September 10 to September 12
  • Dappcon Berlin from September 11 to September 13
  • Protocol Berg Berlin on September 15
  • Holešky testnet genesis on September 15
  • ETHChicago conference & hackathon from September 15 to September 17

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!

Share IT

Get Daily Updates

Crypto News, NFTs and Market Updates

Claim Your Free Trading Guide

Sign up for newsletter below and get your free crypto trading guide.

Can’t find what you’re looking for? Type below and hit enter!