The Securities and Exchange Commission (SEC) is currently examining the recent court ruling regarding Ripple, while a new bill in the United States aims to establish regulatory control over decentralized finance (DeFi). These noteworthy developments dominated the crypto news landscape during the week of July 16-22. Welcome to Hodler’s Digest, where we bring you the latest updates from the world of cryptocurrencies.
Beginning with Ripple, the SEC is carefully reviewing the outcome of the legal battle between the regulatory agency and the blockchain-based payments firm. The court ruling declared that Ripple’s native cryptocurrency, XRP, should not be classified as a security. This decision has prompted the SEC to evaluate its approach towards digital assets and securities regulation.
In the realm of regulatory oversight, a new bill introduced in the United States Congress has caught the attention of the crypto community. The proposed legislation seeks to establish comprehensive regulatory control over the rapidly growing sector of decentralized finance, commonly known as DeFi. If passed into law, this bill could have significant implications for the future of DeFi platforms and their operations within the US.
Moving on to China, the country continued its crackdown on cryptocurrency mining operations. Several provinces, including Sichuan and Xinjiang, ordered the immediate suspension of mining activities due to concerns over energy consumption and financial risks. This intensified effort by Chinese authorities to curtail crypto mining has further impacted the global Bitcoin hash rate.
Meanwhile, Vitalik Buterin, the co-founder of Ethereum, made headlines by becoming a billionaire at the age of 27. As the price of Ethereum soared in recent months, Buterin’s impressive holdings propelled him into the elite category of young billionaires. This achievement serves as a testament to the remarkable growth and potential of the Ethereum ecosystem.
In other news, a major American bank, JPMorgan Chase, announced its plans to launch an in-house Bitcoin fund. This move signifies a significant shift in the institution’s stance towards cryptocurrencies, as it previously viewed Bitcoin as a speculative asset. The introduction of a Bitcoin fund by JPMorgan Chase not only validates the growing acceptance of cryptocurrencies but also reflects the increasing demand for digital assets from institutional investors.
Lastly, the NFT market continued to thrive, with prominent figures from the worlds of sports, music, and art embracing this new digital trend. Notable NFT sales included NBA star Kevin Durant launching his own collection, popular musician Snoop Dogg revealing his NFT artwork, and renowned auction house Sotheby’s hosting its first-ever NFT sale. These developments highlight the expanding influence of non-fungible tokens and their ability to bridge the gap between traditional industries and the digital realm.
That concludes this week’s Hodler’s Digest. Stay tuned for more updates on the ever-evolving world of cryptocurrencies.
