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Join Our Telegram channel to stay up to date on breaking news coverage For the last two weeks, the crypto industry — including numerous experts — speculated whether the US Securities and Exchange Commission (SEC) would finally approve a Bitcoin ETF. However, after an entire wave of applications, the regulator responded, calling them “inadequate.” The response emerged in WSJ earlier today in a report that cited people familiar with the matter. They claimed that the regulator considers the applications unclear and incomprehensive. This was not the outcome many had expected, given that the companies worked to improve on all the issues the regulator pointed out before. Furthermore, the revelation was quite striking, as one of the applications came from BlackRock, the world’s largest asset manager itself. The SEC says the ETF applications lack clarity The unnamed source that shared the SEC’s insight believes that the BTC ETF applicants were not specific enough regarding the surv

The Federal Bureau of Investigation (FBI) and Securities and Exchange Commission (SEC) appear to be investigating popular Twitter spaces host and entrepreneur Mario Nawfal, following complaints of embezzlement and other wrongdoings filed by those who worked for him. Former US Air Force analyst Chet Long acted as an advisor for Nawfal. He alleges Nawfal embezzled funds from a company he once led as CEO, in a complaint filed with the US consulate in Calgary, the FBI , and the SEC back in December. He also alleges the 29-year-old entrepreneur “openly discussed tax evasion” with him. Long says that Nawfal, who apparently owes him $27,000, is officially under the FBI’s radar. Agents called Long and told him to keep a cell phone as evidence . Nawfal says he doesn’t owe Long anything. He claims he maintained an “amicable” relationship with Long despite the analyst’s claims that Nawfal caused his family emotional distress. Nawfal gained online attention as a prominent user of BitClout,

With the ecosystem preparing for the official launch, Shiba Inu (SHIB) has seen Shibarium reach two huge new milestones. Indeed, the testnet of the Layer 2 protocol has reached a new number of total transactions and total wallet addresses.  The Shibarium Puppynet has officially reached the 25 million mark in terms of its total transactions, a new feat for the protocol. Additionally, it has seen almost 17 million wallet addresses simultaneously. All present fantastic potential for the eventual launch of the main program.  Also Read: Shiba Inu Prepares to Publish Worldpaper for Shibarium Source: @Shibtoken Shibarium Reaches Notable Milestones The Shiba Inu community has undoubtedly become one of the strongest in the meme coin community. Moreover, as that community has grown, the ecosystem for the asset has grown along with it. Now, one of its most important developments has reached a significant milestone in beta testing.  Shiba Inu’s Shibarium has reached two significant milestones ahea

Raj Dhamodharan, the executive vice president and head of crypto and blockchain at Mastercard, called it an “app store powered by blockchain technologies for building regulated financial applications”. This will basically be an Ethereum-based blockchain app store for regulated financial apps. advertisement Mastercard’s MTN (Mastercard Technology Network) will provide developers with access to tools that the credit card company has been working on throughout the year. This includes a private version of the Ethereum blockchain, where developers will be encouraged to create innovative applications. Speaking to  The Fortune  publication, Dhamodharan said: “A lot of the things people cover and talk about these days in crypto are the regulatory aspects of it and all the technology and investment as an asset and so forth”. Showering further praises for blockchain, he added that the technology is “actually quite useful.” Recommended Articles

MicroStrategy’s recent acquisition of 12,333 BTC brings its total holdings to 152,333 BTC worth $4.52 billion, sparking positive reactions. MicroStrategy, the business intelligence and software company led by executive chairman Michael Saylor , has once again made headlines in the crypto world. In a recent tweet, Saylor revealed that MicroStrategy had acquired an additional 12,333 Bitcoin (BTC) for approximately $347 million, with an average price of $28,136 per Bitcoin. This latest acquisition brings MicroStrategy’s total Bitcoin holdings to 152,333 BTC, acquired at an average price of $29,668 per Bitcoin, amounting to around $4.52 billion. MicroStrategy has acquired an additional 12,333 BTC for ~$347.0 million at an average price of $28,136 per # Bitcoin . As of 6/27/23 @MicroStrategy hodls 152,333 $BTC acquired for ~$4.52 billion at an average price of $29,668 per Bitcoin . $MSTR https://t.co/joHo1gEnR0 — Michael Saylor️ (@saylor) June 28, 2023   Mixed Reaction fro

KuCoin will enforce mandatory KYC authentication rules starting from July 15, 2023. Newly registered users must complete the KYC process to access KuCoin products. Non-KYC users registered before July 15, 2023, will face restricted access. KuCoin, a leading global crypto exchange, has announced a significant upgrade to implement new Know Your Customer (KYC) authentication rules and systems, set to take effect from July 15, 2023. This strategic move aims to align with global compliance standards, foster a more secure trading environment and strengthen user account protection. Starting July 15, 2023, all newly registered users must complete the KYC process to access KuCoin’s comprehensive range of products and services. This mandate establishes a high level of accountability and transparency within the platform. However, users who registered before July 15, 2023, and fail to undergo the KYC procedure will face restricted access to specific Features . Th

More than $208.5 million was lost initially, but approximately $4.5 million was recovered, making the total amount of unrecovered funds over $204 million. Over $204 million was lost in decentralized finance (DeFi) hacks and scams in the second quarter of 2023, according to a June 27 report from Web3 portfolio app De.Fi. The report, titled “Q2 De.Fi Rekt Report,” was partially based on data from De.Fi’s “Rekt Database.” Over $208.5 million was initially lost during the quarter, but $4.5 million was recovered through prosecutions, deals with hackers and other recovery methods. Funds lost and recovered in Q2 2023. Source: De.Fi According to the report, the number of DeFi hacks in Q2 rose by “almost 7 times” year-over-year, with 117 incidents during the period compared with only 17 in the same quarter of 2022. A total of over $665 million was lost during the first half of 2023. The top five hacks of the second quarter were against Atomic Wallet, Fintoch, MEV-Boost, Bitrue and GDAC. Th

In a recent tweet, Twitter founder Jack Dorsey questioned Apple CEO Tim Cook on why Apple Pay does not support Bitcoin (BTC). The question can be considered a callout to Apple for removing Damus from the App Store. Damus is a decentralized social networking site with BTC tipping Features . The application is facing removal from Apple’s App Store for alleged non-compliance with payment guidelines. Why doesn’t Apple Pay support bitcoin @tim_cook? https://t.co/2TfqzgXUP1 — jack (@jack) June 27, 2023 Damus’ Twitter handle shared a screenshot of a message which highlighted the application’s breach of guidelines. Damus tweeted the message while saying that the “suggested fix is to use Apple Pay.” However, the Twitter handle pointed out that Apple Pay does not support peer-to-peer payments to anyone in the world. The tipping feature of Damus enabled users to send Bitcoin (BTC) without the assistance of other apps. The application was developed on Nostr, which Dorsey has backed with more than

Tom Lee, a prominent cryptocurrency analyst at Fundstrat, recently shared his observations on bitcoin’s ability to maintain critical support levels in the face of significant regulatory challenges. Despite the introduction of stringent regulations in the cryptocurrency industry this year, bitcoin has demonstrated remarkable resilience, according to Lee. Over the past 24 hours, bitcoin has experienced a slight drop of 1.3% as the weekly gain stood at 12%. One bitcoin was valued at $30,123 at press time as the trading volume increased by 31% within the same period.  BTC 24-hour chart | Source: CoinMarketCap Despite the entry of new players and the departure of major companies from the field, Lee finds bitcoin an appealing investment option. Lee attributes bitcoin’s credibility and legitimacy to technical support and the involvement of established and renowned institutions such as BlackRock and Citadel. These factors have strengthened bitcoin’s foundation and positioned it well for f

Blockchain-based lending protocol Soil receives regulatory confirmation for its operations. Soil’s lending platform will allow investors in the blockchain to lend money to corporate outside the chain. The lending company’s CEO highlights the importance of regulatory confirmation and emphasizes transparency and safety. Soil, a blockchain-based lending protocol, has received confirmation from its local financial markets regulator, affirming that its planned operations comply with the jurisdiction’s regulations. In essence, Soil is now regulated, allowing investors in the blockchain to lend money to corporate outside the chain, assuring secure returns for investors and easy debt for businesses. Soil’s mission is to bridge the gap between borrowers, which include traditional businesses and private debt funds, and lenders, who are stablecoin holders. The platform aims to create a self-balancing DeFi protocol that facilitates a debt marketplace where established bu

Japan’s New Crypto Tax Rules According to local media platform, Coinpost, the tax authority has revealed that unrealized gains from cryptocurrencies issued by companies themselves will no longer be taxed in order to make it easier for cryptocurrency-related companies to do business in Japan. advertisement The subject of taxation remains one of the most undefined regulatory zones in many countries. While there is a possibility for a high Return on Investment (RoI) on virtual assets related investments, the provision of favorable crypto tax laws accounts for one of the things that attracts high growth companies to a nation. Under the current rule, if a company holds cryptocurrencies, it will be taxed on unrealized gains at the end of the tax year, a practice that has proven costly for many firms operating in Japan. Per the report, the inclusion of the valuation of self issued digital currency by a firm operating in Japan in its market valuation has also been rule

Frax Finance, known for creating decentralized stablecoins, announced the launch of its own layer-2 blockchain. The introduction of Fraxchain is scheduled to take place by the end of 2023. The Frax team is most well known for frxETH, a loosely pegged algorithmic ETH stablecoin that is partially collateralized.  According to Blockworks Research, frxETH has been the fastest-growing liquid staking product since its launch ; it has grown from $0 to $378 million in less than eight months.  It also has a unique staking model that is made possible through sfrxETH — an ERC-4626 vault that accrues staking yield for frxETH validators. “One key differentiator in the protocol’s staking model is the frxETH and sfrxETH dynamic, where liquidity provider incentives for frxETH entice holders to forgo staking for sfrxETH,” Blockworks Research said.  The launch of Fraxchain Fraxchain will be Frax Finance’s very own EMV-compatible layer-2. It will likely launch the chain before year’s end, Frax F

Also Read: Cardano Founder Worked As Ripple Intern? Hoskinson Reveals advertisement Did XRP Pass The Howey Test Here? An XRP holder mentioned that he invested in XRP because he knew about Ripple. One of the major reasons for getting into XRP in 2016 was Ripple’s CTO, David Schwart working for the NSA. He added that his first buy came in after reading a new article that hinted that bank might use it ahead. The holder highlighted that he bought XRP when it was priced at $0.10. XRP holders’ lawyer, John Deaton issued clarity over the matter. The attorney stated that Ripple Labs had any kind of direct contact with the buyer and sold him XRP , then there is a valid argument where Ripple’s native crypto satisfies prongs of the Howey test. Read More XRP News Here… As per the given scenario, the buyer paid money to Ripple in favor of XRP . This deal makes the buyer enter a common enterprise with Ripple and directs that a profit was expected based on David S