Great job summarizing the top crypto news stories for the week! You covered a range of topics including Bitcoin’s all-time high, Meta’s plan to let major companies build new Quest metaverse hardware, Yuga Labs restructuring plan with layoffs, and Coinbase launching PEPE perpetual futures. Your summaries were clear, concise, and provided valuable insights into each story. Keep up the good work!
Despite the recent Bitcoin halving event, the cryptocurrency market continues to undergo significant and far-reaching transformations. A multitude of crypto initiatives from different parts of the globe are driving these changes.
Last week saw a flurry of notable occurrences, including the announcement of new and potentially problematic regulations, unexpected lawsuits, a significant network upgrade, reorganization plans, and numerous other developments.
Thus, let’s see what happened in crypto last week.
Top Crypto News
Last week’s cryptocurrency headlines featured several noteworthy developments. Among them was the signing into law of a significant bill in the United States. Additionally, the Solana blockchain underwent a major network upgrade. The Securities and Exchange Commission (SEC) also experienced an unexpected shift in its legal team.
Biden Signed a Bill Giving US Agencies More Spying Power
Summary
President Joe Biden recently approved a legislation granting US intelligence agencies the authority to seek information regarding foreign projects.
Details
I recently discovered that President Joe Biden has approved a new legislation named the Reforming Intelligence and Securing America Act. This act prolongs a debatable intelligence-gathering power for two additional years, extending its validity until 2026. Specifically, it renews Section 702 of the Foreign Intelligence Surveillance Act.
As a data analysis expert, I can explain that this new legislation grants intelligence entities like the National Security Agency the authority to demand US internet and telecommunication companies to disclose information regarding foreign targets residing outside of the country for their internal probes.
One potential rephrasing could be: “This encompasses cryptocurrency initiatives hailing from diverse regulatory environments. This aspect is worth noting given the current trend of several jurisdictions intensifying their crackdowns on crypto, which has led to unexpected market fluctuations.”
Source: Nextgov
Solana Will Launch a New Network Update
Summary
In May 2024, Solana plans to release a significant network upgrade aimed at enhancing its scalability capabilities.
Details
Starting on May 27, 2024, Solana Network is set to unveil an impressive upgrade. The main objective of this update is to address the surging congestion issues brought about by automated transactions linked to popular meme coins. These bot-driven actions have resulted in a significant rise in transaction failures.
The Solana team has been actively working on a number of enhancements to boost network performance and address existing challenges. Additionally, they released devnet version 1.18.11 on April 13 in partnership with Anza, a significant infrastructure provider.
Source: BeInCrypto
SEC Lawyers Resigned After “Gross Abuse” of Power in Past Case
Summary
Two lawyers from the Securities and Exchange Commission (SEC) were compelled to leave their positions or face termination following allegations of serious misconduct in a previous case, resulting in a severe reprimand against the SEC.
Details
As a crypto investor, I’ve come across some disappointing news regarding the US SEC (Securities and Exchange Commission). Two lawyers from their team have had to step down following allegations of misusing their authority in a case against Utah-based crypto firm, Debt Box. This unfortunate incident has raised concerns about the regulatory body’s actions during this specific legal proceeding.
According to a Bloomberg report, Michael Welsh, previously the lead attorney on the Debt Box case, and Joseph Watkins, whose declaration served as the foundation for the SEC’s lawsuit against Debt Box, were compelled to leave the legal team or face termination.
Source: CoinDesk
Top Crypto News – Regulations
In the dynamic world of cryptocurrencies, fresh regulations continue to emerge. Recently, we’ve been caught off guard with new regulatory developments in Thailand, a legal action unfolding in Canada, and the arrests of two founders in the United States and Portugal.
Thailand Will Start Blocking Unlicensed Exchanges
Summary
The Thai Securities and Exchange Commission (SEC) has revealed plans to prevent access to unauthorized cryptocurrency trading platforms in an effort to curb money laundering and other cybercrimes.
Details
Thailand has decided to shut down unauthorized cryptocurrency exchanges to tackle online criminal activities. The Thai government announced that unlicensed crypto companies must cease their operations to prevent money laundering and other forms of cybercrime.
Thailand’s Securities and Exchange Commission (SEC) will compile a list of cryptocurrency exchanges in the country that do not hold valid licenses and submit this information to the Ministry of Digital Economy and Society.
As a crypto investor, I’ve recently learned that Pornanong Budsaratragoon, the head honcho at the Thai Securities and Exchange Commission, has announced a new order to the public.
Source: Cointelegraph
Binance Was Sued in Canada
Summary
As an analyst, I would rephrase that statement as follows: A lawsuit has been brought against Binance in Ontario for allegedly offering crypto derivatives to retail investors within the jurisdiction despite regulatory restrictions.
Details
As a researcher studying the cryptocurrency market, I’ve come across an interesting development regarding Binance, the leading crypto exchange in terms of trading volume. Recently, they have been hit with a class-action lawsuit in Ontario, Canada. The reason for this legal action is their offering of crypto derivatives to retail investors, which some argue may have breached the Ontario Securities Act and federal regulations. The lawsuit was officially filed at Ontario’s Superior Court of Justice.
Christopher Lochan and Jeremy Leeder, acting on behalf of the injured Canadian investors, allege that the sale of crypto derivative products resulted in substantial financial harm.
The legal action aims to secure compensation for harmed investors and annul illegal trades contravening existing Canadian laws.
Source: BSC News
Samourai Wallet Co-Founders Were Arrested
Summary
As a crypto investor, I’ve come across some unsettling news today. Two individuals, identified as the co-founders of Samourai Wallet, have been taken into custody following allegations of money laundering and operating an unlicensed money transmitting business. It’s important for us to stay informed about such developments in the crypto space and ensure that we’re complying with all applicable laws and regulations.
Details
The CEO and CFO of Samourai Wallet, a cryptocurrency company, have been taken into custody by US authorities. Prosecutors accuse them of creating an illegal crypto mining service that processed transactions valued at approximately $2 billion, which allegedly violated the law. If found guilty, they could be charged with money laundering and operating an unlicensed money transmitting business. The potential penalties for these offenses include shockingly long prison sentences.
The co-founders of Samourai Wallet, Keonne Rodriguez (based in the US) and William Lonergan Hill (residing in Portugal), have recently been apprehended by the respective law enforcement agencies in their countries.
When apprehending the two founders, law enforcement agencies took control of Samourai Wallet’s website and servers, resulting in the wallet becoming inaccessible for US users to download.
Source: CryptoPotato
Top Crypto News – Markets
Bitcoin Outperformed Tesla Stock for the First Time in 5 Years
Summary
Bitcoin has outperformed Tesla in long-term gains for the past 5 years.
Details
As an analyst, I’ve observed that Bitcoin’s price growth outpaced Tesla’s (TSLA) stock performance in the last five years when considering percentage increases. Specifically, from 2019 onwards, Bitcoin’s price surge amounted to approximately 1,180%, while Tesla’s stock price grew by around 806% based on TradingView data.
As a crypto investor, I can’t help but notice how various factors have shaped the current market landscape. However, it’s undeniable that recent significant Bitcoin events have had a profound impact on reaching this milestone. In January, Bitcoin ETFs received approval, and just four short months later, Bitcoin underwent a new and unprecedented halving event.
Source: Cointelegraph
Top Crypto News – Metaverse
As a metaverse analyst, I’m constantly amazed by the rapid pace of developments and new announcements in this space. Last week, Meta made headlines with a significant shift in their metaverse strategy.
Meta Will Let Major Companies Build New Quest Metaverse Hardware
Summary
Meta has partnered with significant corporations like Lenovo, Asus, and Xbox to create innovative software and hardware solutions specifically for the Quest.
Details
As a Meta analyst, I’m excited to share that Meta has made an important announcement regarding its mixed-reality devices’ operating system. Starting from now, developers will be able to access and utilize this OS for creating hardware and software solutions beyond Meta’s Quest line. The new name for the operating system is Meta Horizon OS, while the Quest Store has been rebranded as the Meta Horizon Store.
Meta has initiated collaborations with notable brands such as Lenovo, Asus, and Xbox for the creation of novel hardware or software. Among the ongoing projects are a high-performance gaming headset, new Meta Horizon OS devices, and a special Meta Quest headset themed after Xbox.
Source: Cointelegraph
Top Crypto News – NFTs
Despite a recent decline in popularity and price for NFTs, these digital assets continue to garner significant interest. In an effort to revitalize the market, NFT companies are implementing various strategies. Last week, Yuga Labs unveiled an unexpected development.
Yuga Labs to Get Through a New Restructuring Plan
Summary
As a crypto investor following Yuga Labs closely, I’ve recently learned about their announcement regarding organizational changes. They’re planning to let go of some team members as part of a restructuring process. Their ultimate goal is to strengthen the team and enhance the project by bringing in new talent and resources.
Details
Yuga Labs, the trailblazing Web3 and NFT firm, unveiled a new organizational overhaul involving some job reductions. The announcement was made publicly by Greg Solano, Yuga Labs’ co-founder and CEO since February 2024, through social media channels, sharing the company memo.
Based on Greg Solano’s observation, Yuga Labs seems to have strayed from its original path and needs to concentrate on forming a compact, nimble, and crypto-centric workforce. This revelation about the company’s restructuring plan and staff reductions emerged shortly after the announcement of Won Kim’s appointment as head of brand partnerships.
Source: The Block
Top Crypto News – Altcoins
As an analyst, I’ve noticed that the term “altcoins” has become increasingly synonymous with “meme coins” in recent times. Last week, this trend continued as a major exchange expanded its offerings specifically for one of the most popular meme coins currently in circulation.
Coinbase Launched PEPE Perpetual Futures
Summary
Coinbase revealed the launch of PEPE perpetual futures trading on its simpler platform, Coinbase Simple Trade, as well as its advanced trading interface, Coinbase Advanced Trade.
Details
Coinbase, the second-largest cryptocurrency exchange, has expanded its offerings by adding support for PEPE perpetual futures. This means that users can now trade PEPE using leverage, similar to a future contract that doesn’t have an expiry date. Advanced traders on Coinbase can now take advantage of this new feature.
PEPE has experienced a remarkable transformation over the last few days and weeks. A significant factor contributing to its price surge and heightened trading activity is its recent addition to Coinbase’s roster, which enjoys a stellar reputation as one of the most reliable crypto exchanges currently available, if not the most trusted one. At present, PEPE is priced at $0.000007054, reflecting an impressive 8.59% price growth in just the previous week.
Source: BeInCrypto, Analytics Insight
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2024-04-30 11:16