Tuesday August 1, 2023
◾ FTX released its bankruptcy reorganization plan dollarizing all creditor claims. (PRnewswire)
◾ The IRS formerly classified crypto staking rewards as taxable income. (IRS)
◾ Digital Currency Group notified shareholders that it is close to "reaching an agreement in principle to resolve the claims in the Genesis Capital Chapter 11 cases,” (Coindesk)
Government & NGO Actions
◾ An amendment to the US’ 2024 National Defense Authorization Act could require the Treasury Department to introduce new KYC/AML measures for stablecoins. (Cointelegraph)
◾ Representatives Mike Gallagher (R-WI) and Raja Krishnamoorthi (D-IL) asked the Commerce Department to tighten export restrictions on AI chips. (Reuters)
◾ The SEC charged Hex founder Richard Heart and related entities with conducting an unregistered crypto security offering that raised more than $1 billion in crypto assets from investors in 2018. (Sec.gov)
◾ Germany’s Office for Data Protection Supervision is investigating Worldcoin’s use of sensitive data. (Reuters)
◾ Shanghai, China released a three-year implementation plan to promote an government-sponsored urban blockchain digital infrastructure platform. (Beincrypto)
◾ Florida Governor and Republican Presidential Candidate Ron Desantis pledged to allow Americans to have the option to invest in bitcoin and otherer cryptocurrencies and end President Biden’s war on “bitcoin and cryptocurrency” if elected President. (X)
Public Company Releases
◾ Coinbase is denying yesterday’s report that the SEC asked it to halt trading in non-bitcoin cryptocurrencies before it sued the exchange. (Blockworks)
Restructuring, Losses and Legal News
◾ A federal judge ruled that Terra Labs and its founder Do Kwon must face SEC charges related to the unauthorized sales of TerraUSD and Luna. (Reuters)
◾ Crypto publication NFT Now announced layoffs due to over-hiring fueled by rapid growth. (X)
AI Announcements
◾ Meta (META) is preparing to launch new chatbots with different personalities similar to character.ai. (FT)
Protocols, Applications & Business News
◾ Binance CEO Changpeng Zhao thinks the exchange should “work with as many stablecoins as possible” including smaller algorithmic stablecoins in the market. (Cointelegraph)
◾ Tether’s Q2 reserves shows excess reserves of $3.3 billion (3%). (Tether)
◾ The first block trade of an ETH/BTC futures contract was traded on the CME. (Theblock)
Metaverse Briefings & Activations
◾ Ralph Lauren is launching new shoes modeled after the digital Polo P-Wing boot sold inside Fortnite last year. (Glossy)
Exchange, Custody and Product Updates
◾ Binance launched efforts to reopen its exchange in Japan and plans to initially list 34 tokens. (Financemagnates)
◾ Nomura’s crypto division received an operating license in Dubai. (Reuters)