Top Stories This Week<\/strong><\/h2>\nChair Gensler says SEC reaction to Ripple decision is mixed, still under consideration<\/strong><\/strong><\/strong><\/strong><\/h2>\nU.S. Securities and Exchange Commission Chair Gary Gensler has commented publicly about the recent ruling<\/a> on the agency\u2019s suit against Ripple, saying the SEC is \u201cstill looking at it and assessing that opinion.\u201d Gensler declined to comment further on the case, but said the commission is pleased with the court\u2019s decision stating that XRP was a security when sold to institutional investors, but disappointed with the non-security ruling for retail investors and other XRP distributions. Comments made by the regulator on July 21 in a lawsuit hinted that it might appeal the decision<\/a>. In the crypto community, however, some believe it is unlikely to happen<\/a> as the SEC benefits from the \u201ccurrent confusion.\u201d<\/p>\nBipartisan bill to regulate DeFi, crypto security risks introduced into US Senate<\/strong><\/strong><\/strong><\/strong><\/h2>\nA bipartisan bill was introduced into the U.S. Senate, tightening regulations<\/a> and sanctions requirements for decentralized finance (DeFi). The bill would subject DeFi operations to the same requirements as \u201cother financial companies, including centralized crypto trading platforms, casinos, and even pawn shops.\u201d The proposal also makes \u201canyone who controls that project\u201d liable for the use of the DeFi service by sanctioned persons. The bill also set new requirements for operators of crypto kiosks (or ATMs) to prevent their use in money laundering. Kiosk operators would be required to verify the identities of both counterparties in a transaction.<\/p>\nAltcoins \u2018bled\u2019 as Bitcoin gained dominance in Q2: CoinGecko<\/strong><\/h2>\nThe second quarter of the year has been a solid one for Bitcoin\u2019s performance<\/a> as its market dominance gained against altcoins, which \u201cbled\u201d throughout the period, according to CoinGecko\u2019s industry report. Bitcoin (BTC) and Ether (ETH) continued to build their market share over the past months, while Binance Coin (BNB), XRP (XRP), and Cardano (ADA) suffered double-digit losses over the quarter. DeFi tokens were hit particularly hard during the quarter, with Uniswap (UNI), Chainlink (LINK) and Lido (LDO) taking double-digit losses as well. The top five metaverse and play-to-earn tokens by market cap also marked losses up to 40%.<\/p>\n\n
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<\/a><\/div>\n<\/section>\nMultiple spot crypto ETF applications go to Federal Register in step toward SEC approval<\/strong><\/strong><\/h2>\nApplications from several firms for a spot Bitcoin exchange-traded fund (ETF) have been published in the Federal Register<\/a>, moving them one step along in the U.S. SEC process. According to the records, applications from BlackRock, Fidelity, Invesco Galaxy, VanEck and WisdomTree were officially registered. Publishing the applications gives the SEC a window of opportunity to accept or reject the request, extend the time allowed or open the application for public comment. The SEC has an initial window of 45 days to reach a decision, but the commission has the option of extending the process for up to 240 days \u2014 until March 2024 \u2014 for final approval or denial.<\/p>\nRobert F. Kennedy Jr. vows to back US dollar with Bitcoin if elected president<\/strong><\/h2>\nDemocratic presidential candidate Robert F. Kennedy Jr. has promised to progressively back the United States dollar with Bitcoin<\/a> if he is elected president. Kennedy said during an event that backing the U.S. dollar with what he called \u201chard currency,\u201d including gold, silver, platinum or Bitcoin, could help to re-stabilize the American economy. Kennedy explained the process would be gradual and that, depending on the plan\u2019s success, he\u2019d adjust the amount of backing for the dollar. Additionally, Kennedy declared he would make Bitcoin-to-U.S. dollar conversions exempt from capital gains taxes in an attempt to spur investments in the country.<\/p>\n![\"\"](\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/07\/Mark-Yusko-1024x682.png\")
<\/figure>\nWinners and Losers<\/strong><\/h2>\n![\"\"](\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/07\/WL-july-22-01-1024x826.jpg\")
<\/figure>\nAt the end of the week, Bitcoin (<\/strong>BTC<\/strong><\/a>)<\/strong> is at $29,883<\/strong>, Ether (<\/strong>ETH<\/strong><\/a>)<\/strong> at $1,894<\/strong> and XRP<\/strong><\/a> at $0.78<\/strong>. The total market cap is at $1.2<\/strong> trillion, according<\/a> to CoinMarketCap.<\/p>\nAmong the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Maker (MKR) <\/strong>at 32.18%, XDC Network (XDC) <\/strong>at 24.19% and Stellar (XLM) <\/strong>at 20.88%.\u00a0<\/p>\nThe top three altcoin losers of the week are Rocket Pool (RPL) <\/strong>at -14.95%, GMX (GMX) <\/strong>at -10.93% and Lido DAO (LDO) <\/strong>at -7.90%.<\/p>\nFor more info on crypto prices, make sure to read Cointelegraph\u2019s market analysis<\/a>.<\/p>\n\nRead also<\/p>\n
\n\n
\n Features<\/span><\/p>\nPlay2Earn: How Blockchain Can Power a Paradigm Shift in Building Game Economies<\/p>\n
<\/a>\n <\/div>\n
\n
\n Features<\/span><\/p>\nRogue states dodge economic sanctions, but is crypto in the wrong?<\/p>\n
<\/a>\n <\/div>\n<\/div>\n<\/div>\n
Most Memorable Quotations<\/strong>
<\/h2>\n\n\u201cFor me, the lack of protection for retail investors underscores the fierce urgency around passing a market structure bill to protect the average American consumer.\u201d<\/p>\n<\/blockquote>\n
Ritchie Torres<\/strong><\/a>, New York Representative<\/strong><\/p>\n\n\u201cJapan, Korea, China, all these places are pushing Web3 in a really big way because they see that as an opportunity to break away from basically U.S.-dominant technologies.\u201d<\/p>\n<\/blockquote>\n
Yat Siu<\/strong><\/a>, co-founder of Animoca Brands<\/strong><\/p>\n\n\u201cBacking dollars and U.S. debt obligations with hard assets [gold, silver, platinum or Bitcoin] could help restore strength back to the dollar.\u201d<\/p>\n<\/blockquote>\n
Robert F. Kennedy Jr.<\/strong><\/a>, U.S. Democratic presidential candidate<\/strong><\/p>\n\n\u201cBased on Metcalfe\u2019s law model, fair value for Bitcoin is around $55K. So I think we drift upwards toward that level.\u201d<\/p>\n<\/blockquote>\n
Mark Yusko<\/strong><\/a>, chief investment officer at Morgan Creek Capital<\/strong><\/p>\n\n\u201c[The Ripple ruling] has made our argument more compelling and more urgent, meaning that we can\u2019t just rely on enforcement to get the kind of investor protection standards we need.\u201d<\/p>\n<\/blockquote>\n
Timothy Massad<\/strong><\/a>, former chair of the U.S. Commodity Futures Trading Commission<\/strong><\/p>\n\n\u201cThe Commission benefits from the current confusion and losing these issues on appeal would jeopardize its entire enforcement agenda. So I\u2019d be surprised if the SEC tried to appeal now.\u201d<\/p>\n<\/blockquote>\n
Kathryn Haun<\/strong><\/a>, CEO of Haun Ventures<\/strong><\/p>\nPrediction of the Week\u00a0<\/strong><\/h2>\nBitcoin Bollinger Bands echo move that ended in 40% January gains<\/strong><\/p>\nBitcoin is lining up a burst of volatility<\/a> that could rival its 40% January gains, on-chain data suggests.\u00a0<\/p>\nBTC price has acted in a tight range for an entire month, using $30,000 as a focal point for sideways behavior, putting both bulls and bears to the test. According to popular analyst Aksel Kibar:<\/p>\n
\u201cSeems like $BTCUSD is exhausting many trader\u2019s patience,\u201d he wrote on July 21, before adding that this \u201cis usually the condition you see before strong moves. Not sure about the direction though. I will stick with my well-defined boundaries. I know that increased volatility is around the corner. Capture the directional move.\u201d<\/p>\n
According to Bollinger Bands behavior, a classic volatility indicator, this move should come sooner rather than later as it\u2019s printing a telltale sign that the days of rangebound BTC price action are at an end.<\/p>\n
FUD of the Week\u00a0<\/strong><\/h2>\n![\"\"](\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/07\/Timothy-Massad-1024x682.png\")
<\/figure>\n<\/h3>\nCrypto firms and influencers may need to start including disclaimers on crypto memes<\/a> to stay compliant with advertising laws in the United Kingdom. The country\u2019s Financial Conduct Authority (FCA) released, on July 17, a proposed guidance on social media financial promotions that targets promotional memes and financial influencers \u2014 or \u201cfinfluencers.\u201d The FCA considers crypto a high-risk investment. Per the FCA\u2019s proposal, crypto can be advertised to retail investors at large, but there are requirements such as including risk warnings and a ban on investment incentives.<\/p>\nUniswap founder Hayden Adams\u2019 Twitter account was compromised on July 20<\/a>. His account released a tweet to its more than 254,000 followers falsely claiming that the platform\u2019s Permit2 contract had been \u201caffected by an unknown exploit\u201d and users\u2019 tokens were at risk, encouraging them to click on a malicious link. The \u201cWeb3 Security Alerts\u201d channel on Telegram detected the scam attempt and reported that Adams had also been blocked from his accounts with MetaMask and Coinbase Wallet.<\/p>\nCouple behind Bitfinex money laundering scheme reach plea deal with US prosecutors<\/strong><\/h2>\nTwo people accused of having laundered billions of dollars worth of Bitcoin<\/a> connected to the 2016 Bitfinex hack have reached a plea agreement with authorities in the United States. The pair had been charged with money laundering conspiracy and conspiracy to defraud the U.S., and they are expected to forfeit digital assets connected to the case. Crypto exchange Bitfinex was hacked in August 2016, with roughly 119,754 Bitcoin stolen.<\/p>\nBest Cointelegraph Features<\/strong><\/h2>\n![\"\"](\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/07\/Yat-Siu-1024x682.png\")
<\/figure>\nWolf Of All Streets worries about a world where Bitcoin hits $1M: Hall of Flame<\/strong><\/strong><\/h2>\nFormer globe-trotting DJ Scott Melker<\/a> \u2014 The Wolf Of All Streets \u2014 worries about the circumstances leading to Bitcoin topping $1 million.<\/p>\nTokenizing music royalties as NFTs could help the next Taylor Swift<\/strong><\/strong><\/h2>\nNegative experiences in the music biz<\/a> have seen artists like 3lau, Nas and The Weeknd turn to tokenized royalties for a fair deal.<\/p>\nWeb3 Gamer: Earn Bitcoin in Minecraft, BGA\u2019s 50\/50 gender split, Oath of Peak hot take<\/strong><\/h2>\n
U.S. Securities and Exchange Commission Chair Gary Gensler has commented publicly about the recent ruling<\/a> on the agency\u2019s suit against Ripple, saying the SEC is \u201cstill looking at it and assessing that opinion.\u201d Gensler declined to comment further on the case, but said the commission is pleased with the court\u2019s decision stating that XRP was a security when sold to institutional investors, but disappointed with the non-security ruling for retail investors and other XRP distributions. Comments made by the regulator on July 21 in a lawsuit hinted that it might appeal the decision<\/a>. In the crypto community, however, some believe it is unlikely to happen<\/a> as the SEC benefits from the \u201ccurrent confusion.\u201d<\/p>\n A bipartisan bill was introduced into the U.S. Senate, tightening regulations<\/a> and sanctions requirements for decentralized finance (DeFi). The bill would subject DeFi operations to the same requirements as \u201cother financial companies, including centralized crypto trading platforms, casinos, and even pawn shops.\u201d The proposal also makes \u201canyone who controls that project\u201d liable for the use of the DeFi service by sanctioned persons. The bill also set new requirements for operators of crypto kiosks (or ATMs) to prevent their use in money laundering. Kiosk operators would be required to verify the identities of both counterparties in a transaction.<\/p>\n The second quarter of the year has been a solid one for Bitcoin\u2019s performance<\/a> as its market dominance gained against altcoins, which \u201cbled\u201d throughout the period, according to CoinGecko\u2019s industry report. Bitcoin (BTC) and Ether (ETH) continued to build their market share over the past months, while Binance Coin (BNB), XRP (XRP), and Cardano (ADA) suffered double-digit losses over the quarter. DeFi tokens were hit particularly hard during the quarter, with Uniswap (UNI), Chainlink (LINK) and Lido (LDO) taking double-digit losses as well. The top five metaverse and play-to-earn tokens by market cap also marked losses up to 40%.<\/p>\n Applications from several firms for a spot Bitcoin exchange-traded fund (ETF) have been published in the Federal Register<\/a>, moving them one step along in the U.S. SEC process. According to the records, applications from BlackRock, Fidelity, Invesco Galaxy, VanEck and WisdomTree were officially registered. Publishing the applications gives the SEC a window of opportunity to accept or reject the request, extend the time allowed or open the application for public comment. The SEC has an initial window of 45 days to reach a decision, but the commission has the option of extending the process for up to 240 days \u2014 until March 2024 \u2014 for final approval or denial.<\/p>\n Democratic presidential candidate Robert F. Kennedy Jr. has promised to progressively back the United States dollar with Bitcoin<\/a> if he is elected president. Kennedy said during an event that backing the U.S. dollar with what he called \u201chard currency,\u201d including gold, silver, platinum or Bitcoin, could help to re-stabilize the American economy. Kennedy explained the process would be gradual and that, depending on the plan\u2019s success, he\u2019d adjust the amount of backing for the dollar. Additionally, Kennedy declared he would make Bitcoin-to-U.S. dollar conversions exempt from capital gains taxes in an attempt to spur investments in the country.<\/p>\n At the end of the week, Bitcoin (<\/strong>BTC<\/strong><\/a>)<\/strong> is at $29,883<\/strong>, Ether (<\/strong>ETH<\/strong><\/a>)<\/strong> at $1,894<\/strong> and XRP<\/strong><\/a> at $0.78<\/strong>. The total market cap is at $1.2<\/strong> trillion, according<\/a> to CoinMarketCap.<\/p>\n Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Maker (MKR) <\/strong>at 32.18%, XDC Network (XDC) <\/strong>at 24.19% and Stellar (XLM) <\/strong>at 20.88%.\u00a0<\/p>\n The top three altcoin losers of the week are Rocket Pool (RPL) <\/strong>at -14.95%, GMX (GMX) <\/strong>at -10.93% and Lido DAO (LDO) <\/strong>at -7.90%.<\/p>\n For more info on crypto prices, make sure to read Cointelegraph\u2019s market analysis<\/a>.<\/p>\n Read also<\/p>\n Play2Earn: How Blockchain Can Power a Paradigm Shift in Building Game Economies<\/p>\n <\/a>\n <\/div>\n Rogue states dodge economic sanctions, but is crypto in the wrong?<\/p>\n <\/a>\n <\/div>\n<\/div>\n<\/div>\n \u201cFor me, the lack of protection for retail investors underscores the fierce urgency around passing a market structure bill to protect the average American consumer.\u201d<\/p>\n<\/blockquote>\n Ritchie Torres<\/strong><\/a>, New York Representative<\/strong><\/p>\n \u201cJapan, Korea, China, all these places are pushing Web3 in a really big way because they see that as an opportunity to break away from basically U.S.-dominant technologies.\u201d<\/p>\n<\/blockquote>\n Yat Siu<\/strong><\/a>, co-founder of Animoca Brands<\/strong><\/p>\n \u201cBacking dollars and U.S. debt obligations with hard assets [gold, silver, platinum or Bitcoin] could help restore strength back to the dollar.\u201d<\/p>\n<\/blockquote>\n Robert F. Kennedy Jr.<\/strong><\/a>, U.S. Democratic presidential candidate<\/strong><\/p>\n \u201cBased on Metcalfe\u2019s law model, fair value for Bitcoin is around $55K. So I think we drift upwards toward that level.\u201d<\/p>\n<\/blockquote>\n Mark Yusko<\/strong><\/a>, chief investment officer at Morgan Creek Capital<\/strong><\/p>\n \u201c[The Ripple ruling] has made our argument more compelling and more urgent, meaning that we can\u2019t just rely on enforcement to get the kind of investor protection standards we need.\u201d<\/p>\n<\/blockquote>\n Timothy Massad<\/strong><\/a>, former chair of the U.S. Commodity Futures Trading Commission<\/strong><\/p>\n \u201cThe Commission benefits from the current confusion and losing these issues on appeal would jeopardize its entire enforcement agenda. So I\u2019d be surprised if the SEC tried to appeal now.\u201d<\/p>\n<\/blockquote>\n Kathryn Haun<\/strong><\/a>, CEO of Haun Ventures<\/strong><\/p>\n Bitcoin Bollinger Bands echo move that ended in 40% January gains<\/strong><\/p>\n Bitcoin is lining up a burst of volatility<\/a> that could rival its 40% January gains, on-chain data suggests.\u00a0<\/p>\n BTC price has acted in a tight range for an entire month, using $30,000 as a focal point for sideways behavior, putting both bulls and bears to the test. According to popular analyst Aksel Kibar:<\/p>\n \u201cSeems like $BTCUSD is exhausting many trader\u2019s patience,\u201d he wrote on July 21, before adding that this \u201cis usually the condition you see before strong moves. Not sure about the direction though. I will stick with my well-defined boundaries. I know that increased volatility is around the corner. Capture the directional move.\u201d<\/p>\n According to Bollinger Bands behavior, a classic volatility indicator, this move should come sooner rather than later as it\u2019s printing a telltale sign that the days of rangebound BTC price action are at an end.<\/p>\n Crypto firms and influencers may need to start including disclaimers on crypto memes<\/a> to stay compliant with advertising laws in the United Kingdom. The country\u2019s Financial Conduct Authority (FCA) released, on July 17, a proposed guidance on social media financial promotions that targets promotional memes and financial influencers \u2014 or \u201cfinfluencers.\u201d The FCA considers crypto a high-risk investment. Per the FCA\u2019s proposal, crypto can be advertised to retail investors at large, but there are requirements such as including risk warnings and a ban on investment incentives.<\/p>\n Uniswap founder Hayden Adams\u2019 Twitter account was compromised on July 20<\/a>. His account released a tweet to its more than 254,000 followers falsely claiming that the platform\u2019s Permit2 contract had been \u201caffected by an unknown exploit\u201d and users\u2019 tokens were at risk, encouraging them to click on a malicious link. The \u201cWeb3 Security Alerts\u201d channel on Telegram detected the scam attempt and reported that Adams had also been blocked from his accounts with MetaMask and Coinbase Wallet.<\/p>\n Two people accused of having laundered billions of dollars worth of Bitcoin<\/a> connected to the 2016 Bitfinex hack have reached a plea agreement with authorities in the United States. The pair had been charged with money laundering conspiracy and conspiracy to defraud the U.S., and they are expected to forfeit digital assets connected to the case. Crypto exchange Bitfinex was hacked in August 2016, with roughly 119,754 Bitcoin stolen.<\/p>\n Former globe-trotting DJ Scott Melker<\/a> \u2014 The Wolf Of All Streets \u2014 worries about the circumstances leading to Bitcoin topping $1 million.<\/p>\n Negative experiences in the music biz<\/a> have seen artists like 3lau, Nas and The Weeknd turn to tokenized royalties for a fair deal.<\/p>\nBipartisan bill to regulate DeFi, crypto security risks introduced into US Senate<\/strong><\/strong><\/strong><\/strong><\/h2>\n
Altcoins \u2018bled\u2019 as Bitcoin gained dominance in Q2: CoinGecko<\/strong><\/h2>\n
\n<\/a><\/div>\n<\/section>\n
\n<\/a><\/div>\n<\/section>\n
Multiple spot crypto ETF applications go to Federal Register in step toward SEC approval<\/strong><\/strong><\/h2>\n
Robert F. Kennedy Jr. vows to back US dollar with Bitcoin if elected president<\/strong><\/h2>\n
<\/figure>\nWinners and Losers<\/strong><\/h2>\n
<\/figure>\n
\n Features<\/span><\/p>\n
\n Features<\/span><\/p>\nMost Memorable Quotations<\/strong>
<\/h2>\n\n
\n
\n
\n
\n
\n
Prediction of the Week\u00a0<\/strong><\/h2>\n
FUD of the Week\u00a0<\/strong><\/h2>\n
<\/figure>\n<\/h3>\n
Couple behind Bitfinex money laundering scheme reach plea deal with US prosecutors<\/strong><\/h2>\n
Best Cointelegraph Features<\/strong><\/h2>\n
<\/figure>\nWolf Of All Streets worries about a world where Bitcoin hits $1M: Hall of Flame<\/strong><\/strong><\/h2>\n
Tokenizing music royalties as NFTs could help the next Taylor Swift<\/strong><\/strong><\/h2>\n
Web3 Gamer: Earn Bitcoin in Minecraft, BGA\u2019s 50\/50 gender split, Oath of Peak hot take<\/strong><\/h2>\n
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