Home CryptocurrencyAltcoin Saylor Sued, FBI Warns of DeFi Abuse, and Crypto.com Drops $495 Million in Sponsorship: Hodler’s Digest, August 28

Saylor Sued, FBI Warns of DeFi Abuse, and Crypto.com Drops $495 Million in Sponsorship: Hodler’s Digest, August 28

by SuperiorInvest

He comes every Saturday Hodler’s Digest helps you keep track of all the important news that happened this week. The best (and worst) quotes, adoption and regulation, major coins, predictions and much more — the week on Cointelegraph in one link.

Top news this week

US Fed Vice Chair Michael Barr Favors Hard Line on Cryptocurrencies, OCC Acting Head Less Friendly

Global cryptocurrency regulation remains a prevalent topic looming over the sector. Recent comments from US Federal Reserve Board of Supervisors Vice Chairman Michael Barr and Acting Comptroller of the Currency Michael Hsu favored leaning toward more government control. Barr has expressed a desire for regulation of stablecoins as well as banking regulations related to cryptocurrencies. Hsu’s comments included a cautious view of the industry.

GameStop is doubling down on cryptocurrency in a new partnership with FTX US

GameStop is teaming up with crypto exchange FTX US in a promotional partnership. In 2022, GameStop is increasingly involved in the crypto space, which is evident from the launch of the NFT market and a new gaming division dedicated to Web3. GameStop has a long-term vision for getting involved in cryptocurrencies during its FY2 earnings call, according to CEO Matt Furlong.

Binance: No Plans to Automatically Convert Tether, Though That ‘May Change’

This week, Binance revealed plans to phase out three stablecoins from its trading platform: USD Coin (USDC), TrueUSD (TUSD), and USDP Stablecoin (USDP). These three assets, as well as the related spot trading pairs, will no longer be tradable on the exchange. In addition, Binance plans to discontinue other USDC-related services on its platform, such as staking.

The move is essentially an effort to centralize liquidity into the exchange’s own stablecoin, Binance USD (BUSD), based on an explanation tweeted by CEO Changpeng Zhao. The exchange will convert users’ remaining holdings in USDC, TUSD and USDP to BUSD within 24 hours, starting on September 29. However, the conversion of Tether (USDT) to BUSD was not included in Binance’s plans, although this may change according to a Binance spokesperson.

Bank of Russia agrees to legalize cryptocurrencies for cross-border payments: Report

Russia’s central bank is expected to allow cross-border crypto payments to and from the country, but digital asset payments within its borders will remain banned. The country banned cryptocurrencies as a means of payment through previous legislation. According to Russian Deputy Finance Minister Alexei Moiseev, the government’s new approach to cryptocurrencies is a response to changing circumstances on a global scale following Russia’s invasion of Ukraine earlier this year.

Explanation to RIA Novosti media from the Bank of Russia: It is important to emphasize that we are not talking about the legalization of cryptocurrency as a means of payment on the territory of our country. A day later, news emerged of Russia reportedly seeking to work with so-called “friendly” countries to create a stablecoin platform for cross-border payments.

Britain’s economy secretary has pledged to make the country a crypto hub under the new prime minister

Developments in the UK this week looked positive for cryptocurrency adoption in the country. Among several comments about cryptocurrencies, Treasury Economic Secretary Richard Fuller said: “We want to become the country of choice for those who want to create, innovate and build the crypto space. The UK now has a new Prime Minister in Liz Truss, who said in 2018 that the potential of cryptocurrencies should not be dampened in the country.

Winners and losers

At the end of the week Bitcoin (BTC) is in $21,293Ether (ETH) in $1,715 and XRP in $0.34. The total market capitalization is at $1.04 trillion, according to on CoinMarketCap.

Among the top 100 cryptocurrencies are the top three altcoin gainers of the week Terra (MOON) at 218.74%, Terra Classic (LUNC) at 76.92% and Ravencoin (RVN) to 65.43%.

The three biggest altcoin losers of the week are Nexo (NEXO) to -11.74%, 1-inch mesh (1 INCH) to -8.75% and UNUS SED LEO (LION) to -6.35%.

For more information on cryptocurrency prices, be sure to read on Cointelegraph Market Analysis.

Most memorable quote

“The biggest reason I’m bullish on bitcoin is because the world is not in good shape right now, and bitcoin is going to fix that.”

Prince Philip KarageorgevitchHereditary Prince of Serbia and Yugoslavia

“Until they really fix the supply side of certain things like energy in particular, but commodities in general and logistics infrastructure, until that improves, it’s hard to have a more permanent solution to the inflation problem.”

Lyn Aldenindependent macro analyst

“In America, you can’t walk into a Starbucks and pay with Swiss francs or pounds.” However, both are real money. Context matters.”

Rockwell Shahco-founder of Invisible College

“There will always be GPUs mining some GPU-optimized chain, but I doubt we’ll ever get back to the revenue levels we saw in ETH proof-of-work at its peak.”

Andy LongCEO of White Rock

“Ether’s price could separate from other cryptocurrencies after The Merge, as its staking rewards will make it similar to an instrument like a bond or commodity with a carry premium.”

Chain analysis report

“I want to send a clear and strong message to everyone in the crypto world – anyone who offers to give you free money is lying. It just doesn’t exist.”

FatManTerraa pseudonymous crypto influencer on Twitter

Forecast of the week

Bitcoin analyst who called 2018 the bottom warns that ‘bad winter’ could see BTC $10,000

Pseudonymous crypto market analyst Filbfilb sees Bitcoin likely to fall to $10,000 in 2022. Global macro factors and mainstream correlations could potentially affect bitcoin’s price trajectory, according to analyst comments during the interview. Among many insights, Filbfilb noted that the current crypto bear market has some similarities to previous bear markets, but also contains differences. The analyst showed remarkable accuracy in calling Bitcoin’s bottom during its last bear market of 2018.

FUD of the week

Bitcoiner sentenced to federal prison warns users involved in OTC trading

Mark Alexander Hopkins, aka Rizzn on Twitter, says he faces 6 to 15 months in prison. Crime? He allegedly failed to secure proper regulatory licensing for his peer-to-peer (P2P) bitcoin trading crypto business. In 2019, US authorities raided Hopkins’ home. Hopkins, also known as doctor bitcoin, claims to have registered with the US Financial Crimes Enforcement Network, but complications arose because some of his P2P Bitcoin transactions were linked to a client involved in money laundering. Authorities say Hopkins failed to do due diligence on his customers, despite his claims to the contrary.

Which countries have the worst cryptocurrency taxation? A new study lists the top five

Cryptocurrency taxes vary globally. Coincub, a digital asset analytics provider, recently published a study that named the five least favorable regions for paying cryptocurrency taxes. Belgium took the cake for the country with the worst cryptocurrency tax laws, requiring citizens to pay up to 50% in some cases, with 33% levied on crypto capital gains. Following Belgium on the list of worst crypto tax jurisdictions: Iceland, Israel, Philippines and Japan.

Vermont’s financial regulator accuses Celsius and its CEO of ‘false and misleading claims’

Bankrupt crypto platform Celsius is facing charges from the Vermont Department of Financial Regulation (DFR). The authority alleges that Celsius and its CEO, Alex Mashinsky, knew about the project’s financial problems but continued to deceive the public into thinking that everything was fine. The allegations also allege market manipulation of the project’s CEL asset. “By increasing its net position in CEL by hundreds of millions of dollars, Celsius increased and supported the market price of CEL, artificially increasing the company’s CEL holdings on its balance sheet and financial statements,” Ethan McLaughlin, the company’s assistant general counsel. DFR, he said.

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