High Tales of The Week
Donald Trump makes use of Bitcoin to purchase burgers at NYC bar
The U.S. Republican Celebration presidential nominee Donald Trump appeared at Pubkey, a New York Metropolis bar and restaurant well-known for accepting Bitcoin, turning into the primary former United States president to make use of the cryptocurrency in a transaction.
In response to a Sept. 18 submit on X by Pubkey, Trump used Bitcoin to buy hamburgers on the NYC bar. BTC advocate and Skilled Capital Administration CEO Anthony Pompliano was in attendance on the marketing campaign cease, which was additionally reported on Trump’s Reality Social account.
The occasion got here lower than two days after the Republican nominee introduced the launch of a token by way of the World Liberty Monetary crypto platform, which is run by members of his household. Regardless of as soon as calling Bitcoin a “rip-off” and crypto “primarily based on skinny air,” Trump has advocated for BTC miners as a part of his 2024 marketing campaign and spoke on the Bitcoin 2024 convention in Nashville, Tennessee.
US lawmaker accuses SEC of ‘enforcement abuse’ in opposition to crypto companies
A Republican lawmaker chairing a Home subcommittee overseeing digital belongings closely criticized america Securities and Trade Fee (SEC) and its chair, Gary Gensler, for “insert[ing] politics” into regulating crypto companies.
In a Sept. 18 listening to of the Home Subcommittee on Digital Property, Monetary Know-how and Inclusion, Arkansas Consultant French Hill claimed that Chair Gensler’s method to digital belongings had led to “confusion and uncertainty” within the markets.
On the Dazed and Confused: Breaking Down the SEC’s Politicized Method to Digital Property listening to, the subcommittee chair recommended various regulatory routes for crypto, such because the Monetary Innovation and Know-how for the twenty first Century (FIT21) Act at the moment transferring by way of Congress.
“The professional-FIT21 and pro-regulatory framework views of the bulk and lots of bipartisan doesn’t imply we’re in opposition to the SEC going after dangerous actors or modernizing current guidelines to include digital asset securities and different distinctive devices,” mentioned Rep. Hill. “We’re in opposition to SEC enforcement abuse and making it laborious for reliable actors who’re attempting to observe the principles to do a wonderful job and produce innovation and know-how to our markets.”
Fed charge minimize could also be politically motivated, will enhance inflation — Arthur Hayes
BitMEX co-founder Arthur Hayes believes america Federal Reserve’s current charge minimize was doubtless politically motivated and will impression markets and inflation.
Chatting with Cointelegraph at Token2049 in Singapore on Sept. 18, Hayes shared his ideas on the Fed’s current motion, speculating it may very well be a part of an effort to bolster help for the Democratic Celebration:
“I’ve a macro view that Jerome Powell [Federal Reserve chair] and Janet Yellen [Treasury secretary] need to juice monetary markets to assist Kamala Harris win the election.”
On Sept. 18, the Fed minimize U.S. rates of interest by 50 foundation factors in a transfer extensively anticipated by buyers and analysts. Hayes mentioned this might have vital implications for each conventional and crypto markets and potential long-term penalties for inflation and financial stability.
He identified a disconnect between the speed minimize and present financial indicators, stating that the U.S. economic system reveals sturdy gross home product development whereas unemployment stays low in keeping with historic requirements.
Binance CEO says activity drive is working ‘throughout the clock’ to free exec in Nigeria
Binance CEO Richard Teng says his group has been working “throughout the clock” to convey Tigran Gambaryan dwelling to america as the manager’s well being declines every day:
“Now we have appealed to the Nigerian authorities repeatedly to launch Tigran […] in order that he can go dwelling and get the right medical therapy that he wants.”
“There’s no want to carry our employees. He’s held unjustly, unfairly,” Teng instructed Cointelegraph on the Token2049 convention in Singapore on Sept. 19.
“It’s distressing for all of us,” mentioned Teng. “Particularly for the households. For us at Binance, it is a prime precedence for us. Now we have a activity drive internally working throughout the clock, completely different avenues from authorized to political.”
The Binance CEO hopes the U.S. can designate Gambaryan as unlawfully detained to hurry up that course of. He added that Binance has additionally tried to attraction to the Nigerian authorities to launch Gambaryan on humanitarian grounds.
Solana unveils new Seeker system, says it’s not only a ‘memecoin telephone’
Solana has simply revealed its latest, shiniest smartphone referred to as Seeker — it’s half the price of its predecessor and, in keeping with the group, received’t simply lean on free memecoins.
Saga, the smartphone’s predecessor, was launched to little fanfare in Could final 12 months. Initially buffeted by poor evaluations from tech pundits and crypto customers alike, Saga was arguably saved by a sudden 1,000% rally within the worth of a memecoin referred to as Bonk in December, inflicting the system to promote out on Dec. 16.
And Solana seemingly hasn’t forgotten about it.
For its new model, Solana is seeking to supply entry to related rewards to 140,000 customers who’ve already paid between $450 and $500 to pre-order Seeker.
Chatting with Cointelegraph at Token2049 in Singapore, Emmett Hollyer, basic supervisor at Solana Labs, mentioned Seeker could be a “rewards magnet” for customers however burdened that it wouldn’t simply be the “memecoin telephone.”
“Seeker, identical to Saga, might be a rewards magnet, but additionally, it’s an enormous alternative for groups to construct completely new experiences,” mentioned Hollyer.
Winners and Losers
On the finish of the week, Bitcoin (BTC) is at $63,127, Ether (ETH) at $2,559 and XRP at $0.58. The whole market cap is at $2.20 trillion, in keeping with CoinMarketCap.
Among the many largest 100 cryptocurrencies, the highest three altcoin gainers of the week are Sui (SUI) at 44.76%, Celestia (TIA) at 33.66% and Fantom (FTM) at 29.04%.
The highest three altcoin losers of the week are Helium (HNT) at 10.67%, KuCoin Token (KCS) at 9.04% and SATS (1000SATS) at 8.71%. For more information on crypto costs, be sure that to learn Cointelegraph’s market evaluation.
Most Memorable Quotations
“It’s bullish for the U.S. that Trump wins. It’s perhaps short-term bearish for everybody if Harris wins. […] Should you’re not an American, you help Harris as a result of then you might have extra crypto enterprise exterior of the U.S.”
Alex Svanevik, CEO of Nansen
“Now we have appealed to the Nigerian authorities repeatedly to launch Tigran […] in order that he can go dwelling and get the right medical therapy that he wants.”
Richard Teng, CEO of Binance
“Whereas I feel lots of people are wanting ahead to a charge minimize, which means that they suppose the inventory market and different issues are going to pump up the jam, I feel the markets are going to break down a couple of days after the Fed’s charges.”
Arthur Hayes, co-founder of BitMEX
“Each the type and method taken present the cultural challenges that legacy jurisdictions just like the U.Okay. face in successfully regulating market individuals who place large worth on decentralization and autonomy.”
Ali Khan, tech lead at AS Authorized Consultants
“Crypto is behaving like another threat asset proper now, which is a testomony to the maturity of this market versus a 12 months in the past, two years in the past even.”
Bobby Zagotta, CEO of Bitstamp
“Bitcoin basically rejects inflation, and I basically reject getting old. We mainly settle for these sluggish boil deaths, and we each reject the sluggish boil loss of life.”
Bryan Johnson, founding father of Blueprint
Prediction of The Week
Ethereum is a ‘contrarian wager’ into 2025, says Bitwise exec
Ether worth has struggled to achieve upside momentum for the reason that begin of 2024. Is Ether actually a contrarian wager for 2024, or might it nonetheless stage an upside rally?
In response to Matt Hougan, Bitwise Asset Administration’s chief funding officer, Ethereum may very well be the underdog headed into 2025.
Hougan famous that Ether has been struggling, significantly after ETH hit an over 42-month low in opposition to Bitcoin on Sept. 16.
Learn additionally
Options
Pretend workers and social assaults: Crypto recruiting is a minefield
Options
MakerDAO’s plan to convey again ‘DeFi summer season’ — Rune Christensen
Whereas he stays optimistic about Ether, he famous that worth motion could stay sluggish for the remainder of the 12 months. Hougan wrote in a Sept. 17 weblog submit:
“From my seat, none of Ethereum’s challenges appear existential, and its alternatives are brimming. I believe the market could reevaluate Ethereum as we get nearer to the November elections and any regulatory readability that emerges. For now, it appears to be like like a possible contrarian wager by way of the top of the 12 months.”
FUD of The Week
Supreme Courtroom of India YouTube channel hijacked to shill XRP
Cryptocurrency hackers have taken over the Supreme Courtroom of India’s official YouTube channel to run a Ripple and XRP rip-off.
On Sept. 20, the official YouTube channel of the Supreme Courtroom of India, with over 217,000 followers, was rebranded right into a Ripple-themed account to run a cryptocurrency rip-off.
The hackers used the channel to play a pretend livestream video that includes Ripple Labs CEO Brad Garlinghouse. It additionally urged potential victims to put money into the rip-off, promising unrealistic returns.
As well as, the hackers renamed the channel, modified the URL and deleted all of the earlier movies uploaded by the account’s authentic proprietor.
Nonetheless, YouTube later needed to delete the compromised channel, citing, “This channel was eliminated as a result of it violated our Group Pointers.”
SEC seeks sanctions in opposition to Elon Musk over Twitter investigation
The US Securities and Trade Fee (SEC) revealed that it’s searching for financial and authorized sanctions geared toward compelling billionaire Elon Musk to seem for a scheduled testimony after the entrepreneur allegedly failed to seem and supply testimony to the monetary regulator concerning the $44 billion buy of the Twitter platform in 2022.
Extra particularly, the SEC intends to file sanctions in opposition to Musk, ordering him to “Present Trigger [for] why he shouldn’t be held in civil contempt” for allegedly violating the unique phrases of the settlement stipulated within the Could 2024 order, which established the Sept. 19 date for the testimony.
Learn additionally
Options
Poisonous Twitter Tribalism: The Gas Powering the Crypto Rocket?
Options
Blockchain detectives: Mt. Gox collapse noticed beginning of Chainalysis
The SEC additionally seeks financial reduction to recoup journey prices misplaced by Musk canceling the conferences and “all different reduction” the court docket could grant the SEC.
In response to court docket paperwork, the assembly was initially slated for September 19, 2024, and representatives for Musk purportedly sought to have the date rescheduled a number of occasions.
Do Kwon’s extradition case goes again to Montenegrin justice minister
Montenegro’s Ministry of Justice might determine whether or not to extradite Terraform Labs co-founder Do Kwon to america or South Korea after a call from the nation’s Supreme Courtroom.
In a Sept. 20 discover, the Supreme Courtroom of Montenegro mentioned it had submitted Kwon’s case to the justice minister after ruling on a request for a safety of legality. In response to the excessive court docket, South Korea and the U.S. had met the circumstances for making use of for Kwon’s extradition from Montenegro to face prison fees.
The Terra ecosystem collapsed in 2022, one of many first dominoes to fall in a collection of bankruptcies affecting crypto companies, together with Celsius, FTX, and BlockFi. U.S. and South Korean authorities filed fees in opposition to Kwon and a few of his associates for his or her alleged function within the platform’s downfall, however the Terraform co-founder’s whereabouts have been largely unknown till he surfaced in Montenegro in 2023.
High Journal Tales of The Week
What Solana’s critics get proper… and what they get fallacious
Is Solana printing too many tokens? Separating myths from details about bots and subsidies.
Chinese language Tether laundromat, Bhutan enjoys current Bitcoin enhance: Asia Specific
Chinese language cash launderers dealt Tether on Telegram, tiny nation of Bhutan is a Bitcoin whale, and extra on Cambodia’s pig butchering scene.
VonMises purchased 60 CryptoPunks in a month earlier than the worth spiked: NFT Collector
Ex-TradFi man VonMises has constructed up top-of-the-line NFT collections on the planet by promoting when he can, not when he has to.
Subscribe
Essentially the most partaking reads in blockchain. Delivered as soon as a
week.
Editorial Workers
Cointelegraph Journal writers and reporters contributed to this text.