It’s another week, and we’re back with all the latest news happening in the crypto space. From Qatar calling for global cooperation for the promotion of asset tokenization to hackers using fake job offers and remote scams to infiltrate crypto firms and steal millions. It’s been an eventful week.
Sit back, relax, and let’s run through the week’s highlights together. To stay updated with the latest news as it happens, make sure to hit the subscribe button.
SEC Recognizes Certain Stablecoins as Cash Equivalents in Interim Guidance
In a groundbreaking policy shift, the U.S. Securities and Exchange Commission (SEC) has issued interim guidance allowing select U.S. dollar-backed stablecoins to be classified as cash equivalents on corporate balance sheets. Announced on August 5, the move applies only to stablecoins fully backed by cash or short-term Treasuries, maintaining a strict 1:1 dollar peg and guaranteed redemption rights. Algorithmic stablecoins, yield-bearing tokens, and non-dollar assets remain excluded from the favourable accounting treatment.
The update, part of the SEC’s “Project Crypto” initiative, aims to modernize digital asset regulation and follows the July passage of the GENIUS Act. This new stance provides issuers like Circle (USDC) and Tether (USDT) with clearer regulatory footing, though market experts warn that transparency, redemption risk, and illicit use concerns remain.
Other News Making Waves
- The share of workers receiving cryptocurrency as part of their compensation has more than tripled year-over-year, with USDC emerging as the dominant payroll token, according to Pantera Capital’s 2024 Blockchain Compensation Survey. (More)
- Huynh Tran Quang Duy, founder of MyConstant, has agreed to a $10.5M SEC settlement for misusing investor funds to buy TerraUSD before its collapse. (More)
- Former Binance CEO CZ has filed to dismiss a $1.76B clawback lawsuit by the FTX bankruptcy trust, arguing a lack of U.S. jurisdiction and legal protections for cross-border transactions. (More)
- The White House is drafting an executive order to penalize banks that deny services based on political beliefs or crypto ties, aiming to address claims of ideological “de-banking.” (More)
- The CFTC has authorized spot crypto trading on federally registered exchanges like CME under its new “Crypto Sprint” initiative, expanding oversight and enabling direct asset settlement for tokens like BTC, ETH, SOL, and XRP. (More)
- Bitsonic CEO Shin Jinwook has received a sentence extension after being found guilty of defrauding users through token manipulation and fake exchange data, adding to his existing 7-year prison term. His associate was also sentenced for inflating the token price. (More)
- Bitcoin adviser David Bailey plans to raise up to $200M for a pro-Bitcoin political action committee to advance crypto policies in the U.S., with suggestions ranging from tax reforms to Bitcoin education. Critics warn of potential conflicts due to his firm’s financial backing. (More)
- North Korean hackers, under the UNC4899 group, are using fake job offers and remote scams to infiltrate crypto firms and steal millions in digital assets, according to reports by Google Cloud and Wiz. (More)
- Coinbase’s new UK TV ad, criticizing outdated financial systems, has been banned by regulators for non-compliance. CEO Brian Armstrong called the ban censorship, fueling debate over Britain’s regulatory stance and crypto’s role in fixing financial infrastructure. (More)
- Former UK Chancellor George Osborne has warned that Britain risks irrelevance in the global crypto race without urgent reforms. In an op-ed, he urged bold policies on stablecoins and digital assets, slamming the Labour government’s slow response. (More)
Around the World: Bold Moves and Crypto Regulations
- China is preparing to launch its first stablecoins via Hong Kong in a move to reduce reliance on the U.S. dollar and strengthen the renminbi’s global presence, using Hong Kong’s flexible regulatory framework as a digital currency sandbox. (More)
- South Korea has launched its first Korean won-backed stablecoin, KRWIN, in a pilot led by fanC and Initech. (More)
- Indonesia is exploring Bitcoin as a reserve asset, proposing renewable-powered mining and nationwide blockchain education as part of its long-term economic strategy. (More)
- Indonesia is exploring Bitcoin as a reserve asset, proposing renewable-powered mining and nationwide blockchain education as part of its long-term economic strategy. (More)
- India’s Enforcement Directorate raided 11 locations in a $29M global crypto fraud probe, where suspects used fake law enforcement threats and tech support scams to extort victims and launder funds via USDT. (More)
- China’s Ministry of State Security has warned that foreign groups are using crypto-linked platforms to steal biometric data like iris scans under the guise of token airdrops, posing national security risks. The agency urged caution when sharing biometric info with crypto projects. (More)
- Qatar is urging global cooperation on asset tokenization, highlighting its potential to enhance transparency and unlock economic growth. (More)
- South Korean banks are accelerating crypto strategies ahead of the Virtual Asset User Protection Act, with giants like KB and Shinhan exploring custody and blockchain partnerships. (More)
Market Trends: Winners and Losers
Top 5 Gainers 📈
According to data from CoinGecko, these are the five biggest gainers of the week:
- MYX Finance +1,339.99%, from $0.105556 to $1.52
- Imagen Network +475.88%, from $0.00144690 to $0.00833239
- TROLL +161.11%, from $0.061536 to $0.160677
- The Spirit of Gambling +125.76%, from $0.01844879 to $0.04165049
- Treasure +28.48%, from $0.172801 to $0.222018
Top 5 Losers 📉
According to data from CoinGecko, the five biggest losers of the week are:
- Graphite Protocol –42.81%, from $3.27 to $1.87
- Vine –28.26%, from $0.097660 to $0.070060
- Crown by Third Time Games –24.26%, from $0.190893 to $0.144581
- Ultima –21.84%, from $4,833.36 to $3,777.84
- FUNToken –15.19%, from $0.01061958 to $0.00900647
Project Spotlight
Alpen Labs Launches Bitcoin-Powered Testnet to Build Decentralized Finance Layer
Alpen Labs has launched its Public Testnet, enabling developers to build and test DeFi apps like trading, borrowing, and stablecoins directly on Bitcoin without centralized intermediaries. The testnet debuts the first 1-of-N Bitcoin verifier using BitVM2 and previews “Glock,” a 1,000x more efficient verifier for ZK proofs, powered by Succinct’s Prover Network. With EVM compatibility, developers can now bring Ethereum-based tools to Bitcoin’s infrastructure, marking a major step toward decentralized, programmable finance on Bitcoin.
Why It Matters:
This testnet transforms Bitcoin from a passive store of value into an active financial layer, unlocking decentralized finance natively on the world’s most secure blockchain.
Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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