Category: AI

CryptofirmCircle,thesecond-largeststablecoinissuer,isoptimisticthattheUKwillintroducestablecoinregulationswithin“months,notyears.”DanteDisparte,Circle’sglobalheadofpolicy,sharedthisoutlookduringarecentinterviewwithCNBCinLondon,highlightingtheurgencyforformallegislationintheburgeoningstablecoinmarket. Dispartewarnedthatwithoutstablecoinregulations,theUKrisksfallingbehindregionsliketheEuropeanUnionandSingapore,whichhavealreadystartedimplementingtheirownregulatoryframeworks. ReflectingontheUK’scautiousapproachtocryptoregulation,Disparteacknowledgedthechallengesfacedbytheindustryin2022,includingthehigh-profilecollapseoftheFTXexchange,wherestakeholdersarestillawaitingrefundsin2024.HenotedthattheUK’sdelayinenactingstrictlawsmayhavebeenprudent,allowingthegovernmenttolearnfromglobalmarketupheavals. However,hecautionedagainstfurtherdelays,sayingtheycouldhinderinnovationandeconomicgrowth.“Youcan’thavetheeconomyofthefutureunlessyouhavethemoneyofthefuture,”Disparteargued.HehighlightedthepotentialbenefitsofstablecoinsfortheUK’sfinanciallandscape,suchasimprovementsinreal-timepaymentsandthedigitizationoftheBritishpound. TheStablecoinMarket:GrowthandControversy Stablecoinsareamultibillion-dollarindustryvaluedatover$170billion.Tether’sUSDTisthelargeststablecoinwithamarketcapitalizationexceeding$120billion.Circle’sUSDCrankssecondwithacirculatingvalueofover$34billion. However,themarkethasfacedsignificantcontroversies.In2022,Tether’sUSDTbrieflylostits$1pegfollowingthecollapseoftherivalstablecoinTerraformLabs’sterraUSD.ThisledtoquestionsaboutwhetherUSDTwasgenuinelybacked1:1byanequivalentamountofdollarsandotherassetsinTether’sreserves. BankofEnglandExploringCBDC TheBankofEnglandisalsoexploringthepossibilityofacentralbankdigitalcurrency(CBDC),informallyreferredtoas“Britcoin.”DispartementionedthatdiscussionswithBankofEnglandofficialshavebeenpromising. WhilepreviousConservativegovernmentplansprojectedstablecoinregulationstobeinplacebymid-2023,thecurrentLabouradministrationhasyettoassertastrongstanceoncryptoregulation.Nonetheless,thereareindicationsthatdiscussionsareongoingregardingtheUK’sroleasaleaderinfinancialtechnology. Disclaimer:Theinformationpresentedinthisarticleisforinformationalandeducationalpurposesonly.Thearticledoesnotconstitutefinancialadviceoradviceofanykind.CoinEditionisnotresponsibleforanylossesincurredasaresultoftheutilizationofcontent,products,orservicesmentioned.Readersareadvisedtoexercisecautionbeforetakinganyactionrelatedtothecompany. coinedition.com

RippleCEOBradGarlinghouseofferedhismostpositivestatementsaboutDemocraticpresidentialcandidateKamalaHarristodateonWednesday,whileattemptingtotoehiscompany’sofficiallineofneutralityonthe2024U.S.presidentialelection. DuringanonstageappearanceatD.C.FintechWeekthisafternoon,thecryptoexecutiveappearedtocomplimentwhathesawasthesophisticationofHarris’approachtodigitalassets,incontrastwiththestrategyofherelectionopponent,formerpresidentDonaldTrump. “Obviously,Trumpcameoutearlyandveryaggressively…andsaidhe’sthecryptopresident,”Garlinghousesaid.“KamalaandTeamHarrishavebeenmorenuanced.” TheRipplechiefwentontolaudHarrisforannouncinglastweekthatshewouldsupportacryptoregulatoryframeworkifelected,callingthestatement“mostconstructive.” WhileGarlinghouseconcededthatVicePresidentHarrishasbeen“relativelyquiet”aboutcryptocomparedwithTrump,heframedtheDemocraticnomineeasa“pro-technology”leaderwithrootsinSiliconValley. Thus,eventhoughtheRippleCEOinsistedthattheupcomingpresidentialelectionwillbethemostcrucialincrypto’shistory,hemaintainedthateitheraHarrisorTrumpvictorywouldspellgoodnewsfortheindustrycomparedtothecurrentregime. “Ithinknomatterwhathappens,we’regoingtoseeareset,we’regoingtoseeforwardprogress,”Garlinghousesaid.“Nomatterwhathappens,we’regoingtoleavebehindafailedapproachfromtheBidenAdministration.” Inrecentdays,Ripplehascomeunderincreasedscrutinywithintheindustryforitsleadership’spoliticalallegiances.OnMonday,onethecompany’sco-founders,ChrisLarsen,announcedthathepersonallydonatedanadditional$10millionworthofXRPtoaidHarris’campaign,afterdonating$1millioninAugust.XRPisacryptocurrencythatRipple’sfoundershelpedcreateandthatthecompanyutilizesinitsmoney-movingtools. Someintheindustrycriticizedthedonations,givenTrump’smonthsofcampaigntrailappealstocryptoprojectsandholders.NicCarter,anemergingtech-focusedVCandaprominentvoiceonCryptoTwitter,lambastedLarsen’sfinancialbackingofHarrisas“completelybaffling.” Isthissatire?Wtf? —Stevosluck(@1song2more)October21,2024 ButGarlinghousequicklychimedintosupportthecontribution,emphasizingthatherespectedtherightofanyRippleemployeetosupport“whomevertheythinkisbesttoleadtheU.S.” IrespectChris’(andeveryone’s!)righttosupportwhomevertheythinkisbesttoleadtheU.S. Weneedtoimmediatelychangecoursefromthisadministration’smisguidedwaroncrypto. RipplewillcontinuetoengagewithbothDemocratsandRepublicansinthefinaldaysof… —BradGarlinghouse(@bgarlinghouse)October21,2024 TheRippleCEOmaintainedonWednesdaythathewouldnotendorseeitherpresidentialcandidatebeforeNovember.Butthepositionhe’sstakedoutforhimself,andforRipple,hasalreadymadeafewwaveswithintheindustry. EditedbyAndrewHayward decrypt.co

WeeksafterlaunchingtheUnchaintestnet,DecentralizedExchange(DEX)Uniswaphasannouncedthelaunchofapermissionlesschainbridge.Thisofferingisoneofthelatestproductsfromtheprotocoltohelpdrivethegrowinginteroperabilityagenda.Withthepermissionlesschainbridge,Uniswapsaiduserscannowconnecttoninedifferentchains.

TheNigeriaGovernmenthasdroppedallchargesagainstBinanceexecutiveTigranGambaryanaftercontroversiespeakedoverthecase.TheNigerianauthorityhasdeniedbailtoGambaryandespiterequestsfromhislawyerscitinghisdeterioratinghealthconditions.However,thislatestdevelopmenthascaughttheeyesofthemarketparticipants,withmanylaudingthedecision.

BinanceexecutiveTigranGambaryan’schargesofmoneylaunderinghavereportedlybeendroppedinNigeriaafterhespentsevenmonthsinprison. Accordingtolocalreports,theNigeriangovernmentisdroppingallchargesagainstGambaryan,leavingBinanceastheonlydefendantleftinthelawsuit. Thejudgeinthecase,EmekaNwite,orderedGambaryantobereleasedfromprisonjusttwodaysbeforehisOctober25thtrialaftertheprosecutionmadearequesttodosoearlierintheday. AsstatedbyattorneyR.U.Adaba,amemberoftheprosecutingagency, “Thegovernmenthasreviewedthecaseand,takenintoconsiderationthattheseconddefendant(Mr.Gambaryan)isanemployeeofthefirstdefendant(BinanceHoldingsLimited),whosestatusinthematterhasmoreimpactthantheseconddefendant’s,andalsotakingintoconsiderationsomecriticalinternationalanddiplomaticreasons,thestateseekstodiscontinuethecaseagainsttheseconddefendant.” AdabagoesontosaythatGambaryan’sdeterioratinghealthwasalsoadecidingfactorinhisrelease,addingthatthedefendantwasinawheelchairandhasbeenrecommendedsurgery. “ThehealthofthedefendanthasbeenarecurrentissuewhichthestatehasmanagedwellatthecorrectionalcenterfacilitythroughNSA(theNationalSecurityAdviser).” ThedecisiontoreleaseGambaryancomesafterJudgeNwiteruledearlierthismonththatsomeonebeinginpoorhealth“doesnotentitlethemtoleavecustody,unlessthecontinuousstayofthedetaineepossessesaharmtoothersandquarantineisn’tavailable.” Gambaryan,aformeragentoftheUSInternalRevenueService(IRS),initiallytraveledtoNigeriawithacolleagueasameansofengaginginregulatorytalks. However,hewasimprisonedshortlyafterandchargedwithmoneylaunderingandoperatinganunlicensedfinancialinstitutionwhilehisco-workermanagedtofleethecountry. GeneratedImage:Midjourney dailyhodl.com

BinanceHoldingsexecutive,TigranGambaryan,isfreeaftertheNigeriangovernmentdroppedmoneylaunderingchargesagainsthim.Gambaryan,heldsinceApril,wasaccusedoflaundering$34.4million.TheEconomicandFinancialCrimesCommission(EFCC)madetheannouncementattheFederalHighCourtinAbujajustdaysbeforethenexthearingscheduledforOctober25. BREAKING:NigerianGovernmentDropsAllMoneyLaunderingChargesAgainstBinanceExecutiveGambaryan|SaharaReportershttps://t.co/K1fNs5KVmopic.twitter.com/5oJ0YfImpP —SaharaReporters(@SaharaReporters)October23,2024 Gambaryan,aU.S.citizen,wasultimatelyclearedaftertheprosecutionconfirmedhewasanemployeeandnotinvolvedinBinance’sfinancialdecisions.HisreleasefollowsintensediplomaticeffortsbyU.S.officialsandlawmakerswhocitedhealthconcerns. EFCCWithdrawsChargesAgainstGambaryan TheEFCClawyerrevealedthedecisiontodropchargesduringaclosed-doorcourthearing.Theunexpectedmoveappearedtobetimedtoavoidmediascrutiny.DespitepreviouslydenyingGambaryan’sbailtwiceduetoflightriskconcerns,thecourtacknowledgedthatGambaryanwasnotresponsibleforthecompany’sfinancialstrategies. Gambaryan’sdefenseteamarguedthatheshouldnotbeheldliableforBinance’soveralloperations.MarkMordi,aSeniorAdvocateofNigeria(SAN)representingGambaryan,supportedthisposition.ThewithdrawalofchargesreflectssuccessfuldiplomaticeffortsbetweentheU.S.andNigeriangovernments. DiplomaticPressureLeadstoGambaryan’sRelease ThecasegainedinternationalattentionfromU.S.lawmakers,whopushedforhisrelease.ThisincludeddiplomaticinterventionswithNigerianandAmericanauthorities.Theseeffortsgrewstrongerafterrepeatedbailrejectionsbasedoninsufficienthealthclaims. Moreover,U.S.officialsraisedconcernsoverGambaryan’streatmentattheKujeCorrectionalCentre,wherehewasdetainedsincehisarraignment.Despitethis,theNigeriancourtremainedfirm,citingGambaryan’sfailuretoprovethatthecorrectionalfacilitylackedadequatehealthcareservices. BailApplicationsDeniedDespiteHealthConcerns Gambaryan’slegalteamsubmittedbailrequestsbasedonhisdeterioratinghealth,whichbecameamajorfocusofthetrial.Thedefenseclaimedthatcontinueddetentionwithoutmedicalcareviolatedhisrights.Despitethesearguments,thecourtrejectedthebailapplicationsonMay11andOctober11. DuringtheOctober11hearing,JudgeEmekaNwiteruledthatGambaryan’sappealagainsttheinitialbaildenialwasanabuseofthejudicialprocess.Thedefense’sfailuretowithdrawthependingappealbeforefilinganewmotionforbailledtoitsdismissal. AlthoughGambaryan’scaseisnowclosed,BinancestillfacesotherlegalissuesinNigeria.ThecompanyisinvolvedinaseparatetaxevasioncasebeforeanotherFederalHighCourtjudge.Inaddition,arelatedexecutive,NadeemAnjarwalla,reportedlyescapedcustodyinMarch,raisingmorequestionsaboutBinance’sactivitiesinNigeria. Binance’slegalchallengesinNigeriaarepartofincreasedglobalscrutinyofthecryptoexchange.Thesecaseshighlightregulatoryeffortstomanagecryptocurrencyoperations. TheabruptendofGambaryan’scaseisasignificantdevelopmentinNigeria’sregulatoryactionsagainstBinance.Diplomaticpressureandlegalargumentswerekeytosecuringhisrelease.However,theimplicationsforBinance’soperationsinNigeriaremainunclear.Thecompanymuststilladdressthetaxevasionchargesasitworkstomeetcompliancechallengesglobally. Disclaimer:Theinformationpresentedinthisarticleisforinformationalandeducationalpurposesonly.Thearticledoesnotconstitutefinancialadviceoradviceofanykind.CoinEditionisnotresponsibleforanylossesincurredasaresultoftheutilizationofcontent,products,orservicesmentioned.Readersareadvisedtoexercisecautionbeforetakinganyactionrelatedtothecompany. coinedition.com

RippleCEOBradGarlinghousehaspersonallybeenseveredfromalongtimebankingrelationshipbecausehe\'saprominentfigureincrypto,hetoldanaudienceinWashingtononWednesday. \"Individualswithinthecryptoindustryarebeingde-banked,\"hesaidatDCFintechWeek.\"Ipersonallyhavebeende-banked.\" GarlinghousetiedhisownexperiencetothewidertrendintheU.S.industrythat\'sstruggledtomaintainbankingtiesasregulatorshavecautionedinstitutionstolimittheircryptoinvolvement. HelateraddedinaninterviewwithCoinDeskthattheinstitutionthatcuthimoffrecentlywasCitigroupInc.,withwhichhe\'dbeenacustomerforabout25years,hesaid.Andheaddedthatit\'snottheonlypersonalbankingrelationshiphe\'slostbecauseofhisroleincrypto. \"Theysaid,\'Youhavefivedaystomoveyourmoney,\"hesaid.\"Theywereactuallysuperhonest.They\'relike,\'Look,youareanotablepersonincrypto,andhavingnotablepeopleincrypto,andbankingthecryptoindustrymeansmorescrutinyfromfederalregulators.\" TheCEOwashighlycriticalofPresidentJoeBiden\'sadministrationinWashington,sayingSecuritiesandExchangeCommissionChairGaryGenslerhasleda\"reignofterror,\"andaccusingtheU.S.TreasuryDepartmentandbankingregulatorOfficeoftheComptrolleroftheCurrencyofbeing\"hostile\"totheindustry.HesaidthatwhicheverwaytheU.S.presidentialelectionsgonextmonth,thefutureforcryptopolicywillbebetter. \"Nomatterwhathappens,we\'regoingtoseeareset,\"hesaid. Healsosaidthatanexchange-tradedfund(ETF)peggedtothepriceofXRPwas\"inevitable\"duringhisremarks. GarlinghouseandRipplehavebeenamongthechiefbackersoftheFairshakepoliticalactioncommittee,thepro-cryptogroupthathasbeenamongthedominantcampaign-financeforcesinthe2024elections.ApartfrompersonallysupportingthepoliticalopponentofSen.ElizabethWarren(D-Mass.),heisn\'tendorsingeithermajorU.S.politicalpartyandsaidhewaswearingapurpletieonWednesdayforareason. Theprimaryindicatorofthenextadministration\'scryptostancewillbewhothepresidentappointsatagenciessuchastheSEC,Treasury,OCCandCommodityFuturesTradingCommission. \"It\'llbetellingastowhatthedirectionoftravelisforthenextfouryears,\"Garlinghousesaid.\"Nomatterwhat,we\'regoingtoendupinabetterplace.\"\"WhenwelookbackonthisperiodoftimeintheUnitedStatesasitrelatestocrypto,it\'sgoingtolooklikeaspeedbump,\"hesaid. Still,whenaskedwhatadvicehe\'dgivetoacryptostartuprightnow,hesaidtheyshouldincorporateoutsidetheU.S.\"Ihatesayingthat,\"hesaid.\"I\'llbehonest:IgrewupinKansas.I\'mapro-U.S.guy.\" Buthesaidthere\'stoomuchuncertaintyaboutprotectingacompanyfrombeingsuedbyregulatorsintheU.S.,asRipplewasbytheSEC. ACitispokespersondidnotimmediatelyreturnarequestforcomment. coindesk.com

QuickSwap,awell-establishedmulti-chaindecentralizedexchange(DEX),hasjoinedOrbsLiquidityHubtooffertheEthereumnetworkanewopportunity.ThisgreatstrategywillenableQuickSwaptobringtogetherEthereumliquidityusingOrbs’uniquefeature,enhancingthepricingstructureforthetradersontheplatform. EthereumLiquidityAggregation Orbs’LiquidityHubintegrateson-chainliquidityfromAMMpoolswithprivatestocksandthird-partysolvers.Thesesolversarebothon-chainandoff-chaininthattheystrivetoexecuteordersatthecheapestratessothattradersreceivethebestdeals.TheintegrationwillgiveQuickSwaptheabilitytoaccessmanysourcesofliquidity,improvingtheplatform’suserexperience. OrbsPowersQuickSwap’sLiquidityandExpansion TheQuickSwapcommunitysupportedimplementingOrbstechnologythroughanoverwhelminggovernancevote.QuickSwap’svisionistobecomeamoreefficientDEXwithcompetitivepricingandfrictionlesstradingexperiences.SomedecentralizedexchangeshavealreadyadoptedtheOrbsLiquidityHub,buildingexperienceandearningareputationasago-tosolutionforliquidityaggregation. QuickSwap’sintegrationwithOrbsfollowsitsprevioussuccessindeployingdTWAPanddLIMITprotocolsonthePolygonnetwork.Theseprotocolsallowtraderstoplaceadvancedtradingorders,suchasDollar-CostAveraging(DCA)andlargetradesplitting,helpingtominimizepriceimpact.QuickSwapfurtherexpandsasamulti-chainDEXbyintegratingOrbsLiquidityHub.Suchamoveattheplatformwouldenableittosource100%ofEthereumliquiditythroughOrbs,therebysupportingthegoalofQuickSwaptobeintheleadinofferingverycompellingandcompetitivetradingexperiencesbetweenLayer-1andLayer-2networks.QuickSwap’sexpansiontoEthereum,poweredbyOrbstechnology,willexpanditsuserbaseandoptimizetraders’capitalefficiency. blockchainreporter.net

Layer3OrbsannouncedthatQuickSwap,thetopmulti-chainDEX,hasintegrateditsLiquidityHub.InordertoimprovepricingonQuickSwap,theintegrationwilluseOrbstechnologytoaggregateEthereumliquidity. QuickSwapwillobtainalloftheliquidityforitsDEXfromOrbsLiquidityHubinordertoenableitsexpansiontoEthereum.ThiswillallowQuickSwaptoprovidecompetitivepricingbyusingOrbs-sourcedon-chainandoff-chainliquidity. Afteragovernancevotethatlargelysupportedtheproposal,QuickSwap’splantouseOrbstechnologyandextendtoEthereumwasauthorized.AfterbeingincludedbyseveralDEXsrunningondifferentchains,OrbsLiquidityHubhasemergedastheindustrystandardforliquidityaggregation. Third-partysolverscompetetocompleteaDEXorderthatisroutedviaLiquidityHubbyusingonchainliquidity,suchasAMMpoolsortheirownprivateinventory.ProfessionaltraderslikemarketmakersmayplacebidsandcompetetofillswapssinceordersarealsoavailableviaAPI. ThisisaccomplishedviatheLiquidityHubthroughtheuseofanoff-chainandon-chainnetworkofsolversthatcompetetoidentifythemosteffectiveliquidityfortraders.Thiscoversintegrationswithvariousplatforms,suchasOdosandParaSwap. TwoflagshipOrbsprotocolsforadvancedtradingorders,dTWAPanddLIMITonPolygon,havealreadybeenintegratedbyQuickSwap.Tolessentheimpactonprices,theyenableDEXtraderstoissueDCAordersanddividebigtransactionsintosmallerorders.ThechoiceofQuickSwaptoincludeLiquidityHubformanagingallEthereumswapswasbolsteredbythesuccessoftheseproducts. OrbsLiquidityHub’sintegrationwillhelpQuickSwapachieveitsobjectiveofbeingamulti-chainDEXthatofferstop-notchtradingexperiencesacrossavarietyofL1andL2networks.Inadditiontoexpandingitsuserbaseandimprovingtheliquidityaccessibletousersacrossthemulti-chainecosystem,thiswillenableQuickSwaptofurthersolidifyitspositionasthemostcapital-efficientDEX. thenewscrypto.com

USCongressmanFrenchHill,whoservesastheChairmanoftheHouse’sSubcommitteeonDigitalAssets,hasprovidedatimelineforwhentheStablecoinbillcouldbepassed,suggestingthatthiscouldhappenasearlyasyear-end.Interestingly,thecongressmanalsoofferedinsightsintotheprocessforfiringtheUSSecuritiesandExchangeCommission(SEC)ChairGaryGensler.