The World Bank has warned of a possible global recession. “For many countries, recession will be hard to avoid,” said World Bank President David Malpass. “This is the sharpest slowdown in 80 years.” World Bank on Global Recession, Stagflation The World Bank warned about the rising risk of stagflation and global recession Tuesday. World Bank President David Malpass said: The…
Senators Kirsten Gillibrand and Cyntia Lummis believe that most altcoins would likely be considered securities under their proposed new legislation — but confirmed that Bitcoin (BTC) and Ether (ETH) will be classified as commodities. Lummis and Gillibrand both agreed with Securities and Exchange Commision Chair Gary Gensler’s assessment that most cryptocurrencies are securities under the Howey test with Gillibrand stating:…
The honeymoon period for the Optimism layer-2 scaling solution has been cut short as an exploit in its market maker’s smart contract led to the loss of 20 million OP tokens. The exploit took place May 26 but has only just been reported to the community. One million tokens valued at about $1.3 million were sold on June 5. An…
In brief The Layer 2 scaling solution provider failed to sync its Optimism address to an Ethereum address before a large transfer. The stolen OP tokens were valued at $35 million at the time of the hack, with 19 million tokens still missing. Optimism may have a good reason to be pessimistic. The company behind the Ethereum scaling protocol announced…
ApeCoin DAO, a governance system serving the democratic rights of ApeCoin holders — a digital asset tied to the Bored Ape Yacht Club ecosystem — published an official proposal on May 2 to debate whether the asset should remain on Ethereum, transition to a layer-2 alternative, or perhaps explore the possibility of chain migration. The ApeCoin improvement proposal (AIP) titled “AIP-41:…
Citadel Securities and Virtu Financial are reportedly building a cryptocurrency trading platform with help from Fidelity Investments and Charles Schwab. “We know there is significant interest in this cryptocurrency space and we will look to invest in firms and technologies working to offer access with a strong regulatory focus and in a secure environment,” said Schwab. Citadel, Virtu, Fidelity, Schwab…
In brief Anthony Hopkins publicly asked Jimmy Fallon, Snoop Dogg, Reese Witherspoon for shopping advice. Actor was an early Web3 adopter, releasing ‘Zero Contact’ last year via NFT film platform Vuele. Actor Anthony Hopkins was one of the first major Hollywood stars to get into the NFT film space. The storied thespian now appears ready to to dive deeper into…
Paul Puey, CEO of Edge Wallet, spoke to Decrypt’s Jason Nelson about Edge’s announcement of a new “confidential” crypto Mastercard. After Edge announced the card on Wednesday, Mastercard blasted crypto media to say it has nothing to do with the product—despite Puey telling Decrypt, “MasterCard is involved in entire process. They fully approved this, it’s fully legal and approved by…
Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam seemingly wants to leverage its probable future position as watchdog of the Bitcoin market to encourage a reduction of the peer-to-peer (P2P) currency’s energy use and incentivize consumers to find less energy-intensive alternatives. The regulating agency will oversee Bitcoin if the Lummis-Gillibrand landmark legislation gets approved. The bill, which was introduced yesterday,…
The United States Department of Justice (DOJ) released a report on international law enforcement related to digital assets Tuesday. It is the first of the approximately one dozen reports mandated in President Joe Biden’s March 9 executive order “Ensuring Responsible Development of Digital Assets.” The report, titled “How To Strengthen International Law Enforcement Cooperation For Detecting, Investigating, And Prosecuting Criminal…
