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Bankman-Fried's Legal Limbo and Congress's Game-Changing Crypto Bills
Bitcoin's Wall Street Waltz Amid Fed's Rate Hike, Kennedy Jr.'s Family Crypto Investment, and Ripple's Pacific Island Stablecoin Adventure
Welcome to Daily Digest, where we surface trending news in crypto-based on conversations we found on Twitter, news publications, blog posts, and other social media, powered by the Coinfeeds platform.
Here are the trending news items over the last 24 hours. If you’d like to see it’s realtime updated version, head over to our website here
Legal Troubles for Sam Bankman-Fried
The founder of FTX cryptocurrency exchange, Sam Bankman-Fried, is facing legal troubles as federal prosecutors request his detention ahead of his trial. Accused of witness tampering and leaking private writings of his former partner, Caroline Ellison, to the media, Bankman-Fried's bail conditions have been tightened. Despite his defense team arguing that he was only trying to protect his reputation, the U.S. Department of Justice is considering jailing him ahead of his trial.
Regulatory Clarity for Cryptocurrencies in the US
The United States House Financial Services Committee has approved two bills aimed at establishing a clearer regulatory framework for cryptocurrencies. The bills aim to reduce regulatory red tape for crypto and set clearer rules for the industry. Despite some concerns about potential reduced protections for crypto investors, the passing of the Blockchain Regulatory Certainty Act has been hailed as a "huge win" for the United States.
Bitcoin Investments by Robert Kennedy Jr.
Democratic presidential candidate, Robert F. Kennedy Jr., has revealed that he bought two Bitcoin for each of his seven children. This decision came after facing criticism for promoting Bitcoin without having any personal investment in it. Kennedy also expressed his support for backing the U.S. dollar with Bitcoin and making it exempt from capital gains taxes if he becomes President.
Bitcoin's Stability Amid Federal Reserve Rate Hike
Bitcoin showed remarkable stability after the Federal Reserve raised interest rates to a 22-year high. Despite the significant increase, Bitcoin's trading value saw a minimal increase, demonstrating its resilience in the face of macroeconomic changes.
Ripple Partners with Republic of Palau for Stablecoin Pilot
The Republic of Palau has partnered with Ripple to launch a pilot program for a US Dollar-backed stablecoin called the Palau Stablecoin (PSC). The stablecoin, issued on the XRP Ledger, aims to revolutionize the way goods and services are paid for in Palau. The success of the pilot program will determine whether it will be expanded further.
Controversy Over New Stablecoin FDUSD Linked To Tron's Justin Sun
Binance has added a new stablecoin called First Digital USD (FDUSD) to its platform. The stablecoin, issued by First Digital Trust, has sparked controversy due to allegations linking it to Justin Sun, the founder of Tron and TrueUSD (TUSD). Concerns have been raised about the custodian behind FDUSD and its possible connection to Sun.
The Hidden Dangers of Paper Wallets
A Reddit user recently lost over $3,000 worth of Bitcoin from their supposedly secure paper wallet. The user generated their wallet's private keys using the wallet creation tool walletgenerator.net, which has been known to have vulnerabilities. Blockchain security firm CertiK advises users to use trusted hardware wallet providers like Ledger and Trezor for safe crypto storage.
Reddit Launches More Polygon NFTs
Reddit has launched a new collection of NFTs called "Retro Reimagined" as part of its Collectible Avatars Gen 4 drop. The collection features artistic variations of Reddit's iconic "Snoo" alien mascot created by various artists. The NFT avatars are limited edition releases, with prices ranging from $2.49 to $199.99. Reddit has minted nearly 18.2 million Polygon-based NFTs to date, with over 14.25 million unique wallets holding the avatars.
As always, stay tuned for more updates in crypto!