Bounty Hunting for Bitcoin Improvement, Dutch Doors Open for Crypto.com

Legal Eagle Dance for FTX's Founder, Bitcoin's Prospects Brighten, and Dorsey's Lightning Clash on Twitter's Battlefield

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

Market Updates

News

Bitcoin Development and Adoption

The Human Rights Foundation (HRF) has launched a bounty challenge for Bitcoin development, offering a reward of 20 BTC. The challenge aims to improve the privacy, fungibility, and scalability of Bitcoin in order to encourage developers to contribute to its growth and adoption. In related news, Mark Yusko, the founder and CEO of Morgan Creek Capital Management, predicts that Bitcoin could reach $300,000 by 2028. He believes that Bitcoin's decentralized nature and fixed supply give it an advantage over national currencies controlled by banks and governments.

Regulatory Challenges in the Crypto Industry

Crypto.com has been granted permission by the Netherlands Central Bank to offer its cryptocurrency services in the country. However, the crypto industry continues to face regulatory challenges. SEC Chairman Gary Gensler has expressed concerns about the sector, stating that it is “rife with fraud” and lacks adequate protections for investors. Binance and its co-founder Changpeng Zhao (CZ) have requested the dismissal of a lawsuit filed by the United States Commodities and Futures Trading Commission (CFTC), accusing the CFTC of exceeding its regulatory authority. The US Senate has also approved a bill that includes provisions targeting crypto mixers and anonymity-enhancing coins.

Legal Troubles for FTX Founder

FTX founder Sam Bankman-Fried is facing legal troubles. He has requested the court to seal his ex-girlfriend Caroline Ellison's personal diary as he faces the possibility of returning to jail. Inner City Press, a publication covering court proceedings, has opposed the sealing of the documents. In related news, FTX and Genesis, two bankrupt crypto firms, have reached an agreement in principle to resolve their ongoing dispute. The agreement would settle the claims made by both parties in the bankruptcy cases.

Bitcoin's Future and Potential

Venture capital investor Tim Draper believes that Bitcoin will rise above fiat currency due to its advantages. He states that Bitcoin's decentralized nature and fixed supply give it an upper hand against inflation rates. Cathie Wood, CEO of ARK Invest, also sees a bright future for Bitcoin, stating that Bitcoin's 60% rally after the collapse of US regional banks is a sign that it will bring about a "money revolution." Meanwhile, Bitcoin traders are eyeing the $31,000 mark even as $2 billion in Bitcoin options are set to expire.

Crypto Adoption and Integration

Twitter co-founder Jack Dorsey questioned Coinbase CEO Brian Armstrong about his alleged refusal to acknowledge the power of Bitcoin's lightning network. The British Museum is partnering with The Sandbox, an Ethereum-based metaverse game, to create NFT digital collectibles that reflect the museum's collections. PancakeSwap has launched PancakeSwap v3 on zkSync Era, a Layer 2 scaling solution, to improve scalability, efficiency, and cost-effectiveness for users. Fintech firm Eco has unveiled Beam, a new crypto wallet that supports payments on Layer 2 networks like Optimism and Coinbase’s Base protocol.

Regulatory Developments in the Crypto Space

The US House Agriculture Committee has passed a bill that aims to create a regulatory framework for digital assets. Grayscale Investments has urged the U.S. Securities and Exchange Commission (SEC) to approve all bitcoin exchange-traded fund (ETF) applications simultaneously to ensure equal treatment for all applicants. The US House Financial Services Committee has advanced a proposed bill called the "Clarity for Payments Stablecoin" bill, which aims to establish a federal regulatory framework for stablecoins. Ripple Labs has partnered with Catalyze Research to expand the user base of XRP Ledger (XRPL) in South Korea.

Crypto Market Trends and Analysis

Bitcoin whales are accumulating and holding onto their coins as prices remain rangebound, according to data and research firm CryptoQuant. Sequoia Capital, however, is cutting back its fund for crypto investments amid a sharp reversal in private markets. In an effort to enhance the overall security posture of the web3 ecosystem, Immunefi, Trail of Bits, Solana Foundation, and other players in the web3 ecosystem have collaborated to create "The Rekt Test," a comprehensive security questionnaire for web3 projects.

Issues with Banks and Crypto Trading

A former customer of NatWest, a UK bank, claims to have had their account closed for crypto trading. The customer lodged an appeal with the Financial Ombudsman Service, who ruled in their favor and recommended compensation. In related news, the Bank of Italy has chosen Polygon for a significant DeFi tokenization project, highlighting the network's appeal for real-world blockchain applications.

As always, stay tuned for more updates in crypto!