Author: NBTC
Lobbying efforts by crypto companies have skyrocketed by 1,386% since 2017, reflecting the industry’s aggressive push to shape favorable regulations. As crypto becomes more integrated into the financial system, the stakes are higher than ever, driving companies to invest millions to ensure that the regulatory landscape aligns with their goals. Lobbying in the crypto industry has seen a staggering 1,386% increase since 2017, with major players pushing hard to influence U.S. policy, data from Social Capital Markets reveals. Crypto firms spent a record $40.42 million on lobbying in 2023 alone, reflecting the industry’s growing clout and desire for favorable regulations.…
Japan’s biggest banks, Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank, are turning to stablecoins for cross-border payments with “Project Pax.” It’s a platform that will make global transfers faster, cheaper, and available around the clock. In 2022, the cross-border transfer market was worth $182 trillion. While it’s a massive market, it’s got some issues in terms of cost, speed, access, and transparency, as flagged by the G20. Stablecoins are a solution to these problems. By integrating blockchain into traditional systems, banks can simplify international money transfers. Project Pax will use Swift’s API framework, meaning banks won’t need…
Ethereum, the world’s largest altcoin, has received strong scrutiny by an analyst on X who posits that ETH is in a “death spiral.” In his analysis, Fred Krueger examined the amount generated in fee revenue by Ethereum and compared how the network fares compared to Bitcoin. Krueger: “Ethereum’s feeodel is broken” Krueger’s analysis flowed from a news item posted by community members highlighting Ethereum’s dwindling daily revenue. According to the update, so far in 2024, ETH’s daily revenue has plummeted by over 90% year-to-date (YTD), a record low for the altcoin. Notably, Krueger believes that Ethereum’s fee model cannot support…
Radiant Capital integrated Chainlink Price Feeds on the Base mainnet to enhance security in its markets. The integration provides high-quality, tamper-proof price data for assets like ETH/USD and USDC/USD. Radiant Capital, a leading omnichain money market platform, has announced its integration of Chainlink Price Feeds on the Base mainnet. This partnership is aimed at strengthening the security and stability of its markets by integrating Chainlink’s decentralized Oracle network, which is famous for providing correct and immutable price data. Radiant Capital’s initial integration includes a set of Chainlink Price Feeds, including ETH/USD, cbETH/USD, weETH/USD, wstETH/USD, RDNT/USD, USDC/USD, and ZRO/USD. The platform…
In the latest development in the Ripple-SEC lawsuit, Ripple has filed a letter requesting a stay of the monetary portion of the court’s judgment entered on Aug. 7, 2024. The monetary portion of the judgment is currently due to be paid on Sept. 6, and Ripple requested that the court act on the stay request before this date. In a Sept. 4 filing, Ripple proposed placing 111% of the judgment amount — roughly $139 million — into a bank account. The stay will last until 30 days “after the time to appeal expires or the resolution of any appeal.” According…
The defunct cryptocurrency exchange FTX is in the final stages of repaying its customers and creditors using stablecoins as initially planned. Earlier today, the address associated with the cryptocurrency exchange received 6.275 million USDT from OKX. The move by the current FTX officials comes a few days after the United States Securities and Exchange Commission (SEC) stated that it could oppose the proposal to distribute funds in stablecoins. The US SEC stated in a court filing last Friday that it “is not opining as to the legality, under the federal securities laws, of the transactions outlined in the Plan and…
With Bitcoin (BTC) seemingly regaining its bullish momentum, analysts indicate that if this trend continues over the coming weeks, the cryptocurrency could soon record another all-time high. This sentiment is echoed by a crypto analyst using the pseudonym Yoddha, who suggested in a post on X on August 9 that Bitcoin is poised to reach a record high of $81,000. According to Yoddha, Bitcoin’s price action has been nothing short of a rollercoaster over the past year. After reaching $65,000, the cryptocurrency experienced a sharp decline, dropping to a low of $49,000. Yoddha described this drop as a “liquidation hunt,”…
Mark Odayan, head of research at 2077 Research, asserts that Ethereum’s EIP-1559 should not be equated with the concept of “Ultrasound Money.” Odayan’s insights aim to clarify the transaction fee mechanism introduced by EIP-1559 and address widespread misunderstandings. Ethereum’s EIP-1559: Mark Odayan Calls for Rethinking ‘Ultrasound Money’ Links In a detailed analysis by 2077 Research, Mark Odayan emphasizes that Ethereum’s EIP-1559, a pivotal update to the network’s transaction fee mechanism, is often misunderstood. According to Odayan, misconceptions fueled by popular memes have overshadowed the actual design objectives of EIP-1559. The update, which adjusts how transaction fees are calculated and introduces…
VeChain’s VeBetterDAO has reached over 2 million token transfers just nine weeks after its mainnet launch. Sunny Lu proposed suspending Quadratic Voting due to Sybil’s attack concerns, with over 75% community support. In a recent post on X, VeChain announced that VeBetterDAO has reached a significant milestone just nine weeks after its mainnet launch. The platform has witnessed more than 784,423 VOT3 token transfers and 1,495,190 B3TR token transfers, making more than 2 million transfers. The ecosystem has been adopted at a very fast rate, and people have been using it actively, which shows that this ecosystem is still growing…
The XRP community would not see a Ripple IPO in the US, as Brad Garlinghouse has ruled out the chances of such an occurrence. Ripple CEO Brad Garlinghouse has dashed the XRP community’s hopes of an imminent initial public offering (IPO). Garlinghouse clearly stated in the Korean Blockchain Week on Wednesday that Ripple Labs will not pursue an IPO in the United States. The Ripple boss cited an unclear regulatory environment as the driving force behind his position, noting that his firm is not interested in another round of legal tussle. Garlinghouse stated that the regulatory crisis conjured by the…