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Trump executive order raises EU concerns over USD stablecoin dominance

US dollar-pegged stablecoins account for 97% of the global stablecoin market, raising concerns in the EU about Trump’s plans to push dollar dominance through stablecoins.

US President Donald Trump’s executive order on the country’s leadership in digital financial technology has escalated the European Union’s concerns around US dollar dominance in the stablecoin market.

European Central Bank (ECB) executive board member Piero Cipollone addressed the digital euro’s role in supporting Europe’s financial and strategic autonomy at a panel of the 13th ILF Conference on the Future of the Financial Sector in Frankfurt on Jan. 24.

Cipollone expressed concerns over US dollar dominance in the stablecoin market, which is a major reason for the European Union to continue building its central bank digital currency (CBDC), the digital euro.

US dollar stablecoins account for 97% of all stablecoins globally
During the panel, Cipollone raised concerns over Europe’s growing reliance on international card schemes, which currently settle more than 60% of card payments in the EU.

He also mentioned the rapid growth of mobile app payments in the EU, which saw their value share in day-to-day retail payment transactions grow from 1% in 2019 to 9% in 2024.

Among other concerns, Cipollone referred to the overwhelming role of the US dollar in the stablecoin market. At the time of writing, dollar-backed stablecoins account for 97% of the global stablecoin market, which is valued at $215 billion, according to CoinGecko.

Given these concerns, Cipollone reiterated the need for a digital euro to preserve people’s access to central bank money and to allow European banks to continue serving a key role in our financial system.

Trump pushes dollar sovereignty and further growth through stablecoins
Adding to the EU’s concerns around the overwhelming role of the US dollar in the stablecoin market, the Trump administration has signaled its intention to further promote dollar-backed stablecoins.

In the executive order (EO) on “Strengthening American leadership in digital financial technology,” the Trump administration pledged to promote the US dollar’s sovereignty, “including through actions to promote the development and growth of lawful and legitimate dollar-backed stablecoins worldwide.”

While pushing US dollar stablecoins, the order prohibits the establishment, issuance, circulation and use of CBDCs in the US, raising significant challenges for global CBDC development.

Is dollar supremacy the ultimate goal of Trump’s EO?
While many in the crypto community see the executive order as confirmation of Trump’s pro-crypto agenda, some observers suggested that its ultimate goal is to maintain US dollar dominance worldwide.

“In the crypto executive order, broad statements are meant to put the US at the forefront of the development of digital financial assets and infrastructure,” attorney David Lesperance told Cointelegraph, adding:

“However, that support ends if any of those developments threaten the USD as the world’s reserve currency. Specifically targeted are CBDC.”
According to Lesperance, the Trump administration would likely be willing to curb CBDC development worldwide.

“Trump is clearly using bargaining chips such as the threat of tariffs as a means to force the EU and other economies to impose a similar CBDC ban,” the attorney stated.

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Dark Knight & Superman writer launches AI-powered crypto film universe

Hollywood veteran David S. Goyer (The Dark Knight and Blade) is pioneering a blockchain- and AI-based creative platform he hopes will revolutionize the film industry.

David S. Goyer, the screenwriter behind the Dark Night and Blade film franchises, is heading up an innovative new sci-fi project called Emergence that aims to overturn Hollywood’s business model using blockchain and artificial intelligence.

Launched Jan. 28 on the Incention platform on Story Protocol, Emergence is a crowdsourced science fiction franchise that tracks community contributions to its intellectual property using smart contracts and pays users for them via cryptocurrency rails.

Goyer, who was also the showrunner for the first season seasons of the Apple TV series Foundation and one of the writers of Batman v Superman: Dawn of Justice, is overseeing the creative aspects of Emergence and wrote its story “bible.”

The aim of the project is to create a universe like Star Wars or the Marvel Cinematic Universe, where different creators — from professionals to members of the public — can launch their own projects. If the model proves successful,

Incention hopes that other film and TV studios will open up their existing IP for new creators to build on while taking a cut of the proceeds, which are tracked via blockchain.

“We’re trying to create the environment for anyone — whether you’re a crypto enthusiast, a professional creator or a semi-pro creator — to fall in love with a brand new universe and then use emerging technology to turn around and become a creator within that space,” explained Chase Rosenblatt, co-founder and CEO of Incention.

An AI agent called Atlas has been trained on the story bible and will answer user questions about the rules and canon of the universe to ensure consistency. The agent will also sort through IP contributions and help manage logistics.

Story, which raised $143 million in funding in a number of rounds led by a16z, launched its developer mainnet on Jan. 20. Its founder, Jason Zhao,

told Cointelegraph Magazine in December that the protocol aims to simplify intellectual property licensing issues via legally enforceable smart contracts.

Emergence: White fountains and infinite possibilities
The story bible tells of another galaxy where “white fountains” have appeared. They’re the opposite of black holes and spew mysterious objects back into the universe.

“No one knows who made them or why, whether it’s some other race’s trash or whether these things have been sent to poison the galaxy. But they’re immensely powerful,

and the discovery of these objects has created a new gold rush. Now everyone from freebooters to corporations to whole planets is after these objects,” Goyer told Cointelegraph.

“I was trying to create something that provides these little seeds, or a yogurt starter, for people to take off on,” he explained.

“We’re waiting for some really brilliant person out wherever to flesh that in and [for the community to] vote on it and make it part of canon.”
The top community-voted contributions go to council review and then, if approved, become part of the canon.

Award-winning science fiction authors Rich Larson, Rebecca Roanhorse, Adam Roberts and Chen Qiufan have already written stories based in the world, with concept artists illustrating the central ideas.

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US Senator calls crypto regulation ’a matter of national importance’

Lawyers for Cynthia Lummis filed an amicus brief as part of Coinbase’s appeal over a ruling in its case with the SEC, claiming the commission “flouts” its enforcement authority.

Wyoming Senator Cynthia Lummis, a crypto holder and US lawmaker vocal about her support for legislation and regulation favoring the digital asset industry, has penned an amicus brief in support of Coinbase’s appeal against the Securities and Exchange Commission.

In a Jan. 24 filing in the US Court of Appeals for the Second Circuit, Lummis claimed that the SEC “flouts” its approach to crypto enforcement cases, arguing that the regulator exceeded its authority. The senator said that “decades-old securities statutes and regulations” could not always be applied to modern assets like cryptocurrencies and called for lawmakers to establish a framework for digital assets.

“With lawsuits pending across the country that rely on the SEC’s overzealous interpretation of the securities laws, it is vital that the Second Circuit — the country’s leading securities law court — weigh in now and halt the SEC’s contravention of the separation of powers and encroachment on Congress’s lawmaking powers,”

said the amicus brief. “A Second Circuit standard regarding when digital assets qualify as securities is urgently needed.”

The appeal to the Second Circuit could determine whether the SEC’s civil case against Coinbase moves forward in the Southern District of New York. On Jan. 7, Judge Katherine Failla ordered the SEC case to be stayed until the appellate court could rule on potentially reversing an order denying Coinbase’s motion for judgment.

Will most cryptocurrencies be labeled “securities” under the SEC’s new leadership?
At the center of the regulator’s case against Coinbase is the interpretation of securities laws and how they may apply to certain cryptocurrencies and activities at digital asset firms. Senator Lummis said the SEC had a “novel interpretation” of the law in its crypto enforcement cases, claiming that Congress did not intend to grant the commission such authority.

Should the appellate court reverse the lower court ruling, it could impact how the SEC handles pending enforcement actions against crypto exchanges, including Ripple Labs and Binance.

Former SEC Chair Gary Gensler, whom many in the industry claimed spearheaded the lawsuits, stepped down on Jan. 20, but the commission’s cases are still moving through the courts.

US President Donald Trump nominated former SEC Commissioner Paul Atkins to take over the remainder of Gensler’s term, ending in June 2026. Commissioner Mark Uyeda has been serving as acting chair until the Senate considers Atkins’ nomination.

Following Republicans taking majority control of the US Senate on Jan. 3, lawmakers chose Lummis to chair the chamber’s subcommittee on digital assets.

In the House of Representatives, Wisconsin Representative ​​Bryan Steil will chair the subcommittee on crypto, fintech and AI under the Financial Services Committee.

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Russia is free to use Bitcoin in foreign trade, says finance minister

Russia has all legal tools to use digital financial assets and Bitcoin in foreign trade, Finance Minister Anton Siluanov said.

Russia has been actively experimenting with digital financial assets (DFA) in foreign trade in line with the country’s legislation, according to a senior government official.

Russian Finance Minister Anton Siluanov discussed US dollar alternatives for international trade in an interview on the state-owned news channel Russia-24 on Dec. 25.

Siluanov said the Russian government has passed legislation authorizing foreign trades in DFAs and Bitcoin
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According to the minister, such foreign trade transactions have already been in use, and Russia plans to develop and scale that further.

“We can use mined Bitcoin”
In the interview, Siluanov said that in the present circumstances, implementing DFAs in foreign trade as an alternative to the US dollar is “quite understandable” as it enables the use of modern infrastructure.

It’s an innovation in the global settlement system, he said, adding, “That is the future.”

Siluanov said Russia is free to use digital financial assets — including Bitcoin — in foreign trade, in line with its experimental legal regime, which came into force in September 2024.

He stated:

“We can pay for the delivery of goods with digital financial assets. It is also possible to use Bitcoin, which we mined here in the Russian Federation, within the experimental regime.”

The finance minister mentioned that Russia legalized mining earlier this year. “That is why such transactions are going.

We say that they need to be developed and expanded, and I am sure that next year, it will be a reality,” he added.

Siluanov warned against crypto investment amid Bitcoin’s ATHs
Siluanov’s latest remarks on DFAs and Bitcoin come a few weeks after the finance minister urged the public to stay away from crypto investment in November.

“Some people see cryptocurrency as a source of quick money. I don’t recommend it as a means of investment,” the minister stated in a speech at a local educational event on Nov. 6.

“Definitely not. Today, there are plenty of other ways to invest and make good money,” Siluanov stated.

At the time of Siluanov’s warning, Bitcoin was hitting all-time highs above $76,000 and was heading toward a historic milestone of $100,000 smashed in just about 30 days.

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WonderFi CEO kidnapped and forced to pay $1M ransom

WonderFi CEO Dean Skurka reportedly said in an email that he is “safe” now and that no company funds and data were impacted.

The CEO of Toronto crypto firm WonderFi Technologies was reportedly kidnapped and forced to pay a $1 million ransom for this release, CBC reported on Nov. 7.

Dean Skurka was “forced” into a vehicle in downtown Toronto during “rush hour” on Nov. 6.

He made a $1 million electronic transfer to secure his release, a source close to the investigation told CBC.

Skurka reportedly confirmed via email that he was involved in an “incident” on Nov. 6 but is safe and that company funds and data were not impacted.

Police say the investigation is ongoing and have not released any further details, CBC said.

Skurka and WonderFi haven’t publicly commented on the ordeal on X or their website. Cointelegraph has reached out to WonderFi for comment.

Skurka’s incident adds to a concerning trend of crypto executive and influencer abductions, often motivated by the intent to steal large sums of money.

Four suspects were arrested in July for allegedly kidnapping and murdering a 29-year-old foreign national Bitcoiner in Kyiv, Ukraine,

stealing $170,000 worth of Bitcoin
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Six Malaysian nationals were also charged with kidnapping a Chinese national and demanding a ransom of $1 million worth of stablecoin Tether
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a few weeks later in August.

WonderFi, backed by Shark Tank co-host and multimillionaire Kevin O’Leary, is one of the most prominent public-listed crypto firms in Canada, tickered WNDR on the Toronto Stock Exchange.

It has a market cap of $75 million, Google Finance data shows.

Two of its most used products are its WonderFi layer 2 blockchain and non-custodial wallet, WonderFi Wallet.

WonderFi revealed it holds $1.35 billion worth of assets under custody in an Oct. 30 statement.

WonderFi is the owner of crypto firms Coinsquare, SmartPay, Tetra Trust and Bitbuy — a crypto exchange where Skurka previously served as President from Jan. 2018 to July 2023.

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Record $56M CryptoPunk more likely a publicity stunt, says observer

Everyone’s talking about a newly sold $56 million CryptoPunk NFT, however, the transaction isn’t what it appears to be.

A CryptoPunk non-fungible token (NFT) that reportedly sold for a

record $56 million is more likely just an elaborate marketing stunt for a new memecoin, according to an NFT expert.

On Oct. 3, reports on social media suggested that someone bought Punk 1563 for 24,000 Ether
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— worth $56.2 million at current prices — which is also shown on OpenSea data.

The $56.2 million sale is more than double the highest amount ever paid for a CryptoPunk during the end of the NFT mania in February 2022.

However, there’s much more to the sale of Punk 1563 than meets the eye.

Flash loan fake sale
A closer look at the onchain data shows that the supposed “buyer” who purchased Punk 1563 actually took out a 24,000 ETH flash loan

from the automated market maker (AMM) protocol Balancer to buy the punk.

After the sale had been executed the “seller” wallet then sent the 24,000 ETH right back to Balancer — an unusual arrangement for a supposed NFT purchase.

While the NFT changed hands and 24,000 ETH was sent from one contract address to another, in the end, the buyer only had to part with a total of $54 to cover gas and contract execution costs.

In an Oct. 3 post to X, 0xQuit said Punk 1563 will be sold to the highest bidder for the NFT in seven days,

a bet that someone will take interest in either the NFT or the memecoin.

“The dev then gets 10% of the token supply, and 10% of the funds received from the presale and sale of the punk,” said 0xQuit.

“tl;dr 24,000 ETH is a psyop to advertise what is basically a presale where, after 7 days, the punk is sold to the highest bidder with a minimum bid equal to the amount raised in the presale.”

“Also maybe a political statement given the name and the clown makeup,” 0xQuit added.

As far as flash loan NFT sales go, this isn’t even close to being the biggest.

In 2021, an investor took out a $532 million flash loan to purchase CryptoPunk 9998 and quickly repaid the balance to the AMM.

At the time the massive dollar figure generated headlines and turned heads, however, CryptoPunks creator Larva Labs said it wouldn’t

classify the sale as legitimate, a precedent that was quickly adopted by many other large NFT platforms.

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Ex-Coinbase execs to launch exchange using PayPal stablecoin for settlement

Founders who used to work at Coinbase, Circle and Goldman Sachs teamed up to create an exchange that will use PayPal USD as its main settlement currency.

A team of former Coinbase executives will launch a digital asset exchange using PayPal’s stablecoin as its form of settlement.

On Sept. 18, True Markets unveiled TrueX, a crypto platform advertised as a “non-custodial, stablecoin-native exchange.” The platform secured $9 million in seed funding from investors like Paxos, Solana Foundation, Aptos and many others.

In a press release, the platform announced it’s working with the PayPal USD
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stablecoin issuer Paxos to utilize PYUSD as the platform’s default settlement currency. PYUSD is one of the biggest cryptocurrencies in the crypto space, with a market capitalization of over $730 million.

Stablecoins are types of crypto that offer price stability by being backed by specific assets or algorithms.

In the case of PYUSD, it’s backed one-to-one by the United States dollar.

Former Coinbase execs team up on new exchange
Before founding TrueX, Vishal Gupta was the head of exchange at the trading platform Coinbase. He also worked as the head of USD Coin
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at Circle, overseeing the launch and growth of the popular stablecoin.

Meanwhile, Patrick McCreary, who founded TrueX with Gupta, previously worked as a senior staff engineer at Coinbase. The executive was one of the technical leaders and key architects of Coinbase’s International Exchange. Both executives also held senior roles at Goldman Sachs.

Gupta claims they saw opportunities to make exchanges “safer and more trusted.” He said:

“Clients now demand the security of true segregation of execution and custody. Our team has worked diligently to meet these needs, leveraging the power of stablecoins to facilitate efficient liquidity and settlement solutions.”
The TrueX exchange will reportedly open for US-based institutions first and some international organizations.

Institutions continue to jump into Web3
Infrastructures supporting the onboarding of institutions into the Web3 space continue to sprout across the globe.

On Sept. 17, Singapore’s DBS Bank announced it would start offering crypto options and structured notes to institutional investors in the fourth quarter of 2024.

DBS said that institutions that want exposure to Bitcoin
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and Ether
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can do so through this offering. Professional traders can hedge their positions against market volatility using different options structures.

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subsidiary Tokocrypto secures full license in Indonesia

Binance described Tokocrypto as its “subsidiary,” suggesting that it may have a controlling stake in the Indonesian trading platform.

Indonesian exchange Tokocrypto has received a full license under the country’s Commodity Futures Trading Regulatory Agency, also known as “Bappebti.”

On Sept. 9, Tokocrypto announced that it received the Physical Crypto Asset Trader (PFAK) license from Bappebti.

The license gives the company full authority to operate as a physical crypto asset trader and ensures that the trading platform complies with the country’s trading rules.

Since 2014, exchanges in Indonesia operated within a “prospective crypto exchange” category. In 2019, Tokocrypto was also registered as a Prospective Physical Crypto Asset Trader (CPFAK).

In the same year, Bappebti required all exchanges operating in Indonesia to seek authorization, providing a framework for a full license.

Tokocrypto “third” exchange to receive PFAK license
Tokocrypto CEO Yudhono Rawis said the company is the third exchange to receive the license in Indonesia.

At the moment, Rawis mentioned that there are still 35 prospective crypto exchanges registered with the country’s futures regulator.

In addition, Rawis noted that obtaining the license is part of the firm’s strategy to become the lead trading platform in Indonesia.

“This is an essential part of our strategy to build a solid foundation in the crypto-asset ecosystem in Indonesia and ensure that we can provide the best services to our customers,” Rawis explained.

In 2023, Tokocrypto held the top spot in Indonesia as the biggest exchange by trading volume. CoinGecko data shows that the company held a 43% market share among the

country’s top three centralized exchanges. Its competitor Indodax followed closely with a 42% market share, while Upbit Indonesia had the third spot with a 15% market share.

Tokocrypto, a Binance “subsidiary”
In 2020, crypto exchange Binance announced a major investment in Tokocrypto as part of its efforts to position itself in the country. However, the company did not disclose the amount it had invested in the exchange.

The global trading platform then increased its stake in Tokocrypto in 2022, expanding its reach. Former Binance CEO Changpeng Zhao described the deal as injecting more cash and increasing its shareholding.

While previous investments in Tokocrypto were ambiguous, Binance revealed in the recent announcement that the exchange is its “subsidiary.” This suggests that the Binance group may have some controlling stake over Tokocrypto.