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Crypto: a thrilling and turbulent realm. Each passing hour, day, and week unveils thrilling crypto updates. Step into our newest wrap-up, PAID Warrior. Our news summary captivates with a concise and comprehensive overview of newsworthy events. Enjoy our captivating crypto news summary.
Discover the latest happenings of the past week, including Paypal’s introduction of a USD-backed stablecoin, the US SEC is set to focus on AI technology, Singapore’s recent involvement in web3 and crypto, Binance’s recent developments, the HEX vs SEC dispute, and more. Read all about it in our article below.
Paypal Launches USD-Backed Stablecoin
Source: Bloomberg
PayPal recently introduced the PYUSD, a stablecoin backed by the U.S. dollar based on ethereum. It will be accessible to developers, wallets, and web3 apps, and can be seamlessly integrated by exchanges.
The newly released stablecoin is said to enhance the PayPal ecosystem.
PYUSD is backed by U.S. dollar deposits, Treasuries, and cash equivalents, ensuring a one-to-one redemption for U.S. dollars. Additionally, the stablecoin will be accessible to customers in the United States.
PayPal defies US regulators’ crackdown on unregulated crypto market. Amid regulatory actions and investor concerns, other companies have reduced their crypto activities in the country. The announcement lifted PayPal’s shares to as high as 2.7%.
SEC Chair Gary Gensler shifts focus to AI, after crypto countdowns
Bloomberg reports that SEC chair Gary Gensler is shifting focus from cryptocurrency to artificial intelligence, a technology he believes deserves the hype. Gensler cautions against the unchecked dangers of AI automating human processes in finance.
As an MIT professor, Gensler delved into AI research, co-authoring a 2020 paper on deep learning risks in finance. He claims regulations can’t handle these risks. His paper warned that uniting AI models in major trading houses could unleash chaos and turbulence in the market. the SEC chief, suggested to explore the pros and cons of new AI and machine-learning tools.
Gensler’s AI focus ≠ SEC loosening grip on cryptocurrencies. Crypto giants Ripple, Binance, and Coinbase face pending lawsuits, showing the SEC’s determination to enforce actions under Gensler’s leadership.
Regulations and Price Drops Lower Canadian Crypto Ownership
According to a July 26 Bank of Canada analysis, Bitcoin and cryptocurrency ownership in Canada declined in 2022 due to market conditions and policies that did not favor Canadian crypto investors.
By August 2022, Canadian Bitcoin ownership plummeted to a mere 9%. BTC adoption soared to 10% by year-end, with no evidence of investors shifting to other cryptocurrencies despite the decrease in Bitcoin ownership. Canadians mostly got their crypto through mobile and web apps. Bitcoin and crypto mining remained one of the most popular methods to accumulate tokens for the second year in a row.
The BoC states that the research is important for monitoring conditions that may require the creation of a central bank digital currency. Additionally, they pointed out that ecosystem collapses, regulatory hurdles, and price depreciation led to the decline in crypto ownership.
SEC vs Richard Heart; HEX
Source: CoinGeek
Richard Heart and his projects, Hex, PulseChain, and PulseX, were sued by the SEC. The lawsuit claims that he raised over $1 billion through three unregistered securities offerings starting in 2019. In addition, Heart and PulseChain face fraud charges for using $12 million of offering proceeds to buy extravagant items like sports cars, watches, and a 555-carat black diamond
The U.S. regulator wants permanent injunctions, disgorgement, prejudgment interest, and civil penalties against Heart and the projects. The SEC summoned Finnish resident Heart for civil proceedings and gave the Heart 21 days to respond to avoid a default judgement.
HEX’s market cap briefly dropped to $706 million on Aug. 2, down from $1.47 billion when the lawsuit was announced. However, the market cap bounced back to $1 billion as the HEX token surged over 20% in the next few days.
Singapore Part 1: Singapore invests over $100 million in solutions like Web3.
Singapore’s central bank, the Monetary Authority of Singapore (MAS), will invest up to 150 million Singapore dollars (around $112 million) to back diverse financial technology solutions, including Web3.
MAS announced that it will allocate funds over three years for its renewed Financial Sector Technology and Innovation (FSTI) scheme, aiming to boost innovation. The innovation scheme includes the Enhanced Centre of Excellence, Environmental, Social and Governance fintech, and Innovation Acceleration for Web3.
Ravi Menon, the managing director of MAS, announced that the FSTI programme has received $340 million from the financial sector development fund since 2015, as it aims to foster innovation and technology adoption in finance.
Singapore Part 2: Crypto Donations Welcomed by Red Cross
Singapore Red Cross, the country’s charity providing humanitarian relief and community services now accepts cryptocurrency donations. The organization is set to accept Bitcoin, Ether, and Tether donations
Singapore Red Cross secretary general and CEO, Benjamin William, said that adopting digital currencies opens avenues to tech-savvy donors who want to make a difference with their cryptocurrencies. Crypto payment is available on the Singapore Red Cross website. The payment gateway accepts Binance digital wallet donations along with other known digital currencies.
Donations will be converted to fiat currency and transferred via bank within one business day.
Binance Part 1: Binance Japan now launched
Source: Binance
Binance Japan, previously Sakura Exchange Bitcoin, has been launched to meet local regulations, as announced by Binance on Aug. 1. The firm will introduce spot trading for 34 tokens starting on Aug. 1, and will gradually transition global Binance users by Aug. 14.
Binance aims to boost Japan’s digital-asset market by providing regulated exchange services. With its tech-savvy culture and blockchain enthusiasm, this country is the perfect hub for a thriving Web3 ecosystem as it competes with the likes of Hong Kong and Singapore to be the Web3 hub in Asia.
Japanese Prime Minister Fumio Kishida supports the government’s efforts to advance Web3 innovations in Japan. In a surprising turn of events, crypto exchanges like Kraken and Coinbase have made the decision to close their doors in Japan claiming that current market conditions have led them to this difficult choice.
Binance Part 2: Binance welcomes new compliance officer
Binance has named Kristen Hecht as its new deputy chief compliance and global money laundering reporting officer. This appointment comes as the exchange faces potential fraud charges from U.S. regulators. Multiple top legal and compliance executives have recently departed the exchange, allegedly due to the challenges posed by ongoing investigations into its practices. Binance, however, denies any correlation between these departures and the investigations.
Hecht has previously held the position of global head of corporate compliance for eight months. Hecht’s new role involves focusing on the company’s compliance program and collaborating with regulators, intergovernmental organizations, and industry bodies, as stated in a press release.
Bandai Namco Unleashes AI Virtual Pet NFT Game
Source: NFT News Today
Gaming giant Bandai Namco and Oasys, a gaming-focused blockchain network, have joined forces to develop an AI-driven virtual pet game centered on RYU, a collection of NFT-based digital creatures. RYUZO game debuted on Wednesday. Prior to the release, 10,000 digital NFT eggs were distributed to holders of Oasys’ initial NFT series in the “Oasyx” project.
Inspired by the iconic Tamagotchi game, the RYU will evolve its personality and abilities through user interaction. Oasys claims that their creatures acquire new abilities through artificial intelligence, promising a superior virtual pet experience compared to previous attempts.
Bandai Namco launched the highly successful game Elden Ring last year, along with renowned franchises such as Pac-Man, Soulcalibur, and Tekken. They also announced last year their intention to create a metaverse experience inspired by the beloved “Gundam” anime franchise. Bandai Namco plans to invest over $130 million in the ambitious project set to launch in October.
Conclusions
The crypto world had another exciting and busy week. The online payment giant PayPal unveiled its own stablecoin, a new SEC lawsuit emerged and the regulator could be shifting its attention to artificial intelligence technology. In addition, Binance, the crypto industry’s undisputed juggernaut, received some encouraging and upbeat news, and a few more.
The future of the cryptocurrency industry holds even greater potential. Stay informed about the latest industry happenings by following our Medium. Stay tuned for our next crypto edge article.
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