The biggest crypto news of the past week

Amid groundbreaking announcements, technological advancements, and regulatory turbulence, the crypto ecosystem continues to prove it is both a territory of boundless innovation and a field of regulatory and economic battles. Here’s a rundown of the most striking news from the past week surrounding Bitcoin, Ethereum, Binance, Solana, etc.

MicroStrategy perseveres despite everything!

MicroStrategy continued to increase its Bitcoin holdings, reaching an impressive total of 214,400 BTC with a recent acquisition of 122 Bitcoins for $7.8 million. Despite a net loss of $53 million in the first quarter of 2024 and a 5.5% decline in revenue compared to the previous year, the company maintains its strategy of massive investment in crypto. These market movements occurred in a context of increased volatility, affecting the value of the company’s digital assets.

This bold strategy, although risky given the volatility of the crypto market, is a bet on the long-term profitability of Bitcoin. However, this approach has led to significant financial losses and prevented MicroStrategy from joining the S&P 500, a blow to the company’s attractiveness to investors. The future of this strategy remains uncertain, but it demonstrates a firm commitment to the potential of Bitcoin.

Light sentence for Changpeng Zhao despite serious charges

Changpeng Zhao, the founder of Binance, has been sentenced to only four months in prison and a $50 million fine for charges of fraud and compliance failures. This sentence is markedly more lenient than the three years requested by prosecutors and is perceived, by some, as a sign of leniency that downplays the seriousness of the infractions and thus sets a worrying precedent for the industry.

Furthermore, this case highlights the challenges regulators face in an ever-evolving sector and underscores the need for a balance between promoting innovation and protecting investors. Zhao’s case also illustrates the tension between strict regulation and the potential to push key players toward more permissive jurisdictions.

Treasury takes aim at crypto fraudsters in France

In France, the gap between actual crypto usage and tax reporting is alarming. According to European Central Bank figures, about 5 million French people are crypto users, but only 150,000 tax filings have been recorded. This discovery has prompted Treasury action to take drastic steps to combat tax fraud, partly inspired by the massive fraud already observed in other schemes like MaPrimeRénov, where 400 million euros were misappropriated.

To combat this scourge, the Treasury decided to deploy artificial intelligence for more effective and targeted surveillance. A new anti-fraud legislative framework, including a crypto-specific component, is in preparation. Artificial intelligence will be used to analyze blockchains and detect suspicious activities in real time, modeling fraud patterns to better track and unravel the most complex money-laundering circuits. This technological approach promises constant vigilance and an increased capacity to respond to fraudulent schemes.

BNP Paribas invests in Bitcoin

May 1, 2024, is marked by a contradictory event in the world of Bitcoin ETFs, with record outflows of $563.7 million in a single day. Despite this tumultuous context, BNP Paribas, the second-largest European bank, has made a significant move towards Bitcoin adoption by investing approximately $40,000 in BlackRock’s IBIT ETF. While modest, this investment is symbolic of the increasing acceptance of Bitcoin by traditional European financial institutions.

This move by BNP Paribas could mark the beginning of broader institutional acceptance of Bitcoin as a viable asset class. Until now, this adoption had been mainly by American asset managers and regional banks. BNP’s commitment could encourage other major banks and asset managers to invest in Bitcoin, thereby accelerating its acceptance by the general public and boosting inflows into ETFs and other regulated vehicles.

RippleX revolutionizes XRP with a new feature

RippleX has recently launched an innovative feature, the XLS-68d specification, which aims to simplify and democratize transactions on the XRP Ledger (XRPL). This new specification allows platforms to manage fees and account reserves for their users, significantly reducing the complexity and financial barriers associated with using XRP. Users will benefit from what’s called “sponsored transactions,” where they can include sponsor signatures in their transactions while maintaining full control of their accounts.

This advancement is seen as a major step toward the mass adoption of XRP, as it enables platforms to cover the costs of transactions for their users, making XRP accessible to a broader audience.

SEC controversy: Accusations of lying about Ethereum

Gary Gensler, the chairman of the SEC, is accused of misleading the U.S. Congress about classifying Ethereum as an unregistered security. These revelations, stemming from internal SEC documents exposed during a lawsuit with the company Consensys, show that the agency considered ETH a security for over a year. These actions contradict the public statements of Gensler, who has declined to clarify the SEC’s position on Ethereum during a hearing, avoiding direct questions on the subject.

Patrick McHenry, chairman of the House Financial Services Committee, has openly criticized Gensler for what he considers deception towards Congress. This situation sheds light on the challenges and contradictions in the SEC’s regulation of cryptos. The outcome of these regulatory debates could have significant implications for the legal status of Ethereum and other cryptocurrencies in the United States.

PayPal expands its crypto offerings with MoonPay

PayPal has significantly expanded its crypto offerings through a strategic partnership with MoonPay. This collaboration allows PayPal to offer more than 100 different digital assets to its users, thus simplifying the purchase of cryptocurrencies just like an ordinary online purchase. Similarly, this partnership enhances the compatibility of crypto transactions with traditional banking systems and reduces transaction failures, providing a smooth and secure user experience.

To conclude, this integration guarantees better protection of customer personal data, who no longer need to provide their information separately to MoonPay for transactions. With the addition of popular cryptos such as Solana, Tether, and Dogecoin, PayPal broadens the possibilities for its users in terms of investment and everyday usage of cryptos.

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Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d’une certification consultant blockchain délivrée par Alyra, j’ai rejoint l’aventure Cointribune en 2019.
Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l’économie, j’ai pris l’engagement de sensibiliser et d’informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu’elle offre. Je m’efforce chaque jour de fournir une analyse objective de l’actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.