Kuwait Bans Cryptocurrency Operations, Binance Integrates Lightning Network


Kuwait has banned operations with digital assets and mining, Binance has completed the implementation of the Bitcoin Lightning Network (LN) micropayment network, the United States introduced a bill to regulate the crypto market and other events of the outgoing week.

XRP continues to rally as Bitcoin falls below $30,000

On July 19, the price of XRP rose by 6.5% to levels near $0.79, despite a number of statements in the case of Ripple v. SEC. Two days before, former agency lawyer John Reed Stark called the court’s verdict “shaky” and Commission chief Gary Gensler said the ruling was being studied.

However, the head of Haun Ventures, Kathy Haun, praised the decision in the case as “a good result for the industry.” In her opinion, an appeal by the regulator is possible, but an “immediate” appeal “seems unlikely.” The department made it clear that they allow such a development of events.

Bitcoin, against the background of the growth of the token, tried to maintain the level of $30,000. In the second half of Tuesday, July 18, digital gold fell below the sign mark.

At the time of writing, the first cryptocurrency is trading near $29,900.

Results of the week: Kuwait banned operations with cryptocurrencies, Binance integrated Lightning Network
Data: BTC/USDT hourly chart on Binance exchange. Data: Trading View.

The vast majority of assets from the top 10 by capitalization ended the week with a slight “minus”. The exceptions were Dogecoin, which rose by 1.7% and lost almost 13% of the value of Solana.

XRP held onto the fourth spot in the rankings, outperforming BNB in ​​total market value.

Results of the week: Kuwait banned operations with cryptocurrencies, Binance integrated Lightning Network
Data: CoinGecko.

The total market capitalization has decreased to $1.24 billion, the dominance of bitcoin has approached 47%.

Binance Integrates Lightning Network

On July 17, Binance completed the implementation of the Bitcoin Lightning Network for depositing and withdrawing funds. When making deposits, users can choose LN as an option.

This week, the exchange also highlighted the dynamics of the digital asset industry for the six months of 2023 and announced its twenty-fourth quarterly BNB token burn. The platform withdrew 1.99 million coins worth over $484 million from circulation.

Kuwait bans cryptocurrency transactions and mining

The Kuwait Capital Markets Authority (CMA) has announced its commitment to an “absolute ban” on virtually all cryptocurrency transactions in the country.

According to the circular, the measures apply to payments, investments and mining. The CMA also banned local regulators from issuing any licenses allowing firms to “provide virtual asset services as a commercial business.”

Around CBDC

Anatoly Aksakov, Chairman of the Duma Financial Market Committee, spoke about the possibility of programming operations with the digital ruble for specific purposes. According to him, the function can be used in the daily life of citizens, as well as in planning the state budget.

At the same time, Denis Polyakov, Deputy Director of the National Payment System Department of the Central Bank, said that the security of CBDC in the Russian Federation is provided at the “highest level”, since its development was carried out under the constant supervision of the FSB.

In Brazil, developer Pedro Magalhaes said that the creators of the digital real have provided for the possibility of “freezing” funds and adjusting balances. The specialist referred to the analysis of the code submitted by the regulator API on Github.

In the United States introduced a bill to regulate the crypto market

Republicans in the U.S. House of Representatives released a 200-page document called the 21st Century Financial Innovation and Technology Act. It obliges the SEC and CFTC develop appropriate regulations and prohibit them from setting rules on the form in which citizens can own cryptocurrencies.

Earlier, the Senate proposed to oblige DeFi services to comply with anti-money laundering measures.

Vitalik Buterin spoke about the implementation of account abstraction in Ethereum

The account abstraction is seen as a catalyst that could bring a billion users to the Ethereum network, but there are some challenges in implementing the feature. This was stated by Vitalik Buterin.

According to him, the integration of the technology will make it possible to pay fees not only with ETH, but also with other coins that the user transfers.

What to discuss with friends?

  • Brother SBF intended to buy the state of Nauru with funds from FTX clients.
  • The US presidential candidate promised to “stabilize” the dollar with bitcoin.
  • A hacker hacked an analogue of Ordinals launched on Ethereum.
  • Pavel Durov admitted that he owns bitcoins and Toncoin tokens.

The Polygon team introduced a new protocol management model

As part of the roadmap, Polygon 2.0’s layer 2 Ethereum networks will form a so-called ecosystem council to more decentralize control. The prerogative of the structure will be updating the system of smart contracts.

To provide greater visibility into the council’s activities, a transparency dashboard will be introduced. The other two “pillars of governance” will be core protocol and treasury management.

Court Appoints Receiver for Prime Trust

The Nevada District Court ordered crypto custodian Prime Trust to enter bankruptcy proceedings and appointed a trustee in the person of Bank of Nevada President John Guedry.

Prime Trust’s liabilities in fiat are $85.67 million, while assets at its disposal barely exceed $2.9 million. In cryptocurrency, the company owes customers $69.5 million, but only has $68.65 million.

What do miners have?

Nasdaq-listed Meten Holding has announced the acquisition of 200 Antminer S19j Pro ASIC miners. The deal is paid for in METX shares worth $880,000. The devices must be delivered and connected by July 31, 2023, after which the company’s hashrate will exceed 208PH/s.

TeraWulf also announced the purchase of bitcoin miners, and Argo Blockchain raised £5.75 million (~$7.5 million) as a result of an additional share issue. The funds will be used to pay off debt and finance new projects.

On July 19, it became known that Marathon shareholders filed a lawsuit against CEO Fred Thiel and nine other top managers for illegal embezzlement of the company’s assets for personal purposes.

Also on ForkLog:

  • Unstoppable Domains has added support for .eth domain names.
  • Mantle Network has launched an alpha version of the mainnet.
  • Uniswap Labs introduced UniswapX liquidity aggregator.
  • The head of the SEC has requested $109 million to strengthen investor protection in the crypto market.

FTX seeks $71 million refund from its charities

The leadership of the collapsed FTX is trying to recover about $71 million from the company’s charitable and life sciences divisions. According to the lawyers of the exchange, these donations are made “for the personal aggrandizement [Сэма] Bankman Fried.

At the end of the week, court documents revealed that former Alameda Research CEO Caroline Ellison knew about the multi-billion dollar deficit long before FTX collapsed.

Bitmain Releases First $38,888 Filecoin Miner

The world’s largest manufacturer of mining equipment Bitmain introduced devices for Filecoin mining. The machines come with a hashrate of 4300 T worth $38,888.

What else to read?

In the new educational cards, we talk about the similarities and differences between utility and governance tokens.

The cryptocurrency industry is attracting an increasing number of institutional players. This is evidenced by new investments in infrastructure, and the increasing attention that companies are showing to bitcoin as an asset class. The most important events of recent weeks are in the ForkLog review.

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