UTB Weekly News Roundup (JUL 29th - AUG 2nd, 2024)

Stay in the loop with our weekly crypto digest as we get you up to speed on the hottest trends and events in the crypto space.

Here’s what happened in crypto this week:

RFK Jr. Says He Stores ‘Most’ Of His Wealth In Bitcoin

During the Bitcoin 2024 conference in Nashville, Tennessee, independent presidential candidate Robert F. Kennedy Jr. said he holds most of his wealth in Bitcoin.

The crypto-friendly leader stated, “I am a huge supporter of Bitcoin. I have most of my wealth in Bitcoin.” He added, “I am fully committed.”

According to a report from Forbes, RFK Jr.’s net worth was $15 million last year. The same report said the candidate held as much as $250,000 in Bitcoin as of August 2023. The price of Bitcoin has more than doubled since last year.

Sen. Cynthia Lummis Introduces Bill To Create A Bitcoin Strategic Reserve

During the recent Bitcoin 2024 conference, Senator Cynthia Lummis proposed supercharging the US dollar by establishing a strategic Bitcoin reserve to fortify the dollar against rising inflation and cement US leadership in the rapidly evolving global financial system.

According to Lummis, the legislation would require the US Treasury to self-custody the Bitcoins across “a variety of geographic locations.” The government would hold those coins for at least 20 years unless the tokens are sold to “reduce the debt,” Lummis said.

Kamala Harris’ Advisors To ‘Reset’ Relations With The Crypto Industry

According to a report from the Financial Times, Kamala Harris’ advisors have approached the top crypto companies to ‘reset’ the relations between the democratic party and the crypto industry, which has strongly backed Donald Trump, her rival for the presidential elections.

The team is reportedly contacting crypto companies such as Ripple Labs, US-based crypto exchange Coinbase, and USDC stablecoin issuer Circle. The vice president’s move came after Trump enjoyed substantial support from the sector.

Harris’ business advisors stated that the decision to reconnect with the crypto industry had little to do with attracting new contributions. The objective was to build a constructive relationship that could set clear regulatory frameworks to help the growth of the entire asset class.

Hong Kong Legislator Advocates Bitcoin In Financial Reserves Following Trump’s Speech

Hong Kong legislator Johnny Ng intended to explore the feasibility of adding Bitcoin to the city’s financial reserves. 

This move follows former US President Donald Trump’s declaration at the Bitcoin 2024 conference in Nashville about establishing a strategic Bitcoin reserve in the US.

This interest in Bitcoin aligns with a growing trend where governments and corporations, such as MicroStrategy and Metaplanet, integrate Bitcoin into their reserves to hedge against global inflation.

In recent months, the city-state has been proactive in establishing itself as a crypto hub by introducing several regulations, including proposed stablecoin legislation to protect crypto users and attract investments.

On the X Takeover podcast hosted by the Tesla Owners Silicon Valley, Elon Musk discussed the potential of Bitcoin following Donald Trump’s keynote at the Bitcoin 2024 conference.

However, when asked about his views on cryptocurrencies, he responded cautiously, “I’m not going to be promoting crypto — at most, in a joking way. If you see me pumping crypto, it’s not me,” Musk said. “I do think there’s some merit in Bitcoin, and maybe some other cryptos and I’ve sort of got a soft spot for Dogecoin because I like dogs and memes.”

Musk also emphasized the importance of community notes on X posts to dispel misinformation and warned the audience to verify any crypto opinions attributed to him on social media.

US Government Moves $2 Billion Worth Of Seized Bitcoin

According to on-chain data shared by Arkham Intelligence, a crypto wallet labeled as belonging to the US government transferred roughly $2 billion worth of confiscated Bitcoin connected to the infamous Silk Road marketplace to a new unlabeled address. This move lowered Bitcoin’s price and ignited investor concerns about selling the assets just two days after presidential hopeful Donald Trump’s promise to “keep 100%” of seized Bitcoin.

US SEC Drops Ruling On Security Token Claims In Binance Lawsuit

The US Securities and Exchange Commission may be dropping its charges against third-party tokens, such as Solana’s SOL token and Polygon’s MATIC token, which have been part of its case against Binance.

According to the SEC, this removes the need to “issue a ruling as to the sufficiency of the allegations as to those tokens at this time.” This means the government agency no longer asks the court to decide whether the affected tokens are securities.

In its suit against Binance, the SEC claimed that several tokens were securities:

• BNB (BNB)
• Binance USD (BUSD)
• Solana (SOL)
• Cardano (ADA)
• Polygon (MATIC)
• Cosmos (ATOM)
• The Sandbox (SAND)
• Decentraland (MANA)
• Axie Infinity (AXS)
• Coti (COTI)

Several factors influenced the decision to withdraw the request, including the ongoing debates about the appropriate regulatory framework for cryptocurrencies and the challenges of applying traditional securities laws to digital assets.

Russian Parliament Passes Bill To Allow Cross-Border Payments With Crypto

Russian lawmakers have passed a bill allowing businesses to use cryptocurrencies in international trade. This legislative shift is part of Russia’s broader strategy to navigate the economic constraints imposed after its invasion of Ukraine.

According to Reuters, the new law is slated to take effect in September. Elvira Nabiullina, Governor of the Russian Central Bank and a prominent supporter of the legislation indicated that the initial cryptocurrency trade transactions are expected to occur by the end of this year.

Federal Reserve Leaves Interest Rates Unchanged, Remains At 5.25%-5.50%

The Federal Reserve kept its interest rate at 5.25%- 5.5%, citing progress toward its 2% inflation goal. 

At the Federal Open Market Committee (FOMC) meeting, Fed Chair Jerome Powell said a rate cut in September is “on the table,” provided the inflation data continues to be encouraging. 

Notably, he also said the Fed’s economic forecasts do not take into account who wins the presidency.

Tether Releases Q2 2024 Attestation Report

Tether Holdings Limited has released its Q2 2024 attestation report, conducted by independent accounting firm BDO. 

The stablecoin issuer achieved a net operating profit of $1.3 billion in Q2 2024, with a record net profit of $5.2 billion for the first half of the year. 

As of June 30th, 2024, the total reserves for circulating USDT tokens amounted to $118,436,336,293.

Donald Trump Selling Limited-Edition Bitcoin Sneakers After Bitcoin 2024 Keynote Speech

Former US President Donald Trump took to social media to promote limited edition Bitcoin-themed sneakers shortly after the Republican candidate spoke at the Bitcoin 2024 conference in Nashville, Tennessee.

The sneakers are available for pre-order in limited quantities, with each pair numbered, and can be purchased using Bitcoin or other cryptocurrencies.

Final Thoughts

So that’s it for this week!

To stay ahead of the game with the freshest crypto news and insights delivered straight to your inbox, consider subscribing to UseTheBitcoin’s newsletter today.

Have a fantastic week ahead!