🏓 Worldcoin’s Eyeconomy
Hey folks. All eyes on and in Worldcoin. Some updates on SEC vs. Ripple. Also, Binance vs CFTC. And to top it off, the US government has dropped charges against SBF for political donations. Get your popcorn.
Weekly Digest From TradeCrypto.com #24
Daily statistics update:
Today's market is red. BTC is trading at $29,180; ETH is at $1,859.
💪 Bitcoin dominance: 48.19%
📉 Total Crypto Market Cap: $1.18T
😲 Fear and greed index: 52 (Neutral)
🚀 7d Gainers (Top-100)
• XDC Network (XDC) +39.30%
• Casper (CSPR) +12.34%
• Immutable (IMX) +8.66%
😭 7d Losers (Top-100)
• Injective (INJ) -14.83%
• Pepe (PEPE) -13.13%
• Gala (GALA) -13.08%
🔮 Doom Cat: Worldcoin to skyrocket?
Binance to dismiss CFTC complaint
According to the complaint filed by the CFTC in March, Binance offered derivatives trading to U.S. citizens as of July 2019 and its compliance program was ineffective. 🤔 In addition, the exchange and its employees informed U.S. VIP customers of best practices to evade laws. The Commission is seeking fines and injunctions against the company and its management. The whole story could cost Binance a hefty sum. That's why they filed two separate motions and asked the judge for permission to exceed a 15-page limit for the brief, since they have much to say. 💪
SEC appeal may strengthen Ripple
Remember the grumpy face of SEC chain Gary Gensler 😡 when the judge ruled in favor of Ripple? Now SEC signalises the possible appeal in a separate case against Terra. XRP fans are not worried as if filed, it will take a few more years, but the price has fallen to $0.70. Ripple's legal counsel Stuart Alderoty believes that if SEC sends the case to appeal, the court will take steps to cement Ripple Labs' victory over SEC. The media actively echo this opinion. Bets? 💪
Worldcoin, backed by Sam Altman, CEO of OpenAI, debuted this week and there were long lines of people willing to scan their irises 👀 to get a World ID with 25 free $WLD or about $56. Let’s look at what Worldcoin is all about: there is hardware that scans eyeballs, a Worldcoin wallet and a crypto token $WLD. Most of this is being launched on l2 Optimism. Why such a fuss? Your iris is proof that you are human. It’s an alternative way to access crypto (parallel financial systems, etc.) if you can’t or don’t want to reveal your ID, address, name, etc. Some say scanning eyes is creepy, while others praise it for being the closest thing to inclusion (one of the biggest promises of the Web3) and a great tool in the age of AI (with a nod to Sam Altman).👻 While there’s general support for the project by prominent crypto players (like the biggest crypto exchanges, which have strict KYC controls), some say that Worldcoin struggles to find new users, especially compared to the 2 million signups before launch. Remember, the idea behind this is to get all of humanity involved. Who knows which way it will go because it’s still early, and Worldcoin isn't quite there yet. 🤔
Prosecutors drop SBF’s campaign donation charge
Two lines: Sam Bankman-Fried (SBF) donated $93 million in stolen customer funds to U.S. politicians. What is the U.S. government doing? They dropped a political campaign criminal charge against SBF. 🤡 If they don’t prosecute him for this, how would the current FTX return the funds to users? Of course, they may win in court, as they filed a similar lawsuit against SBF last week. Meanwhile, a US judge is considering putting Sam in jail for violating bail conditions when he released some evidence to the media. I think the court will not be as soft as the US government.
Conclusion: There is a constant battle between crypto and regulators. Sometimes we wonder where those regulators were when something terrible was happening. Like with Terra and FTX. And did it affect the scrutiny of other crypto players? The shape of regulation remains unclear.
See you next week, folks! Thanks for being with us. Brought to you by Yana and Aleksandar :)
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What is Crypto Ping Pong digest?
We work pretty hard, and from time to time we need to relax. Recently we got a ping pong table to complete our chill zone. As you all know, our biggest hobby is crypto, and even when we play, we don’t shut up about it. Ever.
So memes, leaks, and gossip happen – we collect them and share them with you. We like to call Crypto Ping Pong digest.