Main Points Related to Bitcoin, Web3, Ethereum, and Cryptocurrency:
- Trump meme coins experienced double-digit growth in market cap after an incident involving former President Donald Trump.
- The SEC closed its investigation into Paxos, leading to renewed interest in BUSD.
- The German government sold its Bitcoin holdings after weeks of sustained selloffs.
- Spot Bitcoin ETFs saw a surge in net inflows, totaling $1.04 billion in capital inflows.
- BitMEX pleaded guilty to violating the Bank Secrecy Act, facing charges for flouting AML provisions in 2020.
- The US House failed to override Biden’s veto on a bill seeking to repeal SAB 121, potentially limiting SEC’s oversight on crypto custody.
Trump Meme Coins Boast Double-Digit Growth
During the past week, Trump meme coins saw a significant surge in market cap, with the MAGA coin experiencing a 14.7% increase in just 24 hours. Inspired by former President Donald Trump, these meme coins gained further traction after an incident at a political rally.
SEC Drops BUSD Probe
The US Securities and Exchange Commission (SEC) recently closed its investigation into Paxos, leading to a resurgence of interest in BUSD. Paxos confirmed that there will be no enforcement action against the issuance of BUSD in collaboration with Binance, the world’s largest exchange.
German Government Sells Bitcoin
Following weeks of sustained selloffs, the German government decided to empty its Bitcoin holdings, including 50,000 BTC confiscated in 2013. This selling pressure campaign concluded last week, marking a significant shift in the market.
Spot BTC ETFs See Renewal of Interest
Spot Bitcoin ETFs witnessed a renewed interest with $310 million in net inflows on July 12, the largest in over a month. Throughout the week, these products garnered a total of $1.04 billion in net capital inflows, showcasing positive intraday flows for five consecutive days.
BitMEX Pleads Guilty to BSA Violations
BitMEX, a prominent crypto derivatives platform, pleaded guilty to violating the Bank Secrecy Act after facing charges for flouting AML provisions in 2020. While its executives had already paid fines and pleaded guilty earlier, the exchange’s plea came four years into the case.
US House Fails to Override Biden’s SAB121 Veto
Despite efforts to repeal SAB 121 and limit the SEC’s oversight on crypto custody, the US House was unable to override Biden’s veto. This decision could have implications for the regulatory landscape of the cryptocurrency market moving forward.
