US Senator Proposes US Buying 1 Million BTC
Senator Cynthia Lummis has proposed legislation to create a strategic Bitcoin reserve for the US to reduce the national debt. The plan involves buying 1 million BTC over five years, with an investment of about $70 billion at current prices. The purchased bitcoins would be held for at least 20 years, similar to the historic Louisiana Purchase.
Donald Trump has also expressed support for this initiative, which has sparked debates about the potential risks and benefits for the US economy.
SEC Withdraws Token Classification Request
The US SEC has withdrawn its request to classify several tokens, including SOL, BNB, ATOM, and MATIC, as securities in its lawsuit against Binance. This move comes as presidential candidates, including Donald Trump, adopt pro-crypto positions to appeal to voters and promise favorable regulations for the industry.
Tether Records $5.2 Billion Profit in H1 2024
Tether has reported a record profit of $5.2 billion in the first half of 2024, with an operating profit of $1.3 billion in Q2. Tether’s reserves in US Treasury bonds reached a historical high of $97.6 billion, and the group’s consolidated equity stands at $11.9 billion, despite unrealized losses on Bitcoin reserves. This financial performance demonstrates Tether’s commitment to transparency, stability, and responsible risk management.
Telegram Unveils Integrated Browser for Web3 Decentralized Sites
Telegram has launched an integrated browser that supports decentralized sites of the web3, making this technology accessible to its 950 million users. The browser offers a seamless experience by combining site navigation with messaging.
Bybit Closes Services for French Users
Bybit has announced its withdrawal from the French market due to recent regulatory developments. French users have until August 13 to close their positions and withdraw their assets. Starting from August 2, they will no longer be able to open or increase their positions.
Quick News
- A hacker is sentenced to 3.5 years in prison for siphoning $1 million from Coinbase accounts.
- Donald Trump sells limited edition Bitcoin-themed sneakers for $500.
- Bitcoin whales accumulated the largest amount of BTC in July since October 2014.
- Montenegro rejects the US extradition request and decides to extradite Do Kwon to South Korea.
- Decentralized lending protocol Morpho announces a $50 million fundraising round.
- Morgan Stanley allows its financial advisors to recommend Bitcoin ETFs.
