In a bold move toward integrating cryptocurrency into national policy, Japanese Senator Satoshi Hamada has submitted a formal proposal urging the government to establish a strategic bitcoin (BTC) reserve. The request, officially registered in Japan's Upper House of Parliament, advocates for converting part of the nation's foreign exchange reserves into bitcoin and other virtual currencies.

Hamada's proposal, titled “Letter of Intent on the State of Understanding of the Bitcoin Reserve Movement Promoted by the United States and Other Countries,” underscores the growing global interest in bitcoin as a treasury asset. He highlighted bitcoin’s decentralized and neutral qualities, describing it as less influenced by specific nations or institutions, making it a resilient and reliable economic tool.

This call to action aligns with a broader trend, as nations and corporations worldwide explore bitcoin treasuries to diversify their reserves. The United States, for instance, has drawn attention for its discussions around adopting bitcoin as part of its economic strategy, spurred by promises from President-elect Donald Trump.

In Japan, the interest in bitcoin is also evident in the private sector. A prime example is Metaplanet Inc., a Japanese company that saw its stock value surge by 1,700% in a single year due to its investment in bitcoin. Hamada cited such cases to illustrate the potential benefits of incorporating bitcoin into national reserves.

The Japanese government is expected to issue a formal response to the proposal in the coming weeks, with the reply likely to be published on its official website. How Japan addresses Hamada's initiative could influence other nations, given Japan's reputation for technological innovation and its leadership in adopting financial technologies.

The Move Could Influence Other Nation's to Follow...

As the world watches, Japan's decision could set the tone for how advanced economies approach bitcoin in their fiscal policies, potentially ushering in a new era of cryptocurrency-backed reserves.

Japan has long been a pioneer in cryptocurrency adoption. Bitcoin and other cryptocurrencies have been legal in the country since 2017, though their use has largely been limited to speculative trading since 2019. Hamada’s proposal could signal a shift toward viewing bitcoin not just as an investment or trading tool but as a strategic national asset.

------- 
Author: Adam Lee 
Asia News Desk / Breaking Crypto News

As Russia invaded Ukraine in February of last year, an organization called Ukraine DAO instantly surfaced as a charity ready to help those wanting to donate to Ukraine using crypto, promising 100% of donations would go to the cause.

UkraineDAO started off doing what they promised to do…

The organization’s first move was the auction of an NFT of the Ukrainian flag. Many in the crypto community shared this on social media, along with some high profile exposure from people like Ethereum founder Vitalik Buterin and Nadia Tolokonnikova of Russian Anti-Putin band Pussy Riot.

The NFT raised a total of $6.8 million worth of ETH at the time - and on-chain records show this being transferred to non-profit Ukrainian Military Support organization ‘Come Back Alive’ which helps supply equipment and training for Ukrainian soldiers.

Their verifiable donations include:

- 1550.5 ETH to Come Back Alive.

- 387.63 ETH to Ukraine Government.

- 190.49 ETH to OutRight Action International

- 4.43 ETH to Psychology for Human Rights

This totals approximately 2130 ETH verifiably donated. But the wallet data shows a total of 2468 ETH received.

So there’s a remaining 338 ETH with a current value approximately $640,300. Some of this sits unspent, some is accounted for, and some is accounted for but the way it was used is where conflict begins to arise.

Things got real nasty, real fast...

The first issue came to light when Nadia Tolokonnikova of Russian Anti-Putin band Pussy Riot, who initially endorsed the project, quit after learning that the promise of “100% of funds” going to help those effected by the war untrue and project leader Alona Shevchenko had been taking a $5,000/month salary.

Alona responded showing how previously Nadia had given interviews where she was asked about when she ‘started the charity, Nadia told the interviewer the she "along with a number of friends’ felt they had to do something when they learned the invasion had begun.  Alona seems to think Nadia was positioning herself in interviews to be seen as the main person behind it.

[This portion of the article has been updated] There are 5 leaders who all need to sign off anytime a transaction is made from the official wallet (multi-sig). We initially reported that Nadia was not one of those five people, therefore it appeared she was not among the original founders.

That was incorrect -  she no longer is one of the five required signatures, which is why we did not see her there when we looked. But at the beginning, she was.

John Caldwell was another one of the five, he currently runs another charitable DAO he co-founded with Nadia called Unicorn DAO. John provided evidence of earlier transactions showing Nadia's signature on them, and explained that once UkraineDAO distributed the majority of the funds, both he and Nadia moved on, explaining "on that list of transactions, on #44 Pussyriot.eth was removed, then 45 I removed myself" trusting that the remaining funds would continue to be distributed appropriately.

It's the management of those remaining funds that have some people concerned...

You can still see the promise made on their official Twitter account that “100% proceeds go to support Ukrainians suffering for the war” - no room for confusion there .

While Alona is from Ukraine, she has been living in the UK for years before the war even started. When taking a look at her LinkedIn employment history, we see that she’s been employed in London-based companies since 2017 - clearly she does not qualify as one of the “Ukrainians suffering for the war” yet she took $5000 per month from the donated funds for things like rent and personal expenses.

Ukraine DAO also repeatedly stated they were “supported by the Ministry of Digital Transformation of Ukraine” making them “the first DAO to have been endorsed at the state level”. That claim would later be called ‘weird’ when after catching the attention of Ukrainian news outlet Kiev Post, who asked the Ukrainian government about these claims, they were told “The Ministry of Digital Transformation has not endorsed Ukraine DAO” .

However, I should mention that the Ukrainian government was not saying ‘we have no idea who you’re talking about’ - because there is some kind of relationship between the two organizations.

A profile on Alona Shevchenko which highlights her co-founding Ukraine DAO appears on an official Ukrainian government website. But when asked, Oleksandr Bornyakov, Ukraine’s Deputy Minister of the program downplayed its importance only as 1 of nearly 300 pages for volunteers for a program to educate the public on crypto.

Ukrainian News Outlets Claimed "around $700k" - We've Located Approximately $400K Of It...

At today's ETH value it's somewhere closer to $640,300 ‘unaccounted’ for funds, some of which more accurately should be called ‘unexplained’ funds. Because we know where some of that is, we just don’t know why it’s there.

There’s what was sent to individuals - Alona’s $5000 monthly payments to herself is somewhere around $70,000 total now. There was another $34,013 sent to another co-founder of the charity, Matthew Bundy; we can’t imagine why unless donors are now paying his rent too.

Then we don’t know who this was intended for, but another transaction for approximately $155,000 was sent to a wallet controlled by Sam Bankman-Fried’s former exchange FTX shortly before everyone lost access to their funds, as far as we can tell it was still there when that happened.

Lastly, $156,461 still sits in the official wallet of the charity.

The situation is much better thann $700,000 missing, but there's still a total around $200,000 gone from the charity's wallet but not listed as being spent anywhere - which is still too much to go unanswered for.

So, Now What?

Thankfully this isn’t a situation where donations are still flowing into the charity, so even if the worst outcome is true and a large amount of funds were misused, that number isn’t growing, at least from Ukraine DAO.

However, the same group appears to be on to the next cause - launching Iran DAO whose Twitter profile states their goal of “providing resources for Iran’s women-led revolution.”

It began with a Tweet from UkraineDAO stating they are “working to set up IranianDAO.”

In Closing…

It’s important to note that we could only label some Ukrainian funds ‘unaccounted’ for - which is very different than labeling them ‘stolen’. However, I’d like every dollar from their previous charity to be accounted for before even considering supporting a new one.

Or should the funds that ended up in Alona’s hands for personal expenses be considered ‘stolen’? This is a grey area legally. If 100% of the funds were to go to ‘Ukrainians suffering from the war’, she is Ukrainian, and while she only experiences the war via online news and TV from her home in England, perhaps she found the images emotionally distressful, technically making her a ‘Ukrainian suffering from the war’.

Unfortunately I’m struggling to come up with a scenario that ends with these payments to herself turning out to be completely ethical. 

I’m confident that no one donated thinking any of their money was going to a Ukrainian, who hasn't lived in Ukraine for years, is one of the people trusted with access to the donated funds, finding a way to put some in her own pocket - technically legal or not. 

While the Ukrainian government’s resources are focused elsewhere, there is a group of citizens along with journalists from the Kiev Post who continue to demand full accounting of every donated dollar, as well as question the legality of some of the DAO’s controversial decisions.

They vow that when the war is over they will be pressuring the government to review any potential exploitation by those using their crisis for personal profit. 

The story may be far from over, but this is where things stand now.

UkraineDAO was contacted (via Twitter DM)  and invited to share any additional information on the topics mentioned here. If they choose to, we will include it with our reporting.

-----------
Author: Ross Davis
Silicon Valley Newsroom
GCP | Breaking Crypto News

PayPal is taking another step forward in the cryptocurrency space, announcing on Wednesday that U.S. merchants can now buy, hold, and sell crypto directly through their business accounts.

This move reflects the growing mainstream acceptance of digital currencies, especially following the approval of Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) earlier this year. What was once considered a fringe asset class is now becoming more integrated into traditional finance.

"Business owners have increasingly expressed interest in having the same cryptocurrency options that consumers already enjoy," said Jose Fernandez da Ponte, PayPal’s Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies.

PayPal's Decision to Enter Crypto has Paid Off, Big...

PayPal first entered the crypto scene in 2020, allowing customers to trade and hold Bitcoin and other cryptocurrencies within its platform. Since then, they’ve been leading the charge for fintech companies embracing digital currencies. Most notably, in August 2023, PayPal launched its own dollar-backed stablecoin, marking a major milestone as the first major fintech to introduce a stablecoin for payments and transfers.

Stablecoins, unlike more volatile cryptocurrencies, are tied to stable assets, providing a level of price protection for users wary of the dramatic swings often seen in the market.

In addition to this, PayPal is also allowing U.S. merchants to transfer cryptocurrencies externally to third-party wallets, further expanding their crypto functionality. However, there’s one notable exception—these new crypto services won’t be available to businesses in New York at launch.

PayPal's move into the crypto sector has been paying off, and is credited as a primary reason for the the company's stock boost this year, where it's climbed nearly 26% so far.

-------
Author: Mark Pippen
London Newsroom
GlobalCryptoPress | Breaking Crypto News

The conversion is underway, and just 1 week in to the process, Polygon is reporting the majority of tokens already converted (Over 60%).

Polygon is migrating from MATIC tokens to a new coin called POL, which will serve as the primary token for gas fees and staking while introducing features like multi-chain staking. This upgrade is expected to bolster network security by enabling staking across multiple chains within the Polygon ecosystem. The rebranding to POL also aligns better with the Polygon name, addressing a longstanding discrepancy where the token for 'Polygon' was traded under the symbol 'MATIC.' While the exact origins of this naming are unclear to many, including traders, the change seems logical.

The migration from MATIC to POL began on September 4, 2024, as a key initiative in the Polygon 2.0 roadmap. Originally announced in mid-2023, this upgrade aims to enhance the network’s scalability, security, and overall functionality.

Will the new token's features increase investor appeal?

The general consensus is positive. POL’s enhanced features, like multi-chain staking, are expected to appeal to investors by allowing staking across various chains in the Polygon network, thereby increasing network security and providing new fee-earning opportunities.

Do you need to take any action?

If you hold MATIC on the Polygon blockchain, your tokens will be automatically converted to POL. However, if you hold MATIC tokens (ERC-20) on Ethereum’s blockchain, you will need to visit the POL Portal to convert your tokens. For those holding MATIC on a centralized exchange, it’s essential to check with the exchange regarding their plans for the migration, as you may still need to manage the conversion manually in some cases.

-----------
Author: Trevor Kingsley
Tech News CITY // New York Newsroom

Update - Yesterday (Sept 8th): The Harris campaign released an outline of what her administration's key issues would be, which included some of the nation's hot topics, and touched on many smaller niche issues as well. 

But even with such a wide range of topics, somehow, not one of them was Cryptocurrency, which managed to go completely unmentioned. 

The original article is below:

The Biden administration has often been criticized as 'anti-crypto' due to a consistent lack of understanding of the industry's fundamentals. However, one of Kamala Harris’s advisors suggests that the current Vice President and Presidential nominee might take a different approach, supporting more pro-crypto policies.

While this news is intriguing, it's wise to remain cautious. The source of this information is Brian Nelson, a key policy adviser for Harris, who recently indicated that she would back measures favorable to the crypto industry.

However, it's important to remember that this is coming from an advisor...

Not a spokesperson, or Kamala herself.  Harris has yet to publicly address her views on digital assets, and the Democratic Party's platform does not mention crypto.  An advisor’s role is to suggest policies, and until Harris publicly endorses these views, nothing is official. This also means that if the stance doesn't materialize, it wouldn't be seen as a broken campaign promise.

For the crypto community to take this seriously, Kamala Harris needs to make a clear statement on her stance regarding digital assets.

According to Bloomberg, Brian Nelson shared during a roundtable at the Democratic National Convention that Harris plans to support policies that would enable the growth of emerging technologies like crypto. This marks the first public insight into how Harris might approach digital assets as a Presidential candidate. Previously, Harris's campaign had engaged with crypto leaders who expressed concerns about the Biden-Harris administration’s perceived hostility toward the industry.

In contrast, former President Donald Trump has fully embraced crypto. In July, he delivered a prominent speech at Bitcoin Nashville, promising to make the U.S. the “crypto capital of the planet.” 

---------------
Author: Oliver Redding
Seattle Newsdesk  / Breaking Crypto News

PayPal’s foray into the world of crypto has been a huge success for the company, and the highlight of this venture has to be their flagship stablecoin, PayPal USD (PYUSD), recently crossing the $1 billion mark in total market capitalization, as reported by CoinMarketCap.

Launched in 2023, PYUSD is pegged to the US dollar at a 1:1 ratio, ensuring stability and ease of use for transactions in the digital economy. The stablecoin is issued by Paxos Trust Company, a US-regulated entity known for its compliance and security standards in the crypto space.

As an ERC-20 token on the Ethereum blockchain, PYUSD benefits from Ethereum’s robust infrastructure and widespread adoption in the blockchain community. This design choice means it’s not only compatible with Ethereum but also integrates seamlessly with the broader ecosystem of third-party developers, wallets, and Web3 applications. For developers and businesses, this translates to an easier onboarding process for integrating PYUSD into their platforms and products, enabling a smoother user experience and expanding the utility of digital assets in everyday transactions.

The rise of PYUSD is a significant milestone, underscoring the growing demand for stable, fiat-backed digital currencies...

Stablecoins blend the benefits of blockchain technology with the familiarity of traditional money. According to Dan Schulman, president and CEO of PayPal, the increasing shift towards digital currencies necessitates reliable, easy-to-integrate financial instruments that are both digitally native and anchored by fiat currencies like the US dollar. PYUSD aims to fill this gap, offering a stable value that helps mitigate the volatility typically associated with cryptocurrencies.

Moreover, PYUSD is the only stablecoin currently supported by PayPal’s payments infrastructure, making it a unique offering in the digital payments space. This exclusivity suggests that PayPal is positioning PYUSD as a cornerstone of its strategy to bridge traditional finance and the decentralized finance (DeFi) world, catering to a growing user base that’s increasingly comfortable with digital currencies.

For crypto exchanges, the appeal of PYUSD lies in its backing by a trusted name like PayPal and a regulated issuer like Paxos, offering an extra layer of credibility that many other stablecoins lack. As stablecoins continue to play a pivotal role in the adoption of digital currencies, PYUSD’s rapid ascent highlights the potential for major fintech companies to influence and shape the future of digital payments.

With PYUSD’s market cap on the rise, all eyes are on how PayPal will leverage its established global reach and technological prowess to further drive the adoption of digital currencies and redefine the landscape of online payments. As the digital finance space evolves, PYUSD could be a key player in the ongoing transformation of how value is stored, transferred, and used in a world that’s increasingly turning to blockchain technology.

---------------
Author: Oliver Redding
Seattle Newsdesk  / Breaking Crypto News

In a sweeping operation across Germany, authorities have confiscated nearly €25 million ($28 million) in cash from cryptocurrency ATMs that were operating without proper permits, according to a statement issued by the country’s financial regulator, BaFin, on Tuesday.

The operation targeted cryptocurrency ATMs located in 35 different sites across the country. These machines were facilitating the trade of Bitcoin and other cryptocurrencies but lacked the necessary licensing, which raised concerns about their potential use in money laundering activities.

BaFin collaborated closely with law enforcement agencies and the German Bundesbank to carry out this extensive operation. The seizure of these ATMs marks a significant step in Germany’s ongoing efforts to regulate the fast-growing cryptocurrency market, particularly in the wake of a global surge in Bitcoin ATM installations in 2024.

The crackdown also underscores Germany's commitment to stringent regulatory enforcement within the crypto space. ATM operators found to be in violation of licensing requirements face severe legal consequences, including penalties of up to five years in prison, according to AML Intelligence.

This recent action is part of a broader regulatory push by German authorities to manage the risks associated with cryptocurrencies. The German government has been under scrutiny for its approach to handling seized digital assets, particularly after it liquidated the last of its seized Bitcoins in July 2024. That sale included 3,846 Bitcoins, each valued at approximately $62,604, most of which had been confiscated in previous operations.

As Germany continues to tighten its grip on the cryptocurrency sector, this operation serves as a stark reminder to operators that compliance with regulatory requirements is not optional.

-------
Author: Mark Pippen
London Newsroom
GlobalCryptoPress | Breaking Crypto News

Late yesterday the Securities and Exchange Commission (SEC) officially approved Ethereum spot exchange-traded funds (ETFs) to begin trading today! Following in Bitcoin's footsteps, the world's second-largest cryptocurrency will now be accessible to investors through traditional markets.

Here's the list of the newly approved Ethereum ETFs and where you can find them:

• Grayscale Ethereum Mini Trust (ETH) - New York Stock Exchange
• Franklin Ethereum ETF (EZET) - CBOE Exchange
• VanEck Ethereum ETF (ETHV) - CBOE Exchange
• Bitwise Ethereum ETF (ETHW) - New York Stock Exchange
• 21Shares Core Ethereum ETF (CETH) - CBOE Exchange
• Fidelity Ethereum Fund (FETH) - CBOE Exchange
• iShares Ethereum Trust (ETHA) - Nasdaq
• Invesco Galaxy Ethereum ETF (QETH) - CBOE Exchange

In addition to these, the SEC has also given the green light for Grayscale to convert its Grayscale Ethereum Trust (ETHE) to a spot ETF, which is a big deal for those tracking crypto investments.

For those of you who are new to ETFs, or exchange-traded fund, is an investment fund that owns the underlying asset it represents—in this case, Ethereum. When you buy shares of an Ethereum ETF, you are essentially buying a portion of the Ethereum owned by the ETF, which is managed by a financial company. This way, you can invest in Ethereum without needing to buy, store, or manage the cryptocurrency yourself.

Major BULL RUN Coming?!

What caught my eye is when looking back to May when the SEC approved Ethereum ETFs (said they will allow them, but did not yet have a launch date) Ethereum made some gains but, but there were multiple positive news stories that month, mainly US traders receiving conformation ETH 2.0 will not be viewed as a Security, and Ethereum's gains in May were mostly credited to news that US exchanges wouldn't have to de-list it.

When Bitcoin ETF's received the same approval investors responded in such large numbers it was actually credited with brining back the bull market. So by the time Bitcoin ETF's launched, most investors reacting to the news did so days/weeks earlier. This also likely had investors assuming 

I don't make price predictions, but I will make a suggestion that you take a look - when the market doesn't react to the announcement, it often means it will react to the launch. 

Those offering the ETH ETF are mostly the same companies that already offer the Bitcoin ETF, and they've done quite well, bringing in hundreds of millions of dollars.  They will now promote the ETH ETF to those same investors - and selling a token via an ETF requires the company to actually buy and own the asset. 

So, just something to consider.  

-------------------
Author: Oliver Redding
Seattle Newsdesk  / Breaking Crypto News

Crypto liquidations are expected to decrease this month, and the market is predicted to bounce back from August onwards, according to a report from JPMorgan (JPMJPM) released yesterday.

The bank has lowered its estimate of how much money has flowed into the crypto market this year from $12 billion to $8 billion. JPMorgan doubts that the earlier estimate of $12 billion would continue for the rest of the year because the price of Bitcoin (BTC) is quite high compared to its production cost or the price of gold.

“The reduction in the estimated net flow is largely driven by the decline in bitcoin reserves across exchanges over the past month,” said analysts led by Nikolaos Panigirtzoglou.

Combination of 3 Large Sell-offs are Holding Prices Down...

The sell off's by creditors of Gemini, the now-closed crypto exchange Mt. Gox, and the German government, which has been selling crypto it seized from criminal activities, increased supply, and held prices down.  

But all these sell off's are a one time thing, and have either recently finished selling or will be completed soon. 

JPMorgan’s reduced estimate of $8 billion accounts for $14 billion in new investments into crypto funds by July 9, $5 billion from Chicago Mercantile Exchange (CME) futures, and $5.7 billion raised by crypto venture capital funds this year. These amounts are then adjusted by subtracting $17 billion, which accounts for the shift from wallets on exchanges to new spot bitcoin exchange-traded funds (ETFs).

-------
Author: Mark Pippen
London Newsroom
GlobalCryptoPress | Breaking Crypto News

Former president Donald Trump continues to repeat his stance as the crypto-friendly candidate, and it's resulting in votes and donations from the tech world.

Trump has seen the light. 5 years ago the former President was saying crypto was “a disaster waiting to happen” but since then has made a number of pro-crypto statements. 

Trevor Traina, ambassador to Austria during the Trump Administration and current tech executive, tells Reuters that Trump said “he would be the crypto president” at a recent San Francisco fundraiser.

Unexpected Support in 'Liberal' Silicon Valley

As someone in Silicon Valley, I never expected to hear that Trump was in San Francisco, raising millions from the tech elite that were clearly against him in the previous two elections.

But just three days ago, Silicon Valley venture capitalists David Sacks and Chamath Palihapitiya hosted the former president at Sacks' mansion in the wealthy Pacific Heights neighborhood, where Trump gave a speech, followed by a dinner and reception. The tickets started at $50,000, and the event sold out, ending in $12 million being raised for the campaign.

Trump Arriving in San Francisco earlier this week.

Crypto is among a list of policies that have 'turned off' those now supporting Trump in a city that voted 85% for Biden.

All Happening While Biden's Administration Continues to Advocate Policies that Aren't Just Bad for Crypto - They Expose a Complete Lack of Understanding of How Crypto Works

For example, the first crypto-related proposals exposed that the Biden administration viewed wallet providers the same as banks, saying they should be required to verify the identities of all users. In reality, wallets are simply software that runs entirely on the user's end, different from a bank in every possible way.

The creator of a legitimate crypto wallet is both blind and powerless when it comes to who uses it and what those users are doing. They cannot help the government seize someone's crypto, even with a warrant, because they literally cannot access it. They also cannot prevent anyone from using the wallet they created - if the file to install it is accessible, anyone can use it.

In other words, it is both completely pointless to require wallet creators to demand information from users they have no authority over, and there is no reason for users to comply when ignoring these new requirements has the same end result - them being free to continue using whatever wallet they want.

No one can be surprised that the industry rightfully fears the end result of people writing new laws intended to regulate something they clearly do not understand.

As Trump Warmed Up To Crypto, His Campaign Made Sure to Show It

In 2022, the announcement that he would be running again came with the launch of Trump NFTs on the Ethereum-based platform OpenSea.

In 2023, his financial disclosure filed with the Office of Government Ethics included a crypto wallet with up to $500,000 worth of assets in it - this wallet's value recently broke $5 million in value. Since the wallet address became known, both random users and projects have gifted or airdropped coins to it.

Then last month, his campaign announced they will accept crypto donations for the 2024 election.

There are Legitimate Reasons Any US Leader Should Support Crypto

One major contributing factor to the US's global power is the strength of the US dollar, and one major reason the dollar is so strong is its status as the global 'reserve currency' as well as the official standard currency for purchasing oil from the world's largest supplier - OPEC in the Middle East.

When the global economy is in turmoil, as seen recently during the COVID pandemic, many nations converted their treasury to US dollars. The Federal Reserve was overwhelmed initially, having to scramble to fulfill other countries’ central banks' demands for what is seen as the world's most stable currency.

That word 'stable' is one crypto investors are familiar with - as the US dollar is finding yet another market where it has become the standard for investors looking for a stable currency to both cash out and re-enter trades from.

In fact, when it comes to cryptocurrencies tied to standard fiat money, the top 16 stablecoins are all based on the US dollar, with 'STASIS EURO' at #17 and less than $1 million in daily transactions. The top stablecoin USDT has done $39 billion in the same 24-hour time period.

While the crypto market trades digital versions, the two that account for the overwhelming majority of stablecoin transactions, USDT and USDC, are both publicly audited companies that verify they hold the money to back up the coin. This means as we've watched stablecoin usage skyrocket over the last few years, offline this created new real-world demand for US dollars.

You would think this would result in crypto having no effect on the election, as both sides would support its continued growth. Regardless of what your opinions may be on other issues - it's a fact that only one candidate seems to be getting this one right.

---------------
Author: Ross Davis
Silicon Valley Newsroom
GCP | Breaking Crypto News

It's over for the infamous Craig Wright, one of Bitcoin's early developers who actually did work with Bitcoin inventor Satoshi Nakamoto, then in recent years begun to claim he was Satoshi himself.

 A ruling by a High Court judge in London on Monday (May 20) determined that the Australian computer scientist Craig Wright provided false testimony and fabricated documents to substantiate his unsubstantiated assertion of being the inventor of bitcoin.

Judge James Mellor, in a decision rendered in March and with reasons outlined on Monday as reported by Reuters, concluded that the evidence did not support Wright's claim to be the pseudonymous "Satoshi Nakamoto" behind bitcoin's creation. The judge found that Wright had been deceitful and had forged documentation to bolster his inventor claim, and that Wright's legal actions against bitcoin developers as well as his expressed views on bitcoin contradicted his purported status.

Developers Feel Relief Following Ruling...

Wright's legal attempt, had it succeeded, would have given him the right to sue anyone who built anything on Bitcoin's network, as he would become the copyright holder to Bitcoin's code.

In a blog post on Monday following the ruling, a Crypto Open Patent Alliance (COPA) spokesperson said that the judgment "forensically demolishes Wright's fraudulent claims."

"This decision is a watershed moment for the open-source community and even more importantly, a definitive win for the truth," a COPA spokesperson said. "Developers can now continue their important work maintaining, iterating on and improving the bitcoin network without risking their personal livelihoods or fearing costly and time-consuming litigation from Craig Wright."

Wright Vows To Appeal...

On X (formerly Twitter), Wright stated on Monday: "I fully intend to appeal the decision of the court on the matter of the identity issue. I would like to acknowledge and thank all my supporters for their unwavering encouragement and support."

Wright first came forward with his claim to be bitcoin's creator in May 2016, making the assertion to three publications — the BBC, The Economist, and GQ — and sending digitally signed messages using cryptographic keys created during bitcoin's early development days.

"These are the blocks used to send 10 bitcoins to Hal Finney in January [2009] as the first bitcoin transaction," Wright stated at the time during his demonstration.

However, by December 2019, when a Florida judge ruled that Wright's late partner was entitled to half of the bitcoins Wright mined through 2013 and half of the related intellectual property, some crypto experts were skeptical of Wright's claims, viewing them as fraudulent.


-------
Author: Mark Pippen
London Newsroom
GlobalCryptoPress | Breaking Crypto News

 Late Sunday night in the US, Coinbase users were greeted with the following message:

Coinbase is temporarily unavailable. Our servers are busy. We’re looking into it and expect our usual service to return soon. Your funds are safe.

SAN JOSE, COSTA RICA -  Biswap is a decentralized exchange on the Binance Smart Chain (BSC).  They offer trading, liquidity mining, yield farming, NFTs, Lotto, Games, a Launch Pad and more.  As you can see it's a project with a lot going on! on BSC. Today we'll look at this and more in our BiSwap Review...

The price of Bitcoin has plummeted more than 7.5% in the last 24 hours, plunging to around $62,000 on several major exchanges.

At the time of this publication, Bitcoin is trading at approximately $64,300 per unit.

Bitcoin's downfall was not an isolated event. The S&P 500 index, which comprises the largest American companies, also experienced a significant decline in the past week, accentuated on the last business day. The same occurred with markets in other countries, indicating a global market reaction.

The primary apparent reason for these market movements is the escalating tensions in the Middle East, specifically the conflict in Israel and the potential for a larger-scale conflict brewing, as Iran has launched attacks.

What Could Reverse the Trend?

The imminent approval of Bitcoin ETFs in Hong Kong, one of the world's five largest financial markets, could be a turning point. The impact of such a measure would be substantial, as it could potentially influence the Chinese government to relax restrictions on the use of digital assets.

Additionally, the next Bitcoin halving event, which reduces the issuance of BTC per mined block by half, is just days away. This event typically generates significant media attention and visibility for Bitcoin, serving as a remarkable marketing opportunity.

Furthermore, each halving reminds the market that Bitcoin is a scarce asset and that the available quantity for acquisition will become increasingly limited, which has historically acted as an upward catalyst for its price in the medium and long term.

-------
Author: Mark Pippen
London Newsroom
GlobalCryptoPress | Breaking Crypto News