Today in Crypto, Circle’s Dante Disparte said the Genius Act ensures that giant tech and banks could not dominate the Stablecoin market without facing strict structures and regulatory barriers, Bitcoin’s social media dominance was promoting a local top. Meanwhile, the CoindCX crypto exchange has been hacked by $ 44 million.
Genius Act prevents Big Tech, banks from Dominating Stablecoins: Circle Exec
The Genius Act contains a small noticed clause that prevents technology giants and Behemoths of Wall Street From the dominant Stablecoin marketAccording to Circle Chief Strategy Officer Dante Disparte.
“The Genius Act has what I want to call – just for my own heritage – a Libra clause,” Disparte said at the Unchained Podcast on Saturday. Any non-bank that wants to mint a dollar dollar token should rotate “a single creature that looks more like a circle and not so much like a bank,” obviously barriers of antitrust and deal with a Treasury Department Committee with veto power in the launch.
Banks don’t get a free pass. Lenders who release a stablecoin should give it a legal separate subsidiary and keep the coins on a sheet of balance that carries “no risk-taking, no action, no lending,” said dispart.
That structure is even “more conservative” than JPMorgan deposit-token models and others float. “It creates clear rules that I think ultimately the biggest winners are US buyers and market participants and openly the dollar itself,” he added.
Bitcoin 43% Social Chat Dominance suggests ‘key entry point’ in advance
Almost half of all that associated with crypto cited on social media this week Centered around Bitcoin as it hit new highs, a level of dominance that could signal a local top and a potential short-term pullback, according to the sentiment platform Santiment.
“While the Bitcoin market value creeps above $ 123.1k in the first time in the history of these 17+ years, there is an equally historical social dominance,” Santiment Brian Quinlivan analyst Says In a report on Wednesday.
“43.06% of all crypto discussions are about $ BTC as much as the coin market value,” Quinlivan added. Quinlivan said “the sudden spike indicates many retail traders who have been firing,” challenging the views held by many other industry participants who believe that retail investors have not yet entered the market.
On July 11, Bitwise Head of Research André Dramotch said Bitcoin was in the new all-time highs, but the retail was “almost nothing.”
Coindcx Crypto Exchange has hacked $ 44 million
Coindcx, a local crypto exchange in India, is Hacked on Friday In a “sophisticated server violation,” according to the founder of CoindCX and CEO Sumit Gupta.
The issue is isolated, and all user funds remain safe, the CEO Says In a post of June 19 x. The CEO has released this statement:
“Today, one of our internal operating accounts – only used for providing liquidity to a partner exchange – has been compromised because of a sophisticated server violation. I have confirmed that the coindcx wallets used to store customer assets are not affected and completely safe.”
Onchain Sleuth Zachxbt Says That $ 44 million was drained by hack and from transferred to purse addresses on Solana and Ethereum networks.
