Hodler’s Digest, Sept. 15 – 21 – Cointelegraph Magazine

Prime Tales of The Week

Donald Trump makes use of Bitcoin to purchase burgers at NYC bar

The U.S. Republican Celebration presidential nominee Donald Trump appeared at Pubkey, a New York Metropolis bar and restaurant well-known for accepting Bitcoin, changing into the primary former United States president to make use of the cryptocurrency in a transaction. 

In keeping with a Sept. 18 submit on X by Pubkey, Trump used Bitcoin to buy hamburgers on the NYC bar. BTC advocate and Skilled Capital Administration CEO Anthony Pompliano was in attendance on the marketing campaign cease, which was additionally reported on Trump’s Reality Social account.

The occasion got here lower than two days after the Republican nominee introduced the launch of a token via the World Liberty Monetary crypto platform, which is run by members of his household. Regardless of as soon as calling Bitcoin a “rip-off” and crypto “based mostly on skinny air,” Trump has advocated for BTC miners as a part of his 2024 marketing campaign and spoke on the Bitcoin 2024 convention in Nashville, Tennessee.

US lawmaker accuses SEC of ‘enforcement abuse’ in opposition to crypto corporations

A Republican lawmaker chairing a Home subcommittee overseeing digital property closely criticized the USA Securities and Alternate Fee (SEC) and its chair, Gary Gensler, for “insert[ing] politics” into regulating crypto corporations.

In a Sept. 18 listening to of the Home Subcommittee on Digital Belongings, Monetary Know-how and Inclusion, Arkansas Consultant French Hill claimed that Chair Gensler’s strategy to digital property had led to “confusion and uncertainty” within the markets. 

On the Dazed and Confused: Breaking Down the SEC’s Politicized Method to Digital Belongings listening to, the subcommittee chair instructed various regulatory routes for crypto, such because the Monetary Innovation and Know-how for the twenty first Century (FIT21) Act presently shifting via Congress.

“The professional-FIT21 and pro-regulatory framework views of the bulk and plenty of bipartisan doesn’t imply we’re in opposition to the SEC going after unhealthy actors or modernizing current guidelines to include digital asset securities and different distinctive devices,” stated Rep. Hill. “We’re in opposition to SEC enforcement abuse and making it laborious for reliable actors who’re attempting to observe the principles to do a high-quality job and convey innovation and know-how to our markets.”

Fed fee lower could also be politically motivated, will improve inflation — Arthur Hayes

BitMEX co-founder Arthur Hayes believes the USA Federal Reserve’s current fee lower was seemingly politically motivated and will influence markets and inflation. 

Chatting with Cointelegraph at Token2049 in Singapore on Sept. 18, Hayes shared his ideas on the Fed’s current motion, speculating it could possibly be a part of an effort to bolster help for the Democratic Celebration: 

“I’ve a macro view that Jerome Powell [Federal Reserve chair] and Janet Yellen [Treasury secretary] need to juice monetary markets to assist Kamala Harris win the election.”

On Sept. 18, the Fed lower U.S. rates of interest by 50 foundation factors in a transfer extensively anticipated by traders and analysts. Hayes stated this might have important implications for each conventional and crypto markets and potential long-term penalties for inflation and financial stability.

He identified a disconnect between the speed lower and present financial indicators, stating that the U.S. economic system reveals sturdy gross home product progress whereas unemployment stays low based on historic requirements.

Binance CEO says process drive is working ‘throughout the clock’ to free exec in Nigeria

Binance CEO Richard Teng says his workforce has been working “throughout the clock” to convey Tigran Gambaryan house to the USA as the chief’s well being declines day by day: 

“We have now appealed to the Nigerian authorities repeatedly to launch Tigran […] in order that he can go house and get the right medical remedy that he wants.”

“There’s no want to carry our employees. He’s held unjustly, unfairly,” Teng advised Cointelegraph on the Token2049 convention in Singapore on Sept. 19.

“It’s distressing for all of us,” stated Teng. “Particularly for the households. For us at Binance, this can be a prime precedence for us. We have now a process drive internally working throughout the clock, completely different avenues from authorized to political.”

The Binance CEO hopes the U.S. can designate Gambaryan as unlawfully detained to hurry up that course of. He added that Binance has additionally tried to enchantment to the Nigerian authorities to launch Gambaryan on humanitarian grounds. 

Solana unveils new Seeker machine, says it’s not only a ‘memecoin cellphone’

Solana has simply revealed its latest, shiniest smartphone referred to as Seeker — it’s half the price of its predecessor and, based on the workforce, received’t simply lean on free memecoins.

Saga, the smartphone’s predecessor, was launched to little fanfare in Might final 12 months. Initially buffeted by poor critiques from tech pundits and crypto customers alike, Saga was arguably saved by a sudden 1,000% rally within the worth of a memecoin referred to as Bonk in December, inflicting the machine to promote out on Dec. 16.

And Solana seemingly hasn’t forgotten about it. 

For its new model, Solana is seeking to supply entry to related rewards to 140,000 customers who’ve already paid between $450 and $500 to pre-order Seeker. 

Chatting with Cointelegraph at Token2049 in Singapore, Emmett Hollyer, normal supervisor at Solana Labs, stated Seeker could be a “rewards magnet” for customers however pressured that it wouldn’t simply be the “memecoin cellphone.”

“Seeker, identical to Saga, will likely be a rewards magnet, but additionally, it’s an enormous alternative for groups to construct completely new experiences,” stated Hollyer.

Winners and Losers

On the finish of the week, Bitcoin (BTC) is at $63,127, Ether (ETH) at $2,559 and XRP at $0.58. The whole market cap is at $2.20 trillion, based on CoinMarketCap.

Among the many greatest 100 cryptocurrencies, the highest three altcoin gainers of the week are Sui (SUI) at 44.76%, Celestia (TIA) at 33.66% and Fantom (FTM) at 29.04%.

The highest three altcoin losers of the week are Helium (HNT) at 10.67%, KuCoin Token (KCS) at 9.04% and SATS (1000SATS) at 8.71%. For more information on crypto costs, be sure to learn Cointelegraph’s market evaluation.

Most Memorable Quotations

“It’s bullish for the U.S. that Trump wins. It’s perhaps short-term bearish for everybody if Harris wins. […] If you happen to’re not an American, you help Harris as a result of then you might have extra crypto enterprise exterior of the U.S.”

Alex Svanevik, CEO of Nansen

“We have now appealed to the Nigerian authorities repeatedly to launch Tigran […] in order that he can go house and get the right medical remedy that he wants.”

Richard Teng, CEO of Binance

“Whereas I believe lots of people are wanting ahead to a fee lower, that means that they suppose the inventory market and different issues are going to pump up the jam, I believe the markets are going to break down just a few days after the Fed’s charges.”

Arthur Hayes, co-founder of BitMEX

“Each the type and strategy taken present the cultural challenges that legacy jurisdictions just like the U.Ok. face in successfully regulating market contributors who place big worth on decentralization and autonomy.”

Ali Khan, tech lead at AS Authorized Consultants

“Crypto is behaving like some other threat asset proper now, which is a testomony to the maturity of this market versus a 12 months in the past, two years in the past even.”

Bobby Zagotta, CEO of Bitstamp

“Bitcoin basically rejects inflation, and I basically reject getting older. We principally settle for these gradual boil deaths, and we each reject the gradual boil loss of life.”

Bryan Johnson, founding father of Blueprint

Prediction of The Week

Ethereum is a ‘contrarian guess’ into 2025, says Bitwise exec 

Ether worth has struggled to realize upside momentum for the reason that begin of 2024. Is Ether actually a contrarian guess for 2024, or might it nonetheless stage an upside rally?

In keeping with Matt Hougan, Bitwise Asset Administration’s chief funding officer, Ethereum could possibly be the underdog headed into 2025.

Hougan famous that Ether has been struggling, notably after ETH hit an over 42-month low in opposition to Bitcoin on Sept. 16.

Whereas he stays optimistic about Ether, he famous that worth motion could stay sluggish for the remainder of the 12 months. Hougan wrote in a Sept. 17 weblog submit:

“From my seat, none of Ethereum’s challenges appear existential, and its alternatives are brimming. I believe the market could reevaluate Ethereum as we get nearer to the November elections and any regulatory readability that emerges. For now, it appears like a possible contrarian guess via the top of the 12 months.”

FUD of The Week

Supreme Courtroom of India YouTube channel hijacked to shill XRP

Cryptocurrency hackers have taken over the Supreme Courtroom of India’s official YouTube channel to run a Ripple and XRP rip-off.

On Sept. 20, the official YouTube channel of the Supreme Courtroom of India, with over 217,000 followers, was rebranded right into a Ripple-themed account to run a cryptocurrency rip-off.

The hackers used the channel to play a pretend livestream video that includes Ripple Labs CEO Brad Garlinghouse. It additionally urged potential victims to spend money on the rip-off, promising unrealistic returns. 

As well as, the hackers renamed the channel, modified the URL and deleted all of the earlier movies uploaded by the account’s authentic proprietor. 

Nonetheless, YouTube later needed to delete the compromised channel, citing, “This channel was eliminated as a result of it violated our Group Tips.”

SEC seeks sanctions in opposition to Elon Musk over Twitter investigation

The USA Securities and Alternate Fee (SEC) revealed that it’s looking for financial and authorized sanctions geared toward compelling billionaire Elon Musk to look for a scheduled testimony after the entrepreneur allegedly failed to look and supply testimony to the monetary regulator concerning the $44 billion buy of the Twitter platform in 2022.

Extra particularly, the SEC intends to file sanctions in opposition to Musk, ordering him to “Present Trigger [for] why he shouldn’t be held in civil contempt” for allegedly violating the unique phrases of the settlement stipulated within the Might 2024 order, which established the Sept. 19 date for the testimony.

The SEC additionally seeks financial aid to recoup journey prices misplaced by Musk canceling the conferences and “all different aid” the court docket could grant the SEC.

In keeping with court docket paperwork, the assembly was initially slated for September 19, 2024, and representatives for Musk purportedly sought to have the date rescheduled a number of instances.

Do Kwon’s extradition case goes again to Montenegrin justice minister

Montenegro’s Ministry of Justice might resolve whether or not to extradite Terraform Labs co-founder Do Kwon to the USA or South Korea after a choice from the nation’s Supreme Courtroom.

In a Sept. 20 discover, the Supreme Courtroom of Montenegro stated it had submitted Kwon’s case to the justice minister after ruling on a request for a safety of legality. In keeping with the excessive court docket, South Korea and the U.S. had met the situations for making use of for Kwon’s extradition from Montenegro to face felony expenses.

The Terra ecosystem collapsed in 2022, one of many first dominoes to fall in a collection of bankruptcies affecting crypto corporations, together with Celsius, FTX, and BlockFi. U.S. and South Korean authorities filed expenses in opposition to Kwon and a few of his associates for his or her alleged function within the platform’s downfall, however the Terraform co-founder’s whereabouts had been largely unknown till he surfaced in Montenegro in 2023.

Prime Journal Tales of The Week

What Solana’s critics get proper… and what they get mistaken

Is Solana printing too many tokens? Separating myths from details about bots and subsidies.

Chinese language Tether laundromat, Bhutan enjoys current Bitcoin enhance: Asia Categorical

Chinese language cash launderers dealt Tether on Telegram, tiny nation of Bhutan is a Bitcoin whale, and extra on Cambodia’s pig butchering scene.

VonMises purchased 60 CryptoPunks in a month earlier than the value spiked: NFT Collector

Ex-TradFi man VonMises has constructed up top-of-the-line NFT collections on the planet by promoting when he can, not when he has to.

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Cointelegraph Journal writers and reporters contributed to this text.