Trump's Bitcoin Boost, SEC Showdown, and Crypto Party Newcomers đ
Whatâs up fam đ
Welcome to another edition of your favorite weekly news round-upâŠâŠ From Coinigy, whenever and wherever youâre reading this.
So it looks like our orange-haired ex-president will not be leaving the crypto spotlight, at least not anytime soon, especially when heâs made a promise that could be a game-changer for Bitcoin mining. We will wait to see how that goes.
Meanwhile, Coinbase is going head to head against the SEC again, unsurprisingly. At the same time, South Korea's pension fund is going all-in on crypto stocks.
And in other news, Mastercard is joining the crypto party with MetaMask. Self-custody meets retail spending? Now that's what we call innovation. I guess the crypto party will keep housing more guests every now and then as everyone wants in.
Here are the Highlights:
- Trump's energy promise could be Bitcoin mining's savior
- Coinbase takes on the SEC over DEX regulation
- Mastercard enables crypto spending from MetaMask wallet
- South Korea's pension fund makes big bets on MicroStrategy and Coinbase
Bitcoin mining is in peril, but Trump can save it by keeping this campaign promise
Bitcoin miner centralization threatens Bitcoin, but former President Donald Trumpâs pledge to slash energy prices can ensure its decentralization. Bitcoin mining pools, the majority of Bitcoin mining being done, appear to be centralized in China around a handful of entitiesâwith Chinese mining pools making up approximately 54% of the Bitcoin hashrate, according to blockchain analytics firm CryptoQuant. News reports about China banning the mining of crypto assets exaggerated the situation on the ground. The country still dominates the hash rate, largely thanks to its cheap electricity and infrastructure.
SEC Faces Opposition from Coinbase Over DEX Regulation Proposal
Coinbase, the leading U.S.-based cryptocurrency exchange, has opposed a rule offered by the Securities and Exchange Commission that will control decentralized exchanges. Coinbase submitted concerns over the agencyâs proposal to expand the definition of exchange. The policy would put DEXs to the same needs as traditional financial exchanges. This move has brought opposition from Coinbase, which claims that the rule could strain innovation in the cryptocurrency space.
Mastercard enables payments from MetaMask self custody crypto wallet
Mastercard, MetaMask and Baanx have collaborated to provide a pilot debit card enabling users that self custody their cryptocurrency to spend it at retail outlets. The cryptocurrency is automatically converted to Euros or Pounds at the point of sale. Earlier this year MetaMask reported 30 million monthly active users. Initially the card is digital only. However, given that in Europe itâs easy to use digital wallets such as Apple Pay and Google Pay, thatâs a practical approach for the pilot.
Third largest pension fund globally invests $80M in MicroStrategy and Coinbase
South Koreaâs National Pension Service (NPS) holds more than $80 million worth of MicroStrategy and Coinbase shares, according to a new filing with the US Securities and Exchange Commission (SEC). The Aug. 13 filing revealed that the NPS purchased 24,500 shares of MicroStrategy (MSTR) for about $33.75 million during the second quarter ending June 30. The fund also holds over 229,807 shares of Coinbase, valued at more than $51 million. This marks a significant increase from last year when NPS only held Coinbase shares. At that time, the fund had over 280,000 Coinbase shares worth approximately $20 million, yielding a 40% profit on its investment.
Other Highlights Worth Mentioning
94% of Bitcoinâs total supply has now been mined - CryptoSlate
75% of Bitcoin Hasn't Moved in 6+ Months, Signaling Strong HODLing Trend - Bitcoin Magazine
Canadian crypto exchange gambled away $9.5M of usersâ Bitcoin and Ether - Cointelegraph
Ethereumâs Vitalik Buterin Registers âDacc.ethâ Amid Call for Responsible AI Development - BeInCrypto