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CFTC Chair Says 80% of All Cryptos are Commodities, Not Securities 

Lele Jima
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CFTC Chair Says 80% of All Cryptos are Commodities, Not Securities 

The U.S. Commodity Futures Trading Commission (CFTC) claims that between 70% and 80% of all cryptocurrencies are not securities but commodities. 

CFTC Chair Rostin Behnam made the claim yesterday during his testimony before the Senate Committee on Appropriation. According to Behnam, about 80% of all cryptocurrencies are commodities, suggesting that their trading nature is similar to that of assets like oil and gold. 

Bitcoin and Ethereum are Commodities 

During the Senate hearing, the CFTC boss labeled Bitcoin (BTC) and Ethereum (ETH) commodities. He backed this assertion by referencing a recent court decision in Illinois, which he claimed reaffirmed the assets’ commodity status. 

Notably, FOX Business journalist Eleanor Terrett shared an excerpt from Behnam’s remark, confirming the commodity status of BTC and ETH. 

Debate Over Crypto Classification Heats Up 

The classification of cryptos has been a major topic of discussion in the United States, with the major question centered on whether these assets should be categorized as securities or commodities. 

The SEC, under the leadership of Gary Gensler, claims that most cryptocurrencies are securities. Consequently, the SEC has attempted to exert itself as the appropriate regulator for the industry via enforcement actions against crypto-related companies that fail to register with the commission. 

Currently, the SEC is embroiled in legal battles against Ripple, Coinbase, Kraken, and Binance, among others, over alleged violations of federal securities law. 

CFTC Solidifies Bitcoin and Ethereum Commodity Status 

In the meantime, the CFTC is claiming that between 70% and 80% of all cryptos fall under its jurisdiction. The CFTC’s recent assertion solidifies Bitcoin and Ethereum’s commodity status. 

Meanwhile, the SEC has consistently noted that Bitcoin does not fall under its regulatory oversight. Although the commission did not make the same declaration for Ethereum, it recently dropped its investigation into certain ETH-related transactions. 

At the moment, BTC and ETH are the only cryptos with spot-ETFs approved by the SEC. The ETF approval confirms that the SEC does not view ETH and BTC as securities. 

Pundit Says For the Love of God Buy and Hold XRP

Abdulkarim Abdulwahab
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Pundit Says For the Love of God Buy and Hold XRP

Crypto Bitlord, a prominent commentator in the crypto scene for over a decade, has issued a hearty call urging market participants to buy and hold XRP.

In a widely noticed post on X, Crypto Bitlord voiced that now is not the best time to ignore XRP. This latest post updated one from yesterday when he boldly asserted that “something big” is imminent for XRP, which could significantly impact its price.

Though he gave no direct hint, community members speculated that the significant event could be related to the final court judgment in the four-year lawsuit between Ripple and the SEC. Legal experts believe the judgment could be delivered this week or by July 31.

The conclusion of this litigation is expected to impact XRP substantially, as it would remove any remaining perceived barriers to its adoption. 

Market participants eagerly anticipate a bullish surge similar to the one that followed the July 13, 2023, ruling that declared XRP not a security. This judgment triggered its price to soar by over 100% to nearly $1.

Buy and Hold XRP “for the Love of God” 

This likely context underscores why Crypto Bitlord emphatically urged market participants to invest in XRP and hold their positions, stressing the importance of doing so, if for no other reason than for the love of God.

This post comes at a time of heightened apprehension towards XRP due to its painful underperformance in the bull market. At press time, XRP is trading at $0.4463, having lost over 52% of the gains it accrued since the July 13 lawsuit victory.

The apprehension is evident from the reactions to the post. While some community members expressed their belief that XRP could be a vehicle for financial freedom, others voiced skeptical views.

Calls to Dump XRP

One user on X user noted that XRP is one digital asset many have held onto for years, hoping it would change their lives. He added that, for this reason alone, he finds it hard to believe it will make a significant impact, though he remains open to being enlightened.

Interestingly, Crypto Bitlord enthusiastically advocates for investment in XRP while Joshua Jake, another prominent voice in the community, is warning crypto market participants to steer clear of XRP, which he bluntly describes as “trash.”

Ethereum Beacon Deposit Contract Hits ATH with 47M+ ETH

Mark Brennan
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Ethereum Beacon Deposit Contract Hits ATH with 47M+ ETH

The Ethereum Beacon Deposit Contract now holds an all-time high figure of 47.36 million ETH, representing 33.9% of the total ETH supply.

According to Santiment, the Beacon Deposit Contract has achieved a new peak, now holding 47.36 million ETH. This milestone marks a significant increase from two years ago when it held only 10.9% of the supply. The current holding is 33.9% of the entire Ethereum supply, reflecting a more than threefold increase over the past two years.

Shift in Ethereum Holdings

The surge in the Beacon Deposit Contract’s holdings has significantly impacted the distribution of Ethereum across various wallet categories. Wallets holding 10K+ ETH, excluding the Beacon Deposit Contract, have seen their share decrease by 5.3% over the past two years. 

Conversely, the Beacon Deposit Contract has increased its holdings by 23.0% of the total ETH supply. Meanwhile, wallets holding 10K or less ETH have experienced a decrease of 17.7% in their share of the supply.

Top Accounts by ETH Balance

The dominance of the Beacon Deposit Contract is further emphasized by the top accounts by ETH balance. Wrapped Ether (WETH) follows Beacon Deposit Contract on the list, with a balance of 2.7 million ETH, then the Binance 7 address with approximately 2 million ETH. Additionally, the Arbitrum Bridge holds 1.8 million ETH, and Robinhood has 1.3 million ETH.

Largest Ethereum Addresses
Largest Ethereum Addresses

Notably, in February, Ethereum tokens worth over $111 billion were locked on the blockchain, coinciding with a rise in Ethereum’s value above the $2,800 mark.

Market Sentiment and Ethereum’s Current Price

One commentator expressed bullish sentiments on the report, noting the significant growth and increased dominance of the Beacon Deposit Contract. 

Having been focused on Solana for an extended period, he appreciated the awareness of Ethereum 2 developments. He remarked on the positive outlook for Ethereum’s future, given these trends.

Meanwhile, at the reporting time, the price of Ethereum stands at $3,141.70, with a 24-hour trading volume of $13,865,574,553. This represents a 1.17% increase in price over the last 24 hours, although there has been a slight decline of 0.30% in the past week.

Shiba Inu to Revolutionize Digital Commerce with Shib Marketplace 

Lele Jima
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Shiba Inu to Revolutionize Digital Commerce with Shib Marketplace 

Shiba Inu’s ecosystem team introduces Shib Marketplace, an upcoming innovative platform poised to revolutionize digital commerce.  

The team announced the initiative in the latest edition of Shiba Inu’s weekly magazine, stating that the marketplace would redefine digital ownership. 

Shib Marketplace Features 

According to the announcement, Shib Marketplace marks a departure from centralized platforms, which focus on profits over user control. 

The platform will be powered by Shiba Inu’s L2 scaling solution Shibarium, leveraging the network for transparent and secure transactions. In addition to Shibarium, the platform will also leverage the security architecture of the Ethereum network.

Also, Shibarium’s smart contract feature will enforce agreement within the marketplace, eliminating intermediaries and mitigating the risk of fraud. 

Users to Become Active Stakeholders 

Furthermore, the team claims that users will become active stakeholders in the marketplace instead of passive participants. 

This would allow them participate in critical decision-making processes to determine the marketplace’s future direction through the Shiba Inu DAO. Since Shibarium will power the marketplace, it will leverage Bone ShibaSwap (BONE) for transactions. 

Additionally, the ecosystem team aspires for Shib Marketplace to become a global hub for digital assets. Therefore, the platform is designed to handle hundreds of transactions per second without compromising security. Despite this, fees are extremely low, with each transaction costing 0.1 cents.  

A Dedicated NFT Marketplace 

Shiba Inu’s developers equipped the platform with an industry-standard NFT marketplace to attract more users. Notably, digital artists will have actual ownership of their creations within the platform. The platform also promises a community-driven economy that benefits NFT collectors and creators. 

The development team plans to introduce other innovative features, such as ‘buy now, pay later options,’ lending and borrowing, and fractional ownership, in the future. At the moment, there is no exact date for its launch.   

However, its upcoming launch will further transform Shiba Inu beyond its memecoin origins into a project with real-world utility. The team has made significant progress toward achieving this goal, thanks to the launch of notable projects like its DEX, L2 network, and digital assets. Shib Marketplace marks the latest project introduced within the Shiba Inu ecosystem. 

Despite the milestone Shiba Inu has achieved over the years, SHIB lead developer Shytoshi Kusama asserts that the token is still a puppy. 

He indicated that the cryptocurrency is still in its infancy and will eventually achieve significant milestones as it grows. 

VanEck Outlines Factors Hindering Potential XRP ETF Launch 

Lele Jima
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VanEck Outlines Factors Hindering Potential XRP ETF Launch 

VanEck’s Head of Digital Asset Research, Matthew Sigel, identifies two factors that could hinder the potential launch of an XRP ETF. 

Speaking in a recent interview with Tony Edwards, the host of the Thinking Crypto podcast, Sigel highlighted several factors required for the successful launch of an ETF. 

The factors include SEC approval, support from counterparties like exchanges and market makers, issuers’ confidence in the asset’s investment potential, and customer demand. 

Solana Meets Criteria for ETF Launch, But XRP Doesn’t

Applying the factors to XRP, Sigel asserted that the Ripple-affiliated coin lacks customer demand and internal conviction. Conversely, he emphasized that Solana (SOL) meets the criteria for a spot ETF.  

Hence, VanEck’s head of digital research noted that launching an XRP ETF is less likely compared to Solana. Following the SEC’s approval of Bitcoin and Ethereum ETFs, there has been a debate about which token is next in line for a spot ETF. 

Many industry participants identified SOL and XRP as leading candidates to receive the SEC’s approval for such a fund. Recall that weeks after the SEC approved exchange filings for Ethereum ETF, VanEck applied to launch a similar fund for Solana. 

Top asset manager 21Shares also filed a request with the SEC to launch a Solana spot ETF. There are speculations that the SEC might deny the application due to the absence of Solana futures. Nonetheless, some people, like Bloomberg ETF analyst Eric Balchunas, believe the fund could be approved under a new U.S. president and SEC leadership. 

In the meantime, the SEC considers Solana a security, as seen in its lawsuit against Coinbase and Kraken. Conversely, a federal court declared that while certain XRP-related transactions constitute securities, the token in itself does not. 

Despite this, VanEck still believes SOL is more likely to receive the SEC’s approval for a spot ETF than XRP, emphasizing that the latter lacks internal conviction and customer demand—two important factors required for ETF success. 

Expert Highlights How to Boost Customer Demand for XRP ETF 

Reacting, prominent crypto influencer “Crypto Eri” stated that the community is capable of influencing customer demand for an XRP ETF. 

The influencer suggested that boosting customer demand could be achieved through a decentralized governance structure where XRP holders could determine actionable initiatives facilitated by a foundation. 

According to Eri, the new decentralized governing structure could help achieve true decentralization and competitiveness within the XRP Ledger (XRPL), thus changing the ecosystem’s perception.  

Bitcoin Lover Says Love or Hate XRP, Ripple Deserves Thanks

Lele Jima
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Bitcoin Lover Says Love or Hate XRP, Ripple Deserves Thanks

Popular crypto YouTuber and Bitcoin fan Wendy O expresses gratitude to Ripple for its relentless efforts in advocating for the entire industry.  

The YouTuber pointed out that Ripple deserves appreciation from crypto enthusiasts, irrespective of whether they love or hate XRP.  

Wendy O made the comment in reaction to a recent X post from Ripple’s CEO Brad Garlinghouse. 

Roundtable Discussion Between Crypto Stakeholders and U.S. Lawmakers 

According to the tweet, Garlinghouse thanked Rep. Ro Khana (D-Ca) for his leadership and engagement with the American crypto sector. 

The Ripple CEO disclosed that a crypto-related roundtable discussion was held yesterday, bringing together prominent crypto stakeholders like American businessman Mark Cuban, Coinbase’s CLO Paul Grewal, and Circle’s CSO Dante Disparte, with representatives from the White House and Congress, such as Senator Kirsten Gillibrand and Rep. Joe Neguse. 

Garlinghouse characterized the meeting as the first major step in transitioning words into actual actions. 

Ripple CEO Calls Out Democrats for Enabling Gensler’s Anti-Crypto Stance 

In the post, the Ripple CEO took a swipe at lawmakers from the Democratic party for supporting SEC Chair Gary Gensler’s unlawful war against the crypto industry. 

He noted that such action poses a threat to the growth of American innovation. Garlinghouse compared this stance with the Republican Party’s support for crypto. This is reflected in comments made by Donald Trump, the Republican Party presidential candidate, who promised to support cryptos if reelected in November. 

Furthermore, Garlinghouse suggested that although action seems challenging, it speaks louder than words. He urged U.S. politicians, especially Democrats, to choose wisely based on their handling of crypto regulations, adding that voters are paying attention. 

Ripple Advocating for Crypto 

Ripple has long advocated for favorable crypto regulations. The company’s commitment to delivering pro-crypto regulations became more visible after the SEC charged it with violating federal securities laws. 

Notably, Ripple splashed over $150 million fighting the legal tussle that helped determine that cryptos, like XRP, are not securities in themselves. As reported earlier, Judge Amy Berman Jackson, in the SEC v. Binance lawsuit, recently cited the Ripple decision to declare that secondary market sales of BNB do not constitute securities. 

Although Ripple’s lawsuit with the SEC is nearing its conclusion, the company is still advocating for favorable regulations that could position the industry for growth. Consequently, Wendy O emphasized that Ripple deserves gratitude from crypto enthusiasts, regardless of whether they hate or love XRP. 

Donald Trump Confirmed to Speak at Bitcoin 2024 Conference 

Albert Brown
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Donald Trump Confirmed to Speak at Bitcoin 2024 Conference 

The Bitcoin 2024 conference organizers confirm former US president and GOP presidential candidate Donald Trump is set to speak at the Nashville event. 

The recent announcement on the Bitcoin Conference website confirms that the presumptive Republican nominee for the US presidential election will address the upcoming annual event in Nashville, Tennessee. 

The event, scheduled for July 25 to 27, will feature Trump’s appearance in a 30-minute speech at the conference finale, marking history for the Bitcoin industry.

Donald Trump Attends Bitcoin Conference

The confirmation ends the speculation witnessed earlier on Wednesday as organizers informed speakers of reassigned slots to make room for a special guest. 

The former president will speak at 2 PM CT, joining independent candidate Robert F. Kennedy in the three-day program. The Bitcoin community had earlier speculated Trump’s attendance at the annual gathering at Nashville’s Music City Center. 

The Grand Old Party (GOP) candidate recently learned about Bitcoin and now supports the crypto industry, especially following his NFT gala. Since the spring event, Trump has assuredly defended pro-crypto and Bitcoin policies within the Republican Party, which sharply contrasts with Biden’s administration. 

Bitcoin in US Politics

The Trump campaign announced the acceptance of crypto donations in May, making good on the promise to the Trump NFT holders. The Mar-a-Lago gathering is seen as the turning point for the crypto policy in the national debate.

The upcoming speech could further polish Donald Trump’s image as a crypto advocate. The recent development reveals a major shift from his perception of the misgivings of crypto and profiling Bitcoin as a scam during his first administration. 

Bitcoin is now a partisan issue in US politics, with the Republican Party pledging protection. Additionally, the GOP vows to halt the un-American crypto crackdown witnessed during the incumbent’s administration.

Although Trump initially opposed Bitcoin and crypto, the recent change of heart has been welcomed by the community. This shift is galvanizing the crypto community with notable figures supporting his bid. Notably, the Winklevoss twins behind the Gemini crypto exchange confirmed a $2 million BTC donation to the Trump campaign.

Ethereum ICO Project Golem Network Stakes 40,000 ETH Right After Selloff Spree

Zabi
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Ethereum ICO Project Golem Network Stakes 40,000 ETH Right After Selloff Spree

Golem Network starts staking ETH after transferring and selling large amounts, supporting ecosystem growth and the Ethereum decentralization efforts.

The Golem Project, known for its decentralized computing platform, has embarked on Ethereum (ETH) staking, dedicating a substantial amount of its reserves to the cause. This decision comes after a series of large transactions involving ETH deposits and sales by the project.

Citing blockchain data, Lookonchain revealed that Golem recently transferred 40,000 ETH (valued at $124.6 million) to a specific address hours ago, marking the start of its staking endeavors. 

This transfer followed the deposit of 3,000 ETH ($9.3 million) to major exchanges Binance, Bitfinex, and Coinbase. Notably, Golem has been active over the past week, depositing 29,000 ETH ($88.9 million) to these exchanges. 

Before these activities, the Golem team sold 24,400 ETH ($72 million) over three days, indicating a significant reallocation of its crypto assets.

Recall that in November 2016, the project raised 820,000 ETH during its Initial Coin Offering (ICO) when the price of ETH was just $10.2. Today, with Ethereum’s price at $3,122.64, the project’s holdings have substantially increased in value. Currently, Golem holds 80,034 ETH worth $249 million. 

Official Statement on Staking

In a recent blog post, Golem Network outlined its reasons for initiating ETH staking. The project aims to support its future growth and development by generating yield from staking. 

These funds will be used for operational activities, ecosystem development, and increasing awareness of Golem’s decentralized computing capabilities. 

This shift in investment strategy from the Golem Network occurs amidst a broader trend of significant crypto asset sales. The German government recently began selling 50,000 BTC in small batches since June 19. 

Additionally, Mt. Gox, which collapsed in 2014, holds 138,985 BTC, worth about $7.96 billion, and has started repayments. This wave of asset liquidation has raised questions within the crypto community, with platforms like Nansen inquiring about potential upcoming large-scale sales.

XRP and Cardano Secure Major Listing on Leading Derivatives Protocol

Albert Brown
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XRP and Cardano Secure Major Listing on Leading Derivatives Protocol

Decentralized derivatives platform Horizon Protocol confirms the approval of HIP-16 proposal to list XRP, Cardano (ADA) and Chainlink (LINK). 

In a recent X post, the trading and liquidity pool protocol disclosed plans for new listings to the Horizon Futures. The decentralized derivatives protocol urged users to prepare to trade XRP, ADA and LINK on the derivatives market.

The post echoes Horizon Protocol’s official update, assuring users of low fees and up to 27.5x leverage. The disclosure encourages users to open accounts as the XRP, ADA and LINK listings will go live on Thursday for trading on Horizon Futures.  

The listing is part of Horizon’s ongoing efforts to enhance decentralized access to the real-world economy via synthetic assets. In its official announcement, Horizon hailed the community’s input in approving HIP-16 towards harnessing the DeFi derivatives’ potential.

Horizon’s New Listings

Horizon considers the HIP-16 approval a major development towards the Thursday launch date. The protocol issued a bullish update identifying these additions as a means for investors to diversify their trading portfolios. 

Horizon’s official statement voices confidence in XRP, ADA and LINK additions, citing their established market presence as broadening its trading offerings.  The expansion aligns with Horizon’s mission to enrich trading strategies on the platform. 

Horizon notes that system adjustments are necessary to integrate ADA, XRP, and LINK seamlessly into Horizon Futures. Additionally, the Horizon team targets close monitoring of the XRP, ADA, and LINK performance to inform subsequent enhancements and listings.

Building Decentralized Trading

According to the official announcement, the Horizon Protocol leverages the peer-to-peer model to offer DeFi traders enhanced liquidity, low fees and zero slippage as they trade borderless synthetic assets. 

In the statement, Horizon guarantees access to swaps and perpetual futures in real-world assets (RWA). It reiterates its focus on optimizing the potential of DeFi derivatives in RWA, including fiat currencies and commodities. 

The addition of XRP, ADA and LINK follows the notable milestone in late June which saw Horizon integrate Solana following the HIP-15 approval. In particular, Horizon profiled SOL as attracting high demand and expecting its synthetic asset (zSOL) to rank fourth largest on its spot exchange. 

Justin Sun Spends $5M on 1,614 ETH, Total Ethereum Investment Hits $1.11B

Mark Brennan
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Justin Sun Spends $5M on 1,614 ETH, Total Ethereum Investment Hits $1.11B

Justin Sun continues his strategic Ethereum investment plan, recently spending $5 million to procure 1,614 ETH amid the ongoing downtrend.

Tron Founder Justin Sun has again made headlines with his strategic Ethereum (ETH) investments. On July 10, Sun reportedly spent $5 million to acquire 1,614 ETH at approximately $3,097 per token. 

This purchase is part of a larger pattern, where Sun appears to have accumulated 362,751 ETH since February, totaling an estimated $1.11 billion across three wallets. 

Recent transactions suggest that Sun continues to actively invest in Ethereum, with significant inflows of USDT to Binance indicating potential future purchases.

Sun Bought During Price Dips

Recent data reveals that Justin Sun has strategically bought large amounts of ETH during price dips and sold smaller quantities during peaks. For example, on July 10, he purchased 1,614 ETH for $5 million. Similarly, on June 25, he bought 1.449K ETH for $4.761 million. 

The Profit and Loss (PnL) overview of Sun’s portfolio shows a total purchase value of $1.136 billion for 372.751K ETH, with an average purchase price of $3,046K. 

Justin Sun Ethereum PnL SpotOnChain
Justin Sun Ethereum PnL | SpotOnChain

He has sold 10,000 ETH for $30.820 million at an average sale price of $3,082, realizing a gain of $355,154, up 1.166%. The unrealized gain stands at $21.076 million, up 1.907%, reflecting the current appreciation of his remaining holdings.

Portfolio Breakdown and Distribution

Meanwhile, Sun’s portfolio is diversified across various tokens. The current balance at $816 million reflects an overall change of +3.894%. The largest holding is 96,148K Staked Ether (STETH) valued at $299.599 million. Additionally, Sun holds 247.783 million TrueUSD (TUSD) worth $247.659 million.

Justin Sun Crypto Portfolio
Justin Sun Crypto Portfolio

Other significant holdings are 63.780K wrapped Ether (EETH) worth $198.024 million and 13.152K wrapped stETH (WSTETH) valued at $47.867 million. Notably, Sun also also holds 455.594 billion Shiba Inu (SHIB) tokens, valued at $7.540 million.

Recent Market Volatility and Strategic Movements

However, the volatile market conditions have impacted Sun’s portfolio. On July 5, Spot On Chain reported that Justin Sun might have incurred a $66 million loss following a 10% drop in Ethereum’s price. 

From February to June, Sun purchased 361,137 ETH through three wallets at an average cost of $3,047. Despite this setback, his portfolio still shows a strong preference for Ethereum-related assets.

In March, Justin Sun moved 20 billion Shiba Inu (SHIB) tokens worth $544,400 to Poloniex, a crypto exchange affiliated with his crypto empire. This transfer aligns with a pattern of significant SHIB movements by Sun. Notably, in January, he withdrew 79.33 billion SHIB from Binance, valued at $751,000 at the time.

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