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Crypto Daily Roundup: CPI Data Boosts PEPE Coin, Bitcoin, and Solana

14-Sep-2023 By: Lokesh Gupta
Crypto Daily Roundup

The Top Five Crypto Gainers In The Past 24 Hours

TOP 5 Crypto Gainers

Indices LTP Change (%)
Hedera $0.05124 $8.74%
THORChain $1.60 7.99%
CurveDAO Token $0.4166 6.55%
IOTA $0.1664 5.64%
Solana $18.68 4.99%

Crypto News Key Highlights:

Elon Musk's X Corp settles with former Twitter employees in a lawsuit involving unpaid severance after a mass layoff. Nearly 2,000 former employees will engage in settlement negotiations starting December 1 and 2, following months of legal disputes. X Corp's transformation into an all-in-one app continues amid multiple ongoing lawsuits.

The US CFTC took action against three DeFi firms for illegal crypto derivative trading. Coinbase CEO Brian Armstrong supports DeFi protocols, urging the CFTC to avoid enforcement actions and instead encourage legal precedents through the courts. Some lawmakers, like Commissioner Summer Mersinger, advocate for clear DeFi regulations over immediate enforcement actions. Amid increased regulatory scrutiny, Armstrong and others challenge regulators while the CFTC has achieved victories against DeFi entities like Ooki DAO.

Elon Musk raised concerns at the All-In Summit about AI, emphasizing the significance of digital superintelligence and the need to prevent its concentration in a few corporations. He criticized OpenAI's shift towards Microsoft and highlighted Tesla's role in AI development, advocating for decentralization to ensure balanced power distribution.

Attorney John Deaton, representing XRP token holders in the SEC lawsuit, suggests that Binance could face legal action from the DOJ due to recent unusual events. He points to a shifting regulatory stance and advises crypto industry players to prepare for a prolonged battle. Attorney Jeremy Hogan highlights the need for urgency in addressing the exodus of ideas and resources from the US crypto space.

The European Parliament voted in favor of the DAC8 directive, a significant move in regulating cryptocurrency in the EU. It extends the MiCA legislation, enabling better tracking of crypto transactions to combat tax fraud and aligns with international protocols. Implementation begins by 2026. Critics argue it extends existing frameworks, but supporters emphasize its importance in addressing illegal crypto activities.

XRP Ledger (XRPL) version 1.12.0 has been released with new features, bug fixes, and amendments, including an Automated Market Maker (AMM) and Clawback function. Users must upgrade by September 20 for service continuity, and three amendments are open for voting. XRPL's continuous improvement enhances its impact on cross-border settlements.

Digital Currency Group (DCG) presents a groundbreaking plan in the Genesis Global bankruptcy case, aiming to offer 70-90% recovery to unsecured creditors, particularly Gemini Earn users, potentially recovering 95-110% without Gemini's financial contribution. DCG's proposal awaits creditor approval later this year.

Also read - Crypto Daily Roundup: Franklin Templeton Files for Spot Bitcoin ETF

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