Happy Monday!
Central bank digital currency critics will be paying attention to revelations out of Brazil, as the country’s CBDC programme is revealed to have control measures. Meanwhile in the US, Grayscale’s GBTC sees the highest volumes of the year, the Ripple Labs case casts doubt on the Securities and Exchange Commission’s resolve to appeal, and a judge in the agency’s case against Coinbase raises questions about a 2021 filing.
Grayscale’s GBTC hits volume highs
Crypto asset manager Grayscale Investments’s GBTC hit its highest daily volumes of the year on July 13, after a slew of spot Bitcoin ETF filings shed light on the company’s years-long efforts to get its own ETF approved.
Grayscale is currently embroiled in a lawsuit with the SEC to have a judge order the agency to approve its proposed spot Bitcoin ETF
Engineer calls out Brazilian CBDC
A blockchain engineer has called out the Brazilian government for its new CBDC, on revelations that it has retained the ability to freeze customer funds and make adjustments to balances.
Engineer Pedro Magalhaes discovered the CBDC’s capabilities by reverse-engineering the source code, and urged the media to raise concerns of what he calls “excessive control” on the government’s part.
The news came mere days after Paolo Gentiloni, the European Commissioner for Economy, said that the European Union’s digital euro project “will not be a conspiracy.”
Judge grills SEC on S-1
The judge in the SEC’s case against exchange Coinbase posed questions to the agency during a hearing last week.
US District Judge Katherine Polka Faila focused on the S-1 filing Coinbase made prior to its initial public offering in 2021, and said to the SEC, “it’s not crazy … for Coinbase to think that what they were doing was okay because it was exactly what you let them do when they issued the S-1.”
Katiee Haun lauds XRP ruling
Former US Department of Justice prosecutor and Coinbase board member Katie Haun tweeted Saturday that the SEC may not seek an immediate appeal in the recent Ripple case verdict.
A US judge ruled in favour of payment protocol Ripple on Thursday, in a three-year long case in which the SEC accused the company of violating securities laws. The case will now proceed to trial pending appeal.
Duo arrested for crypto embezzlement
US authorities arrested a father-and-son duo who are alleged to have embezzled more than $10 million from investors.
The pair are reported to have used the proceeds of their alleged scheme to purchase high-end sports cars and stay in luxury hotels. The pair face up to 20 years in jail if convicted.
What we’re reading around the web
Over 200 Ethscriptions nabbed in smart contract exploit — Decrypt
A16z-backed cLabs submits plan for Celo to transition into Ethereum Layer 2 — The Block
Ethereum relies heavily on Amazon servers. Here’s why that’s a problem — DL News
