Timestamps:
00:00 - Introduction
00:40 - TON Blockchain Soars
02:21 - New Crypto Law in Korea
03:59 - Malaysia's Crypto Tax Raid
05:28 - SEC Rejects Ripple’s $10M Plea
07:16 - Hirsch Resigns From SEC
08:37 - Tether Unveils Alloy
09:56 - Ryan on Stablecoins
11:45 - Bitcoin Miners' $22.8B Surge
13:51 - AI and Market Stability
15:57 - Federal AI Risk Management
17:13 - EU AI Act Explained
19:44 - Conclusion
Today, we have an exciting lineup of stories from the worlds of cryptocurrency, blockchain technology, and artificial intelligence. We'll be covering new crypto regulations in South Korea and discussing Malaysia's crackdown on crypto tax evasion. We'll also cover the ongoing legal battle between Ripple and the SEC, the resignation of a key SEC official, Tether's new token minting platform, and Paul Ryan's perspective on stablecoins. Plus, we'll examine the record surge in market caps for Bitcoin miners, the rapid growth of the TON blockchain, and new AI legislation in the U.S. and the EU.
TON Blockchain Soars
According to DefiLlama data, the Open Network blockchain reached a total value locked of $609.78 million on Monday, up from $300 million just three weeks ago. The top protocols on TON, such as DeDust and smaller protocols like Bemo, Stakee, and EVAA, have seen significant growth. Telegram's integration with TON has boosted the network's popularity, but it has also attracted cybercriminals. Despite broader market stagnation, TON's memecoins have shown remarkable resilience.
New Crypto Law in Korea
South Korea's Financial Service Commission has notified 29 registered crypto exchanges to evaluate their listed tokens regularly. By July 19, a new law on virtual asset user protection will be implemented, imposing severe penalties for violations. This regulatory shake-up aims to enhance market monitoring and security.
Malaysia's Crypto Tax Raid
The Malaysian Inland Revenue Board, along with the Royal Malaysia Police and CyberSecurity Malaysia, conducted raids targeting companies failing to report crypto trading activities. This effort aims to enhance tax administration and reduce revenue leakage from undeclared digital asset trading.
SEC Rejects Ripple’s $10M Plea
The SEC criticized Ripple Labs' request for a lower penalty in their ongoing legal battle. The SEC's proposed penalties for Ripple total nearly $2 billion. This legal struggle highlights the tension between regulators and crypto firms.
Hirsch Resigns From SEC
David Hirsch, head of the SEC's Crypto Asset and Cyber Unit, has resigned. His departure signifies a significant shift in the SEC’s crypto oversight landscape.
Tether Unveils Alloy
Tether has launched Alloy, a new token-minting platform on the Ethereum network. Alloy allows users to create tokens collateralized by Tether's tokenized gold (XAUT). This platform marks Tether's expansion beyond USDT.
Ryan on Stablecoins
Former House Speaker Paul Ryan believes stablecoins could help manage the U.S. debt crisis. He argues that stablecoins pegged to the US Dollar can keep the dollar competitive and provide a reliable source of financing for fiscal spending.
Bitcoin Miners' $22.8B Surge
U.S.-listed bitcoin miners have surged to a record market cap of $22.8 billion. The sector's growth follows the recent bitcoin halving and diversification into AI by companies like Hut 8 and IREN.
AI and Market Stability
Federal financial regulators are trying to catch up in overseeing how hedge funds use AI for trading. A Senate report highlights the risks AI poses to market stability and urges regulators to create guidelines for AI trading systems.
Federal AI Risk Management
A bipartisan bill would require federal agencies to have Chief Artificial Intelligence Officers. This legislation aims to bring structure and accountability to government AI management, ensuring safe and efficient deployment of AI technology.
EU AI Act Explained
The European Union's AI Act seeks to make AI systems more transparent, especially regarding training data. This law could challenge Silicon Valley's secrecy about AI development and impact tech companies and digital creators.
If you enjoyed this episode, please like, follow, and subscribe for more insights on disruptive technologies. Let us know your thoughts on these changes in the comments!
