Fed Steps Up as Crypto DJ while Binance Salsas into El Salvador

Welcome to Daily Digest, where we surface trending news in crypto-based on conversations we found on Twitter, news publications, blog posts, and other social media, powered by the Coinfeeds platform.

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News

Federal Reserve Supervising Novel Activities in Banks

The Federal Reserve Board has launched a new program to oversee novel activities in the banks it oversees, including partnerships with non-banks to provide banking services using technology and activities involving crypto-assets and blockchain technology. The program aims to foster financial innovation while addressing risks to ensure the safety of the banking system. The Board has also outlined the process for state banks to follow before engaging in certain dollar token or stablecoin activity.

Coinbase's Trading Volume Drops

Coinbase, the top US crypto exchange, experienced a significant drop of $53 billion in trading volume in the second quarter of 2023. The decline in trading volumes can be attributed to recent regulatory issues, including a lawsuit filed by the Securities and Exchange Commission (SEC) alleging the sale of unregistered securities.

Binance Receives Licenses in El Salvador

Binance has received two licenses in El Salvador, making it the "first fully licensed" crypto exchange in the country. The licenses allow Binance to offer tailored products and services in El Salvador and expand its operations. This move comes as El Salvador has been supportive of crypto and became the first country to recognize bitcoin as legal tender.

Chainlink Integrated with Coinbase's Base Layer 2 Network

Chainlink price feeds have been integrated with Coinbase's Base Layer 2 network. This integration allows Base developers to access Chainlink data feeds, supporting DeFi applications and enabling the connection of the Layer 2 network with external DeFi apps. The addition of Chainlink price feeds will allow developers to port existing applications over to Base.

Bitstamp to Suspend Trading of Major Altcoins for US Users

Cryptocurrency exchange Bitstamp will suspend trading of several major altcoins for U.S. customers starting August 29. The tokens affected include Axie Infinity (AXS), Chiliz (CHZ), Decentraland (MANA), Polygon (MATIC), Near (NEAR), Sandbox (SAND), and Solana (SOL). These tokens are alleged by the U.S. Securities and Exchange Commission (SEC) to be unregistered securities.

Sam Bankman-Fried to Face Campaign Finance-Related Charge

The U.S. Department of Justice (DOJ) intends to pursue campaign finance-related charges against Sam Bankman-Fried, the founder of FTX, during his upcoming trial in October. Despite previously stating that they couldn't bring a campaign finance charge due to treaty obligations, the DOJ now plans to include the allegations within a wire fraud charge.

US Senators Push for Stricter Regulations on Cryptocurrencies

US Senators, led by Elizabeth Warren, are pushing for stricter regulations on cryptocurrencies in the US. They have reintroduced the Digital Asset Anti-Money Laundering Act, which includes making crypto transactions over $10,000 legally reportable. The proposed law would require industry players to file a Report of Foreign Bank and Financial Accounts (FBAR) with the IRS for transactions exceeding $10,000 in digital assets through offshore accounts.

Bitcoin's 'Taker Buy-Sell Ratio' Surges

Bitcoin's "taker buy-sell ratio" has surged on several crypto exchanges, indicating a renewed bullish sentiment around $29,000. The ratio, which measures the buy volume compared to the sell volume, reached its highest level in at least a year on ByBit. This surge in the ratio suggests that takers' buy volume is outpacing the sell volume, signaling bullish trading in the market.

As always, stay tuned for more updates in crypto!