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Crypto Exchange Regulation Check

NY Attorney General Letitia James warns Clarity Act would 'dilute' states' ability to go after fraud as pressure mounts

Quick TakeThe Clarity Act would undermine New York, which has been a leader in regulating crypto for over a decade, as well as other states, said NYAG Letitia James in written testimony on Monday to the Senate Homeland and Governmental Affairs permanent subcommittee.James testimony comes as lawmakers in Washington are working to get a floor vote in the Senate for sweeping legislation that would regulate the crypto industry for the first time at the federal level.　　New York Attorney General Letitia James urged Congress to tighten proposed cryptocurrency legislation, warning that it would weaken states ability to police the industry, and urged lawmakers to add stronger anti-money-laundering and ethics safeguards.　　The Clarity Act would undermine New York, which has been a leader in regulating crypto for over a decade, as well as other states, James said in written testimony on Monday to the Senate Homeland and Governmental Affairs permanent subcommittee.　　“The Digital Asset Market Clarity Act (CLARITY) seeks to interfere with and preempt states‘ investor protection laws as well as dilute our ability to prosecute fraud,” James said. “This is a mistake. State and local law agencies do the lion’s share of law enforcement work in this country.”　　James testimony comes as lawmakers in

07-28Industry

Securitize Capital becomes SEC-registered investment adviser

Securitize Capital, a subsidiary of tokenized asset platform Securitize, has registered with the US Securities and Exchange Commission (SEC) as an investment adviser, allowing the company to expand its regulated investment advisory business for institutional clients, Securitize said Monday.　　The registration adds investment advisory capabilities to Securitizes existing regulated businesses, which include an SEC-registered broker-dealer, alternative trading system, transfer agent and fund administration services.　　CEO Carlos Domingo said the registration strengthens Securitizes ability to help institutions develop and manage investment strategies for onchain capital markets. Securitize Capital previously operated as an exempt reporting adviser and is now subject to additional disclosure, compliance, recordkeeping and examination requirements under the Investment Advisers Act.　　Securitize is the largest tokenization platform by onchain asset value, with around $4.8 billion in tokenized assets across funds from BlackRock, Apollo, KKR, VanEck, Hamilton Lane and other asset managers.　　The company began trading on the New York Stock Exchange under the ticker SECZ on July 2 after completing a merger with Cantor Equity Partners II. Shares have since fallen about 46% from their first-day closing price.Top RWA tokenization platforms. Source: RWA.xyz　　Magazine: CLARITY hopes fade, BitMEX shuts as lawsuit looms: Hodlers Digest, July 26

07-28Industry

Fed rate hike bets ease: Why the Silver is falling？

Silver price (XAG/USD) declines after registering nearly 0.5% gains in the previous day, trading around $57.50 per troy ounce during the Asian hours on Tuesday. The non-yielding white metal may regain ground as the prospect of de-escalation sends oil prices lower, easing market concerns over rising inflation and further interest rate hikes.　　US President Donald Trump indicated that the US is engaged in “good talks” with Iran to resolve the conflict in the Middle East. However, Trump also cautioned that the US is prepared to resume military strikes if negotiations collapse. The statement comes after the US suspended attacks late Friday following nearly two weeks of hostilities, with Tehran simultaneously halting retaliatory strikes against US bases in neighboring countries.　　Washington suspended its 13-night strike campaign over the weekend, leading to three consecutive days without attacks. Tehrans foreign ministry countered that no direct negotiations with the US are taking place, noting its only active dialogue is with Oman regarding the future of the Strait.　　Traders are turning their attention to the Federal Reserves upcoming policy decision this week, where central bank officials are widely expected to keep interest rates on hold. While lingering inflationary pressures have led a minority of traders to speculate on

07-28Industry

Tether Gold gains Shariah certification for XAU₮

Tether Gold has secured Shariah certification for XAU₮, widening the gold-backed tokens potential use among Islamic banks, institutions, and individual investors.　　XAU₮ receives Shariah approval from Amanah Advisors　　Tether announced on July 27 that XAU₮ had received Shariah compliance certification from Amanah Advisors, a global Islamic finance advisory firm led by Mufti Faraz Adam.　　The review covered the tokens ownership model, reserve transparency, physical backing, and compliance with Islamic rules governing gold transactions. Amanah Advisors also assessed whether the product involved interest, leverage, or speculative derivatives.　　According to Tethers announcement, the certification found that XAU₮ meets the main requirements of Islamic finance. These include clear ownership of a real asset and the absence of riba, the Islamic term for interest.　　TG Commodities, S.A. de C.V. issues XAU₮. Each full token represents ownership of one troy fine ounce of gold on a London Good Delivery bar stored in a Swiss vault.　　Certification opens access to Islamic finance markets　　Shariah approval could make XAU₮ available for a broader range of Islamic financial products, including halal savings (savings permitted under Islamic law), institutional gold allocations, takaful services (Islamic insurance), trade finance, and collateralized lending.　　Islamic finance generally requires transactions to involve identifiable assets while avoiding interest, excessive uncertainty, and gambling-like speculation.

07-28Industry

XRP and XLM outlook: Slide as bearish pressure grows

Ripple (XRP) and Stellar (XLM) remain under pressure on Tuesday after losing over 4% and over 5%, respectively, the previous day. In addition, weakening momentum indicators and deteriorating derivatives metrics suggest sellers remain in control, raising the risk of further downside for both altcoins.　　Weakening derivatives metrics support downside risk　　Derivatives data shows a slight bearish tilt. CoinGlass‘ long-to-short ratio for both XRP and XLM read 0.83 and 0.98, respectively, on Tuesday, nearing their lowest levels in over a month. The ratio being below one, indicates bearish sentiment, as traders are betting the assets’ prices will fall.　　XRP long-to-short ratio chart. Source: Coinglass　　XLM long-to-short ratio chart. Source: Coinglass　　In addition, the funding rates also show a bearish outlook. XRP funding rates flipped negative on Monday, reading -0.0058% on Tuesday. Similarly, for XLM, the funding rate flipped negative on Monday, reading -0.0210%, indicating that shorts are paying longs and signaling bearish sentiment.　　XRP funding rates chart. Source: Coinglass　　XLM funding rates chart. Source: CoinglassXLM technical outlook: Bears in control of the momentum　　XRP price trades at $1.05 on Tuesday after losing over 4% the previous day. XRP is maintaining a bearish near-term bias as price remains below the 50-, 100-, and 200-day Exponential Moving Averages (EMAs) at $1.13,

07-28Industry

Strategy Opens the Door to Bitcoin Sales—Michael Saylor Explains Why It Makes Sense

Key TakeawaysMichael Saylor explained that Strategy may fund STRC repurchases through MSTR stock sales or bitcoin sales.The company plans to adjust STRC repurchases according to market price and liquidity.Saylors objective centers on stronger liquidity, lower volatility, and sustainable independent demand for STRC.　　Why Saylor Anticipates More Bitcoin Sales　　Michael Saylor, Executive Chairman of Strategy Inc. (Nasdaq: MSTR), revealed on July 27 in an X post that future STRC repurchases may be funded through either bitcoin sales or MSTR stock sales, depending on market conditions. STRC is Strategys Variable Rate Series A Perpetual Stretch Preferred Stock, carrying a $100 stated amount and a dividend rate that management evaluates monthly.　　Bitcoin sales could become an attractive financing option when STRC trades sufficiently below $100, allowing the company to retire preferred shares at a discount.　　Saylor said the company aims to keep STRC trading near its $100 stated amount with high liquidity, low volatility, and sustainable independent demand. Under Strategys digital credit capital framework, it does not intend to issue additional STRC below $100.　　Discounted Buybacks Guide the Purchase Pace　　During the week ending July 26, the company repurchased 288,930 STRC shares for approximately $25 million at an average price of $86.52 per share, the company announced on July

07-28Industry

Thailand's SEC alleges Bitkub concealed cyberattack that led to $50 million hack

SummaryThailands SEC alleged that cryptocurrency exchange Bitkub and two of its former directors concealed a cyberattack that led to the theft of around 1.7 billion baht ($50 million) in May 2021.The SEC alleged that Sakolkorn Sakavee and Thaweesap Rawan made false statements in company documents to deceive the regulator.While the SEC and Bitkub made good the losses by the end of October that year, the regulator said it discovered that Bitkub did not disclose the incident accurately in relevant reports from that period.　　Thailands Securities and Exchange Commission (SEC) alleged that cryptocurrency exchange Bitkub and two former directors concealed a cyberattack that led to the theft of around 1.7 billion baht ($50 million), according to reports in local media on Thursday.　　The SEC filed a criminal complaint against Bitkub with the Economic Crime Suppression Division (ECD), accusing the exchange of providing false information and alleging that former directors Sakolkorn Sakavee and Thaweesap Rawan made false statements in company documents to deceive the regulator, the reports said.　　Bitkub was the victim of a cyberattack in May 2021, and 16 different digital assets were subsequently stolen, according to SECs investigation.　　The SEC and Bitkub made good the losses by the end of October that year. The

07-28Industry

Your Shared Claude Chats Were Being Quietly Published on Google

In briefA Reddit user discovered on July 25 that a simple Google search returned hundreds of fully readable Claude conversations.The chats exposed crypto wallet credentials, apparent Social Security numbers, legal discussions, and other sensitive data shared via Anthropics link-sharing feature.The root cause was a missing noindex meta tag; Anthropics existing robots.txt file was in place but couldnt prevent indexing once share links appeared on public sites.　　Every shared link Claude creates comes with a label: “Anyone with the link.” It turns out that included Google.　　A Reddit user ran a simple search on July 25—site:claude.ai/share—which asks Google to show everything it has indexed from a specific website—and got back hundreds of other peoples conversations.　　The thread hit 4,000 upvotes and briefly became a public record of the things people apparently feel comfortable saying to an AI: a lawyer asking whether they needed to self-report a professional ethics violation, someone pasting a crypto wallet seed phrase (the master password to a cryptocurrency account—whoever has it controls the funds), a person mid-process of becoming a nine-tailed fox, and enough incestuous erotica to surprise people who thought theyd seen the internet.　　Somewhere in the chaos is this jewel: “Why is the record industry hiding the fact that

07-28Industry

Securitize expands regulated platform with SEC adviser license

Quick TakeThe registration will enable Securitize to work more closely with asset managers and institutional investors on tokenized investment strategies.In December, Anchorage announced the acquisition of Securitize For Advisors, the wealth-management platform Securitize had built for registered investment advisers.　　Tokenization firm Securitize has officially gained status as a registered investment advisor with the U.S. Securities and Exchange Commission, according to an announcement on Monday.　　In particular, Securitize Capital LLC, a subsidiary of the publicly traded firm, gained the SEC registration, which will enable it to work more closely with asset managers and institutional investors on tokenized investment strategies.　　“Becoming an SEC-registered investment adviser is an important step in the continued expansion of Securitizes platform,” Securitize CEO Carlos Domingo said. Asset managers and institutional investors want to work with partners that understand both the opportunity of tokenization and the obligations that come with operating in regulated markets.　　With this step, Securitizes U.S. platform now combines four regulated pieces: an SEC-registered investment adviser, an SEC-registered broker-dealer that operates an Alternative Trading System (ATS), an SEC-registered transfer agent, and fund administration services.　　“Through Securitize Capital, we are adding another important capability to our full stack and strengthening our ability to help institutions develop and manage investment strategies built

07-28Industry

Compromised owner contract just let hackers print 5.2 million WEMIX stablecoins out of thin air, forcing a complete network freeze

The WEMIX team said compromised ownership of a contract tied to its WEMIX$ stablecoin enabled approximately 5.23 million tokens to be minted without authorization, prompting it to suspend bridges, liquidity pools, and several services on the WEMIX3.0 network.　　Contract-owner breach tested WEMIX　　Contract-owner breach tested WEMIX$s 1:1 design　　#39;s 1:1 design　　The WEMIX3.0 whitepaper describes WEMIX$ as 100% collateralized by USDC held in a Treasury and says its supply should remain equal to the Treasurys USDC volume. It also says minting is accessible only through Authorized Mint Access, which is granted solely to the DIOS stability protocol.　　WEMIXs preliminary incident update said the abnormal transactions began at 18:17 on July 26 (UTC+9), or 09:17 UTC, after ownership of a WEMIX$-related contract was compromised.　　Taken together, the two documents show that owner-level control was used to produce tokens outside the whitepapers intended minting path. WEMIX has not disclosed the exact route by which that control was compromised, and its update does not establish that the USDC.e later moved by the attacker came directly from the Treasury.　　WEMIX said the 5,225,525 unauthorized WEMIX$ was converted into 30,736 units of the networks native WEMIX token and 724,198.27 USDC.e, the bridged stablecoin used on WEMIX3.0. The company specifically said the converted

07-28Industry
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