Weekly Top Crypto News (August 28 – September 3)

New Bitcoin ETF news has caused another turbulent week for the crypto market. Following a sustained period of recovery, Grayscale will review its proposed Bitcoin ETF after filing a successful complaint with the SEC. As the Securities and Exchange Commission made the decision to postpone approving Bitcoin ETF applications from other Wall Street titans, BTC was forced to revert to its prior price range.

Crypto Asset Manager Grayscale Wins Lawsuit Against SEC

The U.S. Federal Court has ordered the SEC to review its rejection of Grayscale Investments‘ bid to convert the GBTC into a listed Bitcoin ETF. The court deemed the SEC’s denial “arbitrary and capricious.” If the SEC approves Grayscale‘s conversion, it could pave the way for the U.S.’s first spot in Bitcoin ETF.

In a significant win for Grayscale Bitcoin Trust (GBTC), the U.S. Federal Court has ruled in favor of the crypto asset manager, ordering the U.S. Securities and Exchange Commission (SEC) to review its rejection of Grayscale Investments bid to convert the GBTC into a listed

Bitcoin exchange

-traded fund (ETF).

SEC Delays Bitcoin ETF Verdict Amidst Industry Hope And Price Fluctuations

The SEC delays decisions on Bitcoin ETF applications, including those from BlackRock, until mid-October. BlackRocks BTC-backed ETF proposal was impacted, citing industry complexity and fraud concerns.

Twitter (X) Now Gets Important License To Provide Crypto Trading Service

X, formerly Twitter, obtains a Rhode Island license for

cryptocurrency

transactions. Users will soon store, transfer, and exchange digital assets directly on the platform. Move emphasizes the social networks push for mainstream cryptocurrency use.

Social media giant X, formerly known as Twitter, has achieved a significant milestone on its journey toward becoming a cryptocurrency-friendly platform. The acquisition of this license, known as “Currency Transmitter,” was officially approved on August 28, according to data from the Nationwide Multistate Licensing System (NMLS).

Coinbase CEO Reveals Top 10 Crypto Innovations And Predictions For The Future

Coinbase CEO, Brian Armstrong, shared his top 10 crypto innovations and predictions for the future. Armstrong emphasizes the importance of building during bear markets. Innovations include Flatcoin, Onchain Reputation, Onchain Ads, and more.

Another innovation he discusses is Onchain Reputation, which would assign a reputation score to each address or ENS name based on the graph of onchain data. This could be used for lending, ratings on merchants, fraud prevention, and airdrops to VIPs.

Armstrong also envisions a future of Onchain Ads, where smart contracts could expose metadata about what theyre willing to pay to send users to a function call. Wallets and apps with lots of users can choose which ad or referral links to route requests to and share in the upside when they deliver users

CyberConnect Rejects CP-1 Proposal Due To Digital Writing Errors

CyberConnect rejects CP-1 proposal due to digital writing errors, temporarily halting its execution to rectify data inaccuracies. Despite the setback, CyberConnect remains committed to its mission of optimizing CYBER token liquidity across ETH, BSC, and Optimism networks through its recent emergency proposal.

Robinhood Now Holds Over $3 Billion In Bitcoin, The 3rd Largest BTC Holder

Robinhood holds over $3 billion in Bitcoin, the third-largest after Binance and Bitfinex. Owner speculation includes BlackRock and Gemini involvement. The companys significant crypto role highlights user influence.

Binance Will Stop Supporting BUSD In 2024

Cryptocurrency exchange

Binances app will stop supporting BUSD in 2024. Paxos will close the acquisition of BUSD by February 2024. BUSD was previously sued by the SEC for being an unregistered security.

After many turbulent lawsuits, market-leading cryptocurrency exchange Binance has decided to leave its stablecoin BUSD in 2024.

Balancers Losses Exceeded $2.1 Million, Multiple On-chain Fund Pools Were Affected

The Balancer protocol suffers over $2.1 million in losses across Ethereum, Fantom, and Optimism due to exploited vulnerabilities in V2 pools. The platforms swift response minimizes the impact, but users are urged to withdraw funds from affected pools to prevent further attacks. The breach highlights the urgency of accurate risk assessment and proactive measures to secure decentralized finance platforms.

Starknet NFT Mining Temporarily Halted – Limited 24-Hour Pause

Starknet halts NFT mining due to network issue during Quantum Leap campaign. Launch of Quantum Leap NFT campaign sees overwhelming demand exceeding expectations. Starknet prioritizes user experience, plans swift resume; reminds users to stay vigilant against scams.

New DeFi Platform Aerodrome Helps Base Soar More Than 50% TVL Of The Week

Aerodrome‘s launch on the Base blockchain attracts $200 million in a day, boosting DeFi by 106%. The total value locked in the Base network surpasses $400 million, driven by Aerodrome’s liquidity incentives. The platform rewards users with AERO tokens for DeFi engagement, cementing its presence in the space.

PancakeSwap Now Expands To Layer 2 Base Network

PancakeSwap has joined Base, an Ethereum L2 scaling network developed by Coinbase and Optimism. Base uses OP Stack technology to enable fast and cheap transactions on Ethereum, and integrates with Coinbases products and ecosystem. The integration with Base is part of its multichain expansion strategy.

Court Clears Uniswap Lawsuit Of User Fraud Charges

A court cleared Uniswap of user fraud charges, setting a DeFi precedent. Verdict highlights unclear crypto rules. The ruling confirms decentralized platforms arent liable for third-party actions.