New MiCA Regulations Could Cause Kraken To Delist USDT

Following the example set by Kraken, RTFKT, known for their virtual NFT (Non-Fungible Token) sneakers, will officially be shut down by January 2025, as per an announcement made via X earlier today.

A New Website

Acquired by Nike in 2021 for an undisclosed amount, the Ethereum-based tokens of the company will still be available, even after the shutdown. To honor and preserve this pioneering legacy, the team will launch a new website highlighting the groundbreaking work that defined the RTFKT journey, the aforementioned announcement stated.

Founded in 2020, the Nike NFT project quickly became a leader in the NFT and metaverse sectors. It gained significant attention through major partnerships, including with Nike, as well as collaborations with notable figures like sneaker designer Jeff Staple and renowned Japanese artist Takashi Murakami.

The Rise Of Digital Collectibles

The success of the project attracted significant investment, raising at least $8 million by backers such as Andreessen Horowitz before its acquisition by Nike. The meteoric rise of RTFKT also coincided with the growth of digital collectibles, with the Nike NFT project innovating by blending physical and digital items.

Early achievements included a collection on Nifty Gateway that generated $10,000 in sales and building a community through Ethereum-based NFTs and tangible products. Over its lifetime, the company generated nearly $50 million in revenue, with over $45 million coming via royalties, according to DefiLlama data.

However, despite its success, the NFT market has faced increasing challenges. Nike forecasts an even further decline in demand for physical sneakers, which may signal a broader dip in interest for digital collectibles.

Coinbase CEO Brian Armstrong has taken a strong stance against law firms that hire former U.S. Securities and Exchange Commission (SEC) officials who he believes have harmed the cryptocurrency sector. He announced that Coinbase will no longer collaborate with law firms employing individuals who were involved in actions detrimental to the crypto industry during the previous administration.

No More Niceties

Brian emphasized that all law firms partnered with Coinbase have been informed that hiring former SEC officials who enforced restrictive policies on crypto would lead to a termination of the business relationship.

In a post on X, Armstrong argued that while these individuals can seek employment in other sectors, the crypto industry should not financially support them after their involvement in regulatory actions. He specifically pointed to Milbank law firm, which hired former SEC official Gurbir Grewal, resulting in Coinbase severing ties with the firm.

An Ethical Issue

The comments made by Armstrong extend beyond business strategy to an ethical standpoint. He labeled actions that harm the crypto industry through vague regulations and lack of clarity as an ethics violation. He believes that SEC officials who remained in their roles during this period must be held accountable for their actions.

This decision is not motivated by personal grievances but by a principle-driven approach, Brian emphasized, urging law firms to consider the impact of hiring former SEC officials who supported damaging policies. He made it clear that such decisions could cost firms valuable clients in the crypto space, where there is strong opposition to regulatory overreach.

While Armstrong acknowledged that people should be allowed to work elsewhere, he firmly stated that the crypto industry will not welcome those who previously worked against its interests, emphasizing that actions have consequences. The industry, he said, needs clear standards of conduct, shaped by past experiences with unclear regulations and aggressive enforcement.

Ripple (XRP) recently saw its market capitalization reach a record high of over $140 billion, surpassing both Tether (USDT) and Solana (SOL) to become the third-largest cryptocurrency by market value, according to CoinGecko.

Retouching Its Peak

XRP now holds the position of the third-largest crypto asset by market cap. In the past month, its value has surged nearly 400%, outperforming many major cryptocurrencies. This achievement brings XRP closer to its pre-SEC lawsuit peak. After the SEC filed a lawsuit in December 2020, XRP plummeted $0.17, resulting in a loss of approximately $15 billion. It took nearly four years for XRP to regain its place among the top 7 crypto assets, and it is now on an upward trajectory.

Currently, XRP is just 27% below its all-time high of $3.4 which it reached in January 2018. It is now only behind Bitcoin (BTC) and Ethereum (ETH) in the crypto rankings. Bitcoin remains in the lead with a market cap nearing $2 trillion, while Ethereum holds second place with a $448 billion valuation.

The Trump Card

The recent rise of XRP began after Donald Trump became United States President once again, with his pro-crypto stance boosting market sentiment. However, the rise is more likely tied to SEC Chair Gary Gensler being forced to resign. The token surpassed $1 for the first time since November 2021 after Gensler hinted at stepping down, and then surged 25% to $1.4 when he officially resigned.

Market analysts see Gensler leaving as a potential turning point for Ripple, with many speculating that the ongoing SEC cases against crypto firms could either be dismissed or settled. The price growth is also supported by positive developments such as new stablecoin initiatives, business expansion, and increasing institutional interest by Ripple.

Elsewhere, asset management firms like Bitwise and Canary Capital are also seeking SEC approval for XRP ETFs, while Ripple is working to obtain approval by the New York Department of Financial Services to launch its RLUSD stablecoin.

Shibarium, the layer-2 scalability solution within the Shiba Inu (SHIB) ecosystem, has achieved a new all-time high (ATH) in Total Value Locked (TVL), reaching $10.22 million, ahead of a scheduled hard fork set for early this week.

Substantial Growth

This milestone highlights the growing strength of Shiba Inu and its network, driven by increased user engagement and active participation in decentralized finance (DeFi). Key contributors to this surge in TVL include K9 Finance DAO, with $4.35 million, ShibaSwap at $3.94 million, WoofSwap at $1.15 million, and ChewySwap with $609,829. These platforms have all seen substantial growth in TVL over the past month.

Rapid Expansion

Shibarium is expanding rapidly, with the number of accounts rising to 203,266 (a 12.92% increase), total transactions reaching 587.749 million (up 30.21%), and the number of deployed smart contracts growing to 23,008.

Additionally, verified contracts have risen by 11.03%, to 4,522. The upcoming hard fork is expected to further enhance the overall scalability and transaction throughput of Shibarium, continuing its upward trajectory in the blockchain space.

RuneSoul raised $1M in Seed Funding with assistance being provided by AccelByte. RuneSoul aims to provide a memorable and fun gaming experience by combining Web3 principles with traditional ARPG elements.

Bleap secured $2.30M in Pre-Seed Funding with help by Ethereal Ventures. Bleap Finance is a fintech platform designed to bridge traditional finance with cryptocurrency, focusing on providing non-custodial financial services.

Moongate acquired $2.50M in Undisclosed Funding with support by GBV Capital. Moongate is a Web3 utility platform focused on driving mass adoption of NFTs. With a mission to democratize access, Moongate has developed a no-code tool enabling brands and events to effortlessly create, distribute, and integrate NFT tickets and memberships.

U2U Network obtained $13.80M in Undisclosed Funding with help by KuCoin Exchange. Unicorn Ultra (U2U Network) is a Layer 1 blockchain platform built on Direct Acyclic Graph (DAG) technology and is compatible with EVM.

OpenBrick RE obtained an undisclosed amount with support being given by SIX. OpenBrick is a digital platform that facilitates real estate financing and investment through the tokenization of assets. It enables the issuance, management, and trading of tokenized securities linked to real estate projects, providing access to a broader investor base, faster fundraising, and enhanced liquidity for real estate assets.

Girin Labs raised $300K in Strategic Funding with help by CRIT Ventures, Inc.. Girin Wallet is a crypto wallet designed to enhance user experiences within the TRN and XRPL ecosystems. It is a wallet designed to support social login on TRN and XRPL, making it easier than ever to manage digital assets securely and conveniently.

Margarita Finance secured $1M in Pre-Seed Funding with support by Tomahawk.VC. Margarita Finance is a platform on the Solana blockchain designed for creating custom yield-generating investment strategies. It allows users to manage risk and returns through structured financial products, combining DeFi tools with approaches from traditional markets.

Rarimo Foundation acquired $2.50M in Undisclosed Funding with assistance being provided by Vitalik Buterin and several other angel investors. Rarimo is building a permissionless ZK Registry that redefines how identities, interactions, and social graphs are managed.

Igloo, Inc. raised an undisclosed amount in Strategic Funding with help by Animoca Brands. Igloo is on a mission to create the largest onchain community, driving the consumer crypto revolution. Igloo is also the parent company of Pudgy Penguins.

LibertyRoad Capital secured an undisclosed amount in M&A Funding with support by Hilbert Group. LibertyRoad Capital provides investors with access to yield enhancement solutions, offering a robust range of investment products tailored to meet diverse needs.

As the world continues to embrace technological advancements, the cryptocurrency market has seen a massive surge in tokens associated with Artificial Intelligence (AI) projects. Over the past week, several AI-driven coins have experienced impressive growth, with some recording gains of over 150% in just a week.

FET And AGIX Hold Strong

One standout performer is Virtuals Protocol (VIRTUAL), which has seen a staggering 153.8% increase in its value over the last week. Trading at $1.50, VIRTUAL has a market cap that has grown to an impressive $1.49 billion, driven by increased investor interest in the potential of virtual and AI-powered ecosystems. This strong performance underscores the growing demand for innovative projects leveraging cutting-edge technologies.

Another notable AI-related token, NetMind Token (NMT), has seen a phenomenal 127.9% jump in the last seven days, bringing its price to $4.47. NMT, which focuses on the intersection of AI and machine learning, is now valued at over $187 million, highlighting the market's increasing appetite for tokens with AI-related utility.

Meanwhile, Artificial Superintelligence Alliance (FET) and SingularityNET (AGIX) continue their solid performance, with FET climbing 21.6% over the week to $1.85, while AGIX has gained 26.7%, now trading at $0.80. These projects, both central to the development of superintelligent AI systems, show a sustained upward trend, indicating long-term confidence from investors in the future of AI technology.

AIXBT And AI16Z

Two AI tokens in particular have been very impressive as of late. For starters, aiXBT (AIXBT) has experienced a remarkable 240.3% increase in the last week alone, positioning it as one of the most notable AI tokens in recent days. Trading at $0.1759, AIXBT reached an all-time high of $0.2379 on November 30th, 2024. Although its price has since corrected by 26.5%, the token remains a strong performer with a market capitalization of $175.85 million.

The token is part of the Virtuals Protocol, designed to provide powerful AI agents that track and analyze crypto market trends. In addition to tracking trends, AIXBT offers a private analytics platform for token holders, adding utility beyond its speculative value. The 24-hour trading volume has surged to $34.5 million, signaling a strong investor interest and active trading in decentralized exchanges such as Bitget, Raydium, and Meteora.

Meanwhile, AI16Z has also shown impressive performance, posting a 139.2% increase in the last week and reaching a price of $0.3373. This AI-driven token, part of an emerging class of AI-focused cryptocurrencies, has seen its market cap soar to $376 million. Since its debut, AI16Z has achieved significant price growth, up an astounding 3,209% compared to its all-time low of $0.01019 recorded just a month ago.

Investors are particularly drawn to AI16Z for its integration with the DeFi ecosystem, where AI algorithms can predict market trends and optimize trading strategies. The potential applications for AI16Z are vast, and its growing community and high investor engagement suggest it could become a leader in the AI crypto space.

Other Notable AI Agents

The excitement around AI cryptocurrencies extends beyond just the biggest players. Altered State Machine (ASTO), a newcomer with a niche focus on AI in gaming, has surged by 281.8% over the past week, making its price of $0.05431 an intriguing prospect for speculative traders.

Spectral (SPEC) and Oraichain (ORAI) have also posted significant gains. SPEC rose by 55.2%, now priced at $15.37, while ORAI, focusing on AI-powered DeFi, has seen an 8.7% increase, bringing its value to $10.47.

Smaller but intriguing tokens, such as Dolos The Bully (BULLY) and Strawberry AI (BERRY), also saw substantial growth. BULLY jumped 10.9% to $0.1725, while BERRY experienced a 23.4% increase, now priced at $0.4674.

The rise of AI cryptocurrencies highlights the growing recognition of artificial intelligence as a transformative force across industries. AI is undoubtedly becoming an increasingly vital component of the blockchain landscape. Investors are clearly tuning in to this trend, betting that AI tokens will continue to outperform as their utility and adoption evolve.

The cryptocurrency market is currently navigating an intriguing phase. Several altcoins are gaining momentum, gradually diminishing the dominance exhibited by Bitcoin (BTC), which is stabilizing around the $97,000 mark. The total market capitalization stands at approximately $3.56 trillion.

Volatility Continues
Bitcoin has experienced notable volatility over the past week, with the price dipping to near $90,000 before staging a strong V-shaped recovery. Yesterday, bullish momentum attempted to push the price toward $99,000, but the effort fell short. Currently, Bitcoin is trading around $96,700, where it has been consolidating in recent hours.
The question now is whether buyers will drive the price toward the coveted $100,000 level or if we will witness another correction. Over the past week, the dominance of BTC has dropped by more than 3%, currently standing at around 53%. This suggests that altcoins have been outperforming Bitcoin in recent times.
To that end, Ripple (XRP) has emerged as the standout performer, surging 15% in the past 24 hours, making it the top-performing large-cap cryptocurrency in the top 20. The broader market heatmap over the last 24 hours is predominantly green, indicating a positive sentiment across the market. Finally, among the top 100 cryptocurrencies, some of the most notable performers include, Hyperliquid (HYPE), up 76%, Core (CORE), up 40%, and Ethereum Name Service (ENS), up 30%.

Other Markets

In 2022, opposition to the United States Dollar (USD) grew, especially after the U.S. imposed sanctions on Russia. Former President Trump is now urging BRICS nations to commit to using the dollar for trade. Meanwhile, concerns about a stock market bubble are rising, as new plans by the Trump administration could inflate the bullish market.

Meanwhile, Black Friday sales saw significant growth, with online shopping leading the charge. In South Korea, electricity shortages are leading officials to suggest increasing U.S. energy imports while the French bond market faces turbulence. Adani shares dropped following a U.S. indictment and scrapped bond sale, though the company denies bribery charges.

On the financial front, critics are pointing to flaws in budget planning, while Northvolt AB is closing its battery plant in Poland. The central bank has raised alarms about the housing boom and its potential risks to banks, while CPI Property plans to open its Czech portfolio to retail investors. Finally, the Quant Olympics, a global competition by Millennium, is searching for the next wave of finance talent.

According to Odaily, market sources have revealed that Elon Musk has announced that the U.S. Government Efficiency Department (DOGE) will carry out an audit of the Internal Revenue Service (IRS). This news has quickly captured attention and sparked widespread discussions about the potential implications for the IRS and its role in managing the U.S. tax system.

The news has sparked heightened interest among stakeholders, including tax professionals, lawmakers, and the public, who are eager to understand what steps the Government Efficiency Department might recommend.

A Vested Interest

The announcement by the Tesla CEO is especially significant given the crucial function the IRS serves in collecting taxes, enforcing tax laws, and overseeing various government revenue processes. The idea of an audit by the Government Efficiency Department has raised a number of questions about the objectives and scope of such an examination.

In addition, observers are particularly interested in understanding how this audit will impact the massive global operations that the IRS conducts on a daily basis, particularly when it comes to areas such as efficiency and potential areas for reform.

Far-Reaching Consequences

Although detailed information regarding the audit is still limited, the involvement of the Government Efficiency Department indicates that the focus will likely be on evaluating the operational effectiveness of the IRS. This suggests that the audit could uncover inefficiencies, redundancies, or areas of potential improvement within the agency.

The outcome of this audit could lead to significant recommendations aimed at streamlining the IRS and its numerous operations, enhancing its overall performance, and potentially reshaping how it interacts with taxpayers and manages resources.

This audit could have far-reaching consequences, including policy changes or shifts in how the IRS operates moving forward. As the situation unfolds, all eyes are on how the audit progresses and what kind of impact it will have on the broader tax system and governmental efficiency.

Dubai, UAE, November 28, 2024 The upcoming Crypto Fight Night on December 6th in Dubai is set to feature a high-stakes showdown between two prominent Web3 influencers, Ansem and BitBoy. This bout has garnered significant attention due to the contrasting backgrounds and high-profile backers surrounding both participants.

Ansem, often referred to as The Solana Guy, has earned much of his fortune as a Web3 KOL and investor, and has faced increasingly divided opinions among the crypto community. BitBoy, whose real name is Ben Armstrong, on the other hand, embodies the controversial and often sensational side of crypto influence, with a history of bold claims and contentious promotions. He gained fame through his YouTube channel, BitBoy Crypto, which at its peak had over 1.4 million subscribers. However, his career has been marred by controversies. 

 

Adding to the drama, BitBoy has found an unexpected ally in Andrew Tate, the infamous social media figure and kickboxing champion. Tate, who has stirred controversies of his own, has vocally supported BitBoy on X (formerly Twitter), sharing training clips and issuing inflammatory challenges to Ansem. 

The preparation of BitBoy has also been elevated with the involvement of Tyron Woodley, a 5-time UFC World Champion, known for training elite fighters. He has been providing rigorous coaching tips and tricks to BitBoy and has praised his commitment to this fight, while the public backing of Tate amplifies the spectacle. Their combined presence has created a frenzy online, with fans and critics dissecting every move and post by both camps.

The fiery exchanges on social media, particularly with reference to explosive tweets by Tate tagging Ansem as soft and predicting a victory for BitBoy, have further fueled the anticipation. Meanwhile, Ansem and his fans have countered by rallying behind their champion, sharing his methodical analysis of crypto trends and labeling what BitBoy does as distractions.

As the fight approaches, the crypto community is abuzz with speculation and debate. Many wonder if Ansem and his calculated strategies as well as market acumen translate into success in the ring, or will BitBoy showcase his resilience and pick up the win thanks in no small part to his high-profile. The outcome remains uncertain, but one thing is clear, which is this clash is set to be a defining moment in the intersection of cryptocurrency culture and mainstream entertainment.

About Crypto Fight Night

Crypto Fight Night (CFN) is an avant-garde platform designed to bring together the dynamic energy of combat sports to the futuristic audience of crypto investors, entrepreneurs, and influencers. Founded by Rahul Suri of Ghaf Capital, along with Jai Vora and RookieXBT, the first edition was held in 2021. Organized under the banner of Savy Promotions, CFN has garnered critical acclaim by both the boxing and crypto communities, experiencing continuous growth annually with millions of live streams, through a series of successful championships.

The pioneering collaboration between CFN and the World Boxing Council represents a historic milestone in both the professional boxing and crypto domains, establishing the former as a distinctive and influential Crossover Boxing IP. Off-chain is the international event series of CFN, uniting regional fans across the globe. 

For more details: https://cfn.wtf/ 

Follow: X | Instagram

Tickets to CFN5: The Biggest Crypto Showdown in Dubai! - Platinumlist.net

Event Overview:

• Date: December 6, 2024
• Location: Zabeel Hall 4, Dubai World Trade Centre
• Main Event: Ansem vs. BitBoy, battling for the King of Solana Title
• Live Attendance & Broadcast: Expected to reach millions via streaming on leading platforms

For media inquiries or to request a media pass for the event, please contact yasmine.s@lunapr.io
 

Contact to sponsor

Email: chet@cfn.wtf | Telegram: @chetp86

Media Contact

Yasmine Safouane

 yasmine.s@lunapr.io

Luna PR

Google is asking a U.S. appeals court to overturn a lower court ruling in an antitrust case concerning Epic Games that would force the company to allow third-party app stores and alternative payment solutions in its Play Store. The decision would allow developers to bypass Google and its payment system, including enabling support for cryptocurrencies.

This ruling came after a jury found in December 2023 that Google violated antitrust laws by preventing rival app stores. Although the ruling is currently on hold, the appeals court could either uphold the decision or pause its implementation while the appeal by Google is pending. Oral arguments are scheduled for February 3rd, 2025, in San Francisco.

An Unfair Ruling

In a 110-page filing to the Ninth Circuit Appeals Court on November 27th, Google argued that the ruling would harm its ability to compete with Apple and the iPhone. The company claimed that the judge did not recognize the competition between Google and Apple in the smartphone market and should have followed the outcome of the lawsuit Epic made against Apple, which found that Apple did not violate antitrust laws.

Google also argued that the decision should have been made by Judge James Donato alone rather than through a jury trial, as in the Apple case, and that the ruling unfairly forces it to compete with other app stores, something Apple does not have to do.

Why Sue?

Epic Games sued both Apple and Google in August 2020, accusing them of unfairly restricting apps by requiring the use of their own payment systems, which charge a 30% fee, and preventing external payment methods. Epic introduced its own payment system in an effort to avoid these fees, leading both companies to remove its flagship game, Fortnite, in their app stores. This led to Epic filing lawsuits against both tech giants.

A key aspect of the case is the restriction on crypto payments within apps distributed through Google and Apple stores. Both platforms block crypto-based apps, including NFT marketplaces, including supporting payments in digital currencies, which limits the functionality of apps in the growing crypto space. This has been a major concern for developers and crypto enthusiasts, as it hinders the development of apps like NFT galleries that could benefit via blockchain-based payments.

Starting December 1st, 2024, Coinbase will stop offering rewards to users in the European Economic Area (EEA) for holding USDC on its platform, in response to the upcoming European Union Markets in Crypto-Assets (MiCA) regulations.

New Rules

The Coinbase USDC Earn program will officially end for EEA users on November 30th, with final payments expected to be distributed within the first ten business days of December. This change, first reported by Cryptoslate, is a result of new rules governing electronic money tokens, including stablecoins like USDC.

Currently, the program is available in over 100 jurisdictions, offering different annual percentage yields (APYs) based on where users are located as well as their individual daily USDC holdings. Recently, Coinbase Wallet enabled users to earn 4.7% APY on their USDC holdings, marking a significant expansion of its global rewards program. This new feature, announced in their latest press release, allows users to earn rewards on their USDC assets without the need for lock-up periods, offering flexibility and convenience.

Adapting Is Mandatory

As part of the MiCA regulations, which aim to create a unified regulatory framework for digital assets in the EU, crypto companies must adapt to comply. In October, Coinbase announced it would delist non-compliant stablecoins in MiCA-regulated regions. Other companies have followed suit, as Bitstamp, for example, removed the stablecoin EURT for failing to meet MiCA requirements.

Tether, the issuer of EURT, is also adjusting by discontinuing support for the stablecoin to focus on developing new MiCA-compliant tokens like EURQ and USDQ. The MiCA framework seeks to improve transparency and stability in the crypto market, requiring businesses to ensure their operations meet the new compliance standards. These changes represent a major shift for the cryptocurrency industry in Europe, with companies like Coinbase already taking steps to comply.

Ken Sim, who has served as the mayor of Vancouver since 2022, has proposed integrating Bitcoin (BTC) into the local balance sheet to diversify the overall investments of the city. During a city council meeting on November 26th, Sim announced his intent to introduce a motion through which he wants Vancouver to become a more crypto friendly city.

A Domino Effect

Bitcoin advocate and author Jeff Booth mentioned in a November 26th discussion on X Spaces that the motion aims to position Bitcoin as a reserve asset for Vancouver. However, Mayor Sim had not commented on the matter by the time of publication.

Furthermore, it remains uncertain whether the initiative was influenced by U.S. governments considering Bitcoin reserves. Following the 2024 elections, some lawmakers in Pennsylvania and the U.S. Senate have proposed holding Bitcoin as a reserve asset, especially since President Trump himself said he would consider making the flagship crypto a strategic reserve asset for the United States.

Big Promises

The campaign by Mayor Sim previously embraced cryptocurrency, with his political party, A Better City, accepting crypto donations to showcase its commitment to technology. Sim also expressed interest in incorporating cryptocurrency into city hall operations if elected.

Although Sim has made limited public comments on cryptocurrency adoption as mayor, a recent Global News interview revealed a copy of The Bitcoin Standard by Saifedean Ammous in his city hall office. This book, a key reference for Bitcoin proponents since its 2018 publication, often informs ideas supporting cryptocurrency adoption.

It is unclear if the aforementioned motion will garner sufficient support in the Vancouver City Council. However, the mayor stated that he has achieved over 70% of the total 94 pledges since taking office two years ago.