The Securities and Exchange Commission is facing criticism for its recent filing on the FTX bankruptcy, echoing its controversial approach in the Voyager case.

In a recent filing, the SEC warned the FTX estate that it may oppose plans to repay creditors with stablecoins or other digital assets, citing potential legal concerns.

This means that the SEC could challenge FTX’s current plan to repay creditors in cash or U.S. dollar-pegged stablecoins, despite the agency’s objections regarding a provision to protect FTX from future legal liabilities.

James Murphy, an attorney and strategic advisor, commented on Sep.2 that the Voyager bankruptcy of 2022 and the SEC’s repeated tactic of being vague on crypto transactions and clarity, which critics argue stalls the bankruptcy process. 

In the case of Voyager’s bankruptcy, the company filed for Chapter 11 bankruptcy in July of 2022 after experiencing significant financial distress, largely due to the collapse of its major debtor, Three Arrows Capital. 

The SEC was closely involved in monitoring Voyager’s plans to repay customers using stablecoins, expressing concerns that these repayments could be considered unregistered securities. This complicated the bankruptcy resolution and caused delays and legal challenges.

During this process, a judge rebuked the SEC for its vague objections about stablecoins, per Murphy, insisting that regulators should clearly state their concerns if they have any.

Latest SEC FTX filing

The SEC’s latest filing in the FTX case warns that it may, yet again, challenge the legality of repaying creditors in stablecoins or other digital assets. However, the agency stops short of declaring such actions illegal, reserving the right to object in the future.

This repeated lack of clarity has drawn ire from industry observers who believe it undermines the SEC’s mission to protect investors.

“Investors, consumers and markets deserve better. Way better,” tweeted Paul Grewal, Chief Legal Officer at Coinbase, in response to the lack of transparency.

Critics argue that the SEC’s approach introduces additional uncertainty to an already complex bankruptcy, leading some to question whether this strategy truly serves the interests of investors or if it simply prolongs the entire bankruptcy process.

Base Dawgz, a Shiba Inu-themed memecoin, launches on exchanges in 2 days after raising $3.2M in presale funds.

Base Dawgz (DAWGZ) is a unique Shiba Inu-themed memecoin that will launch on exchanges in two days. The presale has been raising funds to build a multichain memecoin with innate utilities like staking.

It has already raised over $3.2 million in funding, which will enable continued development in the coming months. This fundraising success also reflects the market’s interest in Base Dawgz’s unique alternative to existing memecoins.

While the Base Dawgz presale has ended, investors can still buy DAWGZ at its exchange listing price of $0.008582. The exchange launch will occur on 4 September at 5 PM CET.

DAWGZ staking offers a 720% APY, almost half of tokens locked on IEO

Staking is a key feature in the Base Dawgz ecosystem. Users can lock their tokens in the project’s smart contract to generate passive rewards and compound their investment.

The team has allocated 40% of tokens toward the presale and staking rewards, with a dead even 50-50 split. 

This is an interesting move, meaning a significant portion of tokens will be distributed for free.

Right now, staking offers a 720% APY, but this is variable and will decrease over time.

Due to the sky-high rewards, 234 million DAWGZ have been staked, almost half of the 597 million that have been sold.

And here’s where it gets exciting: staked tokens will be locked for at least seven days after the exchange launch. This could significantly minimize the selling pressure on DAWGZ’s market debut.

And factoring in pent-up hype about the exchange launch, the project’s supply and demand dynamics could skew toward price growth.

Numerous top analysts also agree. For instance, ClayBro says it is “set to explode.”

He also underscored the benefit of buying Base Dawgz tokens just before the exchange listing:

“People are pouring in here because they know their money won’t be locked up for long. They can get in, and then if they want to get out on launch day, then they can.”

Other analysts have also praised the Base Dawgz presale. The Cryptonews YouTube channel says it can 100x, while Matthew Perry says it might be the next Brett coin.

Base Dawgz introduces multichain accessibility for community growth

The project has a unique technical advantage: it’s available to buy on five blockchains. These are Base, Ethereum, Solana, BSC, and Avalanche.

Most cryptocurrencies are bound to a single chain, which can present security and price-related vulnerabilities.

But on top of that, it makes it hard for new projects to get off the ground. 

New cryptocurrencies often need centralized exchange (CEX) listings to see big gains – just look at Pepe or Dogwifhat, which both exploded after Binance listings.

However, Base Dawgz bypasses this by launching on multiple blockchains simultaneously. It’ll be widely available even without CEX listings. 

Base Dawgz will start with decentralized exchanges (DEXs) launches on its supported blockchains, but it also plans to launch on CEXs later. Other future plans include a marketing push and community rewards, which could extend its growth after launching on exchanges.

Over 6,300 people have joined the Base Dawgz X account, and 10,300 have joined its official Telegram channel.

These two social verticals are integral to the Base Dawgz ecosystem. They are where community members can conjugate and support the project, and they’ll also offer important updates.

Community is key for memecoins, so it’s probably a good sign that Base Dawgz is focused on it. 

However, with the exchange launch just two days away, this is the final opportunity for traders to buy DAWGZ at a fixed price before it goes to the open market.

For more information, visit the Base Dawgz presale website.

An investigation has begun against Telegram in South Korea on similar charges brought against the messenger in France.

Yonhap News Agency, citing the police, reported that the platform is accused of aiding and abetting sexual crimes. The head of the South Korean National Police Investigation Agency, Woo Jong-soo, said that Telegram is not providing the data necessary for the investigation, including account information.

Yonhap notes that this is the first investigation against Telegram in South Korea. It concerns eight bots that generate fake materials with sexual content and channels that distribute these images. From Aug. 26 to 29, the police received 88 complaints and identified 24 suspects.

South Korean law enforcement officials want to cooperate with French authorities. According to them, a similar problem worries representatives of other countries, including the United States.

Telegram Blocked in Indonesia

Jakarta Globe also reported after the investigation began in France, citing a statement by Indonesian Minister of Communications and Information Technology Budi Arie Setiadi, that Indonesian authorities are considering blocking Telegram in the country.

The minister said that the authorities are concerned about the spread of illegal content on Telegram, including the alleged involvement of Pavel Durov’s project in promoting online gambling and distributing pornography.

“I would prefer to shut down Bigo Live and Telegram immediately, but a team needs to conduct further studies first.”

According to him, the Indonesian government has repeatedly approached Telegram representatives and the team of another live-streaming app, Bigo Live, asking them to improve content moderation. However, the companies must still implement more effective measures to meet the country’s regulator’s requirements.

The investigation against Telegram in France

Telegram founder Pavel Durov was detained in France. He has been charged with conspiracy in sexualized violence against children, drug trafficking, and several other crimes that were committed thanks to the ability to remain anonymous on Telegram.

After four days in custody, Durov was released on bail of €5 million, banned from leaving France, and ordered to report to the police twice a week.

Telegram stated that the platform’s moderation meets standards, the messenger team complies with EU laws, and blaming the platform’s founder for user abuses is absurd.

New details of Durov’s interrogation

Earlier, the French newspaper Liberation, citing a source close to the investigation, reported that Durov, during interrogation in Paris, said that he had communicated with representatives of the General Directorate of Internal Security of the French Ministry of the Interior.

The publication claims that the messenger’s founder allegedly said that he opened an official communication channel with French counterintelligence as part of the fight against terrorism. This concerns a certain “hotline” and a special email address. The exchange of information via this communication channel made it possible to prevent several terrorist attacks.

According to Liberation, Durov expressed his willingness to cooperate with law enforcement agencies after his arrest and gave them his phone with the access code to it.

However, the information presented in the Liberation publication has not been officially confirmed. Representatives of the French investigation and Pavel Durov did not comment on it.

Telegram accumulates crypto assets

According to the Financial Times (FT), Telegram held about $400 million in cryptocurrencies in 2023. FT, citing financial documents, added that in 2024, the messenger sold Toncoin (TON) worth more than $244 million.

In addition, last year, the company received revenue of $342 million, operating losses of $108 million, and total losses of about $173 million after taxes. Telegram also raised about $2.4 billion in debt financing, maturing in 2026.

Telegram’s crypto initiatives continue to develop

Telegram’s cryptocurrency initiatives began to develop especially rapidly after Durov again spoke about creating decentralized financial instruments based on the social network in December 2022. He revealed the tools for trading and storing cryptocurrencies. The team’s plans included creating non-custodial crypto wallets and decentralized exchanges.

Durov’s initiative responded to the collapse of the centralized crypto exchange FTX in November 2022. He believed that the crypto industry should return to its decentralized roots. The developer should have specified when the messenger’s new tools would appear on the market.

“We, developers, should steer the blockchain industry away from centralization by building fast and easy-to-use decentralized applications for the masses. Such projects are finally feasible today.”

Since then, Telegram has begun actively strengthening its presence as a tool for cryptocurrencies and decentralized finance (defi). The messenger now has its cryptocurrency wallet, mini-games for earning cryptocurrencies, and more.

After Durov’s arrest in France, the community had concerns about the messenger’s further development. However, the Telegram team concluded they had a plan in case of force majeure.

What will happen to Telegram?

The concerns about the messenger are primarily related to the problem of content moderation, which is why, according to the authorities, the messenger is actively used by criminals.

After the accusations in France, the authorities of other countries may follow suit and begin to analyze Telegram’s activities more actively. However, no other charges have been brought against Durov yet.

Whoever wins the upcoming U.S. election and becomes president must work towards regulatory clarity for the crypto sector, Lucy Gazmararian, founder and managing director at Token Bay Capital, says.

Gazmararian shared this perspective during an interview with CNBC on Sept. 2. She noted that the bull market spike seen earlier in the year happened amid the spot Bitcoin (BTC) exchange traded fund mania.

However, as well as ETFs, there’s been this rise of crypto into a topic in politics amid the upcoming election.

Gazmararian on crypto clarity in the U.S.

While the crypto market’s upward trajectory has tapered off slightly, the Token Bay Capital founder is bullish on the industry. Her projection is that the market could benefit from key upside catalysts in the fourth quarter of the year and that the BTC price will be higher than the current levels just above $58,000.

With the U.S. election just over two months away, the discussion on what the result could mean for crypto is gaining momentum fast.

According to Gazmararian, whoever wins has to aim at regulatory clarity for crypto. The new president will need to set the ball rolling in terms of pushing for a “sensible crypto framework,” the Token Bay Capital founder added.

She says the U.S. needs that clarity to reverse the negatives seen in the past four years, particularly with the European Union’s MiCA regulation in place. She added the U.S. is “lagging behind” in regulatory clarity and it is vital for whoever wins the election to be “supportive of the industry.”

Trump or Harris?

To many observers, the crackdown by the U.S. Securities and Exchange Commission is seeing America lag behind other countries and jurisdictions. The enforcement by regulation has only worked against the industry.

It’s why the discourse on whether a Donald Trump win could be good for the space.

Despite the recent crypto roundtable meetings, calls by crypto supporters and the Kamala Harris campaign’s message, the lack of the VP’s voice in this has many crypto proponents concerned. Recent SEC actions against OpenSea and other developments also haven’t helped either.

Meanwhile, former President Donald Trump has attracted a lot of positive commentary from crypto industry leaders for his crypto-friendly stance. Trump’s appearance at Bitcoin 2024 and the pledge to end the current administration’s “war on crypto” also stands him well within the industry. Trump’s vice president pick, JD Vance is also pro-crypto.

But Gazmararian thinks all that matters is for the new government to support a framework that brings much-needed clarity and support for the sector.

Solana’s Pump.fun surpassed $100 million in revenue since its January launch, but users aren’t sure the feat is good for crypto and decentralized finance.

It took the Solana (SOL) memecoin launchpad 217 days, or roughly seven months, to achieve its record revenue. Pump.fun beat DeFi giants like Ethena (ENA), Pancakeswap (CAKE), and even Curve Finance (CRV) to the milestone.

The protocol allows anyone to create meme-inspired tokens on Solana’s blockchain. Once developers launch a coin, the crypto trades on a bonding curve till it exceeds a $69,000 market cap.

Solana became the go-to memecoin chain in DeFi after the service debuted in early 2024. At one point, developers created over 500,000 memecoins via the platform in a month. The launchpad paved the way for oversaturation in the Solana ecosystem since creating tokens became easier than a few clicks. A crypto.news research found that less than 1% of Pump.fun wallets profited $1,000 or more.

Crypto users unhappy with Pump.fun success

Pump.fun may have raced to $100 million in revenue in record time, but many have questioned if it’s a net positive development for DeFi and the whole cryptocurrency industry.

The biggest concern stemmed from the protocol’s sustainability and its promotion of the casino-like underbelly of digital assets. 

One user argued that the platform fueled cash grabs by celebrities that did not align with crypto’s ethos. Several public figures, from Andrew Tate to Iggy Azalea, launched Pump.fun memecoins. Most of the tokens have crashed well below their peaks.

Questions over regulatory scrutiny of the Solana-based platform also remain, with agencies like the U.S. Securities and Exchange Commission insisting SOL itself, and perhaps its ecosystem, violates federal securities laws.

A significant Bitcoin transaction was recorded on Sept. 2 when an investor purchased 1,000 BTC for $57.3 million.

This whale purchase marks the second time in four days that 1,000 Bitcoin (BTC) were acquired on Binance, bringing the total accumulation to 2,000 BTC. The investor currently holds 8,559 BTC, valued at $490 million.

The increase in Bitcoin holdings coincides with Bitcoin’s price dropping by nearly 8% over the past week as the markets enter September. Bitcoin briefly touched $61,000 on August 29 before slumping and almost touching $57,000 on Sept. 1.  

Historically, Bitcoin has experienced losses in six out of the last seven September months, with average losses of around 4.5% during those years.

Will the Fed cut interest rates? 

Despite this downward trend, an anticipated Federal Reserve rate cut could trigger a Bitcoin rally, according to QCP. Rising Bitcoin dominance, declining crypto exchange balances, and strong market fundamentals are positioning Bitcoin for a potentially bullish phase ahead.

On the flip side, Bitfinex analysts caution that Bitcoin may experience a significant decline of up to 20% due to uncertainty surrounding the Federal Reserve’s upcoming interest rate decision.

While a 25 basis point cut by the Fed could lead to long-term gains for Bitcoin by increasing liquidity, a more aggressive 50 basis point cut might trigger an initial price spike followed by a correction as recession fears grow. 

Will Bitcoin bounce back?

The amount of Bitcoin held on exchanges dropped to its lowest level this year, signaling low market liquidity and reduced investor movement of coins. 

This could lead to a Bitcoin bounce. Other potential catalysts for Bitcoin’s growth include a weakening US dollar, rising US public debt, and positive signals from the options market, which could push the price higher later this year.

Qatar has unveiled a new digital assets regulatory framework, with its launch set to bring key areas such as tokenization, custody and exchange under regulation.

The Qatar Financial Center Authority and the Qatar Financial Center Regulatory Authority, key players in the drafting of the framework, announced the new framework in a joint press release.

Qatar’s QFC Digital Assets Framework 2024

According to details in a press release, the QFC Digital Assets Framework 2024 is an effort of various stakeholders, including 37 domestic and international organizations across legal, financial and technology sectors.

The QFCA and QFCRA said in their announcement that the new crypto regime followed guidelines from the country’s central bank. Work on the regulation included the unveiling of the QFC Digital Assets Lab in October 2023. Since this milestone, more than 20 fintech startups have joined the program to pilot and commercialize crypto products and services.

QFC Digital Assets Framework 2024 provides for various legal and regulatory aspects of the digital assets market in Qatar, QFCA and QFCRA noted.

Other than tokenization, the framework recognizes the tokens as property and provides for the legal outlook on their custody, transfer and exchange of these assets. Qatar’s new framework also legally recognizes smart contracts and sets industry standards for cryptocurrencies in the QFC.

Growing crypto regulatory clarity

While the U.S lags, Europe has taken major steps with its MiCA rules, and Hong Kong is increasingly becoming a crypto hub.

Meanwhile, Qatar’s digital assets framework aligns with developments across the Middle East, particularly in the United Arab Emirates. The UAE has become one of the top destinations for crypto companies with its increased regulatory clarity.

Dubai and Abu Dhabi are the main centers, with the respective Dubai International Financial Centre and Abu Dhabi Global Market key to the region’s growing status as a financial and crypto hub.

In a comment on the topic, Qatar Central Bank governor H.E. Sheikh Bandar bin Mohammed bin Saoud Al Thani, said that the regulation is a key step towards clarity for the financial sector. The opportunities and gains this offers add to the country’s digital transformation and vision 2030 goals, Al Thani added.

Yousuf Mohamed Al-Jaida, chief executive officer of QFC, added that the new framework underlines Qatar’s commitment to aligning its digital assets regulation with international best practices. Authorities anticipate that the milestone will provide for regulatory clarity that both domestic and international players within the ecosystem want.

As Ripple and Toncoin face market challenges, Intel Markets emerges as a standout, poised to transform the $36 billion global crypto trading market.

The new month picks up where the previous one left off: the bloodbath continues. Ripple’s 1 billion XRP token unlock caused a significant price drop. Meanwhile, Toncoin found key support at $5, hoping to resume its uptrend.

At the same time, Intel Markets, a new AI-powered trading platform, is at the heart of the current market buzz. Its novelty and impending transformation of the $36 billion global crypto trading market set it above most new ICOs.

Intel Markets: Set to be at the forefront of crypto trading

Intel Markets, one of the most promising projects currently, is on investors’ and experts’ radars. For good reasons, of course. The global crypto trading market is expected to reach $347 billion by 2030 and at the forefront will be INTL.

The AI-powered smart trading platform will offer traders unprecedented computing power. Alongside advanced trading features and tools like bots, real-time market data, charting software and trading indicators, traders can make precise and profitable positions. More importantly, users can make even better bets with its 1,000x leverage on select assets.

Further, its dual-chain architecture makes it even more appealing. It supports the Ethereum and Solana blockchains, contributing to the rising presale demand. Over $200,000 has been raised in the first stage of the ICO at $0.009, highlighting investor confidence and optimism. A 6,500% uptick has been projected after its launch, poised to outpace top coins like XRP and Toncoin.

Ripple: Token unlock push price downward

Ripple, a top altcoin that assists with cross-border transactions and payments, unlocked 1 billion tokens on September 1st. This is an ongoing strategy to manage the token supply and this time, the effect wasn’t any different than in previous times.

The XRP price tumbled—down by over 5% in just the past 7 days. Also contributing to its downswing is the overall market decline and drop in investor confidence. With the $0.6 support lost, a decline below $0.4 wouldn’t be surprising.

However, a bullish XRP price prediction hints at a comeback in the coming days. Profit-taking is wrapping up, giving room for a healthy comeback. According to the forecasts, a jump past $0.7 might play out before the month’s end, placing it on the list of altcoins to watch out for.

Toncoin: $5 support show resilience

Toncoin, the Telegram-based cryptocurrency and a top altcoin, saw a big correction last month. FUDs still linger, even after the release of Telegram founder Pavel Durov, who has been officially indicted in France.

The TON price fell from a month-high of $7.1, trading a little above $5 at the time of writing. This translates to a 20% downswing on the monthly timeframe, highlighting how big of a pullback it is experiencing in a short while.

Amid this, the $5 support has been resilient. A Toncoin price prediction believes a climb past $5.5 before the week’s end might set it up for a jump next week. It is tipped for a rally past $8 before the month’s end, although a fall below $5 might slow this comeback.

Conclusion

Amid XRP’s 1 billion token unlock and Toncoin’s resilience, Intel Markets prepares to reshape the global crypto trading scene. Its unique approach—a blend of AI and DeFi trading—sets it apart, alongside a dual-chain architecture. As it sails toward adoption, it has been tipped as the next big thing.

For the latest updates and information, visit the official Intel Markets Website.

The role of airdrops within the blockchain ecosystem has recently been under the microscope after Vitalik Buterin voiced his support for them, but what part do they really play?

Titus Capilnean, Vice President of Go-To-Market at Civic, told crypto.news that airdrops are a powerful tool for building and maintaining a loyal community within blockchain projects. In response to a recent Vitalik Buterin post in support of airdrops, Capilnean pointed out the significant risks posed by malicious actors who exploit these distributions.

“Airdrops are a great form of community-building tool for recognizing and rewarding valuable participation in a project.”

Titus Capilnean, Vice President of Go-To-Market at Civic, told crypto.news

In his original post supporting airdrops, Buterin suggested that airdrops could serve as an ideal testing ground for blockchain-based identity frameworks, addressing common challenges and refining these systems in real-world scenarios. 

The Ethereum (ETH) co-founder also said airdrops could go beyond simple token distribution and become a tool for enhancing community engagement and project security as an initial use case for identity systems.

In most cases, airdrops are designed to reward genuine community members, recognize valuable contributions, and ensure a fair, though not necessarily equal, distribution of tokens. 

One of the most popular token distributions this year was the Dogs (DOGS) airdrop which, consequently, disrupted the Telegram Wallet and some of the leading exchanges due to a huge amount of traffic.

Another long-awaited airdrop was that of the Hamster Combat token. After months of delay, the team behind the Telegram mini-game announced the tokens will be distributed on Sept. 26.

With respect to airdrops, Buterin says that part of their appeal is the idea of offering discounted token sales as an alternative to traditional airdrops. In this model, community members could purchase tokens at reduced rates based on their level of contribution or verified membership, a key tool used by many airdrops.

In response, Capilnean emphasized that Sybil attacks can severely undermine a project’s goals, which can target airdrops. In March 2023, a Sybil attack was used to target the Arbitrum airdrop. Such attacks lead to the misallocation of resources and can harm the project’s reputation and the value of its tokens. 

To mitigate these risks, Capilnean supported Buterin’s view that blockchain-based identity frameworks could be instrumental. 

“By refining these systems, blockchain-based identity solutions can be used to effectively prevent bad actors from gaining an advantage.”

Titus Capilnean, Vice President of Go-To-Market at Civic, talking on blockchain-based identity platforms.

Projects could ensure that token distributions are targeted and secure if they implement this practice, reducing the likelihood of exploitation. In turn, these airdrops could serve as testing grounds for these frameworks.

Despite the advantages, Capilnean cautions that integrating identity solutions into airdrop processes could add some complexity. Projects, especially in their early stages, may struggle with the technical challenges of effectively deploying these systems. 

“By leveraging those frameworks, we can transform airdrops from a risky venture to its original purpose- a strategic tool for community-building and project growth.”

Titus Capilnean, Vice President of Go-To-Market at Civic, added.

Nonetheless, the industry expert remains hopeful that blockchain-based identity systems can turn airdrops from a risky endeavor into a valuable tool for fostering community growth.

On-chain data shows increased Bitcoin outflows from cryptocurrency exchanges, showing potential accumulation.

According to data provided by IntoTheBlock, centralized crypto exchanges saw a net outflow of over 16,500 Bitcoin (BTC) — worth over $1.01 billion — in the past seven days. Around 2,200 BTC left these platforms in the past 24 hours alone.

ITB data shows that most of the net outflows happened on Aug. 27.

On Aug. 27, Binance, the largest cryptocurrency exchange by trading volume, witnessed a net outflow of 48,000 BTC, per a crypto.news report. The platform saw an outflow of over $3.7 billion worth of Bitcoin and Ethereum (ETH) in 30 days.

The increased net outflows show that investors have been accumulating the asset despite bearish expectations for September.

Per data from ITB, large Bitcoin wallets, holding at least 0.1% of the circulating supply, saw a net outflow of 1,123 BTC — worth over $66.2 million — over the past two days.

A crypto.news report on Aug. 29 shows that the Bitcoin reserves on crypto exchanges dropped to 2.38 million BTC, hitting 2024 lows. This movement shows that the accumulation phase might have started.

When investors move assets to their self-custodial wallets, it’s often a sign of bullish expectations. While September has usually been bearish for the BTC price, data shows that October’s monthly gains over the past 11 years have been impressive.

Bitcoin had a bearish start to this month but regained 2.1% over the past 24 hours. BTC is trading at $58,900 with a market cap of $1.16 trillion at the time of writing. The asset’s daily trading volume is currently hovering at the $25 billion mark.