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Crypto Flipsider News – July 22nd – Tether, Bitcoin Law Protest, Moneygram, Vitalik, Blockchain Gaming Unicorn

  • Tether Promises Audits Reports, In Months
  • El Salvadorans Take On Streets To Protest Against Bitcoin Law
  • Moneygram Partners With Stellar After Cutting Off Contacts With Ripple 
  • A Star Is Being Born: Vitalik Buterin With Ashton Kutcher And Mila Kunis
  • Blockchain Gaming Unicorn Animoca Brands And Brinc Launch Nft Accelerator, Ethereum Upgrade For Reducing Eth Supply Is Going Nft

Tether Promises Audits Reports, In Months

The team behind the leading stablecoin Tether (USDT), revealed their plans to issue the company’s audit reports in months. Tether has been promising such documents since 2017. The company has also been criticized for not disclosing what is backing its assets.

The move comes after the U.S. Treasury Secretary Janet Yellen asked for stablecoin regulation and SEC chairman Gary Gensler suggested that it could be treated as a security. Tether’s main competitor, Circle, was the first to reveal what assets are backing its USDC stablecoin

The usage of stablecoins has increased lately, mainly fueled by the growing adoption of digital currencies and DeFi.

Flipsider:

  • In February, the New York Attorney General banned Tether and Bitfinex from trading activities in New York. Both were accused of deceiving clients and the market by overstating reserves and hiding losses. So, more transparency from Tether would be right on time now so as not to evoke a chain reaction. 

El Salvadorans Take On Streets To Protest Against Bitcoin Law

A group of El Salvadorian activists and student unions went to the streets this week to protest against the national Bitcoin law. The country was the world’s first to make Bitcoin the official national currency last month.

Protesters claim that almost three-quarters of the country is against Bitcoin’s Law. According to activists, the Law increases fraud and money laundering opportunities in the country and creates legal uncertainty.

Protesters blame president Nayib Bukele for the abuse of executive power. He was the main initiator of the idea and passed the Bitcoin legalization bill to the country’s Legislative Assembly.

Flipsider:

  • Thankfully, President Bukele has not used armed forces to push Bitcoin Law. Or at least we hope so, since he has been known to use those kinds of tools to threaten the congressmen.

Moneygram Partners With Stellar After Cutting Off Contacts With Ripple

Leading money transfer American company MoneyGram is on the stage of establishing its business relationship with the Stellar Development Foundation. The company started to look for a new partner after the previous one, Ripple, was taken to court by the U.S. Securities and Exchange Commission (SEC) and the lawsuit, infamous within crypto circles, began.

Flipsider:

  • The irony here is the fact that Stellar was established by Jed McCaleb, Ripple’s co-founder who left the company in 2014. Poetic justice in all its glory.  

A Star is Being Born: Vitalik Buterin with Ashton Kutcher and Mila Kunis

Just yesterday, we reported that Vitalik will be filmed in a brand-new documentary about Ethereum that raised required funds in just 3 days. Today, the crypto community discovered the tweet of Ashton Kutcher and Mila Kunis, a famous Hollywood actor couple, starring Vitalik in their living room explaining Ethereum technology. It seems like the Ethereum founder gets along well with the movie community.

Flipsider:

  • Let’s hope Vitalik won’t catch “star” fever. On the other hand, as the phrase goes, “a talented man is talented in everything.”  

Blockchain Gaming Unicorn Animoca Brands And Brinc Launch Nft Accelerator, Ethereum Upgrade For Reducing Eth Supply Is Going Nft

  • Blockchain Hong-Kong-based gaming company Animoca Brands, together with global venture accelerator Brinc, have released Launchpad Luna, a new and exciting program to determine, guide, and help investment in auspicious blockchain and non-fungible tokens (NFT) startups. On top of that, projects that are accepted into the accelerator program will receive training, support and funding of US$500,000.
  • The EIP-1559 #NFT Series were introduced to the world. Stateful Works, a project and publication that prompted the creation and maintenance of public goods on the Ethereum blockchain, has revealed celebratory non-fungible tokens (NFTs). The main purpose of these NFT’s is to commemorate a code change and give a big ‘thank you’ to the people who wrote the Ethereum Improvement Proposal and capture a true value they created. 

Flipsider:

  • We have been observing a long bull run on NFTs since the beginning of this year. Considering the amount of NFT news during the last few weeks, it might be the culmination point. Let’s wait for a dip. On the other hand, NFTs might take the artistic approach and omit such relics as market cycles. Have you seen market cycles regarding Picasso’s work? Creative singularity is about to happen.

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