The USDM stablecoin, issued by the Mountain Protocol protocol on Manta Network, is now backed by BlackRock's institutional digital liquidity fund BUIDL. This and more news in this practical summary daily so that you are always informed with events most recent that occur within the crypto world.
BlackRock, Manta Network and MUSD
📍MUSD is backed by BlackRock's BUIDL. The developers of Manta Network reported on
According to the developers of Manta Network, the network's adoption of the BUIDL fund marks a new chapter in the integration of blockchain technology and traditional assets, and reinforces the security and yield potential of the stablecoin. They also explained that this integration represents a milestone for the long-term growth and security of all holders of the wUSDM wrapped token.
Paying taxes with Bitcoin in the state of Florida
📍Congressman Matt Gaetz presented a regulatory proposal to integrate bitcoin into payment methods for municipal taxes in Florida. La bill of law introduced by Congressman Gaetz will allow the state's citizens to pay their municipal taxes using the market-leading cryptocurrency.
According to this proposition, Bitcoin promotes innovation, increases efficiency, and offers more flexibility in payments for US citizens.
The congressman highlighted that the integration of Bitcoin into Florida's state tax system would represent a bold step towards the future of the digital economy, where cryptocurrencies and digital assets will play a vital role in the modernization and optimization of the financial system. In addition to this, he emphasized the importance of cryptocurrency adoption in keeping the United States at the forefront of global technological advancements.
The US Supreme Court overturns the “Chevron” doctrine
📍Community leaders are celebrating a new victory concerning the cryptocurrency industry. Last week, the U.S. Supreme Court voted to overturn the “Chevron doctrine,” which for 40 years had been empowering federal agencies to interpret laws and regulations in ambiguous cases based on their authority and expertise. .
Chief Justice John Roberts noted that the doctrine had become unworkable and that courts should exercise independent judgment in deciding whether or not a federal agency has acted within its legal authority, as required by law.
Crypto community leaders celebrated Chevron's repeal, highlighting this as a victory for the cryptocurrency industry in the country, especially considering that its repeal disempowers agencies like the SEC, which has been constantly criticized for its overreach in the regulatory application of federal securities laws in the crypto market.
TON attracts Venture Capital en masse
📍Kingsway Capital, Pantera Capital, Ryze Labs and Animoca Brands have invested millions in The Open Network (TON). In its fifth edition, The Funding, highlighted how Telegram's cryptocurrency and blockchain, The Open Network (TON), has been attracting venture investors or Venture Capital (VC) en masse.
According to the newsletter, TON's major institutional investors include Pantera Capital, Kingsway Capital, Ryze Labs and Animoca Brands. These companies have been placing their trust in the project, and investing a significant amount of funds, over the last two years.
In the case of Pantera Capital, the company recently announced a new investment fund focused on TON. Pantera Capital reported that it was raising capital to acquire more units of this cryptocurrency through the new fund, called “Pantera TON Investment Opportunity”, whose minimum investment was $250.000. Likewise, Kingsway Capital and Ryze Labs have been investing in TON for the past few years, becoming large buyers of the cryptocurrency. In the case of Animoca Brands, the company is one of the validators of this blockchain network and, in addition, its president Yat Siu highlighted that the company made several acquisitions of Toncoin when it was valued between $1 and $2 dollars.
According to the newsletter, VCs who have invested in TON are confident in the project's potential to attract the masses to Web3, in addition to its innovation in unlocking new applications and practical use cases of blockchain technology.
Mt.Gox bitcoin distribution is coming
📍According to the trustee of Mt.Gox, Nobuaki Kobayashi, the repayment of the creditors of the defunct exchange will begin this week. On June 24, Nobuaki Kobayashi had reported that repayments would soon begin for Mt.Gox creditors, who have been waiting for years to receive their cryptocurrency funds.
The trustee highlighted that, according to the repayment plan, distributions will be made in bitcoins (BTC) and bitcoin cash (BCH), and that these payments will begin from July 2024, progressively.
At the time of writing this article, the prices of Bitcoin and Bitcoin Cash remain trading above $63.500 and $396, respectively. However, this week the crypto market could see big price movements driven by the release of Mt.Gox refunds.
Several analysts believe that the exchange's release of between 140.000 and 144.000 BTC could generate greater selling pressure on BTC and move its price downward. Others consider that the price movements of Bitcoin, Bitcoin Cash and cryptocurrencies will not be as huge as some think, if a part of the exchange's creditors decide not to sell their cryptocurrencies.
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