SEC Updates Binance Case on SOL and 9 More Alts

The US Securities and Exchange Commission plans to update its ongoing lawsuit against Binance, including allegations about certain tokens like Solana, following a recent court hearing that raised questions about their status as securities. The SEC has notified Binance and related entities, including founder Changpeng Zhao, of its intent to seek permission to amend its complaint.

This change stems from a July 9 hearing where Binance's attorneys misinterpreted a previous ruling by Judge Jackson regarding third-party tokens, which include SOL, ADA, MATIC, and others, alleged by the SEC to be unregistered securities. The defense is awaiting the amended complaint before proceeding with the discovery process. We might see these altcoins officially be ruled as non-securities soon.

‍

Hamster Kombat Allocates 60% of Token Airdrop to Players

The team behind the Telegram-based game Hamster Kombat has released a new whitepaper detailing plans for what they claim will be the "largest airdrop in the history of crypto," with 60% of tokens allocated to players and the remainder for market liquidity, partnerships, and other purposes. Despite having 300 million users, the airdrop's execution is facing delays due to its technical complexity.

The game's developers emphasize that Hamster Kombat, which has extremely quickly built a large, enthusiastic user base, is not backed by investment firms, avoiding potential sell pressure. The community is actively engaged, though the extent of bot participation remains unclear. Hamster Kombat announced plans for future airdrops, to support the 50 million daily active users across 190 countries.

‍

Sen. Lummis Officially Drafts Bill to Allow the US to Hold BTC

Senator Cynthia Lummis' now officially proposed "BITCOIN Act of 2024" aims to allow the United States to hold Bitcoin as part of their reserves, establishing a "Bitcoin Purchase Program" to acquire up to 1 million BTC over five years. The bill mandates the US Treasury Department to provide quarterly reports and allows states to participate in specific security protocols.

Although the bill is not expected to pass this year, it could be reconsidered post-election. Lummis advocates that incorporating Bitcoin into national reserves will strengthen the Dollar's global position, aligning with the US's current reserves in gold and petroleum. Some critics, like economist Paul Krugman, said that Bitcoin is 'economically useless' and that he is not a fan of the idea.

‍

Compound Reaches Peace With Conflict $24M Proposal

Compound Finance solved a conflict with pseudonymous crypto whale Humpy and the group The Golden Boys, following a tense Proposal 289 that aimed to allocate $24 million of Compound’s treasury funds to a yield-bearing protocol led by The Golden Boys. The proposal faced protests and allegations of vote manipulation due to the concentrated purchasing of COMP tokens.

To mitigate governance risks, Proposal 289 will be withdrawn and replaced with a new staking product that distributes 30% of fresh token reserves annually to staked COMP holders, a move supported by Humpy, other delegates, and security experts. This new proposal requires a governance vote but aims to align community interests, addressing concerns about fund security and governance integrity.

‍

Data of the Day

Bitcoin dominance, which measures Bitcoin's market capitalization relative to the total cryptocurrency market, increased to 52.7% this week, the highest level since April 2021. Bitcoin's dominance began the week at 48.2% on Monday, June 22, increased to 51.9% after the launch of ETH ETFs on Tuesday, and has continued to rise. Despite the focus on ETH and its ETFs, Bitcoin experienced a market-wide dump following the launch, after which it rebounded strongly, quickly returning to pre-ETH ETF levels.

‍

More Breaking News

• According to Immunefi, the crypto industry has lost more than $1.19 billion due to 149 hacks and scams in 2024, including $270 million in just July.
• Router Protocol has launched Router Chain, a Layer 1 network for multi-chain dapps that utilizes a proof-of-stake consensus mechanism.
• Donald Trump reportedly raised $21 million during the Bitcoin 2024 event, primarily from a private event where photos cost at least $60,000.
• Mainnet launch of modular blockchain Lava Network & 55 million LAVA tokens airdrop are supported by Filecoin, Starknet Foundation, and Cosmos Hub.
• Legislators in Russia decided to approve cryptocurrencies for use in foreign transactions, ostensibly to get around Western sanctions.
• Dumpy.fun is a new app that allows traders to short Solana-based meme coins, offering a user-friendly platform to profit from meme coin volatility.

For the latest updates on digital asset markets, follow us on X @Datawalletcom.