Are you curious about the latest in the crypto world? Here’s a rundown of today’s key trends and events affecting Bitcoin prices, blockchain technology, DeFi, NFTs, Web3, and crypto regulations.
CFTC charges Uniswap with illegal derivatives trading
The United States Commodity Futures Trading Commission (CFTC) has charged Uniswap Labs, the developer of a decentralized exchange (DEX), with illegally offering leveraged cryptocurrency trading to U.S. retail investors, according to an announcement on September 4.
Uniswap Labs has agreed to settle the charges by complying with an order that requires the decentralized finance (DeFi) developer to pay a $175,000 civil penalty and to stop violating the Commodity Exchange Act (CEA).
Ian McGinley, the CFTC’s Director of Enforcement, stated that the agency “will vigorously enforce the CEA as digital asset platforms and DeFi ecosystems evolve.” He added, “DeFi operators must be vigilant to ensure that transactions comply with the law.”
Binance to Temporarily Suspend Deposits and Withdrawals on BNB Smart Chain Soon
The world's largest cryptocurrency exchange will conduct wallet maintenance for the BNB Smart Chain (BEP20) on September 5. The exchange will temporarily suspend deposits and withdrawals on the network to facilitate this process. The maintenance is expected to last approximately two hours, after which services will resume.
The company assured users that “the trading of tokens on the aforementioned network will not be impacted. Binance will handle all technical requirements involved for all users.”
BNB Smart Chain, a platform developed by the exchange, is compatible with the Ethereum Virtual Machine (EVM), allowing developers to migrate their projects from Ethereum without the need to rewrite code.
BNB Smart Chain operates with the BNB Beacon Chain (formerly known as Binance Chain). This dual-chain architecture enables users to transfer assets between the two chains, offering additional opportunities for trading and decentralized applications (dApps).
The native cryptocurrency of BNB Smart Chain is Binance Coin (BNB), which is used to pay transaction fees and can be staked to participate in the network’s consensus mechanism.
SEC extends its deadline for deciding on 7RCC’s spot bitcoin and carbon credit futures ETF
The U.S. Securities and Exchange Commission (SEC) has extended its deadline to decide whether to approve or reject a proposal for a combined carbon credit futures and spot Bitcoin product.
In a filing posted on Tuesday, the SEC announced that it would delay its decision until November 21 regarding the 7RCC Spot Bitcoin and Carbon Credit Futures ETF.
The SEC explained, "The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the comments it has received."
According to a filing from March, the proposed fund by crypto asset manager 7RCC plans to allocate 80% of its assets to Bitcoin and 20% to "financial instruments, including swap agreements, that provide exposure to Carbon Credit Futures represented by the Index." Additionally, 7RCC has indicated that it intends to appoint Gemini as the custodian for the fund's Bitcoin.
An S-1 registration statement for the spot Bitcoin and carbon credit futures ETF was initially filed in December 2023, roughly a month before the SEC approved 11 spot Bitcoin ETFs.
Ex-OpenAI chief scientist raises $1B for a startup with only 10 employees.
Ilya Sutskever, co-founder and former chief scientist of OpenAI, has reportedly secured $1 billion in funding for his artificial intelligence startup, Safe Superintelligence Inc. (SSI), now valued at $5 billion.
The company announced the funding in a September 4 update on its website, revealing that it raised $1 billion from notable investors, including NFDG, a16z, Sequoia, DST Global, and SV Angel.
As reported by Cointelegraph, Sutskever and engineer Dan Levy departed OpenAI in June 2024, less than a year after Sutskever established the firm’s "Superalignment" safety team. While Sutskever cited pursuing other opportunities as the reason for his departure, former employees have suggested disagreements between CEO Sam Altman and other firm members and its board.
SSI appears to position itself as a direct competitor to OpenAI, though with a slightly different mission. According to its website, SSI aims to develop an AI model that safely surpasses human intelligence.
This focus on AI safety is not unique; Anthropic, another company founded by former OpenAI employees, similarly emphasizes the safe development of AI models. OpenAI also maintains that its primary mission is the safe advancement of AI for the benefit of humanity.
SSI distinguishes itself in its commitment to developing only one product: a safe superintelligence.
Sen. Warren to debate John Deaton, criticizes ‘crypto billionaires’
Senator Elizabeth Warren has agreed to debate Republican candidate John Deaton before the November election for one of Massachusetts' U.S. Senate seats. However, it remains uncertain whether cryptocurrency will be among the topics discussed.
Following Deaton’s victory in the Republican primary on September 3, Senator Warren’s campaign announced that she had agreed to participate in two debates in October. However, in his victory speech, Deaton called for five single-issue debates focusing on immigration, the economy, income inequality, women’s reproductive rights, and foreign wars.
"The country faces multiple crises, and trying to cram all the issues into two short debates is a disservice to voters," Deaton stated.
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