Significant developments have marked the past week, capturing the attention of industry enthusiasts and experts alike. This cryptocurrency news roundup offers a comprehensive look at the latest happenings, from the SEC’s decision to drop another investigation to the impressive valuation milestone reached by the token distribution protocol ZAP.
SEC Drops a Probe into Hiro’s Stacks
The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into Hiro’s Stacks blockchain, a Bitcoin scaling layer for smart contracts, without recommending any enforcement action. According to a regulatory filing, Hiro was informed on July 9 that the SEC staff do not intend to pursue the case further. This decision comes on the heels of the agency’s recent move to drop its investigation into BUSD, the stablecoin issued by Paxos.
Firms Allowed to Skirt Controversial Crypto Accounting Bulletin
The SEC is granting certain firms the ability to bypass its controversial crypto accounting guidance, known as Staff Accounting Bulletin No. 121 (SAB 121). According to a source at the agency, firms that can demonstrate proven procedures and technology for customer crypto recovery in bankruptcies are being allowed to sidestep the requirements outlined in SAB 121. This guidance has drawn criticism for potentially preventing banks from safeguarding digital assets.
ZAP Reaches $100 Million Valuation
The token distribution protocol ZAP has announced that it has reached a valuation of $100 million, following a total funding raise of $15.1 million. The funding includes a seed round, a private round, and an ongoing “vault sale” with the potential to raise up to $50 million. ZAP’s protocol, built on the Ethereum Layer 2 network Blast, aims to validate user contributions for fair token rewards and expand to other blockchains.
Spot Bitcoin ETFs Log Five-Day Inflow Streak
The 11 U.S. spot Bitcoin ETFs have reported a five-day streak of net inflows, totaling $880.6 million over this period. BlackRock’s IBIT, the largest spot Bitcoin ETF by assets under management, led the inflows with $72.1 million on Thursday. Other notable inflows were seen in Fidelity’s FBTC, Bitwise’s BITB, and Ark Invest’s ARKB.
Germany’s Bitcoin Holdings Rapidly Depleting
The German government’s bitcoin holdings are quickly dwindling as it continues to offload the cryptocurrency seized from the online film piracy site Movie2K. On Friday, the government authority sent out 5,748.25 bitcoins ($330 million) and received 500 bitcoins ($28.6 million) back, leaving approximately 3,846 bitcoins ($223 million) remaining.
As the cryptocurrency landscape continues to evolve, these developments offer valuable insights into the shifting dynamics within the industry. From regulatory decisions to innovative protocols and asset management trends, the news showcased in this report underscores the ongoing transformations shaping the future of the digital asset ecosystem.
