Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting the Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
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MicroStrategy co-founder Michael Saylor is confident his firm will not lose its sheen among investors even with the potential approval of a spot Bitcoin ETF. Meanwhile, the United States Department of Justice (DoJ) is reportedly concerned about pursuing criminal charges against Binance and Worldcoin could allow governments and businesses to utilize its iris-scanning and identity-verifying technology in an effort to onboard more users.
MicroStrategy’s Saylor confident firm will remain enticing Bitcoin proxy
MicroStrategy co-founder Michael Saylor believes his firm will remain a unique way for investors to gain exposure to Bitcoin, regardless of any future spot Bitcoin exchange-traded funds.
Speaking to Bloomberg on Aug. 2 on how an approved spot Bitcoin ETF could impact his firm’s offering, Michael Saylor was confident MicroStrategy would still be able to offer something spot Bitcoin ETFs can’t.
“We are a unique instrument, we are the sportscar whereas the spot ETF is going to be the supertanker.”
Saylor confirmed the goal is to “accumulate as much Bitcoin as we can,” when asked how much their existing holdings of 152,800 BTC will increase in the quarters to come.
He also confirmed that the company intends to sell up to $750 million in class A common stock as per a recent SEC filing, adding that the primary use of proceeds “generally is just to acquire Bitcoin.”
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DoJ warns of run on Binance should exchange be prosecuted: Report
Officials at the United States Department of Justice are reportedly concerned about pursuing charges against Binance due to a potental run on the crypto exchange’s assets.
Citing DoJ officials, an Aug. 2 Semafor report said the federal department is worried about another FTX-like bank run should Binance face legal actions. As such, officials are mulling over fines and other non-prosecution agreements for the exchange instead of pressinging crominal charges.
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Binance has been caught in regulatory crosshairs in many jurisdictions worldwide. In the United States, the Changpeng Zhao-led exchange is reportedly the target of a criminal probe for allegedly violating sanctions on Russia. The Securities and Exchange Commission also filed a lawsuit against the exchange over allegations of unregistered securities offerings.
Worldcoin to allow government and businesses to use ID system: Report
Worldcoin reportedly plans to allow governments and businesses to utilize its iris-scanning and identity-verifying technology in an effort to onboard more users.
Ricardo Macieira, the general manager for Europe at Tools For Humanity, which is behind the Worldcoin project, said that the company is on a mission of “building the biggest financial and identity community” possible. According to a Reuters report, Macieira revealed that the company os on a mission of “building the biggest financial and identity community.”
“The idea is that as we build this infrastructure and that we allow other third parties to use the technology.”
Additionally, Worldcoin plans to potentially allow companies to use its digital identity system, thus eliminating the need to gather personal data.