US GAO’s Crypto Report Faces Criticism

The United States Government Accountability Office (GAO) recently released a report on crypto’s role in evading sanctions, prompting strong reactions from Coinbase’s Chief Legal Officer, Paul Grewal. Grewal criticized the lack of analysis in the report and accused the GAO of targeting an industry that diligently follows the law. Senator Elizabeth Warren used the report to advocate for stricter AML regulations, despite critiques highlighting that the report’s findings were based on a single instance involving Chinese actors.

X Launches Dedicated Payments Account

X, Elon Musk’s multifaceted platform, has fueled speculation within the crypto community by launching a dedicated account for its upcoming payments feature.

While the exact details remain unconfirmed, crypto enthusiasts are optimistic about the potential inclusion of cryptocurrencies in the payment services.

XPayments Account. Source: X

Ethereum DeFi Breakthrough with ‘Gasless’ Trading

0x Labs introduces a revolutionary trading API called Tx Relay, allowing decentralized applications on Ethereum to execute “gasless” swaps. This innovation addresses a common pain point in DeFi by covering gas fees within the transaction, providing a simplified and user-friendly trading experience. The API also offers MEV protection, enhancing security against bots and advanced tools, contributing to a better overall user experience.

Example of how a trade using Tx Relay works. Source: 0x

FTX’s $1 Billion Sell-Off of Grayscale’s Bitcoin ETF

In the aftermath of the SEC’s approval of spot Bitcoin ETFs, FTX’s bankruptcy estate has reportedly sold around $1 billion worth of shares from the Grayscale Bitcoin Trust (GBTC). This substantial sell-off has contributed to the overall outflow of funds from GBTC since its conversion into an ETF. The move by FTX, which capitalized on price disparities, has left investors speculating on the potential impact on Bitcoin’s market dynamics.


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