FameEX Morning Crypto News Recap | July 31, 2024

SEC Launches Information Page to Guide Terraform Labs Investor Compensation

The U.S. Securities and Exchange Commission (SEC) has published an information page for investors affected by Terraform Labs. Following a settlement agreement last month, the SEC has received inquiries about compensation procedures. The SEC noted that the Chapter 11 plan confirmation hearing and commencement date are expected to occur in the fall.

Grayscale's Spot Bitcoin and Ethereum ETFs Experience Over $20 Billion in Combined Outflows

The combined outflow from Grayscale Investments' spot Bitcoin and Ethereum ETFs has surpassed $20.4 billion. Since its launch on January 11, Grayscale's spot Bitcoin ETF "GBTC" has averaged daily losses of about $137.7 million over the past seven months. As of July 29, the total outflow for GBTC reached $18.86 billion.

Bank of Ghana Completes CBDC Proof of Concept for Cross-Border Payments

The Bank of Ghana (BoG) has completed a proof of concept to explore using digital credentials for international trade and cross-border payments based on CBDC. Maxwell Opoku-Afari, BoG's first deputy governor, stated that Project Desft aims to support African SMEs in international trade by eliminating significant obstacles they face.

Bahamas Enhances Regulatory Framework with Digital Assets and Registered Exchanges Act of 2024

The Bahamas Securities Commission announced that the Bahamian Parliament has passed the Digital Assets and Registered Exchanges Act 2024 (DARE 2024), solidifying the country's role in digital asset regulation. This new bill builds on the DARE Act of 2020, introducing comprehensive reforms to address evolving changes in the digital asset and cryptocurrency markets.

Two NFT Artists Sue US SEC Over NFT Classification as Security

Two NFT artists, law professor Brian Frye and songwriter Jonathan Mann, sued the U.S. SEC over the classification of NFTs as securities and the agency's jurisdiction. Filed in the U.S. District Court for the Eastern District of Louisiana, the lawsuit accuses the SEC of attempting to assert control over digital art sales, citing two recent SEC cases focused on NFTs.

Goldman Sachs CEO Suggests Bitcoin Could Have Potential as a Store of Value

On July 30, Bitwise research director Ryan Rasmussen reported that Goldman Sachs CEO David Solomon mentioned in an interview with CNBC that Bitcoin may have potential applications as a value storage tool.

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