Daily Crypto News

1. US sanctions against crypto mixing firm Tornado Cash limit use of privacy software, crypto firms say — The U.S. Treasury Department is facing pushback from the cryptocurrency industry over sanctions imposed on a firm accused of helping to launder billions of dollars — with some funds going to North Korean hackers.
2. Bitwise’s Katherine Dowling talks rules and regs at TC Sessions —Dowling brings a unique perspective to the table, having experience working both in private equity firms and as a federal prosecutor in the Economic Crimes Unit of the U.S. Attorney’s Office. We’ll dive into the latest insights on how emerging regulatory frameworks will affect the digital asset industry and get her take on whether we can expect to see clarity on this in the U.S. by the end of the year.
3. The Merge May Negatively Impact DeFi Protocols, Stablecoins — The study focuses on delays that could arise during Ethereum’s transition to a proof-of-stake consensus mechanism, better known as the Merge. The long-awaited (and often delayed) tech upgrade may slow transaction times or create service disruptions across DeFi lending protocols, creating headaches for the platforms, the report said. In turn, this could plunge stablecoin values and shrink DeFi lending pools.
4. Spanish market regulator warns about cryptocurrency event — Spanish financial authorities are planning to keep a close eye on a major cryptocurrency metaverse event being organized in Madrid this weekend. The CNMV stock market regulator this week warned that neither the organizers of the event, Mundocrypto, nor the sponsors have authorization to provide investment services or gather funds.
5. Federal Reserve’s Powell: Inflation Battle Not Yet Close to Finished — Restrictive monetary policy will likely be required for some time, Federal Reserve Chair Jerome Powell said in a long-awaited speech at the central bank’s annual economic symposium in Jackson Hole, Wyoming.
6. Wife of Arrested Tornado Cash Developer Denies Russia Secret Service Links — The wife of Alexey Pertsev, the web developer arrested in Amsterdam over ties to the Tornado Cash crypto mixing protocol, dismissed speculation her husband had links to the Russian secret service after allegations surfaced of his connection to a cybersecurity company blacklisted by the U.S. Treasury Department.
7. Bitcoin, Ether fall — Bitcoin and Ether reversed from morning gains in Friday afternoon trading in Asia. Solana was the biggest loser among the top 10 coins by market capitalization, followed by BNB.
8. Bitcoin Slumps After Fed Chair Affirms Hawkish Monetary Policy — The largest cryptocurrency by market capitalization hit a low of $20,549 but is now trading around $20,666, down 4.3% over the past 24 hours and below the $21,000 perch BTC had occupied as investors waited for Powell’s much-anticipated speech in Jackson Hole, Wyoming.
9. Algorithmic Stablecoin USDN Falls From Dollar Peg as Liquidity Slumps — The stablecoin is currently trading at 91 cents as speculation mounts over its sustainability. USDN is backed by the waves token (WAVES) and leverages the staking model of the Waves protocol’s underlying consensus algorithm.
10. Large Ether Traders Position for Volatility Spike as Merge Draws Near — Block traders are buying ether (ETH) strangles, which involves buying both bullish and bearish option contracts.

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