CZ Binance on Buying Banks to Fight Crypto Regulation Woes, Russian Banker Says CNY Likely to Dethrone USD, and More — Week in Review

Three Reasons Behind Bitcoin's 2023 Resurgence

After the naysayers left Bitcoin for dead in 2022, it’s back with a bang so far in 2023. Here’s why.

Dollar-Based Stablecoins to Strengthen Greenback, CZ Says, Thinks DeSantis ‘Is Great’

Crypto Jurisdiction: House Republicans Step In To Settle CFTC-SEC Turf War

Crypto regulation took center stage as Republican lawmakers released a draft bill on Friday. Spearheaded by influential Republican members, Reps. Patrick McHenry and Glenn Thompson, the bill outlines their proposed framework for regulating digital assets. 
While subject to revisions in the coming weeks and months, this draft bill carries significant weight in shaping the future of crypto regulation.
A pivotal aspect of the bill involves establishing a clear division of responsibilities between the top two US financial regulators — the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). 
The draft bill provides insights into how the committee chairs envision the distribution of regulatory authority between these agencies. This division aims to create a comprehensive and cohesive regulatory framework for the industry.

<h2>Crypto Regulatory Challenges: Division Of Authority</h2>
McHenry, chair of the House Committee on Financial Services, and Thompson, chair of the House Committee on Agriculture, express their concerns about the current regulatory guidelines surrounding digital currencies. 
According to the <a href="https://docs.house.gov/meetings/AG/AG00/20230606/116051/HHRG-118-AG00-20230606-SD002.pdf" target="_blank" rel="noopener nofollow">draft summary</a>, they believe that these guidelines hinder innovation and fail to provide adequate consumer protection.
The discussion draft introduces a clear division of regulatory authority between the two major US financial regulators in what the industry likes to refer to as a <a href="https://blockworks.co/news/house-republicans-referee-cftc-sec" target="_blank" rel="noopener nofollow">turf war</a>. 
Under the proposed bill, the CFTC would be granted explicit authority over digital currency commodities in the spot market, in accordance with existing law. On the other hand, the SEC would be responsible for regulating digital-asset securities.
<img decoding="async" loading="lazy" class="aligncenter size-medium" src="https://www.tradingview.com/x/6pBYxmDl/" width="2047" height="979" />

The draft bill includes provisions that aim to enhance market accessibility and flexibility. It explicitly prohibits the SEC from preventing an alternative trading system (ATS) from listing crypto securities. 
Additionally, it requires the SEC to modify its rules to enable broker-dealers to provide custody services for digital assets. These measures intend to create a more favorable environment for market participants and promote increased efficiency in the crypto space.
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Future Implications
In the aftermath of extensive enforcement actions that have prompted crypto companies and developers to relocate operations outside the United States, crypto exchanges have been urging for <a href="https://finance.yahoo.com/news/key-house-committees-team-bill-180000078.html" target="_blank" rel="noopener nofollow">regulatory clarity</a>. 
While the draft bill introduced by McHenry and Thompson is still subject to potential amendments and revisions, its proposal demonstrates a dedication to rectifying the existing regulatory deficiencies surrounding cryptocurrencies. 

By addressing these shortcomings, the bill has the potential to stimulate innovation, bolster consumer protection, and establish more transparent guidelines for market participants operating in the crypto sphere.
Positive Initial Industry Response
Although the draft bill has not yet reached the formal introduction stage in the legislative process, the industry&#8217;s initial reception on Friday afternoon was largely positive. 
Market participants and crypto exchanges welcomed the potential for greater regulatory clarity, which could offer stability, facilitate compliance, and encourage continued growth and development within the crypto sector.
-Featured image from Shelly Palmer

Coinbase Expands Futures Offering, Unveils ‘Institutional-Sized’ Bitcoin and Ether Contracts

Coinbase Sees Artificial Intelligence As A Transformative Force In The Crypto Sector

Coinbase recognizes the transformative power of artificial intelligence (AI) within the cryptocurrency sector. As one of the world&#8217;s leading cryptocurrency exchanges, Coinbase acknowledges the significant impact that AI can have on revolutionizing the way cryptocurrencies are utilized, understood, and regulated.
In a <a href="https://www.bloomberg.com/news/articles/2023-06-02/coinbase-says-crypto-may-provide-guardrails-against-ai-excesses#xj4y7vzkg" target="_blank" rel="noopener nofollow">Bloomberg report</a>, the crypto exchange said AI is poised to reshape various aspects of the crypto industry.

<h2>Coinbase Highlights Emerging Opportunities For Collaboration </h2>
In the Coinbase recent research report seen by Bloomberg, David Duong, the head of research at Coinbase, highlighted the growing potential for collaboration and new use cases within the fields of AI and blockchain. 
This maturation of applications in AI and blockchain has the potential to disrupt various industries, while also presenting solutions to specific societal challenges posed by AI.
One of the proposed use cases involves the combination of generative AI and decentralized data marketplaces. Duong suggests that such marketplaces can address the demand for verified and diverse datasets required to train generative AI models. 
By utilizing blockchain technology, these marketplaces can provide a secure and transparent platform for data exchange.
<img decoding="async" loading="lazy" class="aligncenter size-medium" src="https://www.tradingview.com/x/qBCBQ6ZS/" width="2047" height="979" />

<h2>Improving Data Quality Through Token-Based Incentives</h2>
According to the report, a token-based incentive mechanism could be implemented within these decentralized data marketplaces to enhance the quality of sourced data. Duong said this incentivization system would encourage data providers to contribute high-quality and reliable data, ultimately benefiting the generative AI models. 
The use of tokens as rewards or incentives can help maintain the integrity and accuracy of the data exchanged on these platforms.
The Potential Impact Of Collaborative AI-Blockchain Solutions
As <a href="https://www.entrepreneur.com/en-in/news-and-trends/blockchain-and-ai-a-match-made-in-heaven-for-the-cement/453382" target="_blank" rel="noopener nofollow">blockchain and AI</a> continue to mature, the synergistic collaboration between these technologies holds significant promise. The integration of blockchain into AI systems can address challenges related to data privacy, security, and trust. 
Additionally, this collaboration can facilitate the development of innovative solutions for various societal challenges, leveraging the strengths of both AI and blockchain technologies.
<img decoding="async" loading="lazy" class="size-medium wp-image-237125 aligncenter" src="https://bitcoinist.com/wp-content/uploads/2023/06/a-10-640x335.png" alt="" width="640" height="335" srcset="https://bitcoinist.com/wp-content/uploads/2023/06/a-10-640x335.png 640w, https://bitcoinist.com/wp-content/uploads/2023/06/a-10.png 683w" sizes="(max-width: 640px) 100vw, 640px" />



Duong&#8217;s research report emphasizes the potential for AI and blockchain to converge and create new opportunities for collaboration, enabling the emergence of novel use cases that address specific societal challenges posed by AI.
Bloomberg noted that tokens categorized under the AI category by crypto market tracker <a href="https://www.coingecko.com/en/categories/artificial-intelligence" target="_blank" rel="noopener nofollow">CoinGecko</a>, have experienced substantial inflows throughout this year. This surge in investment can be attributed to the remarkable rise in popularity of ChatGPT, which has quickly become one of the fastest-growing applications in the AI space. 
Furthermore, OpenAI, the organization behind ChatGPT, has successfully attracted billions of dollars in investment, further boosting the interest and confidence in AI-related tokens.
-Featured image from Artificial Intelligence Magazine

Kenyan Central Bank Governor Says Stance on Crypto Not Driven by Personal Views

Fitch Maintains Negative Watch on US Rating Despite Debt Limit Resolution

Renowned Investor Jim Rogers Expects Worst Bear Market in His Lifetime — Says ‘You Should Be Extremely Worried’

Iran-Russia Trade Settlements Exceed 60% in National Currencies, Says Joint Chamber Chief

Economist Larry Summers Urges Fed to Consider Half-Point Rate Increase in July

While Markets Consolidate, Value of Bitcoin’s BRC20 Token Economy Has Risen Over 1,500% in 39 Days

NFT Sales Climb 39% in One Week, While Bitcoin NFT Sales Maintain Rapid Momentum

Mysterious Disappearance of Multichain CEO Sends Shockwaves Through Crypto Community

Biggest Movers: TRX Hits 1-Year High, Following Integration on Ethereum Network

Peter Schiff Twitter Apparently Hacked, Shills Gold Crypto, Son Spencer Warns

Trump’s Persistent Election Result Denials Demonstrate The Need For Bitcoin-Verified Truth

Donald Trump’s tireless 2020 election denials, and the fact that voters don’t know what to believe, demonstrates why politicians fear Bitcoin.

Bitcoin, Ethereum Technical Analysis: BTC Consolidates on Saturday, Despite Recent Bullish Signals 

Dogecoin Drama: Elon Musk Faces Lawsuit For Alleged Crypto Market Manipulation

Keyur Rohit, a self-denominated &#8220;crypto influencer&#8221;, has <a href="https://twitter.com/CryptoKingKeyur/status/1664492145464733698?s=20" target="_blank" rel="noopener nofollow">weighed </a>in on the recent Dogecoin (DOGE) lawsuit against Elon Musk. Rohit has expressed his disappointment in Musk&#8217;s alleged actions, stating that they go against the core principles of the cryptocurrency market.  
According to Rohit, the cryptocurrency market is built on trust and transparency. Investors trust that the market is fair and open to all participants, without any undue influence from powerful individuals. Musk&#8217;s alleged actions, if true, would undermine this trust and make it more difficult for honest investors to succeed.
Rohit&#8217;s claims are centered around Musk&#8217;s use of his massive Twitter following and media appearances to artificially inflate the value of Dogecoin, all while profiting from the ensuing chaos. The lawsuit alleges that Musk&#8217;s actions were a deliberate ploy to line his pockets while exploiting the hopes of vulnerable investors.

Rohit also expressed concern about the impact of Musk&#8217;s alleged market manipulation on the wider cryptocurrency market. If investors lose faith in the fairness of the market, they may be less likely to invest in cryptocurrencies, leading to a decline in overall market value.
<h2>Dogecoin Investors Accuse Elon Musk</h2>
The lawsuit also claims that Musk changed Twitter&#8217;s logo to the Dogecoin logo, further fueling the frenzy around the cryptocurrency. The investors behind the lawsuit are seeking to establish Dogecoin as a security under the US Securities and Exchange Commission (SEC) standards, claiming that Musk played the market with insider knowledge.
The initial complaint was filed in June 2022, but with Musk&#8217;s recent takeover of Twitter, the plot has &#8220;thickened&#8221;, according to Rohit. The timing of the allegations is certainly interesting, given Musk&#8217;s increased involvement with Twitter and the subsequent drop in its value. Some have speculated that the allegations could be an attempt to undermine Musk&#8217;s influence over the social media platform.
The accusations levied against Elon Musk are undeniably grave and, if found to be true, could potentially have significant implications not only for Dogecoin but for the entire cryptocurrency industry as a whole. Despite the mounting pressure, Musk has remained silent on the matter, leaving many to speculate on his next move.
Despite these concerns, Rohit is hopeful that the lawsuit will bring about positive change in the cryptocurrency market. By establishing clear rules and regulations around market manipulation, the market can become more transparent and trustworthy for all participants.

The Dogecoin lawsuit against Elon Musk is still ongoing, and the outcome is far from certain. However, regardless of the outcome, it has sparked an important conversation about the role of powerful individuals in the cryptocurrency market and the need for greater transparency and accountability.
<img decoding="async" class="size-large" src="https://www.tradingview.com/x/fxqgNiqk/" alt="Dogecoin " width="1814" height="858" />
<h2>DOGE Price Stable</h2>
As of the time of writing, the price of DOGE remains relatively stable, with no significant movement since experiencing a steep decline starting on April 3rd. This was the date when the meme coin reached its peak for the year, hitting a value of $0.1050 shortly after Elon Musk changed the traditional Twitter logo to feature the Dogecoin symbol. Currently, DOGE is trading at a value of $0.0717.
-Featured image from Unsplash, chart from TradingView.com

Top Crypto Strategist Shares Alarming Bitcoin Price Forecast

Leading crypto, Bitcoin (BTC), finds itself under the scrutiny of a senior macro strategist at Bloomberg. With a foresight that carries significant weight, this strategist unveils an alarming price prediction, suggesting that the ongoing decline in Bitcoin&#8217;s value might persist in the foreseeable future.
In the most recent edition of his report titled &#8220;<a href="https://www.linkedin.com/posts/mike-mcglone-a8442513_crypto-outlook-june-2023-edition-activity-7070364209334603776-Nlpm" target="_blank" rel="noopener nofollow">Crypto Outlook, June 2023</a>,&#8221; Mike McGlone presents a viewpoint that indicates Bitcoin may not have yet overcome its most challenging phase. 
McGlone asserts that considering the prevailing patterns, multiple factors influencing the cryptocurrency market, and the US Federal Reserve&#8217;s inclinations, the future prospects for Bitcoin seem to lean towards a bearish trajectory.
<h2>Concerns Over Bitcoin&#8217;s Price Reversion Risks </h2>
In his latest analysis, McGlone draws attention to the historical trading patterns of Bitcoin. McGlone emphasizes that at the close of 2019, the cryptocurrency was valued at approximately $7,000, but subsequently experienced a substantial liquidity boost. This remarkable surge raises valid concerns about the possibility of price reversion risks. 
<img decoding="async" loading="lazy" class="size-medium wp-image-198948 aligncenter" src="https://bitcoinist.com/wp-content/uploads/2022/10/Bitcoin-7-640x356.png" alt="Bitcoin" width="640" height="356" srcset="https://bitcoinist.com/wp-content/uploads/2022/10/Bitcoin-7-640x356.png 640w, https://bitcoinist.com/wp-content/uploads/2022/10/Bitcoin-7-768x427.png 768w, https://bitcoinist.com/wp-content/uploads/2022/10/Bitcoin-7-750x417.png 750w, https://bitcoinist.com/wp-content/uploads/2022/10/Bitcoin-7.png 796w" sizes="(max-width: 640px) 100vw, 640px" />



McGlone highlights the significance of the month of June as a potential turning point, where the prevailing bias towards rising risk assets, including Bitcoin, will either persist or give way to a looming US recession. 
Moreover, by any move central banks, according to McGlone, may have unforeseen consequences that could adversely impact Bitcoin and other risk assets in the near future.
<img decoding="async" loading="lazy" class="aligncenter wp-image-237068 size-full" src="https://bitcoinist.com/wp-content/uploads/2023/06/a-7.png" alt="" width="1141" height="60" srcset="https://bitcoinist.com/wp-content/uploads/2023/06/a-7.png 1141w, https://bitcoinist.com/wp-content/uploads/2023/06/a-7-640x34.png 640w, https://bitcoinist.com/wp-content/uploads/2023/06/a-7-980x52.png 980w, https://bitcoinist.com/wp-content/uploads/2023/06/a-7-768x40.png 768w, https://bitcoinist.com/wp-content/uploads/2023/06/a-7-750x39.png 750w" sizes="(max-width: 1141px) 100vw, 1141px" />

As of writing, Bitcoin&#8217;s current value at <a href="https://www.coingecko.com/en/coins/bitcoin" target="_blank" rel="noopener nofollow">CoinGecko</a> stands at $27,152, underscoring the downward trajectory of its 52-week moving average, which stands in stark contrast to the initial upward trend witnessed at the onset of the pandemic. The alpha crypto has rallied a meager 1.7% in the last week.
<h2>The Impact Of Central Bank Rate Hikes</h2>
McGlone emphasizes the significance of ongoing central bank rate hikes in shaping the future of Bitcoin. As central banks take a more aggressive approach to tighten monetary policy, the resulting increase in borrowing costs has the potential to dampen economic growth and market sentiment. This, in turn, may affect the appetite for risk assets like Bitcoin.
<img decoding="async" loading="lazy" class="aligncenter size-medium" src="https://www.tradingview.com/x/LeMgmFRO/" width="2047" height="979" />


Moreover, the strategist suggests that the market&#8217;s optimism surrounding central bank rate hikes might be misplaced. While these actions aim to curb inflationary pressures, there is a risk of overcorrecting and inadvertently triggering an economic slowdown or even a recession. In such a scenario, Bitcoin could be particularly vulnerable to a decline in value as investors seek safer havens for their capital.
As McGlone paints a bearish picture for Bitcoin, it is crucial to acknowledge the inherent uncertainty in predicting the future of any financial asset.
-Featured image from Think Magazine

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