Welcome to today’s edition of Datawallet Daily. Here are the key stories that are shaping the crypto landscape over the last 24 hours:
- Coinbase Challenges SEC’s Crypto Authority in Court
- Bitcoin Miners Sell $450M Worth of BTC in a Day
- MetaMask’s Secret Project May Transform Ethereum
- Trump Vows to Block CBDC Issuance If Elected
Coinbase Challenges SEC’s Crypto Authority in Court
A New York court is set to hear Coinbase’s motion to dismiss a lawsuit by the U.S. Securities and Exchange Commission, which accuses the cryptocurrency exchange of listing 13 tokens that allegedly violate securities laws, including Solana and Cardano. Coinbase disputes the SEC’s authority over crypto exchanges, noting the absence of prior requirements to register as a securities exchange.
This case, part of the SEC’s broader crackdown on crypto firms, is pivotal and could significantly impact the future of several cryptocurrencies in the U.S. The decision is highly anticipated, especially given the judge’s history in handling crypto-related cases.
Bitcoin Miners Sell $450M Worth of BTC in a Day
Bitcoin miners have recently shifted to selling mode, offloading a significant amount of Bitcoin reserves. On January 17th, Bitcoin miners sold over 10,000 BTC, the largest daily decrease in miner reserves in a year, amounting to roughly $450 million. This selling phase brought miner reserves to a yearly low of 1.83 million coins. Miners tend to sell when prices rise, as seen recently with Bitcoin hovering around $42,000 to $43,000.
The selling was anticipated by the rising Bitcoin Miners’ Position Index (MPI) and comes amidst a backdrop of reduced hash rate and scaled-back operations in Texas due to energy conservation. The average hash rate has dropped to its lowest since October, around 400 exahashes per second.
MetaMask’s Secret Project May Transform Ethereum
MetaMask, a leading Ethereum wallet, is testing a new “transaction routing” technology, enabling users to execute transactions more efficiently through third-party services. This feature, part of the “Smart Swaps” in MetaMask’s browser extension, shifts from detailed transaction instructions to an “intent-centric” approach, where users specify desired outcomes.
Developed by Special Mechanisms Group, a subsidiary of MetaMask’s parent company Consensys, this technology seeks to optimize transaction paths for better prices. It represents a significant shift in Ethereum transaction methods, aligning with the trend of intent-centric protocols like Anoma and Uniswap X, but with unique features to mitigate centralization risks.
Trump Vows to Block CBDC Issuance If Elected
Donald Trump, in his bid for the Republican presidential nomination, has declared he will oppose the creation of a central bank digital currency (CBDC) if elected. During a campaign speech in New Hampshire, Trump argued that a CBDC would give the federal government excessive control over money, framing it as a potential form of government overreach.
This pledge comes as the Federal Reserve explores the possibility of a U.S. CBDC, though it requires Congressional approval. Globally, CBDCs are being actively explored by numerous countries, with some like China and the European Central Bank making significant strides in their development.
Other breaking news
- ProShares Submits Five Indirect Bitcoin ETF Proposals
- Unstoppable Domains Introduces Token-Based Group Chats
- Rocket Pool X Account Compromised, Falsely Claims Smart Contract Breach
- Franklin Templeton Targets Ethereum, Solana Following Bitcoin Focus
- Unibot’s Trading Bot Achieves Record Usage on Solana After Ethereum Success
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