Top Crypto News Of The Day: UAE Ban Crypto, Ripple Criticizes SEC, and More

Here is the top crypto news of the day curated by CoinChapter.com.

UAE Regulation May Ban Crypto Payment

The United Arab Emirates (UAE) may soon prohibit cryptocurrency payments, according to blockchain lawyer Irina Heaver.

New regulations from the Central Bank of UAE require payment tokens to be backed by UAE dirhams and not linked to other currencies. This effectively bans the use of cryptocurrencies for goods and services unless they are licensed dirham payment tokens or registered foreign payment tokens, neither of which currently exist.

Heaver warns that this development could contradict the UAE’s typically pro-commerce and pro-investment stance. The regulations aim to oversee and license stablecoins but may have far-reaching consequences for the crypto industry in the UAE.

Crypto News: Ripple CEO Criticizes SEC Chair

Ripple CEO Brad Garlinghouse has strongly criticized SEC Chair Gary Gensler, claiming his actions will cause Joe Biden to lose the upcoming U.S. presidential election. Garlinghouse’s comments came in response to Gensler’s remarks at a Bloomberg Invest Summit, where he suggested many crypto industry leaders were facing legal troubles.

Garlinghouse accused Gensler of spreading “absolute nonsense” and “slander,” pointing out the SEC’s failure to prevent the FTX collapse. He argued that if Gensler were truly working for the American people, he would have been fired long ago. 

Read Full Story Here: Ripple CEO Claims SEC Chair Gensler Could Cost Biden the 2024 Election

Blast Airdropped 17 Billion Tokens

Blast, an Ethereum Layer 2 scaling network, has completed its first airdrop, distributing 17 billion BLAST tokens to early adopters. Within hours of the launch, about 35% of the allocated tokens had been claimed. The airdropped tokens represent 7% of the total 100 billion BLAST supply.

The airdrop allocations were based on users’ accumulated Blast Points. Blast plans to distribute the remaining tokens among core contributors, investors, the Blast Foundation, and community initiatives. The token was trading at $0.028 on a pre-market platform, valuing the airdropped tokens at approximately $476 million, though this price may not reflect official market rates.

Crypto News: DOJ Rules Cryptocurrency as Security

The U.S. Department of Justice (DOJ) has ruled that a cryptocurrency can be classified as a security. This verdict came as part of a case against Shane Hampton and Michael Kane, founders of Hydrogen Technology when the judge was sentencing them for manipulating the price of their HYDRO token.

The DOJ found that the pair, along with co-conspirators, used a trading bot to artificially inflate HYDRO’s price through wash trades and spoof orders. This manipulation led to approximately $2 million in profits over 10 months. The case marks the first time a jury in a federal criminal trial has determined that a cryptocurrency is a security and that manipulating its price constitutes securities fraud.

Read Full Story Here: US Department Deems Cryptocurrency a Security in HYDRO Founders’ Sentencing

Spot Bitcoin ETFs See Inflow Reversal

U.S.-based spot Bitcoin exchange-traded funds (ETFs) have reversed a week-long outflow trend. On June 25, they recorded net inflows of $31 million, following seven consecutive trading days of outflows totaling $1.1 billion.

The Fidelity Wise Origin Bitcoin Fund led the inflows with $49 million, while some funds like the Grayscale Bitcoin Trust continued to see outflows. Despite this mixed performance, the 11 spot Bitcoin ETFs that launched in January have accumulated net inflows of $14.42 billion as of June 25, indicating sustained interest in these investment vehicles.

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