Crypto Weekly Recap: Celsius to exit bankruptcy; SEC Advances Bitcoin ETFs; Terraform Labs has new CEO; and more (July 16–22, 2023)

Hello, crypto champ. This is Melega Finance, the world’s leading decentralized digital asset exchange platform. Welcome to our latest edition of the weekly cryptocurrency news roundup, where we will unleash the most exciting stories from the cryptoverse for the week (July 16th to 22nd, 2023).

These past seven days were undoubtedly filled with interesting news, such as the potential approval of a spot Bitcoin (BTC) ETF and the potential revival of the collapsed Celsius cryptocurrency lender, the change in Terraform Labs’ leadership, and even the possibility of having a crypto enthusiast as the next President of the United States. However, Bitcoin (BTC) fell slightly below the $30k mark despite these developments. At press time, Bitcoin (BTC) is at $29,918, Ether (ETH) is at $1,874, and XRP is at $0.74.

Ready to get refreshed by the top crypto stories of the week? Let’s dive in!

CRYPTO NEWS RECAP: (JULY 16th to 22nd, 2023)

• Celsius Network to exit bankruptcy with customer asset return
• $480 million vanished as Binance completes 24th quarterly BNB burn
• Ron DeSantis vows to take down CBDC’s future president
• FTX sues former executives over a billion-dollar misappropriation
• Terraform Labs appoints Chris Amani as CEO to steer a new path forward
• Bitcoin ETF inches closer to reality as SEC reveals eight promising applicants

Celsius Network to exit bankruptcy with customer asset return

Celsius Network, a troubled crypto lending platform, is on the path to exiting bankruptcy with two settlements. Court filings on July 20 revealed the agreements, which aim to return assets to customers and end bankruptcy proceedings. Judge Martin Glenn will review the settlements during an August 10 hearing, addressing $78.2 billion in unsecured claims.

One settlement boosts customer recoveries by 5%, while the other allows borrowers to receive crypto assets and compensation in the new company’s shares.

$480 million vanished as Binance completes 24th quarterly BNB burn

Binance achieves its 24th quarterly burn, permanently eliminating over $480 million worth of BNB tokens to maintain scarcity and boost value. The burning process, conducted every three months, aims to reduce the token supply to about 100 million. Initially, 1,991,854 tokens were burned, and 747.51 BNB tokens were destroyed through the Pioneer Burn Program.

The transparent mechanisms used for burning, including BNB Auto-Burn and Real-time Burn (BEP-95), ensure verifiability. Despite the burn, Binance Coin (BNB) remains relatively silent, trading at around $242 with a 0.67% drop in the last 24 hours and a market cap of a little above $37 billion.

DeSantis vows to take down CBDCs as future president

Ron DeSantis, the Florida governor and GOP presidential candidate, firmly opposes central bank digital currencies (CBDCs) and vows to ban them if elected president.

At the Family Leadership Summit in Iowa, he declared, “Done, dead, not happening in this country.” He previously signed a bill prohibiting the use of a national CBDC as money in Florida, citing concerns over government-sanctioned surveillance.

Despite his criticism of CBDCs, DeSantis remains supportive of cryptocurrencies, calling their usage a question of civil liberty and labeling Bitcoin (BTC) a “threat to the current regime.”

It should be noted that he is not the only presidential candidate to publicly show support for decentralized digital assets. Notably, Robert F. Kennedy Jr. has also promised to progressively back the United States dollar with Bitcoin if he is elected president.

FTX sues former executives over a billion-dollar misappropriation

Bankrupt FTX files a lawsuit against former CEO Sam Bankman-Fried (SBF) and ex-executives, claiming they misappropriated over $1 billion in customer funds. The accused allegedly used the money for luxury condos, political contributions, and speculative investments. They’re also accused of issuing $725 million in equity to themselves without offering value in return.

Moreover, Bankman-Fried and Wang allegedly misused an additional $546 million to buy shares in Robinhood. Ellison paid herself $28.8M in bonuses and invested $10M in an AI company. FTX asserts Bankman-Fried transferred $10 million to his father’s account, which was used for legal defense. Interestingly, they noted that the fraudulent activities took place while FTX was insolvent, leading to its Chapter 11 bankruptcy filing.

Terraform Labs appoints Chris Amani as CEO to steer a new path forward

Terraform Labs has appointed Chris Amani as CEO, replacing co-founder Do Kwon, who is facing fraud charges. Amani, an experienced tech executive, takes the reins after serving as COO and CFO of the same company. Amani remains optimistic despite challenges, expressing confidence in Terraform Labs’ ability to revitalize the project. He plans to rebuild Terra by focusing on practical Web3 applications without algorithmic stablecoins like the collapsed TerraUSD.

Bitcoin ETF inches closer to reality as SEC reveals eight promising applicants

The American SEC took a significant step towards approving the first Spot Bitcoin ETF in the US by listing at least eight applicants, including BlackRock and Fidelity, in the Federal Register. However, the listing doesn’t guarantee approval, and the SEC will conduct a thorough review, considering investor protection and market manipulation concerns.

The decision rests with the regulatory agency and could pave the way for a new era of cryptocurrency investment. The review process may last up to 240 days, leaving the future of Bitcoin ETFs in the US uncertain.

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