Top crypto roundup: G7 backs CBDCs, Ledger under fire, BlockFi faces more allegations, and more; May 14–20, 2023
Welcome to another version of MelegaSwap’s weekly crypto news summary. This week, from May 14th to May 20th, 2023, get ready for an exciting series of news stories in the crypto market.
The G7 expresses support for CBDCs, stating that they could improve financial inclusion and efficiency. Hardware wallet provider Ledger is under fire for allegedly having access to users’ secret phrases, raising concerns about the security of hardware wallets. In the SEC v. Ripple case, a judge has denied the SEC’s motion to seal communications between former SEC official William Hinman and former Ripple executives, which could help Ripple win its case.
However, creditors of BlockFi have filed a lawsuit against the company, alleging bad management and misleading statements to investors. The NFT marketplace, DIBA, has gone live, using “really good for Bitcoin” smart contracts to power its NFTs. Ripple has launched RippleNet CBDC, a platform for governments and financial institutions to develop interoperable CBDCs.
So buckle up and get ready to explore the depths of this ever-changing landscape with us. Let’s dive in and discover what the world of crypto has in store for us!
TOP 10 CRYPTO STORIES THIS WEEK (May 14–May 20, 2023)
- G7 pushes for approval of central bank digital currencies (CBDCs)
- Ledger hardware wallet provider under fire for allegedly having access to users’ secret phrase
- Judge in SEC v Ripple denies motion to seal Hinman communications
- Creditors of BlockFi alleged the crypto lender was a victim of poor management.
- DIBA Takes the NFT World by Storm with Its Launch on ‘Really Good for Bitcoin’ Smart Contracts
- Ripple Unveils Revolutionary CBDC Platform for Governments and Financial Institutions
G7 pushes for approval of central bank digital currencies (CBDCs)
The G7 countries, led by Japan’s top financial diplomat, Masato Kanda, plan to collaborate on introducing compliant central bank digital currencies (CBDCs) in developing nations. The CBDC will be a priority during this year’s G7 Summit, which aims to progress crypto policy debates and define global standards for implementation.
In the 14-page document, the G7 acknowledges the existence of downsides, including potential threats to the monetary and financial systems’ stability, resilience, and integrity.
Meanwhile, China has already led the way in CBDC development, and at least 114 countries are investigating CBDCs, according to the Atlantic Council.
Ledger hardware wallet provider under fire for allegedly having access to users’ secret phrase
Ledger has launched Ledger Recover, a service that enables users to store their seed phrases with the company for an extra layer of security, but the crypto community has responded negatively.
Many, including top executives in the crypto space, see it as risky to store seed phrases with a third party, and some have criticized Ledger for charging a $30 fee for the service. The service’s popularity remains uncertain due to the negative reaction.
Judge in SEC v Ripple denies motion to seal Hinman communications
A federal judge has denied the SEC’s motion to seal documents related to a speech by former SEC official Bill Hinman in 2018, which could shed new light on the SEC’s lawsuit against Ripple. The SEC argued that the documents were protected by attorney-client privilege, but the judge ruled they were not privileged because they were not created while providing legal advice.
This ruling could potentially weaken the SEC’s case against Ripple, as it suggests that the agency may have overstepped its bounds in pursuing certain documents. While it remains to be seen how this will impact the overall outcome of the lawsuit, Ripple’s XRP rallied by 10.04% in just seven days.
Creditors of BlockFi alleged the crypto lender was a victim of poor management.
BlockFi’s creditors are accusing its management of poor decision-making, which they allege led to the company’s bankruptcy. The company converted $240 million in crypto into fiat after the FTX collapse, causing significant losses, and spent $22.5 million of customer funds on a $30 million insurance policy for its directors and officers.
Moreover, the creditors’ filing is the latest development in a growing battle between BlockFi and its creditors. The outcome of this case could have significant implications for the future of the crypto lending industry.
DIBA Takes the NFT World by Storm with Its Launch on ‘Really Good for Bitcoin’ Smart Contracts
DIBA, a new marketplace for Bitcoin-based NFTs, went live on the 18th of May. The marketplace uses “Really Good for Bitcoin” (RGB) smart contracts, which are built on layer 2 networks like the Lightning Network. This allows the issuance of tokens on Bitcoin to be cheaper and more private, making it easier for people to process anonymous transactions with minor fees.
DIBA also unleashed a Bitcoin-only wallet, which can store music files and art, in partnership with crypto miner Hut 8 Mining (HUT).
Ripple Unveils Revolutionary CBDC Platform for Governments and Financial Institutions
Ripple has launched a central bank digital currency (CBDC) platform, which enables central banks and financial institutions to create digital currencies. The platform is based on Ripple’s Private Ledger technology and offers frictionless end-to-end solutions, improving the user experience and reducing risk.
The launch of the Ripple CBDC Platform is a significant development in the central bank digital currency domain, as the platform delivers a valuable tool for central banks and governments that are looking to issue their own digital currencies.
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