ProBit Bits — ProBit Global’s Weekly Blockchain Bits Vol. 107

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 SEC Drops Investigation Into Ethereum

Ethereum developer Consensys announced that the SEC has decided to close its investigation into whether Ethereum is a security. This decision means the SEC will not charge against Ethereum transactions, a victory for the Ethereum community. In addition, the closure follows the regulator’s recent approval of spot Ether ETFs, which suggest ETH is viewed as a commodity, however Consensys' lawsuit against the SEC attempts to label ETH as a security remain active. The SEC has not commented on the decision so far.

 Martin Shkreli Claims To Be The Creator Of Donald Trump Meme Coin

Martin Skreli, a well known securities fraud figure claims he co founded the DJT memecoin, stirring up debate due to its ties to Barron Trump, son of Donald Trump. Shkreli, who was released from prison back in 2022, asserts the evidence of his partnership with Barron Trump. This claim was brought up during an online session where Skreli discussed a $150,000 bet he made with Akham intelligence to uncover the DJT creator. The coin’s value dropped with insider trading allegations adding to the controversy, nevertheless, Trump’s representatives have not confirmed Skreli’s claims.

 Solana Gaming Studio Mirror World Secures $12M Investment

Mirror World Labs, a Solana gaming studio has secured $12 million in its Series A funding round. The funds will be used to improve the Sonic protocol, the first gaming release on Solana, which allows developers to create Solana Virtual Machine chains for their GameFi projects. Sonic aims to onboard thousands of games onto the Solana platform offering sandbox environments, customizable gaming primitives and a development kit with 50 gaming clients like Mahjong Meta and Matr1x Fire achieving significant user engagement since its launch in March. We can expect to see more games developed on the Solana ecosystem with the new protocol released.

 German Government’s $425 Million Bitcoin Transaction Creates Market Buzz

A German Government wallet identified the crypto analytics firm Akrham pinpointed a significant Bitcoin transaction, stirring up the crypto community. The wallet transferred 6,500 Bitcoin worth over $425 million, possibly indicating a liquidation of assets seized from criminal activities. While most of the Bitcoin was moved to other addresses, 1,000 BTC was sent to centralized exchanges to potentially be sold. The wallet still holds a significant amount of bitcoin with 43,359 BTC valued at $2.83 billion. With recent activity and sales by long term Bitcoin holders and outflows from Bitcoin ETFs, indicates selling pressure in the market.

 President Javier Milei Promotes Bitcoin As A Currency In Argentina

Argentine President Javier Milei has continued his support for accepting Bitcoin and other currencies into Argentina’s national economy, advocating for a system where citizens can freely choose their preferred currency. Influenced by El Salvador’s Bitcoin adoption, Milei’s vision aims to target Argentina’s inflation and tax issues by promoting competition among various currencies like Bitcoin and stablecoins. Despite regulatory pressure from the Financial Action Task Force, Mieli remains determined to integrate more cryptocurrency options, with the government already allowing contracts in Bitcoin, signifying potential monetary changes ahead.

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