Originally aired on August, 7, 2023
Wendy O discusses several breaking news stories in the cryptocurrency world, including the launch of PayPal’s token and its potential impact, the potential insolvency of Huobi, and the Ripple case. She also talks about the benefits of using riced cauliflower in cooking and provides updates on her personal life and mood.
PayPal launches US dollar stablecoin
- PayPal has announced the launch of a US dollar-denominated stablecoin called PayPal USD.
- The stablecoin is fully backed by US dollar deposits, short-term US treasuries, and cash equivalents.
- Users will be able to transfer the stablecoin between PayPal and supported wallets and use it for purchases or to convert other crypto assets to and from PayPal USD.
- The launch of PayPal’s stablecoin highlights the increasing importance of stablecoins in the crypto space and raises questions about regulation and consumer protection.
Potential insolvency of Huobi
- There are rumors of the potential insolvency of Huobi, a popular crypto exchange.
- These rumors stem from reports of executive arrests and inconsistencies in Huobi’s USDT holdings.
- It is important for users to exercise caution and consider moving their assets off of Huobi until the situation is clarified.
- The potential insolvency of Huobi highlights the risks associated with centralized exchanges and the need for greater transparency and regulatory oversight in the crypto industry.
Ripple case update
- The SEC continues to argue that XRP itself is a security, while Ripple maintains that it is not.
- A judge previously ruled that XRP was not a security on the secondary market but left the door open for potential securities violations in other contexts.
- The ongoing legal battle between Ripple and the SEC raises questions about the classification of cryptocurrencies and the role of regulatory agencies in the industry.
Gensler focuses on AI
- SEC Chair Gary Gensler is shifting the agency’s focus to artificial intelligence (AI) and its potential implications for the financial markets.
- Gensler believes that AI is the most transformative technology of this generation but warns of the dangers of mass automation and the need for regulatory frameworks to address potential risks.
- The move towards AI regulation leaves the crypto industry in a state of uncertainty as it waits for clear guidelines and regulations.
- The shift in focus from crypto to AI reflects the growing influence and impact of AI on the financial industry.
Cardano blockchain transactions increase
- Cardano’s blockchain activity saw a 49% increase in quarter two, driven by technical improvements and a rise in developer interest.
- The value and locked transactional metrics on the Cardano blockchain grew quarter over quarter.
- Several new DApps, including Mini Swap and others, contributed to the increase in daily active users.
- The growth in Cardano’s blockchain activity demonstrates the progress and potential of the platform as it continues to attract developers and users.
Kenya shuts down Worldcoin operations
- The Kenyan government suspended Worldcoin’s operations due to security concerns and conducted a raid on one of its warehouses.
- Worldcoin had been offering incentives to individuals in poverty-stricken areas in exchange for their biometric data.
- The government’s actions highlight the need for consumer protection and regulatory oversight in the crypto industry.
- The incident raises concerns about the misuse of personal data and the potential risks associated with unregulated cryptocurrency projects.
00:00 – Intro
02:45 – We are still in a bear market
03:40 – The entire crypto market
04:00 – BTC daily & 6h
04:40 P- aypal launches USD backed stablecoin
16:20 – Huobi insolvency rumor
24:20 – Curve Finance attacker missed repayment deadline
26:15 – Celsius Network CEO will face fraud charges
26:55 – Worldcoin warehouse raid
28:35 – XRP RIPPLE BOMBSHELL
31:30 – SEC moves to regulate #ai instead of crypto
33:15 – Coingecko adds list for crypto securities
35:00 Hongkong opens crypto trading for retail investors
35:50 – Australia becoming a cashless society
39:05 – GMX v2 beta now live
39:45 – Cardano blockchain activity rose in Q2