5 Aug 2025, 08:49

SEC’s Peirce Defends Crypto Privacy Rights as Tornado Cash Developer Awaits Verdict

SEC Commissioner Hester Peirce delivered a forceful defense of financial privacy rights on August 4, arguing that Americans should retain the ability to use privacy-protecting crypto technologies without government surveillance. Her remarks at Stanford’s Science of Blockchain Conference come as Tornado Cash co-founder Roman Storm faces criminal trial for allegedly facilitating $1 billion in illicit transactions through the sanctioned crypto mixer. Fourth Amendment Protections Eroded by Third-Party Financial Surveillance Peirce criticized the Bank Secrecy Act’s 55-year-old framework that deputizes financial institutions as “de facto law enforcement investigators,” requiring them to file over 25 million transaction reports annually, including 4.7 million suspicious activity reports. The Bank Secrecy Act was built entirely for a paper-based world. But money is now a creature of the internet and we need our laws to respect that. A prime example: we should look to Zero-Knowledge Proofs to eliminate the data dragnet that the BSA forces on every consumer. 1/3 pic.twitter.com/ng7doN9DaH — paulgrewal.eth (@iampaulgrewal) August 4, 2025 She argued the third-party doctrine strips Americans of Fourth Amendment protections when they interact with financial intermediaries. The Commissioner advocated for zero-knowledge proofs, encrypted networks, and decentralized technologies that eliminate intermediaries from financial transactions. She warned against requiring open-source software developers to answer for how others use their code, stating that immutable protocols available for anyone’s use cannot practically comply with financial surveillance measures. Peirce’s speech coincided with Storm’s July 14 trial date, where prosecutors face evidence authentication challenges after initially misattributing a key Telegram message about the $600 million Axie Infinity hack. Defense attorneys revealed the message was written by former CoinDesk reporter Andrew Thurman, not Storm’s co-developer Alexey Pertsev, as prosecutors claimed. Bank Secrecy Act Under Fire as Surveillance Costs Mount Peirce questioned whether the BSA’s “sledgehammer approach” to financial monitoring serves proportionate benefits, given its massive costs to institutions and privacy implications for Americans. She noted that approximately 324,000 financial institutions submitted over 25 million transaction reports in fiscal 2024, creating what she called a “when-in-doubt-file dynamic.” The Commissioner cited Justice Douglas’s 1976 dissent, warning that banking transactions reveal “a fairly accurate account” of individuals’ religion, ideology, and interests, making automatic availability to federal agencies a threat requiring “delicate scalpel” precision rather than broad surveillance. Recent Government Accountability Office findings suggested that most Currency Transaction Reports go unused by law enforcement. Today in the MIT Technology Review, I explain why the Bank Secrecy Act, a Nixon-era law, is no longer fit for a modern era where nearly every financial transaction is trackable without a warrant. Our financial data is among the most sensitive personal information we produce.… https://t.co/eJWINtjbke — Katie Haun (@katie_haun) June 25, 2025 Deputy Treasury Secretary Michael Faulkender acknowledged the need for BSA modernization reforms to balance costs and benefits. Treasury recently delayed an anti-money laundering rule for investment advisers pending substantive review, indicating growing recognition of the program’s burden. Peirce also criticized the SEC’s Consolidated Audit Trail, which captures customer trading data across all markets without suspicion of wrongdoing. She and Commissioner Uyeda described the CAT as a tool “one would expect to find in a dystopian surveillance state” that disregards investor privacy interests. Chairman Atkins has called for a CAT review , including “a hard look at the reporting requirements and scope of what is collected.” The SEC stopped requiring customer names, addresses, and birth years in CAT submissions earlier this year following privacy concerns. We will make sure the next chapter of financial innovation is written right here in America. Watch highlights from my speech launching Project Crypto at @A1Policy . pic.twitter.com/euqY9samPt — Paul Atkins (@SECPaulSAtkins) August 4, 2025 Tornado Cash Case Exposes Prosecutorial Evidence Problems Storm’s criminal trial faces significant evidentiary challenges after prosecutors mishandled key digital communications extracted from Dutch authorities following co-developer Pertsev’s arrest. The disputed Telegram message about “cashing out 600 mil” was central to the government’s case establishing criminal intent. Assistant U.S. Attorney Ben Arad referenced the message during pretrial hearings , telling the judge it demonstrated the co-founders’ awareness of wrongdoing. Tornado Cash developer Storm claims @TheJusticeDept bungled critical Telegram evidence ahead of July 14 trial as prosecutors wrongly attribute key $600M Axie Infinity message. #TornadoCash #DOJ https://t.co/QK7AdsI7vB — Cryptonews.com (@cryptonews) July 14, 2025 Defense attorneys argue the misattribution provided “false information” to both the court and potentially the grand jury that issued the indictment. The authentication problems extend beyond single messages, with defense lawyers noting missing author information for forwarded Telegram messages and incomplete file retrieval from Dutch law enforcement. FBI Agent Dickerman’s extraction reportedly contained multiple flaws that prosecutors cannot verify due to limitations in international evidence sharing. Storm’s defense maintains the charges criminalize open-source software development, with the Ethereum Foundation pledging $500,000 toward legal defense and matching up to $750,000 in community contributions. The trial outcome could establish precedent for how prosecutors pursue cases against decentralized technology developers. Peirce’s privacy advocacy aligns with broader regulatory shifts under the Trump administration’s “Project Crypto” initiative , which aims to onshore crypto businesses while protecting self-custody rights and privacy-preserving technologies. The post SEC’s Peirce Defends Crypto Privacy Rights as Tornado Cash Developer Awaits Verdict appeared first on Cryptonews .

5 Aug 2025, 08:44

Tom Lee, the previous bull, spoke about Ethereum (ETH)! He said, "It will be the biggest!" and gave a date!

Fundstrat co-founder and Bitmine Technologies CEO Tom Lee, who has made a name for himself with his bold predictions about Bitcoin and the market, made new statements. Accordingly, Tom Lee, who gave a big boost to Ethereum, argued that Ethereum will be the biggest macro trend in the next 10-15 years. Sharing from his X account, Lee stated that Wall Street’s financialization of blockchain and AI’s tokenization of robotic assets are positive for Ethereum. “….Ultimately, Ethereum will become one of the biggest macro trends in the next 10-15 years.” In his previous statements, Tom Lee predicted that Ethereum would rise to $15,000 in the medium term by the end of the year. Related News: Tom Lee, who predicted the previous bull market, announced his new predictions for Bitcoin (BTC) and Ethereum (ETH)! He gave the date! The World's Largest Ethereum Holder! Tom Lee also mentioned Bitmine Immersion Technology, an Ethereum reserve company on whose board he sits. BitMine is currently holding more than $3 billion worth of Ethereum in the Ethereum accumulation race, making it the company with the most Ethereum in the world. “Bitmine currently holds 833,133 Ethereum worth $3 billion. It is the world's largest Ethereum treasury and the world's third largest virtual asset (cryptocurrency) treasury. *This is not investment advice. Continue Reading: Tom Lee, the previous bull, spoke about Ethereum (ETH)! He said, "It will be the biggest!" and gave a date!

5 Aug 2025, 08:30

Chinese companies rush to list in the U.S. despite tensions

China’s economic numbers for July are all over the place. While the country saw its fastest services growth in over a year and is pushing out more companies to list in the U.S. than ever before, its Iranian crude imports fell off sharply. The S&P Global China General Services PMI surged to 52.6 in July, up from 50.6 in June. That’s the highest reading since May 2024. The increase was driven by stronger demand and a clear rise in new export orders. This number tracks growth at smaller, export-focused businesses, mostly along the east coast. At the same time, the official Chinese government services PMI slipped slightly from 50.1 to 50.0, showing stagnation in larger state-run and medium-sized enterprises. The broader S&P China Composite PMI, which combines services and manufacturing, dropped to 50.8 from 51.3, pointing to weaker performance outside the services sector. Chinese companies rush to list in the U.S. despite tensions In the first half of 2025, 36 Chinese companies (mostly small or mid-sized) completed listings in the United States, based on figures from law firm K&L Gates. That follows a record-setting 64 listings in 2024. Many of the 2025 listings happened through SPACs (special purpose acquisition companies), which let startups become public without going through the normal IPO process. Chinese government filings show that more than 40 additional companies are lined up to list on Nasdaq later this year, including a mobile advertising firm and a maker of traditional Chinese medicine. This number doesn’t include confidential filings, so the final total could be even higher. If all those listings go through, 2025 will beat 2024 and set a new record. Over 100 Chinese companies are already trading in U.S. markets, including giants like Alibaba, JD.com, and Baidu, with a total market value near $1 trillion as of March, based on data from the U.S.-China Economic and Security Review Commission. Despite increasing oversight by U.S. regulators, these firms continue to seek better valuations abroad due to tougher listing rules at home. The push for SPAC deals helped Chinese SPAC listings rise from 57 last year to 76 so far in 2025, according to SPACInsider. China cuts Iranian oil imports after June spike Meanwhile, China’s energy imports are pulling back hard. Last month, the country’s Iranian crude imports dropped by nearly 30%, falling to about 1.2 million barrels per day, based on data from Kpler and Vortexa. In June, imports hit over 1.7 million barrels a day, a three-month high. That jump was tied to faster loadings from Tehran, as traders tried to move shipments quickly before any fallout from the brief Iran-Israel clash, which also drew in the United States . That conflict caused concern about a possible disruption to global energy supplies, but ultimately, there were no real interruptions. Most of the oil comes through private Chinese refiners, commonly called “teapots.” These buyers typically dominate China’s intake of U.S.-sanctioned Iranian oil, which doesn’t always appear in official records. While state data often shows zero, analysts say China remains the largest buyer of this crude. This month, teapots didn’t show much interest. “Demand from teapots is far from robust, with their restocking appetite dropping after higher imports in June,” said Muyu Xu, a senior crude analyst at Kpler. “Plus, some of them are faced with a tight crude-import quota,” Muyu added, referring to the limited permits that control how much oil can be brought into the country. And since June, Donald Trump’s administration has been turning the screws even tighter on Iran-related sanctions. The U.S. has expanded restrictions on entities involved in the crude oil supply chain and recently imposed penalties on a fourth Chinese oil terminal. Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now

5 Aug 2025, 08:25

5 Altcoins Gaining Market Momentum as Bitcoin Dominance Wanes

The Altcoin Season Index has surged to 50, signaling a potential shift from Bitcoin to altcoins. XRP is seeing a 430% payment surge in 2025, fueled by global demand and rising ETF approval odds. SEI, HBAR, and SUI are attracting serious institutional backing, hinting at long-term potential. After a long lull in the market, the altcoin space is showing signs of awakening with the Altcoin Season Index rising from 34 to 50 and Bitcoin’s dominance dipped to 60.7%, pointing to capital slowly rotating to select crypto assets. While the broader crypto crowd hasn’t felt the full effect of an altseason just yet, trader VirtualBacon believes it may have quietly started weeks ago, adding that this cycle appears more selective and stealthy. 1/x The July FOMC meeting was a non-event. No rate cut. No end to QT. No liquidity injection. But none of this was surprising, markets had already priced it in. The real game begins in September. — VirtualBacon (@VirtualBacon0x) August 4, 2025 XRP: Quiet Growth Turns Loud According to Dune Analytics , XRP Ledger payments have skyrocketed over 430% in 2025, rising from 1.5 million weekly payments in 2023 to more than 8 mil… The post 5 Altcoins Gaining Market Momentum as Bitcoin Dominance Wanes appeared first on Coin Edition .

5 Aug 2025, 08:18

European stocks rise while gold prices inch higher

European stocks climbed Tuesday morning as traders held onto hopes that U.S. interest rates are finally coming down next month. The Stoxx 600 rose 0.4%, extending Monday’s rebound, with every major European exchange in positive territory. Meanwhile, a proposed regulation in the United States could pull more companies back toward European exchanges. The U.S. Securities and Exchange Commission is working on a change that would force certain foreign firms listed in America to have an active listing outside the U.S. or risk losing their regulatory breaks. The proposal would target the Foreign Private Issuer status that currently helps non-U.S. companies avoid some strict filing requirements, including quarterly earnings reports. If approved, that rule could cause dozens of firms, including names like Arm and Spotify, to seek secondary listings in places like London to hold onto the FPI label. SEC proposal could return listings to London Legal advisors say many foreign firms that are only listed in the U.S. but registered elsewhere will likely choose to add a new listing overseas instead of complying with full American disclosure rules. Robert Newman, co-head of UK capital markets at DLA Piper, said , “It could inadvertently stimulate the London markets.” Robert’s team advises companies on where and how to list, and he said the upcoming rule is already drawing attention in the corporate world. The SEC’s concerns are rooted in what it now sees as a growing hole in its oversight framework. When the FPI rules were first introduced, the assumption was that foreign companies listing in the U.S. were already following meaningful disclosure rules at home. But that assumption no longer holds, based on the agency’s latest concept release. This proposed change comes at a time when European markets are still struggling to hold onto their biggest players. Several high-profile firms have abandoned the continent in recent years, moving to U.S. exchanges where valuations and liquidity are higher. A change in SEC rules could slow that flow, or even send it in reverse. Gold edges up as traders bet on Fed cuts While the stocks story plays out in Europe and the U.S., gold prices are inching higher too. Traders are now pricing in a 98% chance that the Federal Reserve will lower rates at its next meeting in September. That bet has pushed bullion near $3,375 an ounce in early Asia trading. By 8:18 a.m. in Singapore, gold was up 0.1% to $3,377.26 an ounce, after closing 0.3% higher the day before. Gold has already surged nearly 30% this year, helped by a mix of trade tensions, political instability, central bank purchases, and expectations that rates will drop. Fidelity International sees even more upside, predicting gold could hit $4,000 an ounce by the end of 2026. Elsewhere in metals, silver, platinum, and palladium stayed mostly flat. The Bloomberg Dollar Spot Index dropped 0.2%, giving a bit of support to the precious metals complex. On the currency front, the dollar ticked up 0.2% Tuesday after last week’s sharp fall. The move followed a shaky U.S. jobs report on Friday that signaled cracks in the labor market, increasing expectations of a September cut. The volatility spiked further after President Donald Trump fired a top statistics official and Federal Reserve Governor Adriana Kugler resigned, moves that spooked currency markets. Now the greenback is caught in a tug-of-war. Some traders are looking to see if the dollar can build on its small July gain, its first monthly rise this year. Others are watching central bank signals closely, especially with rate cuts almost fully priced in. As of press time, the euro sat at $1.1559, down 0.12%, and sterling was steady at $1.328. Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now

5 Aug 2025, 08:17

LTC Explodes 8% Despite Market-Wide Retracement, BTC Rejected Ahead of $116K: Market Watch

Bitcoin’s gradual price recovery was halted ahead of the $116,000 mark as the asset was pushed south by a few grand in the past few hours. Most altcoins are in the red as well, with substantial retracements from TON and ENA. LTC stands in the opposite corner with an 8.5% pump to over $120. BTC Ascent Stopped Bitcoin traded with a tight range most of last week until Wednesday evening, when it slipped from $119,000 to under $116,500 after the US Federal Reserve decided to leave the key interest rates unchanged for the fifth consecutive time. Although it recovered some ground on Thursday, the bears resumed control and pushed it south hard in the following days. BTC broke below the lower boundary of its trading range and dumped to $112,000 during the weekend, which became its lowest price tag in over three weeks. The bulls managed to defend that level, and didn’t allow another plunge to and under $110,000. In fact, BTC started to recover some ground gradually over the next few days and jumped to just over $115,600 yesterday. However, it couldn’t continue any further, and the subsequent rejection has pushed it to $114,000 as of now. Its market cap has declined to $2.270 trillion on CG, and its dominance over the alts is below 60% once again. BTCUSD. Source: TradingView LTC Defies the Odds Most altcoins have followed BTC on the way down, led by notable price losses by TON and ENA. Both have dropped by double digits on a daily scale, to $3.3 and $0.58, respectively. XLM, HBAR, and XMR are also well in the red SUI, LINK, ADA, HYPE, BNB, DOGE, and XRP are also slightly in the red, while ETH, SOL, and TRX have posted insignificant gains. Litecoin has seen an impressive 8.5% surge over the past day, and it now trades above $120. MNT has stolen the show, surging by 20% to almost $0.9. The total crypto market cap has lost about $40 billion since yesterday’s top and is back to $3.8 trillion on CG. Cryptocurrency Market Overview. Source: QuantifyCrypto The post LTC Explodes 8% Despite Market-Wide Retracement, BTC Rejected Ahead of $116K: Market Watch appeared first on CryptoPotato .