August 1, 2024 – BTC: $64,679 – ETH: $3,233. While Augustians are on vacation, crypto news is focused around memecoins on Solana, notably with the Pump.fun platform which is launching a series of token launches that are as dubious as they are lucrative! There is also talk of Ripple and its stablecoin, but it’s in France that we will begin our Crypto Recap with the Bybit platform which announces its departure from France and especially with the arrest of a certain Pavel Durov.
- The arrest of Pavel Durov in France sparked a scandal and an outcry for freedom of expression, before his release on bail.
- The Bybit platform has announced its departure from France in the face of tougher regulations, marking a first victim of the race for compliance initiated by the AMF.
France is at the heart of this month of August, between Pavel Durov and the tightening regulations
The arrest of the founder of the Telegram platform on French territory triggers an outcry among supporters of freedom of expression while justice is lining up 12 charges against him! Faced with this political-diplomatic imbroglio, the France and the observers walk on eggshells while theEuropean Union also launches an investigation into so-called encrypted messaging. The social media hero was finally released a few days later, but not without paying a large bail.
In France always, in a tense regulatory context due to the arrival of the regulation MiCAthe Financial Markets Authority (AMF) officially launches the PSAN race. And there is immediately a first victim in this quest for compliance with the platform Bybit who announces his scheduled departure from France. For the next subject, we are going to leave compliance aside to dive into the Far-West cryptos with the Pump.fun platform which has established itself as the playground for living of the sector.
Memecoins make and break fortunes and Solana stands out as the place to be for tokens living
This fashion for purpose-built tokens humorous and purely speculative takes on incredible proportions in the heart of summer and we can no longer keep count of the projects launched every day on Pump.fun! Of course, this supercharged nursery where some people make their fortune is also a graveyard in the open since the vast majority of these tokens end up where they came from: nowhere.
More Solanait is not only these memecoins since in this month of March several news collide with in particular ETF which arrive in Brazil after those from Switzerland. There will also be a protocol for restaking which achieves a good fundraising or the arrival of a new stablecoin. Solana is the place to be this month of August 2024! Finally, about stablecoina word about that of Ripple which is being tested this summer. It is running in beta on the in-house network, XRPL, but also on Ethereum. The XRP issuer’s teams are enthusiastic about the future uses of this RLUSD which will ultimately only see the light of day in December 2024. But that’s another story.
And since good news never comes alone, this is the moment that the judge chose in the proceedings against the SEC to announce that the fine that Ripple must pay will be reduced by 94%! A near-victory for Brad Garlinghouse’s teams, but not sure about Gary Gensler’s let them enjoy for a long time of this moment of grace. We will see all of this in the rest of the Crypto Recap, with the month of September and an explosive start to the year for the sector.
