During their bull runs, XLM and XRP often move in sync, with a high correlation coefficient typically topping 0.70. Will history repeat for Stellar? Key takeaways: XLM eyes a 35% breakout toward $0.63 as it tests an ascending triangle resistance. A strong historical correlation with XRP suggests that XLM may continue rallying. Read more
DeFi Development, a Nasdaq-listed Solana treasury company, has launched the DFDV Treasury Accelerator to expand globally via a franchise model, partnering with Kraken and top crypto VCs. Nasdaq-listed corporate Solana treasury company DeFi Development Corp. announced the launch of its SOL treasury accelerator. According to a Thursday announcement shared with Cointelegraph, DeFi Development launched the DFDV Treasury Accelerator, the firm’s international expansion initiative, which utilizes a franchise model to support regional Solana treasuries worldwide. The DFDV Treasury Accelerator is launching in partnership with crypto exchange Kraken and crypto venture firms Pantera Capital, RK Capital and Borderless Capital. They are expected to support the launches of new regional SOL treasuries, providing potential investment, strategic guidance and infrastructure. Read more
UK lawmakers are taking sides over the issue of cryptocurrencies as parliamentarians look to update campaign donation laws. Crypto is now at the center of the UK’s debate on campaign finance reform, with some members of parliament calling for a ban on crypto donations. Cabinet Office Minister Pat McFadden of the UK Labour Party told fellow MPs on July 14 that cryptocurrency donations to political campaigns should be banned. McFadden, who is a close ally of Prime Minister Keir Starmer, raised concerns about crypto’s possible use by foreign actors interfering in UK politics. The MP’s comments come a month after Nigel Farage, head of the right-wing populist Reform Party, announced that his party would accept crypto donations. Parliamentarians also expect a strategy paper recommending that laws on foreign influence on UK elections be strengthened. Read more
A US bankruptcy court is set to decide whether to block creditor payouts to certain countries after receiving nearly 70 objections from creditors in China, Saudi Arabia and more. Update (July 18, 1:30 pm UTC): This article has been updated to correct the number of filed objections to the motion. The FTX creditor community is awaiting a ruling next week that could let the FTX bankruptcy estate freeze payouts to creditors in “restricted countries,” including China. On Tuesday, the US Bankruptcy Court in Delaware is expected to rule on a motion that could allow the FTX estate to withhold payouts to creditors in 49 countries it has labeled as “restricted jurisdictions.” Read more
Former rugby player Shane Donovan Moore was sentenced to 2.5 years in US federal prison for running a $900,000 crypto mining Ponzi scheme. Former rugby player Shane Donovan Moore was sentenced to two-and-a-half years in a US federal prison for defrauding more than 40 investors out of $900,000 in a crypto mining Ponzi scheme. According to a Thursday Department of Justice announcement, Moore operated Quantum Donovan LLC from January 2021 to October 2022. Through the company, he reportedly defrauded over 40 investors out of more than $900,000. While promoting the scheme, Moore claimed that the funds raised would be spent on cryptocurrency mining hardware. He promised investors daily returns of 1%. Read more
Crypto proponent Sujal Jethwani told Cointelegraph that India’s crypto community is growing fast despite heavy tax burdens. A crypto key opinion leader in India said the government will be unable to suppress crypto as digital-asset demand increases. Speaking to Cointelegraph at the Binance Crypto-Powered Tour in Bhutan, Sujal Jethwani, a crypto educator with a community of about 400,000 across social media, expressed optimism that the Indian political landscape will change as more people get into crypto assets. “If you see the numbers, all the stock market and forex traders are moving to crypto,” Jethwani told Cointelegraph. “There’s a huge surge of crypto traders and investors in India right now. People are not going to leave it.” Read more
White House spokesman Kush Desai told Cointelegraph that “No decisions should be deemed official,” unless it comes directly from President Trump himself. US President Donald Trump is reportedly set to sign an executive order that could allow American 401(k) retirement plans to invest in alternative assets outside of stocks and bonds, such as cryptocurrencies. The executive order could be signed sometime this week, the Financial Times reported on Thursday, citing three people who have been briefed on the plans. The new 401(k) investment options could run across a broad spectrum of assets, including digital assets, metals and funds focused on infrastructure deals, corporate takeovers and private loans. Read more
The president’s pick to sit on an appellate court covering Silicon Valley has represented several blockchain entities in courts. Eric Tung, a corporate lawyer with a track record of representing crypto firms, is poised to join one of the most influential federal courts in the United States. On Tuesday, US President Donald Trump sent Tung’s nomination to the Senate to be a US Circuit Judge for the Ninth Circuit, which covers Arizona, Idaho, Montana, Oregon, Washington, Nevada, California Alaska and Hawaii. Tung, a partner at the law firm Jones Day since 2019, has had clients that include digital currency companies. Read more