Connect with us

World News

SEC to appeal XRP, PayPal launches stablecoin, and Microsoft partners with Aptos on August 10, 2023 at 7:00 pm

Published

on

Welcome back to Chain Reaction.

To get a roundup of TechCrunch’s biggest and most important crypto stories delivered to your inbox every Thursday at 12 p.m. PT, subscribe here.

This week was a busy one for crypto (per usual) with the SEC, PayPal, Coinbase and Microsoft leading the headlines. Let’s get into it.

This week in web3

The SEC said in a court filing on Wednesday that it would file an “interlocutory appeal” for the federal court ruling on Ripple and the XRP token last month. Read more.
Artificial intelligence has captured the hearts, minds and wallets of the technology industry. So it’s little surprise that Microsoft, which has several irons in the AI fire, is working to expand its footprint in the area. On Wednesday, the company announced that it is partnering with layer-1 blockchain Aptos Labs to work on AI and web3. Details here.
PayPal is rolling out a stablecoin for payments and transfers. Yes, you read that right. Find out what that means for users and the traditional payment world here
Will the Law Commission’s digital assets final report make the UK a DeFi jurisdiction of choice?
Coinbase reported its second-quarter earnings Thursday afternoon after the bell, beating market estimates. We dove into what it means for the company, so you don’t have to.
Beacon, an early-stage web3 accelerator program, held its demo day on Wednesday during which the teams homed in on infrastructure, gaming, decentralized social media and DeFi, held its second cohort graduation on Wednesday. Learn more here.

Advertisement

The latest pod

For this week’s episode, Jacquelyn interviewed Robbie Ferguson, co-founder and president of Immutable.

Immutable is a web3 company consisting of two entities: Immutable Platform, a developer platform for building and scaling Ethereum-based web3 games, and Immutable Games, a web3 game developer and publisher. Some traditional gaming studios and IP holders are also building on its platform like GameStop, TikTok, Illuvium and NFT marketplace OpenSea, to name a few.

In March 2022, Immutable raised $200 million at a $2.5 billion valuation and last June it launched a $500 million developer and venture investment fund, which TechCrunch covered exclusively.

We discussed the web3 gaming market and how it’s grown in the past year and where it’s going in the future.

Advertisement

We also talked about:

Creating value in games
Mobile gaming vs web3 gaming
Global adoption
Advice for developers

Subscribe to Chain Reaction on Apple Podcasts, Spotify or your favorite pod platform to keep up with the latest episodes, and please leave us a review if you like what you hear!

Follow the money

Spearbit raises $7M to improve security audits in crypto through its open marketplace
Cube3.AI raised $8.2M in a seed round to improve web3 security
SphereX also raised $8.2M to improve smart contract security
Orbital raised $6.4M for to provide crypto solutions for traditional finance
Institutional decentralized exchange D8X raised $1.5M in a pre-seed round

Advertisement

This list was compiled with information from Messari as well as TechCrunch’s own reporting.

What else we’re writing

Want to branch out from the world of web3? Here’s some articles on TechCrunch that caught our attention this week.

Fearless Fund responds to racial discrimination lawsuit
So your startup’s runway is dwindling and fundraising is hard. What’s next?
Researchers watched 100 hours of hackers hacking honeypot computers
Imagine for a moment that you’re an AI
6 startup founders gaze into a future-of-work crystal ball

​ Welcome back to Chain Reaction. To get a roundup of TechCrunch’s biggest and most important crypto stories delivered to your inbox every Thursday at 12 p.m. PT, subscribe here. This week was a busy one for crypto (per usual) with the SEC, PayPal, Coinbase and Microsoft leading the headlines. Let’s get into it. This week 

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

US May Completely Cut Income Tax Due to Tariff Revenue

Published

on

President Donald Trump says the United States might one day get rid of federal income tax because of money the government collects from tariffs on imported goods. Tariffs are extra taxes the U.S. puts on products that come from other countries.

What Trump Is Saying

Trump has said that tariff money could become so large that it might allow the government to cut income taxes “almost completely.” He has also talked about possibly phasing out income tax over the next few years if tariff money keeps going up.

How Taxes Work Now

Right now, the federal government gets much more money from income taxes than from tariffs. Income taxes bring in trillions of dollars each year, while tariffs bring in only a small part of that total. Because of this gap, experts say tariffs would need to grow by many times to replace income tax money.

Questions From Experts

Many economists and tax experts doubt that tariffs alone could pay for the whole federal budget. They warn that very high tariffs could make many imported goods more expensive for shoppers in the United States. This could hit lower- and middle‑income families hardest, because they spend a big share of their money on everyday items.

What Congress Must Do

The president can change some tariffs, but only Congress can change or end the federal income tax. That means any real plan to remove income tax would need new laws passed by both the House of Representatives and the Senate. So far, there is no detailed law or full budget plan on this idea.

What It Means Right Now

For now, Trump’s comments are a proposal, not a change in the law. People and businesses still have to pay federal income tax under the current rules. The debate over using tariffs instead of income taxes is likely to continue among lawmakers, experts, and voters.

Advertisement
Continue Reading

News

Epstein Files to Be Declassified After Trump Order

Published

on


Former President Donald Trump has signed an executive order directing federal agencies to declassify all government files related to Jeffrey Epstein, the disgraced financier whose death in 2019 continues to fuel controversy and speculation.

The order, signed Wednesday at Trump’s Mar-a-Lago estate, instructs the FBI, Department of Justice, and intelligence agencies to release documents detailing Epstein’s network, finances, and alleged connections to high-profile figures. Trump described the move as “a step toward transparency and public trust,” promising that no names would be shielded from scrutiny.

“This information belongs to the American people,” Trump said in a televised statement. “For too long, powerful interests have tried to bury the truth. That ends now.”

U.S. intelligence officials confirmed that preparations for the release are already underway. According to sources familiar with the process, the first batch of documents is expected to be made public within the next 30 days, with additional releases scheduled over several months.

Reactions poured in across the political spectrum. Supporters praised the decision as a bold act of accountability, while critics alleged it was politically motivated, timed to draw attention during a volatile election season. Civil rights advocates, meanwhile, emphasized caution, warning that some records could expose private victims or ongoing legal matters.

The Epstein case, which implicated figures in politics, business, and entertainment, remains one of the most talked-about scandals of the past decade. Epstein’s connections to influential individuals—including politicians, royals, and executives—have long sparked speculation about the extent of his operations and who may have been involved.

Advertisement

Former federal prosecutor Lauren Fields said the release could mark a turning point in public discourse surrounding government transparency. “Regardless of political stance, this declassification has the potential to reshape how Americans view power and accountability,” Fields noted.

Officials say redactions may still occur to protect sensitive intelligence or personal information, but the intent is a near-complete disclosure. For years, critics of the government’s handling of Epstein’s case have accused agencies of concealing evidence or shielding elites from exposure. Trump’s order promises to change that narrative.

As anticipation builds, journalists, legal analysts, and online commentators are preparing for what could be one of the most consequential information releases in recent history.

Continue Reading

Politics

Netanyahu’s UN Speech Triggers Diplomatic Walkouts and Mass Protests

Published

on

What Happened at the United Nations

On Friday, Israeli Prime Minister Benjamin Netanyahu addressed the United Nations General Assembly in New York City, defending Israel’s ongoing military operations in Gaza. As he spoke, more than 100 delegates from over 50 countries stood up and left the chamber—a rare and significant diplomatic walkout. Outside the UN, thousands of protesters gathered to voice opposition to Netanyahu’s policies and call for accountability, including some who labeled him a war criminal. The protest included activists from Palestinian and Jewish groups, along with international allies.

Why Did Delegates and Protesters Walk Out?

The walkouts and protests were a response to Israel’s continued offensive in Gaza, which has resulted in widespread destruction and a significant humanitarian crisis. Many countries and individuals have accused Israel of excessive use of force, and some international prosecutors have suggested Netanyahu should face investigation by the International Criminal Court for war crimes, including claims that starvation was used as a weapon against civilians. At the same time, a record number of nations—over 150—recently recognized the State of Palestine, leaving the United States as the only permanent UN Security Council member not to join them.

International Reaction and Significance

The diplomatic walkouts and street protests demonstrate increasing global concern over the situation in Gaza and growing support for Palestinian statehood. Several world leaders, including Colombia’s President Gustavo Petro, showed visible solidarity with protesters. Petro called for international intervention and, controversially, for US troops not to follow orders he viewed as supporting ongoing conflict. The US later revoked Petro’s visa over his role in the protests, which he argued was evidence of a declining respect for international law.

BILATERAL MEETING WITH THE PRIME MINISTER OF ISRAEL Photo credit: Matty STERN/U.S. Embassy Jerusalem

Why Is This News Important?

The Gaza conflict is one of the world’s most contentious and closely-watched issues. It has drawn strong feelings and differing opinions from governments, activists, and ordinary people worldwide. The United Nations, as an international organization focused on peace and human rights, is a key arena for these debates. The events surrounding Netanyahu’s speech show that many nations and voices are urging new action—from recognition of Palestinian rights to calls for sanctions against Israel—while discussion and disagreement over the best path forward continue.

This episode at the UN highlights how international diplomacy, public protests, and official policy are all intersecting in real time as the search for solutions to the Israeli-Palestinian conflict remains urgent and unresolved.

Continue Reading

Trending