André Beganski

Ordinals Is Drawing Former Ethereum Devs to Build on Bitcoin

Among the crowds at the Bitcoin 2023 conference in Miami last week were pockets of Ethereum developers, drawn to the world's biggest and oldest cryptocurrency by Ordinals. Several developers with roots in Web3 attended Bitcoin 2023 because of Ordinals, the protocol launched earlier this year that’s taken Bitcoin by storm—sparking a wave of innovation, hype, and experimentation. OrdinalSafe, a self-custodial Bitcoin wallet built for Ordinals, was among the startups present with Ethereum in its ve

What Happens to Bitcoin and Ethereum If the US Defaults on Its Debt?

The United States is barreling toward a date that could have historic consequences for global markets, running the risk of its first-ever debt default. It's a potential black swan event that could have an outsized impact on Bitcoin, Ethereum, and the rest of the crypto market. U.S. Treasury Secretary Janet Yellen warned weeks ago that the government would soon run out of funds if the debt ceiling isn’t suspended or raised—possibly as early as June 1. If lawmakers remain deadlocked and can’t come

Ron DeSantis Tells Elon Musk Bitcoin Will Die If Joe Biden Is Reelected

Elon Musk’s heart-to-heart with Republican presidential nominee and Florida Governor Ron DeSantis culminated with a focus on digital assets—touching on Bitcoin and the digital dollar, with a Dogecoin reference thrown in for good measure. The conversation between Musk and DeSantis, which was moderated by entrepreneur David Sacks, didn’t achieve liftoff until more than thirty minutes after its scheduled start time, with hundreds of thousands of Twitter users finding their apps crashing and the aud

Shaq Hit With Lawsuits Over Solana NFT Project, FTX During NBA Game

Basketball icon Shaquille O’Neal was delivered legal papers for two separate lawsuits in the broader crypto and NFT realm on Tuesday—and was served while broadcasting an NBA game at what once was Miami’s FTX Arena. One of the lawsuits centers on celebrities that promoted the collapsed cryptocurrency exchange FTX, including other high-profile defendants like former NFL quarterback Tom Brady and “Curb Your Enthusiasm” TV star Larry David. Yet, the other complaint focuses specifically on O’Neal an

Millions Worth of Bitcoin and Tether Used to Pay Chinese Companies Involved in Fentanyl Crisis, Says Elliptic

Chinese businesses selling the chemicals used to make Fentanyl are accepting payment in Bitcoin and Tether, according to an investigative research report published Tuesday by Elliptic. The blockchain analytics firm specializes in risk management and regulatory compliance. It said an overwhelming majority of pharmaceutical chemical companies it contacted in China that can ship precursors for fentanyl overseas accept cryptocurrencies as a form of payment. Elliptic found that most of the chemical s

MicroStrategy's Michael Saylor: Early Bitcoin BRC-20 Uses May Be ‘Illegal’

Michael Saylor, MicroStrategy co-founder and executive chairman, has become one of the few Bitcoin maximalists to publicly embrace Ordinals. Ordinal inscriptions are similar to NFTs, which primarily exist on rival network Ethereum. Inscriptions allow for arbitrary and non-financial information, such as images, to be included on the Bitcoin blockchain. Short for "Bitcoin Request for Comment," BRC-20 is an experimental framework for building fungible tokens on Bitcoin using the Ordinals protocol.

Robert F. Kennedy Jr speaks at Bitcoin 2023. Image: André Beganski/Decrypt

Robert F. Kennedy Jr. Says COVID Protests Led Him to Bitcoin

The freedom to transact is as important as freedom of expression, says Robert F. Kennedy Jr—and it was the reaction to the COVID-19 pandemic that brought him to this realization. The Democratic presidential candidate spoke today in Miami at Bitcoin 2023 in his first public appearance as a candidate and the conference's most anticipated event of the week. Nearly every seat at Bitcoin 2023’s main “Nakamoto Stage” was filled ahead of his keynote address. Kennedy’s keynote opened with an explanation

MicroStrategy Looking at Bitcoin Ordinals for App Development, Says Michael Saylor

MicroStrategy co-founder and Executive Chairman Michael Saylor said the company isn’t just aware of Ordinals, it’s interested in how the protocol that’s set Bitcoin’s community abuzz could lead to software innovation. In an interview at Bitcoin 2023 in Miami, Saylor exclusively told Decrypt that the software firm is looking at Ordinals and assessing its potential in terms of application development. Often used to create NFT-like assets on top of Bitcoin, Ordinals launched in January, and the pro

Bitcoin 2023 Attendees in Miami Blame Bear Market Vibes for Lower Attendance

Thousands of people flocked to Miami Beach this week to partake in Bitcoin 2023 and talk shop about crypto’s top coin, but some attendees said the iconic conference feels different on its first day than in years past—with less hype and more empty chairs. The conference devoted to crypto’s most dominant coin attracted around 35,000 people last year, according to the event’s website, featuring speakers like the NFL quarterback Aaron Rodgers and the tennis legend Serena Williams. But a steep declin

Signature Bank is a crypto-friendly bank. Image: Shutterstock.

Signature Execs Say Crypto-Friendly Bank Was in Solid Shape

Two executives from Signature Bank reiterated on Tuesday that the now-defunct lender didn’t need to be shut down, weighing in before Congress on a high-profile collapse that looms large over the digital assets industry. The hearing was convened by the Senate Banking Committee and also focused on Silicon Valley Bank, which was seized alongside Signature in March. A Signature co-founder and the bank’s former chairman, Scott Shay, said Signature was prepared to move forward, despite $16 billion in

LBRY is a crypto-powered file-sharing project. Image: Shutterstock.

SEC Relieves LBRY of $44M Burden, Seeks Only $111K Penalty

The Securities and Exchange Commission (SEC) on Friday asked a court to reduce a $22 million penalty levied against LBRY, recognizing that the decentralized publishing platform may not be able to afford its multi-million dollar punishment. The financial watchdog is now asking a court to impose a lower penalty of $111,614, while also dismissing a separate requirement to forfeit another $22 million in ill-gotten gains. The SEC based the move on its understanding that LBRY is “defunct, ceasing oper

Cropped artwork from Gleam by Spacebrat. Image: Spacebrat

First Free Spacebrat NFT Minted Over 300,000 Times Across Several Blockchains

Jasmine Monsegue, also known as the artist Spacebrat, released her first free NFT called “Gleam” through an open edition mint, and its popularity exceeded her expectations. “[I] cannot believe planet Earth minted my first NFT 30,762 times in the last 23 hours,” she cheered on Twitter. “You guys are on another level!” Cannot believe planet earth minted my first NFT 30,762 times in the last 23 hours💥 you guys are on another level! check in for the last 24hrs to mint it out if you haven't already

The Canton Network will be supported by numerous financial firms. Image: Canton

Microsoft, Goldman Sachs, and Other Big Firms Back Launch of Financial Blockchain

Financial firms like Deloitte, S&P Global, and Moody’s have come together to support the launch of the Canton Network, a blockchain designed to streamline financial markets with Web3 tech. The network aims to provide companies with decentralized infrastructure that could make transactions more efficient, linking financial systems together and allowing them to operate in a synchronized way, participants said in a press release. “Assets, data, and cash can synchronize freely across applications,”

US Chamber of Commerce Slams SEC, Backs Coinbase in Legal Fight

The U.S. Chamber of Commerce called out the Securities and Exchange Commission (SEC) on Thursday, slamming the financial watchdog for its regulatory approach toward the digital asset industry. It filed an amicus brief in support of Coinbase, which took the SEC to court last month. The exchange wants a court to force the SEC to respond to its so-called “petition for rulemaking” filed last July. The petition asks the SEC to propose and adopt rules for digital assets and answer questions related to

Silvergate Lays Off 230 Workers as Crypto-Friendly Bank Continues Wind Down

Silvergate Capital said on Thursday it would significantly reduce its headcount, leaving the firm with a skeleton crew to manage the liquidation of its crypto-friendly bank. The cuts involve pink-slipping 230 employees tomorrow, followed by additional layoffs later in the year. In a filing with the Securities and Exchange Commission (SEC), the company said it would have just 80 employees by the end of the week. The company’s California-based lender, Silvergate Bank, shuttered in March. The lende

New York Attorney General Letitia James. Image: Shutterstock

Can New York AG’s Crypto Proposal Offer Investors Greater Protection?

Crypto regulation could soon take a step forward in the Empire State, as lawmakers weigh new rules proposed by New York Attorney General Letitia James. The goal is to make a nascent industry look a bit more like Wall Street, at least in terms of how it's overseen. The state has already garnered a reputation for having a robust compliance framework under the New York State Department of Financial Services (DFS), which has regulated crypto firms under its BitLicense regime since 2015. The legislat

Lawmakers Say Crypto Turf War Between SEC and CFTC Is an 'Industry-Fueled Narrative'

A joint hearing on Capitol Hill sought to measure the regulatory gaps in crypto on Wednesday. The criteria for determining whether a token should be considered a security or a commodity highlighted how wide those gaps have been. The topic has been a sticking point for years, and a puzzle piece for determining to what degree the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC) have authority over the digital assets industry. During the hearing, Republica

Many have argued that Bitcoin is an inflation hedge. Image: Shutterstock.

Bitcoin, Ethereum Push Higher As Inflation Slows to 4.9% in April

Cryptocurrency prices rose on Wednesday after a widely-watched inflation gauge in the U.S. suggested the Federal Reserve’s fight against soaring prices is making progress. The Consumer Price Index rose 4.9% in the 12 months through April, the Bureau of Labor Statistics (BLS) said Wednesday, coming in slightly below economists' estimates of 5%. On a month-to-month basis, the index, which tracks price movements across a broad range of goods and services, rose 0.4% in April compared to a 0.1% bump

Binance to Bring Bitcoin NFTs to Its Marketplace Through Ordinals Support

The leading cryptocurrency exchange by trading volume, Binance, announced today that it will support Ordinals inscriptions on its NFT marketplace later this month, dipping its toes into the buzzy Bitcoin-based market. The update to Binance’s NFT marketplace is expected to roll out “in the coming weeks,” the company said, enabling users to purchase and trade Ordinals inscriptions via their Binance accounts. The NFT marketplace expanded its roster of supported networks in March when it added cert

Bitcoin BRC-20 Tokens Near $1 Billion Market Cap as Exchanges List ORDI

Meme token fever is sweeping through Bitcoin, as the market cap of tokens built on top of the leading cryptocurrency’s blockchain approached $1 billion on Monday after ORDI—the very first such token—was listed on major exchanges. According to brc-20.io, which tracks the nascent market for tokens minted on the Bitcoin blockchain, the market cap of all BRC-20 tokens combined totals around $991 million, as of this writing. The market has surged in value, as well as number of tokens in circulation,

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