This Week in Crypto News: Putin Plugs Blockchain, Congressman Criticizes Gensler, and Coinbase Wallet Ditches XRP

2 December 2022, 14:30 GMT+0000
Updated by Geraint Price
2 December 2022, 14:30 GMT+0000
In Brief
  • Russian President Vladimir Putin is pushing for a new blockchain-based international settlement system, while a U.S. Congressman takes aim at the head of the SEC.
  • BitBoy and Kevin O’Leary continue their Twitter feud, while Coinbase said its wallet would no longer support Ripple’s XRP.
  • The return of Andrew Cronje last month seems to keep paying dividends for Fantom, the highest gaining coin over the past week at 36%.
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Crypto News: Here are the most popular stories from across the cryptosphere as featured on BeInCrypto this past week.  

Putin Plugs Crypto Settlement System

Russian President Vladimir Putin emphasized the need for a new and independent international settlement system. Putin made the remarks at an artificial intelligence conference organized by Sberbank, amidst sanctions that have financially isolated his country.

In order to be independent of banks and third-party interference, Putin suggested creating a system based on digital currency and blockchain technology. Earlier, BeInCrypto reported that Russia has been cooperating with Cuba to develop the technology for such an international settlement system. There have also been reports that businesses in Russia already use such a blockchain-based system for international payments.

Congressman Criticizes SEC’s Gensler

Meanwhile, crypto developments are also afoot in the United States. For instance, U.S. Congressman Tom Emmer criticized SEC chair Gary Gensler for his woeful approach to regulating the cryptocurrency industry.

Emmer pointed out that the collapse and fallout of “Celsius, Voyager, Terra/Luna – and now FTX,” all occurred under his watch. Having met with FTX leadership in March, Emmer also accused Gensler of “working with Sam Bankman-Fried and others to give them special treatment.” 

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In addition to being ineffectual at protecting consumers, Emmer also described Gensler’s approach as “burdensome” and stifling innovation. This is likely a reference to the SEC’s ongoing litigation with Ripple and its XRP token. “What is the regulator responsible for this doing going after good actors in the community, and working backroom deals, it appears, with people who are doing nefarious things?” asked Emmer.

BitBoy/O’Leary Feud Continues

There seem to be many taking others to task for their relationship with Sam Bankman-Fried recently. Last week, crypto personality Ben Armstrong, AKA BitBoy, took issue with celebrity investor Kevin O’Leary’s continued support for SBF. Continuing the feud, O’Leary mocked Armstrong for his reputed search for Sam Bankman-Fried in the Bahamas.

Armstrong had reportedly flown to the Bahamas in an attempt to track down and interrogate Bankman-Fried. Responding to one of Armstrong’s tweets saying he might show up at O’Leary’s house, the investor responded, “get a life!” Armstrong proceeded to call O’Leary a “murderer,” which he reputedly covered up, like he was covering up his involvement in the FTX scandal. 

Coinbase Wallet No Longer Supporting XRP

Meanwhile, more substantial events also transpired over the past week. For example, Coinbase said its Wallet feature would no longer support Ripple’s XRP token from next Jan. Coinbase Wallet will also no longer feature Bitcoin Cash (BCH), Ethereum Classic (ETC), and Stellar (XLM), due to low usage.

Coinbase had earlier delisted XRP from its exchange, because of Ripple’s aforementioned lawsuit with the SEC. With the removal of XRP from its wallet, Coinbase platforms will now be completely devoid of Ripple and XRP.

This news seemed to little affect the price of the token, as supporters believe the U.S. exchange’s support is unnecessary. In fact, Ripple leadership pointed out recently that most of the company’s business is based outside the United States.

This Week in NFT Sales

With the second week of the 2022 FIFA World Cup in Qatar under wraps, NFT sales have taken a bit of a dip. Overall sales have trended downwards from $14.9 million on Nov. 26, while the number of sales spiked at 19,000 on Nov. 28. Unsurprisingly the Bored Ape Yacht Club Collection (BAYC) continued its streak at the top of the charts, up from last week, however, to $29 million.

NFT sales. NonFungible.com
NFT Sales figures courtesy of NonFungible.com

Crypto Coin News

The Fantom token (FTM) saw the biggest boost this past week, rising some 36.55%. It seems the return of Andre Cronje to the ecosystem a month ago is continuing to pay off. Meanwhile, GMX, EthereumPoW (ETHW) and Dogecoin are all up over 20%, while Huobi comes close with 18%.

Crypto Top 10 prices
Price chart from BeInCrypto

On the flip side, the biggest losers this week are Convex Finance, Curve DAO Token, Nexo, Solana, and Bitcoin Cash. Having been closely associated with Sam Bankman-Friend, Solana continued its decline since the collapse of FTX last month.

Cryptocurrency Social Mentions

Crypto News Social Mentions/LunarCrush
Figures courtesy of LunarCrush

Crypto News on YouTube

And finally, our senior crypto analyst Valdrin Tahiri gives his price predictions for Dogecoin (DOGE), which saw its price stumble this week.

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