Stay informed and ahead of the curve with our comprehensive weekly crypto digest, where we delve into the latest trends and significant events shaping the crypto world.

This week in crypto:

Ripple’s co-founder Chris Larsen, along with 88 prominent business leaders, has thrown his support behind Vice President Kamala Harris in the upcoming US Presidential election. This influential list includes figures like crypto-friendly billionaire Mark Cuban, former PayPal CEO Dan Schulman, ex-Goldman Sachs managing director Bruce Heyman, and executives from Yelp, Snap, and Box.

The “Crypto for Harris” campaign, initiated in early August, is rallying support within the crypto community. Through virtual meetings with industry leaders and political figures, the campaign has garnered open support from top Democratic voices advocating a positive stance towards the crypto industry. Senate Majority Leader Chuck Schumer has even hinted at the possibility of a crypto regulation bill under a Harris administration.

In a notable move, WisdomTree has requested the US SEC to withdraw its application for a spot Ethereum ETF. VanEck also announced its withdrawal from the spot Ethereum ETF race, citing factors such as poor performance and low investor interest. While WisdomTree was still in the registration phase, VanEck had been offering the ETHV Ethereum fund since its approval on July 23rd. VanEck plans to delist ETHV from the Cboe after market close on September 16th and liquidate the fund on September 23rd.

Telegram is revising its rules on private chats following the arrest of its CEO Pavel Durov in France. The app now permits users to report illegal content within private conversations, a feature previously unavailable. In a detailed Telegram post, Durov expressed that Telegram is prepared to exit countries where it cannot comply with government regulations on privacy and security, referencing past exits from Russia and Iran over similar issues.

With a significant presence in the crypto space, Telegram holds $400 million in digital assets as of 2023. The platform utilizes The Open Network (TON) blockchain for various services, including cryptocurrency transactions. Regulatory conflicts could impact Telegram’s crypto activities, particularly in regions where tap-to-earn games are popular among new crypto users.

Agile Energy X, a subsidiary of Tokyo Electric Power Company (TEPCO), has commenced Bitcoin mining using surplus energy from solar power plants in Tochigi and Gunma prefectures. This innovative approach addresses energy waste by leveraging unused power from solar fields—a rare practice in Japan.

TEPCO, serving over 27 million homes and businesses, established Agile Energy X in September 2022 with the aim of mining cryptocurrencies using excess renewable energy. The Bitcoin mining unit set up near the solar field exemplifies TEPCO’s initiative to reduce energy waste while tapping into the burgeoning crypto market.

Analysts at Bernstein have noted that Donald Trump’s recent endorsement of the crypto industry suggests a potential Trump administration might be more favorable towards digital assets compared to a Harris administration. Bernstein analyst Gautam Chhugani predicts that Bitcoin could reach new heights, potentially trading between $80,000 and $90,000 by December if Trump wins the election. Conversely, a Harris victory could see Bitcoin testing the $30,000 to $40,000 range after breaking the current $50,000 floor.

Apple has unveiled its new iPhone 16 lineup with a strong emphasis on artificial intelligence rather than traditional hardware updates. The event in Cupertino, California, highlighted the theme “It’s Glowtime,” building on announcements from the Worldwide Developers Conference (WWDC) earlier this year about increased AI integration. Apple plans to incorporate OpenAI’s ChatGPT into Siri for a more natural and seamless user interface.

In recent US presidential debates, candidates Kamala Harris and Donald Trump discussed various topics from abortion rights to the war in Ukraine, notably omitting cryptocurrency from their discourse. Despite its absence in debates, cryptocurrency remains a pivotal issue in the forthcoming election. Trump is seen as more crypto-friendly, while Harris has begun engaging with the crypto community. Crypto firms have spent $119 million this year, primarily funneling funds into super political action committees (PACs).

Venmo and PayPal have integrated Ethereum Name Service (ENS), allowing users to transfer crypto using simple ENS names instead of complex wallet addresses. This update is poised to simplify transactions for over 270 million US users, reducing errors and enhancing user experience. ENS names act as nicknames for blockchain addresses. ENS Labs is expanding its operations and recently transitioned to a layer-2 network while navigating a patent dispute with Unstoppable Domains.

Brazilian digital bank Nubank has announced an immediate suspension of trading for its native cryptocurrency, Nucoin, effectively ending operations for the token launched in March 2023. Customers were informed that Nucoin transactions would cease within 15 days due to potential market volatility. Customers with at least R$100 in Nucoins can convert them back to Bitcoin or USDC. Nubank had collaborated with Polygon in 2022 to launch Nucoin and its loyalty program and is backed by investors like Warren Buffett’s Berkshire Hathaway.

According to the US Bureau of Labor Statistics, inflation slowed more than anticipated in August, increasing the likelihood of a significant interest-rate cut by Federal Reserve officials next week. The consumer price index (CPI) rose by 2.5% year over year in August, below FactSet’s forecast of 2.6%, compared to a 2.9% increase in July.

The UK Parliament has introduced the “Property (Digital Assets etc.) Bill” to legally recognize Bitcoin and other digital assets as personal property. This law will provide formal protection for digital assets like Bitcoin, cryptocurrency, non-fungible tokens (NFTs), and carbon credits under English law for the first time. The bill aims to address legal gaps and offer stronger protections against fraud and theft for digital asset owners.

Grayscale Investments has launched the Grayscale XRP Trust, offering investors exposure to XRP. This trust operates similarly to other single-asset investment trusts offered by Grayscale and is now available for daily subscription to accredited individual and institutional investors.

Coinbase is introducing cbBTC (Coinbase Wrapped BTC), an ERC20 token backed 1:1 by Bitcoin held by Coinbase. At launch, cbBTC will be supported on Base and Ethereum with plans for expansion to more chains. cbBTC aims to be seamlessly compatible with DeFi applications, enabling users to provide liquidity or use it as collateral for borrowing other crypto assets.

The Securities and Exchange Commission (SEC) announced that eToro USA LLC will pay $1.5 million to settle charges related to operating as an unregistered broker and clearing agency. The settlement includes eToro ceasing violations of federal securities laws and limiting its range of tradable crypto assets to Bitcoin, Bitcoin Cash, and Ethereum.

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