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🚓 US Finance Is At Risk Of Censorship And China-Like Surveillance

Director of the US Consumer Financial Protection Bureau (CFPB) expressed concerns over excessive user surveillance by tech companies and urged for enhanced consumer protection against payment systems.

He drew parallels between the current US market structure and China's surveillance-driven model. Chopra emphasized the historical US stance of distinguishing the banking sector from commercial activities. However, Chopra faces criticism from the financial industry, with many labeling him as a "rogue regulator." The CFPB's funding scheme has come under legal scrutiny, with a recent case suggesting it violates the Constitution.

📉 Binance’s Spot Market Share Declines Over the Past 7 Months

Binance has experienced a concerning drop in spot market share for seven consecutive months, raising questions about its future standing in the market.

Amid this, the CEO of Binance is venturing into content creation on the company's new social media platform, Binance Feed, which is seen as a move akin to Elon Musk's recent engagement with Twitter. Reports suggest Binance's spot market share has fallen to 34%. Legal challenges, coupled with internal organizational shifts, further cloud Binance's future prospects. Additionally, while the Binance Coin (BNB) witnessed a slight decline over the last week, it gained slightly against Bitcoin.

🚀 Cardano Hits Crypto Innovation with Record-Breaking Initiative

Cardano's decentralized funding initiative, Project Catalyst Fund 10 draws record engagement with over 400,000 voters and 1,500 dApp ideas.

The initiative strengthens Cardano's position in the cryptocurrency world. Charles Hoskinson, Cardano's founder, criticizes Michael Lewis's book "Going Infinite," offering an alternate viewpoint on the FTX collapse. Some controversies surround the funding requests for Project Catalyst, but Cardano remains positioned for future growth. ADA's price dropped by 2.54% over a 24-hour trading period.

💰 Crypto Money Laundering Hits $7 Billion

Crypto money laundering hit a new high of $7 billion, primarily through decentralized exchanges and cross-chain transactions.

The process, termed "chain-hopping" or "asset-hopping," is increasingly used to conceal illicit funds' origins. The latest figure marks a significant increase from the previous year's $4.1 billion, outpacing expert predictions. Factors influencing this rise include increased use of altcoins, such as privacy coins and stablecoins, and a shift in criminal focus due to law enforcement's attention on conventional crypto crimes. The North Korean Lazarus Group notably laundered over $900 million, accounting for about one-seventh of all cross-chain crime.

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