👀Why Trump Was Delayed At 2024

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Check out our exclusive interview with Jordi Montes, the developer who found themselves detained by the U.S. Secret Service after entering the Bitcoin2024 conference via the conference exit. The incident caused Trump to take the conference stage more than one hour late and Montes to face interrogation.

Pump.Fun, the Solana-based memecoin launchpad, surged to the top of the daily web3 revenue rankings. The move comes as memecoin trading on Solana shows no signs of abating.

A pair of visual artists have taken legal action against the Securities and Exchange Commission (SEC) to obtain a court order guaranteeing that NFTs linked to their work do not comprise unregistered securities.

XRP is rallying as onlookers speculate that the SEC may be readying to back down on its claims that XRP was sold through unregistered securities offerings. The token gained 8% in 24 hours despite the broader markets pulling back.

Plus, Arbitrum readies to expand Orbit to new networks, Compound governance attack reveals DAO vulnerabilities, Movement Labs joins Polygon AggLayer, Eclipse L2 introduces SVM to Ethereum, and SEC levies charges against BitClout.

✍️ In today’s newsletter:

Jordi Mentes opens up about Bitcoin2024 detention
Pump.Fun revenue soars
Artists sue SEC over legal status of NFTs
XRP rallies after SEC’s Binance amendment
Arbitrum Orbit’s multi-chain expansion
Compound vs Humpy highlights DAO vulnerabilities
Movement Labs brings MoveVM to Polygon AggLayer
Eclipse L2 embraces Solana Virtual Machine
SEC says BitClout violated securities laws

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⏱️Exclusive With Jordi Montes, the Man Who Delayed Trump at Bitcoin2024

Jordi Montes, a former Lightning Labs developer, was caught off guard upon hearing his name called over the speaker system at Bitcoin 2024. The Defiant spoke to Montes to discuss how he delayed Trump’s on-stage appearance by over an hour and was questioned by the U.S. Secret Service by walking the wrong way into the conference’s exit.

️🚀Pump.Fun Flips Ethereum Blockchain in Daily Revenue

Pump.Fun accumulated more than $867,400 worth of revenue in 24 hours, beating out the Ethereum network and all other DeFi protocols. The milestone comes as memecoin trading on Solana shows no signs of slowing down.

⚖️Artists Sue The SEC to Get it to Say NFTs Are Not Securities

Two artists are pursuing legal action against the SEC seeking a legal guarantee that NFTs derived from their work do not comprise unregistered securities assets. The complaint asserts artists selling NFTs are not meaningfully different from artists selling different mediums of their work, meaning NFTs should not constitute investment contracts.

📈XRP Rallies 8% as Bitcoin and Ether Trade Flat Ahead of Fed

XRP is outperforming the broader digital asset markets, ranking among a handful of top 100 cryptocurrencies to post daily gains despite most assets suffering daily drawdowns. The momentum was propelled by speculation that the SEC’s amended complaint against Binance may manifest in the charges alleging unlicensed securities sales against Ripple getting dropped.

🪐Arbitrum To Expand Orbit Chains Beyond Ethereum Ecosystem

Arbitrum is on track to pass a proposal greenlighting Orbit deployments on non-Ethereum networks. The Arbitrum Foundation said numerous development teams have contacted it regarding deploying Orbit on networks including Bitcoin, BNB Chain, and Cosmos in recent months.

⚠️Compound Governance Attack Reveals Inherent Vulnerabilities Of DAOs

Analysts are discussing how the recent governance attack targeting Compound illuminates the vulnerabilities inherent to DAOs and decentralized governance. Perhaps ironically, Compound used a combination of centralized safeguards and old-fashioned diplomacy to negotiate a deal with the accused governance attacker.

🤝Movement Labs Integrates with Polygon’s AggLayer to Improve Liquidity on Move-based L2 Chains

Movement Labs, the team behind Layer 2 networks leveraging the Move programming language, is the latest project to join Polygon’s multi-chain AggLayer ecosystem. The news comes after Movement Labs’ testnet attracted $160 million in committed TVL.

🆕Ethereum Layer 2 Eclipse Launches Mainnet Powered by Solana Tech

Eclipse, an Ethereum Layer 2 supporting the Solana Virtual Machine (SVM), has shipped its mainnet deployment with permissioned developer access. Eclipse combines the SVM with RISC Zero zero-knowledge proofs and leverages Celestia for data availability.

👮‍♂️SEC Charges BitClout Founder with Fraud and Unregistered Offering of Securities

The SEC accused Nader Al-Naji, the founder of the BitClout decentralized social platform, of defrauding investors through a $257 million unregistered securities offering in 2020. The complaint notes that Al-Naji spent $7 million of the funds raised on personal expenses including renting a Beverly Hills mansion.

🌍 ELSEWHERE

Fidelity International lists bitcoin ETP on London Stock Exchange (The Block)
Tether reports record-breaking $5.2 billion profit in H1 2024 (Crypto Briefing)
Lloyd’s of London-Backed Insurance Policies Can Now Be Paid for in Crypto on Ethereum (CoinDesk)
Starknet-Based ZKX Protocol Shuts Down Citing Low Usage and Token Value (Unchained)