GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. In today’s daily recap: We look at another settlement reached by the U.S. SEC with another blockchain firm.

Here are the latest crypto news stories in the last 24 hours.

Market Analysis and Updates 📈

Here are the crypto highlights of the day:

Crypto Price Update

Bitcoin (BTC): $63,937.77, up 0.9% over the last 24 hours.
Ethereum (ETH): $2,620.88, down 0.8% over the last 24 hours.
Solana (SOL): $149.97, up 2.5% vs the previous day.

Trending Coins Update

GT Protocol: $0.8581, up 46.2% vs the previous day.
Commune AI: $0.4187, up 47.5% over the last 24 hours.
Sui: $1.73, up 14.1% vs the previous day.

Here are some comments from Ryan Lee, Chief Analyst at Bitget Research:

The expected performance of BTC in October is anticipated to be better than in September, with a target price range of $58,000 to $72,000.
After experiencing a significant decline in August and a period of consolidation in September, ETH is expected to perform well in October, with a price range between $2200 and $3,400.

For the daily price update, check out our post on Facebook.

Feature News: Trusttoken, Truecoin Settles With SEC Over TUSD Fraud Issues

Photo for the Article - US SEC Charges, Settles with Stablecoin Company Over Fraud Claims | Key Points | Sept. 25, 2024

The U.S. Securities and Exchange Commission (SEC) has settled charges with TrueCoin LLC and TrustToken Inc. for misleading investors about their TrueUSD (TUSD) stablecoin.

The companies claimed TUSD was fully backed by U.S. dollars, but nearly all of its reserves were invested in a risky offshore fund.

What happened:

From 2020 to 2023, TrueCoin and TrustToken sold TUSD to investors, saying it was backed by U.S. dollars. However, most of the money was actually invested in a high-risk fund.
By late 2022, the companies knew they had issues redeeming the funds but continued to tell investors TUSD was safe.
By September 2024, 99% of the money backing TUSD was in this risky fund, putting investors’ money at risk.

Outcome:

Without admitting guilt, the companies agreed to pay penalties, including $163,766 each in fines.
- TrueCoin will also return $340,930, plus interest. The settlement is still awaiting court approval.

Impact:

In early 2024, TUSD dropped below its $1 peg, falling to $0.979. Its supply has also fallen from 1.1 billion to 495 million, making up just 0.0215% of the total crypto market.
TUSD currently sits comfortably at $0.999

Philippine Crypto News 🇵🇭

BitPinas article: PH ranks as one of top countries interested in RWA.
BitPinas article: Filipino-led Kusho’s second act: community protocol.
Coins.ph launched a campaign where there are no gas fees on VENOM withdrawals until Oct. 7.
Coins.ph also warned about fake support teams.
SparkChain Network has sold 200 node keys.

Noteworthy 🌟

Key updates and announcements from around the crypto and blockchain world:

Ether ETFs recorded their largest outflows since July, with over $79 million exiting primarily from Grayscale’s Ethereum Trust.
Polymarket is reportedly considering a token launch to raise over $50 million to support its crypto betting platform
Siemens AG used JPMorgan’s Onyx blockchain and SWIAT’s private blockchain to issue and settle a tokenized commercial paper worth €100,000.

Educational Corner 🎓

As Sony continues on its web3 venture, check out what Soneium Minato is and how to qualify for its potential airdrop.
- Soneium Minato, a Layer 2 blockchain for Ethereum, recently launched its testnet and is offering an incubation program called Soneium Spark for projects building on the network.

Regulation Watch 📜

Stay informed about the latest regulatory updates and what they mean for you:

Coinbase contended that the SEC hasn’t provided a clear regulatory path for the digital asset industry while seeking to compel the agency to create new rules after its petition was denied.
Mango Markets is considering a $500,000 settlement with the CFTC over allegations of operating without proper registration.
Telegram revised its privacy terms to allow the sharing of user data, including IP addresses and phone numbers, with judicial authorities in criminal investigations.

Community Spotlight 🔦

Meet Miccolo Solis: He is a prominent web3 influencer.

Solis is the Chief Marketing Officer of Xovox Labs
He also gained recognition in the web3 space through his involvement with Yield Guild Games and his popular YouTube channel, “WeDuet.”
His wedding in 2023, incorporated augmented reality (AR) and non-fungible tokens (NFTs)

More Web3 and AI News 💡

Discover the latest in web3 and AI innovation.

Celestia Foundation raised $100 million as it aims to enhance blockchain scalability while its token TIA has dropped 54% this year.
Helix Labs raised $2 million to enhance Cardano’s DeFi capabilities.
DeFi aggregator Zapper added support for Moonbeam Network, enhancing its offerings within the Polkadot ecosystem.

Web3 Gaming Section 🎮

The future of web3 is gaming, and here are the latest news.

Big Kid Studios, in collaboration with Animoca Brands and Blowfish Studios, is launching DARKTIMES, a multiplayer Brawler Royale game.
AMGI Studios launched the My Pet Hooligan Marketplace V1, allowing users to trade Hooligans and Zuckbot NFTs using the $KARRAT token.
NFL Rivals, a mobile football game, adds NFTs.