Top Crypto News Of The Day: Blackbird Pay Launch, SEC v/s Binance Lawsuit, and More
Web3 Restaurant Launches Blackbird Pay Platform
Blackbird Labs has launched Blackbird Pay, a new payment and check settlement network for restaurants built on its proprietary blockchain, Blackbird Flynet. The platform charges restaurants a 2% transaction fee and allows diners to use Blackbird’s FLY reward points for meal payments.
CEO Ben Leventhal stated, “Blackbird Pay addresses the lack of progress in restaurant payment technology, offering an efficient alternative to expensive and opaque systems.”
Blackbird secured $24 million in Series A funding led by Andreessen Horowitz in October 2023, with participation from QED, Union Square Ventures, Shine, Variant, and others.
Crypto News: SEC Amends Binance Lawsuit
The U.S. Securities and Exchange Commission (SEC) has amended its lawsuit against Binance, dropping allegations that the exchange offered third-party securities illegally. This modification may alter the classification of cryptocurrencies like SOL, ADA, and MATIC, which were previously categorized as securities in the lawsuit.
The SEC’s case against Binance, filed last summer, accused the exchange and its former CEO Changpeng Zhao of providing unregistered services for digital asset securities in the U.S. Zhao is currently serving a four-month sentence for a separate sanctions violation charge.
In June, a U.S. federal court ruled that cryptocurrencies and secondary sales of the BNB token do not qualify as securities, potentially influencing future regulatory decisions.
Read Full Story Here: SEC Backs Down on Classifying Major Crypto Tokens as Securities in Binance Lawsuit
US Spot Ethereum ETFs See $98.3 Million Outflows
The nine U.S. spot Ethereum ETFs saw $98.29 million in net outflows on Monday, continuing a four-day negative flow trend. Grayscale Ethereum Trust (ETHE) recorded the largest outflow at $210.04 million, while BlackRock’s ETHA led inflows with $58.17 million.
Total daily trading volume for spot ether ETFs reached $773.01 million on Monday, down from $933.86 million on Friday and $955.85 million on Thursday.
Crypto News: Polymarket Surpasses $1B in Betting Volume
Crypto betting platform Polymarket has exceeded $1 billion in trading volume, with over one-third occurring in the last 30 days. The platform saw $343 million in betting volume as of July 30, up from $111 million in June and $63 million in May.
U.S. presidential election speculation has been the primary driver of this surge, with over $429 million wagered on the outcome. Donald Trump currently leads with 60% odds, while Kamala Harris has risen to 38% following Biden’s withdrawal from the race.
Artists Sue SEC Over NFT Security Status
Two artists, Brian Frye and Jonathon Mann, have filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) seeking clarification on the regulatory status of non-fungible tokens (NFTs). The lawsuit aims to determine whether NFT art falls under SEC jurisdiction and if artists need to register their NFTs or disclose risks before selling.
The plaintiffs argue that classifying NFTs as securities would be illogical, using Taylor Swift concert tickets as an example. They seek protection against potential SEC enforcement actions on their NFT projects.
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