Today’s Major Events in the Crypto World
Brazil’s Top Prosecutor Supports Ban on Social Media Platform X
Brazil’s Attorney General’s Office, known as PGR, has shown support for the Supreme Court’s decision to ban the social media platform X. The PGR argues that suspending Elon Musk’s platform does not breach Brazilian speech laws and has urged the Supreme Court to reject any lawsuits aiming to overturn the suspension.
The legal issues began when Justice Alexandre de Moraes banned X on August 30 after the platform failed to appoint a local representative, a requirement by Brazilian law. Musk’s refusal to comply with court orders to block accounts spreading misinformation in Brazil triggered this legal battle.
On September 13, the Supreme Court lifted the freeze on bank accounts linked to X and Starlink, another Musk-controlled company, after Musk paid fines amounting to 18.35 million Brazilian reais (about $3.3 million). Despite settling the fines, X remains inaccessible to Brazilians.
MicroStrategy Expands Bitcoin Holdings
MicroStrategy, led by Michael Saylor, has announced the acquisition of approximately 18,300 Bitcoin between August 6 and September 12. According to the company’s Form 8-K submitted to the United States Securities and Exchange Commission (SEC), the purchase was valued at $1.11 billion, translating to an average price of $60,408 per Bitcoin, including expenses and fees.
This acquisition brings MicroStrategy’s total Bitcoin holdings to roughly 244,800 BTC, valued at around $14.14 billion. This move underscores the company’s strong belief in Bitcoin’s long-term potential.
Donald Trump to Launch Crypto Platform World Liberty Financial
Former President Donald Trump has announced the launch of his crypto platform, World Liberty Financial, set for Monday, September 16. In a video posted on social media platform X, Trump said he would go live to initiate the project, which is managed by his sons, Donald Jr. and Eric Trump.
Trump emphasized the platform’s aim to embrace the future with crypto, moving away from traditional banking systems. According to a reported white paper, the platform will offer features such as digital wallets, credit account systems, options to borrow or lend cash, and the ability to invest in various assets using tokens.
Trump has rebranded himself as a pro-crypto candidate, garnering significant support from the crypto industry. He has promised to support the industry with clearer regulations if re-elected as president. However, some, like Nic Carter, a Trump supporter and partner at Castle Island Ventures, believe the project is a “huge mistake.”
Key Takeaways
- Brazil’s Legal Standoff with X: Brazil’s top prosecutor backs the Supreme Court’s decision to ban social media platform X, arguing it doesn’t violate speech laws. The platform remains banned despite Musk paying significant fines.
- MicroStrategy’s Bitcoin Investment: MicroStrategy has purchased an additional 18,300 BTC, bringing its total holdings to approximately 244,800 BTC, valued at $14.14 billion. This demonstrates the company’s unwavering confidence in Bitcoin.
- Trump’s Crypto Venture: Donald Trump is set to launch World Liberty Financial, a crypto platform aimed at modernizing financial transactions. Managed by his sons, the platform will offer digital wallets, credit accounts, and investment options.
These developments highlight the dynamic and rapidly evolving nature of the crypto world, with significant legal, financial, and technological advancements shaping its future.
