Akon City Gets $6 Billion Contract; Binance Note Shows China Govt Ties; Former CFTC Head Claims XRP Not A Security

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Akon City gets a $6 billion contract for its construction. Binance note leak hint at ties with the Chinese government. Former CFTC head claims XRP is not a security. Sparkpool follows Etheremine and distributes abnormal ETH fee transaction funds to miners. Coinbase publishes open-source standards to streamline token listings, and Kraken expands its services to Australia.

Akon City Construction Gets $6 Billion Contract

Akon

Akon City, the African metropolis to be built in Senegal, has gotten a construction contract of $6 billion. KE International, a US-based engineering and construction firm, got the contract to build the futuristic cryptocurrency-based city in two phases, with funding secured for at least the first $4 billion. Part for Akon City’s funding comes from Akon, the Senegalese singer, and other important proponents like Julius Mwale, a US-based entrepreneur and investor. The city construction project is expected to be finished by 2029.

Binance Leaked Note Hints at Ties With the Chinese Government

Akon

A leaked note from Binance CEO Changpeng Zhao, where he explains the exchange will defend itself from “desperate” Chinese competitors, hints at the company having links with the government of China. The note states, referring to their unnamed competitors, “They may feel this will hurt us, thinking we don’t have strong govt, relationships in China. Both are wrong.” Zhao has been uncomfortable when questioned about where Binance is really based, and has avoided giving a clear answer on the issue on several occasions.

Former CFTC Head Claims XRP is Not a Security

Akon

Christopher Giancarlo, former head of the CFTC and creator of the Digital Dollar Project, claimed XRP is not a security. Giancarlo, known also as “Crypto Dad” in cryptocurrency circles, argues in a paper titled, “Cryptocurrencies and U.S. Securities Laws: Beyond Bitcoin and Ether,” that “under a fair application of the Howey test and the SEC’s presently expanding analysis, XRP should not be regulated as a security, but instead considered a currency or a medium of exchange,” touting XRP adoption as a reason for this take.

Sparkpool Follows Ethermine by Distributing Abnormal Ethereum TX Fee Funds to Miners

Sparkpool, an Ethereum mining pool, seems to have started distributing the funds coming from a transaction which paid an abnormal mining fee of more than $2 million, mimicking the behavior of Ethermine, another mining pool that also distributed the funds of yet another abnormal fee transaction to its users earlier this week. Sparkpool announced earlier they would wait until June 17th for the relevant party to take action, but they started distributing the funds before the deadline, and now the issuer has been identified.

Coinbase Publishes Open Source Standard for Token Listing

Coinbase released an open-source standard to help developers understand what the exchange requires to get a listing on its platform. The program, called “Rosetta,” aims to minimize the work needed to bring any blockchain to Coinbase. Coinbase must manage dozens of blockchains that have different ways of operating, so Rosetta acts as a middleware between them. “The goal is to dramatically decrease the time it takes to bring a blockchain onto Coinbase,” stated Coinbase product manager Nemil Dalal.

Kraken Expanding Services to Australia

Kraken, a popular US-based cryptocurrency exchange, announced it will expand operations to Australia, offering its Australian customers several ways of funding their accounts with Australian dollars. The exchange will offer instant funding for clients making deposits using Okso Bank and other PayID-enabled Australian bank accounts. Trade pairs between the Australian dollar and the most popular cryptocurrencies (BTC, ETH, LTC, XRP, BCH, and USDT) will be available, as well as with other fiat currencies like the dollar and the yen.

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