Elon Musk comments on China’s crypto ban, Paul Oakenfold’s music to be released on Cardano: Crypto News Digest

What’s going on in the world of crypto? U.Today News Digest brings you the most important events of the past day.

Elon Musk suggests the reason for China’s crypto ban

Tesla CEO Elon Musk commented on China’s toughest ban on cryptocurrencies during the Code conference on Sept. 28. The hundred billionaire hinted that the Chinese Communist Party’s hostility towards cryptocurrencies is caused by the threat they pose to centralized governments.

Musk adds that while destroying cryptocurrencies is impossible, governments are likely to slow the industry’s progress.

Charles Hoskinson releases Paul Oakenfold’s new album on Cardano

Paul Oakenfold, a British record producer and famous trance DJ, has teamed up with IOG CEO Charles Hoskinson to bring his new album, dubbed Zombie Lobster, to Cardano. Commenting on his participation in the publication, Hoskinson admitted that the importance of blockchain for the future of the music industry was a revelation to him.

To sue

Oakenfold isn’t the first artist to choose Cardano to promote their music; Earlier this week, ZZ Top frontman Billy Gibbons released his freshly played music tracks in the form of NFTs.

Switzerland approves its first crypto asset fund

As Reuters reports, the Swiss financial regulator FINMA has given the green light for the country’s first cryptocurrency fund. However, the regulator points out that the new fund will only be open to qualified investors and warns of potential risks for clients.

In order to minimize the risks, the fund may only invest in already established cryptocurrencies with a sufficiently large trading volume: Bitcoin, Ethereum, etc.

Tether scores a legal victory in a major market manipulation case

Tether and affiliated cryptocurrency exchange Bitfinex are celebrating a small legal victory in a $1 trillion market manipulation case. According to an official statement on Tether’s website, the judge dismissed half of the claims made against the defendants.

Tether and Bitfinex called the remaining claims “baseless” and stressed that they were unwilling to settle with them.

Ripple transfers 100 million XRP and prepares to later send it in chunks to Huobi

According to crypto tracking platform Whale Alert, on September 29, 2021, Ripple moved 100 million XRP to its RL18 VN address, to later move it to Huobi in smaller transfers. This XRP amount is equivalent to approximately $90,518,490 at the current exchange rate. Then the San Francisco-based fintech giant transferred 1.5 million XRP to China’s largest crypto exchange.

Huobi has been receiving these 1.5 million XRP nuggets from Ripple’s RL18-VN since September 27th. The daily amount of XRP sent to this crypto exchange changes from one week to the next.

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