Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

1. Circle Partners with Sony: Circle has teamed up with Sony Block Solutions Labs to integrate USDC stablecoin into Sony's new layer-2 blockchain, Soneium, launched in August 2024.

2. CFTC Warns Election Gambling: The U.S. Commodity Futures Trading Commission (CFTC) raised concerns about election prediction markets, citing manipulation risks, particularly during elections.

3. ETH Pectra Upgrade: Ethereum developers are considering splitting the Pectra upgrade into phases, with the first phase potentially launching as early as February 2025.

4. 💡Feature of the Day - U.S. Crypto ATM Fraud: A group of U.S. Senators, led by Majority Whip Dick Durbin, is urging crypto ATM operators to address the growing issue of fraud, particularly targeting elderly Americans.

   
   All this and more in today’s headlines!

📰 News Highlights:

Circle Partners with Sony [Source][Source][Source][Source]

Circle has announced a partnership with Sony Block Solutions Labs to expand the adoption of its stablecoin, USDC, on Sony’s new layer-2 blockchain, Soneium. This collaboration, announced on Sept. 15, aims to establish USDC as a primary token for value exchange within the Web3 ecosystem.

Soneium, launched in August 2024, is a public Ethereum layer-2 blockchain developed by Sony in collaboration with Startale Labs. Circle’s CEO Jeremy Allaire emphasized that the partnership aligns with Circle's mission to accelerate stablecoin adoption and empower Web3 creators.

The Bridged USDC Standard, which Circle is bringing to Soneium, will allow developers on EVM-compatible blockchains to utilize USDC for digital payments.

Jun Watanabe, chairman of Sony Block Solutions Labs, stated that the partnership is crucial for building a more interconnected digital ecosystem.

CFTC Election Gambling Waring [Source][Source][Source][Source][Source]

The U.S. Commodity Futures Trading Commission (CFTC) has raised concerns about the potential manipulation of election prediction markets, citing examples of past manipulation attempts on platforms like Polymarket and PredictIt.

In a Sept. 14 filing, the CFTC highlighted these issues in its ongoing case against prediction market Kalshi, arguing that allowing such platforms could lead to harmful financial exploitation during elections.

The regulator pointed out that incidents like the manipulation of contracts involving Vice President Kamala Harris and Senator Debbie Stabenow are clear warnings of the risks these platforms pose.

Kalshi faced a temporary legal victory on Sept. 6 when a court ruled in its favor, but this decision was quickly stayed after the CFTC filed an emergency motion.

Kalshi, however, briefly launched its election markets on Sept. 12 before they were shut down again due to further legal restrictions.

The CFTC insists that allowing such markets could cause harm to the public, likening the potential financial manipulation to illegal drug distribution.

ETH Pectra Upgrade [Source][Source][Source][Source][Source]

Ethereum developers are considering splitting the highly anticipated Pectra upgrade, which is aimed at enhancing the network's efficiency and scalability.

During a Sept. 12 meeting, developers discussed the possibility of launching the first phase of Pectra as early as February 2025, a move that would enable a faster rollout of critical features.

The Pectra upgrade combines two significant upgrades: Prague, which focuses on the network’s execution layer, and Electra, which impacts the consensus layer.

Developers like Danno Ferrin and Ansgar Dietrichs have voiced concerns that delaying Pectra beyond mid-2025 would be seen as a failure, stressing the importance of a swift and safe deployment.

The complexity of the Pectra upgrade has led many in the Ethereum community to support the idea of splitting it into two smaller forks, which carry less risk.

💡 Feature of the Day: 

U.S. Crypto ATM Fraud [Source][Source][Source][Source][Source]

A group of seven Democratic U.S. Senators, led by Majority Whip Dick Durbin, has called on major crypto ATM operators to address the growing issue of fraud targeting elderly Americans.

In letters sent to the CEOs of 10 Bitcoin ATM operators on Sept. 12, the Senators highlighted Federal Trade Commission (FTC) data showing that fraud losses from Bitcoin ATMs reached $65 million in the first half of 2024, with individuals aged 60 and older being disproportionately affected.

The Senators, including Elizabeth Warren and Richard Blumenthal, urged companies like Bitcoin Depot, CoinFlip, and RockItCoin to take immediate action to protect consumers from scams.

They pointed out cases where elderly Americans were coerced into sending money via crypto ATMs, with some businesses even removing the machines after observing scam victims as the primary users.

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See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com