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<h2 id="header-0">This Week in Web3: Top Headlines</h2><h3 id="strong-senator-cynthia-lummis-advocates-for-bitcoin-integration-into-us-financial-system-strong">Senator Cynthia Lummis Advocates for Bitcoin Integration into US Financial System</h3>Senator Cynthia Lummis (R-WY) believes that integrating Bitcoin into the US financial system can bolster the US dollar and help it remain a global leader. In a recent Fox Business interview, she shared her vision for a financially independent America, advocating for Bitcoin as a reserve asset to strengthen the dollar. Lummis is pushing a pro-Bitcoin agenda, which includes rejecting retail Central Bank Digital Currencies (CBDCs), protecting self-custody Bitcoin wallets, and restoring the dollar&#39;s dominance. She praised the Federal Reserve for deciding against pursuing a CBDC, citing concerns about government surveillance, and highlighted the importance of financial freedom through self-custody.Her views are supported by MicroStrategy chair Michael Saylor, who also favours a Bitcoin-backed dollar to uphold American values of privacy and property rights. This reflects a broader movement among crypto enthusiasts to integrate digital assets into the US financial system as a hedge against inflation and a means to enhance financial privacy. Former President Donald Trump has also shown strong support for the crypto sector, discussing making Bitcoin a reserve asset and planning to headline the 2024 Bitcoin Conference, while opposing CBDCs due to privacy concerns.Bitcoin ETFs Set New Inflow Record: Recovery Potential Amid Price DropAfter six days of positive net inflows starting July 5, U.S. spot bitcoin ETFs have hit a record with $15.81 billion in total inflows, according to SoSoValue. They added over $1 billion in assets, with Friday being particularly strong, pulling in $310 million. BlackRock&#39;s IBIT led with $120 million, followed by Fidelity’s FBTC at $115 million, and contributions from Grayscale, Bitwise, and Ark Invest. Although bitcoin&#39;s price has dropped about 17.5% from $71,500 to $58,900, the high net inflows suggest a potential for recovery. Meanwhile, the crypto community is excited about the possible launch of spot Ethereum ETFs this month, pending SEC approval.<h3 id="strong-german-government-completes-bitcoin-sell-off-strong">German Government Completes Bitcoin Sell-off</h3>The German government has sold off all its Bitcoin holdings over the past 23 days, wrapping up a process that started in late June. They transferred the last batch of Bitcoin, worth around $223.81 million, to Flow Traders and 139Po. This Bitcoin was originally seized from the operators of a piracy website. The sales, carried out by Germany&#39;s federal criminal police, led to fluctuations in Bitcoin prices, which were around $57,656 at the time. Interestingly, this sell-off happened just as US Bitcoin ETFs saw huge inflows (as described in the preceding headline), and whales buying up Bitcoin rapidly. The German government&#39;s Bitcoin balance is now at zero, and we&#39;re waiting to see how this impacts the market in the long term.<h3 id="strong-prepare-for-the-pinnacle-gathering-of-the-year-strong">Prepare for the pinnacle gathering of the year!</h3>Money20/20 USA, Business-changing connections. Powerful conversations. Innovative Partnerships. Valuable learnings. Immersive Experience. Max ROI. - This is Money20/20 USA. Experience for yourself on October 27-30 why this is the place where money does business. (Spoiler: 3,000&#43; leading companies joined us last time around!)Don’t get left behind,<a href="https://bit.ly/4bKl5aF" rel="noopener noreferrer nofollow"> join now</a> and use code DEF250 to save an extra $250 off your pass! <img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/0c33e4bd6a514b759efc78697d4e84e1.jpg" />Catch up on our published articles for the week!NEWS<ul><li>Dough Finance Hit by $1.96 Million Exploit Due to Smart Contract Vulnerability &gt;&gt;&gt;<a href="https://defi-planet.com/2024/07/dough-finance-hit-by-1-96-million-exploit-due-to-smart-contract-vulnerability/" rel="noopener noreferrer nofollow"> Learn more</a></li><li>$JUICE Partners with GotBit Hedge Fund to Launch the World’s First Healthcare Memecoin &gt;&gt;&gt; <a href="https://defi-planet.com/2024/07/juice-partners-with-gotbit-hedge-fund-to-launch-the-worlds-first-healthcare-memecoin/" rel="noopener noreferrer nofollow">Learn more</a></li><li>U.S. Senators Introduce New Bipartisan Bill to Combat AI Deepfake Misuse with Mandatory Watermarking &gt;&gt;&gt; <a href="https://defi-planet.com/2024/07/u-s-senators-introduce-new-bipartisan-bill-to-combat-ai-deepfake-misuse-with-mandatory-watermarking/" rel="noopener noreferrer nofollow">Learn more</a></li><li>U.S. SEC’s Shift on Crypto Accounting Requirements for Banks Sparks Debate on Easing SAB 121 Rules &gt;&gt;&gt; <a href="https://defi-planet.com/2024/07/u-s-secs-shift-on-crypto-accounting-requirements-for-banks-sparks-debate-on-easing-sab-121-rules/" rel="noopener noreferrer nofollow">Learn more</a></li><li>Experts Advise Caution as Squarespace Domain Vulnerability Threatens DeFi &gt;&gt;&gt; <a href="https://defi-planet.com/2024/07/experts-advise-caution-as-squarespace-domain-vulnerability-threatens-defi/" rel="noopener noreferrer nofollow">Learn more</a></li><li>Compound Finance Confirms Website Breach Amid Ongoing Cyber Attack, Urges Users to Avoid Site &gt;&gt;&gt; <a href="https://defi-planet.com/2024/07/compound-finance-confirms-website-breach-amid-ongoing-cyber-attack-urges-users-to-avoid-site/" rel="noopener noreferrer nofollow">Learn more</a></li><li>Crypto Voters Seek Pro-Crypto Candidates Across Party Lines, New Study Shows &gt;&gt;&gt; <a href="https://defi-planet.com/2024/07/crypto-voters-seek-pro-crypto-candidates-across-party-lines-new-study-shows/" rel="noopener noreferrer nofollow">Learn more</a></li><li>Former U.S. President Donald Trump to Headline Bitcoin 2024 Conference &gt;&gt;&gt; <a href="https://defi-planet.com/2024/07/former-u-s-president-donald-trump-to-headline-bitcoin-2024-conference/" rel="noopener noreferrer nofollow">Learn more</a></li><li>BitMEX Dismisses the US DOJ’s Recent Accusation, Calls it ‘Old News,’ Cites Past Settlements by Founders &gt;&gt;&gt; <a href="https://defi-planet.com/2024/07/bitmex-dismisses-the-us-dojs-recent-accusation-calls-it-old-news-cites-past-settlements-by-founders/" rel="noopener noreferrer nofollow">Learn more</a></li><li>Italy’s Central Bank Set to Roll Out Guidelines for Implementing EU Crypto Regulations (MiCA) &gt;&gt;&gt; <a href="https://defi-planet.com/2024/07/italys-central-bank-set-to-roll-out-guidelines-for-implementing-eu-crypto-regulations-mica/" rel="noopener noreferrer nofollow">Learn more </a></li></ul>ARTICLES<ul><li>Summer.fi Unveiled: Upgrading DeFi with Innovation and Integration &gt;&gt;&gt; <a href="https://defi-planet.com/2024/07/summer-fi-unveiled-upgrading-defi-with-innovation-and-integration/" rel="noopener noreferrer nofollow">Learn more </a></li><li>Where on Earth Can You Trade Spot Bitcoin ETFs Legally? &gt;&gt;&gt; <a href="https://defi-planet.com/2024/07/where-on-earth-can-you-trade-spot-bitcoin-etfs-legally/" rel="noopener noreferrer nofollow">Learn more </a></li></ul>Spotlight on interesting projectsTezoro<a href="https://tezoro.io/" rel="noopener noreferrer nofollow">Tezoro</a> is a non-custodial service that allows you to reduce the risk of losing your crypto by ~100 times by creating a backup: a smart contract that can withdraw crypto from your wallet and transfer it to a backup address even if you&#39;ve already lost access to your wallet or died.Tezoro is a non-custodial service. It helps you to prepare your backup, and you confirm it via your MetaMask and deploy it directly to the blockchain.Nobody, including Tezoro, can change the amount or replace the backup address. The only thing you allow it to do is initiate the transfer at the moment you need it.For more information, visit <a href="https://tezoro.io/" rel="noopener noreferrer nofollow">https://tezoro.io/</a><img src="https://lh7-us.googleusercontent.com/docsz/AD_4nXfnu8VH-a_2sPUolGqW4Xu1CrNaXhxPXj3MG0gBxax0L4BMIgy93-5aGz2qR2SrgrwKYW4ArqY-gQS_nNbBht-O_aXP4rXnU-KDb3QttOjctmQsgKGqVRZ7kJrpqVuuMkhhej44ZX8rfkxZkmGRXgpIc5CP?key&#61;8HCz49cuB9WNY3hDXOmbpQ" />If you want more content like this, visit <a href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>,  <a href="https://medium.com/&#64;defi-planet" rel="noopener noreferrer nofollow">Medium</a>. and <a href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.

Weekly Round-Up #101 | Get caught up on the latest developments in Web3!

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DeFi Planet

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