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The Bitcoin Standard author appointed as economic adviser to El Salvador

Dr. Saifedean Ammous, the author of an explanatory book about Bitcoin  $26,873 called The Bitcoin Standard, has been appointed the economic adviser to the National Bitcoin Office of El Salvador.

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Dr. Saifedean Ammous, the author of an explanatory book about Bitcoin  $26,873 called The Bitcoin Standard, has been appointed the economic adviser to the National Bitcoin Office of El Salvador.

On May 30, the Office announced that the Austrian economist had joined the team as its advisor for matters related to various economic policies.

Dr. Ammous’ now-famous book was first published in April 2018. It analyzes the transition between solid stores of value to inflated assets and fiat currencies, traces the history of money and aims to show how civilizations have changed with their monetary systems.

Regarding the new position, he tweeted on May 30 that he was excited to work in the office in the first country to adopt a Bitcoin standard

Speaking to local media outlet Diario El Salvador on May 30, Ammous said, “What makes Bitcoin unique is that it gives you the opportunity to have a strong asset that doesn’t depreciate over the years.”

The National Bitcoin Office reported that Dr. Ammous recently traveled to El Salvador to lecture students of CUBO+, a Bitcoin and Lightning Network developers program to teach locals the code and concepts.

He also met with President Nayib Bukele and shared his thoughts on the “remarkable benefits of the policy of economic liberty.”

The ONBTC stated that Dr. Ammous declined any remuneration for the role and was only interested in supporting President Bukele’s Bitcoin policy.

El Salvador’s National Bitcoin Office was created in November 2022 by Bukele to manage all things crypto-related.

American broadcaster Max Keiser and television presenter Stacy Herbert are also part of Bukele’s Bitcoin team, in addition to the recently appointed professor.

Max Keiser commented that The Bitcoin Standard “‘Orange Pilled’ millions, including [MicroStrategy founder Michael Saylor] and many corporate and financial heavyweights who keep adding Bitcoin to their coffers daily.”

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Binance tightens South African compliance rules for crypto transfers

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Binance is tightening compliance measures for crypto transactions in South Africa, announcing it will fully implement the country’s Travel Rule requirements beginning January 2025. The move aligns with regulations set by South Africa’s Financial Intelligence Centre (FIC) and reflects the exchange’s broader efforts to meet global anti-money laundering standards.

Under the new rules, Binance will require South African users to include verified personal information—such as names, addresses, and account details—when sending or receiving crypto between platforms. These changes are designed to increase transparency and traceability of digital asset transfers, making it harder for illicit actors to exploit decentralized networks.

Binance emphasized that users must complete know-your-customer (KYC) verification before transferring crypto to or from external wallets. Transfers to non-compliant platforms may be restricted or flagged, while internal transfers within Binance or to Travel Rule-compliant entities will remain unaffected.

The announcement follows South Africa’s decision in 2023 to designate crypto as a financial product, placing digital asset providers under the supervision of the FIC. The country has since taken steps to integrate crypto into its formal regulatory structure, including licensing requirements and mandatory reporting obligations.

With enforcement beginning in 2025, Binance urged users to familiarize themselves with the new procedures to avoid disruptions. The exchange also plans to provide additional guidance and tools to help users remain compliant as the deadline approaches.

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Ethereum bounces back as market dominance recovers from all-time low

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Ethereum has staged a notable recovery after recently experiencing its lowest market dominance since its early days. The turnaround comes as ETH surged nearly 4% in the past 24 hours, climbing back above the $3,100 mark and narrowing its underperformance gap relative to Bitcoin.

For much of 2024, Ethereum has trailed behind Bitcoin and a growing wave of altcoins, with its market share dropping below 15% — levels not seen since 2015. The slump was driven by investor focus on Bitcoin ETF momentum, lackluster institutional interest in ETH, and rising competition from layer-1 and layer-2 networks offering faster and cheaper alternatives.

Despite these challenges, Ethereum’s fundamentals remain strong. Data shows a healthy uptick in active addresses, transaction volumes, and total value locked in DeFi protocols built on Ethereum. Additionally, hopes remain high for the approval of a spot Ethereum ETF in the U.S., with analysts suggesting a potential turnaround in institutional flows if approved.

Traders are now watching whether this rebound signals a sustained trend reversal or just a temporary relief rally. With key upgrades and ecosystem developments still in the pipeline, Ethereum’s ability to regain dominance may hinge on reigniting both investor confidence and broader developer activity.

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SEC says it won’t re-file fraud case against Hex’s Richard Heart

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The U.S. Securities and Exchange Commission (SEC) has confirmed it will not pursue a retrial in its fraud case against HEX founder Richard Heart, effectively bringing an end to one of the agency’s high-profile crypto enforcement actions.

The decision follows a recent court ruling that dismissed several key allegations against Heart, including claims that he misled investors and violated securities laws through the promotion and sale of HEX, PulseChain, and PulseX tokens. While the SEC initially signaled it would consider further legal options, it has now opted to forgo additional litigation.

Heart, a controversial figure in the crypto world, had long denied the SEC’s accusations, framing the lawsuit as an overreach by regulators. The agency had alleged that Heart raised over $1 billion from investors while misrepresenting how funds would be used and failing to register the offerings.

With the SEC stepping back, the dismissal marks a rare instance in which the regulator has chosen not to continue a crypto-related fraud case, potentially signaling a reassessment of its approach amid growing legal pushback and mounting scrutiny over its enforcement tactics.

Although the case is now closed, legal analysts suggest the outcome could influence future regulatory efforts and may embolden other crypto founders facing similar challenges. Heart, meanwhile, has positioned the development as a vindication, reaffirming his stance that HEX and related projects were never in violation of U.S. securities laws.

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