The CNBC Crypto World program offers viewers daily updates on digital currency markets, including high-profile interviews and unique stories from the crypto industry. In the latest episode, Andy Baehr, head of product at CoinDesk Indices, discusses the potential impact of the U.S. launch of spot ETH ETFs on crypto prices. The show provides valuable insights into the ever-changing world of cryptocurrency.

According to a report by asset manager VanEck, by 2050, bitcoin could be used to settle 10% of international trade and 5% of local trade, with central banks holding it as a reserve asset. The report highlights the importance of bitcoin layer-2 networks in overcoming scaling issues and enabling BTC to be used as a medium of exchange. However, the report also notes potential risks to bitcoin's growth, including increasing power demand, government crackdowns, and competition from other digital assets. VanEck predicts that BTC's price could reach $2.9 million by 2050, but only if certain obstacles are overcome.

Ajay Seth, a Senior Finance Ministry Official, has announced that India will release a discussion paper on its policy stance on cryptocurrencies before September. The country will analyze and decide its own position on crypto in the "coming months," with a plan to outline its policy stance in a discussion paper. Indian news outlet Moneycontrol reported the news, citing an interview with Economic Affairs Secretary Ajay Seth.

Despite the S&P500 and Nasdaq-100 experiencing losses of 1.8% and 3.0% respectively, bitcoin has risen by 0.5%. This is unusual as bitcoin typically follows the daily movements of stocks, particularly in the tech industry. Despite the current market conditions, bitcoin has remained strong, which is surprising given the current Mt. Gox-related selling pressure and underwhelming spot ether ETF inflows. Although it is a small window of time, it is impressive how well bitcoin has held up.

The SEC has given approval to nine ETFs that track Ether cryptocurrency, following the launch of the first spot Bitcoin ETFs seven months ago. However, the new products did not perform well in their initial two days of trading, with all of them experiencing significant losses. Each ETF will monitor the spot price of Ether, which is the second-largest cryptocurrency in the world and the driving force behind the Ethereum blockchain. Despite expectations that the price of Ether would increase on the day the ETFs were launched, the market was not favourable to either the token or the ETFs, with Ether falling 4.4% on the first day of trading.

Coinbase has requested the Securities and Exchange Commission to provide internal communications related to crypto, which includes the messages of Chair Gary Gensler. The company has withdrawn its previous demand for Gensler's communications before he joined the agency. Coinbase has filed a motion to compel the SEC to produce the requested documents.

Magnify Cash, a pioneer in financial technology, has launched a state-of-the-art DeFi protocol and announced the upcoming Fair Launch of its native token, $MAG. The platform aims to reshape the financial services landscape for individuals and enterprises alike by spearheading the next evolution in decentralized credit markets. Magnify Cash's innovative, permissionless lending desks unlock liquidity for Real-World Assets (RWAs), Future Yield Tokens (FYTs), and a myriad of digital assets, providing solutions to key financial challenges such as limited liquidity and centralized lending limitations. The $MAG token will be launched through Fjord Foundry's liquidity bootstrapping protocol, ensuring a fair and transparent distribution.

The IRS has released final regulations for reporting digital asset sales, transfers, and payment processing to ensure accurate tax filing and payment. A new tax form, Form 1099-DA, will be used to report digital asset proceeds from broker transactions, improving tax compliance and assisting taxpayers in calculating taxable gains. However, tracking basis for digital assets can be challenging due to the large number of transactions and types of currency involved. Seeking early tax advice from knowledgeable and trusted tax advisors, including those with crypto tax certification, can help taxpayers navigate these complexities. The final regulations do not include reporting requirements for decentralized or non-custodial brokers, but taxpayers should still watch for additional guidance from the IRS.

According to reports from foreign media, the Trump campaign team has filed a complaint with the Federal Election Commission, claiming that Biden's transfer of $96 million in campaign funds to Harris is illegal. David Warrington, a lawyer for the Trump campaign team, said that this was a "shameless money-grabbing act" and would constitute the largest excessive donation and most serious violation in the history of the Federal Election Law. Shortly after Biden withdrew from the election and appointed Harris as his preferred successor, she took over Biden's campaign committee's bank account. Steve Roberts, a lawyer who represented Republican candidates, said that the argument against the transfer was a "wishful thinking" of his Republican colleagues. The Harris campaign team said that this complaint would not affect its fundraising or spending.

US Senator Cynthia Lummis hinted at releasing significant news related to Bitcoin on X platform this week, writing, "₿ig things are in store this week." The "B" is replaced with the Bitcoin symbol.