Today in crypto, Terraform Labs co-founder Do Kwon pleaded guilty to wire fraud and conspiracy charges. In a plea agreement with the US District Court, Kwon admitted guilt to two charges, facing potential prison time of up to 12 years, with sentencing set for December 11. Meanwhile, Circle announced the launch of its layer-1 blockchain, Arc, which aims to enhance stablecoin transactions and reported a 53% increase in revenue for Q2, reaching $658 million. Arc is designed to serve as a foundation for financial applications involving stablecoins, equipped with features like an integrated foreign exchange engine and opt-in privacy controls. Additionally, Ethereum developer Federico Carrone was released after being detained in Turkey due to allegations related to a privacy protocol. He affirmed his innocence regarding any illegal use of Ethereum, asserting that his work was purely research-based. The developments today highlight ongoing regulatory scrutiny and innovative advancements within the cryptocurrency ecosystem, impacting major players like Bitcoin and Ethereum.

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