The big four accounting firms are investing heavily in blockchain technology, recognizing its potential to revolutionize the industry by improving transparency, security, and efficiency in accounting processes while reducing costs. Other companies and organizations are also investing in blockchain, indicating a growing interest in the technology. Blockchain is a decentralized and distributed digital ledger technology that uses cryptographic hashes to create an immutable and tamper-proof information chain, providing enhanced transparency, security, and efficiency in accounting and auditing processes. The adoption of blockchain technology will lead to changes in the accounting industry, with certain areas expanding while others are eliminated. The Big Four accounting firms are actively exploring ways to streamline job duties within the audit field and leverage technology to improve efficiency, recognizing the potential of blockchain to reshape the industry and create new opportunities for accountants with specialized knowledge in this emerging technology.

A federal judge in Washington, Judge Analisa Torres, has ruled that Ripple Labs’ token, XRP, is not a security when purchased by retail investors. This decision has caused a shift in the narrative surrounding cryptocurrencies and has caught the attention of policymakers in Washington. The ruling distinguishes between sales to institutional investors and those to retail purchasers, stating that XRP would be considered a security when bought by institutional investors but not when purchased by individuals. The exclusion of a crypto mining tax permits the current administration to maintain a neutral stance on bitcoin, which seems to be a contentious topic. As Washington’s interest in cryptocurrency grows, keeping tabs on political discourse regarding crypto assets becomes increasingly crucial.

The Securities and Exchange Commission (SEC) is requesting that a court reject a motion to dismiss an investigative subpoena aimed at determining whether a conservative memecoin is a security. The SEC subpoenaed James Koutoulas, a Miami-based hedge fund manager and trustee of the LGBcoin Foundation, earlier this year. Koutoulas sued the SEC, arguing that LGBcoin is not a security and therefore does not violate securities laws. However, the SEC claims that Koutoulas' challenge to its investigation lacks merit and that he is not entitled to ignore the subpoena.

Ripple Labs won a court case that declared XRP is not a security, leading to a significant increase in the token's market price. However, Ripple CTO David Schwartz warned investors of potential scams that may arise as a result of the hype.

BNB Chain has announced a scheduled hard fork upgrade named Zhang Heng, which is expected to occur on July 19 at block height 328,088,888. The upgrade will introduce BEP-255 to improve security by implementing on-chain asset reconciliation on BNB Beacon Chain.

The total losses from hacks, phishing scams, and rug pulls in Web3 reached $655.61 million in the first half of 2023. Among them, 108 attacks resulted in a total loss of approximately $471.43 million.

According to a joint report by PwC and Aspen Digital, the digital asset industry peaked at over $3 trillion in November 2021, while the custodial market remained at $447.9 billion in 2022. The report identifies 120 custody service providers, divided into third-party service providers and self-custody solutions.

Fairyproof studied 186 publicly reported security incidents that occurred in Q2 2023. This report is composed of findings, analysis and best practices of these incidents.

Investment platform Voyager has lost more than $229 million in withdrawals since reopening its platform on June 23. Despite this loss, the company still holds millions of dollars in crypto assets, including 74 million worth of BTC, $52 million worth of ETH, $32 million worth of USDC, $15 million worth of SHIB, and $7 million worth of VGX.

The amalgamation of blockchain and AI has the potential to revolutionize the healthcare industry in the truest sense of the term. Blockchain technology enhances security, privacy protection, and promotes interoperability of health data. When paired with AI, it creates a predictive system that contributes to medical workflow.