Uncategorized Archives - Page 34 of 135

MondayJul 10, 2023 12:00 pm

Bittrex Wants SEC Lawsuit Dismissed

Bittrex has taken a significant step in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) by filing a request to dismiss. The cryptocurrency exchange had filed for bankruptcy earlier this year citing regulatory pressure from the commission. In its recent filing, Bittrex makes the case that the SEC lacks the jurisdiction to regulate cryptos as securities sans a specific Congressional authorization. This claim contests how the SEC has interpreted current securities laws and aims to create a clearer regulatory framework that considers digital assets’ classification. Bittrex has followed Coinbase's lead in its request to dismiss, closely…

FridayJul 07, 2023 10:30 am

To Protect Investors, Thailand Opts to Ban Lending by Cryptocurrency Exchanges

Thailand has become the second country in southeast Asia to announce a ban on cryptocurrency exchanges that offer lending services, aligning with the country’s commitment to safeguarde investors in the crypto market. The Thai Securities and Exchange Commission (SEC) issued a statement on July 3, 2023, outlining the new rules. The ban explicitly targets "depository services that promise returns to lenders and depositors," effectively barring exchanges from offering both staking and lending options. To enhance transparency and risk awareness, the Thai SEC has introduced a mandatory disclaimer, requiring exchanges to prominently display the message: "Cryptos are high risk. Please thoroughly…

WednesdayJul 05, 2023 9:45 am

King Charles Signs Crypto Bill into Law

Last week, King Charles signed the Financial Services and Markets measure, completing the process for the measure to become law and giving regulators the power to monitor cryptocurrencies and stablecoins. This step, known as royal assent, is merely a procedural formality following the lawmakers' agreement and effectively transforms the bill into the Financial Services and Markets Act. Hailed as a vital component of the government's vision, the HM Treasury asserts that the act plays a central role in fostering an open, sustainable and technologically advanced financial services sector. Financial Services Minister Andrew Griffith emphasized that the act provides the United…

MondayJul 03, 2023 11:15 am

Team Managing Bankrupt FTX Announces Recovery of Nearly $7B in Assets

The FTX bankruptcy team has recently published a comprehensive report that delves deep into the financial intricacies of the collapsed exchange. According to their findings, a sizable debt of $8.6 billion was owed to clients as a result of the mixing and theft of their deposits. Surprisingly, senior executives had already made conscious efforts to hide these financial difficulties in August 2022. According to the report filed last week, a substantial portion of the funds, approximately $6.5 billion, consisted of misappropriated stablecoins and fiat currency. However, there is some positive news as well, as $7.1 billion worth of assets have…

FridayJun 30, 2023 9:00 am

Despite Minimal Trading Activity, Bitcoin Surges 12% in June

Bitcoin's surge in value this month has drawn the attention of many, and the reasons behind the increase are not what one might expect. The world's largest digital currency has experienced a notable increase of more than 12% since the start of June. Last Wednesday, it surpassed the $30,000 mark, reaching its highest point since mid-April, as confirmed by data from Coin Metrics. While some attribute the recent increase to the announcement that BlackRock, a prominent asset management firm, had filed for a Bitcoin ETF that monitors the underlying asset's market price, there is more to it than meets the…

WednesdayJun 28, 2023 11:15 am

US Supreme Court Issues Favorable Ruling for Coinbase

On June 23, 2023, the United States Supreme Court delivered a verdict in favor of cryptocurrency exchange Coinbase, rendering a partisan decision that will put a halt to court proceedings against the company in two separate cases in California. These class-action lawsuits were initiated by plaintiffs claiming that Coinbase had not provided adequate compensation after users suffered financial losses. Additionally, the plaintiffs accused Coinbase of engaging in deceptive advertising practices. Coinbase, in response, requested that the district courts overseeing the cases dismiss the suits, arguing that users had agreed to handle such disputes through arbitration rather than lawsuits when they…

MondayJun 26, 2023 9:00 am

Bitcoin Jumps 10% Amid Bullish Investor Sentiment

Last week, Bitcoin surged to its highest point since April, fueling excitement among traders who are hopeful for the approval of a spot Bitcoin ETF. This optimism stems from recent applications submitted by various companies, including BlackRock, a prominent player in the financial industry. According to CoinMetrics, the price of the leading cryptocurrency reached a peak of $30,749.45, marking its highest point since April 14. However, by 6:39 p.m. ET, the price had slightly dipped to $29,988.46. Despite the negative sentiment surrounding the crypto market lately, with FTX's collapse and subsequent regulatory consequences, investors are increasingly optimistic about the involvement…

ThursdayJun 22, 2023 12:00 pm

The IMF is Designing a Global CBDC Platform

Kristalina Georgieva, managing director of the International Monetary Fund (IMF), announced that the organization is engaged in the development of a platform to facilitate transactions between nations using central bank digital currencies, or CBDCs. Georgieva underscored the necessity of connecting nations through interoperable systems, stating that CBDCs shouldn’t be restricted to individual countries but should aim for global efficiency and fairness. To address this, the IMF was actively seeking to make the reality of a worldwide CBDC platform. Georgieva cautioned that any failure to reach a consensus on this matter could leave a void which could potentially be taken advantage…

TuesdayJun 20, 2023 12:30 pm

SEC Asks for Additional Time in Coinbase Rulemaking Petition

The U.S. Securities & Exchange Commision (SEC) has requested more time to respond to Coinbase's plea for regulatory certainty in the crypto space. The SEC stated in a June 13, 2023, letter that it would require an extra four months to address Coinbase's request for the implementation of new regulations and improved comprehension of the regulatory environment for cryptocurrencies. The letter was written in response to the court's order from June 6, 2023, asking the SEC to make it clear if it was rejecting the rulemaking or just needing more time to think it through. The SEC's recent statement follows…

FridayJun 16, 2023 10:30 am

Crypto Prices Show Signs of Stability After SEC Crackdown Concerns

This week marked a period of relative stability in the cryptocurrency market, as prices showed signs of steadying after a significant sell-off triggered by legal actions from the U.S. Securities and Exchange Commission (SEC) against Binance and Coinbase for violating securities regulations. According to Coin Metrics, Cardano's ADA coin remained unchanged on Monday, following a brief weekend tumble of approximately 17%. Conversely, Solana's SOL recorded a 6% decline, while Polygon's MATIC experienced a drop of more than 2%. During the weekend, both Polygon and Solana saw substantial declines of around 20% and 17%, respectively. Binance's BNB remained relatively stable over…