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  • Republican crypto bill a ‘10x improvement’ on all others: Messari CEO
    Cointelegraph.com News - 5 hours ago
    Speaking in a Twitter Space hosted by Coinbase on June 7, Ryan Selkis praised the new crypto bill for providing new firms with a clear path to compliance. Messari CEO Ryan Selkis has praised a newly proposed Republican crypto bill, commenting it is a “10x improvement” on all other crypto bills introduced to the United States Congress so far.The “Digital Asset Market Structure” (DAMS) bill, introduced on June 1, proposes to establish a framework to fill the gaps in the regulatory process between the U.S. Commodity Futures Trading Commission (CFTC) and Securities Exchange Commission (SEC) on activities related to crypto-assets.Speaking at a Coinbase-hosted event on Twitter Spaces on June 7, Selkis explained that U.S. Representatives Patrick McHenry and Glenn Thompson have drafted a pathway for tokens to reach compliance through decentralization without instantly triggering securities laws.https://t.co/xB0ebVq2vL— Coinbase ️ (@coinbase) June 7, 2023 “How could tokens in their earliest stage come into compliance with securities laws on a temporary basis unless and until they were sufficiently decentralized?” Selkis asked rhetorically.He went on to acknowledge the former work of U.S. Securities Exchange Commission (SEC) Chair Hester Pierce, who released a “Safe Harbor” proposal in February, 2020.“A lot of the language that she had included in those proposals is now being worked out in legislative text [and] that’s kind of made its way into this new bill.” He added:“I do think that this is probably a 10x improvement versus anything that we’ve seen so far.”The last similar crypto bill to hit the floor of Congress was the Digital Commodities Consumer Protection Act (DCCPA), which was introduced on August 3 to provide further supervision over the crypto industry following the collapse of FTX.The Messari CEO’s comments were backed by TuongVy Le, head of regulatory and policy at Bain Capital Crypto, who added that DAMS finally gives token issuers “a path to compliance.”“The issue that a lot of crypto issuers or token projects face is when you’re launching a token, you don’t become decentralized right away, right?” said Le.Great to be on today with @iampaulgrewal @JBSDC @twobitidiot! @coinbase thanks for having me. There’s a lot going on right now, but we are fighting for progress and innovation and something better than the status quo. And we will get there! – onward! https://t.co/oHGhh6wssP— TuongVy Le ️ (@TuongvyLe12) June 7, 2023 She explained that token issuers “need time to work towards that,” but while that’s in the works, the SEC can swoop in and “bring enforcement action against you.” While Le considered this to have always been the “fundamental problem,” she remains hopeful that DAMS can resolve it once and for all:“I think this bill addresses that. It gives token issuers a path to get there […] in a really thoughtful way.”Paul Grewal, the chief legal officer at Coinbase also acknowledged the problems that many token issuers are tackling:“Under the current law there really is no reasonable pathway for those assets that start out life as a security to evolve and involve in large part by decentralizing in a way that’s recognized under the law.”While there are many details to be ironed out, the Digital Asset Market Structure Discussion Draft is a strong step towards developing a regulatory regime that embraces innovation, maintains US industry presence and protects consumers.— paulgrewal.eth (@iampaulgrewal) June 5, 2023 Related: Crypto lawyers flame Gensler over claims that all crypto are securitiesThe bill was discussed in light of the SEC’s recent spate of lawsuits filed against the two largest cryptocurrency exchanges Binance on June 5 and Coinbase on June 6 for allegedly breaking securities laws by offering tokens as unregistered securities.The SEC now considers at least 67 cryptocurrencies to be classed as securities.Among the most notable tokens the financial regulator deems to be securities are Binance Coin (BNB), Solana (SOL), Cardano (ADA), Polygon (MATIC) and Cosmos (ATOM).Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?
  • SEC’s Gensler offered to serve as an advisor to Binance in 2019: Lawyers claim
    Cointelegraph.com News - 8 hours ago
    Years before serving as head of the SEC, Gary Gensler offered up his advisory services to Binance, the exchange’s lawyers allege. SEC Chair Gary Gensler once offered to serve as an advisor to Binance, lawyers representing Binance and its founder Changpeng Zhao have alleged.According to a June 7 CNBC report, documents filed by the SEC on June 7 indicated attorneys from Gibson & Dunn and Latham & Watkins alleged Gensler offered to serve as an advisor to the exchange in March 2019.However, a previous report from The Wall Street Journal in March suggested that Binance had actually approached Gensler first in 2018 for the advisor role.According to the WSJ, which cited messages and documents from 2018 to 2020, Ella Zhang, who was then the head of Binance’s venture investing arm and Harry Zhou, co-founder of Binance-invested firm Koi Trading, first met with Gensler in October 2018 to offer him an advisory position. Gensler later declined the offer. Additionally, the report claims multiple private companies approached Gensler to serve as an advisor while teaching at MIT, but he declined all the offers.United States President Joe Biden nominated Gensler to chair the Securities and Exchange Commission in February 2021 and was later sworn into office on April 17, 2021. Prior to joining the SEC, he was a professor of the Practice of Global Economics and Management at the MIT Sloan School of Management. From 2017 to 2019, he served as chair of the Maryland Financial Consumer Protection Commission.Related: SEC’s Gensler claims ‘parallels’ between Binance and FTX, yet one wasn’t suedThe SEC sued Binance on June 5 for failing to register as a securities exchange and for allegedly operating illegally in the U.S. The financial regulator pressed a total of 13 charges against the crypto exchange, including unregistered offers and sales of the BNB (BNB) and Binance USD (BUSD) tokens as well as its staking program.On June 7, Binance sent out a message through its Chinese social media channels declaring that it was “different” from other crypto exchanges amid the heightened regulatory actions against it.In the statement, Binance said its wallet addresses are transparent and the exchange never “siphoned consumers’ funds.” Additionally, Binance said it never gave “large donations” to political candidates nor made “large sponsorships” to entertainment and media entities — a not-so-subtle nod to the practices harnessed by the now-defunct crypto exchange FTX. On the same day, Zhao sparked debate on Twitter, when he pointed out the SEC never sued FTX, despite Gensler claiming there were many “parallels” between the two companies in an interview.Cointelegraph contacted the SEC for comment but did not receive an immediate response.Magazine: Crypto regulation — Does SEC Chair Gary Gensler have the final say?
  • Cumberland Labs unveils SaaS API for public blockchains and DeFi protocols
    Cointelegraph.com News - 8 hours ago
    When Cumberland Labs looked for a gateway between blockchains and DeFi protocols, it came up with its own universal API service. Cumberland Labs, the incubator arm of Chicago-based crypto trading company Cumberland, has launched the beta version of a new API tool that could simplify the arduous task of connecting to blockchain and decentralized finance protocols.Cumberland Labs told Cointelegraph that the Cumberland, the trading unit of DRW Holdings LCC, used to invest considerable time connecting to various protocols manually, and one at a time.The firm couldn’t find a tool to simplify these tasks and ultimately created its own API service, expand.network, using its own developers and engineers from its incubator arm. The tool has been in testing since November and is available to the public in beta. An API stands for application programming interface and is used when one type of programming needs to communicate with another. Screenshot of interface of expand.network’s beta version. Source: expand.network“We were exploring DeFi trading and sought a tool similar to the ccxt library used for centralized exchanges, which could connect to any DeFi protocol or blockchain. To our surprise, no such tool existed,” Tama Churchouse, chief operating officer at Cumberland Labs, told Cointelegraph.The newly released solution seeks to offer both read and write connectivity to major public blockchains and DeFi protocols, helping developers to interact across multiple protocol APIs and software development kits (SDKs). The Web3 startup seeks to solve an aging crypto issue: inefficiency in cross-chain communication. However, it is far from solving the same problems as cross-chain solutions. According to its CEO Demetrios Skalkotos, while both “may seem similar on the surface”, they serve different purposes. Related: Connecting DeFi: How multichain token systems can improve liquidity”Cross-chain solutions primarily facilitate the transfer of messages and tokens between various chains. In contrast, expand.network provides connectivity to chains and protocols, offering a more comprehensive and versatile solution for navigating the DeFi landscape,” he explained. The low-code tool will support Ethereum Virtual Machine (EVM)-compatible chains, including Ethereum, BNB Smart Chain, Avalanche, Polygon, Cronos, Arbitrum and Optimism, as well as non-EVM-compatible chains like Solana, Tron, Near and Algorand. Upcoming support will be available for Aptos, Sui, Lido, LayerZero and StarkNet. The platform was conceived and built by Cumberland Labs, which provided funding, resources, and consulting. If market conditions permit, the startup may seek funding later this year. “When it comes to seeking funding, our strategy is to target crypto seed and Series A technology infrastructure investors, as well as potential strategic investors,” noted Skalkotos. As the crypto space evolves, more capital is flowing into developer-oriented and interoperability solutions. In April, cross-chain messaging protocol developer LayerZero Labs raised $120 million to expand its reach into the Asia-Pacific region. It had previously raised $135 million in March 2022.Magazine: Here’s how Ethereum’s ZK-rollups can become interoperable
  • Intuit introduces proprietary large language models for fintech with GenOS
    Cointelegraph.com News - 11 hours ago
    Intuit is launching an operating system for generative artificial intelligence that will feature AI models trained on the company’s financial data. Fintech giant Intuit, whose product offerings include TurboTax, Mint, Credit Karma, Mailchimp and QuickBooks, recently expanded its software services platform to include GenOS, an operating system for generative artificial intelligence (AI) technologies. According to Intuit, the new operating system will come with a suite of tools, including a developer studio, UX library, runtime layer and several pre-trained large language models (LLMs). We’re expanding our platform architecture to include a proprietary Generative AI operating system (GenOS) with custom-trained financial LLMs that specialize in solving financial challenges. GenOS will unleash the power of GenAI and ignite innovation at scale for customers.— Intuit (@Intuit) June 6, 2023 Several high-profile businesses have recently begun adapting third-party LLM solutions such as OpenAI’s ChatGPT for their specific needs. However, Intuit’s taken a different approach by creating proprietary tools and its own development and deployment platform. Intuit isn’t necessarily known for its AI products, but its place as an industry leader leaves it well-positioned to leverage internal data to train models similar to ChatGPT. The primary benefit in doing so is that the company can cherry-pick what data gets included, thus allowing it to fine-tune its models for fintech. Where ChatGPT and similar LLMs, such as Google’s Bard, have typically been positioned as general chatbots — meaning they’re designed to discuss virtually any subject — a model trained specifically on financial data would be considered a “narrow,” or targeted, system.And Intuit reportedly has a lot of data to work with. Per an announcement published on June 6:“The company has 400,000 customer and financial attributes per small business, as well as 55,000 tax and financial attributes per consumer, and connects with over 24,000 financial institutions. With more than 730 million AI-driven customer interactions per year, Intuit is generating 58 billion machine learning predictions per day.”It remains to be seen exactly how Intuit intends to implement GenOS, as the company hasn’t so far disclosed any specific information about the LLMs it’s currently developing through the new platform. However, some of the primary use cases for similar models have been in consumer education and customer service.Related: AI-related crypto returns rose up to 41% after ChatGPT launchedThe launch of GenOS comes at a tumultuous time for United States taxpayers but could represent some relief for users of its flagship TurboTax product. The Internal Revenue Service (IRS) is currently under fire from U.S. conservative Republicans who’ve proposed as much as $21 billion in budget cuts to the agency over the next two years. Such cuts stand to diminish IRS efforts toward modernizing citizen tax services, potentially negatively impacting an already complex tax filing system. This represents a problem that, combined with recent uncertainty surrounding the legal nature of digital assets in the wake of the Securities and Exchange Commission action against cryptocurrency exchanges Binance and Coinbase, could pose significant challenges for the 43 million U.S. taxpayers who hold crypto assets.
  • Circle is latest recipient of Major Payment Institution license in Singapore
    Cointelegraph.com News - 11 hours ago
    The stablecoin issuer is the second crypto company to receive Singapore’s MPI license this month, following Crypto.com. Circle’s Singapore affiliate, Circle Internet Singapore, has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). Circle Singapore received in-principle MPI approval from MAS in November and opened its office in the city-state in May.An MPI license allows Circle to offer digital payment token services and domestic and cross-border money transfer services, according to a statement released by the fintech firm, which is the issuer of the USD Coin (USDC) and Euro Coin (EUROC) stablecoins.Circle has identified Singapore as its principal hub in Asia, according to the statement. Circle co-founder and CEO Jeremy Allaire said:“Singapore is integral to Circle’s global expansion.” Circle follows Crypto.com, which received its MPI license on June 1 after receiving approval in principle in June 2022. Other MPI license holders include DBS Vickers, Digital Treasures Center, Fomo Pay, Independent Reserve, Metacomp, Paxos, Revolut, Sparrow Tech and Hako. Gemini has also expressed interest in expanding to the city-state. As crypto exchanges face SEC lawsuits, the company behind the $30 billion USD Coin believes that if regulation finally comes to crypto and stablecoins, its by-the-book approach will put it on top: by @ninabambysheva and @Steven_Ehrlich https://t.co/smlEV3b4ld— Forbes Crypto (@ForbesCrypto) June 7, 2023 USDC is the world’s second-largest stablecoin, after Tether (USDT), but USDC has seen its market share fall from 34.88% to 23.05% in the last year as of May in favor of its larger competitor. Related: China and Singapore team up to scale green and transition financingSix percent of the world’s crypto funds are based in Singapore, a study found in 2022. It ties with Switzerland and Hong Kong for third place worldwide, behind the United States and the United Kingdom, for that criterion. Singapore provides a positive environment for crypto through legislation and has a high rate of crypto adoption. Temasek, the state-owned investment fund, is also a supporter of the crypto industry, with investments in such companies as Animoca Brands and Amber Group. It was also a major backer of bankrupt crypto exchange FTX, with a $275 million investment. Magazine: Chinese billionaire’s $1B fraud charges, Kwon’s $11M bet, Zhu Su and Islam: Asia Express
  • Binance.US coins trade at premium amid litigation fears, fiat gateway issues
    Cointelegraph.com News - 12 hours ago
    Stablecoins such as USDT and USDC were trading for 3 to 4% higher than par value at the time of publication. On June 7, multiple coins and tokens listed on Binance.US, the United States subsidiary of cryptocurrency exchange Binance, began deviating from their fair value to trade at premiums. Coins such as Bitcoin (BTC) and Ether (ETH) were priced at $27,445 and $1,911, respectively, compared to CoinMarketCap averages of $26,490 and $1,850.Meanwhile, stablecoin tokens such as Tether (USDT) and USD Coin (USDC) broke their par value to trade at $1.03 and $1.04, respectively. The same day, Binance.US removed over a dozen USDT-based trading pairs, paused its over-the-counter trading portal and limited the maximum trade amount of its buy, sell and convert services to $10,000. In addition, according to its support page, Binance.US wire deposits were stated as “temporarily unavailable,” while withdrawals are “functioning normally.” However, the exchange also stated that U.S. dollar-based payment methods, including debit cards, Apple Pay and Google Pay, were also temporarily available for some users due to “channel switching.”Ongoing issues with Binance.US fiat gateway. Source: CointelegraphAside from funding issues, investors were also stirred by a U.S. Securities and Exchange Commission (SEC) emergency motion to freeze Binance.US’ assets and repatriate funds held by U.S. customers. In response, Binance staff wrote: “User assets remain safe and secure and the platform continues to be fully operational with deposits and withdrawals functioning as normal.”On June 5, the SEC sued Binance, alleging the operations of an unregistered exchange in the U.S. along with the sale of unregistered securities. The commission also accused the exchange of “commingling” and “diverting” investors’ funds. Changpeng Zhao, CEO of Binance, was issued a civil summons on June 7 to respond to the allegations. Magazine: US and China try to crush Binance, SBF’s $40M bribe claim
  • Price analysis 6/7: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC
    Cointelegraph.com News - 13 hours ago
    Bitcoin and most major altcoins are facing selling at higher levels, but there are no signs of panic selling at the moment. Bitcoin and altcoins have been volatile in the past two days, as the cryptocurrency markets come to terms with the actions of the United States Securities and Exchange Commission (SEC) against two of the biggest crypto exchanges, Binance and Coinbase.After the initial knee-jerk reaction to the news and the subsequent rebound, markets are likely to enter a range as traders reflect upon the uncertainty around the lawsuits. The initial response has been encouraging, as the markets have not collapsed, indicating the growing maturity of the crypto space.Daily cryptocurrency market performance. Source: Coin360Glassnode data shows a decline of 12,600 Bitcoin (BTC) from exchange balances on June 5 and 6, indicating that traders kept their cool and did not panic as they had done during the FTX episode in November.What are the critical support levels to watch for on the downside? Will lower levels attract buyers? Let’s study the charts of the top 10 cryptocurrencies to find out.Bitcoin price analysisBitcoin snapped back from the vital support at $25,250 on June 6, indicating that the bulls are trying to fiercely guard the level. However, the recovery is facing selling near the moving averages.BTC/USDT daily chart. Source: TradingViewThe bears will make another attempt to tug the price to $25,250. This remains the key level to keep an eye on because a break and close below it may open the doors for a potential fall to $20,000. Such a deep fall may delay the start of the next leg of the up move.The bulls are expected to aggressively purchase the dips to the zone between $25,250 and the support line of the channel. On the upside, buyers will have to thrust the price above the resistance line of the channel to signal the end of the corrective phase. The BTC/USDT pair may then rally to $31,000.Ether price analysisEther (ETH) dipped below the resistance line of the falling wedge pattern on June 5, but the bears could not build upon the strength. This shows demand at lower levels.ETH/USDT daily chart. Source: TradingViewThe bulls propelled the price back above the moving averages on June 6 but were met with heavy selling pressure from the bears. The sellers will again try to sink the price into the wedge. If they manage to do that, the ETH/USDT pair could extend the decline to the support line of the wedge.On the contrary, if the price rebounds off the resistance line of the wedge, it will suggest that the bulls have flipped the line into support. Buyers will have to drive the price above $1,928 to start the northward march to $2,000 and subsequently to $2,200.BNB price analysisBNB (BNB) plummeted sharply on June 5, which yanked the price below the strong support at $280. There was a meek attempt to start a recovery on June 6, but the bears did not allow the price to sustain above $280.BNB/USDT daily chart. Source: TradingViewThe selling resumed on June 7, and the bears have dragged the price below the crucial support at $265. This is a negative sign, as it suggests the start of a new downward move to $240 and then to the vital support at $220.If bulls want to make a comeback, they will have to push the price back above the breakdown level of $265. If they can pull it off, the BNB/USDT pair could pull back to $280 and later to the 20-day exponential moving average (EMA) of $299.XRP price analysisIn an up move, traders generally buy the dip to the 20-day EMA ($0.49), and they did just that in XRP (XRP) on June 5 and 6 as seen from the long tail on the candlesticks.XRP/USDT daily chart. Source: TradingViewHowever, the bears are not ready to give up easily. They continue to sell on rallies to the resistance zone between $0.56 and $0.59. If the price turns down sharply and breaks below the 20-day EMA, it will suggest that the bears want to keep the range between $0.30 and $0.56 intact.Meanwhile, buyers are likely to have other plans. They will try to clear the overhead hurdle, and if they do that, it will indicate the start of a new uptrend. The XRP/USDT pair could rally to $0.60 and then to $0.80.Cardano price analysisCardano (ADA) tumbled below the uptrend line of the ascending triangle pattern on June 5, invalidating the bullish setup. ADA/USDT daily chart. Source: TradingViewThe bulls purchased the dip on June 5 but could not kick the price back inside the channel. This suggests that bears are trying to flip the uptrend line into resistance. The selling continued on June 7, and the bears yanked the price below $0.33. The ADA/USDT pair could descend to the strong support at $0.30.On the upside, the first sign of strength will be a close inside the channel. Such a move will suggest that the break below the channel may have been a bear trap. The pair could attract strong buying above $0.39.Dogecoin price analysisDogecoin (DOGE) broke below the immediate support at $0.07 on June 5 but rebounded sharply off the support near $0.06.DOGE/USDT daily chart. Source: TradingViewThe bulls tried to propel the price above the 20-day EMA ($0.07) on June 6, but the bears sold the rally. This indicates that the bears have not given up and they continue to sell near stiff resistance. The downsloping moving averages and the relative strength index in the negative territory indicate that bears have an edge. The bears will attempt to sink the price below $0.06.If bulls want to make a comeback, they will have to push the price back above the 20-day EMA. The DOGE/USDT pair could then attempt a rally to $0.08.Polygon price analysisPolygon (MATIC) slipped below the $0.82 support on June 6, but the bulls aggressively purchased the dip as seen from the long tail on the day’s candlestick.MATIC/USDT daily chart. Source: TradingViewBuyers tried to sustain the price above the breakdown level of $0.82, but the bears had other plans. They sold aggressively on June 7 and pulled the price below the June 6 low of $0.79. This suggests the resumption of the downtrend. The MATIC/USDT pair could next drop to the strong support at $0.69.If bears want to prevent the decline, they will have to quickly push the price back above $0.82. That may trap the aggressive bears, resulting in a short squeeze, which could push the price back toward $0.94. Related: ARK Invest buys Coinbase shares the same day SEC serves lawsuitSolana price analysisSolana (SOL) rebounded off the strong support at $18.70 on June 5 and 6 as seen from the long tail on the day’s candlesticks, but the bulls could not clear the hurdle at the 20-day EMA ($20.50).SOL/USDT daily chart. Source: TradingViewThis indicates that the bears remain active at higher levels. If the price continues lower and breaks below the $18.70 support, the SOL/USDT pair may start a down move toward the next support at $15.28.Alternatively, if the price rebounds off the current level or $15.28, it will indicate demand at lower levels. The bulls will then try to drive the price above $22.30. If they succeed, the pair may climb to $24 and later attempt a rally to $27.12.Polkadot price analysisPolkadot (DOT) collapsed below the crucial support of $5.15 on June 5 but bounced back sharply on June 6 and rose above the breakdown level.DOT/USDT daily chart. Source: TradingViewThe bulls could not continue the recovery on June 7, as the bears sold the minor rally. Sellers will try to strengthen their position further by pulling the price below $4.90. If they manage to do that, the DOT/USDT pair may nosedive to $4.22.On the upside, the first crucial resistance to watch out for is the 20-day EMA ($5.29). A rally above this level will be the first indication that the selling pressure may be reducing. The pair may pick up momentum above $5.56.Litecoin price analysisLitecoin (LTC) plunged below the moving averages on June 5 and recovered sharply on June 6, but the bulls could not sustain the price above the 20-day EMA ($90). This suggests that bears are selling on rallies.LTC/USDT daily chart. Source: TradingViewThe bears will try to drag the price to the uptrend line. This is an important level for the bulls to defend because a break and close below it will signal the start of a potential downward move. The LTC/USDT pair could first fall to $75 and thereafter to $65.Contrarily, if the price turns up from the current level or the uptrend line, it will suggest that the pair may remain stuck inside the triangle for a while longer. The bulls will have to catapult the price above the triangle to start the next leg of the up move.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
  • Metaverse investments: Opportunities and risks of the trillion-dollar VR market
    Cointelegraph.com News - 13 hours ago
    What are the best metaverse projects that investors should keep on their radar? Cointelegraph Research ranks the top metaverse projects. The metaverse continues to expand, with industry giants and upcoming players racing to seize a slice of the potentially trillion-dollar pie. Close to $2 billion was invested in blockchain-based metaverse deals in 2022, according to Cointelegraph Research’s Venture Capital Database. A 2022 report by McKinsey estimated the metaverse industry to potentially generate up to $5 trillion in revenue by 2030, a number overtaken by Citi’s forecast of $8 trillion to $13 trillion. These estimations reflect significant growth from the global metaverse market of $65.5 billion recorded in 2022. To realize these optimistic forecasts, the metaverse industry would need to sustain an impressive 85% compound average growth rate.VC metaverse funding in 2022. Source: Cointelegraph ResearchInvestors will never guess which metaverse won Cointelegraph Research’s 2023 Ranking of Metaverses. The winning blockchain-based metaverse enables the ownership of in-game assets, has over $61 million in value locked in its smart contracts and over 8,000 monthly users, and features a deflationary token model. To learn more about the project, read Cointelegraph Research’s new “The Hitchhiker’s Guide to the Metaverse” report.Download the report on the Cointelegraph Research Terminal.Stronger than everDespite its projected growth, the metaverse landscape is not without its challenges. Industry leaders have been plagued by losses to their market capitalizations, with Meta (formerly known as Facebook) losing 77% of its market cap — equivalent to $800 billion — between late 2021 and 2022. As a result, Meta CEO Mark Zuckerberg plans to eliminate 21,000 jobs in 2023.Despite setbacks, industry titans like Microsoft, Apple, Nvidia and Qualcomm are all developing metaverse strategies. Apple’s entry into the metaverse is highly anticipated, with its augmented reality/virtual reality headset launch slated for June 2023. Similarly, gaming firms like Epic and Roblox utilized the pandemic lockdown to their advantage, successfully launching metaverse concerts that reached millions worldwide.In 2022, mergers, acquisitions and financing in the metaverse realm rose from $13 billion in 2021 to over $120 billion, bolstered by Microsoft’s $69-billion acquisition of Activision. The deal had a 7.6x enterprise-value-to-sales multiple and a 20.2x enterprise-value-to-EBITDA (earnings before interest, taxes, depreciation and amortization) multiple. Although valuation multiples are expected to decrease in line with higher interest rates, investment activities remain robust.Metaverse marketing efforts. Source: Cointelegraph ResearchThe top blockchain metaverse projects are also attracting significant capital. The leading blockchain metaverses measured by market cap (at the time of writing) include The Sandbox ($1.02 billion), Decentraland ($905 million) and Axie Infinity ($830 million). The year-to-date performance of The Sandbox is 44%, while Decentraland’s YTD performance is 62%. Neither of them surpass Bitcoin’s (BTC) YTD return of 68%.For investors seeking exposure to the metaverse, exchange-traded funds like the Fidelity Metaverse ETF and the Roundhill Ball Metaverse ETF offer viable options. However, Cointelegraph Research’s “The Hitchhiker’s Guide to the Metaverse” report reveals that a majority of token transactions associated with metaverse projects result from speculation rather than actual in-metaverse usage, a trend that calls for cautious investment.The Cointelegraph Research teamCointelegraph’s Research department comprises some of the best talents in the blockchain industry. The research team comprises subject matter experts from across the fields of finance, economics and technology to bring the premier source for industry reports and insightful analysis to the market. The team utilizes APIs from a variety of sources in order to provide accurate, useful information and analyses. The opinions expressed in the article are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.
  • Nike NFTs are coming to EA Sports games: Nifty Newsletter, May 31–June 6
    Cointelegraph.com News - 13 hours ago
    Cointelegraph spoke with Future Primitive’s Jayden Windle and Benny Giang to learn how NFTs can be used as digital wallets through ERC-6551. In this week’s newsletter, read about GameStop’s nonfungible token (NFT) platform partnership with game company Illuvium, and check out how NFTs can store digital assets, and how blue-chip NFT collaterals are being used in NFT lending. In other news, Nike’s NFTs are coming to EA Sports games, and don’t forget this week’s Nifty News, featuring upcoming blockchain games from Epic Games.GameStop NFT back in the spotlight after partnership with IlluviumGameStop has partnered with Web3 gaming project Illuvium to launch an NFT collection called Illuvitars. The drop will feature GameStop-branded Illuvitars that can be traded on Illuvium’s decentralized exchange. Holders of the NFTs will also get early access to Illuvium’s collector games, Illuvium Overworld and Illuvium Arena. The collection will be available on June 12 and will include 20,000 NFTs. Continue readingHere’s how developers aim to store crypto inside NFTsIn a Cointelegraph interview, Future Primitive’s Jayden Windle and Benny Giang spoke about ERC-6551 and how it allows NFTs to function as wallets. According to the duo, NFTs can now own any on-chain assets through the new token standard. The developers explained that the new feature could be applied to various industry sectors, from an inventory system in blockchain gaming to storing decentralized autonomous organization member histories. Continue readingBlue chip collaterals help stabilize NFT lending: ParaspaceA report by Paraspace and BitKeep recently revealed that NFT borrowing and lending had reached over $430 million, with more than 43,000 borrowers participating. Popular NFT collections like Wrapped CryptoPunks, Bored Ape Yacht Club and Mutant Ape Yacht Club were some of the top sources of collateral for the loans.The introduction of a digital collectible lending protocol by NFT marketplace Blur also contributed to the growth. The platform recorded over $16 million in loans within a day of its launch, led by Taiwanese celebrity Machi Big Brother. However, the surge in total NFT market transaction volume in March, driven by Bitcoin Ordinals, declined to $330 million in May.Continue readingNike NFTs to make their way into EA Sports games and its millions of fans Footwear company Nike’s NFT platform, “.Swoosh” announced that it will soon integrate with EA Sports games. The integration is a massive step toward adopting Web3 technologies in mainstream gaming. Without revealing which games will include Nike’s “virtual creations,” the platform announced that they would be incorporated into EA Sports games in the coming months. Nike Virtual Studios exec Ron Faris said it would “unlock” new experiences for the community. Continue readingNifty News: Pixel Penguin accused of ‘charity rug,’ Epic adds new NFT games and moreGame developer Epic Games announced it would add new blockchain games to its store. This includes a Pokemon-inspired combat game called Defimons, and Project Red, which seems to be an open-world game similar to Grand Theft Auto. Meanwhile, more NFTs owned by bankrupt hedge fund Three Arrows Capital will go on sale on June 15. This time, Sotheby’s will auction off 37 pieces in what they call the biggest auction for digital art. Continue readingCHECK OUT COINTELEGRAPH’S NFT STEEZ PODCASTThanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.
  • US district court issues summons for Binance CEO Changpeng Zhao over SEC action
    Cointelegraph.com News - 14 hours ago
    According to the summons, CZ’s current residential address is in the Mediterranean island nation of Malta. The United States district court in Washington, D.C. issued a summons for Binance CEO Changpeng Zhao on June 7, just two days after the Securities and Exchange Commission (SEC) formally sued the exchange for alleged unregistered securities operations. “A lawsuit has been filed against you,” the summons read.NEW: @binance CEO @cz_binance has been order to respond/answer the summons of a U.S. District Court along with the other entities named in the case. He does not have to appear in person but respond within the time frame below https://t.co/UipLm9TRye— Eleanor Terrett (@EleanorTerrett) June 7, 2023 While details are scarce at this time, the summons viewed by Cointelegraph did not appear to have been marked as served, and an immediate request for information was not returned by the SEC or Binance. Zhao won’t necessarily have to appear in person; however, he is legally required to respond to the summons once served.Per the document, once service occurs, Binance and its CEO will have 21 days to respond. “If you fail to respond, judgment by default will be entered against you for the relief demanded in the complaint.”The SEC’s lawsuit against Binance, made public on June 5, levied 13 charges against the cryptocurrency exchange, the majority of which related to allegations of unregistered sales of its internal products and services, its cryptocurrency staking program and the company’s supposed failure to properly register its primary and U.S. arms as exchanges. Related: SEC sues Coinbase for breaking US securities rulesBinance disputes the SEC’s allegations. In a statement given in response to the SEC action, the company stated, “We are different than ___,” intimating that its business model wasn’t comparable to previous exchange failures — such as the FTX collapse. As Cointelegraph recently reported, Binance denies that its exchange ever “siphoned consumers’ funds” or “collateralized borrowings.” The company also claims it never gave “large donations” to political candidates nor made “large sponsorships” to entertainment and media entities.
  • Evidence in SEC suit includes 2022 testimony of Binance.US’ long silent ex-CEO
    Cointelegraph.com News - 14 hours ago
    Catherine Coley left social media and the CEO job, but the SEC brought her in to testify the following year. Former Binance.US CEO Catherine Coley, who is transparently known as “BAM CEO A” in the suit against Binance filed by the United States Securities and Exchange Commission (SEC) on June 5, has kept a low profile since her departure. However, she provided testimony to the SEC in 2022 when it was investigating the company for insider trading. That testimony has resurfaced as an exhibit in the SEC’s new case against the cryptocurrency exchange. Coley’s 2022 testimony was apparently quite long, as the selections that constitute Exhibit 86 in the case have page numbers that range from 135 to 336. Those passages mainly concern the separation of Binance and Binance.US, which was the subject of major allegations in the SEC suit. Related: SEC lawsuit claims Binance.US, Changpeng Zhao put customer funds ‘at significant risk’Coley was the Binance.US CEO from its founding in 2019 until her resignation in 2021. As recounted in the SEC suit, Binance CEO Changpeng Zhao, also known as “CZ,” was involved in Coley’s hiring, but she quickly became frustrated with Binance.US’ lack of independence. The suit quotes her from the 2022 testimony:“I wanted full independence of everything, but that wouldn’t necessarily be possible or be possible at that time, given our reliance on some of those components [in four service-level agreements with Binance.com].”The service-level agreements between Binance and Binance.US were a master services agreement, a wallet custody agreement, a software license agreement and a trademark agreement.Catherine Coley has entered the chat https://t.co/zgTZEqY9Nn— DIRTY BUBBLE MEDIA: GRIND SLOW, GRIND FINE (@MikeBurgersburg) June 7, 2023 The wallet agreement particularly irked Coley, who testified in 2022, “The wallet and custody was one that I wanted to have at least U.S. participation in so that we would have control over the custody of the tokens.” Trading data was covered by the agreements. “I wanted custody of the data and ability to interact with the raw data in real time,” she said. The suit quotes Coley from internal communications in addition to the 2022 testimony. These include her references to Binance.US’ efforts to receive more independence as “Project 1776” and a blunt interaction about wash trading. Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?
  • Binance.US halts trading for dozens of USDT, BTC, BUSD pairs amid SEC lawsuit
    Cointelegraph.com News - 14 hours ago
    Binance’s arm in the United States suspended its OTC trading platform and reduced the number of supported convert trading pairs. Updated (June 8 at 12:44 AM UTC): This article has been updated to include comments from a Tether spokesperson.Binance.US removed trading services for several crypto tokens on June 7. The move follows a lawsuit filed earlier this week by the United States Securities and Exchange Commission against Binance entities and thei leadership. “After careful consideration, Binance.US will remove selected Advanced Trading pairs on June 8, 2023 at 9 a.m. PDT / 12 p.m. EDT. We have also decided to streamline our Buy, Sell & Convert offering and have paused our OTC Trading Portal,” reads an announcement. The pause affects over 90 trading pairs of the stablecoin Tether (USDT), eight Bitcoin (BTC) pairs and two Binance USD (BUSD) pairs. According to Binance.US, deposits and withdrawals remain available. Screenshot: Trading pairs removed by Binance.US on June 7. Source: Binance.USIn a statement sent to Cointelegraph, a spokesperson for Tether suggested the decision could be a preemptive move for non-USDT tokens listed on the exchange that could be considered securities by the SEC.Binance.US also reduced the number of supported convert trading pairs. Currently, buy, sell and convert options remain available for only USDT, USD Coin (USDC), BNB (BNB), Ether (ETH), BTC, Fetch.ai (FET), Cosmos (ATOM), Aptos (APT), Polygon (MATIC), Litecoin (LTC), Dogecoin (DOGE), Shiba Inu (SHIB), Fantom (FTM), ApeCoin (APE), Solana (SOL), Chainlink (LINK), Cardano (ADA), Polkadot (DOT), Gala (GALA) and Avalanche (AVAX).Conversion for USD will remain available, said the exchange. However, the maximum trade amount for buy, sell and convert options has been updated to $10,000. Additionally, Binance.US shut down its over-the-counter (OTC) trading platform without informing when it will resume operations.On June 5, the SEC filed a lawsuit against Binance for allegedly offering unregistered securities. The U.S. regulator pressed 13 charges against the exchange, including unregistered offers and sales of the BNB and BUSD tokens, the Simple Earn and BNB Vault products, and its staking program. In addition, the SEC alleges in the suit that Binance failed to register its Binance.com platform as an exchange or a broker-dealer clearing agency. Only a day after filing the Binance suit, the commission also went after Coinbase on similar grounds, alleging that popular cryptocurrencies offered by the exchange, such as SOL, MATIC and The Sandbox (SAND), qualify as securities.Magazine: Ordinals turned Bitcoin into a worse version of Ethereum — Can we fix it?
  • Security or not, Ether looks poised to hold the $1.8K level based on 3 key metrics
    Cointelegraph.com News - 15 hours ago
    Ether could eventually run afoul of the SEC, but at the moment, key data points suggest ETH is poised to hold the $1,800 level. Ether’s price retested $1,780 after the news of the United States Securities and Exchange Commission (SEC) suing cryptocurrency exchanges Binance and Coinbase, but it’s not preposterous to suggest that Ether bulls should be more than happy that its price did not break below the 67-day support. The SEC’s actions are actually a double-edged sword for Ether (ETH), and on Crypto Twitter, some analysts attributed the bounce in Ether to its not being listed as a security in either of the cases brought against Binance and Coinbase. For instance, the SEC explicitly mentioned BNB (BNB), Solana (SOL) and Cardano (ADA), which are direct competitors to Ethereum’s smart contract-processing capabilities.However, as noted by analyst Jevgenijs Kazanins, Ether’s omission does not mean that it has the green light from the SEC.SEC did not mention #ETH in the list of tokens that it considers to be securities when suing Coinbase and Binance. Could it be that the SEC is working on a separate lawsuit targeting Ethereum Foundation?— Jevgenijs Kazanins (@jevgenijs) June 6, 2023 Kazanins raises the question of whether the SEC could be targeting the Ethereum Foundation in a separate lawsuit. For now, the idea is a mere unfounded speculation, but it certainly has merit given that SEC Chairman Gary Gensler refused to answer questions about Ether’s status before the U.S. House Financial Services Committee in April 2023.In the meantime, what traders can focus on is Ether’s price action, network data and other data that impacts investor sentiment and price in the short term.Ethereum DApps get a slight boost Total value locked (TVL) measures the deposits locked in Ethereum’s decentralized applications (DApps), which have been in a downtrend since mid-March. The indicator reached a 14.35 million ETH bottom on June 3 but bounced back to 14.6 million ETH by June 6, according to DefiLlama.The number of active addresses interacting with DApps is also in a slump. Over the last 30 days, the top 12 DApps running on the Ethereum network saw a 4% increase in active addresses, even though the average transaction gas fee remained above $6.50.Ethereum’s 30-day DApp activity. Source: DappRadarIf investors fear that Ether has higher odds of breaking below the $1,800 support, it should be reflected in the ETH futures contract premium and increased costs for protective put options.Ether derivatives metrics neutral as regulations ramped up Ether quarterly futures are popular among whales and arbitrage desks. However, these fixed-month contracts typically trade at a slight premium to spot markets, indicating that sellers are asking for more money to delay settlement.As a result, ETH futures contracts in healthy markets should trade at a 4 to 8% annualized premium — a situation known as contango, which is not unique to crypto markets.Ether 2-month futures annualized premium. Source: LaevitasAccording to the futures premium, known as the basis indicator, professional traders have been avoiding leveraged longs (bullish bets). Still, not even the retest of the $1,780 level on June 6 was enough to flip those whales and market makers into bearish sentiment.To exclude externalities that might have solely impacted the Ether futures, one should analyze the ETH options markets. The 25% delta skew indicator compares similar call (buy) and put (sell) options and will turn positive when fear is prevalent because the protective put option premium is higher than the call options.Ether 30-day 25% skew. Source: LaevitasThe skew indicator will move above 8% if traders fear an Ether price crash. On the other hand, generalized excitement reflects a negative 8% skew. As displayed above, the 25% delta skew moved above the positive 8% threshold on June 5, indicating bearishness. However, the subsequent bounce to $1,880 on June 6 has moved the metric back to a neutral state.Related: Coinbase reminds world it tried to ‘embrace regulation’ as SEC sues for violationsEther’s price looks poised to hold above $1,800In short, these three indicators signal resilience — namely, the TVL bounce to 14.6 million ETH, the 4% increase in DApps’ active addresses and a meager impact on Ether derivatives markets, despite the retest of the $1,800 level.Ethereum network usage data remains healthy, and the recent retest of the 67-day support was not enough to scare professional traders, according to derivatives metrics. Consequently, bulls seem to have dodged a bullet, greatly reducing the risk of an imminent price crash.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
  • Tel Aviv Stock Exchange completes proof-of-concept to tokenize fiat and bonds
    Cointelegraph.com News - 15 hours ago
    In its proof-of-concept, TASE minted the first ERC-1155 security token representing a dummy digital government bond. A new phase in the Tel Aviv Stock Exchange’s integration of blockchain technology and traditional assets has been completed with the minting of the first dummy digital government bond as an ERC-1155 security token. The bond mint is part of the proof-of-concept (PoC) phase of Project Eden, a partnership between the Israeli Ministry of Finance and the stock exchange to explore blockchain infrastructure in issuing and settling government bonds.Also included in the PoC was the tokenization of an Israeli shekel — the country’s fiat currency — which will serve as a digital payment token to power transactions. As part of the settlement process, a smart contract for bond management is used, which acts as an intermediary to ensure that transactions are verified and do not contain inconsistencies.According to a June 6 blog post, the initiative’s go-live event hosted several local and international banks, including Barclays, BNP Paribas, Deutsche Bank, First International Bank, Goldman Sachs, JPMorgan Chase, Merrill Lynch, Bank Hapoalim, Bank Discount, Bank Leumi and Bank Mizrahi.“We believe that the Startup Nation can play a leadership role in the digital transformation of the capital markets. […] We believe that the capital market information will be completely different in a few years, and it is our job to lead the revolution,” said Ittai Ben Zeev, the CEO of the Tel Aviv Stock Exchange. The PoC was built on an Ethereum Virtual Machine (EVM)-compatible blockchain, allowing future integration with other blockchain solutions. Crypto firms Blockfold and Fireblocks are behind the distributed ledger infrastructure, enabling interaction across wallets and token standards for issuance and trading of treasury bonds, said a Fireblocks spokesperson in a statement to Cointelegraph. Using Ethereum’s ERC-1155 — the standard interface for the dummy bond minted — a single deployed contract can represent and control a combination of fungible and nonfungible tokens in any amount. Blockchain-based settlement systems are also under development at the Bank of England and the Bank for International Settlements. Recently, the institutions completed a joint pilot that successfully purchased houses in Wales and England using distributed ledger technology. The project aims to provide a settlement system for central bank digital currencies (CBDCs). As for Israel, the central bank is analyzing stablecoin adoption and considering issuing a CBDC to prevent private companies from taking over the country’s digital payments system in the coming years. Magazine: Best and worst countries for crypto taxes — Plus crypto tax tips
  • Cointelegraph Pitch Room launched, bridging promising projects to quality investors
    Cointelegraph.com News - 15 hours ago
    Cointelegraph presents Pitch Room, where innovation meets opportunity. Cointelegraph presents Pitch Room, a new stage in the effort to boost innovation in the crypto space, dedicated to investors interested in deal flow. Pitch Room opens doors for promising startups in the Web3 space, exploring new markets and building solutions with the potential to disrupt the industry. Investors can view a one-page summary of each company, a two-minute elevator pitch and an in-depth presentation. The goal of Pitch Room is to bridge venture capitalists and private equity managers with innovative firms at the cutting edge of the crypto space.As Bitcoin (BTC) matures and delivers a beta return in the industry, investors are now looking for disruptive innovation to generate alpha returns. By actively seeking out startups and projects that push the boundaries of what is possible in the Web3 space, investors aim to capitalize on the next wave of innovation that can drive alpha returns, leading to exciting opportunities for both investors and the industry as a whole.Join Pitch Room now and be the first to see the future of crypto.Challenges for investorsDespite the large number of companies emerging in the crypto and Web3 space, it is often difficult for investors to assess the true potential of many projects. This is especially true for investors who may not have a strong technical background or a deep understanding of the underlying technology.Another challenge for investors is the sheer number of projects out there. According to data from CoinMarketCap, there are currently over 9,600 cryptocurrencies in circulation, with new projects being launched all the time. Similarly, there are countless Web3 projects in development, ranging from decentralized finance (DeFi) protocols to non-fungible token (NFT) marketplaces and beyond.With so many options available, it can be overwhelming for investors to determine which projects are worth their time and money. Startups often struggle to articulate their key idea and the practical benefits of their product, and investors can struggle to distinguish between two similar projects, making it hard to determine which one is more likely to succeed.In addition, the crypto and Web3 industry is still subject to some risks and uncertainties, like regulatory changes, technical glitches and market volatility, which can all affect a project’s success. Consequently, investors need to evaluate these risks and assess whether the potential rewards a project can bring outweigh the potential downsides.Pitching innovationTo help institutional and retail investors overcome these challenges, Cointelegraph launched Pitch Room. With this new initiative, Cointelegraph’s team hosts pitch desks and helps investors navigate the complexities of these emerging industries. From on-chain scoring and capital-efficient lending protocol RociFi to a one-stop gaming ecosystem GameSwift, Cointelegraph introduces the companies’ products, elaborates on their competitive advantages, market size perspectives and team background, and much more.Pitch Room allows Web3 entrepreneurs to present ideas, solutions and long-term visions for their projects as well as discuss their experience, market conditions, expansion plans and more. For example, in a two-minute pitch accompanied by an interview, Bernardo Corti, CEO of decentralized derivatives exchange EMDX, provides insights into the company’s mission and addresses market issues and challenges. Corti also presents the company’s financial derivatives products and discusses the benefits of the Avalanche blockchain and strategic partnerships. In such a short and easy-to-understand format, investors can quickly get brief information about the project, and then contact the entrepreneurs if interested.Pitch Room is always on the lookout for both innovative startups and qualified investors interested in staying updated on promising companies and emerging market trends. Feel free to contact us for more information or to submit your application.
  • Binance and CZ sued by the SEC
    Cointelegraph.com News - 17 hours ago
    On this week’s episode of The Market Report, Cointelegraph’s resident expert discusses the details of the SEC’s lawsuit against crypto exchange Binance and its CEO, Changpeng Zhao. In the latest episode of The Market Report, analyst and writer Marcel Pechman discusses the impact of the United States Securities and Exchange Commission lawsuit against the Binance exchange.Most likely, the U.S. population will be barred from using the international version of Binance, and those who opt for VPN services will be at risk of being prosecuted. Pechman believes Changpeng “CZ” Zhao and Binance will lose or strike a deal pleading guilty, pay a fine, and be forced to halt services for North American entities — including Paxos and the Binance USD (BUSD) stablecoin.Considering Binance is the absolute leader in spot and derivatives trading, one might call the 5% price correction on April 5 a “vote of confidence,” meaning traders believe Binance international will remain fully operational. Worst-case scenario? A hefty fine, but operations will not be impacted, and every client will be made whole, similar to the BitMEX outcome.As for the 10 tokens that the SEC claims to be securities, North Americans will not be blocked from buying or holding those altcoins, but it adds an extra step if they’re willing to trade them — for example, using a decentralized exchange.Pechman believes the Coinbase lawsuit differs from Binance’s, as the U.S.-listed company has a huge base of North American clients and can’t move its operations abroad without a significant reduction in its user base and volumes. Moreover, Binance has other issues involved, such as the money transfers between related entities and the potential illicit use of client funds. So, the first read for Coinbase shows a much lighter case, very unlikely to become something more eventful, while Binance and CZ’s odds of facing the Department of Justice and criminal charges are way higher. Pechman highlights that if the U.S. Federal Reserve continues printing trillions of dollars to sustain the economy, investors will scramble to find scarce assets, so a crypto bull run will happen whether or not Coinbase and Binance are taking part in the process.Lastly, the show discusses whether the Bitcoin price will retest the $24,000 level, considering the long/short ratio hit levels unseen in over 12 months. The show airs every Tuesday on the Cointelegraph Markets & Research YouTube channel.
  • What asset freeze? Binance BTC outflows muted as users shun panic selling
    Cointelegraph.com News - 17 hours ago
    Exchange Bitcoin holdings, unlike Ether, appear stable in light of the Binance and Coinbase lawsuit news. Bitcoin (BTC) hitting three-month lows did not spur hodlers to panic sell, on-chain data shows.According to analytics firm Glassnode, BTC investors have largely ignored the latest crypto exchange legal battles.On-chain losses “remain quiet”BTC/USD dipped to just $25,350 on June 6, its lowest since mid-March — but it seems existing holders simply do not care.The latest data covering on-chain transactions shows that in the midst of reactions to the Binance and Coinbase lawsuits, few were in “panic sell” mode.A chart uploaded to Twitter by Glassnode showed realized losses — coins moving at a lower value than their previous transaction — staying cool.This marked a shift in sentiment for the investor base as a whole, coming in stark contrast to the events that followed the implosion of exchange FTX in late 2022.“Following a crescendo in US regulatory pressure on major cryptocurrency Exchanges Binance and Coinbase, the market experienced significantly volatile moves in both directions,” Coinglass reported.“However, the magnitude of Realized Losses recorded On-Chain remains quiet at $112M. This remains -$3.05B (-96.5%) smaller than the largest recorded capitulation event, suggesting an increased degree of resilience amongst market participants.”Bitcoin Entity-Adjusted Realized Loss annotated chart. Source: Glassnode/TwitterFor context, the FTX event sparked $145 billion in realized losses — over 10 times the June 5 tally.Exchange BTC traders not rushing for the exitThe latest data available covering exchange balances tells a similar story of resilience.Related: Binance net outflows hit $778M on Ethereum since SEC charges: NansenAs per Glassnode’s tracking tools, major exchanges saw only a modest decrease in BTC balances on June 5–6.This totaled around 12,600 BTC, potentially indicating a similar lack of desire among users to remove their funds from hot wallets.Compared to FTX, the situation once again stands out, as mass exchange withdrawals characterized much of last November.Bitcoin Exchange Balance chart. Source: GlassnodeContinuing, statistician Willy Woo noted that the lack of action at Binance came despite its United States regulators petitioning to freeze its domestic assets.“Binance customers don’t care. Not seeing much BTC leaving, not yet at least,” part of Twitter commentary stated.SEC motions to freeze assets on Binance exchange.Binance customers don’t care. Not seeing much BTC leaving, not yet at least. pic.twitter.com/1zOxfV8vL3— Willy Woo (@woonomic) June 7, 2023 Magazine: Bitcoin is on a collision course with ‘Net Zero’ promisesThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
  • ARK Invest buys Coinbase shares the same day SEC serves lawsuit
    Cointelegraph.com News - 17 hours ago
    ARK Invest bought over 400,000 shares of Coinbase stock totaling more than $21 million on the day the SEC served the exchange with a lawsuit. The same day cryptocurrency exchange Coinbase was served with a lawsuit from the United States Securities and Exchange Commission, ARK Invest added more stock to its Coinbase holdings. According to investor notification from ARK Invest on June 6, the firm added approximately 419,324 shares of Coinbase Global Inc., which totals to a worth of nearly $21.6 million at the time of closing on the same day. This came as Coinbase stock plummeted more than 20% on June 6, following the ongoing action involving the SEC and the recent lawsuit announcement. At the time of writing, Coinbase’s stock price hovers around $53.11. The addition of Coinbase stocks to the ARK Invest portfolio follows a trend. About a month prior, on May 2, ARK Invest added an additional 168,869 Coinbase shares, which then equaled around $8.5 million. The firm made investments in March and April as well, of 2.4 million shares for about $117 million and 304,300 shares worth $17.5 million, respectively.Related: Coinbase exec uses ChatGPT ‘jailbreak’ to get odds on wild crypto scenariosThe recent lawsuit from the SEC against Coinbase accuses the exchange of offering unregistered securities and that it never registered as a broker, national securities exchange or clearing agency. Coinbase CEO Brian Armstrong took to Twitter in response and said his team is “confident in our facts and the law.” He continued to say that he welcomes the opportunity “to finally get some clarity around crypto rules” in court.The chief legal officer for Coinbase Paul Grewal, told the U.S. Congress on June 6 that the company has “embraced regulation” since it was founded and that, in 2022 alone, it met with the SEC 30 times for regulatory guidance.On June 6, Coinbase was also issued a Show Cause Order from a task force of state security regulators in states including Alabama, California, Illinois and Vermont, among others. It alleged that the exchange’s offering of its staking rewards program is in violation of the securities law. Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?
  • Binance says it’s ‘different’ from other exchanges amid SEC lawsuit
    Cointelegraph.com News - 18 hours ago
    “We are different than ___,” the crypto exchange said in a statement. On June 7, cryptocurrency exchange Binance published a statement on its Chinese social channels with the hashtag #StrongTogether. Amid ongoing litigation with the United States Securities and Exchange Commission, Binance said its wallet addresses are transparent and that the exchange never “siphoned consumers’ funds” nor has “any collateralized borrowings.”Additionally, Binance said it never gave “large donations” to political candidates nor made “large sponsorships” to entertainment and media entities. A translated version of the exchange’s message said:“Our community comes from many different races, ethnicities, and beliefs; we will continue to BUILD for our users and stand up for the industry. We are different than ___. We are Binance.”Though Binance did not specifically name the cryptocurrency exchange it is trying to differentiate from, troubled cryptocurrency exchange FTX has been accused of mismanaging consumers’ assets and lending money to its sister hedge fund Alameda Research.The exchange founder, Sam Bankman-Fried, is currently under house arrest awaiting trial on wire fraud charges. Bankman-Fried was the second-largest donor to the U.S. Democratic Party between 2020 and 2022 — alleging doing so by giving away clients’ assets. In addition, FTX was formerly the $135-million sponsor of the Miami Heat’s arena. The exchange is undergoing bankruptcy proceedings, with an estimated balance sheet gap of $8 billion, and owing an estimated $44 billion to the U.S. Internal Revenue Service through its subsidiaries. On June 5, the SEC sued Binance, alleging the sale of unregistered securities to U.S. users and operating an unregistered exchange in the United States. The lawsuit accused Binance of “commingling” and “diverting” investors’ crypto and fiat funds. Data compiled by blockchain analytics firm Nansen currently shows Binance has a net worth of $59 billion. 币安始终与我们的社区在一起。行业团结,共同BUILD。#StrongTogether #Binance #币安 pic.twitter.com/l3q7A2rVC3— 币安Binance中文频道 (@binancezh) June 7, 2023 Magazine: US and China try to crush Binance, SBF’s $40M bribe claim
  • Bitcoin evangelist Joe Hall tells The Agenda why he thinks BTC will conquer the world
    Cointelegraph.com News - 18 hours ago
    Bitcoin has a marketing problem, but journalist and BTC evangelist Joe Hall is doing his best to fix it. “Bitcoin has such a marketing problem.” At least, that’s what came to mind for Bitcoin (BTC) advocate and Cointelegraph reporter Joe Hall when he was asked about the weaknesses and strengths of the popular cryptocurrency. While not labeling himself a “Bitcoin maximalist,” Hall believes that most people — including crypto OGs — are shockingly unaware of what Bitcoin can do; and for this reason, he questions the necessity and future of most altcoin projects. “They’re doing it with imperfect solutions that in the long term will rug-pull them or close enough to that. Because, let’s be honest, all of these crypto projects eventually collapse into Bitcoin, or they eventually collapse full stop. I mean, we saw enough of that last year. And, you know, in 10, 15, 20, maybe 40 years’ time, will Bitcoin still be running? 1,000%. Will Ethereum still be running? Question marks. And will the other 20-ish thousand crypto projects still be going strong? I’m pretty confident they won’t be.”Hall proved his point by asking co-hosts Jonathan DeYoung and Ray Salmond to open up their Bitcoin Lightning wallets to accept the equivalent of $5 in satoshis. And after DeYoung downloaded the wallet and received the payment, both co-hosts were astonished at the speed of the transaction. On Episode 13 of The Agenda podcast, Salmond and DeYoung spoke with Hall about his views on Bitcoin adoption and its “marketing problem,” his ultimate vision of how Bitcoin could eventually conquer the financial world, and how his experience as a Bitcoin evangelist has connected him with people all around the world. It’s more than just moneyHall believes that Bitcoin is more than just money: It’s a revolution, a lifestyle, a binder of people and a builder of community. Hall said: “Bitcoin, to me, in my own words: It’s an expression of how we approach the world, I guess. I mean, it’s had an impact on me, in terms of my approach to people, to different cultures and in the way in which I interact with people — despite the fact that it is just a bunch of code on a screen. And because it’s rewired the way in which I look at the world and consider things, it’s taught me to be more skeptical and to not take things at face value. But it’s also delivered a lot of hope and a lot of sort of meaning to my existence that perhaps wasn’t there previously.”Hall has elected to only live off Bitcoin for day-to-day expenses, excluding when he has to pay European Union taxes. As to why he is such a strong believer in the digital currency, Hall shared, “We can’t live in a world that is governed by growth at all costs when we have one finite, very precious planet.”“Bitcoin, for me, it appeals to me because of the way that it flips that all on its head. You know, we have a deflationary currency, there’s only going to be 21 million, and we can rebuild our economic system off that in a way that raises all boats, not just the elite few. And it tackles things like the wealth gap and wealth inequality. It tackles things like the environment and the way in which, you know, Bitcoin mining could be this transition to using more and more renewable energies.”To hear more from Hall’s conversation with The Agenda — including Hall’s future vision for Bitcoin and his fascination with the Lightning Network — listen to the full episode on Cointelegraph’s Podcasts page, Apple Podcasts or Spotify. And don’t forget to check out Cointelegraph’s full lineup of other shows! Magazine: Building community resilience to crises through mutual aid and Web3This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
  • Heilpern loves Bitcoin, hates bullshit… was a China state media journo: Hall of Flame
    Cointelegraph.com News - 18 hours ago
    Layah Heilpern has attracted a big following for her no-bullshit take on Bitcoin. Weirdly, in a former life she worked for China state media. Author of Undressing Bitcoin: A Revealing Guide to the Worlds Most Revolutionary Asset and host of The Layah Heilpern Show.Author, podcaster and crypto influencer Layah Heilperns unapologetic and sometimes controversial tweets have amassed her an impressive 606,900 Twitter followers.She tells Hall of Flame she fearlessly speaks the truth about things and admires others who do likewise. Unlike many influencers represented by fancy talent agencies, Heilpern decided to keep it all in the family by hiring her brother Gideon as her manager.Theres no one I trust more in this world than my brother. I can rely on him 100%, Heilpern says.Heilpern says she has great parents and isnt shy about letting the world know her mother is more attractive than Madonna. (Although thats no longer as impressive as it once was.)Before achieving fame in the world of crypto, she had an interesting stint working as a journalist for Chinese state media, when she briefly became a business and finance correspondent for a China Central Television offshoot in 2019. I used to work with Chinas Global TV network, so I actually used to be a journalist for the Chinese government, she reveals, adding that working there took micromanagement on an entirely new level:I did one report on Huawei technology. I had all the Chinese people around me checking what I was saying and what I wasnt saying. So, were instructed to make it a fluff piece rather than an actual good report. However, she threw her career in state-sponsored journalism out the window when she fell down the crypto rabbit hole.Heilpern became obsessed with the subject and even published a book called Undressing Bitcoin: A Revealing Guide to the Worlds Most Revolutionary Asset in 2021 despite admitting she was always terrible at English in school.As for her career highlight so far? She says nothing has topped interviewing the big wig of the worlds largest crypto exchange. [Hall of Flame interviewed Heilpern prior to the SEC’s recent slew of allegations about CZ and Binance.][A career highlight for me is] interviewing CZ at the Binance blockchain event in Dubai where I was the host and MC for the whole conference. CZ is one of the most powerful people in crypto and one of the greatest innovators. Interviewing him on stage was incredible.It seems that Heilpern made a positive impression on CZ, too, as they often can be seen engaging in banter on Twitter. What led to Layah Heilpern’s Twitter fame?Heilpern has been on Twitter for over a decade and explains there is no shortcut to growing a fanbase other than actually putting in the work.When you tweet every day, you tend to build a following. I think its also because I speak the truth about certain things. I think people are thirsty for the truth whatever the truth might be.She explains that the more followers you have, the easier it is to build more followers because you have credibility.I can gain 50,000 followers in one month, whereas that could take somebody like two years to do. So, it sort of becomes quite rapid growth eventually, she says.But the fame side of things doesnt really excite Heilpern.What can you expect on Heilpern’s Twitter account?Heilpern doesnt want to sugar-coat it: Her content is not for everyone.Its very much freedom orientated. Its very much anti-system, Bitcoin-focused, uplifting, and positive, personal responsibility, she explains.She doesnt feel the need to appeal to everyone either.I speak very unapologetically; I think there is just a gap in the market for that. So, people just run to you, she says.Heilpern says that, as her audience grows, she does have to be more cautious about the impact of her words and to be more mindful of her safety.My words have more weight, so I cant make as many jokes anymore. But I still try not to censor myself too much. I also have to be careful about sharing personal information, which I will be doing less of.That being said, Heilpern has no problem taking shots at multibillion-dollar corporations. Read also Features Billions and Billions: How Brands Take Blockchain From Niche to Normal Features Is China softening on Bitcoin? A turn of phrase stirs the crypto world What Heilpern enjoys on TwitterHeilpern enjoys like-minded people on Twitter who speak the truth about things whether that is in crypto or politics she just craves honesty and hates bullshit. I like people who call out the bullshit that we see in the system. I dont like people who pander to their audience. I like people who are unapologetic and say things how they are.Layah Heilpern’s price predictionsHeilperns Bitcoin price prediction for the remainder of 2023 isnt exactly going to have you jumping out of your seat.Over the next six months towards the end of 2023, I would say were just going to continue to move sideways. I dont think were going to go any higher than $34,000$35,000, she says.However, she is optimistic about Bitcoin over what the next 1224 months can bring.I mean, maybe at the end of 2024, we could potentially reach all-time highs, again around $69,000, but that is not financial advice, she says.Heilpern says Bitcoin could hit $100,000 in early 2025.While Heilpern cant remember if it was Bitcoin or XRP that she bought first, she does admit that she sold the XRP immediately.I dont really have any predictions for the other [cryptocurrencies]. I just think theyre all very unpredictable shitcoins, she states.As for Ethereum, Heilpern doesnt see the price dropping anytime soon but has no interest in it.The price of Ethereum will continue to rise in my opinion, given how much is being built on it. However, I dont like Ethereum, as I think its controlled by the elites and not decentralized. Subscribe The most engaging reads in blockchain. Delivered once a week. Email addressSUBSCRIBE
  • Economics of Bitcoin ATM market could hinder wider adoption
    Cointelegraph.com News - 19 hours ago
    Bitcoin of America’s shutdown in Connecticut highlights the obstacles for companies operating crypto ATMs. As the digital asset market continues to evolve, the use of cryptocurrency ATMs grows with it. Over the past decade, nearly 40,000 cryptocurrency ATMs have popped up worldwide.Bitcoin (BTC) ATM service provider, Bitcoin of America, had carved out a slice of the market but recently closed shop in the United States State of Connecticut due to a lack of proper licensing.The Connecticut Department of Banking (DoB) issued a cease and desist order against the company, accusing it of operating unlicensed crypto ATMs in the state. But the allegations didn’t stop there; the firm was also accused of facilitating scams by allowing transactions related to fraudulent activities.In response to the challenges, Bitcoin of America released a statement claiming it would immediately halt all of its operations in Connecticut. While the decision marked the end of the company’s presence in the state, it also underscored the regulatory hurdles faced by crypto ATM operators, particularly in the United States.The closure also sent ripples across the crypto community, leading many industry observers to question the long-term efficacy and utility of these machines.Connecticut closure explainedDue to the nascency of the cryptocurrency industry, marrying digital currencies with conventional financial structures — as in the case of crypto ATMs — requires intricate regulatory supervision. This is particularly true in Connecticut, where the DoB oversees ATMs under the Money Transmission Act. The act requires that any service involving the transfer of money, including the conversion of traditional currency to cryptocurrency, must secure a money transmitter license. On May 22, the Connecticut DoB claimed that Bitcoin of America had not secured the necessary license to operate Bitcoin ATMs in the state. It further stated that four Connecticut Bitcoin ATM users were scammed out of tens of thousands of dollars via Bitcoin of America’s kiosks. Recent: Grinding out a living: Can blockchain games really offer a sustainable income?The DoB stated: “Bitcoin of America, following the consent order, compensated these consumers with a total of $86,000. After facing criminal charges, Bitcoin of America is in the process of ceasing its operations in Connecticut.”In a separate incident in March, state officials in Ohio seized 52 Bitcoin of America ATMs, as authorities suspected scammers were using the kiosks.Operating crypto ATMs is harder than it looksJason Grewal, chief legal officer for Web3 security firm Sys Labs, told Cointelegraph that running a crypto ATM involves much more than just acquiring a license. Operators in the U.S. must adhere to Anti-Money Laundering (AML) rules set by the Financial Crimes Enforcement Network, comply with the Bank Secrecy Act’s Know Your Customer (KYC) norms, and conform to the Internal Revenue Service’s requirements for reporting crypto transactions.In Grewal’s opinion, such complexities could play a significant role in the waning popularity of these machines. In March alone, a staggering 3,627 cryptocurrency ATMs went offline, marking the most significant monthly decrease in the history of crypto ATMs. He said:“Considering the shifting popularity of crypto ATMs, various factors seem to be at play. For one, the transaction fees imposed by these machines often exceed those on online exchanges, posing a deterrent for heavy users. Additionally, the necessity to satisfy complex regulations and licensing requirements can be challenging and potentially overshadow the perceived advantages of in-person crypto transactions.”Further tipping the scales away from crypto ATMs are alternatives like decentralized exchanges (DEXs) and decentralized finance (DeFi) platforms. Lower transaction costs, universal access, superior privacy and a broader range of supported cryptocurrencies make these projects increasingly compelling to many people. DeFi platforms also offer features such as staking, yield farming and borrowing — services typically absent from crypto ATMs.Grewal believes that moving forward, crypto ATM operators will have to innovate and change to better serve the evolving needs of their consumers. Robert Quartly-Janeiro, chief strategy officer for cryptocurrency exchange Bitrue, told Cointelegraph that four primary companies currently dominate the crypto ATM market, something which needs to change for the market to grow and adoption to increase. Moreover, he believes that the physical location of crypto ATMs is also a major factor when it comes to engaging customers. He added:“Ultimately, one of the key pillars for the mass adoption of crypto remains the ability to sell crypto for fiat currencies in-country. The landscape has changed slightly, so the need for crypto ATMs has changed economically, geographically, psychologically, as well as from an infrastructural standpoint.”The economics of crypto ATMsMost crypto ATMs in operation today run in collaboration with established companies like ChainBytes, LibertyX, CoinMe and others, which allow independent businesses to become “operators,” “partners,” or “hosts” for these machines. The return on investment depends on several factors, including the location of the business (e.g., commercial district, high-traffic area); the number of daily transactions; the average transaction size; the total expected revenue from transaction fees; and the marketing strategy to promote the crypto ATM in question.According to crypto ATM firm Chainbytes, a single Bitcoin ATM can earn up to $3,000 monthly, with gross monthly revenues of $30,000.Operating a crypto ATM presents several challenges as well. Regulatory complexities require operators to navigate often unclear laws, obtain necessary licenses, and comply with AML and KYC regulations. Security risks, both physical and digital, necessitate robust protective measures, adding to high operational costs that include machine maintenance and cash management. The inherent volatility of cryptocurrencies can also impact profitability, with significant value fluctuations potentially leading to financial losses. Operators must also maintain sufficient cryptocurrency and cash reserves to meet customer demand, as shortages could harm their reputation and business.Who’s leading the global crypto ATM race?Since the first crypto ATM debuted in a Vancouver coffee shop in 2013, the sector has evolved dramatically. Today, there are around 35,000 machines globally, transforming how people interact with digital currencies. The United States has the lion’s share of crypto ATMs globally. Source: Coin ATM RadarThe U.S. houses roughly 30,000 crypto ATMs, accounting for 86% of all such machines worldwide. Canada’s crypto ATM scene has also flourished over the last few years. As of Q1 2023, the country hosts 2,744 machines, while its European compatriot Spain boasts around 286 machines. Down under, Australia has also been making waves. After adding 99 ATMs in late 2022, it leapfrogged El Salvador and Poland to become the fourth-largest crypto ATM hub with around 473 kiosks.The future of crypto ATMsDespite the many hurdles impeding the growth of the crypto ATM market, the space is expected to grow significantly in the coming years. The market — valued at $71.9 million in 2021 — is projected to rise to $5.45 billion by 2030.Recent: Tornado Cash 2.0: The race to build safe and legal coin mixersHowever, for the sector to thrive, it will be crucial for operating companies to obtain regulatory clarity. Physical and digital security measures must also be enhanced to protect the machines and the transactions they facilitate. This includes robust cybersecurity measures to prevent digital hacks and adequate physical security to deter theft attempts. Finally, efforts must be made to reduce the operational costs of running these machines. This could involve developing more cost-effective kiosks, optimizing cash management processes and exploring alternative business models. Thus, as we head into a future driven by crypto-enabled tech, it will be interesting to see how the future of the crypto ATM market continues to evolve and grow.
  • SEC lawsuits against Binance and Coinbase unify the crypto industry
    Cointelegraph.com News - 21 hours ago
    Blockchain Association CEO Kristin Smith said that while the SEC’s approach to regulation is expected due to its anti-crypto stance, it’s still “unacceptable.“ Update (June 7, 12:05 PM UTC): This article has been updated to add comments from BitMEX CEO Stephan Lutz Professionals across the crypto sector have responded to the United States Securities and Exchange Commission’s (SEC) recent actions against two of the biggest crypto exchanges, Binance and Coinbase. On June 5, the SEC filed a lawsuit against Binance for allegedly offering unregistered securities. Only a day after filing the Binance suit, the commission also went after Coinbase on similar grounds, alleging that popular cryptocurrencies offered by the exchange, such as Solana (SOL), Polygon (MATIC) and The Sandbox (SAND), qualify as securities. Today we charged Binance Holdings Ltd. (Binance); U.S.-based affiliate, BAM Trading Services Inc., which, together with Binance, operates https://t.co/swcxioZKVP; and their founder, Changpeng Zhao, with a variety of securities law violations.https://t.co/H1wgGgR5ir pic.twitter.com/IWTb7Et86H— U.S. Securities and Exchange Commission (@SECGov) June 5, 2023 Cointelegraph reached out to market players working in the space for their responses to the recent actions by the SEC. From sharing a belief that it will drive crypto companies away from the U.S. to simply calling the SEC’s actions lazy, industry players shared their thoughts on the latest developments.An ‘unacceptable’ approach to regulationAccording to Kristin Smith, the CEO of the Blockchain Association, while the SEC’s actions are expected, it’s still unacceptable. Smith explained that: “The SEC doesn’t make the law. Indeed, this approach to regulation is unacceptable, but it is what we have come to expect from the SEC and its anti-crypto stance.”The executive highlighted that while the industry and the U.S. Congress are working to develop effective regulation, the SEC “continues to distract from substantive policy efforts.” The executive believes that by listing assets this way, the SEC is trying to circumvent formal rulemaking processes and deny public engagement.Meanwhile, Paolo Ardoino, the chief technology officer of stablecoin issuer Tether, believes companies’ complaints against the SEC should be listened to. According to Ardoino, the uncertainty of rules and guidance in the U.S. is becoming a common theme, even among the country’s biggest crypto supporters. Turbos Finance CEO Ted Shao also echoed Smith’s sentiment. Shao says this is “not the direction Web3 developers want to see.” The executive believes the SEC showed that it’s against the whole Web3 space, as they are also coming after top projects, not just centralized exchanges. Driving crypto players abroad and weakening consumer confidenceIn addition to the SEC’s actions being unacceptable, other professionals working in the space believe that the effects of this recent move include pushing crypto players to more crypto-friendly jurisdictions and weakening consumer confidence in crypto within the United States.Insider Intelligence crypto analyst Will Paige said that the recent suits highlight the SEC’s intent to police the space through enforcement in the absence of a regulatory framework. According to Paige, this could potentially knock down the “already weak consumer confidence in cryptocurrencies” in the country. Crypto ownership data from 2020 to 2023 and projection for 2024. Source: Insider IntelligenceBen Caselin, the chief strategy officer at crypto exchange MaskEX, believes that while this is a case against Binance, it may have implications for other players in the United States. The former AAX executive explained that this can “open up more opportunities for other jurisdictions, such as Hong Kong, Dubai or even El Salvador, to drive innovation and attract capital and talent.”Oscar Franklin Tan, the chief legal officer of nonfungible token protocol Enjin, agrees with the sentiment. According to Tan, the world will not wait for the U.S. to make up its mind on crypto. Tan explained: “The SEC actions only drive talent and innovation out of the U.S. to countries with clearer rules that support responsible builders. Singapore, in 2020, stated it does not follow the U.S. Howey test. Japan has a clear self-regulatory framework for exchanges.”The executive believes that “progressive countries” will reap the benefits, especially now that explosions in artificial intelligence and extended reality highlight the need for blockchain and genuine digital ownership.Related: US Financial Services Committee sets date to discuss future of cryptoDoubts cast on SEC’s fairness and motivationsWhile some expressed their beliefs on the potential effects of the SEC’s lawsuit against Binance and Coinbase, other crypto professionals explored the motivation and fairness of the SEC’s move. According to David Schwed, the chief operating officer of Blockchain security firm Halborn, the SEC’s mandate is to ensure the safeguarding of investors. Schwed believes that this can be done through clear regulations, not through enforcement actions. The executive added that SEC Chair Gary Gensler’s motivations may be skewed. “It seems to me that his personal ambitions and the need to validate his stance have now superseded his core mandate,” he explained.Alex Strześniewski, the founder of the decentralized finance protocol AngelBlock, described the SEC’s actions as “lazy.” The executive believes that it does not drive proper regulation forward. He explained: “It’s like a school teacher berating you for giving the wrong answers but failing to give any explanation beyond that. I also don’t believe that the SEC does, in fact, have jurisdiction over everything they’re claiming to.”Meanwhile, Tim Shan, the chief operating officer at decentralized exchange Dexalot, expressed mixed feelings about the lawsuits and said the SEC’s actions are unfair to the community. “They’ve provided very little clarity or guidance to the crypto community. They are regulating through the courts, which is really quite unfair and not the right way to regulate/govern,” he said. Impact on prices of crypto stocks and altcoinsStephan Lutz, the CEO of crypto trading platform BitMEX, shared insights on the potential effects of the SEC’s crackdown on exchanges on the market. In the short-term, Lutz said that there would be a downside pressure on the prices of crypto stocks, altcoins and valuations of crypto startups based in the US. Lutz explained that: “Investors are likely to keep funds in crypto but divest towards Bitcoin because these are unlikely deemed as a security, or stablecoins due to their correlation with fiat.”In the medium and long-term, Lutz believes that exchanges will be cautious when dealing with customers based in the US and providing access to what the SEC is claiming to be securities. The executive also expressed frustration that regulators are “taking the issue of securities definition to the courthouse once again,” instead of offering clearer guidelines.BitMEX has notably had its share of troubles with regulators in the US. In 2021, the trading platform agreed to pay up to $100 million to resolve a case with the Commodity Futures Trading Commission (CFTC) and the Financial Crimes Enforcement Network (FinCEN). In 2022, a New York court ordered BitMEX founders to pay $30 million in civil penalties. Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?
  • SEC lawsuit against Binance stalls Gopax acquisition deal in South Korea
    Cointelegraph.com News - 22 hours ago
    The country’s financial watchdog claimed it was very difficult to accept the acquisition requests amid accusations of securities laws violations. The United States Securities and Exchange Commission’s (SEC) lawsuit against Binance could damage the crypto exchange’s business opportunities in South Korea.A report published in a South Korean daily suggests that the Financial Service Committee (FSC) — the country’s financial watchdog — is reviewing Binance’s acquisition of local crypto trading platform Gopax. Binance acquired a majority stake in Gopax in February, intending to reenter the South Korean crypto market after a two-year hiatus.The FSC has reportedly suspended Gopax’s executive change report filed on March 7, citing the recent SEC lawsuit. The report detailed the nomination of three Binance members as inside directors of Gopax, including Leon Singh Poong, the CEO of Binance Asia Pacific.In its review of the Gopax deal, the FSC claimed it was very difficult to accept the acquisition request at this point, given the alleged accusations of securities law violations and further requests from the SEC to freeze Binance.US assets. One of the executives from FSC said that it is important to consider the SEC’s lawsuit, adding:“It is cautious to say that the report is being reviewed internally,”Binance’s acquisition of Gopax was not just about the crypto exchange’s reentry into South Korea but also a revival of the troubled local crypto trading platform. In November 2022, Gopax halted withdrawals of principal and interest payments from its decentralized finance service GoFi after the collapse of the FTX crypto exchange and bankruptcy of digital assets financial services firm Genesis.Related: Binance lawsuit: 61 cryptocurrencies are now seen as securities by the SECGenesis’ parent company, the Digital Currency Group, was reportedly Gopax’s second-largest shareholder and a key business partner providing its GoFi product. The acquisition deal by Binance promised to funnel new capital into the Gopax exchange for customer withdrawals and interest payments for GoFi. The SEC lawsuit against Binance accused the crypto exchange of commingling customers’ funds and violating various securities laws. The SEC has filed 13 charges against the exchange, its subsidiaries and its CEO, Changpeng Zhao.Magazine: Crypto Wendy on trashing the SEC, sexism, and how underdogs can win: Hall of Flame
  • The Philippines delays publishing crypto framework
    Cointelegraph.com News - 23 hours ago
    Despite a tumultuous year, the Philippines’ financial regulator decided not to rush a legal framework on the crypto industry, which was initially planned for late 2022. Despite the wave of market failures in 2022, the Philippines’ financial regulator has decided not to rush a legal framework on the crypto industry, initially planned to be published in late 2022. However, work on the guidelines is ongoing, and the results could be made public this year.Cited in a local media outlet, the chairman of the Philippines Securities and Exchange Commission (SEC), Emilio Aquino, revealed that previous deadlines for introducing the crypto framework in the country were moved. The regulatory authority was planning to introduce guidelines for the industry in 2022, but it held back the initiative to study the reasons behind the collapse of the FTX exchange and ensure investors’ protection. However, according to Aquino, the framework might still be issued by the end of 2023:“We haven’t closed the door. We really just have to make sure people don’t get burned.”Earlier in 2023, the SEC partnered with the University of the Philippines Law Center (UPLC) to work together on guidelines for digital assets. In January 2023, the regulator put forward the Implementing Rules and Regulations of Republic Act No. 11765 for public comment, which was signed into law in 2022. However, the act itself doesn’t contain a single reference to “crypto” or “blockchain.” Related: Hong Kong’s regulatory lead sets it up to be major crypto hubThere has been growing pressure on the crypto industry in the Philippines. The country’s central bank has been urging citizens not to engage in any operations with unregistered or foreign crypto exchanges, and the SEC has made the same recommendations. In May 2023, the SEC called Gemini Derivatives an unregistered security product under national law. Still, the country remains an attractive destination for crypto. It is considered one of the fastest-growing economies in the world, with over 11.6 million Filipinos owning digital assets, putting it 10th worldwide in crypto adoption.Magazine: Tornado Cash 2.0: The race to build safe and legal coin mixers
  • SEC lawsuit claims Binance.US, Changpeng Zhao put customer funds ‘at significant risk’
    Cointelegraph.com News - 23 hours ago
    One of the latest SEC filings in its lawsuit against Binance claims billions of customer funds are at the “mercy” of Binance CEO Changpeng Zhao. The United States Securities and Exchange Commission (SEC) has filed another document in its lawsuit against Binance.US, claiming investors’ funds are at risk.In the filing entered on June 5, the regulators claim that the defendants, including Binance CEO Changpeng “CZ” Zhao, BAM Management, BAM Trading and Binance, “have enriched themselves by billions of U.S. dollars while placing investors’ assets at significant risk.”It goes on to say that the defendants’ made “purposeful efforts” to bypass U.S. regulatory oversight while providing securities-related services to U.S. users. “[This] puts the safety of billions of dollars of U.S. investor capital at risk and at Binance’s and Zhao’s mercy.”A report from CNBC claims that the amount cited by the SEC goes as high as $2.2 billion. The filing offers an example of billions of U.S. dollars of customer funds from both Binance and Binance.US being “commingled” in an account operated by a “Zhao controlled entity,” which it identified as Merit Peak Limited. It said funds were then transferred to a third party “apparently in connection” with the purchase and sale of crypto assets. Related: SEC’s Gensler claims ‘parallels’ between Binance and FTX, yet one wasn’t suedAccording to regulators, the arrangement has given and continues to provide Zhao “free reign” over billions in deposited assets on the Binance.US platform, “with no oversight or controls to ensure that the assets are properly secured.”At the time of writing, Binance.US has said that user funds on the platform “remain safe” amid the SEC’s attempts to freeze assets.On June 6, the U.S. regulators filed a motion for a restraining order against Binance due to mishandling user funds and operating with unregistered securities. The freezing of assets was one of the requested actions included in the motion. In its lawsuits against Binance and Coinbase, the regulator labeled at least 67 different cryptocurrencies as securities. This affects more than $100 billion worth of tokens in the market.Magazine: Tornado Cash 2.0: The race to build safe and legal coin mixers
  • El Salvador’s Bitcoin miner Volcano Energy launches with $250M investment
    Cointelegraph.com News - 1 day ago
    Volcano Energy said the funds would go toward developing a 241-megawatt power generation park. A public-private partnership in El Salvador pledging to pump $1 billion into creating a Bitcoin (BTC) mining farm has received its first $250 million. This first release of funds kickstarts a 241-megawatt (MW) power generation park in the country’s Metapán region.Volcano Energy, the company behind the site, said the funds would go toward developing the power generation park using solar and wind energy, which will eventually power the Bitcoin mining operation. Volcano Energy chairman Max Keiser took to Twitter on June 7 to announce the news..@Volcano_Energy receives the first $250M of a $1 billion commitment that kickstarts 241 MW’s of #Bitcoin mining in El Salvador. “We Got The Power” https://t.co/j2wE6UJq0O pic.twitter.com/db3PZvFo4q— Max Keiser, sr. bitcoin advisor pres. Bukele (@maxkeiser) June 7, 2023 Bitcoin mining uses high-power computers hooked up to a global network, using massive amounts of electricity in the process. The energy-intensive practice has come under fire from environmentalists, who are concerned that it exacerbates forest loss and climate change.Stablecoin issuer Tether is among the investors in the first funding round to develop Volcano Energy, although its investment figure is undisclosed. Tether chief technology officer Paolo Ardoino said the investment marks the stablecoin issuer’s intent to drive investment in renewable energy production and mining infrastructure.According to Volcano Energy, the 241-MW power generation capacity will be divided between 169 MWs of photovoltaic solar energy and 72 MWs of wind energy. According to Tether, the computing power of the park is estimated to exceed 1.3 exahashes per second. If achieved, this would position Volcano Energy’s cumulative Bitcoin mining hash rate among the top 20 pools worldwide.According to Volcano Energy, the park is a pioneering example of Bitcoin mining driven by renewable energy, reflecting the industry’s constant innovation and growth in a competitive landscape:“Flip the script on traditional finance. Volcano Energy is powering the Bitcoin revolution in El Salvador with renewable energy.“The Salvadoran government will play a crucial role in the planning and execution of the initiative, securing preferred participation equivalent to 23% of revenues. The investors will own 27%, with the remaining 50% reinvested in expanding energy production capacity and advancing Bitcoin mining.Related: ‘The Bitcoin Standard’ author becomes economic adviser to El SalvadorKeiser, a Bitcoin advocate and podcaster, plays a pivotal role in El Salvador’s adoption initiatives, serving as an adviser to President Nayib Bukele and chairman at Volcano Energy.The Central American country continues efforts to drive Bitcoin adoption after becoming the first nation to make BTC legal tender in 2021.Magazine: What it’s actually like to use Bitcoin in El Salvador
  • 5 AI tools for summarizing a research paper
    Cointelegraph.com News - 1 day ago
    Unlock the power of AI tools to extract key insights and condense complex information effortlessly, revolutionizing your research paper summarization process. The inherent intricacy and technical nature of research papers’ content make reading them a challenging undertaking. These research articles can be difficult to understand, especially for non-experts or those who are new to the area because they frequently contain specialized vocabulary, complicated concepts and complex methodologies. The amount of jargon and technical terms might act as a barrier, making it harder for readers to comprehend the content.Additionally, research papers frequently dive into complex theories, models and statistical analyses, demanding a solid background understanding of the subject to ensure adequate comprehension. The voluminous nature of the research papers and the requirement to critically evaluate the provided data only make the issue worse.As a result, it could be difficult for readers to distill the key points, determine the significance of the findings, and combine the data into a coherent perspective. It frequently takes persistence, the incremental accumulation of domain-specific knowledge and the creation of efficient reading techniques to get beyond these obstacles.Artificial intelligence (AI)-powered tools that provide support for tackling the complexity of reading research papers can be used to solve this complexity. They can produce succinct summaries, make the language simpler, provide contextualization, extract pertinent data, and provide answers to certain questions. By leveraging these tools, researchers can save time and enhance their understanding of complex papers. But it’s crucial to keep in mind that AI tools should support human analysis and critical thinking rather than substitute for them. In order to ensure the correctness and reliability of the data collected from research publications, researchers should exercise caution and use their domain experience to check and analyze the outputs generated by AI techniques.Here are five AI tools that may help summarize a research paper and save one’s time.ChatGPTChatGPT plays a crucial role in summarizing research papers by extracting key information, offering succinct summaries, demystifying technical language, contextualizing the research and supporting literature reviews. With ChatGPT’s assistance, researchers can gain a thorough understanding of papers while also saving time.Extrapolating key points: ChatGPT can analyze a research article and pinpoint its core ideas and most important conclusions. It might draw attention to crucial details, including the goals, methods, findings and conclusions of the study.Information condensation: ChatGPT can provide succinct summaries of research papers that perfectly capture their main points by processing their text. It can condense large sentences or sections into shorter, easier-to-read summaries, giving a summary of the main points and contributions of the paper.Simplifying technical terms: Technical terms and sophisticated terminology are frequently used in research papers. To make the summary more understandable to a wider audience, ChatGPT can rephrase and clarify these terms. It may offer explanations in simple terms to aid readers in comprehending the material.Contextualizing: ChatGPT can contextualize the research paper by connecting it to prior understanding or highlighting its significance within a larger body of research. Giving readers a thorough knowledge of the paper’s significance, it may include background information or make links to pertinent theories, studies or trends.Handling follow-up questions: Researchers can communicate with ChatGPT to ask specific questions regarding the research paper in order to get more information or elaborations on certain points. Based on its knowledge base, ChatGPT can offer extra details or insights.Related: 10 ways blockchain developers can use ChatGPTQuillBotQuillBot offers a range of free tools that empower writers to enhance their skills. Both ChatGPT and QuillBot can be used together. When using ChatGPT and QuillBot in conjunction, begin with ChatGPT’s output and paste the output into QuillBot. QuillBot then analyzes the text and offers suggestions to enhance readability, coherence and engagement. One has the freedom to decide between many writing styles, including expansive, imaginative, straightforward and summarized. To further personalize the text and give it a distinct voice and tone, users can change the sentence structure, word choice and overall composition. QuillBot’s Summarizer tool can help break complex information into digestible bullet points. To understand a research paper, one can either directly input the content into QuillBot or collaborate with ChatGPT to generate a condensed output. Afterward, they can utilize QuillBot’s Summarizer to further summarize the generated output. This streamlined approach allows for efficient summarization of the research paper. SciSpacySciSpacy is a specialized natural language processing (NLP) library with an emphasis on scientific text processing. It makes use of pre-trained models to identify and annotate relationships and entities that are particular to a given domain. It also contains functionalities for sentence segmentation, tokenization, part-of-speech tagging, dependency parsing and named entity recognition. Researchers can obtain deeper insights into scientific literature by using SciSpacy to streamline their analysis and summarizing procedures, extract important data, find pertinent entities and discover relevant things.IBM Watson DiscoveryAn AI-powered tool called IBM Watson Discovery makes it possible to analyze and summarize academic publications. It makes use of cutting-edge machine learning and NLP techniques to glean insights from massive amounts of unstructured data, including papers, articles and scientific publications.1.. Some AI tools that can provide summaries or reviews of papers. Here are three examples:1. IBM Watson Discovery: uses natural language processing and machine learning algorithms to provide summaries of research papers.— SULTECH (@sultechsolution) June 1, 2023 In order to comprehend the context, ideas and links inside the text, Watson Discovery employs its cognitive capabilities, which enable researchers to find unnoticed patterns, trends and connections. It makes it simpler to navigate and summarize complicated research papers since it can highlight important entities, relationships and subjects.Researchers can build unique queries, filter and categorize data, and produce summaries of pertinent research findings using Watson Discovery. Additionally, the program includes extensive search capabilities, allowing users to conduct exact searches and obtain certain data from enormous document libraries.Researchers may read and comprehend lengthy research papers faster and with less effort by utilizing IBM Watson Discovery. It offers a thorough and effective technique to find pertinent information, learn new things and make it easier to summarize and evaluate scientific material.Related: 5 real-world applications of natural language processing (NLP)Semantic ScholarSemantic Scholar is an AI-powered academic search engine that uses machine learning algorithms to comprehend and analyze scholarly information.To provide thorough summaries of the research publications’ primary conclusions, Semantic Scholar collects important data from them, including abstracts, citations and key terms. Additionally, it provides tools like subject grouping, related research recommendations and citation analysis that can help researchers find and summarize pertinent literature.The platform’s AI features allow it to recognize significant publications and well-known authors and develop research trends within particular subjects. Researchers wishing to summarize a particular area of research or keep up with the most recent developments in their field may find this to be especially helpful.Researchers can read succinct summaries of research publications, find relevant work and gain insightful information to support their own research efforts by utilizing Semantic Scholar. For academics, researchers and scholars who need to quickly summarize and navigate through voluminous research literature, the tool is invaluable.Precaution is better than cureIt’s crucial to keep in mind that AI tools may not always accurately capture the context of the original publication, even though they can help summarize research papers. Having said that, the output from such tools may serve as a starting point, and one can then edit the summary using their own knowledge and experience.
  • US Financial Services Committee sets date to discuss future of crypto
    Cointelegraph.com News - 1 day ago
    The U.S. House of Representatives committee did not disclose all the topics for discussion, but the community expects the hearing to address critical issues in the space. The United States House of Representatives Financial Services Committee has scheduled a hearing on crypto to discuss its future and provide clarity for the digital assets ecosystem.On June 6, Representative Patrick McHenry, the House Financial Services Committee chairman, announced a full committee hearing titled: “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem.” The hearing is scheduled for June 13 at 2:00 pm Eastern Time. According to the committee, the hearing will be live-streamed on its website. Screenshot of the announcement of a hearing on the future of the digital asset ecosystem and Congress’s efforts to provide clear rules of the road. Source: financialservices.house.govThe Financial Services Committee oversees the country’s economy through its supervision of individual reserve banks and the Federal Reserve Board, the United States Treasury, the capital markets, and currency production and distribution. While the committee did not provide more detailed information about what will be discussed in the hearing, members of the crypto community are hoping it will address some of the most pressing issues in the space. A Twitter user commented that addressing what they described as “coordinated attacks” on crypto exchanges would be good, referring to the U.S. Securities and Exchange Commission’s (SEC) recent lawsuits against Binance and the U.S.-based exchange, Coinbase.Dear senators, show us action if you believe in justice. @GaryGensler is completely disregarding everything you talked about in previous hearings and is basically saying he doesn’t care what you say or do. At this point in time, it feels like Gensler has more power than Senate.— Gdee (@Gdemen_) June 6, 2023 Meanwhile, other community members have called on the committee to keep SEC Chair Gary Gensler in check. A community member believes the SEC chief has “disregarded” what has been discussed in previous hearings.Related: Binance lawsuit: 61 cryptocurrencies are now seen as securities by the SECThe announcement follows a recent U.S. House of Representatives Agricultural Committee hearing. On June 6, a hearing was held titled: “The Future of Digital Assets: Providing Clarity for Digital Asset Spot Markets.“ There, the committee also discussed the future of digital assets, specifically the draft bill authored by McHenry and House Ag Committee chair, Representative Glenn Thompson. Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?
  • Bitcoin OG keeps faith in bull market as BTC price bounces 8%
    Cointelegraph.com News - 1 day ago
    Bitcoin snaps back into its classic trading range, but BTC price has yet to reclaim a key level above $27,000. Bitcoin (BTC) swiftly erased its month-to-date losses on June 7 as volatility returned to ultimately favor the bulls. BTC/USD 1-hour candle chart on Bitstamp. Source: TradingViewBTC price cancels Binance, Coinbase dipData from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $27,388 on Bitstamp — almost a new June high.The pair continued a rebound that had begun the day before, with markets shaking off initial nerves from the United States Securities and Exchange Commission’s (SEC) legal action against Binance and Coinbase.In so doing, Bitcoin recovered all of its lost ground, returning to its previous trading range focused just below $27,000.“Back to $27K. Great bounce from the 200-Week MA. Time to start the new uptrend to $38-42K on Bitcoin,” Michaël van de Poppe, founder and CEO of trading firm Eight, responded.Van de Poppe referenced the 200-week moving average (MA), an important support level which, at $26,400, was only lost for a few hours.A previous tweet called the BTC price correction “over,” echoing a similar sentiment from other popular traders.“Bitcoin has retested the 200-week MA as support,” trader and analyst Rekt Capital confirmed. “Downside wicking below the MA has taken place but $BTC has managed to hold above it.”BTC/USD annotated chart. Source: Rekt Capital/TwitterRekt Capital had previously warned that a firm loss of the 200-week MA would result in a trip toward $20,000.Analyzing the bounce itself, the trading suite DecenTrader saw cause for relief based on exchange trader behavior.We also got confirmation of the strength of the move, with the #Bitcoin Long/Short ratio plummeting over 50% as price climbed. https://t.co/1pjiJIrika pic.twitter.com/zzZCePK1LB— Decentrader (@decentrader) June 7, 2023 Commenting on the subsequent return below $27,000, analysts argued that it was increasing long positions holding the market back.“We typically see a bit of a pullback until this is resolved,” they added.Monitoring resource Material Indicators meanwhile tracked liquidity movements on the Binance order book, describing events as a “stairway to heaven” as conditions improved.It nonetheless flagged $27,400 as a key area to break through, something which had not occurred at the time of writing.Despite the #FUD, it’s turning out to be a good day for #BTC. Let’s see if bulls can push it past resistance at $27.4k #FireCharts pic.twitter.com/L7AWgzPaGd— Material Indicators (@MI_Algos) June 6, 2023 Hayes: Bitcoin has scaled “wall of worry”Equally unshaken in his faith in BTC price action moving to a better place was Arthur Hayes, former CEO of derivatives exchange BitMEX.Related: Bitcoin traders bet on $24K BTC price as market digests SEC vs. BinanceIn ongoing social media reactions, Hayes called on hodlers to wait for the full return of the Bitcoin bull market.“The wall of worry is being climbed, come with me on the $BTC bull market bus,” he wrote about the rebound.“We are still on struggle street, but the moon ain’t far away.”The day prior, Hayes had cautioned over “FUD” surrounding Binance, arguing that risk assets were responding to bigger macroeconomic problems, which would, in turn, be resolved.Magazine: Home loans using crypto as collateral: Do the risks outweigh the reward?This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
    • Bitcoin (BTC) Flashing a Potential ‘Impulsive’ Move to the Upside, Says Top Crypto Trader – Here Are His Targets
      The Daily Hodl - 1 hour ago
      A widely followed crypto analyst says that Bitcoin (BTC) could potentially be on the verge of a bullish move. The pseudonymous trader Bluntz tells his 223,200 Twitter followers that Bitcoin is showing signs of a potential breakout. Bluntz says his target is Bitcoin exceeding a price of $28,800. “BTC now back into the range once […] The post Bitcoin (BTC) Flashing a Potential ‘Impulsive’ Move to the Upside, Says Top Crypto Trader – Here Are His Targets appeared first on The Daily Hodl.
    • De-Dollarization Now Evident As Central Banks US Dollar Reserves Drop to Record Lows: JPMorgan
      The Daily Hodl - 8 hours ago
      Financial behemoth JPMorgan says the trend of de-dollarization is gaining steam as central banks around the world unload their US dollar holdings. In a new Reuters report, JPMorgan strategists Meera Chandan and Octavia Popescu say that the dollar’s share in central banks’ foreign exchange reserves has dipped to 58%, a record low.  JPMorgan analysts also […] The post De-Dollarization Now Evident As Central Banks US Dollar Reserves Drop to Record Lows: JPMorgan appeared first on The Daily Hodl.
    • Binance Customers Appear Unfazed by SEC Lawsuit As Exchange Sees Only Modest Bitcoin Withdrawals: CryptoQuant
      The Daily Hodl - 8 hours ago
      Binance customers do not seem to be particularly affected by the Securities and Exchange Commission’s (SEC) lawsuit against the world’s largest crypto exchange by trading volume. According to data shared by Ki Young Ju, the CEO says that Binance did suffer outflows of 10,000 Bitcoin (BTC), the largest withdrawal total of 2023. But that outflow […] The post Binance Customers Appear Unfazed by SEC Lawsuit As Exchange Sees Only Modest Bitcoin Withdrawals: CryptoQuant appeared first on The Daily Hodl.
    • Robinhood Says It’s Reviewing Its Crypto Offerings Following SEC Lawsuit Against Binance and Coinbase: Report
      The Daily Hodl - 10 hours ago
      Retail trading giant Robinhood is reportedly reviewing its crypto offerings after the U.S. Securities and Exchange Commission (SEC) filed lawsuits this week against Binance and Coinbase. According to a new Bloomberg report, Robinhood’s legal chief Dan Gallagher says the company is combing through the SEC’s legal filings and deciding whether to modify the platform’s crypto […] The post Robinhood Says It’s Reviewing Its Crypto Offerings Following SEC Lawsuit Against Binance and Coinbase: Report appeared first on The Daily Hodl.
    • Veteran Trader Tone Vays Says Bitcoin (BTC) Presenting Prime Opportunity for Bulls – Here’s His Outlook
      The Daily Hodl - 12 hours ago
      Seasoned trader Tone Vays believes that the latest Bitcoin (BTC) correction is giving bulls the chance to load up on the top crypto by market cap at discounted prices. In a new strategy session, Vays tells his 123,000 YouTube subscribers that Bitcoin’s dip on Monday is largely a news-driven event. According to the trader, investors got […] The post Veteran Trader Tone Vays Says Bitcoin (BTC) Presenting Prime Opportunity for Bulls – Here’s His Outlook appeared first on The Daily Hodl.
    • Senator Haggerty Tells Gary Gensler To Expect To Hear From Congress as US Officials Respond to SEC Lawsuits
      The Daily Hodl - 12 hours ago
      US lawmakers are issuing a warning to the Chair of the U.S. Securities and Exchange Commission (SEC), saying that he could soon hear from Congress. In a recent announcement, Republican Senator Bill Haggerty of Tennessee says that the SEC Is weaponizing itself to destroy an entire industry and tells Chair Gary Gensler to anticipate having […] The post Senator Haggerty Tells Gary Gensler To Expect To Hear From Congress as US Officials Respond to SEC Lawsuits appeared first on The Daily Hodl.
    • Former NFL Team Owner Sentenced to Six Years in Prison for Providing ‘Shadow Bank’ Services to Crypto Exchanges
      The Daily Hodl - 13 hours ago
      The former owner of a National Football League (NFL) team has been sentenced to more than six years in prison for acting as a “shadow bank” and illegally processing more than $700 million worth of transactions for crypto exchanges. Reginald Fowler, who previously co-owned the Minnesota Vikings, established a company called Global Trading Solutions LLC […] The post Former NFL Team Owner Sentenced to Six Years in Prison for Providing ‘Shadow Bank’ Services to Crypto Exchanges appeared first on The Daily Hodl.
    • Cathie Wood’s Ark Invest Aggressively Buys Coinbase Stock After SEC Lawsuit Hits Price
      The Daily Hodl - 13 hours ago
      Cathie Wood’s ARK Invest is aggressively scooping up discounted Coinbase stock after the U.S. Securities and Exchange Commission (SEC) lawsuit against the firm sent shares tumbling. New data from Cathie’s Ark, which tracks the hedge fund’s trades, reveals three separate Coinbase (COIN) purchases on June 6th, totaling to about 419,000 shares worth more than $21 […] The post Cathie Wood’s Ark Invest Aggressively Buys Coinbase Stock After SEC Lawsuit Hits Price appeared first on The Daily Hodl.
    • Blockchain Pioneer Acquires International Fashion House Blk DNM
      The Daily Hodl - 13 hours ago
      June 7, 2023 – Stockholm, Sweden ChromaWay to integrate blockchain capabilities into BLK DNM, pioneering connected fashion and inspiring responsible industry behaviors. Stockholm’s headquartered blockchain technology company ChromaWay today reveals its acquisition of the iconic Swedish-American fashion brand BLK DNM. The acquisition aligned with the recent relaunch of BLK DNM as a modern, community-driven fashion […] The post Blockchain Pioneer Acquires International Fashion House Blk DNM appeared first on The Daily Hodl.
    • WOW EARN Launches Its Crypto Wallet on iOS and Google Play
      The Daily Hodl - 14 hours ago
      June 7, 2023 – New York, United States WOW EARN has announced a major upgrade to its crypto app and the release of a dedicated mobile wallet. The WOW EARN Wallet was launched on May 29, 2023, and is available for download on both the Google Play Store and App Store. The WOW EARN platform […] The post WOW EARN Launches Its Crypto Wallet on iOS and Google Play appeared first on The Daily Hodl.
      • Bitcoin Price Struggling Hard at $26,000; Is This the Time to Be Worried?
        Coinpedia Fintech News - 3 minutes ago
        The post Bitcoin Price Struggling Hard at $26,000; Is This the Time to Be Worried? appeared first on Coinpedia Fintech News The crypto markets are rising slightly after being captivated by bears in recent times. The bitcoin price, which has slipped to $25,300, has regained levels above $26,700 at press time. However, the price is facing hindrances in clearing the resistance at $27,000 as the bulls appear to have drained in lifting the price back above …
      • Ripple News: XRP Price Might Rally To $0.80 If Bulls Hold This Crucial Level
        Coinpedia Fintech News - 19 minutes ago
        The post Ripple News: XRP Price Might Rally To $0.80 If Bulls Hold This Crucial Level appeared first on Coinpedia Fintech News The XRP market has traded around 51 cents in the past few days despite the heightened crypto regulatory crackdown in the United States. The Ripple-backed XRP has been joined by other digital assets in fighting for crypto regulatory clarity through the United States judicial system. According to SEC Chair Gary Gensler, there is no need …
      • Bitcoin Live News: What Next For BTC Price Ahead Of Next Week’s High-Impact News
        Coinpedia Fintech News - 29 minutes ago
        The post Bitcoin Live News: What Next For BTC Price Ahead Of Next Week’s High-Impact News appeared first on Coinpedia Fintech News The crypto market continued to showcase its resilience on Thursday following an increased crackdown on digital asset firms in the United States. The total crypto market cap remains above $1.1 trillion, despite Binance US delisting several altcoin trading pairs. According to the latest crypto market data, Bitcoin traded around $26.4k in the past 24 hours …
      • Changing Regulatory Landscape: Coinbase CEO’s Revelation and its Ripple Effect on Cryptocurrency
        Coinpedia Fintech News - 34 minutes ago
        The post Changing Regulatory Landscape: Coinbase CEO’s Revelation and its Ripple Effect on Cryptocurrency appeared first on Coinpedia Fintech News As the United States Securities and Exchange Commission (SEC) files lawsuits against major cryptocurrency exchanges Coinbase and Binance, Coinbase CEO Brian Armstrong sheds light on the changing tone of SEC’s inquiries in the past year. This development has significant implications for the cryptocurrency industry, potentially transforming the market that has operated largely outside regulatory frameworks.  …
      • Why Did SEC List Only Some Cryptos as Securities? Will There Be an Impact on Their Market Value?
        Coinpedia Fintech News - 45 minutes ago
        The post Why Did SEC List Only Some Cryptos as Securities? Will There Be an Impact on Their Market Value? appeared first on Coinpedia Fintech News A couple of days before, the SEC charged Coinbase with operating their trading platform as an unregistered national security, exchange, broker, and clearing agency. This was followed a day after the authorities sued Binance and its CEO, Changpang Zhao, on similar charges. This resulted in the US branch of Binance halting the OTC, or Over-the-counter, …
      • Cathie Wood Sees Binance’s Legal Troubles as an Advantage for Coinbase
        Coinpedia Fintech News - 49 minutes ago
        The post Cathie Wood Sees Binance’s Legal Troubles as an Advantage for Coinbase appeared first on Coinpedia Fintech News Prominent investor Cathie Wood has stated that Binance’s legal troubles in the United States will work in favor of Coinbase, as it would remove its primary competition. Both Binance and Coinbase, the world’s largest cryptocurrency exchanges, are facing regulatory scrutiny after being sued by the Securities and Exchange Commission (SEC) for allegedly selling unregistered securities. …
      • Largest Australian Bank to Reject Certain Payments to Crypto Exchanges
        Coinpedia Fintech News - 54 minutes ago
        The post Largest Australian Bank to Reject Certain Payments to Crypto Exchanges appeared first on Coinpedia Fintech News Due to concerns over fraudulent activity, Australia’s biggest bank,“Common Wealth Bank(CBA)” announced its plans to either reject or delay specific payments made to crypto exchanges within 24 hours on June 8. This decision has been taken in light of two large global exchanges facing a legal lawsuit by the U.S. securities regulator. Shortly another significant bank …
      • June 13th: Game-Changing Events in Crypto Industry – Hinman Docs, Binance – SEC Showdown
        Coinpedia Fintech News - 1 hour ago
        The post June 13th: Game-Changing Events in Crypto Industry – Hinman Docs, Binance – SEC Showdown appeared first on Coinpedia Fintech News In what is shaping up to be a monumental day for the world of digital assets, Binance – one of the largest cryptocurrency exchanges globally – is due to respond to the SEC’s motion for temporary restraining orders on June 12, followed by a court hearing the next day. This pivotal event is merely one …
      • Prosecutor Suggests Do Kwon May Face Imprisonment in Both US and South Korea
        Coinpedia Fintech News - 1 hour ago
        The post Prosecutor Suggests Do Kwon May Face Imprisonment in Both US and South Korea appeared first on Coinpedia Fintech News Terraform Labs’ CEO, Do Kwon, is now confronting possible legal repercussions in both the United States and South Korea, as revealed by the prosecutor leading the investigation. Kwon is currently under house bail in Montenegro court, following the approval of his bail request on June 5. A senior South Korean prosecutor informed Bloomberg that extraditing …
      • Centralized Exchange Trading Volumes Hit 4-Years Low 
        Coinpedia Fintech News - 1 hour ago
        The post Centralized Exchange Trading Volumes Hit 4-Years Low  appeared first on Coinpedia Fintech News Centralized Exchanges experienced a 4-year of decline in trading volumes. This can be attributed to increasing regulatory scrutiny from U.S. authorities as per a recent report by CCData(a crypto analytic firm). The combined volume of spot and derivatives trading in May dropped by 15.7%, which indicates a decline in crypto trading for two consecutive months. According …
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