US hearing to discuss future of cryptocurrencies, regulatory clarity
The US House of Representatives Financial Services Committee has scheduled a hearing to discuss the future of cryptocurrencies and bring clarity to the digital asset ecosystem. The aim is to provide regulatory guidance and address critical issues such as investor protection and innovation. The hearing will take place on June 13 and will be broadcast live. The hearing is titled “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem,” reflecting its aim to shed light on the regulatory landscape and offer guidance for the evolving world of digital assets.
Court gives SEC time to clear Coinbase petition
A US court has given the Securities and Exchange Commission (SEC) seven days to clarify its position on Coinbase’s regulatory petition (NASDAQ:COIN). Judge Cheryl Ann Krause ordered the SEC to reveal whether it denied the petition and how long it will take to make a decision. Coinbase is seeking clarification on asset classification and regulation of digital securities. This court order comes amid an ongoing legal battle between Coinbase and the SEC. Coinbase is asking the US Congress to pass a bill to establish clear rules for digital assets and regulatory oversight.
Cathie Wood increases investment in Coinbase after SEC filing
Cathie Wood’s Ark Investment Management doubled its investment in Coinbase Global after the cryptocurrency exchange was sued by the SEC. Ark purchased over 419,000 shares, bringing its total stake to approximately 11.44 million shares. The lawsuit sent Coinbase shares down more than 12% on Tuesday.
SEC seeks to freeze Binance.US assets after lawsuit
The US Securities and Exchange Commission (SEC) has requested a temporary restraining order to freeze the assets of Binance.US, Binance’s US platform. This comes after the SEC sued Binance and its founder Changpeng Zhao for violations of securities laws. The SEC stated that Binance attempted to circumvent US law and asked the court to ensure the safety of investors’ assets. “ Clarification: This could only affect h/Binance.US if granted by the court. This does NOT affect http://Binance.com. Funds are #SAFU “, tweeted CZ.
SEC lawsuit could impact Binance business in South Korea
The SEC lawsuit against Binance could impact the exchange’s business opportunities in South Korea. According to a report, the Financial Services Committee is reviewing the acquisition of Gopax by Binance, suspended due to the SEC lawsuit. Binance acquired a majority stake in Gopax in February, intending to re-enter the South Korean crypto market after a two-year hiatus. Gopax faced previous problems after the collapse of FTX and the bankruptcy of Genesis. The SEC accused Binance of violating securities laws and mixing customer funds on 13 counts.
Robinhood reconsiders cryptocurrency offerings after SEC lawsuit
Exchange Robinhood (NASDAQ:HOOD) is reconsidering its cryptocurrency offerings after the SEC sues Binance and Coinbase. Dan Gallagher, Robinhood’s chief legal officer, said the exchange is reviewing regulatory analysis to determine possible actions. The SEC has classified some tokens offered by Robinhood as unregistered securities. The exchange made $38 million in cryptocurrency trading in the first quarter of 2023.
Circle obtains license for digital payment services in Singapore
Circle Internet Singapore Pte. Ltd, the local arm of USDC’s stablecoin issuer Circle (COIN:USDCUSD), has obtained a license from the Monetary Authority of Singapore (MAS) to offer digital payment services, money transfer and access to USDC. This license underscores Circle’s reputation as a responsible company and drives the growth of regulated digital currencies in Singapore and Asia. Circle is committed to contributing to Singapore’s dynamic economy by driving innovation and creating career opportunities in the finance and technology industry. The license is an important milestone for the future of dollar digital currencies and financial infrastructure in the region. “Receiving the MPI license represents our continued commitment to working with forward-thinking leaders and stakeholders at a global level and contributes to Singapore’s position as a hub for responsible innovation in financial services “, said Dante Disparte, Chief Strategy Officer and Head circle’s global policy guide.
Philippine SEC extends digital currency rules
The Securities and Exchange Commission (SEC) of the Philippines has announced an extension of its rules for digital currencies, aimed at strengthening investor protections. The rules were postponed to address the FTX’s collapse in 2022. The new regulations are expected to impose strict requirements on virtual asset service providers and allow for greater regulatory oversight by the SEC. The agency partnered with the University of the Philippines to explore the use of technology in the legislative process. The SEC issued more than 80 strikes against unregistered companies in 2022. SEC Chairman Emilio Aquino confirmed that the rules could be released before the end of 2023, depending on the addition of safeguards for investors.
INX adopts customer protection measures in the digital asset market
INX Digital Company, Inc (NEO:INXD) officially announced its self-regulatory measure for full segregation of client funds, strengthening its client protection in the digital asset market. INX worked with legal experts to follow customer protection practices similar to the Commodity Futures Trading Commission (CFTC) model. This initiative seeks to set standards in the digital asset industry. “ We believe that protecting our clients’ assets is of utmost importance, especially for digital asset markets where standardized regulatory practices have not yet been fully established and where INX intends to be the model for other industry players and intermediaries”, said Renata Szkoda, CFO of INX.
Bitget offers Martingale AI strategy for novice traders
Bitget has added the Martingale AI strategy to its service offering, aiming to make this investment strategy more accessible and convenient for novice traders. Based on historical data and proprietary algorithms, Martingale AI enables automated and customizable trading, providing traders with a comprehensive view of the market and the possibility to adjust their trades accordingly. ” Providing simple yet sophisticated offerings that leverage the power of AI is in line with Bitget’s mission to help people safely adopt digital assets. We will continue to explore new ways to integrate AI into our products and services to empower investors. These new features come as Bitget is bolstering its range of services provided in light of a global expansion and beyond derivatives strategy ”, said Gracy Chen, managing director of Bitget.
Aave proposes features for its GHO stablecoin
Lending protocol Aave has gone a step further with its stablecoin gho (GHO), proposing features that would benefit token holders without compromising its stability. After running smoothly on the Goerli testnet, Aave proposed V3 Ethereum Facilitator and FlashMinter Facilitator, enabling gho lending and flash lending. These features are under discussion and do not yet have a set voting schedule. gho is a stablecoin backed by a basket of cryptocurrencies chosen by Aave users, with interest income going to the decentralized autonomous organization Aave.
FTX bankers seek to sell stake in Anthropic
Bankers at defunct cryptocurrency exchange FTX are looking to sell their stake in AI startup Anthropic. The company has experienced significant growth recently and has become one of the most valuable in the AI industry. The sale of the stake could reach a nine-figure amount, which would be distributed to former FTX clients. Bankers are considering selling all stakes or holding some shares in anticipation of future growth. Anthropic is developing an artificial intelligence chatbot called Claude, a potential rival to OpenAI’s ChatGPT.
Mint Square NFT Marketplace is shutting down trading services
Mint Square NFT Marketplace will shut down its trading services on June 30th, according to a staff announcement on Twitter. While an explanation for the closure was not provided, it may be due to poor performance, following the pattern of other NFT markets that have recently closed. Mint Square operated on networks based on layer 2 ZK rollups of Ethereum, offering faster and more cost-effective transactions. Its main collections included Stark Agents, Starkpunks and StarkRock.
Kim Kardashian lawsuit moves forward
Kim Kardashian’s attempt to dismiss a cryptocurrency lawsuit against her was unsuccessful. The judge rejected arguments from Kardashian’s lawyers, who sought dismissal of false advertising claims related to her social media posts. Investors’ claims showed that the posts were false. Kardashian has agreed to pay $1.26 million to settle SEC allegations that she failed to disclose the payment she received for promoting EthereumMax (COIN:EMAXUSD) tokens. Investors will have a chance to amend and re-submit their objections.
Bitcoin Startup Lab raises $1.5 Million
Bitcoin pre-accelerator company Bitcoin Startup Lab has raised $1.5 million in a funding round led by Sora Ventures, valuing the company at $20 million. The Bitcoin Startup Lab aims to promote Web3 development on the Bitcoin network by providing training and support for entrepreneurs. The program offers mentorship, skills development and co-founder matching to power innovative projects in the Bitcoin Web3 space. Bitcoin Startup Lab believes in the potential of a sustainable BTC-based economy through innovations like NFTs and BRC-20 tokens. “ There is no doubt that this is the start of something big, and the Bitcoin Startup Lab team is in a position to build some of the best companies in this space. This is a rocket ship not to be missed!”, said Sora Ventures managing director and co-founder Jason Fang.