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We post daily the best Bitcoin, Cryptocurrency & Blockchain News. Admin: @LevoBNTG
🪙 Ava Labs CEO Calls for Crypto Regulators Who Can Read and Audit Code
The blockchain and cryptocurrency space cannot consider itself mature until the day its regulators are able to read and audit code, Ava Labs CEO and founder Emin Gün Sirer told attendees of the annual Cornell Blockchain conference. “Regulators are nowhere near that stage now,” Gün Sirer said at the Friday event on New York City’s Roosevelt Island. “They are busy doing other funny tricks.”
Crypto, particularly in the U.S., is in the gunsights of regulators following the collapse of the FTX exchange and other calamities that befell the space in 2022. But even the most draconian of clampdowns will not crush crypto, Gün Sirer said. Several areas, Gün Sirer said, need to improve in order to get the next billion users into crypto, such as scalability, ease of use and adaptability. However, when asked about the feasibility of the secret sharing technology known as zero-knowledge proofs (ZKP) to reach that scale, he was skeptical. “Suppose we ban crypto altogether?” he said. “Generation Z is digital-first, and they will not allow this technology to go away.
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📣 Flashbots launches MEV-Share to distribute front running profits with Ethereum users
Blockchain research and infrastructure provider Flashbots introduced the beta version of its MEV-Share protocol, aiming to distribute a portion of Maximal Extractable Value profits to Ethereum users. MEV is a technique that involves manipulating transaction sequencing to capitalize on profitable on-chain trades, such as arbitrage and front-running of transactions.
Incorporated within Flashbots Protect, a remote procedure call (RPC) tool that can be integrated with users' wallets, the MEV-Share protocol seeks to defend against bots trying to extract profits by front-running user transactions, according to a statement. It does so by giving users control over the execution of their transactions on the Ethereum network. The concept was first introduced by the Flashbots team in February. Traditionally, profits from MEV are obtained by searchers and block builders on the Ethereum network, who determine transaction order and relay it to Ethereum validators. Users typically lack control over the execution of their transactions, with wallets and decentralized applications (dApps).
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🇦🇪 UAE Securities Regulator to Start Accepting License Applications From Crypto Firms
The federal securities regulator in the United Arab Emirates (UAE) will start accepting applications from companies looking to provide crypto services in the country, according to a Monday announcement. All virtual asset service providers in the country – except for companies that are already licensed in the UAE's financial free zones – must apply for approval with the Securities and Commodities Authority (SCA).
The licensing regime was approved by the SCA on Monday following a decision by the UAE Council of Ministers last year to regulate the crypto sector. The SCA took on the role of regulating the sector earlier this year. Some of the seven emirates, including Dubai and Abu Dhabi, already have licensing frameworks for crypto firms in force, with the local industry embracing Dubai's recently unveiled regime. Companies looking to operate in the Emirate of Dubai must obtain a license from its Virtual Assets Regulatory Authority (VARA) in addition to SCA approval, according to the announcement.
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📣 Do Kwon’s Terraform Sent $7 Million to Law Firm Before Collapse, Report Unveils
Prosecutors investigating failed blockchain firm Terraform Labs have found out that its Singapore office sent millions of U.S. dollars to lawyers just before the crash of its cryptocurrencies. According to Korean media, the transfers suggest that co-founder Do Kwon was aware of the imminent collapse. Tracking financial flows from its Singapore headquarters, they were able to establish that the funds were sent in several transactions.
Investigators from Seoul are cooperating with law enforcement authorities in Singapore to confirm the source of the payments. If it turns out that the blockchain firm has cashed out digital coins, charges of embezzlement may be brought against its management. The report suggests that Terraform’s chief executive was aware in advance of the possibility of the crypto ecosystem collapsing and likely prepared certain legal moves in response to expected judicial risks such as the current investigation. The South Korean prosecutors believe that if the funds stem from criminal proceeds they can be frozen and eventually seized.
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🪙 Ethereum Layer 2 Network zkSync Era Jumps to Nearly $250M in Locked Value
Ethereum scaling blockchain zkSync Era has attracted over $245 million in around three weeks after launch as investors search for the next big bets to place on newer projects building on upstart networks. Data from L2Beat, which tracks activity on layer 2 networks built on top of the Ethereum blockchain, shows over 70,000 ether (ETH), $81 million in USD coin (USDC) stablecoin and $8 million in mute (MUTE) tokens have been locked on zkSync since March 22, when the network first launched.
The TVL amount is distributed among several zkSync-based projects for purchasing ecosystem tokens or providing liquidity to exchanges on the network. DefiLlama data shows on-chain exchange Syncswap leads in total value locked (TVL) among Era-based services, with over $64 million. It is followed by Velocore at $25 million and Mute at $15 million. On-chain derivatives trading has not caught up among Era users so far, data suggests. Era-based Onchain Trade, a derivatives DEX, holds just over $2 million in TVL and has seen zero volumes for futures in the past 24 hours. Spot trading on the DEX, however, has racked up $600,000 in volume.
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📣 U.S. Banking Crisis May be Vindication for Crypto Ecosystem: JPMorgan
Despite recent regulatory headwinds, the cryptocurrency market has rallied strongly over the last month, with bitcoin (BTC) outperforming, JPMorgan (JPM) said in a research report last week. Recent problems in the banking sector also “exposed the weaknesses of the traditional financial system given bank’s maturity mismatch is susceptible to bank runs,” analysts led by Nikolaos Panigirtzoglou wrote.
“The U.S. banking crisis and the intense shift in U.S. bank deposits to U.S. money market funds is viewed by crypto supporters as a vindication of the crypto ecosystem,” the report said. Bitcoin has also benefited from the launch two months ago of bitcoin ordinals, which some argue will drive up transaction fees and increase miners’s revenues, the note said. This would mechanically double bitcoin’s production cost to around $40,000, creating a positive psychological effect,” because historically, BTC’s production cost has acted as an effective lower boundary to its price, the report added.
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💰 Bitcoin Faces Low Risk of 'Liquidations-Induced' Price Volatility After 70% Surge
Bitcoin (BTC) has surged 70% this year, hitting nine-month highs of over $29,000. While the sharp rally has brought the derivatives market back to life, the overall use of leverage remains muted, suggesting a low risk of "liquidations-induced" wild price swings. Liquidations refer to the forced closure of bullish long and bearish short positions in leveraged perpetual futures markets, which allow traders.
Long/short squeezes were quite common during the 2021 bull run and early bear market days of 2022 when the amount of leverage outstanding relative to the size of the market was quite high and price moves would shake out billions of dollars' worth of leveraged trading positions. So far this year, the ratio has continued to drop. When the degree of leverage in the market – measured by the ratio between the dollar value locked in perpetual futures (open interest) and the cryptocurrency's market capitalization – is high, short liquidations tend to exacerbate bullish moves. That, in turn, shakes out more shorts, leading to a short squeeze.
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🟠 Binance Providing ‘Requested Assistance’ in South Korea’s Do Kwon Case
Prosecutors in South Korea are continuing their crackdown on crypto fugitive Do Kwon. In their latest move, the country’s authorities have reportedly asked Binance officials to step in to prevent Kwon from withdrawing any of his crypto assets purportedly kept on the crypto exchange. KBS News reported Friday that one accounting of former Terraform Labs chief executive’s criminal proceeds adds up to 91.4 billion won ($69 million).
South Korean authorities told the publication that there were no records of property owned by Kwon in the country. But the thinking of a number of industry participants, as well as local officials, is that Kwon converted a big chunk of his Korea real estate holdings to bitcoin and transferred it to a foreign crypto exchange. Binance told Blockworks that it responded to the prosecutors’ request, adding that the exchange cannot comment on the ongoing investigation. KBS separately reported that Terra executives took control of 414.5 billion won ($314 million) in criminal proceeds.
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📣 High Ether Yields Drive $50M to DeFi Protocol Pendle Finance
Pendle Finance, a decentralized-finance platform that offers users yields in the form of tradable digital tokens, has attracted over $50 million amid renewed interest from traders looking to capture market returns passively. The total locked value of assets on the platform has risen over 300% since the start of this year, DefiLlama data shows. Of the total, $26 million has been captured on the Ethereum network.
Staked ether (stETH) dominates the holdings, taking up 27% of all capital on Pendle, followed by the GMX protocol’s GLP tokens at 18% and DAI stablecoins at 16%. Pendle is also letting investors purchase ether at a 5.88% discount as of Thursday. That ether can be claimed on Dec. 26, 2024, when the discount will be made up for by capturing future expected yields on the principle amount. Some strategies are offering as much as 82% annualized yields on ether (ETH) and ether derivative tokens. These have a maturity period that ends in late 2023 or early 2024.
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🏦 Coinbase to Offer Faster Transactions on Derivatives Exchange Through Partnership With Infrastructure Provider TNS
Coinbase is teaming up with U.S.-based infrastructure provider Transaction Network Services (TNS) to enable faster, more efficient transactions on its derivatives exchange, the companies announced Tuesday. Coinbase unveiled the Derivatives Exchange (CDE), which is regulated by the Commodity Futures Trading Commission (CFTC).
The cloud-based financial trading infrastructure deployed by TNS for the exchange will enable institutional investors to increase storage capabilities and process large data sets with minimal delay. Crypto has witnessed both volatile and liquid markets, and with institutional adoption remaining strong, we believe the time is right for the offering that TNS brings to the table,” CDE’s CEO Boris Ilyevsky said. “Dedicated cloud infrastructure connectivity coupled with our derivatives exchange represents a mission-critical step toward supporting and maintaining a vibrant and reliable crypto derivatives market.
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📣 Babel Finance Financial Creditor Protection Extension Request Paused
According to Flex Yang, co-founder and sole director of Babel Finance, a Singapore court has deferred making a decision on an extension of creditor protection because it wants more information on a planned restructuring in light of concerns voiced by creditor Deribit. An email sent outside of work hours did not immediately receive a response from Deribit.
The ongoing moratorium of protection against creditor action for Hong Kong-based Babel Finance, which also has operations in Singapore, expires on April 5, according to Flex, who left day-to-day management in late 2021 and has since returned to oversee the company’s restructuring. Babel owes debt between $750 million and $800 million. It was one of a number of cryptocurrency businesses that encountered difficulties after the crash in digital assets last year. A new stablecoin is a part of the restructuring strategy suggested by Babel. The strategy calls for paying back finance’ obligations with money earned from a brand-new project that issues “Babel Recovery Coins.”
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📣 Paxful to Refund Celsius Earn Deposits to Affected Company Members
About a week ago, a settlement was reached between Celsius and Celsius Custody account holders. As a result, the latter group was promised a refund of up to 72.5% – half on the spot and half by the end of the year – provided they signed away their right to further litigation. Yesterday evening, Ray Youssef – Paxful’s CEO – announced he would be refunding those in the Paxful community who were also Celsius Earn users.
Although the cross-section between Celsius Earn users miffed by the refund agreement and Paxful users is relatively small, the gesture will make whole some of those who had previously lost hope in seeing their funds again. It’s unclear exactly how many users are involved – however, Youssef confirmed that the total refunded amount will be around 8.8 BTC, which would be taken from Paxful’s coffers. Youssef also apologized to the community for prior involvement with Celsius via Paxful Earn, stating that he and his company should have known better than to trust the high APY returns promised. Originally, Paxful staff believed the bankruptcy deal reached by Celsius and its creditors.
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📣 Analysts say Binance’s $2.2 billion outflows don’t suggest a bank run yet
After the CFTC sued Binance on March 27, all eyes have been on the exchange’s publicly available list of wallets holding its clients’ crypto funds. Since the announcement, the exchange has seen $2.2 billion of cryptocurrency flow out of the exchange (a period of around 45 hours), according to data collected by The Block Research. Part of this was caused by an initial flurry of small withdrawals in the first hour following the news.
Lee noted that Binance has seen higher than normal withdrawals over the last few weeks, with average daily withdrawals of $385 million — in terms of Ethereum-based tokens. He added that $1.3 billion of withdrawals took place on the day of the CFTC news, but this was well under the $3 billion that left the exchange on Dec. 13, 2022. “I've seen a lot of bombastic headlines about the outflows Binance has experienced but they are actually less than normal,” said Tom Dunleavy, founder of Dunleavy Investment Research and former senior research analyst at Messari, in a Twitter DM. Binance's wallets are largely filled with stablecoins and top cryptocurrencies.
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🔵 Arbitrum TVL Soars 22% Weekly Following Much Anticipated ARB Airdrop
The total value locked in Arbitrum is soaring following the distribution of its much-anticipated ARB airdrop. The total value locked in decentralized protocols on Ethereum’s popular layer-2 scaling solution – Arbitrum – is soaring. This comes shortly after the protocol released its much-anticipated ARB token through an airdrop to early adopters.
Data from DeFi Llama shows that the total locked value (TVL) in Arbitrum is up more than 22% during the past seven days alone. With this, Arbitrum is currently the fourth-largest network by means of TVL, with $2.18 billion, sitting right after Ethereum, Tron, and the BNB Chain. Diving a bit deeper, the decentralized exchange with the highest TVL on Arbitrum is GMX, with $502 million, followed by Uniswap’s V3, with $292 million. Interestingly enough, Uniswap’s trading volume on the protocol soared by around 60% during the past week. The above comes after Arbitrum finally distributed its much-anticipated ARB token through an airdrop to early adopters, This took place on March 23rd.
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📈 DeFi TVL Reaches 2023 Highs as Lido Liquid Staking Expands Its Lead
Total value locked (TVL) in the decentralized finance (DeFi) sector has surpassed $63 billion, with Lido Liquid Staking expanding its TVL beyond $10 billion. Based on data by DefiLlama, this is a record high in 2023 when including the staking market in the DeFi TVL. However, without staking, this is the second time this month that the TVL.
The largest liquid staking protocol, Lido, has expanded its TVL on five chains. It has gained close to 3.6% in the past day, with a dominance of 16.9% in the DeFi market. The TVL of the Decentralized Autonomous Organization (DAO) includes staked tokens on various chains. Lido has the highest presence on Ethereum, with a value breakdown of $10.75 billion. The rest of the liquidity is distributed on Solana, Moonbeam, Moonriver, and Terra Classic. Notably, Lido increased its TVL from $1 billion in April 2021 to $10 billion for the first time in November of the same year.
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🪙 Bitcoin Mining Reaches All-Time High Amid Rising Difficulty
The Bitcoin mining difficulty reading came in at 48.71 trillion at block height 786,240, following a 2.23% rise in the previous adjustment, according to data from BTC.com. The difficulty level has been on the rise since February 25 in the last five adjustments. This means that the computing power required to mine blocks and be rewarded with Bitcoin has increased. The higher the difficulty level, the more computing power is required to mine Bitcoin.
Furthermore, the hashrate of Bitcoin’s network has increased, indicating that miners are applying more computing power. According to data from Blockchain.com, the hashrate was at around 355.4 exahashes per second on Wednesday, up from 338.3 exahashes on April 6. This increase in hashrate means that more and more miners are joining the network, making it more secure. Despite the rise in difficulty level and hashrate, the price of BTC has dipped 1.94% over the last 24 hours to trade at US$28,284 at 11:30 a.m. in Hong Kong, and fell 7.83% over the past seven days, according to data from CoinMarketCap. However, it is important to note that Bitcoin’s price has risen over 70% so far this year, which is a remarkable feat.
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🇭🇰 Hong Kong Court Declares Crypto as Property in Case Involving Defunct Gatecoin
A Hong Kong court has recognized crypto as property "capable of being held on trust" in a case involving shuttered crypto exchange Gatecoin, law firm Hogan Lovells reported on Wednesday. Justice Linda Chan, who presided over the case, reportedly said Hong Kong, in line with other common law jurisdictions, defines "property" broadly "intended to have a wide meaning."
In 2019, Hong Kong-based crypto exchange Gatecoin announced it will shut down and start liquidation following an attempt to recover disputed funds from a former payment services provider. Liquidators sought directions from the court on whether the crypto held by Gatecoin should be treated as property held on trust or "if no trust existed, the digital assets should be made available to the general body of creditors," according to the Hogan Lovells report. The exchange held crypto upwards of 140 million Hong Kong dollars ($17.8 million) in October 2022, the report said.
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🇧🇹 Bhutan’s Sovereign Wealth Fund Makes Secret Crypto Play Via BlockFi And Celsius
Bhutan’s sovereign investment arm, Druk Holding & Investments, invested millions in cryptocurrencies through BlockFi and Celsius accounts. The investment arm was established in 2007 to safeguard the country’s wealth. Bhutan, a small, landlocked country in South Asia, has been quietly investing in cryptocurrencies, including bitcoin and ether, for over a year through its sovereign investment arm, Druk Holding & Investments.
The investment arm is known for managing a portfolio of homegrown assets, including a local cheesemaker, several hydropower plants, and the Royal Bhutan Airlines, which operates five planes. However, it was recently revealed that the fund had also invested millions of dollars in digital assets, including cryptocurrency, through its accounts with crypto lenders BlockFi and Celsius. Bhutan’s recent investment in cryptocurrency via its sovereign investment arm, Druk Holding & Investments, has led to questions about the country’s relationship with the volatile crypto economy. Bhutan’s economy is largely based on agriculture and forestry, and its infrastructure started supporting cell phones only two decades ago.
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📣 Sui Token Received A Strong Response From Exchanges
OKX, Bybit, and Kucoin stated on April 15 that they would list Sui Token, and all relevant exchanges have started a subscription system for Sui Token’s whitelist. There is no word yet on Binance listing Sui Token or the other exchanges like Coinbase and Huobi. According to the OKX announcement, the general sales distribution SUI token sales price is 1 SUI = $0.1, and the maximum number of individual purchases is 10,000 SUI.
Sui ecosystem contributors are the only ones who may purchase more recognition. Users must have been formally whitelisted by the Sui Foundation in order to participate in the Commendation Auction. Whitelisted individuals may acquire up to 1,500 SUI from a pool of 25,000,000 SUI for as cheap as $0.03; tokens will be completely unlocked at the mainnet launch. Previously, Evan Cheng and Adeniyi Abiodun, founders of Sui development firm Mysten Labs, said on TwitterSpace that a community access plan with a whitelist of 100,000 users would be implemented. On March 22, Mysten Labs struck a deal with FTX to buy FTX’s equity stake in Mysten Labs and SUI token warrants for $96.3 million in cash.
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🟠 Binance Will Support Staked ETH Withdrawals From April 19
Major exchanges have begun to allow users to open unstake ETH but have not announced a specific time when they can redeem the amount of ETH rewards. Binance was the first exchange to let users know about this information, that is, after one week. Binance stated on Thursday that customers who staked Ethereum (ETH) on the exchange would be able to redeem currencies for BETH holdings on a 1:1 ratio beginning April 19.
Binance said that once a withdrawal request is received, it cannot be canceled, and the process may be lengthy at first, taking 15 days to several weeks to complete. Redeemed ether will be sent to users’ spot wallets, and pending BETH tokens trapped in pending ETH withdrawal requests will not be eligible for staking incentives. Binance’s BETH token is a wrapped token that is 1:1 tied to ETH on the Ethereum network. The Shanghai onerous split of Ethereum, also known as “Shapella,” has been completed, allowing customers who’ve “staked” their ETH to secure and confirm transactions on the blockchain to withdraw.
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📣 Bitcoin mining firm Bitmain reportedly fined for tax violations in China
Bitmain has reportedly failed to pay personal income taxes in accordance with China’s laws on the administration of tax collection. Beijing-based cryptocurrency mining firm Bitmain has reportedly violated tax regulations in China, with local authorities imposing major fines. Bitmain Technologies has been slapped with a tax penalty from the Beijing Municipal Office of the State Administration of Taxation.
According to the data, Bitmain was penalized on April 4, 2023, with the firm allegedly failing to pay personal income taxes in accordance with China’s laws on the administration of tax collection. The statement specifically referred to certain violations related to taxes on the income from Bitmain employees’ salaries, bonuses, labor dividends, allowances and more. The tax authority also mentioned that tax inspectors delivered notice on certain tax violations to Bitmain in August 2022. So far, Bitmain’s Beijing unit has failed to pay personal income tax totaling 16.6 million yuan, or $2.4 million. Founded in 2013, Bitmain is one of the world’s largest cryptocurrency mining companies, widely known for manufacturing crypto mining-specific hardware.
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🇺🇸 US DOJ Confiscates $112 Million Worth of Crypto Linked to ‘Pig Butchering’ Scams
The authorities seized the crypto assets from six accounts based in Los Angeles, the District of Arizona, and the District of Idaho. The United States Department of Justice (DOJ) seized $112 million in cryptocurrencies previously drained through the so-called “pig butchering” scams. One particular account based in Los Angeles contained more than $66 million worth of digital assets. Prosecutors claimed that criminals used the addresses to launder proceeds of various crypto fraud, including “pig butchering” scams.
“Pig butchering” refers to fattening a pig before slaughter. Criminals would contact victims via direct messages and offer them a great “investment” that could bring substantial profits. They might explain how they found the contact details and lure people into suspicious schemes (which, in many cases, are too good to be true). Such wrongdoers could even develop a romantic relationship with their victims only to win their trust. Unfortunately for those who fall into that trap, there is no real love behind those fake gestures but only an attempt to steal one’s funds. The American authorities confiscated the digital assets from six accounts based in Los Angeles, the District of Idaho, and the District of Arizona.
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🪙 Uniswap Topped Coinbase’s Trading Volume in March During USDC Depeg, U.S. Crackdown
Uniwap (UNI) topped Coinbase (COIN) in terms of market share last month as traders turned to decentralized exchanges (DEX) amid the U.S. regulatory clampdown and a banking crisis that caused key stablecoins to depeg from $1. Uniswap handled more than $70 billion of trading in March, exceeding centralized exchange (CEX) Coinbase’s $49.2 billion, according to CCData.
Coinbase was told in March the U.S. Securities and Exchange Commission (SEC) was pursuing an enforcement action. Also, Silicon Valley Bank’s (SVB) collapse drove two key parts of decentralized finance (DeFi) – Circle Internet Financial’s USD coin (USDC) and MakerDAO’s DAI – down from their customary price of $1, prompting a flurry of DEX trading as scared investors shifted money around. Amid that crisis, Uniswap saw $13.3 billion of volume on March 11, whereas Coinbase had $1.7 billion. The surge coincided with overall DEX volume surging to a 10-month high.
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📣 Bitcoin marketplace Paxful to shut down, two months after LocalBitcoins closure as P2P market dwindles
Paxful, a peer-to-peer bitcoin marketplace, is shutting down its marketplace — and might not return at all. The platform is closing down following some "key staff departures" and challenging regulatory conditions for the industry. "While we work through these issues, we have taken the most secure option and ask you to explore self-custody and trade elsewhere," Youssef said.
Youssef also claimed during a Twitter Space event on Tuesday that a lawsuit filed by a Paxful co-founder "drove away all of the senior-level team.". Customer funds are all accounted for, according to the post, and Youssef encouraged users to withdraw them, recommending self-custody options. Paxful is also offering "easy migration" to other options for non-U.S. users, to platforms like Noones, a new peer-to-peer platform "dedicated to the global south." This is in contrast with more traditional crypto exchanges, which facilitate trading between buyers and sellers.
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💰 Bitcoin miner revenue climbed 20% in March
Bitcoin miners notched another month of growing revenue, according to The Block Research. Miners brought in a collective $755.4 million, most of which came as block rewards. Each bitcoin transaction block rewards miners 6.25 BTC plus transaction fees. Transaction fee revenue was $23.47 million for March. The March figures were roughly 20% higher than February's $613.15 million revenues.
Revenues have trended upward in recent months after dropping to around $470 million in November and December amid weakness in crypto markets. Bitcoin is trading at about $28,000 as of press time, according to TradingView data. Miners brought in a collective $755.4 million, most of which came as block rewards. Each bitcoin transaction block rewards miners 6.25 BTC plus transaction fees. Transaction fee revenue was $23.47 million for March. The March figures were roughly 20% higher than February's $613.15 million revenues. Bitcoin miners generated $755 million in revenue last month.
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💰 Ripple CEO Calls on US Lawmakers to Look into SEC Chair Gensler’s Crypto Assertions
The Ripple boss believes crypto should be regulated by legislation and not from the SEC’s perspective. Brad Garlinghouse, the chief executive officer of Ripple Labs, has called on lawmakers in the United States to look into assertive statements made by Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), about the American crypto industry. Garlinghouse’s comments come as Gensler told a House Appropriations Committee.
In a tweet, the Ripple CEO insisted that the SEC chair’s assertions are beyond comprehension. Urging elected officials to notice Gensler’s actions, Garlinghouse pointed out that the SEC is subject to the legislation as the agency derives its power from there. At the hearing, the SEC chair noted that although Congress could act to provide clearer legislation for the crypto sector, the agency did not need additional authorities to determine which assets were securities or not. He insisted that the SEC is in charge of defining securities and not legislation. Gensler’s belief that the SEC can determine which digital assets are securities is seen in his behavior.
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📣 SEC Chair Gensler: Existing rules regulate crypto, legislation unnecessary
The Securities and Exchange Commission takes the lead in defining what a security is, not necessarily legislation, the regulator's Chair Gary Gensler said. After a House Appropriations Committee hearing on Wednesday, Gensler told reporters that existing securities laws "cover most of the activity that's happening in the crypto markets.". Lawmakers have introduced legislation over the years to regulate crypto.
Sens. Kirsten Gillibrand, D-N.Y., and Cynthia Lummis, R-Wyo., have plans to reintroduce legislation next month that would, in part, assert that the Commodity Futures Trading Commission has control over digital asset commodities, such as bitcoin. The hearing came days after the CFTC sued the world’s largest crypto exchange, Binance, for unregistered trading activity and highlighted some major revelations in its 74-page complaint. Some of those include Binance possibly knowing that it helped facilitate illegal transactions. Gensler declined to answer whether the agency planned to bring its own actions.
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📣 DAO token holders are plausibly liable, judge rules in bZx class action
A U.S. judge denied a motion to bZx DAO token holders as defendants in a class action lawsuit filed by some victims of the protocol’s $55 million hack from November 2021. The Court’s ruling classified bZx DAO as a general partnership. It stated that the plaintiffs provided sufficient facts to qualify defendants who hold the DAO’s governance tokens as members of the general partnership.
bZx is a DeFi margin trading protocol. The platform’s creators transitioned the protocol to a DAO controlled by bZx DAO in August 2021. Another community called Ooki DAO soon succeeded bZx DAO, taking ownership of the protocol. Members of Ooki DAO moved their assets to this new community. Ooki DAO is currently the subject of a lawsuit by the U.S. Commodity Futures Trading Commission. The court cited comments issued by the project team when transitioning to a DAO structure as grounds for its ruling. At the time, the bZx protocol founders stated that the move to a DAO.
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💰 Ex-Coinbase CTO Claims US Dollar is No Longer Too Big to Fail, Touts Bitcoin
Coinbase former CTO Balaji Srinivasan said the US Dollar (USD) is not too big to fail and expects Bitcoin (BTC) to replace it as the global reserve currency. Srinivasan pointed out that unlike in the past when investors have flocked to dollar-denominated assets during a time of stress, this is a different time. He noted that historical data shows that people exit devaluing currencies, which is where USD falls into.
“Dalio has a different definition of historical reserve currencies. He says it’s the US dollar, then before that the British pound, then before that the Dutch guilder. But the point remains that reserve currency status doesn’t last,” Balaji added. This continues his earlier views that Bitcoin could reach $1 million in 90 days as the US financial system suffers from hyperinflation. Meanwhile, many believe Balaji’s predicted changes take generations to happen, not 90 days. While not everyone believes BTC will replace USD, there are clear signs that the US dollar is weakening against other cryptocurrencies. The US Dollar Index is down 8.9% in the last 6 months and has lost 1.34% of its value in the past year.
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🇸🇻 El Salvador To Build A Tax-Free Paradise For AI Development And Bitcoin
El Salvador focuses on technological innovation, including tax elimination on tech advancements. This move attracts a huge number of developers and investors in every corner of the world. President Nayib Bukele has been at the forefront of this drive, embracing financial technology through Bitcoin and, more recently, with his plan to obliterate all taxes on technological advancements.
In a recent tweet, Bukele announced that all taxes, including income, property, capital gains, and import tariffs, will be eliminated. This move is aimed at encouraging the growth of the tech industry in El Salvador, particularly in the areas of AI development, coding, and apps, among others. The President plans to send a bill to Congress next week to make this a reality. This latest move by the El Salvadoran government is unsurprising, given Bukele’s previous focus on Bitcoin. Last week, the country even launched a Bitcoin/Lightning developer training program, and the much-awaited Bitcoin bonds are expected to roll out sometime between June to September.
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