Day: June 30, 2022

US lawmakers say crypto industry has a ‘tech bro’ problem hurting innovation

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According to some United States lawmakers in the House Financial Services Committee, the lack of diversity in the financial technology space could be hurting many companies’ bottom lines. In a Thursday virtual hearing on “Combatting Tech Bro Culture,” U.S. lawmakers and witnesses discussed how women and people of color were underrepresented in leadership positions in the financial technology industry, including crypto firms. Massachusetts Representative Stephen Lynch cited data that only 2% of venture capital funding went to firms in which the founders were women, while only 1% went to those…

EU agrees to deal on landmark MiCA cryptocurrency regulation

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Bitcoin is a volatile asset, and has been known to swing more than 10% higher or lower in a single day. Jakub Porzycki | Nurphoto | Getty Images EU officials on Thursday secured an agreement on what is likely to be the first major regulatory framework for the cryptocurrency industry. The European Commission, EU lawmakers and member states hammered out a deal in Brussels after hours of negotiations. The move came a day after the three main EU institutions finalized measures aimed at stamping out money laundering in crypto. The…

Analysts identify 3 critical flaws that brought DeFi down

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The cryptocurrency market has had a rough go this year and the collapse of multiple projects and funds sparked a contagion effect that has affected just about everyone in the space.  The dust has yet to settle, but a steady flow of details is allowing investors to piece together a picture that highlights the systemic risks of decentralized finance and poor risk management. Here’s a look at what several experts are saying about the reasons behind the DeFi crash and their perspectives on what needs to be done for the…

New York Environmental Regulators Deny Greenidge’s Power Plant Permit

Greenidge has been under fire from environmentalists for its use of fossil fuels to power its proof-of-work (PoW) mining operation on Seneca Lake in Upstate New York. In its rejection letter to Greenidge, the NYSDEC cited the “dramatic” increase in greenhouse gas emissions from the Dresden-based facility since the Climate Act took effect. The plant is powered by natural gas, though it was originally a coal-fired facility before Greenidge’s parent, Atlas Holdings, refitted it. Source

FTX Targeting BlockFi Purchase At $25M

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BlockFi, Celsius, Nexo, and more: tough times can lead to difficult measures, and this year’s bear market is showing no exception to some of these players. Look no further than the current state of affairs for centralized finance (CeFi) platforms, who have been facing substantial headwinds with no end in sight. Now, after days of rumors and reported exploratory deals, reports have emerged that powerhouse crypto exchange FTX is putting together the final ties around an acquisition deal of BlockFi at just a $25M valuation. The news comes after reports…

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Stratis (STRAX) Soars 200% From June Low On Sky Dream Mall Launch

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After the news of the launch of the Sky Dream Mall metaverse and Stratis GBP stablecoin, the price of STRAX increased by 200% from its low of $0.365 on June 15 to its high of $1.20 on June 29, according to data from coinmarketcap. The price dropped the next day and is currently trading at $1.09, although it is still up from its low. The record high for STRAX was $22.77 on January 8, 2018, more than four years ago. However, the coin’s record low was $0.011 on August 12,…

EU Agrees on Landmark Crypto Authorization Law, MiCA

The policymakers, who represent the world’s third-largest economy, have been haggling for nearly two years over the Markets in Crypto Assets (MiCA) framework. As it stood on Thursday, the legislative package sets up requirements for crypto issuers to publish a kind of technical manifesto called a “white paper,” to register with the authorities and to keep proper bank-style reserves for stablecoins (cryptocurrencies pegged to the value of sovereign currencies like the euro). Source