Day: October 12, 2022

Many crypto asset activities pose ‘novel risks‘ to banks, says Fed vice chair for supervision

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Michael Barr suggested that financial institutions engage with U.S. regulators to ensure “safe, sound, and legally permissible” activities regarding the use cases of innovative technologies. Michael Barr, the vice chair for supervision for the United States Federal Reserve, warned banks of the potential risks of crypto-related activities, suggesting crypto service providers be subject to similar regulations as traditional financial institutions.  In written remarks prepared for an Oct. 12 speech at D.C. Fintech Week, Barr seemed to encourage banks to explore issuing tokens on distributed ledger networks, but “only in a…

Coin Center Sues US Treasury Over Tornado Cash Ban — Lawsuit Says Government’s Action ‘Was Unlawful’ – Bitcoin News

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The non-profit that focuses on policy issues facing cryptocurrencies, Coin Center, has filed a lawsuit against the Treasury department, the secretary of the Treasury Janet Yellen, and the Office of Foreign Assets Control’s (OFAC) director Andrea Gacki. Coin Center’s court filing says that the government’s sanctioning of Tornado Cash exceeds the Treasury’s statutory authority. The Coin Center lawsuit insists that Americans have a right to privacy and a right to protect their property, as Tornado Cash can be used for these benefits in a legitimate fashion. Coin Center’s Lawsuit Insists…

Axie Infinity player count falls back to Jan 2021 levels

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The numbers represent a 74% decrease from peak levels witnessed just ten months ago. According to game statistics site Activeplayer, the average monthly number of users playing monster-battle nonfungible tokens (NFT) game Axie Infinity has fallen to 701,447, representing levels not seen since January 2021. At its peak, monthly Axie Infinity players hit 2.78 million in January of this year before the advent of the crypto winter. The popular play-to-earn NFT game lost 1.2 million players alone in June. Bear market aside, game mechanics also partly contributed to the decrease…

Kim Kardashian’s Ethereum Max ad violated the SEC’s anti-touting provision

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Kim Kardashian disclosed that she was paid for promoting Ethereum Max — but didn’t tell her followers the exact amount. The SEC did the right thing when it fined her for that oversight. In June 2021, Kim Kardashian published an Instagram story informing her approximately 330 million Instagram followers about the EthereumMax (EMAX) crypto token. The Securities and Exchange Commission (SEC) charged Kardashian, claiming she violated the anti-touting provision of the Securities Act when she failed to disclose she received $250,000 in exchange for her promotion of the unregistered security.…

nxyz raises $40M to enable faster blockchain indexing

The Web3 platform will focus on expanding its team globally and onboarding several more blockchains in the upcoming months. nxyz, a Web3 platform enabling data infrastructure for blockchains, secured $40 million in Series A funding led by venture firm Paradigm with additional participation from Coinbase Ventures, Greylock Partners and Sequoia Capital. Angel investors also participated, including Balaji Srinivasan, Jaynti Kanani, Jing Wang, Packy McCormick, Surojit Chatterjee and Ryan Selkis.  According to nxyz, the funds raised will be used to expand the company’s team, build support across emerging use cases, and…

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Blockchain Infrastructure Provider Tatum Secures $41.5M Funding

Blockchain as a Service (BaaS) provider, Tatum has landed $41.5 million in funding, receiving the needed capital backing to expand its business offerings. Riding on its current track record in the industry, Tatum’s funding was led by Equity Partners with support from other renowned venture firms including Octopus Ventures, 3VC, Tensor Ventures, Depo Ventures, Leadblock Fund, Circle, and founders of Bitpanda.   The startup’s valuation was undisclosed, however, judging by the current adoption level of its offering, Tatum has undoubtedly carved a niche for itself in the blockchain world. The…

Dogecoin Must Do This One Thing For Price To Hit $0.1, Here Is Why?

DOGE price breaks down into a ranging channel as price failed to break above resistance, holding price from trending higher.  DOGE trades below 50 and 200-day Exponential Moving Average as the price struggles to regain bullish signs as the price continues ranging in a channel.  The price of DOGE needs to break out of the channel with good volume to rally high to a region of $0.1.  Dogecoin (DOGE) prices continue to struggle as they range in a channel to rekindle their bullish movement against tether (USDT). Dogecoin (DOGE) and…

Crypto Exchange Coinbase Locks in Regulatory Approval To Expand to Singapore Market

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Digital asset trading platform Coinbase is announcing that it has received a license to operate in Singapore. Coinbase says that the Monetary Authority of Singapore (MAS) has granted the crypto exchange regulatory go-ahead to provide “digital payment token products and services” in the city-state. The Monetary Authority of Singapore, which is the city-state’s central bank and financial regulator, defines digital payment tokens as “digital representations of value that do not have a physical form, and are typically maintained using blockchain technology”. Coinbase says its presence in Singapore was growing even…