Day: February 15, 2023

Coinbase, Anchorage Say They’ll Be OK Under SEC Custody Proposal, But Risks May Lurk for Others

“Anchorage Digital Bank, the first and only fully operational OCC-chartered digital asset bank, is unequivocally a ‘qualified custodian’,” said Georgia Quinn, the company’s general counsel, in a statement. “While Anchorage Digital would be largely unaffected by the proposed rule, we plan to work with all stakeholders to ensure any transition results in minimal disruption to the digital asset ecosystem.” Source

FTX Bankruptcy Judge Denies US Trustee’s Request for Independent Examiner – Bitcoin News

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The judge presiding over the FTX bankruptcy case has denied the U.S. Trustee’s request to appoint an independent examiner for the ongoing proceedings. The decision comes after judge John Dorsey postponed the ruling last week, citing concerns that the examiner could cost creditors tens of millions of dollars. The U.S. Trustee’s Argument for an Independent Examiner Ultimately Overruled by the Court’s Authority In the latest filing in the FTX bankruptcy case docket, judge John Dorsey has denied the appointment of an independent examiner. Dorsey stated that the current team, led…

Blur Escalates Royalty Battle With OpenSea, Recommends Blocking Platform

The blog post outlined the various approaches that creators can take to ensure they earn royalties when their projects are listed for resale on Blur. The platform said that because of conflicting rules, artists can’t earn royalties on both OpenSea and Blur simultaneously and that it recommends that creators block their tokens from being listed on OpenSea. Source BattleBlockingBlurEscalatesOpenSeaPlatformRecommendsRoyalty CryptoX Portal

Tether USDT Stablecoin Gains $1 Billion as Paxos Burns Over $1.8B of Binance USD Stablecoins

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The SEC shook Kraken down for $30M, but it doesn’t mean they had a case

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The settlement between Kraken (Payward Ventures) and the United States Securities and Exchange Commission set off alarm bells in the crypto community this month. Apparently, Kraken — one of the most compliance-minded crypto exchanges in existence — decided to buy its peace rather than fight with the SEC for years over whether it was offering unregistered “securities” through its staking program. The nature of the settlement is that Kraken neither admitted nor denied the SEC’s allegations, and the existence of the settlement, technically speaking, cannot be used as legal precedent…

US lawmakers reintroduce bill to remove roadblocks for crypto investments in retirement accounts

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Alabama Senator Tommy Tuberville has reintroduced legislation aiming to allow United States 401(k) retirement plans to include exposure to cryptocurrencies. In a Feb. 15 announcement, Tuberville said the Financial Freedom Act — which he first introduced to the U.S. Senate in May 2022 — aimed to reverse policy from the Department of Labor directing what type of investments were allowed in 401(k) plans, including crypto. According to the senator, the bill would bar the DOL from pursuing enforcement actions for individuals “using brokerage windows to invest in cryptocurrency.” “The federal…

State of Crypto: Interpreting the Paxos-Binance Tea Leaves

Remember how the U.S. Securities and Exchange Commission’s declaration of war against crypto staking was big news for like two days? This week we’re looking at the other big news from last week: Paxos and the Binance USD stablecoin it issues. The SEC has apparently alleged the sale of BUSD violates securities laws, and the New York Department of Financial Services has asked Paxos to cease issuing the token. Source