The U.S. Securities and Exchange Commission sued Terraform Labs and Do Kwon last week, alleging the terraUSD stablecoin was a security, alongside various other tokens and products. This feels pretty important. Source
Our weekly roundup of news from East Asia curates the industry’s most important developments. Hong Kong moves bullish On Feb. 20, the Securities and Futures Commission (SFC) of Hong Kong launched a consultation on its proposed regulatory requirements for digital asset trading platforms. The SFC requires the licensing of all cryptocurrency exchanges operating in Hong Kong, or soliciting services from Hong Kong investors, by June 2023. In addition, the SFC said it will seek feedback on whether licensed platform operators should be allowed to provide services to retail investors and…
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The United States Federal Reserve has denied a request from cryptocurrency bank Custodia Bank to reconsider its membership application to the Federal Reserve System. The Fed announced its denial on Feb. 23 saying the Federal Reserve Board previously decided that Custodia’s application “was inconsistent with the required factors under the law.” @federalreserve announces it has denied the request by Custodia Bank, Inc., for reconsideration of the Board’s decision last month on its application to be supervised by the Federal Reserve: https://t.co/ZYNUEoLeN1 — Federal Reserve (@federalreserve) February 23, 2023 In January,…
A key altcoin in Shiba Inu’s (SHIB) ecosystem is slated to be listed on Gate.io, according to an update from the crypto exchange. Gate.io, a top 20 exchange with over $800 million in 24-hour trading volume, updated its trading page for ShibaSwap (BONE) on Thursday with a countdown to when the altcoin will go live. BONE will be used for gas fees and governance on Shibarium, the highly anticipated layer-2 project designed to make Shiba Inu more efficient, similar to Polygon (MATIC) on Ethereum (ETH). It’s also the native token…
The Federal Reserve Board announced Thursday it had again rejected crypto bank Custodia’s bid for Fed supervision. Source
Many DAOs say that decentralization, broadly, is the end goal and, as a result, conflates “system decentralization” with “organizational decentralization.” The former refers to the technological systems DAOs are built on and use, and the latter would include the DAO’s social and cultural attributes. System decentralization should be relentlessly pursued while organizational decentralization should be approached with caution. Source
It’s easy to think that launching Shanghai in the middle of a bear market could hurt the staking ecosystem. Stakers, skittish about the macro outlook of crypto in 2023, may choose to withdraw their ETH, keeping their assets liquid in case of more market turmoil. Cautious of regulatory movements against staking providers, new stakers may not rush to deposit funds the same as during the frenzy of a bull market. Source
Four Russians have been charged in the U.S. with operating a crypto pyramid and Ponzi scheme that defrauded investors of millions of dollars. If convicted, they would face a maximum penalty of 20 years in prison for their roles in the purportedly decentralized finance (defi) platform Forsage. Forsage Founders Charged With Running Cryptocurrency Pyramid A federal grand jury in the District of Oregon returned an indictment on Wednesday charging the founders of a defi crypto investment platform for what authorities believe to have been a global Ponzi scheme. The entity,…
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