Month: April 2023

SEC Lays Its Cards on the Table With Assertion That DeFi Falls Under Securities Rules

“We see this new technology, and we’re not willing to make any adjustments to accommodate it,” SEC Commissioner Hester Peirce said Monday on CoinDesk TV, further detailing her criticism of last week’s move, which she opposed. “If you don’t look exactly like incumbent firms, then we’re just going to be fine with killing you off or driving you offshore or forcing you to turn yourself into a centralized entity.” Original Source AssertionCardsDeFiFallsLaysRulesSECSecuritiesTable CryptoX Portal

All eyes are on stablecoins: Law Decoded, April 10–17

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Last week came in preparation for April 19, when the United States House Financial Services Committee will hold a hearing on stablecoins. The hearing will include information collected by various federal government agencies over the last year. Among the participants are Jake Chervinsky, the chief political officer at the Blockchain Association, and Dante Disparte, the chief strategy officer of Circle.  On the hearing threshold, a new draft bill appeared in the House of Representatives document repository. The draft provides a framework for stablecoins in the United States, putting the Federal…

Price analysis 4/17: SPX, DXY, BTC, ETH, BNB, XRP, ADA, MATIC, DOGE, SOL

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Bitcoin and select altcoins are witnessing a pullback, indicating that traders may be booking profits and reducing risk. Pullbacks are a part and parcel of uptrends. They not only help shake out the weaker hands but also offer an opportunity for traders to add to their position or make fresh entries. Currently, Bitcoin (BTC) is witnessing a correction as bulls and the bears battle for control, but is this a buying opportunity or the start of a trend reversal? The Crypto Fear & Greed Index has risen to 69, indicating…

Bitcoin Sinks Below $30K Amid Dollar Jump, Mixed Q1 Earnings

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Tether Stablecoin Sees 22% Growth in 2023 Despite Dollar-Pegged Token Economy’s Contraction – Altcoins Bitcoin News

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Since January 2023, the number of tether stablecoins in circulation has grown from 66 billion to the current 80.9 billion, representing growth of more than 22% this year. Tether’s growth is approaching the high of $83 billion in stablecoins in circulation that the project saw almost a year ago, in May 2022. Tether Supply Is Nearing Its All-Time High The stablecoin market has recently contracted and is currently hovering around $131.94 billion. The decrease in the stablecoin market can be attributed to several dollar-pegged coins that have reduced their token…

SOL price risks 20% drop despite Grayscale Solana Trust’s retail debut

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On April 17, the price of Solana (SOL) crept lower in the wake of similar price moves across the top-ranking cryptocurrencies, including Bitcoin (BTC) and Ether (ETH). SOL’s price dropped over 4% under $24.50 despite rising to $26 — a two-month high — earlier in the day. In comparison, BTC’s and ETH’s prices dropped 3.5% and 3%, respectively, hinting at a bearish start to the week. SOL/USD hourly price chart. Source: TradingView SOL price in a technical correction The SOL/USD selloff on April 17 started after it entered its 2023 resistance…

NYDFS adopts regulation to assess supervisory costs for licensed crypto firms

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The New York State Department of Financial Services, or NYDFS, has adopted a regulation that will allow the government agency to assess supervisory costs from licensed crypto firms operating in the state. In an April 16 announcement, the NYDFS said the supervisory costs enforced by the new regulation would be used for “adding top talent to its virtual currency team”. The government department will assess costs for the supervision and examination of crypto firms operating in the state with a BitLicense. “This regulation provides the Department with additional tools and…

Pantera Alum Joey Krug Joins Peter Thiel’s Founders Fund

“Historically, crypto founders have felt the need to bring on a specialized, crypto-only investment fund alongside traditional VCs,” said Krug in a Medium blog post. “However, by combining my expertise in crypto with the brand and generalized expertise of Founders Fund, I believe no firm is better positioned to lead the charge in funding and growing the next decade of crypto protocols and companies.” Source

KyberSwap announces potential vulnerability, tells LPs to withdraw ASAP

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Kyber Network, developer of the Kyberswap Elastic decentralized crypto exchange, has announced on Apr. 17 that there is a potential vulnerability in the exchange’s contracts. It has advised all liquidity providers to remove their funds as soon as possible. 1/2Attention KyberSwap Elastic Liquidity Providers:We have identified a potential vulnerability, and as a precaution we strongly advise all Liquidity Providers to withdraw your funds on Elastic as soon as possible. Investigations are ongoing and no user funds are lost. — Kyber Network (@KyberNetwork) April 17, 2023 The developer has stated that…