Day: May 11, 2023

‘The SEC’s actions have crippled a nascent industry’ — Paradigm requests amicus brief for Coinbase

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Paradigm, the crypto investment firm led by Coinbase co-founder Fred Ehrsam, has petitioned to file an amicus brief in support of Coinbase’s case against the United States Securities and Exchange Commission (SEC). In March, Coinbase received a Wells notice from the SEC, potentially leading to the financial regulator taking enforcement action against the U.S.-based crypto exchange. In response, Coinbase filed a complaint against the SEC in April seeking to compel the commission to provide clear regulatory guidelines for crypto firms operating in the country. The May 10 filing from Paradigm…

Which Crypto Exchanges Have Tried to Register?

“While you have stated that digital asset intermediaries such as exchanges should ‘come in and register,’ you have refused to establish rules with which digital asset trading platforms and other intermediaries can comply,” the lawmakers wrote in the April letter, which asked for a list of companies that have met with SEC officials to discuss registration. Source

Bitcoin Miner Marathon Receives Second SEC Subpoena in Connection to Montana Mining Facility Investigation – Bitcoin News

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Marathon Digital Holdings, a publicly-listed bitcoin mining company, has recently revealed that it was served with a subpoena by the U.S. Securities and Exchange Commission (SEC) in relation to an investigation concerning the firm’s Montana mining facility. The SEC is reportedly looking into potential violations of federal securities law. Marathon’s Montana Mining Facility Under SEC Investigation, Company Receives Second Subpoena Marathon Digital Holdings (Nasdaq: MARA) was served with a second subpoena on April 10, 2023, following a previous subpoena in October 2020. The company disclosed the news in its May…

‘We screwed up’ — Coinbase CLO responds to outrage after exchange associated Pepe with hate groups

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Coinbase chief legal officer Paul Grewal has issued an apology after the crypto exchange sent out an email labeling the Pepe the Frog meme as a “hate symbol” — a move that prompted many users to call for a boycott. In a May 11 tweet, Grewal said Coinbase had “screwed up” in sharing information about the Pepe meme, which included that it had been co-opted by many alt-right groups as a hate symbol. According to the Coinbase CLO, the exchange was attempting “to provide a fact-based picture of a trending…

Crypto Hedge Fund Polychain Prepares to Sell ROOK Token on Uniswap, Snubbing Lucrative Arbitrage Trade

In doing so, Polychain, one of the oldest and richest crypto hedge funds, seemingly thumbed its nose at a slightly risky arbitrage trade that could end up paying millions of dollars more. It is forgoing the opportunity to redeem its ROOK tokens via the “rage quit” smart contract, where it could at most yield $8.7 million. That’s because those ROOK tokens give it the right to a guaranteed slice of ROOK’s treasury, plus the possibility of even more upside if other ROOK holders forget to do the same. Source ArbitrageCryptoFundHedgeLucrativePolychainPreparesRookSellSnubbingTokenTradeUniSwap…

MetaMask rolls out ETH purchases via PayPal to US users

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Crypto wallet MetaMask has started rolling out Ether (ETH) purchases via PayPal for users in the United States — one of Metamask’s biggest markets. The company claims to be the first Web3 wallet to offer ETH transactions via PayPal. Through the collaboration, American users can now choose PayPal as their payment method when buying ETH using MetaMask. The integration also makes it possible to transfer ETH from PayPal to MetaMask. The financial technology firm teamed up with MetaMask parent ConsenSys last December, claiming the partnership would allow users to buy…

Deloitte unveils guidelines for institutional bitcoin investors 

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Deloitte’s digital assets team has released some essential guidance for institutional investors looking to join the bitcoin (BTC) train. The report has outlined the critical tax, regulatory, and accounting aspects of crypto investing companies must pay attention to, to explore the transformative potential of cryptocurrencies effectively. Navigating bitcoin investments and regulatory realities  As bitcoin (BTC) and other cryptocurrencies continue their march towards mainstream adoption and attract support from institutional investors, accounting and tax experts from the…

Watchdog sues SEC over FOIA access to docs on potential crypto conflict of interest

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Watchdog group Empower Oversight Whistleblowers & Research (EMPOWR) has filed suit against the United States Securities and Exchange Commission to force the agency to comply with a Freedom of Information Act (FOIA) request for access to communications between former SEC officials and their former and future employers.  EMPOWR claimed in its suit that the former SEC officials had a potential conflict of interest regarding cryptocurrency. The suit specifically mentioned former SEC Chair Jay Clayton, former enforcement division director Marc Berger and former director of corporate finance William Hinman. According to…