Day: May 19, 2023

Australian exchanges dispel debanking fears amid Binance saga, but risks loom

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Australian-based cryptocurrency exchanges have lined up to quash contagion fears after the payments provider for Binance Australia was told to offboard the exchange, though some have warned risks still loom. On May 18, Binance Australia told users that Australian dollar services were suspended after its payments partner Zepto was told by its partner firm Cuscal to stop support for the exchange. Independent Reserve CEO Adrian Przelozny told Cointelegraph he doesn’t think “this an industry-wide issue as it appears to be Binance-specific,” adding the Australian dollar deposits and withdrawals for his…

Countries all over the globe are slowly embracing CBDCs

A recent Coin Bureau YouTube video shed light on the rapidly growing interest in central bank digital currencies (CBDCs) worldwide. The host shared insights on how allegedly over 90% of the global central banks are now moving towards this digital currency trend. CBDCs, essentially digital forms of fiat money, are issued by a country’s central bank and can be classified into two types: wholesale and retail. The former is usually being developed for convenience and cost-effectiveness, while the latter might bear certain dystopian qualities such as giving the government extensive…

Stablecoin issuers have spent over $1.3M lobbying Congress since 2022

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Stablecoin issuers including Tether, Circle, and others have spent well over a million dollars lobbying lawmakers on Capitol Hill since the start of 2022, according to recent data. Stablecoins have become the center of attention in Washington DC recently as pressure mounts to roll out a regulatory framework for dollar-pegged digital assets. Tether uses the law offices of Michael Jason Lee for its lobbying efforts which are carried out through FTI Government Affairs, a consulting firm with bipartisan connections. According to public interest outlet ProPublica, Tether has spent around $600,000 since…

OpenAI launches official ChatGPT app for iOS, Android coming ‘soon’

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OpenAI has launched the official version of its AI-powered chatbot ChatGPT on Apple’s App Store, and hints an Android version is alcoming “soon.” ChatGPT and the advances in artificial intelligence has become a point of great interest among the crypto community, some of whom have already leveraged the nascent technology to create entirely new tokens. According to a May 18 announcement, the ChatGPT app syncs user chat history with its web version and features voice input supported by OpenAI’s speech recognition model Whisper. OpenAI says it’s rolling out the app…

Mesh Security sees itself as new protection on the Cosmos network

The Cosmos ecosystem is introducing Mesh Security, a collaborative security model designed to enhance the economic security of the network while maintaining the independence of individual blockchains. In the ever-evolving world of blockchain technology, the Cosmos ecosystem is introducing a novel initiative known as Mesh Security. This unique security model aims to bolster the economic security of the Cosmos network without infringing upon the autonomy of individual blockchains within the system. Sunny Aggarwal, co-founder of Osmosis Labs, described Mesh Security by likening it to the NATO alliance during a discussion…

Blockchain arms race risks being won by ‘adversarial nations’ — US crypto lobby group

A blockchain lobbying group backed by the likes of Goldman Sachs, Citi Group, Circle, and Fidelity has urged the United States Congress to pass a legal framework for digital assets or risk falling behind other nations. On May 19, the U.S. Chamber of Digital Commerce sent a call to action to Congress and the Senate to prioritize passing a national approach to crypto regulation. The organization added that it requests that Congress organize a “Digital Asset and Blockchain Technology Solarium Commission” to develop a “national strategic approach to digital assets…

Chamber of Digital Commerce calls for Congress to push US crypto regs

In a bid to advance America’s position in the digital finance landscape, the Chamber of Digital Commerce is urging the U.S. Congress to expedite the creation of a comprehensive legal framework for cryptocurrencies. In a move aimed at securing America’s place in the burgeoning world of digital finance, the Chamber of Digital Commerce is urging Congress to fast-track the development of a legal structure for cryptocurrencies. The advocacy group has proposed the establishment of a “Digital Asset and Blockchain Technology Solarium Commission”, a strategic initiative that would be tasked with…

Coin Cafe to repay $4.3M in fees that ‘wiped out’ investors’ Bitcoin accounts

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Cryptocurrency trading platform Coin Cafe has been ordered to repay $4.3 million to its users after allegedly charging “exorbitant and undisclosed fees” for storing Bitcoin on the platform — leading to some accounts being drained entirely of its funds. Based in Brooklyn, Coin Cafe initially filed an application for a virtual currency license with the New York State Department of Financial Services in July 2015, however, was only approved in January this year. Despite the seven-and-a-half-year application process, it was allowed to operate throughout but was flagged as putting “investors…

FTX pursues $244M clawback from ‘wildly inflated’ Embed acquisition deal

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FTX’s leadership is looking to claw back more than $240 million from insiders and executives that benefited from FTX’s “wildly inflated” acquisition of stock-clearing platform Embed in September. Cointelegraph reported yesterday that a lawsuit was filed against former FTX CEO Sam Bankman-Fried and other top FTX insiders on May 17 concerning the Embed acquisition, which they allege was conducted without enough due diligence.  However, on the same day, a separate lawsuit was filed seeking to claw back funds from Embed’s CEO Michael Giles and its shareholders, accusing FTX of paying…