Day: June 6, 2023

‘Institutions Have Entered the Chat’ As CFTC Approves Chicago Board Options Exchange for Leveraged Crypto Products

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The Commodity Futures Trading Commission (CFTC) has approved leveraged crypto derivatives products for the Chicago Board Options Exchange (CBOE). According to a press release, the CFTC has given approval to Cboe Clear Digital to provide clearing services for digital asset futures on a margined basis. “The Commodity Futures Trading Commission today approved an amended order of registration for Cboe Clear Digital, LLC (Cboe Clear) to clear additional products, subject to the terms and conditions specified in the order, as a derivatives clearing organization (DCO) under the Commodity Exchange Act. The…

Gary Gensler’s Evolving Position on Crypto – in Quotes

Around the same time, Gensler said in his Congress testimony that the U.S. government, together with the Congress, should come up with more definitive rules for crypto. “I believe that the SEC, working with the CFTC and others, can stand up more robust oversight and investor protection around the field of crypto finance,” Gensler said. Source

Crypto traders avoid risk and shelter in stablecoins as the market reaches a turning point

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On-chain analytics firm Glassnode published a report hinting that investors are rotating capital toward risk-off assets like stablecoins and Bitcoin. Technicals show that altcoins are at a crucial turning point between a positive and a negative breakout. Glassnode’s analysis of Uniswap and futures trading volumes reveals that the uptrend that began in the first quarter of 2023 began cooling off in April, with regulatory concerns and a lack of liquidity promoting risk-off tendencies among traders. The report stated that while it might appear that memecoins caused a surge in Uniswap’s…

Google Cloud launches free courses to help users build their own GPT-style AI

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Google Cloud recently launched a suite of free online educational courses designed to teach the fundamentals of generative artificial intelligence (AI) systems, as well as provide an introduction to the Generative AI Studio development environment. Learn more about #generativeAI at no cost! This Google Cloud Skills Boost learning path will teach you the foundational knowledge to understand Generative AI and Google Cloud’s approach to this transformative technology → https://t.co/uLeaKNpq67 pic.twitter.com/nRW1kcMZCR — Google Cloud (@googlecloud) June 4, 2023 Generative AI systems have become a global industry since the launch of OpenAI’s…

Optimism Completes ‘Bedrock’ Hard Fork, in Pursuit of Superchain

According to Floersch, this would make Optimism the first layer 2 to run on a multi-client ecosystem, which helps strengthen the blockchain by reducing possibilities of network downtime; if there’s a bug in one client software, then the blockchain can rely on the other users running the other client software to keep the blockchain live. Source

Small business lending protocol Defactor tokenizes $100M in bonds

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On June 6, decentralized finance (DeFi) lending platform Defactor Labs said that it tokenized $100 million worth of Alpha Bonds using the ERC-3643 token standard. The bonds, tokenized on the Polygon (MATIC) network, will be lent to small- and medium-sized enterprises using real-world assets, such as receivables, as collateral. Defactor Labs partnered with law firm CMS to provide legal guidelines and documentation, choosing Luxembourg as the instrument’s governing jurisdiction. Meanwhile, Black Manta Capital Partners provided a broker-dealer license and marketplace powered by Tokeny’s ERC-3643 tokenization engine for Alpha Bonds. We…

Coinbase Users Withdraw $600M in Crypto in a Day Amid SEC Lawsuits Against Binance, Coinbase

Traders have withdrawn funds from Coinbase in two waves, data shows. On Monday, net outflows reached $450 million within an hour following the lawsuit against Binance before stabilizing, according to Nansen data. Withdrawals rose again on Tuesday following the suit against Coinbase, then subsided. At the time of publication, net flows for the past hour turned positive, per Nansen. Source

Coinbase Sued By SEC, Regulator Says Crypto Exchange Is Offering Unregistered Securities

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A day after suing Binance, the U.S. Securities and Exchange Commission (SEC) has targeted Coinbase in its latest offensive on the crypto industry. In a new press release, the SEC says it’s charging Coinbase for “operating as an unregistered securities exchange, broker, and clearing agency.” The regulator is also charging Coinbase for “failing to register the offer and sale of its crypto asset staking-as-a-service program.” In its 101-page complaint, the SEC says that the crypto assets offered on the  Coinbase Platform, Coinbase Prime, and Coinbase Wallet services are all “crypto…

House Ag Committee looks at digital assets regulatory bill, Dems ask how to pay for it

If there were ever such a thing as an all-star lineup of regulators, the United States House of Representatives Agricultural Committee’s June 6 hearing on digital asset regulation would probably hold the record. The current chair of the Commodity Futures Trading Commission (CFTC) Rostin Behnam was joined by a former chair and a former acting chair of that agency, as well as a former commissioner. Coinbase chief legal officer Paul Grewal also appeared. It was also very long hearing, with Behnam alone speaking and answering questions for over two hours.…