Day: June 9, 2023

The SEC Has Started an All-In Political Battle Over Crypto

A draft bill that will soon come before the House sets parameters for how to classify digital assets and circumscribes the SEC’s powers of interpretation of crypto within existing securities law, curtailing its capacity to launch these kinds of enforcement actions. It is co-sponsored by Rep. Patrick McHenry (R-N.C.), the chair of the House financial services committee, who has been critical of Gensler’s aggressive actions against the crypto industry, and Rep. Glenn Thompson (R-Pa.), the chair of the agriculture committee, which has jurisdiction over the Commodities Futures Trading Commission (CFTC),…

US-Based Crypto Exchange Kraken Officially Rolls Out New NFT Marketplace

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Crypto exchange Kraken is announcing that its new non-fungible token (NFT) marketplace is now available for the general public following months of testing the platform with a select group of users. The San Francisco-based firm rolled out the beta version of Kraken NFT in November, saying it would use user feedback during this phase to develop the platform. In a blog post published on Thursday, the exchange says the marketplace is officially ready to launch. “Since first opening Kraken NFT to beta testers, we’ve been building new features, adding more…

Texas legislature passes new bitcoin mining laws

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The 88th session of the Texas Legislature has passed a series of bills set to influence the state’s bitcoin mining industry. In the recent 88th legislative session, Texas lawmakers have made strides in legislation impacting local bitcoin miners. Several bills have passed which are set to make the state increasingly appealing to the crypto-mining industry. Lee Bratcher, president of the Texas Blockchain Council, envisions Texas becoming a major hub for digital assets, comparing it to the…

US court rejects Fed’s motion to dismiss Custodia Bank case

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Custodia Bank won a step forward in its legal battle against the Federal Reserve, as a Wyoming federal judge denied dismissal motions from both the Fed and the Federal Reserve Bank of Kansas City. The digital asset bank sued the Federal Reserve in June 2022, claiming an “unlawful delay” in processing an application for its master account. In 2020, Caitlin Long, former Morgan Stanley and an early proponent of Bitcoin, founded the bank to provide account services for crypto companies and serve as a bridge to the United States dollar. “The…

Bitcoin, Ethereum to shake off ‘toothless adversary’ SEC as FOMC looms

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Bitcoin (BTC) and Ether (ETH) are due volatility — but not thanks to “toothless” United States regulators, new analysis says. In its latest market update on June 9, trading firm QCP Capital told market participants to gear up for macro-fueled price action for BTC and ETH. Related: Why is Bitcoin price stuck? QCP Capital: U.S. crypto “mudslinging” to continue The dust is continuing to settle on this week’s main macro stories — lawsuits against exchanges Binance and Coinbase from the U.S. Securities and Exchange Commission. More upheaval will come in the future,…

Bitcoin, Ethereum to shake off ‘toothless adversary’ SEC as FOMC looms

Bitcoin (BTC) and Ether (ETH) are due volatility — but not thanks to “toothless” United States regulators, new analysis says. In its latest market update on June 9, trading firm QCP Capital told market participants to gear up for macro-fueled price action for BTC and ETH. Related: Why is Bitcoin price stuck? QCP Capital: U.S. crypto “mudslinging” to continue The dust is continuing to settle on this week’s main macro stories — lawsuits against exchanges Binance and Coinbase from the U.S. Securities and Exchange Commission (SEC). More upheaval will come in…

Louis Vuitton’s Soulbound Luxury NFTs, Apple’s Expensive Vision and More Web3 News

C’est bon, Louis Vuitton: French luxury fashion house Louis Vuitton will soon release a new collection of physical-backed NFTs called Via Treasure Trunks, which will be linked to exclusive experiences and products down the line. Consumers based in the U.S., Canada, France, the U.K., Germany, Japan and Australia can register to obtain the exclusive treasure trunks, which will be made available to select customers on June 16. Each NFT will be priced at €39,000 including tax or $39,000 without tax in the U.S. Source

Crypto.com suspends US institutional exchange service

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Crypto.com will no longer serve institutional clients in the United States after announcing the suspension of the service from June 21. The Singapore-based cryptocurrency exchange cited limited demand from institutional customers as a primary reason for the move which has been exacerbated by testing prevailing market conditions. A statement from Crypto.com noted that the platform’s institutional users were given advance notice of the decision to suspend the service. Crypto.com’s retail mobile application and platform remains fully operational in the U.S. Related: Crypto​.com scores fresh regulatory approval in France American retail users…

South Korean Crypto Founder Do Kwon Accused of Moving Millions in Cryptocurrency Before Collapse

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South Korean crypto entrepreneur Do Kwon, the founder of Terraform Labs, is facing allegations that he moved crypto assets worth millions following his arrest in March this year.  According to a South Korean prosecutor, Kwon allegedly transferred approximately $29 million in digital coins from an entity linked to his blockchain project before its collapse last year. The funds were believed to have been moved personally by Kwon or at his request. Kwon, who had disappeared after the Terra/Luna ecosystem failed in May 2022, was apprehended while attempting to leave Montenegro…