Month: June 2023

BOCI and UBS issue tokenized securities in Hong Kong via Ethereum

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied BOCI, the investment banking subsidiary of the Bank of China, has successfully launched tokenized structured notes valued at 200 million offshore renminbi ($28 million) on the Ethereum blockchain. This marks the bank’s inaugural attempt at issuing a tokenized security in Hong Kong and also sets a precedent as the first Chinese financial institution to take such a step. The launch was accomplished in partnership with UBS, the originating entity. In an official statement, UBS highlighted the…

Fear of blockchain will have ‘disastrous consequences’ — Ava Labs CEO testimony

Ava Labs CEO Emin Gün Sirer will be calling on United States officials to “nurture” and “support” responsible blockchain innovation, warning that they face “disastrous consequences” if they don’t. Gün Sirer’s comments in defense of what he describes as a “revolutionary technology” is part of a testimony that he is scheduled to give to the U.S. House Financial Services Committee on June 13 — the audience will include Chair Patrick McHenry, Ranking Member Maxine Waters and other members in the House Committee. Gün Sirer’s testimony aims to explain how blockchain…

Hinman docs are ‘well worth the wait’

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With just one day until the Hinman documents are due to be unsealed, Ripple CEO Brad Garlinghouse suggests the documents will be “well worth the wait.” In a June 12 Twitter reply to a question raised by crypto YouTuber Jungle Inc, Garlinghouse said that while he did not want to “overstep,” both he and Ripple’s chief legal officer Stuart Alderoty see the documents as being worth the 18-month fight to get them unsealed.  Wish I could go in depth now, but we’ve waited this long (18+ months), I don’t want to…

Binance’s Crypto Exchange Flow Flips Positive; Bitcoin BTC Trades Flat

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All but a couple of the 19 tokens mentioned in the suit, which accuses the exchange giants of violating securities laws, have sunk by double-digits over the past seven days with CHZ and SAND, the tokens of the Chiliz network and The Sandbox metaverse game, falling more than 28% and 27%, respectively and ADA, the native crypto of the Cardana blockchain, dropping over 21% as investors looked fretfully at an an increasingly uncertain U.S. regulatory environment in which cryptos have yet to receive a designation as security, commodity or otherwise.…

eToro halts ALGO, MANA, MATIC and DASH purchases for US customers

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Retail trading platform eToro has halted purchases of Algorand (ALGO), Decentraland (MANA), Polygon (MATIC), and Dash (DASH) for customers in the United States in response to their labeling as securities in recent SEC lawsuits. The move comes just a few days after competitor Robinhood also halted support for MATIC and two other SEC-deemed securities — Cardano (ADA), and Solana (SOL). In a June 12 Twitter thread, eToro US noted that it had reviewed its crypto listings ”in light of the rapidly evolving regulatory landscape” and “recent developments” with the SEC. eToro has…

Regulatory hurdles and market volatility worry crypto investors

In a recent video by Crypto Banter, notable crypto investor Ian Balina expressed apprehension about the future of cryptocurrency in the US, with the recent regulatory pressures considered a major concern. Balina, along with other key players in the industry, see this development as part of the disruptive evolution of a technology that challenges traditional power structures. They are of the view that, although there may be casualties along the way, the technology will ultimately become so revolutionary that governments will either embrace it or risk falling behind more forward-thinking…

Blockstream CEO Adam Back responds to US crypto pressure

Amid the mounting regulatory pressures on cryptocurrency exchanges, Blockstream CEO Adam Back highlights the inherent resilience and adaptability of the crypto industry, insisting that it will continually find ways to navigate and thrive despite these challenges. Adam Back, the CEO of Blockstream, shared some insights on the resilience of the cryptocurrency industry during the recent BTC Prague conference. He painted an optimistic picture of the sector’s ability to adapt to changing regulatory landscapes. Antifragility in cryptocurrency sector “Antifragility is the norm here,” Back said to Decrypt. He explains that when…

Investing in Cryptocurrencies and Embracing Innovation

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The digital age has opened the door for countless new opportunities, such as investing in cryptocurrencies. Cryptocurrencies have been touted as a revolutionary way to conduct transactions and store value, offering potential financial freedom and significant growth potential. Although they are still relatively unknown, understanding and embracing this innovative technology can be extremely rewarding financially and technologically. In this article, we will look at what cryptocurrencies are, how they work, their associated risks, and why now is the best time for investors who want to explore this exciting asset class.…

Binance.US hires former SEC enforcement official amid lawsuit: Report

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United States-based crypto exchange Binance.US has reportedly hired a former enforcement official from the Securities and Exchange Commission (SEC) as part of the legal team to defend itself against allegations of operating as an unregistered securities exchange. According to a June 12 report from Bloomberg, Binance.US has hired former SEC enforcement co-director George Canellos with the international law firm Milbank LLP along with three other lawyers. Canellos left the SEC in 2014 after serving for more than 4 years in different leadership positions. “Binance is clearly preparing for a criminal…