Month: June 2023

SEC can’t keep Western financial system going forever

Crypto.news’ editor Nicholas Ross Say shares his opinion on the US SEC’s recent crusade against crypto that cost the industry millions of dollars. He opines that innovation oppression won’t last forever. Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. The most valuable asset in the world is innovation. New ideas that create positive results are worth more than anything else to an economy. Today, the United States Securities and Exchange Commission (SEC) is using an…

TaxBit, Cryptocurrency Unicorn, Implements 40% Workforce Reduction

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TaxBit, a cryptocurrency tax software company, has made significant staff reduction, marking the second round of layoffs within a few months. According to The Information, employees were notified about the layoffs on Thursday. Coinciding with the staff reduction, TaxBit’s CEO and co-founder, Austin Woodward, stepped down from his position. Taking his place is Lindsey Argalas, a former Intuit executive and the current Chief Operating Officer of TaxBit, , media reports said. With these job cuts, TaxBit joins a long list of crypto firms that have resorted to reduction in headcount since…

Democrats ‘war on crypto’ will lose its key voters: Winklevoss twins

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United States President Joe Biden and the Democratic Party risk losing its crucial youth voters as a result of its continued “war against crypto,” according to the Winklevoss twins. On June 10, co-founder of the crypto exchange Gemini, Cameron Winklevoss, tweeted the Democrats will “alienate an entire generation” of youth voters due to its war — the same voters that were crucial to winning the previous election. The @SenWarren and @GaryGensler war against crypto is going to alienate an entire generation of would-be Democrats. Winning the youth vote w/ “get…

Binance CEO CZ responds as data points to billions in exchange outflows

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While data suggests that crypto assets have been flowing out of centralized exchanges at an accelerated pace over the last week, Binance CEO Changpeng Zhao argues it may not be as bad as it appears.  Leading analytics platforms such as Nansen and DeFiLlama have all measured increased exchange outflows from Binance over the past seven days after news of the SEC lawsuit against the firm hit the airwaves. According to Nansen, there has been a net outflow of $2.36 billion from Binance over the past seven days along with $123.7 million…

a16z opening London crypto office citing ‘predictable’ environment

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Venture capital firm Andreessen Horowitz (a16z) is set to open its first office outside of the United States this year, adding to the backdrop of U.S.-based firms seeking greener pastures outside of the country. Chris Dixon, a16z’s crypto founder and managing partner cited a “predictable business environment” as one of the main factors behind its decision to expand, and comes amid a slew of regulatory actions against crypto firms in the United States in recent months. Big news to share: @a16z is expanding to the UK We plan to open…

‘Near impossible to know’ what is and isn’t a security: Mark Cuban on SEC

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Billionaire investor Mark Cuban has become one of the latest industry figures to call out the United States securities regulator for purportedly failing to provide cryptocurrency firms with a clear registration process. The Shark Tank investor claimed in a June 11 Twitter post that no registration exists in the SEC’s “Framework for “Investment Contract” Analysis of Digital Assets” document, making it “near impossible to know” what constitutes a security in the “crypto universe.” “Unfortunately none of the elements presented in this page are part of the registration process. Which makes…

ALGO, FLOW rebound from all-time lows, others rebuff SEC securities label

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The United States securities regulator designated a slate of cryptocurrencies as securities in recent lawsuits including Algorand (ALGO) and Flow (FLOW) which hit all-time price lows following the declaration. On June 10, ALGO and FLOW hit their respective historic lows of $0.098 and $0.46, having dropped around 30% in the past seven days according to CoinGecko data. Both have slightly rebounded since, with ALGO up over 12.5% and FLOW recovering just over 10.5% since June 10. ALGO’s seven-day price chart shows a drop to its all-time low with a slight…