Month: June 2023

How SEC chair Gary Gensler moved from crypto advisor to antagonist

From earlier, seemingly crypto-supportive stances to his current hardline approach, Gary Gensler’s journey traverses his dynamic narratives, confrontations with crypto giants, and the rumors that abound, offering a unique perspective. Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. It’s almost reminiscent of a summer blockbuster – the good guy turns bad, keeps the audience on their toes, and leaves everyone wondering about the climax.  The protagonist of our tale, or antagonist depending on who you…

Scammers steal nearly $1M after hijacking 8+ prominent crypto twitter accounts

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Over the past few weeks, a group of scammers has hijacked more than eight Twitter accounts belonging to prominent figures in the crypto space to promote phishing scams. The group has stolen almost $1 million worth of crypto so far, according to blockchain sleuth ZachXBT. In a June 9 Twitter thread, ZachXBT outlined that he had uncovered several wallets “linked on chain” that are connected to phishing scams promoted by the recently hacked accounts. “While the majority of these attacks were the result of a SIM Swap it seems other…

US House introduces draft of legislation for stablecoins

The United States House Financial Services Committee, led by Representative Patrick McHenry, has unveiled the third draft of the stablecoin bill. Scheduled for discussion within the House committee on June 13, this potential legislation could mark a significant milestone as the first official crypto-related law in the United States. Meet the future of digital assets The draft bill titled “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem” has been introduced on June 8 and is set to be deliberated during the upcoming committee hearing on June 13. Under…

Marc Cuban highlights discrepancy in SEC’s approach to stock loans vs. crypto assets

In a recent Twitter statement, Marc Cuban highlighted the discrepancy in the Securities and Exchange Commission’s (SEC) approach towards the stock loan industry compared to crypto assets. Cuban pointed out that while the SEC labels the stock loan industry as “opaque” and emphasizes the need for transparency, they have not classified “stock loans” as securities nor initiated lawsuits against brokers and banks’ stock loan departments. The SEC is showing their intentions for their industry Cuban suggested that the SEC should adopt a similar approach for crypto assets to assess which…

SEC charges against Binance and Coinbase are terrible for DeFi

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The allegations against Binance and Coinbase by the U.S. Securities and Exchange Commission have substantial ramifications for the decentralized finance (DeFi) ecosystem, and they are far from positive. DeFi has developed as a promising area within the crypto industry, aiming to disrupt established financial systems and deliver financial services in a decentralized manner. However, the latest charges against these centralized exchanges raise doubts about the future of DeFi. By targeting Binance and Coinbase for suspected violations of securities laws and operating unregistered exchanges, the regulator seems to be imposing its…

Robinhood will end support for 3 tokens named in SEC lawsuits

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Cryptocurrency and stock trading app Robinhood announced it will be ending support for Cardano, Polygon and Solana — all tokens labeled as unregistered securities by the United States Securities and Exchange Commission (SEC) in its recent legal actions against crypto exchanges Binance and Coinbase.  In a June 9 update, Robinhood said it will end support for the three tokens starting on June 27 following a review. In a Twitter thread, the firm specifically cited the SEC’s actions as reasons for the delisting, saying the Coinbase and Binance lawsuits “introduced a cloud…

The SEC’s summer crackdown, Apple’s ‘spatial computing,’ and Mercado Bitcoin gears up

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After a period of relative calm, the United States Securities and Exchange Commission (SEC) kicked off its summer crypto crackdown by targeting two major exchanges, Binance and Coinbase. A total of 13 charges have been filed against Binance. One of the allegations in the suit claims that funds from Binance and Binance.US were commingled into an account controlled by the Changpeng Zhao-associated company, Merit Peak. As for Coinbase, the SEC claims it has been offering unregistered securities and was never registered as a broker, securities exchange or clearing agency. Many…

DOJ unseals Mt. Gox charges targeting two Russian nationals

The U.S. Department of Justice (DOJ) has unsealed charges against two Russian nationals, Alexey Bilyuchenko and Aleksandr Verner, in connection with the 2011 hacking incident involving Mt. Gox, a prominent bitcoin exchange at the time. The charges accuse Bilyuchenko and Verner of engaging in a conspiracy to commit money laundering. Old charges brought to light Court documents reveal that two Russian nationals, Alexey Bilyuchenko, 43, and Aleksandr Verner, 29, have been charged with conspiracy to launder around 647,000 bitcoins following their involvement in the Mt. Gox hack. In addition, Bilyuchenko…