Month: June 2023

Curve Finance CEO Egorov Sued by Three DeFi-Focused Venture Capital Firms

Beginning in early 2020, Framework Ventures, ParaFi Capital and 1kx claim that Egorov “engaged in a brazen, multi-faceted scheme to defraud” them over a six-month period, according to the complaint. The VCs also allege Egorov “misappropriated” the firms’ “trade secrets,” including “information that proved to be critical to the development of Curve, such as key industry contacts, potential investors, and knowledge of how to manage an investment round – all while falsely promising that Plaintiffs would benefit from the fruits of their labor, not just Egorov.” Source

Robinhood (HOOD) Ends Support for Some Tokens Named in SEC Lawsuit as Securities

“When Chair Gensler at the SEC in 2021 said, ‘Come in and register,’ we did,” said Robinhood Markets’ chief compliance lawyer Dan Gallagher in his testimony. “We went through a 16-month process with the SEC staff trying to register a special purpose broker dealer. And then we were pretty summarily told in March that that process was over and we would not see any fruits of that effort,” he added. Source

Former CFTC Chairman Heath Tarbert Joins Stablecoin Issuer Circle as Chief Legal Officer

The appointment comes as a House committee weighs a stablecoin bill that would appoint the Federal Reserve as crypto issuers’ primary regulator, and increase oversight of token issuances. At the same time, federal regulators have executed enforcement actions against key crypto industry players such as Coinbase, which alongside Circle co-founded the Centre Consortium, a member-based organization that manages USDC issuances. Source

Why Regulators Must Understand, Not Police, DeFi

Yet, for the subsector to continue to grow, attract capital and become a trusted way to conduct business, DeFi will need to comply with various governments’ regulatory requirements, agreed most participants in closed-door roundtable discussions at Consensus 2023. Source

The shift from centralized exchanges to DEXs

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Centralized exchanges have been the dominant force on the cryptocurrency landscape for over a decade, acting as the primary method of transferring value between blockchains and serving as a gateway into crypto for the masses. They have been instrumental in the early development of the nascent crypto sector, with many reaping substantial profits. Binance’s revenue, for example, hit $12 billion in 2022, a ten-fold increase in just two years. However, the success of centralized exchanges has come at a cost. Not only has their dominance placed an unnecessary financial burden…

BTC Priced at Narrow Discount on Binance.US

Binance.US tweeted late Thursday that it would no longer accept dollar deposits and warned that its banking partners are preparing to pause fiat withdrawal channels as of June 13. The exchange urged clients to reclaim their dollars using bank transfers before then, and said it would begin delisting the dollar-denominated pairs starting next week. Source

Bitcoin liquidity impacted on Binance US amid SEC suit

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The SEC’s recent lawsuit against Binance US heralds a grim phase for bitcoin liquidity. Amid a flurry of allegations, withdrawals, and an aggressive regulatory stance, we examine the tumultuous unfolding events and their far-reaching implications on the crypto market and investor sentiment. Sitting at the intersection of technology and finance, the crypto market is no stranger to stormy weather. Yet, the recent legal tempest stirred by the (SEC) against Binance US, a subsidiary of the worldwide…