Month: June 2023

Money20/20 decrypts the future of digital payments

In an era of digital transformation, blockchain and cryptocurrencies are disrupting conventional financial paradigms. The latest discussion from Money20/20, a leading fintech forum, brought together Myles Stephenson, founder & CEO of Modulr, Sendi Young, Europe & UK managing director of ripple, and David Birch, director of Consult Hyperion, to elucidate the matter further. Diving headlong into the captivating abyss of technology’s impact on our financial ecosystems, we navigate the uncharted waters of digital payments.  This financial realm, where tradition meets innovation, is amid a paradigm shift. At the helm of…

Cathie Wood’s ARK loads up crypto bags, buys $19.9M Block shares

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ARK Invest CEO Cathie Wood doesn’t appear to have been swayed by recent crypto regulatory action, after buying another $19.9 million shares of Block Inc. right after buying $21 million of shares in Coinbase. Wood’s latest buying spree comes despite the United States Securities Commission suing two of the industry’s exchange heavyweights — Binance (June 5) and Coinbase (June 6) for offering what the regulator considers to be unregistered securities, among other things. Coinbase’s share price has been depressed in the days following the SEC lawsuit, however, Block Inc.’s shares…

FTX argues releasing ‘valuable’ customer list will harm its sale value

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The list of around nine million FTX customers is “extraordinarily valuable” and could harm the crypto exchange’s sale value if released, a member of the FTX restructuring team has argued. In a court hearing released June 8, Kevin Cofsky, a partner at the investment bank Parella Weinberg on retainer to FTX, said that if competitors were to gain knowledge of FTX’s customers it “would be detrimental” to the exchange’s restructuring efforts. Cofsky is part of the team aiming to squeeze the maximum amount of value from FTX which could involve…

Lens Protocol raises $15m to foster decentralized social networking

Aave’s Lens Protocol, aspiring to decentralize the social media landscape, has successfully secured $15 million in funding to bolster its mission of democratizing internet usage and offering users greater control over their data. Lens Protocol, a web3 platform developed by the technology firm Aave, has secured $15 million in funding. The web3 platform aims to establish a decentralized social networking ecosystem, harnessing web3 technologies to create a more democratic, fair, and equitable internet landscape. Aave’s CEO, Stani Kulechov, explains that the goal of Lens Protocol is to counter the dominance…

Paradigm slams SEC’s ‘incoherent’ attempt to police decentralized exchanges

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Crypto venture capital firm Paradigm has slammed the U.S. Securities and Exchange Commission’s attempt to redefine the term “exchange” — which would if accepted, bring decentralized exchanges under its purview.  On June 8, the firm sent a lengthy 14-page letter to the SEC Secretary, Vanessa Countryman, regarding the regulator’s proposed redefinition of the term “exchange” in the 1934 Securities Exchange Act. The SEC plans to revise the 89-year-old legislation to encompass decentralized exchanges (DEXes) and decentralized finance (DeFi) into the definition of “exchange.” Because the term DEX contains the word…

Ripple case more crucial than ever amid Coinbase, Binance SEC crackdown: Lawyers

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The judges presiding over Coinbase and Binance’s lawsuits will likely watch the results of the SEC v Ripple case closely, crypto lawyers told Cointelegraph. Ripple has been in a legal battle with the SEC since December 2020. The regulator alleges it was offering unregistered securities via XRP (XRP) since 2013. On June 6 the SEC filed a lawsuit against Coinbase also alleging that it has been offering unregistered securities. A day before it filed a lawsuit against Binance containing some similar allegations. Lawyer James Murphy, known as “MetaLawMan” on Twitter,…

Banks to cut off Binance access to U.S. banking system, exchange says

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SAN ANSELMO, CALIFORNIA – JUNE 06: In this photo illustration, the Binance logo is displayed on a screen on June 06, 2023 in San Anselmo, California. The Securities And Exchange Commission has filed lawsuits against cryptocurrency exchanges Coinbase and Binance for allegedly violating multiple securities laws. (Photo Illustration by Justin Sullivan/Getty Images) Justin Sullivan | Getty Images Binance.US customers will no longer be able to use U.S. dollars to buy crypto on the platform as early as June 13, hobbling the exchange’s ability to do business in the United States, after…

New U.S. Stablecoin Bill Drafted by House Republicans as Compromise With Democrats

The panel’s chairman, Rep. Patrick McHenry (R-N.C.), has considered stablecoin legislation a priority since last year, before he took over the committee. When he won the gavel, he continued the work, though Democrats had complained that Republicans were re-writing the bill without their input. They later released their own version. The narrow scope of the bill and its past bipartisan support had been the strengths of the effort to date, but it’s not yet clear what Democrats think of the latest version. Source

Binance.US Suspends Use of Fiat as Legal Troubles Mount

CryptoX – Cryptocurrency Analysis and News Portal The exchange says users should withdraw USD as soon as possible as the Securities and Exchange Commission engages in “extremely aggressive and intimidating tactics” against the company. Original Source The post Binance.US Suspends Use of Fiat as Legal Troubles Mount appeared first on CryptoX. CryptoX Portal

Moody’s downgrades Coinbase citing ‘uncertain magnitude’ of SEC charges

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Credit ratings agency Moody’s has downgraded its rating of Coinbase from “stable” to “negative” following the SEC’s legal action against the crypto exchange for allegedly operating as an unregistered securities broker. In a June 8 statement, Moody’s said the downgrade was due to concerns about the impact of the SEC action on Coinbase’s day-to-day operations. “The change in outlook to negative from stable reflects the uncertain magnitude of impact the SEC’s charges will have on Coinbase’s business model and cash flows.” Despite the downgrade, Moody’s noted that Coinbase maintains a…