Month: June 2023

North Carolina House passes bill to commission study on holding Bitcoin

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A bill that would see North Carolina’s Treasurer study the feasibility and benefits of the state holding Bitcoin (BTC) has passed the lower house of the state’s legislature. On June 28, the House passed the bill which would commission a $50,000 study to examine “acquiring, securely storing, insuring, and liquidating” both gold bullion and “virtual currency […] such as Bitcoin.” The study would investigate what impact gold and cryptocurrency holdings would have if North Carolina held part of its funds in crypto and gold. Specifically, it would research if such…

Former NYSE Broker Ordered to Pay $54 Million in Cryptocurrency Fraud Case

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Former New York Stock Exchange (NYSE) broker has been directed by a federal court to pay a staggering $54 million in damages and penalties for orchestrating a fraudulent cryptocurrency trading scheme. The U.S. Commodity Futures Trading Commission (CFTC) has announced that Michael Ackerman, an Ohio resident, has been banned from participating in any markets under the watchdog’s supervision as per the ruling issued by a judge at the Southern District of New York court. The CFTC’s case against Ackerman, who was initially charged in 2020, involves accusations of defrauding approximately…

Major US banks get passing grade in ‘severe recession’ stress test

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The American central bank has determined that all 23 of the country’s largest banks would be able to survive a severe recession following its “stress tests.” The report issued on June 28 also showed relative weakness among the midsize and regional banks, however, the stress test only requires the 23 banks to participate in testing,. The list comprises of the country’s largest lenders. In light of the banking crisis earlier this year, Fed policymakers hinted that stress testing could be made harder in the future. Fed vice-chair for supervision, Michael Barr,…

Cathie Wood’s ARK reportedly ahead in race for BTC ETF

Cathie Wood’s ARK Investment Management is speculated to be leading the competition for a bitcoin (BTC) exchange-traded fund (ETF), ahead of investment giant BlackRock, according to recent industry reports. Renowned bitcoin-supportive company, ARK Investment Management, helmed by the seasoned investor Cathie Wood, is purportedly leading the race for a bitcoin (BTC) exchange-traded fund (ETF), as per recent information. The established investment corporation, BlackRock, initiated an application for a BTC ETF in the middle of June, instigating an air of expectancy across the cryptocurrency domain. Despite conjecture that BlackRock could emerge…

BlackRock lauds AI as ‘mega force’ to drive returns

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Global investment titan BlackRock, which manages some $10 trillion in assets, has declared artificial intelligence a “mega force” that could create significant returns for investors in today’s “unusual” market. In its mid-year outlook report, the BlackRock Investment Institute detailed their thesis for increased investment in AI — pointing to multiple “disruptive” themes that could see the sector grow rapidly over the coming years. S&P market cap vs relative performance from 1990. Source: BlackRock. The report drew special attention to the fact that gains in the S&P 500 — the index…

SEC Has No Jurisdiction Over Cryptos on Coinbase's Platform, Exchange Claims in Response to Regulator's Lawsuit

U.S. crypto exchange Coinbase claimed that digital assets listed on its platform fall outside the U.S. Securities and Exchange Commission’s (SEC) purview in its first legal response to the regulator’s lawsuit. The SEC sued Coinbase at the beginning of June, alleging that a dozen of the cryptocurrencies offered through its wallet or trading platforms were unregistered securities. In its answer, filed early Thursday, Coinbase claimed that these cryptos are not investment contracts and therefore are not securities. Source

SHIB, XRP, and ADA gain recognition with inclusion in prominent Hong Kong index

The HKVAC index, unveiled by the Hong Kong Virtual Assets Consortium (HKVAC), adds XRP, SHIB and ADA to its list of recognized cryptocurrencies. This newly introduced index, which assesses 30 prominent digital assets, places significant emphasis on market capitalization as the primary criterion for evaluation. Top 30 on the index The Hong Kong Virtual Assets Consortium (HKVAC) introduced the index with the aim to provide investors and regulators with a dependable benchmark to assess the performance and risks associated with virtual assets. JUST IN: $SHIB & $XRP have been recognized…

Compound Founder’s New Venture Superstate To Bridge Traditional and Blockchain Finance

Compound’s Founder and CEO, Robert Leshner, has announced the launch of a new venture, Superstate (@superstatefunds). “Superstate’s mission is to create regulated financial products that bridge traditional markets & blockchain ecosystems,” said Leshner, signaling a significant shift in the financial industry. “Currently, the primary limiting factor to DeFi is that crypto-native assets are the only interoperable assets,” Leshner stated, reflecting on the challenges facing the decentralized finance (DeFi) sector. However, Leshner sees a future where “hundreds of trillions of ‘offline’ assets will find their way onto blockchains,” with Superstate spearheading…

EU data act adopts smart contract kill switch regulations

The European Union (EU) is making progress on the European Data Act, despite facing criticism from the cryptocurrency community, as lawmakers have reached an agreement to proceed with the legislation. The E.U.’s Commissioner for Internal Markets, Thierry Breton, confirmed the deal in a June 27 tweet, describing it as a significant milestone in reshaping the digital landscape. The incorporation of reset options The introduction of new E.U. legislation has raised concerns among crypto proponents, as it is believed that the regulations could compel smart contract developers to incorporate reset options…

US crypto laws can’t assume ‘everything is a financial asset’

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Cryptocurrency laws in the United States should be “reserved” and not regulate the technology as though every use is financial, argues a commissioner at the U.S. Securities and Exchange Commission. On June 29, Commissioner Hester Peirce — dubbed “Crypto Mom” — appeared remotely at Australian Blockchain Week and was asked how she would regulate crypto, answering: “I think we have to make sure that whatever regulatory framework you have doesn’t just assume that everything is a financial asset.” Peirce explained while crypto is thought of in “very financial terms” other uses…